Probably more than
half of our people are directly or indirectly interested in it as owners.
They have been attracted by a desire to share, however humbly, in big and
famous enterprises, by the freedom from liability of the portion of their
estates outside the particular investments, and by the freedom at death or
withdrawal of associates from appraisals and accountings and probable
closing of the business, as is the inevitable practice in mere
partnerships. Two centuries ago people who saved money could hardly find
ways to invest it. The practice of incorporation has enormously increased
our wealth by putting a stop to hoarding without interest, stimulating
saving, and broadening industry. The number of individual owners of the
bonds and stocks of corporations is incalculable, and their holdings added
to those of savings banks, insurance companies, trust companies and other
fiduciary institutions, churches, hospitals, and colleges, make up a total
of almost fabulous extent. It is true that large sums are loaned to
persons, and on mortgages of real estate; but for most people such
investments are not desirable or convenient, and they are altogether
inadequate to absorb the vast sums that are available.
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