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.

The bell of public opinion is today making the Morgan-Rockefeller-Vanderbilt class jump. Nor are the strongest of our corporations immune. The railroads have had to jump pretty lively, and certain gigantic industrial combinations are also being put through their paces.

Many men who do creditable things refuse to let it be known. This is a mistake. While we all admire modesty, nevertheless there is a great national need to do everything possible to bring home to the rank and file of the people that all employers and all wealthy men are not grinding, mercenary, selfish skinflints, but that many of them take delight in doing helpful things for others ... Shortcomings of employers are constantly paraded. Why not let the public become acquainted with the better side which most present-day employers possess?

Golf without bunkers and hazards would be tame and monotonous. So would life.

It can be set down as a broad, general principle that we cannot indulge in idleness and abundance during both the first and second half of our life. Study, application, industry, enthusiasm while we are young usually enable us to enjoy life when we grow older. But unless we toil and strive and earn all we can in the first half, the second half of our life is liable to bring disappointment, discomfort, distress. The time to put forth effort is when we are most able to do it, namely, in the years of our greatest strength. The law of compensation hasn't ceased to function.

If a pig could pray, it would pray for swill. What do you pray for?

A price has to be paid for success. Almost invariably those who have reached the summits worked harder and longer, studied and planned more assiduously, practiced more self- denial, overcame more difficulties than those of us who have not risen so far.