Show Bad Stock Market Break i Predicted Some Time 1928 j I nr fly r n U. U iv W. W l Director I of Mc e eela Financial Service G At some time during p probably probably- In the early there part Is almost ctr- ctr tam tain gor gorn to be e a deflationary movement S f nl rrb 1 Important n p proportions In tHe stock nur nar a au ket which will re result l in tremendous o i speculative u 1 losses This s may come s sa a result of ot the overdoing of ot speculation l las as was the case calle with the collapse of the the liti Florida land speculation two years ago ICO 0 or as a result of at continued gold rold export an and a raising of t rediscount rates rate er 14 The market e for high I trade grade meat ment securities bonds high grade pre preferred pre lured stocks and highest grade 11 meet common stocks S. S 1 such as American m Telephone I S should continue tI sound throughout 1 U h heW eW the year ea but o one cannot e a repetition o of t the price c cIn In such securities which we have wit wit- s the last s two years ears 8 The price I t of capital t eh has been e falling and nl prices price le of of s soundest investments have ha been bun rumS for the last five fl years jears but we weare are dt draw draw- In near the end of this development The Therb business situation t In 1928 Is not t likely to Justify all the optimistic PT pre pre- dictions which are being made for fOP It ii We Vo are at present In a business recession t. t of importance e. e Business u n In 1918 S shOe should I ta jo r. r be better on tb the average t than In ti last half halt of at 1927 1921 but there will fc be i boom beom A presidential year always COate ere crt ates ate uncertainty While fundamental economic conditions are sound alone alono will not create a boom It r 1 r. r f quire quires In addition great confidence In III Inthe n r the tho future on the part of business wn flieS meni f fand I and that t Is not probable in a year ear 0 or i political uncertainties |