The subject may be considered from a fourfold standpoint, namely, (1) the market trend during recent months, (2) the likely action of the market at the time of the shock associated with the beginning of war, (3) the course of prices during the war, and (4) the aftermath following the war. During 1914, prior to the outbreak of the World War, our stock market quotations declined but slightly, whereas in 1939 we have witnessed an extraordinary decline in prices, a decline particularly severe in stocks which might be expected to profit most from war orders.
Huebner, Solomon S. PhD, "The American Security Market in the Event of Another World War" (1925). Solomon S. Huebner Documents. 143.