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 VII. The Age of Mergers

Collection:: Economics Books

104 The Stock Market Crash—dAnd After industries, locomotives being the exception, the “large concerns have gained more than the middle- sized establishments.” The report of the Commit- tee ‘‘assumes that the advance in security prices of a group of concerns within an industry, relative to the other concerns in the industry, indicate that that group is making more of a success of its business than the other concerns.” If this assumption is correct, then the advance in utility stock prices, for example, is solidly based. Mr. Hoover's Committee discloses a situation which, it says, may have any one of several explanations. It adds: “It may indicate that the large concerns are find- ing the economies which the Federal Trade Commis- sion figures for several years ago did not disclose at that time. It may indicate that the large concerns, because of modern methods and conditions of selling and distribution, are taking a larger and larger share of the nation’s business, as was indicated by the rec- ord of individual establishments given above. This may be even at a higher cost than their competitors. Or finally, it may indicate that the same dogma, which expresses itself so often in mergers and consolida- tions—the belief in the universal advantages of size and large-scale production—is thus expressing itself in the valuation of corporation securities” (pages 199, 200). The Committee's further study indicates that the “large concern will maintain steadier operation than an equivalent number of small concerns.” The ex- planation follows:

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