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

266 The Stock Market Crash—dnd After Other Factors Apart from Justifying Causes It is also possible that had there not been certain other factors quite unassociated from the funda- mental justifying causes of the long bull market, that operated with the momentum of long and short-term swings in the October-November crash, the crash might have been prevented. There was the downward turn in the business trend resulting in a rather rapid decline in the aver- age of wholesale prices during the summer of 1929; but this was not so great as the 19277 down-turn had been, and it could not alone account for the panic. There was the tax on capital gains, discouraging the active selling of stocks to take profits and encour- aging the buying of new securities by the help of loans instead of by the proceeds of sales of stocks. There was the sudden increase of a billion dollars’ worth of new securities by the investment trusts, with a lag in their reinvestment of the proceeds in the stock market. Finally, there was the “boom” enthusiasm which during the three months preceding the panic, to a considerable degree, ignored yields and earnings in its extravagant belief in the future growth of business. This enthusiasm doubtless had its hold upon intelligent speculators who had sub- stantial grounds for their optimism as well as upon the “lunatic fringe’ that always attends the per- formances of rising markets. It is not altogether unlikely that there were other facts and situations now unknown or hidden, which

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