Instead of putting their money in a shoe, cautious people often buy bonds. There is a feeling of safety in a crisp bond; it is backed up by buildings, lands, machinery, steel, coal—things. People can go and see or touch the things that make their bonds secure. But what about newspaper bonds? Only a fraction of their security is based on buildings and presses; the rest is good-will (of readers and advertisers). Indeed, a cautious investor might be alarmed if he asked himself the question: "How do...
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