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Show POLITICAL ACTIVITY FOR EFFECT. t Operations on the Stock Exchange were materially interrupted by the intervention of tho holidays. Nevertheless a fairly steady : and somewhat more hopeful undertone prevails in financial circles. ; "Miorally recognized that much of the activity in politics is chiefly for effect, and that the chances of positive i radical legislation are more remote than is generally supposed, says Henry Clews, the New York financier in his review of Wall street ior the past week. The investigation mania which is still rampant at Washington is very disturbing, particularly as there ; . appears to be no limit to intrusions upon privacy. But those sub- " jected to investigation appear to be becoming hardened to the ; process, while the public is wearied and confused with the mass . 1 of information disclosed which the neither understand nor care ! ) very much about. Apparently this phase of the war upon capital must go on for some time to come, or until it has exhausted itself. ! -It seems to be a good asset for the average politician who is in- capable of realizing the injury which he is inflicting upon his con- ; stituency by keeping up the unsettled feeling in business, destroy- ; ing initiative and diminishing the chances of employment. ; " Business would be better wore it not for political hindrances, yet in spite of these the volume of business is not falling much behind. The chief injury comes from an almost complete arrest ' ' of new enterprises and a consequent shrinkage in the demand for labor. In some sections of the country the injurious effects oil short crops are being felt, and farmers are not meeting their obligations obli-gations as promptly as usual. These drawbacks, however, are local j and confined mainly to districts tributary to the Missouri River, where the harvest was least satisfactory. Advices from the in- I terior show that business conditions are exceptionally sound owing , to the conservative policy which has prevailed for over a year. i |