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

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The Stock Market Crash

Collection:: Economics Books

8 The Stock Market Crash—And After logue of accounts cleaned out, with thousands of individuals who had lost their entire speculative capital. A Rich Man's and Poor Man's Panic This was not simply a poor man's panic. Prob- ably it began by the “big fellows” trying to get out from under, followed by short sales in large blocks by “bears.” Only after the first sharp break were the “little fellows” ruthlessly sold out, when they were unable to meet new demands for increased margins. That rich men were involved in the heavy liquida- tion was shown by the recessions of bank stocks, largely held by the wealthy. Although small bank- stock dealers found themselves “long” of bank shares at high prices, because of their price and the limited extent to which they might be bought on margin, bank stocks are in great measure bought by rich traders. But these issues became, at the later stages of the panic, bargains in the counter market, sold and bought through dealers in unlisted securities. Being unlisted, they were especially subject to abnor- mal fluctuations. First National fell off on October 28th by $500 on the bid price, Bank of the Manhattan Company by $150, and there were great losses in such issues as Bank of America, Bank of United States, Chase National, Chatham-Phenix, National City, and Fifth Avenue—all standard bank securi- ties. Trust Company and insurance shares lost ground with the bank issues.

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