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

Remedies and Preventives of Panic 241 offices of J. P. Morgan & Company were understood to have been informed as to the general results shown by this questionnaire. While no great concentration of short interest was revealed, it is understood that the absence of such interest was due to hurried cover- ing immediately before the calling for the question- naire. Immediately upon announcement of the in- quiry a sharp covering movement became manifest on the exchange, and it was reported that the subse- quent rally in stocks had been naturally helped by the measure as a check to bear operators. In fact, this measure in all probability saved the market from fur- ther disaster. Waiving of Margin Requirements Still another measure was, in part, involuntary. During the height of the panic many brokers ad- mitted that they had declined to sell out insolvent accounts, waiving margin requirements. Margin calls had been sent out on October 28th, for ex- ample, with the idea that the market had “touched bottom.” It was expected that accounts would need only small additional margins, at worst. But the market fell severely on that day. Adequate margins could not be deposited in time to cover many of the accounts, and the brokers faced the dilemma of throwing more stocks on the falling market, which would involve actual losses to the brokers in addition to wiping out their customers’ accounts or of keep- ing them at possible loss to themselves. The ac. counts were carried over until, with tardy rallyings

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