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 V. Plowed-back earnings

Collection:: Economics Books

68 The Stock Market Crash—dAnd After would, therefore, rise in price faster than the in- crease in rate of company earnings. Since 1927, those gains have been continued. Dur- ing the whole period since 1922, the wholesale scrap- ping of old equipment and installation of new machif- ery and inventions have been accomplished with the increase of prosperity because corporations have be- come more and more hungry for money to exploit the future. All these new inventions required added capital, and the stockholder has had to forego a large part of his dividends in consequence, while the rate of plowing-back has increased since 1927. The November, 1929, bulletin of the National City Bank of New York includes a summary of net profits in published corporation reports covering the third quarter and first nine months of 1929, with comparative figures for the corresponding periods of 1928. The net profits are calculated after all charges but before any dividends, with few excep- tions, and are limited to the broad industrial groups with a view to furnishing a representative picture of American business in its various divisions. The com- pilation excludes financial organizations such as banks, insurance companies. investment trusts and SO On. Swift Rise in Net Profits The combined net profits of approximately 600 companies in this compilation amounted, for the third quarter of 1929, to $1,142,302,000 as compared with $1,001,244,000 in the third quarter of 1928.

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