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 II. President Hoover Acts

Collection:: Economics Books

CHAPTER II PRESIDENT HOOVER ACTS IT was but natural to expect that so stupendous a crash, with a reduction in listed values of twenty- six billions of dollars, would deal a tremendous blow to business. But business was more scared than hurt. By convocation of the President, and under the auspices of the United States Chamber of Commerce, four hundred leading business men set up in Wash- ington, December 5, 1929, a committee of seventy- two “key” men called the National Business Advisory Council. This committee set about devising means for a continuing organization to stabilize business. At its meeting President Hoover defined three pos- sible lines of emergency action. The first step, Mr. Hoover said, was to recover business confidence by the powerful aid of the Fed. eral Reserve System and the strong position of the banks. These were working steadily to diminish in- terest rates. Money released by the deflation of securities would thus be returned into business. The President noted the effect of this action in making money more abundant in all parts of the country and in strengthening the bond market, in which public issues that had been postponed were beginning to appear. The second step was taken by the President him-

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