[547] As May 9, 1901, when 3,336,695 shares were sold. Compare Mitchell's stock barometer, 1890-1911, Business Cycles, p. 175, with records of share sales for those years.
[548] Purchasing Power of Money, 1913 ed., p. 186. The same criticism applies to Kemmerer, and Jevons. Cf. Kemmerer, Money and Credit Instruments, pp. 70-71. It is applicable to most quantity theorists.
[549] Ibid., p. 185. It will be noted that at this point, Fisher lapses from the doctrine that volume of trade is determined by "physical capacities and technique." Ibid., p. 155.
[550] Cf. our discussion, supra, in the chapter on the "Functions of Money," of money in retail trade.
[551] Our great private banks, bond houses, and investment bankers, etc., of course do buy stocks of new enterprises on a huge scale. Many of our big commercial banks have taken part in underwriting operations.
[552] See pp. 428-432, supra.
[553] Wealth of Nations, Bk. II, ch. 2, ed. Cannan, I, pp. 187 and 290-291.
[554] Theorie der wirtschaftlichen Entwicklung, chs. 2 and 3.
[555] Supra, chapter on "Volume of Money and Volume of Credit."
[556] Interviews on the Banking and Currency Systems of England, Scotland, etc., Senate Document No. 405, 1910 (National Monetary Commission Report), p. 25.