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

72 The Stock Market Crash—dAnd After of 1928, but 5.72 per cent lower than for the second quarter of 1929. This estimate approximates that of the National City Bank. Net earnings had in- creased faster than the level of stock prices during the periods compared. Recession in Fall of 1929 Moreover, the bulletin states that the recessions of profits during the third quarter were not ‘‘entirely attributable to a lessening of regular activity,” be- cause they included seasonal recession during part or all of the third quarter under the divisions of auto- mobiles and trucks, auto parts and accessories, busi- ness equipment, restaurant chains, and wearing apparel. Nevertheless, there was some tendency downward in business as a whole during this quarter of 1929, with indications of further recession for the fourth quarter. But the bulletin concludes that normally satisfac- tory earnings for the year as a whole seemed assured. This was because of the tremendous gain which the nine months’ figures revealed over the correspond- ing period of 1928, “which, in itself, was a high point of business activity for the post-war years.” In judging earnings for the third quarter, also, it must be considered that there was an unprecedented rate of business operation during the summer months of 1929, when a seasonal recession would be ex- pected. There would then be a slackening of pace for the latter part of the third quarter; yet the earn- ings figures indicated that the third quarter had in-

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