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

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The Stock Market Crash

Collection:: Economics Books

The Stock Market Crash 7 wrong, that the market had run into “air pockets” with urgent and heavy offerings and a marked absence of bids. It was confusion worse confounded, the broken- down machinery making it as difficult to buy as to sell. October 21st was a day of “blind” sales, where stocks sold from ten to thirty points below the quota- tions recorded on the belated ticker, and with the principal selling appearing to come from large opera- tors in blocks of from five thousand to twenty thou- sand shares. On October 28th, the greatest single day’s break in the history of the stock market cut many billion dol- lars from the market values of securities on the New York Stock Exchange and Curb Exchange. General Motors lost $1,00,000,000 in value of its 43,500, 000 shares of stock outstanding. General Electric had dropped 120 points from its high to the low of the reaction on October 24th, Westinghouse Electric & Manufacturing crashed 194 points, American and Foreign Power fell 11114 points, American Tele- phone and Telegraph sunk 130 points. All groups gave way. On October 28th, General Motors again broke below 50, while Chrysler, the leader of the 1928 bull market in motors, found a new low below 40, off more than 100 points from the year’s high. There was heavy selling in the railroad stocks, which had thus far resisted the weight of liquidation, and wide-open breaks, especially in the higher-priced stocks, which had for weeks held steady. Reports from commission houses dwelt on the appalling cata-

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