Henderson daily dispatch., 1937-12-31

high-grade bond prices is definitely
downward Sound medium grade
bonds should be better purchase for
the next few months than senior OBJ
legations When money rates start ris-
ing, high-grade bond values are go
ing to filter away slowly.
Trend Toward World Initiation.
One of the major reasons why l am
so confident that higher money rates
are inevitable is the world outlook.
None of the major nations and few of
the minor powers are today operating
on a balanced budget. Billions of Dor
rowed dollars, yens, marks, and
francs are laeing spent in a mad ar
mament race. National currencies are
destined to become steadily cheaper in
terms of goods. Furthermore, there
seems to be only a remote chance of
averting world conflict: Through re-
ciprocal trade agreements-and i
genuine spiritual revival.
President Roosevelt and Secretary
Hull have done more for world rela-
tons in the last five years than all
the international peace conferences
of the past two decades! In spite of
the State Department has pushed
steadily ahead with it's trade agree
ments. They have negotiated sixteen
treaties and are now working on the
most important of all-with Great Bri
tain. Vast amounts of data have been
culled over and the treaties have had
as their sound goal "the most good
for the biggest number"
World Trade Outlook.
AS a result, our share of foreign
commerce has shown a much sharper
in crease than that of the world at
large. In 1897 for instance, our ex-
ports and imports were "a per cent
higher than in 1886, while total world
trade was up only IS per cent. This
year there should be modest gains
in overseas commerce, but the rate Of
increase will slow up. I expect that
Scandinavia, South America, Great
Britain and her Dominions will again
be our best markets.
International relations will not i'm
prove noticeably in 1888. think that
gangster diplomacy will continue in
vogue for another year at least. But
I am convinced from my trip abroad
this Fall that 1888 will see no general
war. 1 am not very hopeful over the
long-term future, however. A bitter
conflict seems inevitable unless a new
Christmas spirit invades the hearts
of men all over the world.
Great Bargains Today.
The above is a good outline of what
l feel readers can expect in 1888. We
have come over. long hard road
since 1888. I am confident that we are
not going back to those depths this
year! America is suffering just now
from an attack of business indiges~
ton complicated by a severe case of
filters. The ups-and-downs of bust
ness seem to have been growing deep
err rather than shallower during the
past ten years. This is because the
country is swept by succeeding waves
of emotional distrust and confidence,
due to a weaker spiritual foundation.
Just as in the Fall of 1887 optimism
changed overnight into black pessim-
ism, so the current gloom can be
transformed into confidence again by
the stroke of pen. For that reason
I believe that there are now some
wonderful b NY ing opportunities
Stocks and bonds, homes and furnish
ings, food and clothing, are, or soon
will be, on the bargain counter.
Hence, my closing message today is:
Work for more honest and less sell
fish America; but do not let present
timidity scare you away from today's
great opportunities.