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

Flight From Bonds to Stocks 209 the Federal Reserve System codperating with busi- ness in the control of credit. A dangerous surplus of gold has been redistributed among the central banks of the world in aid of the post-war resumption of the gold standard. This has steadied the levels of commodity prices in foreign countries and en- couraged international trade. The comparative stabilization of gold in terms of goods has given reassurance to the bond market as well as to stock investments. The investment trusts and counsel have led investors to put their eggs in three baskets— common stocks, preferred stocks, and bonds. The high plateau on which the stock market now moves—still far above previous plateaus, despite the panic of 1929—is, therefore, a result of im- proved order and efficiency in the investment market as well as in American business. Post-Panic Increase of Shareholders While the stock market was falling to its low level during November, 1929—proving the tragic excep- tion to the case for stocks as against investment in bonds—many observers were surprised at the increase of the number of shareholders reported by several large corporations as a result of the break. Of course, there was the taking up of margin accounts for which the shares were previously carried in brokers’ loans, and this explains in a measure the increases in shareholders. But there was an increase of more than fifty thousand share- holders of the Cities Service Company during that

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