Water is seeping into investors’ minds and may be joining education, health and other “Great Society” programs as an enticing field for investors to seek to exploit. The interest in water and how to squeeze profits from it should increase as more is heard in the popular press about allegedly vital programs for sewage treatment plants, desalination, waterways and a vast cleanup of industrial waste. Mr. Cannell acknowledges that these problems exist, that something is going to be done about them and that large markets will no doubt develop. He warns, however, against indiscriminate exuberance and advises cautious skepticism as to investments in the water field—particularly in companies active in construction, engineering, desalination, and equipment manufacture. There are also, he points out, many companies whose actual participation in water programs is small relative to their total sales and earnings. Selected chemical companies appear to be interesting from an investment standpoint.