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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The Stock Market Crash

Collection:: Economics Books

The Stock Market Crash S That was why brokers’ loans for a time continued to increase, because with each sale by a foreign holder, those who bought applied for loans to carry the sur- plus supply of securities that had not yet found definite lodgement. “Undigested” Securities The brokers’ underwritings of new stocks or bonds now became an essential factor in the expansion of brokers’ loans. The newly underwritten securities began to pile up, to remain “undigested,” that is, not disposed of for permanent investment. Also, much of the money paid in to Investment Trusts by inves- tors in return for certificates was in cash or lent in the market, and not yet invested in stocks. After the crash began this money waited for the market to touch bottom. The Financial Chronicle of October 12th showed that $649,000,000 in new investment trust shares—1I am not certain how these new “trusts” are classified—were offered by syndicates during Sep- tember; that this was added to $707,000,000 offered during July and August, bringing the total issues dur- ing the first nine months of 1929 to $2,239,000,000. The bulk of these offerings was not absorbed. They were carried along on borrowed money—or pur- chased outright with other securities, carried on margin in order to provide the funds—creating a New situation in the money market. Stock flotations in 1922 and 1923 had risen to about five billions a year. By 1927 and 1928 the five billions became ten billions yearly. But for the first half of 1929 they

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