Worse Than Last Year Could Be Terrific

With any luck, 1992 will be better than decent for the securities industry. Interest rates are low right now, as they tend to be in election years, which should help keep the stock market high. But favors from Washington can't go on forever, and there's no guarantee of "two wonderful years in a row," says Thomas A. James, chief executive of Raymond James & Associates Inc. and chairman of the Securities Industry Assn. He adds: "This is going to be a good year, but we'll be hard-pressed to match 1991."

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