Das Geldwesen Frankreichs zur Zeit der ersten Revolution bis zum Ende der Papiergeldwährung

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Monograph

Identifikator:: 883879484

URN:: urn:nbn:de:zbw-retromon-5824

Document type:: Monograph

Author:: Illig, Hermann

Title:: Das Geldwesen Frankreichs zur Zeit der ersten Revolution bis zum Ende der Papiergeldwährung

Place of publication:: Strassburg

Publisher:: Verlag von Karl J. Trübner

Year of publication:: 1914

Scope:: 1 Online-Ressource (XII, 87 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: II. Abschnitt. Das französische Geldwesen der grossen Revolution bis zum Ende der Papiergeldwährung (von 1789 bis 1796): Die Papiergeldwährung

Collection:: Economics Books

14 The Stock Market Crash—And After first two hours’ trading on the 12th witnessed a turn- over of 4,200,000 shares, and of 6,452,770 shares in the three-hour market. On the following day, November 13th, a renewed break in stocks under the push of heavy trading occasioned the following com- ment by the financial editor of the New York Times: “Yesterday's stock market calls for comment of a different kind than was required on other recent days. It pointed urgently to the exercise of financial com- mon sense. The market’s character and the further heavy break in prices (on transactions nearly twice as large as Monday's) strongly suggested other sell- ing than necessary liquidation [that is, ‘short’ sell- ing]. If the stocks which were pressed at a sacrifice on yesterday's unreceptive market had actually all represented ‘distress holdings’ taken over by strong banks and individuals two weeks ago, then the man. ner of marketing them yesterday would have been most injudicious. It is a cardinal maxim of such emergency relief that liquidation of shares thus taken over should be cautious that it should be pursued in close conformity with the state of the market; that the stocks should never be thrown over hastily in face of crumbling prices. A prudent holder, under such conditions as yesterday, would not think of forc- ng them to a sale * Plateau of Stock Prices Maintained This comment might have referred to the con- viction of a major bear raid in process. It is sig-

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