This is an incredible headline. It is incredible news. Be sure you read the punchline all the way at the bottom.
[quote]Largest Financial Powers in the City Meet After Day of Hysterical Liquidation Sinking Prices Below Thursday’s
By Laurence Stern
After the stock market had come crashing down again in a veritable deluge of forced and hysterical liquidation, word sped through the financial district last evening that the largest banks in the city were prepared to exert their organized power this morning to prevent further disaster.
Arrangements described as "fully adequate" were completed at a conference at the offices of J. P. Morgan & Co. at Broad and Wall Streets…
Although no formal statement was issued, it was the consensus of those at the meeting that the worst of the liquidation is over and that a natural demand for investment stocks now available on the bargain counter should go far toward an immediate restoration of trading stability.[/quote]
— The World, October 29, 1929
The more things change….the more they stay the same, eh?
Of course, we all remember that believing this particular show of force and official support in October of 1929 was not not the best course of action, right?
by wfhyslop