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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Flight from Bonds to Stocks

Collection:: Economics Books

210 The Stock Market Crash—And After month, who were added to the more than 250,000 shareholders already on the company’s books. Gen- eral Motors, also, gained about 40,000 share- holders during the three months of record declines in the market, representing an increase of more than one-third, while the value of its shares fell by nearly 50 per cent. Preliminary reports by other large corporations led to the same conclusion, namely, that the break in stock prices was not followed by a decline in the rela- tive popularity of common stocks as investments. These increases in shareholders helped confirm the opinion during the sharp declines in brokers’ loans, for example, while prices of stocks were increasing during the week ended November 20th, that stocks carried on margin were being transferred to buyers who paid cash. In fact, the commercial banks re- ported a heavy stream of orders from customers who were taking advantage of the decline to pur- chase stocks for cash. They had held back their purchasing power until they saw their favorite issues available, in many instances at the lowest level in two years or more; then they came into the market and bought after the reaction. Such was the momentum of the movement of preference for stocks as against bonds, which per- sisted after the long bull market since 1922. During the bull market the flight to common stocks away from bonds was shown by the increase in prices of equity securities. Thus total value of long- and short- term bonds issued during the first eight months of

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