Geld-, Bank- und Börsenwesen

The stock market crash - and after

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Monograph

Identifikator:: 1012150852

URN:: urn:nbn:de:zbw-retromon-27269

Document type:: Monograph

Author:: Obst, Georg http://d-nb.info/gnd/11759296X

Title:: Geld-, Bank- und Börsenwesen

Edition:: 25., verbesserte Auflage

Place of publication:: Stuttgart

Publisher:: C.E. Poeschel Verlag

Year of publication:: 1927

Scope:: 1 Online-Ressource (XV, 521 Seiten)

Digitisation:: 2018

Collection:: Business and Management Classics

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. Banken und Bankgeschäfte

Collection:: Business and Management Classics

The Hopeful Outlook 267 may later be unearthed, which played important roles in bringing about the panic. All the untoward cases operated to produce a col- lapse from the high level of September 7th to the low average of November 13th—a 42 per cent de- cline in my daily index of daily market prices. Over- enthusiasm may have raised the September market to a point fifteen to twenty per cent higher than was warranted by the substantial justifying causes of the bull market. Plateau of 1926-1929 Remains But because of these substantial reasons the gen- eral plateau of the stock market is still the plateau of 1926-1929, still 55 per cent higher than it was in 1926, and still vastly higher than any previous plateau. During the period between 1913 and 1926 the new plateau had risen, according to the Dow- Jones average, by 88 per cent, as contrasted with a 40 per cent rise in commodity prices. That repre- sented the absorption of advantages from a higher general price level into the equities of common shares. Since 1926 there has been a continued and increasing absorption into these equities of advan- tages resulting from increased earnings and the plowing-back of earnings into business at increasing rates. In addition, these equities have absorbed still greater advantages from the revolution in the estimate of future earnings because of the mass production of inventions by gigantic research labora- tories, bettered business management, merger econ-

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