Historical Thought for the Day
January 22, 2010
Thought for the day:
If it's in the papers, it's in the price. Legg Mason Value Trust manager William H. Miller II This day in financial history: 1968: In an emergency move, the New York Stock Exchange closes 90 minutes early, at 2 p.m. The early close, reports The Wall Street Journal, is meant to help inundated trading clerks catch up on a "deluge of paper work that has resulted from a recent sustained period of unusually heavy trading." The day's total volume: 10,630,000 shares. Each side of each trade -- both the buy and the sell -- must be recorded by hand on a separate piece of paper, and at any given time up to $1 billion worth of trades are going unmatched because of missing paperwork. Source: The Wall Street Journal, January 23, 1968
Source: Jason Zweig
