The stock market crash - and after

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Introduction

Collection:: Economics Books

Introduction XV brokers’ loans ‘for account of others’ as reported by both the New York banks and the stock exchange, from $1,627,000,000 at the end of 1927 to $3,361, 000,000 at the end of 1928, we find the total increase of credit, as represented by the bank figures and the loans ‘for others’ combined, to have been from $57,0%717,000,000 to $61,627,000,000, or 8 per cent, a difference as compared with the estimated increase of business which can only spell inflation.” Other observers had noted symptoms of unusual inflation of credit, denoting that the market had reached its high and might be on the verge of de- cline. Among these were Malcolm C. Rorty,- of the International Telephone & Telegraph Company; Paul Clay, of United States Shares Corporation, and Emerson Wirt Axe. In an article in The Adnnalist of October, 18, 1929, Mr. Axe observed that “no really sustained advance is to be expected” because of the “systematic distributive campaign.” On Sep- tember sth, in an address at his Annual National Business Conference, Mr. Babson said: “I still re- peat what I said at this time last year and the year before ;* namely, that sooner or later a crash is com- ing which will take the leading stocks and cause a decline of from 60 to 80 points in the Dow-Jones Barometer.” On the same day, in an interview with The Hartford Courant, I stated that while none of us was infallible, “there may be a recession of stock * At that time (1927) the Dow-Jones average was 194; 60 points below which would be 134. The lowest point reached after the crash (Nov. 13, 1929) was 199.

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