The Ypsilanti Daily Press

Switch to Leisure Stocks, Says Babson
By ROGER W. BABSON

When war plants were going full-blast I suggested to readers of this column that they buy the stocks of merchandising companies because people then had MONEY to spend.

Now, when these war plants are shutting down, I suggest the serious consideration of the stocks of leisure companies because people now have TIME to spend.

Leisure Stocks
There are several examples of leisure stocks--namely, stocks of companies which have their peak business when people have the most spare time; that is working 40 hours per week instead of 54 hours. Ordinarily, movie stocks would be a good example; but they have already gone up so much in price that they may not now be attractive. A true leisure stock is one which was obliged to curtail and cut its dividend during war-time.

Perhaps the simplest examples of companies profiting most when wage workers have reasonable leisure are those making bowling alleys, billiard tables and the like. This should be especially true if the company has funds so as to be able to sell on installments so soon as the restrictions are off installment selling. Please, however, do not ask me to name any such company. Go to your broker and ask him to tell you what concerns are the leaders in the field. Incidentally, such stocks are the best hedge against the unwarranted activities of labor leaders.

Opportunities for Veterans
I hesitate to advise any returning veteran to enter business for himself at this time. By all means make every effort to buy out some small existing business rather than to start a new business. However, if a reader is really determined to enter business for himself he had far better stick to the "service" line of companies. They are more adapted to being run by their owners and-as a rule-are not dominated by labor leaders.

A company which installs bowling alleys and similar apparatus is usually prepared to enter the installment business. Certainly, installment stocks, which have been held back throughout the war, should be better purchases than the stocks of most concerns. Hence, a veteran may open a new bowling alley with the payment of a very little money down because these "sports" concerns are prepared to "install on installment payments".

Another thought: Such sports as bowling, pool, etc., which up to now have been patronized 90% by men, will soon also become a women's sport as well.

Recreation Becoming an Industry
A generation or so ago, sports were carried on in an informal way.-largely by colleges, Y.M.C.A.'s and clubs of various kinds. This was because people worked long hours and only the young, the old and the unemployed indulged in baseball, bowling, pool, etc. But today the situation is rapidly changing.

I even forecast that football teams will be incorporated and stock sold to the public.

The commercialization of sports has both advantages and disadvantages. If it is controlled by men of good character and kept clean, it will work out for the good of all. Certainly, men and women, after finishing their day's work, would be better off by bowling than by drinking-and the two cannot successfully be combined. Another thing which should be remembered by all readers of this column: Although it is the personal affair of an individual and his employer what he or she does during his working hours, it is of paramount importance to the entire community what he or she does during the leisure hours.

Remember Filling Stations
Yes, it is a sure bet that wage workers will have more leisure time during the next few years than they have had any year since 1939. May it not be wise to capitalize this main change? Readers remember how I urged the buying of closed filling stations two years ago. Well, they are now selling for double and treble their then wartime prices.

Look forward not backward.