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 XIV. Speculation and Brokers' Loans

Collection:: Economics Books

226 The Stock Market Crash—And After Influence of Gold Exports Mr. Kent's analysis is supplemented by the view of Mr. George E. Roberts of the National City Bank of New York. Addressing the Academy of Political Science of New York on November 22, 1929, Mr. Roberts discussed the influence of the plethora of gold that came to this country because of what he calls the abnormal social, political and economic conditions in Europe after the war; this was followed by our export of gold to aid European reconstruction during 1927 and 1928, when many countries were returning to the gold basis and a large aggregate of foreign loans was floated in the American market. By the export of gold in this period we suffered a net loss of $500,000,000 in the basic standard metal. Mr. Roberts says: “The change in the situation effected by the loss of gold, while influencing the attitude of the banks, did not command the attention it deserved from the speculative public. The market was under too much momentum to take it seriously. The market was strong in the opinion that it could get what money it needed by paying higher interest rates, and proceeded to demonstrate that theory with considerable success. Of course, it is known that higher interest rates will attract money. They have a saying in London that 10 per cent will draw gold out of the ground.” As a reason for these high rates Mr. Roberts fur- nishes this example: “Throughout the four years 1918 to 1921, New

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