Los Angeles Times, Dec. 17, 1920.
The financial and business summary for December, issued by the Citizens' National Bank, will be circulated to-day. This careful review of general conditions classes business as unsatisfactory from the standpoint of current activity, but hastens to explain that data supporting this conclusion is on the surface, and then, arguing from the human standpoint, says that there is greater need just now that we determine when the tendency to cancel contracts, and otherwise strike the element of integrity from our business relations, will cease, than there is that we know when commodity prices will reach the bottom.
"To-day," the summary continues, "we are registering a very low point of commercial morality, and as we approach the portals of a new year, a year full of promise and plenty, there is a great need of a full individual sense of our personal relations to one another.
"It is not a struggling that is tearing apart the commercial, social and home circles of to-day; instead, it is the lack of struggle, a missing ambition to stamp out the measure of selfishness that has been permitted to breed in the human consciousness. Our growth during the coming years, both as individual business concerns, as a nation, and as a race, will be in a direct ratio to our re-establishment of individual and mass integrity.
"The weakness of the bond market is merely an affair of permanence. It seems to be purely a seller's market with the cause of the selling temporarily prohibitive to reinvestment. The income tax has caused a new seasonal liquidation period to be written into the category of investment influences so that the present bond market, though definitely in a major trend upward, still hangs down around bargain levels.
"Possibly some sympathetic bear influence is reflected into the present bond market through the sharp breaks in the stock market, yet whatever may be the cause of present low bond prices and dull activity, it is certain that the underlying fundamentals in control of the investment situation are favorable to a long swing upward, with the course to higher levels graded and fit for rapid travel when the turn of the year re-energizes the sinews of finance."
The protest against the present "blue-laws" is strong and the laws under fire are branded as the limit of legislative meddling, but here are some of the old laws that were really blue:
These laws once were in force in Connecticut:
No one shall run on the Sabbath day, or walk in his garden or elsewhere, except reverently to and from meeting.