Aug

29

 It has proven hard, even in this internet age, to find a full record of the DOW for pattern study. Yahoo goes back to 1928, but before that there is little. Possibly a difficult period as the markets were interrupted in 1914 (though surely trading continued?).

Finally I found measuringworth.com which gives closing prices since 1885. There are no open, high, low values, has anybody found some better datasets?

Reading Wikipedia on the 1929 crash, I noticed an attempt by bankers to heal the market by buying blocks of shares above their value, which reminded me of recent Bank of America action, though of course the motivation for that investment is different and answerable to shareholders:

"At 1 p.m. on the same day (October 24), several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.[11] The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to a tactic that ended the Panic of 1907, and succeeded in halting the slide that day. The Dow Jones Industrial Average recovered with a slight increase, closing with it down only 6.38 points for that day. In this case, however, the respite was only temporary."


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