The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1943-12-30
THE HARDIN TRIBUNE-HERALD

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high-grade field. Corporates are
being called in increasing am
GUMS. Institutional investors
and trustees have to bid very
high on the few remaining cor
porateS or buy Governments. In
view of the relatively greater
risk in corporateS, I favor con-
filming nign-grade bond pur-
ChaSeS to the E. F, and G war
series, preferably Els. Otherwise,
hold cash. MunicipalS are too
high. .
I expect no near-term shift III
interest rates. They may remain
low as long as government fin
ancing must be carried on in
large volume, or as long as re-
strlctions are placed upon the
expansion of business to meet
civilian demands and the money
hoard continues to grow. When
the readjuStment comes the in
weston should not be tied up in
long-term, low-coupon bonds.
Current yields on better-grade
issues have been forced down too
low. Investors looking for lib
eral income are, therefore, buy
ing cumulative p~referredS. Such
issues are also in favor with
investors skeptical over the gen.
eral trend of common stocks;
but the field is very selective.
My usual advice is to buy only
first mortgage bonds or else
common stocks of companies
with no cumulative p~referreds.
TAXES
There may be a small increase
in 1914 taxes. This increase will
hurt only a few industries thru
increased excise taxes. Income
taxes, inheritance taxes, gift
taxes, and probably corporation
taxes will remain about where
they are or lowered. Further
more, 1914 may be the last year
of tax misery. Taxes should be-
gin to decline in 1945. Investors
should especially keep in mind
that-when excess profit taxes
are eliminated-many corpora
tons can make more money and
pay more dividends with much
smaller gross earnings.
POSTWAR JOBS
Men and women who left jobs
to enter the armed forces should
have no trouble getting jobs
when they return. Those who
entered the armchair forces
at Washington or elsewhere
may have real trouble with get
ting postwar jobs. Men who were
unemployed when they entered
the armed forces will get postwar
jobs based on their record and
behavior. Character and habits
will be an important conSidera-
ton. Men and women who left
employers in the lurch to gel
more money or thrills may be
left thigh and dry" when the
war is over. There will not be 8
good job for everyone aftel
Germany cracks. In fact, there
will begin to be unemployment
when Roumania, Bulgaria OF
Hungary give up, which I ex'
pect fairly soon.
POLITICS AND INITIATION
Unless Germany collapses be-
fore August, Roosevelt will b.
re-nominated and probably re-
elected. It looks now as if VII
kie would be nominated if thu
Republican leaders believe RooS'
evelt has the election in the bag
This would be a good way o
getting rid of Wilkie forever
Another possibility is that Viii
kie may accept second place OF
the Democratic ticket. The Re-
publicans will put their effort
upon congress. In November
1914, they should secure a gooc
majority of the House and sI1
more Senators. When I look fur
ther ahead, 1948 now seems lik,
a good Republican year with
Gov. Dewey the victor, in cas'
Wilkie is not already president
During the 1948-52 term will
come the next depression fol
lowed by a return of the Dem
ocratS in 1852. Then there will
be more SocialiStic experiment
and the real inflationary period
In the meantime, we will hav'
slowly increasing initiation unit
1913; but nothing radical. Afte
| Roosevelt is reelected with
: Vice President satisfactory t.
l him, I should not be surprised
to see him resign to accept tn
head of the new World Organ
ization whatever this may be
: This could take place as soon a
Japan is whipped,-possibly il
1945.
HOW LONG WILL
WAR II LAST?
Intelligent forecasts of 1874
business should be based upol
some assumption as to tn
length of the war. If Germany
to crack within a short time
1914 may be a very differen
year than if Germany shoult
hold out until after our Presi
dental Elections in November
1914. Germany may collaps
early in the year, but conside
the following
!. % Churchill is very close tt
Roosevelt. He desperately want
him ro a1octaI H~orirn tho