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Show f tion Bill" will be enacted at this session. The object of their introduction intro-duction has been to subject them to the crucial test of public discussion dis-cussion and criticism by which their unwise or dangerous features may be exposed and eliminated before they are placed upon the statute books. It is a safe assertion that when the administration's measures are finally enacted they will spell increased value and solidarity for the higher class of securities that are traded in on the New York Stock Exchange. President Taft's federal "Incorporation Bill" will, in my opinion, be as drastically changed in its provisions before it gets through congress as it is drastic in its original form, and when the sting is eradicated it will be perfectly harmless to the stock market, but beneficial to the securities dealt in at the New York Stock Exchange." If Henry Clews is right, the depression in Wall Street is artificial arti-ficial and due to market manipulation, and has no bearing on the country's financial outlook or industrial welfare. With the promise of good crops, after a winter of abundant precipitation, the whole country should continue to enjoy prosperity. BUSINESS OUTLOOK GOOD. The nervous apprehension in Wall Street aud the heavy drop in stocks are prompting the question: "la business once more on the back track?" Henry Clews, in his weekly letter, answers, "No." He says: "It is a source of gratification to once more be able to take a more cheerful view of the broad financial outlook. Fluctuations in prices of securities from day to day may, it is true, still continue erratio; accidents may still happen; but there are distinct indications indica-tions that the storm is clearing. Indeed, the weight of uncertainty and dread has already measurably lightened and the more general disposition in usually conservative circles now is to appraise the controlling factors of the security market in a calm, sane manner . , ''This does not mean that the fundamental situation itself has suddenly changed- The real change is temperamental, affecting chiefly the popular interpretation of the situation. Threatened legislation, leg-islation, having been tb rretext for numerous concerted drives against a highly nervous market, is now being appraised at its real value; and it is found that apprehensions have had a slight tangible basis. The real influence behind the recent rapid and serious break in the stock market was the fact that important interests had forced the price level up to a point not justified by dividend returns, either present or in prospect a fact that was well known to these interests. Amidst artificial enthusiasm they were successful in distributing a large part of their securities among weaker holders, who have since . been compelled to take pretty severe losses, which they should charge off to experience account and profit thereby. "Best information from Washington is that neither the administration's admin-istration's "Railroad Regulation Bill" nor the federal "Incorpora- |