Yesterday in 1929, the market plunged on huge turnover after the previous week's crash. J.P. Morgan & Co. stepped in publicly and began buying stocks for its own account. By day's end, the Dow managed to squeeze out a small gain. The Dow wouldn't hit bottom until July 1932.
📰 On this day in 1803, the U.S. Senate ratified the Louisiana Purchase Treaty, under which the U.S. paid France less than 3 cents an acre for 828,000 square miles of territory.
📰 On this day in 1878, Thomas Alva Edison, backed by J.P. Morgan, established the Edison Electric Light Co. to commercialize his month-old incandescent light.
Today in 1929, with stocks down sharply from their September peak, the head of one of the largest brokers reassured anxious investors. "The markets generally are now in a healthy condition," said Charles E. Mitchell of National City Bank. The Crash of 1929 was 12 days away.
Ah you think darkness is your ally? You merely adopted the dark. I was born in it, molded by it. I didn't see the light until I was already a man, by then it was nothing to me but blinding!