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Archive for Friday, October 19, 2012

25 years ago: ‘Black Monday’ sends stock investors scurrying

October 19, 2012

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From the Lawrence Daily Journal-World for Oct. 19, 1987:

Today, the day later referred to as "Black Monday," the Dow Jones industrial average fell more than 200 points in heavy trading. With four hours of trading to go, the volume of transactions had already ranked today as one of the heaviest trading days in history. The chair of the Securities and Exchange Commission in Washington, D.C., was reportedly concerned about the stock market's plunge and was consulting with the New York Stock Exchange over whether to attempt to check it. Lawrence area investors were keeping the phone lines busy as they called their stock brokers. "I've been in the business 25 years and I've never seen anything like it," said Jay Underwood, manager of Kidder Peabody & Co.'s Lawrence office. Managers at the local Dean Witter Reynolds and Edward Jones officers also reported being swamped with calls from clients.

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