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

Causes of the Panic 41 13th to establish such losses, with the intent later of buying back the same securities or securities of the same class. So the capital gains tax operated both to bring on the crash and then to prevent the recovery of prices following the panic. Excessive Credits Craig B. Hazlewood, President of the American Bankers’ Association, in his address before that body, October 1, 1929, maintained that the market values of securities on the New York Stock Exchange had increased too heavily “after allowing for increases in the number of units listed.” Total values, he said, increased from sixty and one-half bil- lion dollars January 1, 1925, to one hundred and twenty-four billion dollars on July 1, 1929. Mr. Hazlewood named as a blamable cause the increased volume of credit allowances by the bankers of the country which had been employed in carrying stocks to those higher levels. These allowances, he said, amounted to “too large a portion of the available credit of the country.” In considering increase in listed values, it is proper to recall the $12,000,000,000 of sterling bonds listed in the spring of 1928 which is included in this total. Only a few millions of these bonds were actually distributed in this country. Doubtless it is true that the increase of credit allowances was too great. This is because the enlarged credit structure was altogether too suscepti- ble to bear raids—not so much because it boosted

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