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 XVI. The Hopeful Outlook

Collection:: Economics Books

262 The Stock Market Crash—dAnd After the universities, was the most profitable investment ever made. Also, the war, with its inflation and deflation, had resulted in a stoppage in immigration. This helped to keep wages high and organized labor was strong enough to resist that recession of wages which would have followed naturally upon the busi- ness depression of 1920-1921. The heads of indus- try decided that high wages must be continued, and that, therefore, it was up to them to save labor by means of labor-saving inventions. In addition to the great impulse toward labor- saving inventions, owners economized on labor by introducing industrial management as never before. The war had pyramided industrial mergers, which by common consent were condoned. The willing codp- eration of labor with management followed upon the conversion of the whole country to the advan- tages of higher production per man by the aid of science. The studies of the relation of stock prices to earnings during this period of great increase in wealth and earning power of corporations, made it clear that the old arbitrary fashion of estimating ten times the annual earnings as a fair selling price for common shares was inadequate. With the rapid changes in outlook of individual businesses, the price-earnings ratio becomes meaningless as a guide to investment without that constant scrutiny of pros- pects which the machinery of investment counsel and investment trusts has lately provided. Earnings have been increasing more steeply than formerly and

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