hood that it can be dangerously assailed by the emergence of new stars in this firmament. In the great increase in production and exchange that seems now to be possible, if mankind will give more attention to production and less to quarrels about the division of the product, these great financial institutions should play an enormously important and reasonably profitable part. And out of the profits that they make we may be as sure as we can be of anything about the financial future that they will continue, in the interest of the invincible strength that is necessary to their existence, the policy of building up reserves which is conducive to the expansion of the shareholders' income.
One serious drawback most of their shares carry, from the point of view of the investor who likes to feel that, within the limits of investment conditions, he has not left a single chink in his armour through which he can be smitten. They nearly all carry a liability which in some cases is considerable in amount. It may be true—probably is true—that this liability is purely nominal—that in view of the terrific shocks which have been successfully met in the last dozen years by the financial machine without any question even remotely arising of a demand on the shareholders of the banks and discount companies and insurance societies that they
