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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. Remedies and Preventives of Panics

Collection:: Economics Books

240 The Stock Market Crash—And After lowered its discount rate to five per cent and a little later to 414 per cent. Thus “tight-money” conditions were obviated, and a billion dollars of extra credit was provided, prov- ing the strength and resourcefulness of the Federal Reserve System. Inquiry Concerning “Bear Raids” Another measure of undoubted efficacy was the New York Stock Exchange inquiry concerning evi- dence of “bear raids.” The exchange on November 13th called on members to report in detail about stocks they had lent or borrowed on which there had been a failure to deliver, with the exception of odd lots. No explanation accompanied this action. Un- doubtedly its purpose was to identify such “big bear operators” as were, possibly, responsible for the repeated attacks on the market. The very nature of such an inquiry was deterrent in discouraging or- ganized short-selling of the character that would fur- ther unbalance a panic-stricken market. The inquiry was slightly retroactive, requiring information as of the close of business November 12, 1929; it required subsequent daily reports of changes involving failure to deliver listed stocks that had been loaned or bor- rowed up to November 25th, when the daily ques- tionnaire was abandoned. The decision to call for this information was made at a time when stocks were at their lowest point and seemed to be at the mercy of bear raiders. Members of the voluntary banking group that had met for several days in the

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