The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, 1944-05-01
future OF YOUTH
IS DISCUSSED BY
ROGER W. BABS0N
Economist Suggests Going
II Young People More
Far Some Advice
Nv ROGER w. BABsON

I'VE ,!so,ency of youth. Many par
dellil4 ave- having difficulties in
ems inc their teen-age children al
keep."1 and off the streets. This
h0ne s,sIlv applies to communities
espe'l army camps, naval bases
near sa,ds and munition plants.
ali t tnld, however, that in most
i'm vi The parents Of these chill
cassS are to blame because they
dren ,alves. do not stay home.
theflS' set their teen-age children
Thes y, moor example. Furthermore,
a very ore nv young person found on
for . e streets at night probably sew
the sa arown-ups can be found ca
eral .ae in night clubs. Therefore
r0asl I that the first step is for
! Immunity al to clear up its de
a .U parent" situation.
llnqu'' hats Off To Youth
n.irg the past few weeks which
. Dai in Florida. I've seen many
S ,p:ars Babson Park is near the
solai t Avon Park Army Air Field
green stsst contains the largest prae-
Wnl'i hon,bing field in the world
nss has given me an opportunity
l'ls ,a a not only men in train
10 10, hut hut men who have returned
, ,rs' all parts of the world. Ihey
it0in are a marvellous group.
y ~ i; sa almost beyond human under
II =, what these boys, 700
s ''.ars of age, are accomplishing.
y ysa truly possess a character
: laey and training far in ex-
l aass If what boys Of that age had
mon u 7 was in college forty years
's gowever, I wish to write on the
BUSINESS judgment - rather than
nm the fighting ability - OF these
VI, Nc men. The tendency OF us
s s,dsters is to Judge industry and
inuestments through our own eyes
and based upon our own expert
snce. If Young people don't agree
NTH MS we naturally assume that
W. are right and the young people
,re wrong. l have felt this way
'or many years; but I am gradu-
,llv changing my ideas. Without
Jo,1bt we are entering new era.
Such new eras come only once
IN about 200 years. 1t is difficult
.or US older people to adjust our
selves to these new conditions and
10 Judge things correctly by the
new standards.
Consult More With Young People
I often attend conferences where
bese questions are discussed: The
uture of railroads VS. aviation2'
will utilities become municipality
,wned?" will the government go
more into business in order to
provide employment" At these
meetings we older people think
we are to determine what is to
happen to our investments. We
make great mistake in figur-
ing on any such false assumption
The answers will be determined
by young people in our families
and employment. Even the future
Of the New Deal lies with these
boys and girls.
Do not be shocked by this but
believe that the opinion OF most
persons in the twenties as to the
future of any industry or political
policy is more valuable than the
opinion of most persons over fifty
years of age. The reason is that
the future of the industry or policy
depends upon what these young
persons are going to buy, or do, or
vote-not according to what we
older ones buy, do, or vote. l
had rather have the opinion OF
an intelligent twenty-five year old
returning service man on the fu-
ture Of most American industries
than that of a conservative in
vestment counselor who is judging
the future by the past.
What Youth Thinks
Recently I was with group OF
officers including graduates from
Harvard Business School, Whar-
ton School of Finance. Northwest
ern University and Babson 1nstl-
tute. We discussed what would
Mapped, after the war. to our gov
eminent bonds in case the debt
reaches $500, 900. 100000. These are
the boys who will decide the ques-
ton Of whether or not the debt
IS to be refunded and, if so. how
It will not be decided by present
treasury officials, nor by present
officers of banks or insurance
companies. I will repeat the sug-
sestions of three of these boys:
suggestion No. l: II believe that
me government debt of all nations
should be reorganized as would
We the debt of a railroad which
mas become to unwieldy. The hold
e Of a $1,000 government bond
could be given $3.50 in a new 2
~ per cent thirty-year coupon
POND; $500 in registered income
pohd, the interest on which could
We payable at various rates ac-
cordlng to the receipts from a
lie" sales tax levied for this pur-
poSe; and $3.50 in non-interest-
uearng scripts which could be
uSeo for the payment of certain
axes. This would Immediately cut