The Detroit times., 1915-08-21
THE INVESTMENT A SUB
STITUTE FOR A HOME
BY DR.. FRANK CRANE
Copyright, 1915, by Frank Crane)

One of the commonplaces of thrift IS
that every man should own a home. 10
have plot of earth, house, COW and
tree make him good citizen, cures him
of responsibility and antidotes his ten
dency to experiment in dangerous rad
icalism.
Like good many other American
ideas, this originated in the days when
most of us were farmers or citizens al
small towns. 1t has tc be modified TO MT
our present condition, where an ever
increasing portion Of the population dwell
in cities.
Most city people are renters. 1T Is
a condition that confronts us and not
theory" We will not here discuss the
problem of Landlordism, except to amin
advert to the fact that the Single Takers
are landing some rather hard blows upon
the existing system.
But the day is far off when the ordi-
nary wage-earner will be able to own
his own domicile in cities where they are
to live in huge buildings, each contain
ing many flats. And the tendency of a
man doomed to pay rent all his days and
having no incentive to acquire real estate
is toward unthrift. Why should he save!
The makers of public opinion, there
fore. should do all they can TO show the
worker other ways to lay up something
against rainy day. Government should
see that sound investments are provided
and properly safeguarded for people Of
moderate means.
Why not, then, open up the field of in
vestment in the great business enter
prises of the countryfp Why not provide
NOV, for tho ~ llinpS IN INV the stocks
and bonds listed on the Stock Exchange?
Why should the securities in our great
manufacturing machinery be so common
ly supposed to be objects of interest only
to the rich, OF of speculation for gam
blers?
Those firms that deal in "odd lots" in
the partial payment plans for purchasing
standard securities, and in other means
for enabling the man with 500 to pur-
chase proft-bearing securities are doing
good work.
There are plenty Of stocks as sound as
real estate>and deal more negotiable.
There are many bonds as safe as human
affairs will allow. To own these Is the
best substitute for home.
There is a prejudice in the common
mind against stocks and bonds. Such
cases as the downfall of the Rock Island
and the New Haven railways make
money-savers suspicious. How do we
know, they ask, that we will ever get our
principal back. OF that some band OF
powerful manipulators will not drive the
value of our securities down so that we
will lose good part OF their value
Government has not yet handled this
matter properly. Any concern that bids
for public subscription to its securities
should be under the strictest official SUI
pervision. Controllers of huge wealth
units should not be allowed absolute, r.
responsible power over property where
many poorer persons have invested their
savings.
Besides this, newspapers and maya.
zines should constantly teach the plain
principles of investment. They are not
so complicated as is generally imagined.
A railroad. for instance, that for twenty
years has been conservatively and pros
perously managed ought to have the con-
| fidence of all.
Above all. those concerns which issue
their securities i'm millions should appeal
TO the little people. and sell in blocks of
500. or even SO, instead of 81 900 and
| up. They would rest upon sounder
basis, they would get the friendly attl-
tude of the public, and they would bene-
fit the country at large.
If the city dweiler cannot hope for
house and lot, let him look carefully over
the financial advertisements in his news
paper, let him consult reliable bond deal
ers and brokers' and let him put his
money in the great business houses and
companies that constitute the fabric Of
his country's prosperity.