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

36 The Stock Market Crash—dAnd After nounced by another financial expert, who contributes this statement: Business Recession “In my opinion the basic change was in the busi- ness curve and outlook. After nearly two and one- half years of advance at the rate of 1 per cent per month, in July of 1929 business turned downward, and it became evident that a business recession was in prospect. When prices were as high relative to earnings as they were in 1929, the recession outlook pulls the props from the stock market. The profit outlook had changed fundamentally. There were other causes that had been present for a year or more, but these had not broken the market. This downward turn in the business trend was the one new factor in the picture.” With this view the following statement by Mr. Lindsay Bradford, Vice President of the City Bank Farmers Trust Company of New York, is accordant: “Since early in 1929 considerable liquidation and distribution of stocks of various industries had been going on, and but little notice of it was taken due to the fact that the strength in certain other groups, such as the utilities, and certain outstanding indus- trials gave the whole market the appearance of such strength. This feature of the market was indicated during the Fall by the fact that when certain stocks were daily making new highs other groups were daily making new lows in the weeks before the

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