The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Plowed-back earnings

Collection:: Economics Books

Plowed-Back Earnings That was a gain of 14 per cent. For the first nine months the same 600 companies had net profits of $3,223,620,000 as compared with $2,679,934,000 for the corresponding nine months of 1928; a gain of $543,000,000, or 20 per cent! The circular of the National City Bank adds the following comment : “This showing is excellent in itself, but must be re- garded as particularly impressive considering the fact that the comparison is with 1928, a year that surpassed all previous records in earnings.” This record is eloquent in justification of a heightened level of common stock prices during 1929. Excluding railroads and utilities, the manufactur- ing and trading companies revealed in the third quarter of 1929 a gain of 15 per cent over the same Quarter of 1928, and of 26 per cent for the full nine months over the corresponding months of 1928. 1929 Profits Rise Faster Than Stocks That is an increase in profits at a greater rate than the increase in stock prices, even during its record climb of 1928 and 1929, with the exception of two or three months antedating the panic. Similar comparisons of increased gains for indus- trial utilities and railroads are found in the estimates of total and plowed-back earnings calculated from the averages of the Standard Statistics Company, Inc, and from the compilations of Ernst & Ernst, accountants. The Corporation Earnings Bulletin of Ernst & Ernst for the first nine months of 1929 showed that

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