WILL HISTORY REPEAT ITSELF? Stocks rallied again during the first part of 1930. bill in April oegan an almost steady decline until, in 1932. they had fallen a total of 300 points from the 1929 peak! This means that the Indus tidal Averages, which were selling above 350 after Hoove i had been in office 6 months, sold at only 50 the fourth year of his term. This does not mean that such a decline can now happen again, primarily because very few stocks are held on margin today. Techni cally. tlie stock market is now in a sound position, but this is not the reason people are buying stocks today. The reason is that, they believe that "Big Business” has at last taken back the control of our country. But if this is true which I doubt' it is no reason to buy stocks for speculation. Hoover selected as his Secretary of the Treasury Andrew Mellon— one of America's richest and brainiest men. "Big Business” controlled the Hoover Adminis tration. The sad truth is that the pres ent period of prosperity has not been built upon honest work and savings. It has been built on bor rowed money, much oi which has been spent on useless War. In 1914. when World Wat II started, our National Debt was less than 2 billion dollars. Today it is over

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