Not until the great bull market of the twenties was well under way did the investment company idea take hold here. When investment companies began to raise funds, the rush to buy soon developed into a stampede. Without going into details, we may note that by the end of 1926 there were about 160 investment companies of various kinds with assets of about $1 billion. Growth was rapid: 140 new companies were formed in 1927; 186 in 1928. By 1929, the rate of formation was one every business day; assets at the end of the year were valued at over $7 billion. The amount of new capital raised by investment companies in 1929 was about $1.


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