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 49 is substantially true of investment trust issues— although the investment trusts withheld their pur- chases of stocks immediately before the panic, thus contributing to the fall in prices. But it is a fact, and an important one, that new investment trust securities had been created and issued more rapidly, at least, than these securities could be fully substituted; many were not yet listed on the Stock Exchange so as to become as readily nego- tiable as the securities they had displaced. By some fatality the crash seemed to be exactly so timed that many people with plenty of collateral could not use it because it consisted temporarily of investment trust certificates unlisted and non-liquid. That this factor played a part was evidenced by the fact that in the panic many investment trust securities which, a few weeks before, were selling above their liqui- dation value, thus capitalizing the investment trust management, came to sell below liquidation value; that is, the constituent stocks held by these invest- ment trusts were worth more than the titles to them in the form of the trust’s certificates. Gold Withdrawals Yet another point is suggested by George E. Rob- erts, Vice President of the National City Bank, in his address at the December, 1929, meeting of the New York Academy of Political Science. Mr. Rob- erts notes that the export of half a billion of gold during 1927 and 1928, while influencing the attitude of the banks, “did not command the attention it

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