Flight From Bonds to Stocks 215
ing companies differ radically from the true investment
 trusts in that their function is to manage the
securities of the companies which they hold, which
means that they fix the policies of those concerns.
Their holdings, therefore, are “frozen” while the
holdings of a general management trust are liquid.

FINANCING ey INVESTMENT TRUSTS AND

TRADING AND HOLDING COMPANIES 1929

RA

LOO

SOURCE!
COMMERCIAL & FIN. CHRONICLE,

LOC

yy

MILLIONS OF DOLLARS |

yo

HET Oricon.
JAN. FEB. MAR APR, MAY, JUN. JUL. AUG, SEP. OCT. NOV. DEC.
Cuarr 23.~The classification of “Investment Trusts” on which
the Commercial and Financial Chronicle bases its figures is not to
be identified with the stricter classification bv Leland Rex. Robinson.

—

[n addition there are investment companies that are
likewise sometimes called investment trusts. There
are finance companies, also, that are sometimes called
investment trusts, although they are promotional
companies and manage the concerns in which they
are interested. Even financial trading companies
which answer to the term of “blind pools” have at
times assumed the name of investment trusts or have