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Show i - ---- tomed to its provisions, its restrictions will appear less distasteful than at one time anticipated. The bill may contain minor defects, but is certainly the best that could be passed, r xid will work no harm to the railroads; in. fact, it may prove a benefit, for it will disrm public hostility and insure fair treatment for both railroads and shippers. The railroads will soon adapt themselves to its provisions, and ii is quite safe to say that.no important new railroad legislation will be attempted for some time to come. The question of rates will now fortunately be left open for discussion. Advances will not be impossible, but the railroads will have to justify such steps before making them; thus protecting the public from exorbitant charges, and giving railroads freedom to advance rates when justified. Having accomplished this much congress will soon adjourn, much to the relief of the country at large. Next fall we may have to face a revival of tariff and anti-trust agitation, but that contingency is so far distant as to have no effect upon the market at present. Throughout the West a more hopeful feeling prevails, owing to improved im-proved financial conditions resulting from precautions which the banks have taken during the past month. The financial skies gradually grad-ually clearing and much relief is felt that the recent drastic liquidation liquida-tion has been endured without any important disasters." BUSINESS PROSPECTS. Henry Clews, in his weekly letter on the business oiit.ock, gives expression to a more optimistic view than he has held in some time. He says: "The tendencies in financial affairs appear to be in the direction of improvement. All known unfavorable features have been so liberally lib-erally discounted and prices have suffered such a prolonged decline that moderate recovery seems at least a reasonable expectation. Apparently Ap-parently stocks have been well sold out, and the market has reached a level where the attention of careful investors is more easily aroused. For some time past corrective influences have been quietly at work, the effect of which is now being seen. Liquidation has not been confined to stocks, but has also extended to grain, cotton, copper, cop-per, land and other speculative ventures. Bankers in all parts of the country have been retrenching and husbanding their resources. The feeling of extreme conservatism which extended from the Atlantic to the Pacific has also resulted in a general application of 'down brakes,' the result being a general strengthening of financial conditions. condi-tions. Money is easy, and promises to remain so for some time to come. In fact, with the rates of interest at their present point, and good stocks often selling on a 6 per cent basis, it is plain that some sort of adjustment must follow. If money rates do not advance, stocks probably will. "One of the most favorable events of the week was the passage of the railroad bill very much in the form which President Taft first desired. A few years ago such a measure would have created consternation con-sternation in Wall Street. Today its passage has been thoroughly discounted, and as railroad officials and investors become accus- |