To: O. H. Rundell who wrote (110 ) 7/24/1999 5:21:00 PM From: C.K. Houston Read Replies (1) | Respond to
1987On October 19, 1987 the stock market plunged 508 points, or 22 percent of the total market value. It was the worst crash, since 1927 which signaled the Great Depression. What brought about this crash, why such a drop in such a little time?Many of the SPECIALISTS, whose job it is to negotiate the trades between sellers and buyers, were going out of business , because the rules state that they must purchase stocks that cannot be sold. In the end, the market plunged, and after the closing bell rang in the NYSE, there was silence between the brokers. People were speechless, many broke. .Message 10641992 NYSE Specialists go public with new IPO's. This will allow the Specalists to control a potentially volitable market This really got my attention as it is an unprecented step. For those of you who don't know, one of the roles of a specialist is to act as a principle as a buyer or seller of stocks to ensure an orderly market. Are they taking this step to ward off potential Y2K problems? Sure looks that way to me. -- Watcher6 (anon@anon.com), July 23, 1999 Along the same lines, Goldman Sachs just went public too. A large, old private company going public isn't really too interesting. What IS interesting, however, is that Goldman Sachs was once public before! When questioned by Congress later in 1934 (or thereabouts), the president of the again private Goldman Sachs remarked that they sold shares in excess of $100 per share. After the crash, they bought them back at less then $2 per share. -- Jollyprez (jolly@prez.com), July 23, 1999. greenspun.com NYSE To Go Public 209.10.98.162 Hmmm ... Now the pros even want to dump their 'seats' on the public? John Hunt - Gold Moniter Thread
