It is when things go hardest, when life becomes most trying, that there is the greatest need for having a fixed goal, for having an air castle that the outside world cannot wreck. When few comforts come from without, it is all the more necessary to have a fount to draw from within. And the man or woman who has a star toward which to press cannot be thrown off the course, no matter how the world may try, no matter how far things seem to be wrong.

Anything that inspires unselfishness makes for our ennoblement. Christmas does that. I am all for Christmas.

Is America becoming decadent? Do we no longer regard our promises and pledges as sacred? ... We promised to make peace with Germany only in conjunction with the Allies; but we brought forward a separate peace, demanding for ourselves all the advantages of the Treaty of Versailles but rejecting all the responsibilities embodied in the Treaty. It was America's President who induced Europe to form a League of Nations; and then America was the first country that refused to joint it.... If these are not the symptoms of national decadency, what are they?

Which class is happiest, the rich, the middle class or the poor? A very successful executive of a large organization touches upon this vital subject in a long letter to all his salesmen. He uses as his text a passage from Robinson Crusoe which included this: ""My Father bid me observe it, and I should always find that the calamities of life were shared among the upper and lower part of mankind; but that the middle station had the fewest disasters, and were not exposed to so many vicissitudes as the higher or lower part of mankind.

I have never seen people who could do real work except under the stimulus of encouragement and enthusiasm and the approval of the people for whom they are working.

The more I move among workers and factories and other plants, the stronger I become convinced that it is advisable to have as [a company] president a practical man, preferably one who has risen from the very bottom of the ladder. Workmen, I find, have far more respect for such men than for collar-and-cuff executives knowing little or nothing about the different kinds of work which have to be done by the workers. Wherever circumstances call for placing a financier or lawyer or a papa's son at the head of a large organization, he should be made chairman or some other title, but not president.

If the United States is to produce a nation of investors-as we must if we are to gain financial world-leadership-it is imperative that boards of directors be so constituted as to adequately represent the interests and inspire the complete confidence of investors of moderate substance.