John Pierpont Morgan, der Weltbankier

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Monograph

Identifikator:: 1780948581

URN:: urn:nbn:de:zbw-retromon-168414

Document type:: Monograph

Author:: Smith, Henry Justin http://d-nb.info/gnd/124454801

Title:: John Pierpont Morgan, der Weltbankier

Place of publication:: Dresden

Publisher:: Reissner

Year of publication:: 1928

Scope:: 310 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Siebzehntes Kapitel. Der Weltkrieg

Collection:: Economics Books

CHAPTER IV THE THREAT TO BUSINESS THE first effect of the stock market crash was to make nearly everybody think that twenty-six bil- lions lost in paper values of stocks listed on the New York Stock Exchange must impoverish the nation. If all that “money” had been lost, approximating the cost of the World War to the United States, what would be its effect on business? True, hun- dreds of millions of dollars had been put into Christ- mas Savings funds, and out of these sums much might be accomplished to keep business going until the end of the year. But would not the stock mar- ket panic be followed by an industrial panic or crisis, with all these billions of dollars lost in the market? A chill of fear swept the nation. Workmen discussed the panic anxiously with their families. Employers thought of loss of orders, shutdowns and hard times. To some the President's signalizing of the emergency by calling a national conference of busi- ness men accentuated the gravity of conditions. Thus Mr. H. Parker Willis, editor of the New York Jour- nal of Commerce, said of Mr. Hoover's conferences: “Their psychology is certainly bad, because they give the impression that there is something very

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