The stock market crash - and after

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Plowed-back earnings

Collection:: Economics Books

CHAPTER V PLOWED-BACK EARNINGS THE increase both in dividend payments and in plowed-back earnings during 1929 over 1928, was not only a primal cause of the new plateau of stock prices, but gave promise of continuing prosperity to business for 1930. This increase should minimize the effects of the panic, which was largely restricted to the stock market. When earnings are turned back into a business it is in order to increase the rate of profits according to the same method by which interest is compounded on savings. There has always been a plowing-back of earnings, but it has been especially done in the last few years. In measuring the average annual rate of change in the economic movements in the United States from 1922 to 1927, inclusive, President Hoover's Com- mittee on Recent Economic Changes shows that the rate of profits, or earnings, for industrial corpora- tions has increased by 9 per cent yearly, and the rate of dividend payments for industrial and miscel- lancous corporations has increased yearly by 6.8 per zent. These figures imply that the increase in the average

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