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 43 brokers’ 10ans, laid its finger on another actuating cause of the break in these words: “Industries had been financing working capital more and more through the issuance of securities, and this has resulted in a slower growth of commer- cial bank loans and a more rapid growth of loans against securities, together with a holding of idle funds periodically by many industries.” These idle funds naturally sought employment at the high rates which the stock market afforded as a consequence of the restrictive policy of the banks. The resolution of the American Bankers’ Association speaks of the resultant total of so-called brokers’ loans as a “spectacular figure, whereas it should be scientific figure.” As a spectacular figure, this reflected stock market fluctuations that were'unsound and detrimental to the public good. The resolution adds that it leads to ‘‘threats of financial legisla- tion, which if carried out, might be even more harmful.” Were Investors Sold Out Rather Than Selling? The Commercial and Financial Chronicle (of November 9, 1929) takes issue with myself and others who have believed that the stock market had attained a permanently high plateau-—not, be it understood, a permanently high peak—above all previous plateaus of stock prices. “In the last analysis,” the Chronicle said, “the break in the market was due to the fact that stocks had been carried to absurdly high levels.” Moreover, the

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