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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Plowed-back earnings

Collection:: Economics Books

78 The Stock Market Crash—And After income of $14,033,000,000. Even for the depres- sion year 1921, despite the heavy losses of inven- tories in that year, the revised net income figure is $5,858,000,000. To these estimates Mr. Snyder adds a reckoning of revised net income reported by individuals doing business and by partnerships. In this he assumes that the percentage of net to gross income is the same as for corporate net to gross. He has also estimated the total gross income of all business which rose from $145,000,000,000 in 1919 to $222,000,000,- 000 in 1926. Despite the growing share in total business done by the larger corporations, the revised net income of individuals has also expanded, in Mr. Snyder's cal- culations, from $3,878,000,000 in 1919 to $6,281,- 000,000 In 1929. It appears, therefore, that indi- viduals in business are suffering no extreme hardship in competition with larger corporate units. So long as the larger aggregations of capital can buy the assets of many concerns and fix their prices, they have undoubted advantage over individuals who may not even combine in price agreements that pre- vent cutthroat competition. The larger corporate form has advantages, also, in economies of large- scale production that account for a steady advance in proportion of business done. But it would appear that for the business of the country as a whole, net income is by no means low and there is no dearth of distributed products. These are increasing. But the ratio of reserved profits, of profits saved for a “rainy

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