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

248 The Stock Market Crash—And After prevent the purchase of speculative values on credit.” Such a policy, Mr. Cahill asserts, would stabilize security values on a basis where their purchase price bears a direct relation to earnings. He believes it would regulate credit to a point where a 25 per cent margin would be sufficient, ‘because based on actual and not on fictitious values.” Mr. Cahill declares that he is not sure whether this would do away with speculation entirely, but that it would quite definitely “prevent rash speculation with borrowed funds.” Proposed Basis of Value on Margins Yet another suggestion for stabilizing the market, is that of Mr. Fred I. Kent, Director of the Bankers’ Trust Company of New York. Mr. Kent recom- mends: Create a joint committee of the New York Clear- ing House and Stock Exchange, whose duty it should be to develop a basis of value upon which margins for stocks should be figured from time to time on the principle of net earnings to price, which would repre- sent interest returns, and having due regard to cur- rent and near-future money values, and in the case of new issues, on clearly defined prospects.” Proposed Repeal of Capital Gains Tax Mr. Kent makes four other suggestions, the first of which is “Legislation removing the Federal Tax on capital gains, also that in New York State and any other state where such a tax may be in force.”

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