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In a recent investigation which the author\nhas made for the League of Nations Secretariat,\nit was found that share prices seem to\nhave exerted a considerable influence on the\ncourse of the American cycle beginning in\n1924 and having its boom year in 1929. The\nchief reason for this influence may be summarized\nbriefly as follows: (a) Share prices\nhave an influence on the ease with which capital\nissues may be floated and therefore on investment\nactivity in general; (b) the rate of\nincrease in share prices seems to have an influence\non consumption, especially by those\nmaking capital gains. These influences have\nbeen investigated in the forthcoming League\nof Nations publication and will not be treated\nin detail now, but it may be seen from this\nbrief indication that the formation of share\nprices seems to be important in the explanation\nof some business-cycle phenomena. This\nis the justification for the present paper, which\ndeals only with that price formation.
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