La question d'Orient depuis ses origines jusqu' à nos jours

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Monograph

Identifikator:: 89315170X

URN:: urn:nbn:de:zbw-retromon-76526

Document type:: Monograph

Author:: Driault, Édouard http://d-nb.info/gnd/116222948

Title:: La question d'Orient depuis ses origines jusqu' à nos jours

Edition:: 6. éd. mise au courant des derniers événements

Place of publication:: Paris

Publisher:: Librairie Félix Alcan

Year of publication:: 1914

Scope:: 1 Online-Ressource (XV, 411 Seiten)

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Causes of the Panic 55 through the bear raiding, it produced a vicious circle in which people were selling who wanted to buy. The “short selling” continued to hit the investor when he was down, until prices came to represent, not a lessened estimate of earnings at all, but an increased fear of individual insolvency. As this point was reached, the banks and brokers were protected by the action of the stock market on November 13th, in heading off possible bear raids by requiring all Stock Exchange members to report daily their “short” sales. Then the short selling stopped abruptly, prices rose and liquidation pro- ceeded in an orderly manner. This caused those buyers who had been awaiting their chance to recognize that the market had at last “touched bottom.” They jumped in and bought, thus causing prices once more to register, to some extent, the public’s estimate of future pros- bects of business. But this body of investors that took over the distress sales at the bottom consti- tutes a new public, not the old enthusiasts. These had in large measure been closed out. This new investing public lacks not only the old enthusiasm but also the old knowledge, although they are better controlled. They will be much more cautious than the holders who bid up the stock price level and will buy less on borrowed money. The resultant contraction of demand in the stock market may prevent prices for a long time from regaining their old height on the new plateau.

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