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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. Causes of the Panic

Collection:: Economics Books

34 The Stock Market Crash—dAnd After Linking of Commercial and Investment Banks Mr. H. Parker Willis, editor of the New York Journal of Commerce, ascribes to the big com- mercial banks, which had organized speculative pools in the form of investment companies, a causal re- lation to the crash. I am informed by a country banker in Connecticut that there was a tendency among small banks to copy the big banks in the or- ganization of these investment pools which helped swell the wave of speculation through the country. The big banks, of course, used the funds of their stockholders in speculation under intelligent guidance; the little banks could have no such expert guidance. But in either case there was abuse. The commercial banks are supposed to conduct their operations under close public regulation, but by means of affiliated investment companies, joined as closely as Siamese twins, they have been enabled to act irresponsibly, as is evidenced by the fact that these companies publish no statements and are held to accounting by no public body. Overvaluation of Common Stocks That the prime cause was serious overvaluation of common stocks that had previously been under- valued is the opinion of Mr. Carl Snyder, of the Federal Reserve Bank of New York. In cor- respondence with me Mr. Snyder says, referring to the war inflation of commodity prices: “The long-sustained rise in the level of commodity

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