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 I. The Stock Market Crash

Collection:: Economics Books

The Stock Market Crash—And After ginning of July. Mr. Babson's statement, which ordinarily would have made little impression, coupled with the Hatry failure in London, which obliged English holders of American stocks to sell in order to protect their own commitments, directed attention to the overextension of stock market credits and the unsound banking condition. The statement by Philip Snowden, British Chancellor of the Exchequer, that the “orgy of speculation” in this country had been responsible for the advance in the rediscount rate of the Bank of England, whether it was true or not, had a depressing effect on the American market. Every fresh rumor sent the mar- ket lower. 4 Meanwhile the unusual ease’ in the money market was helped by the heavy accumulation of funds in New York as the result of subscriptions to new capi- tal issues. The call-money rate, which had run above 15 per cent during the height of the summer specu- lation, fell to 6 per cent, then to 5 per cent, and later to 414 per cent. Corporations piled in their large loanable balances. The Reserve Banks continued as active buyers of bankers’ acceptances, which en- abled the member banks to reduce their indebtedness to the Reserve to the lowest figures reached since 1927. Soon thereafter the volume of commercial loans dropped off, releasing further credits to aid liquidation in a falling market. October was the first month to show greatly re- duced totals of new stock issues floated. Foreigners were ordering their holdings of stocks sold out.

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