Imperial Valley press., 1937-12-31

terrific dron this Fall and l look
for nrice increases i h this group
Ia feature the bond market in 1898
c,ilt-edoo isspes are |, down much
less than these medium graoeS'
This situation offers a good OPP
portunity to make d lew tradeS
to improve yields and increase pro-
IN possibilities | maize this state
ment for l believe tnnat the long
term trend of higk grade bond
prices is definitely downward
Sound medium-grade bonds should
he better purchase for the next
few months than SENIOR obliga-
tions When money rPtes start rls-
ing. high-grade bond vaiues are
going to filter away slowly
Trend Tward World Initiation
One of the major Eeasons why
am so confident that higher money
rates are inevitable is the Worlo
outlook. None of the major nations
and few of the minbr powers are
today operating on a balanced
budget Billions of borrowed dol.
lars. yens, marks, an francs ars
being spent in a mlad armament
race. National currerhcies are des'
tined to become STEADILY cheaper
in terms of goods. Furthermore
| there seems to be only remott
chance of averting world conflict
Through reciprocal trade agree
ments-and a genuine spiritual re-
vivall
| President Roosevelt ana Secre'
tary Hull have DONE more 1ol
world relations in 1.-THE last fiv'
years than all the internatiOna
peace conferences of! the past tw'
decades. In spite of terrific pres
sure from groups at home, the Statt
Department has pushed Steadil,
ahead with its trade agreements
They have negotiated sixteen treat
les and are now working on tn'
most important of all-Wltn Grea
Britain. Vast amount Is of data hav'
been culled over and the treatie
have had as their sound goal "th'
most good for the biggest NUMBER
World Trade Outlook
As result. our share of for
eipn commerce has shown a mucf
sharper increase thaIn tnat OF I'M
world at large. In 1897, for in
stance. our exportsI and import
we're "a per cent higher than II
1896, while total w3rld trade wa
up only 25 per cept. ms yea
there should be modest gains IL
overseas commerce. but the rat'
of increase will slow up expec
| that Scandinavia, South America
Great Britain and per Dominlon'
will again be our best markets.
International rela flonS VIII no.
improve noticeably i'm 1888. tnlnB
that gangster diplomacy Will con-
tinue in vogue for anotner veal
at least. But l am convinced from
my trip abroad this fall that l93t
will see no general war. l am noI
very hopeful over the long-term
however. A bitter conflict seems in
evitable unless a new Christmas
spirit invades the hearts OF mer
al over the world.
Great Bargains Today
The above is a good outline o
what / feel readers can expect il
1898. We have come over lOnl
hard road since 1888. I am conf
dent that we are not going bacl
TO those depths this year. Americi
is suffering just now from al
attack of business Indigestion com
plicated by a severe case of filters
The Ups-and-doWns of business
seem to have been growing deepe
rather than shalloWer during thu
past ten years. This is because tn,
country is swept by succeeding
waves of emotional distrust anc
confidence, due to weaker spiri'
tual foundation.
Just as i'm the fall of 1887 Op
timism changed overnight init
black pessimism, so the curren
gloom can be transformed into con
fidence again by the stroke of 9
pen. For that reason, / beIiev,
that there are now some wonder
full buying opportunities. Stocks
and bonds, homes and furnishings
food and clothing, are, or soor
will be, on the bargain counter
Hence, my closing message tOda,
is: Work for more honest ant
less selfish America; Jut do not lei
present timidity scare you away
from today's great opportunities.