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:: Chapter XIII. Flight from Bonds to Stocks

Collection:: Economics Books

208 The Stock Market Crash—And After This function is performed today by skilled invest- ment counsel to a degree that makes investments in common stocks, guarded by their vigilance, safer than the former investment in bonds by individuals. The old and the new points of view came into comical contrast when investment counsel recently proffered their services to a church committee in an eastern state. They were solemnly assured that such serv- ices were “not at all necessary, because the late Bishop, who died a few years ago, had himself per- sonally passed upon all the investments before his death and pronounced them first class and sound!” The church investments were largely in bonds. But it is certain that those bonds, however good they might have been in former years, were not so good an investment as common stocks that are constantly scrutinized by a modern, first-class investment trust. Because of the scientific appraisals of the stock market by the investment trusts and investment coun- selors, therefore, and the strides in research, inven- tion, elimination of waste and increased productivity due to the other factors described in this book that have characterized the years since the war, what was once speculation or mere gambling in common stocks has changed toward safer investment. The intrinsic value of stocks, present and future, has increased. Along with these influences for a higher market, the commodity price level has been maintained in relative stability since 1921, largely by the action of

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