PAGE SEVEN Wanted! Men And Babson's Authentic Statement jmor* Socialistic experiment* and the i reel inflationary period. In the i meantime, we will have slowly creeping inflation until 1948; but nothing radical. After Roosev*lt is re-elected with a Vice President sat­ isfactory to him, I should not be surprised to see him resign to ac­ cept the head of the new World Or­ i ganization whatever this may be. This could take place as soon a* Japan is whipped,—possibly 1945. Inc. To make this i ng test. If you ar* • temporarily deaf- I (Continued from Page One) *>-------------------- .------------------------------ ened, bothered b' ’i-ÄTorÄ' IndiMtrie* Differ . ibe elected in November a big bull 9&S head noise* due to hardened or coagu­ Expansion of airplane factories has tJ«veloP- lated wax (cerumon), try the Ourine * Home Method test that so manyuS been practically completed. Automo- i What Stocks Te Bay Some industrial groups appear has enabled them to hear well again tive industry during 1944 wil gradu- I Can be used for 8-foot refrigeration in the home You must bear better after mating ally reconvert to normal. New car more attractive than others. Building this simple test or you get your mone 'stocks should benefit from the ex- back at once. Ask about Ourine Ear stockpile low. Look for relief only ' pected boom after the war. Johns- See on trucks. The chemical industry Drop* todav at Barrow Drag Co. ha* enjoyed great expansion. This l Manville, Lone Star Cement and How Long W1U War II Last? Insurance Specialist, F. R. Bull. * may continue. Leaders in new drugs Eagle-Picher Lead hold prospect* for Intelligent forecast* of 1944 busi­ should prosper. Heavy chemicals good postwar earnings and liberal di­ ness should be based upon some as­ vidends. Flexibility of merchandis ­ may not show any gain over 1943 sumption a* to the length of the war. for price of the Cooler installed . A volume. Building about the same ing companies makes their stocks fa­ If Germany is to crack within a short level for total new building as in vorites. I have recommended Amer­ time, 1944 may be a very different 274 W. Second Phone 10CJ 1943. Relaxing restrictions on private ican Stores, McCrory Stores, Kroger, year than if Germany should hold out #4.-. — construction will come in near future. Jewel Tea, General Shoe, United. until after our Presidential Elections Gains in 1944 will show in this cate­ Stores 6 per cent Preferred and Pre­ in Novemebr, 1944. Germany may gory when compared with 1943. Am ferred “A.” The railroad and farm collapse early in the year, but con­ optimistic on postwar home building. equipment groups ought to show bet- sider the following:— The shoe and clothing industries ter-than-average progress. Favorites (1) Churchill is ven», close to are beset by price ceilings and in- include American Brake Shoe, Gen­ ( Roosevelt. He desperately wants him creaaed costs. These will continue eral American Transportation, Bald­ re-elected. Knowing that only a con- through 1944. Woolen industry will win and Harvester; although postwar ; tinuation of the European conflict I remain very active. Rayon wijl con­ prospects convince me than selected , through October, 1944, will assure tinue at capacity output. Cotton tex­ steel and iron issues hold appeaj. U. S. i ' this, he is not hurrying his Second tile* will be fairly active — nearly Pipe Line & Foundry should bene- i : Front. fit from building. Republic Steel $5 equal last year’s level. With Ger- | PM. (2) As the Republicans have not “A” offers liberal income. Na- ' many out, consumer demand for these yet insisted upon "unconditional sur- , goods should quickly replace war or­ l tional Seel and Allegheny-Ludlum are | render," the German and Japanese der*. Dairy products will be scarce, sound issues. Electrical equipment people think their chances might be , because of feed problem*. Slaughter should experience heavy postwar de­ , better with a Republican President,— J houses should do a big volume. Cereal mand. General Electric is the out' ‘ which is a temptation for them to i products will do well. Canned goods standing leader. hold out. i wiB feel effects of sharply higher Bonds, Interest Rates and (3) Stalin is definitely waiting un­ ■ costs and lower output. Bituminous Preferred Stocks til after November 6, 1944, before The government forbids a corpora­ making certain decisions, and this coal depends upon labor union policy, but I expect output to be at least tion to manipulate the price of its will delay Germany's collapse. ten per cent better in 1944 than in securities but the government is using ; (4) Although the Washington New artificial means to force down in­ 1943. Deal group might do nothing to pro- I Air transport will gain in equip­ terest payments needed by widows, long the war merely to insure them- ment and efficiency. Manpower .is orphan, and other, dependent up^n far from solved. The trend of the savings or life insurance. This is yet they surely would not be adverse industry is up for both air passengers unfair. Government Bonds dominate to others doing so. i and freight. Railroads will continue the high-grade field. Corporates are | (5) Generally good war news to suffer from equipment shortages. being called in increasing amount*. should feature 1944. The battlehard- War peak of traffic is passed. Rail­ Institutional investors and trustees ened Russions should continue to road need* are so acuta that higher have to bid very high on the few re­ drive the German hordes back. As i i priorities for equipment will be maining corporates or buy Govern­ we enter 1944 the war ha* rounded In view of the relatively | forced. After the war, railroads will ments. second base and is on the way home greater risk in corporates,' I favor have a terrible slump. With much As, however, I stated in my 1942 and less to haul, they will face, a* never confining high-grade bond purchase* 1943 Annual Forecasts, we should not before, competition from coastwise to the E, F and G War Series, pro- expect an ending of the War until ferably E’s. Otherwise, hold cash. shipping, river transportation, new gas, chemicals or bacteria bombs are pipe lines, airplanes and trucks. East­ Municipal* are too high. used. I expect no near-term shift in in­ ern roads will slump as soon as Ger­ All of the above may be upset by terest rates. They may remain low many collapses. the death or serious illness of Roose­ Electronics, and television should a* long as government financing must velt, Churchill, Stalin, Chiang or ■ boom. Heavy electrical equipment ■ be carried on in large volume, or as 1 perhaps even Hitler In 1944. I orders may decline slightly in 1944. I long a* restrictions are placed upon ' I the expansion of business to meet civ- 1 Needed: Mar* Research Kilowatt output may be ten per cent And Religion better in 1944 than in 1943. Lumber i Ilian demands and the money hoard Businessmen ar* faced with three continue* to grow. When the read ­ volume will continue to be reduced. ’ vitally important questions: (1) I* it ' Backlog of machine tool orders is de­ justment come* the investor should time now to give up seeking war not be tied up in long-term, low- clining sharply. Subcontracts may Current yield* on contracts and prepare plant* for civ­ . help. Nonferou* metal* are held , 1 coupon bonds. better-grade issue* have been ilian goods output? (2) Should sub­ down by «cute manpower shortage. forced down too low. Investor* look ­ contracting J j *. reduced by approxi­ Paper and pulp will be affected by mately 50 per cent so as to be ready .the cut in newsprint. Paperboard ing for liberal-income are, therefore, for civilian goods production? (3) I* buying cumulative preferreds. Such 1 output in 1944 should equal 1943. all-out war production to utmost ca­ ■ Refinery petroleum output in 1944 issues are also in favor with in­ pacity the best course to pursue? My vestors skeptical over the general i will run ten per cent above 1943. advice is: Continue to take all war , (Higher prices for crud^ probable. trend of common stocks; but the field subcontracting you can get provided is very selective. My usual advice | All-time peaks in steel output sched­ it will not tie your plant up beyond CHURCH BELLS RINGING uled for 1944. Shipbuilding may not is to buy only first mortgage bonds Election Day next year. Stop fur- j show further gains, but launchings or else common stocks of companies ther expansion plan* .now. Work re­ .. .CRISP CRUNCH OF ■ with no cumulative preferreds. ¡will. search and postwar planning depart­ Taxes SNOW ... LEADEN SKIES (Mtjaak for Labor ments overtime. Give »orders now There may be a small increase in ' Criix is whether sufficient skilled EAGER FACES. IT’S for reconversion equipment. ( ! antft unskilled worker* can be chan- 1944 taxes. This increase will hurt Finally, 1944 will see a continuation only a few Industrie* through in ­ neled Into critical war industries. It of the conflict between those two is estimated that 2,000,000 worker* creased excise taxes. Income taxes, inheritance taxes, gift taxes, and philosophical theories which are i must be added to essential plants in splitting civilization today. These may the next few months. However, over probable corporation taxes will re­ be expressed by th* eternal question main about where they are or low ­ 2,000,000 men and women reach 18 ...AND MAY NEW YEAR of whether man (I) is a spiritual be­ , every twelve month*. Therefore, the ered. Furthermore, 1944- may be the ing to be guided by the Ten Com­ last year of tax misery. Taxes should OF 1944 OPEN A CHAPTER labor situation may begin to ease. Investors mandments; or (2) is an evolutionary There will be many disputes but most begin to decline in 1945. OF HAPPINESS FOR YOU. should especially keep in mind that— animal permitted to follow the rules upset* Will be of short duration and whan excess profit taxes are elimin ­ of the jungle even when possessing small scope. Labor leader* must a college diploma and dressed in a ated — many corporation* can make threaten strike* for publicity and to tuxedo. If our first assumption, the more money and pay dividend* with hold jobs. The cost-of-living situa- , one for which our churches stand, is Imuch smaller gross earning*. tion will dictate the rise and fall of adopted as a goal, the coming year John C. Merchant, Mgr. strike*. If rolling back price* is' Postwar Jobs can be the beginning of a glorious fu­ Men and women who left jobs to successful, pressure for higher wages ture. If the second, which too many enter the armed forces should have • will be considerably reduced. After educators are teaching, is allowed to Germany cracks, there will be no no trouble getting job* when they grow, then World War II may have scarcity of labor. Labor's honeymoon return. Those who entered th* "arm­ been in vain. In the end, spiritual is approaching it* end. There will chair” force* at Washington or else­ forces must overcome the material where may have real trouble with be no railroad «trike in 1944. forces or civilisation is sunk. The getting postwar job*. Men who were Steck Market hope of a better postwar world lies The 1944 long-term trend of stock unemployed when they entered the with greater research and more re­ price* is definitely upward. A grow­ armed force* will, get postwar jobs ligion. ing hoard of money seek* investment. based on their war record and be­ Few new stock* are available. Pres­ havior. Character and habit* will be Men ent holders are less willing to let an important consideration. stocks go, except at higher price*. and women who* left employers in The ria* from May, 1942, to July, 1943, the lurch to get more money or was a long unbroken advance. A thrill* max* be left “high and dry" period of consolidation, such a* from when the war is over. There will not July 14 to date, wa* in order. The be a good job for everyone after Ger­ next few months may still be marked many cracks. In fact, there will begin by irregularity. This should not dis­ to be unemployment, when Roumania, turb real investors. Corporations are Bulgaria or Hungary give up, which I adjusted to wartime operation*. Any expect fairly soon. material change ui the wa* imyalw Pointes aasi inaiati may create temporarily upsetting un­ Unless Germany collapses before certainties. On the bullish side the August, Roosevelt will be re-nomin­ market strengthened in the face of ated and probably re-elected. It the largest War Bond Drive in our looks now as if Willkie would be nominated if the Republican leaders history. Mast listed companies are stronger believe Roosevelt has the election in than ever. Debt* have been reduced, the bag. This would be a good way 'cash reserve* increased. Companies of getting rid of Willkie forever. An­ is hardly justi 1 doing well in war work may get new other possibility is that Willkie may buildings and machinery for a song. accept second plape on the Democratic J.War stock» have gradually given ticket.. The Republicans wUl put ft 6ed,.but. looking iato our crystal ball, wc see ground in spite of record earnings their efforts upon Congress. In Detter days ahead. In the light of this fact we and growth in net current assets. November, 1944, they should secure Many peace stocks have forged ahead a good majority of the House and six say Happy New Year with the old-time spirit. In spite of declines in earnings and more Senators. When I look further May the best of everything come your way lower dividend payment*. It is pos­ ahead, 1948 seems now like a good sible the “war babies" may become Republican year with Gov. Dewey in 1944. * oversold and the peace stocks over­ the victor, in case Willkie is not bought, but the total industrial aver­ already President. During the 1948- ages will go higher sometime during 52 _ _____ _ the ________ term ____ will ____ come next depres- 1944 than they are at present. In sion followed by a return of the Dem- : case a Republican, President should ocrats in 1952. Then there will be ELECTRIC REFRIGERATION Brand New BofTte~Cu