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 XV. Remedies and Preventives of Panics

Collection:: Economics Books

Remedies and Preventives of Panic 243 months to come, and application of necessary remedies as indicated, saying: “The result undoubtedly will be the reorganization of a great many banks which have become overbur- dened with doubtful paper. This happened after the panic of 1920, and has also happened in the case of practically all preceding panics.” Without attempting to prejudge this proposal, it should be remembered that the panic of 1929 was unlike all preceding panics. Under its unique condi- tions, the member banks were well out of debt to the Federal Reserve banks. The banking system met the demand for additional loans without disturbing money market rates. Had they not met it, these rates would have soared, as is usual in panics, when men and institutions must borrow at any rate to pre- serve their solvency. Proposal of an Artificial “Floor” of Minimum Prices A very constructive proposal by James H. Rand, Jr., but unfortunately not acted upon, was that the New York Stock Exchange establish an artificial “floor” at the minimum of prices as of a given day of the panic. This expedient had already been employed at the reopening of the stock exchange on the outbreak of the World War in 1914, after the five months’ sus- pension of its activities. The application of this measure is described by H. G. S. Noble, President of the Exchange at that time, in his book, The New

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