Basic Factors, 464. — Antecedent Events, 465. — Objectives, 468. — Structure, Powers, and Duties, Original Act, 469; Amended Act, 472. — Operations, 475. — Results and Conclusions, 484. — Appendix, 488.

Journal Article Speculation and the Stability of Stock Prices Get access M. J. Fields M. J. Fields Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 47, Issue 2, February 1933, Pages 357–367, https://doi.org/10.2307/1883695 Published: 01 February 1933

I. The Cassel method, 647.— Kitchin's estimate, 648.— II. The problem of the base years: cyclical complications, 649; wholesale vs. general prices, 653; international aspect, 654.— III. The problem of the "normal" gold supply, 655.— IV. The problem of the rate of increase in the demand for gold, 658.— The first sub-assumption, 659; the second, 660; the third, 660.— Bank currency: England, 665; France, 669; Germany, 671; United States, 675.— V. Conclusions, 677.

Introduction, 449. — Brokerage office loan routine, 449. — Demand for funds inelastic at a given moment, 453; and over a period of time, 454. — Supply by “others” inelastic in 1927, 456. — Supply by banks elastic throughout 1927, 458. — New security issues the cause of increased demand for loans in 1928 and 1929, 460. — As a result of Federal Reserve policy, supply by banks inelastic after 1927, 461. — New security issues and high interest rates responsible for elasticity of supply by “others” in 1928 and 1929, 461. — Conclusion, 462.

IV.—A Note on Mr. Kahn's Paper Get access J. R. Hicks J. R. Hicks London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 1, Issue 1, October 1933, Pages 78–80, https://doi.org/10.2307/2967442 Published: 01 October 1933

Reviews the book "The Federal Reserve Act: Its Origin and Problems," by J. Laurence Laughlin.

Reviews the book "New York C.P.A. Law Questions With Answers," by A. Lincoln Lavine.

This article discusses the three-fold presentation of an accounting problem. The obstacles that confronts a layman eager to attain a good understanding of principles of accounting are limited knowledge of applied business practices, a group of terms, easy of spelling and pronunciation, but difficult of comprehension, a particular mechanism of thought, based upon certain phases of logic and an unavoidable drawing together of the conclusion of a selected example in relation to the probable past and future financial history of the business unit. The principal divisions of a plan proposed consist of – a statement of fact, an accounting interpretation of two parts, journalized form and T-form and observations as may be set out in trial-balance form. The consideration of the three-fold presentation of an accounting problem may depend upon its usefulness as a teaching device in bringing together in concise form certain implied facts and business and accounting relationships and offering a unique method of reviewing in a progressive manner basal principles and materials which form the essence of instruction.

Accounting for no-par stock issues during the years 1930-1932, where changes have been made in the methods of stating capital stock valuations in those years, presents several most interesting contrasts with the period 1921-1929. During the past three years business conditions have been, for most corporations, just the reverse of the period prior to 1929, and these reversals in financial conditions are being rapidly reflected in the changing methods of accounting for no-par issues, capital surplus, earned surplus and related accounts, as of March 1933. In the period prior to 1929, the par-value security was rapidly giving way before the newer and so-called advantageous no-par security. Properties were being appraised, the added value was credited to some surplus or no-par stock account, and the sum total used as an excuse to make stock split-ups, carry stock values at the net worth without a differentiation between types or sources, and so on. Where in 1918-1929 corporation valuations went wild in one direction today undoubtedly they are going wild in the other.