Erratum:1929's "Black Thursday"* occurred on Oct. 24 and Mr. Hamilton's editorial was published on the 21st, not Oct. 2.Here's ZeroHedge:
This is a simple typo (and subsequent misplacement) as Mr. Zweig has correctly dated the editorial in other posts (see #33 here)
*Black Thursday was followed by "Black Monday" and "Black Tuesday".
It was a rough week.
On This Date In 1929, The Black Thursday Selling Has Begun
[sic, see above]
Last week, the misty eyed reminiscences were recalling the 25th anniversary of Black Monday. Today, we look even further back. 83 years back to be precise to this date in hallowed antiquity, when in 1929 the selling had officially begun, with what would ultimately culminate as the Great Crash. Cue Art Cashin: "on this Thursday morning, the market opened nervous but relatively steady. Within the first half hour, prices began to fade and the tape began to run late. By noon the tape was nearly an hour and-a-half late in reporting transactions in a market that had opened only two hours before. To speed the reporting digits were deleted and so "Radio" which had opened at 68 3/4 now showed on the tape at 8 3/4. But prices were moving so fast that the price was not 58 3/4 but 48 3/4 on its way to 48 1/4 before it would bottom in the afternoon at 44 1/2. To avoid confusion the Exchange published flash prices of selected securities on the slower moving bond tape." By early afternoon the cascade of prices caused an emergency meeting at the offices of J.P. Morgan across the street from the Exchange...."I am troubled by Mr. Cashin's memory lapse.
From Art Cashin of UBS Financial Services
On this day in 1929, Wall Street brokers headed for work more than a little confused. The action the day before had made them a bit uneasy. Several weeks earlier, the Dow had made one more record high - the latest of a series in a super bull market that had lasted years and caught the attention of a fascinated public. Then the market began to sputter-but-so what. The Great Bull had rolled and rested before only to roar and rise again. But the prior day's trading had raised the anxiety level. So, on this Thursday morning, the market opened nervous but relatively steady.
Within the first half hour, prices began to fade and the tape began to run late. By noon the tape was nearly an hour and-a-half late in reporting transactions in a market that had opened only two hours before. To speed the reporting digits were deleted and so "Radio" which had opened at 68 3/4 now showed on the tape at 8 3/4. But prices were moving so fast that the price was not 58 3/4 but 48 3/4 on its way to 48 1/4 before it would bottom in the afternoon at 44 1/2. To avoid confusion the Exchange published flash prices of selected securities on the slower moving bond tape."...MORE
As an eyewitness he should know better...
