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 15 nificant, that at this nadir of market despair and panic the market “averages” had gone down only to those of February, 1928—well above the old plateau of stock market prices, from the level of which the market had ascended after 1923. The worst panic in history had not destroyed this new price plateau! Industrial stock prices, even at the bottom on November 13, 1929, were 30 per cent above 1926 average, and 300 per cent above the pre-war plateau of 1905-1914! Despite the fact that the price level of many stocks had run too high, the panic was “technical” in its character and largely artificial. This may be understood from the fact that indus- trial shares had achieved the highest earnings of their history, that the price-earnings ratios were on the average lower during 1929 than in 1928; and that, in over-the-counter transactions, the powerful National City Bank saw its shares sold off by 8o points, opening around 280 and closing at 200. Bank of New York and Trust closed down roo points at 650; Guaranty Trust down 50 points at 560; Bankers’ Trust down 13 at 120; Corn Ex- change down 20 at 165, and so on. On November 14th, extraordinary measures were taken. On this day came the announcement of the Proposed cut in income tax, and the notice from Washington of the conferences held at the White House on November 13th. The rediscount rate at the New York Federal Reserve Bank was lowered to 4%2 per cent, which came after a cut from 6 to z per

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