208 The Stock Market Crash—And After 
This function is performed today by skilled invest- 
ment counsel to a degree that makes investments in 
common stocks, guarded by their vigilance, safer than 
the former investment in bonds by individuals. The 
old and the new points of view came into comical 
contrast when investment counsel recently proffered 
their services to a church committee in an eastern 
state. They were solemnly assured that such serv- 
ices were “not at all necessary, because the late 
Bishop, who died a few years ago, had himself per- 
sonally passed upon all the investments before 
his death and pronounced them first class and 
sound!” 
The church investments were largely in bonds. 
But it is certain that those bonds, however good they 
might have been in former years, were not so good 
an investment as common stocks that are constantly 
scrutinized by a modern, first-class investment trust. 
Because of the scientific appraisals of the stock 
market by the investment trusts and investment coun- 
selors, therefore, and the strides in research, inven- 
tion, elimination of waste and increased productivity 
due to the other factors described in this book that 
have characterized the years since the war, what 
was once speculation or mere gambling in common 
stocks has changed toward safer investment. The 
intrinsic value of stocks, present and future, has 
increased. 
Along with these influences for a higher market, 
the commodity price level has been maintained in 
relative stability since 1921, largely by the action of