The stock market crash - and after

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Monograph

Identifikator:: 866692347

URN:: urn:nbn:de:zbw-retromon-93845

Document type:: Monograph

Author:: Raeder, Anton Henrik http://d-nb.info/gnd/115767741X

Title:: L' arbitrage international chez les Hellenes

Place of publication:: Kristiania

Publisher:: Aschehoug [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (322 Seiten)

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

CHAPTER XVI THE HOPEFUL OUTLOOK IN the introduction and first chapter of this book I have presented a picture of the market crash in all its untoward aspects. There was a panic which duplicated the great recession on the London Stock Exchange, only in the United States the fall in prices was swifter and sharper than that on the London exchange or of any previous panic. When the market touched bottom on November 13, twenty- six billions had been cut* from the value of shares listed on the New York Stock Exchange. But in subsequent chapters I have shown that the factors leading to the crash of the American stock market were not factors of depression but of pros- perity, unexampled prosperity. They were factors identical with those which should bring about the recovery of the long bull market, that had lasted with but minor interruptions from the close of 1922. It was in the main over-eagerness to profit by these factors which produced the crash. The prime fault lay in the credit structure. Just because there were golden opportunities to invest, opportunities for future dividends and profits that were not illusory but real, there had been an undue haste, an undue 25%

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