SECURITIES: Trustees' List

In 1936 Trustee Herbert Hoover of Stanford University testified before a California court that some of the university's $24,000,000 in seasoned bonds and first mortgages should be invested in common stocks. Burden of his testimony was what already worried many another custodian of trust funds: devaluation of the dollar and inflation of bank credit had cut the purchasing power of income from fixed-income investments; currency inflation (if it came) might reduce the real value of such trust funds to a trifle.

Because the late great Leland Stanford had wisely willed his trustees great latitude in investment, Herbert Hoover and friends got...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!