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 VI. Changed Ratio of Prices to Earnings

Collection:: Economics Books

94 The Stock Market Crash—dAnd After ment, food products, household products, machinery, mining and smelting, miscellaneous manufacturing services, office and business equipment, oil producing and refining, paper and paper products, radios, phonograph and musical instruments, railroad equip- ment, department stores, shipping and shipbuilding, shoes, steel and iron, United States Steel, utilities operating companies and holding companies, and telephone and telegraph companies. As in the market climb of 1929, sO In its recession of September and October, the selective principle was still largely operative. It is shown in the rec- ords of my indexes of stock prices from the high of 209.7 for industrials during the week ended Septem- ber 6th, based on the average of 1926 as 100. For the week ended November 1 sth, this index fell to 130.1, equivalent to a decline of 38 per cent, while the extreme speculative stocks declined by so per cent. During this interval railroad stocks fell by 26 per cent, while public utilities fell by 43 per cent in price. But during November the best stocks fell, and often because they were the best known, because bought on borrowed money. In the rebound upward during the month following November 15th, to and including the week ended December 13th, the first-grade investment industrials increased by 14 per cent; semi-speculative industrials increased by 11 per cent, while the third or specula- tive class increased by 1 3 per cent—showing intelli- gent selection at work favoring the high-grade investment stocks, but not so marked as between the speculative grades.

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