Jack of Harts

A dark day dawned in October of 1929. Several dark days actually, though the first memorable one is forever known as Black Thursday. The New York exchange fell eleven percent at the opening bell. Morgan, Chase, and National Banks pooled their money to buy large blocks of shares at well above the going rate. Their willingness to buy in raised confidence in the market and it recovered quickly. But the opening slide had destroyed any true confidence in the market.