The stock market crash - and after

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Flight from Bonds to Stocks

Collection:: Economics Books

Flight From Bonds to Stocks 211 1925 amounted to $2,353,000,000, while stock is- sues during that period amounted to only $804,000,- 000, exceeding slightly one-third of the total loaned. But during the first eight months of 1929, stock issues amounted to $4,794,000,000 or more than double the long- and short-term bond and note issues, which were only $2,360,000,000. Moreover, the bonds of 1929 had been affected with equity interests in one form or another, such as permission to convert into common stock, or to buy common stock at future dates at a definite price; also, in certain contracts, to receive interest pay- ments in common stock if desired. Stock Conversions of Funded Debt Along with this preponderance of the issues of equity securities during the two years 1928 and 1929, came announcements by leading corporations that they would retire their redeemable funded debt through new stock issues. United States Steel led the way, followed by the Bethlehem Steel Corpora- tion, which announced, during September of 1929, its intention to take up about $90,000,000 long- term bonds callable at 105 to 107; while United States Steel had announced its decision to cancel $271,000,000 of long-term indebtedness redeemable before maturity at 110 and 1135. This movement of converting debts with a mort- gage lien into stocks contrasts sharply with the in- ability of the railroads during the first two years after the war, to sell stock in any considerable amount

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