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 VII. The Age of Mergers

Collection:: Economics Books

106 The Stock Market Crash—dAnd After But it should be borne in mind that the economies from mergers take time to develop, while the effect on the stock market of their formation is instant. Sometimes, when from twelve to eighteen months elapse before economies are reflected in added divi- dends, the ratio of prices of merger stocks to earn- ings may seem to rise unduly. Yet an eventual con- tinuous bettering of earnings may justify the higher prices. This, with its resultant economies of large-scale production, accounts in large measure for the great appreciation of security values during the last few years. During the Roosevelt and Wilson régimes there was an organized effort at “trust busting”; it was the popular sport of politicians, but in these days under Coolidge and Hoover, governmental authorities have gone the limit to stretch the Sherman Act and the Clayton Act in order to aid the move. ment for business efficiency, because so many now believe the interests of the people of the United States require big business. True, there are still prosecutions under the anti-trust laws, but they are fewer and not trumpeted for political effect. While we avoid the word “trust” today, we do have the same result through “mergers”; these have not fallen heir to the unpopularity of the trusts, but are recognized as a means of economy. In fact, amendments have been from time to time offered considerably modifying the Sherman Anti Trust Act, the Clayton Act and other anti-trust laws. In the last administration President Coolidge

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