Geburtenrückgang u. Sozialreform

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Multivolume work

Identifikator:: 1780159447

Document type:: Multivolume work

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Das Kapital

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1926-

Collection:: Economics Books

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Volume

Identifikator:: 1780159595

URN:: urn:nbn:de:zbw-retromon-188277

Document type:: Volume

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Der Produktionsprozeß des Kapitals

Volume count:: 1.1928

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1928

Scope:: XLVIII, 768 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Multivolume work

Structure type:: Chapter

Title:: Dritter Abschnitt. Die Produktion des absoluten Mehrwertes

Collection:: Economics Books

92 The Stock Market Crash—dAnd After during 1929, the rate of plowing-back of earnings increased faster. The proportion of cash dividends to all earnings was $71 for every $100 in August, 1927, while the market was rising to its record high; it was $75 in August, 1928; but in August, 1929, this proportion had fallen to $64 for cash dividends— although, in that ratio, they exceeded the total of 1928—that is, $64 for every $100 of the expanded total of earnings, the rate of which rose from 7 per cent during August, 1928, to 714 per cent during August, 1929. It hardly needs emphasizing that enhanced capital values, reflected by such figures of increased earn- ings, justified in large part the increase of the gen- eral level of stock prices during 1929. The high point for the week ended September 6, 1929, on my index of stock prices was 117 points above its lowest level after the beginning of 1926, which was the base year of the index. Rails were 69 points higher. Utilities rose by 167 points. The agricultural equip- ment groups rose by 427 per cent; the office equip- ment group rose by 407 per cent; electrical equip- ment increased by 357 per cent; motors by 269 per cent; chemicals by 251 per cent; coppers by 249 per cent, while various other groups increased by about 100 per cent in price for that week. So the general decline of 38 per cent in the price level from the highest week in September to the lowest week in November is a small fall compared with the rise of this prosperity plateau subsequent to 1926, a plateau of which the foundations stretch down to the recovery from the deflation of 1920-1921.

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