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 213 Chairman of the Board of the Equitable Trust Com- pany of New York, reported during November that 49 per cent of the assets of large estates were in equity securities. Furthermore, savings banks and other fiduciary institutions were seeking added legislation to invest in common shares. Even during heavy declines in stock, for example, the President of the Boston Five Cent Savings Bank said on October 16, 1929: “We must serve our depositors by investing in that type of securities that they desire. It is their money that we are handling. If we do not invest it according to their wishes, then they will withdraw it from our institution. That has been amply demon- strated during the past year. As it is clearly their desire to invest their money in common stocks, we must be able to invest it as they desire when it is left in our charge. “If we are to change our laws so as to permit in- vestments in common stocks of the highest grade, we must necessarily also have the right to increase our surplus, perhaps from 25 to 50 per cent or pos- sibly 100 per cent. With this accumulated surplus there would be large earnings that ought to be ap- plied to the current dividends.” Now the change toward stocks has taken place. The average monthly output of new bond offerings in 1927 was more than four times as large as in 1919; in 1928 it was only three and one-half times as large as in 1919, and for the first ten months in 1929, it diminished to two and one-half times the

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