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Capital Issue By WILLIAM GOETZMANN Stocks captivated the American imagination in the 1920s in a fundamentally different manner from the British investor movement of the Victorian era.… The Foreign and Colonial Government Trust was fashioned to capture high average bond yields, not capital appreciation of shares. Keynes was an exceptional early advocate of equities as the future of finance, but he was a bit ahead of his time in Britain. But in US, tastes turned sharply toward equities. Americans still bought bonds, but people grew increasingly wary of them. One thing made bonds less safe in the modern era: they carried the risk of inflation. ....