Geld-, Bank- und Börsenwesen

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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:: Erster Teil. Geld und Geldsurrogate

Collection:: Business and Management Classics

The Threat to Business 63 group of the wealthiest class. The probable effect upon consumption and production would seem not to be great. But to the present holders of equity securities the income from their shares will go on as before. The shift in valuations compelled the former holders to sell when they would have liked to buy, because the real values were indicated by the continued income from stocks. Panic prices of stocks did not record the real valuation of them either by sellers or by buyers. They merely recorded distress selling. It should be remembered, also, that the majority of stock holdings were not concerned in the panic tradings, but remained where they were before the panic, namely, in strong-boxes. The owners of these holdings would not care whether the market had gone up or down, because they were not trading in securities ; they were relying upon the income of their stocks and were concerned only in the continuing cash dividends. Chief Danger That of Fear The chief danger, therefore, did not inhere in con- ditions at all. It was the danger of fear, panicky fear, which might be communicated from the stock market to business. “My only fear is the fear of fear” are the words of a courageous man. The measures taken under the leadership of President Hoover, therefore, were well calculated to allay fear. There was danger that business, out of the contagion of the stock panic, would refuse to make

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