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 xxi New York, who made $100,000,000 available to the market at high rates. For this accommodation Mr. Mitchell was severely criticized by Senator Carter Glass, a co-author of the Federal Reserve Act, and by other financial authorities. President Hazlewood, of the American Bankers’ Association, in his annual address before that body, September 1, had complained about the high stock market and the enormous total of brokers’ loans, so that the bankers passed a resolution condemning the situ- ation as dangerous and asking for a thoroughgoing investigation of brokers’ loans. Here is a picture that portended and predicted the disaster that came. In the rapidly mounting aggre- gate of margin accounts the unsoundness of the situ- ation stands revealed. From it many have hastily concluded that the new plateau of stock prices was wholly unwarranted and merely the result of insane speculation. But there is another side of the picture. Of course, a judge is not fitted to pronounce judgment until he has heard both sides. There is the story of the Irish justice of the peace who heard one side of the case which was so convincingly presented that he said: “Stop. My decision is made.” Whereat the opposing attorney cried, “Your Honor, you have not yet heard my side.” To this the learned judge an- swered: “I don’t want to hear the other side. It might have a tindency to confuse the court. The case is perfectly clear to me now.” However confusing it may be to study this intri-

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