Relief in Seven Years of Stable Money 197 
to the rise of investment counsel and investment 
trusts, consequent upon the new teaching that there 
was a speculative element in investment in preferred 
securities with fixed returns, because of fluctuation in 
the purchasing power of the dollar, and greater 
residual gains to be expected from the equities of 
common shares. This phase of the investment mar- 
ket will be discussed in the next chapter.