Imperial Valley press., 1935-11-27
MORE BURNT FINGERS
LIKELY on MARKET

Somebody is going to get his fingers
burnt IN Wall Street. Somebody always
does. For 10 months the market has
maintained a steady upward course,
bothered now and then by only slight
1lurrles. Expert opinion has been all
along that the wise money is not be-
hlnd the rise. Small investors. those
whe cannot afford TO lose their savings,
have wet their fingers in the breeze of
returning prosperity-and returned to
the scene of former slaughter. The big
men who make their fortunes in Wall
Street are keeping their money at home.
Why?
Is it possible that the spectators
want to see the gradual rise continue to
a certain point, then manipulate stocks
as only they know how, bringing the
market down around the ears of the
small investor? Such procedure would
transfer the savings from the pockets
of hundreds of small investors to the
pockets of few large spectators. The
very distribution of wealth for which
there is such a clamOr would be defeat
ed. There would be two classes, the
men with large fortunes, and the men
with no fortunes
If ever there was an uncertain bar
market. Because the market takes
dive, it does not follow that business is
bad. Because the market rises sudden
ly, it does not follow, either, that busi-
ness has spurted upward just as sud-
denly. The only true indication in the
market is that given when small invest
ors begin to put their money into stocks.
1t means that they have money-and are
looking for some place to get more In
stead, nine times out of ten. they find
some place to lose it.
If the market were left to follow ma
tural trend it might reflect truly the
condition of business. The men who
govern the market, however, see to it
that the trend is not natural one They
are there to get someone else'S money,
and the only way that can be done in
the market is by manipulation of stocks.
Therein is the big difference. Business
as a whole is not subject to such manipu-
lation.
In the market, you gamble on business,
you gamble on politics, on mergers, wars,
taxes, production and drought. You
might as well lay your money on the red
and black squares of roulette table.
The chances are almost so to one that
you will lose-but some people like to
lOSe, IL SeeIlS. IHeTe DelIer cnd0c6 10
win in an honest dice game The man
who does not know the market, but per-
sists in putting his money there, sooner
or later will find his pocketbook empty
Another market crash would do the
United States considerable harm, chief
ly because of the mistaken impression
that, if the market hits bottom, business
must be bad. There are two sets of per-
sons to blame for any market crash
the small investor who does not know
enough to invest his money wisely, and
the large speculator who wants the lit
tie fellows available cash. Yet the pub
lie, feeling the sting Of its own foolish
ness, is inclined always to blame the cur
rent administration for the market
downfall
Neither Republicans nor Democrats
were to blame for the unlamented de-
bacle of October, 1929. Neither would be
to blame for another such cleaning as
the lambs took then
The wise man is the one who doesn't
look for someone to blame, but keeps his
money out of Wall Street.
-O