212 The Stock Market Crash—And After 
or to finance their needs except by bonded issues. 
But, in 1929, the New York, New Haven and Hart- 
ford Railroad also decided to fund its bonded 
indebtedness. 
While the stock price level rose in the long bull 
market, investors increasingly took the new view of 
the relative merits of stocks and bonds for invest- 
ment. They no longer distrusted company shares. 
They responded whole-heartedly to the invitation to 
share the risks and advantages of partnerships. Not 
only individuals but institutions began to buy stocks 
in certain proportions through their bonded invest- 
ments. 
From Yale University, for example, came the re- 
port of the University Treasurer, in October, 1929, 
that of its investments, bonds comprised only about 
38 per cent; mortgage loans 13 per cent; real estate 
12 per cent; and stocks about 33 per cent. These 
proportions were in strong contrast with 1919, when 
63 per cent of Yale's investments were in the form 
of bonds and only 10 per cent in the form of stocks. 
But Yale had learned her lesson during the war and 
post-war inflation of commodity prices, which de- 
preciated the purchasing power of the dollar to such 
extent that a “drive” was instituted to increase the 
University’s endowment for salaries of its teaching 
staff by $20,000,000. 
Savings Institutions Turn to Common Stocks 
[nvestments in common stocks by large estates 
had so increased, by 1929, that Arthur W. Loasby,