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 47 Undoubtedly, the decline in prices was accompanied by, and in part caused by, heavy selling out of accounts after more margins had been demanded. But without extensive outright liquidation, a panic would not have occurred.” Fear About the Tariff Many will take seriously Mr. Kent's further con- tention that the market fell because of fear engen- dered in the public mind by the action of the coali- tion bloc in Congress in connection with the tariff bill. In the panicky condition of the market every- thing added to its fears. But big business had no reason to fear any fall of the tariff and little fear of harm if it were not raised. Representatives of the automobile industry, the country’s largest indus- try, told the President that they wished lower tariff Protection for their products, some of them even saying that absolute removal of the tariff would not disturb them. No doubt business was disturbed by failure to decide the tariff question, quite irrespec- tive of its merits. It might be argued that fears both of a higher and of a lower tariff hurt business. In any case the tariff is today not a small element in the calculations of the business of the country gen- erally. Mr. Kent is not a lone voice crying in the speculative wilderness when he says: “As soon as dealers in securities who were constantly on the watch for indications as to business changes, realized that this feeling of uneasiness (on account of the tariff bill) was spreading throughout industry, they began

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