Stock Exchange Securities An Essay On The General Causes Of Fluctuations In Their Price PDF Download

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1879 edition. Excerpt: ...a period extending from the close of last century to the present time, the evidence being the more valuable from its being adduced at first incidentally to support conclusions as to the effect of bank-note circulation on prices, and vice versd. There is also a French authority on the subject of very great weight--M. Clement Juglar, whose able book on Crises Commerciales deals not only with the commercial cycle in England, but extends our range of view to other Continental countries and the United States, showing the universality of the causes at work and their deep root in human nature. Another authority is Professor Stanley Jevons, who shows in his book on the gold discoveries and their effect on prices the necessity of disregarding or allowing for the cyclical changes so as to bring out the more permanent changes which may be considered attributable to the gold discoveries. More recently Mr. Bagehot in his Lombard Street has given his suffrage for the same view, supporting it by a special reference to the remarkable rise of prices in 1869-71. Mr. Bagehot's special object was to explain the periodical excitement of the money market, but his evidence consists mainly of the great movement of prices. Mr. Bagehot's explanation of the reason of the cycle generally appears also a sufficient one. His theoiy is, that a cycle of prosperity begins by something happening to favour a particular trade. Something occurs to make the products of that trade greatly in demand; all those who are in it make greater profits than before; these profits make them stronger and larger purchasers from other trades, which in turn become more profitable, and so by action and reaction trades A, B, C, and D, and so on, all through the letters of the alphabet, are...