The Wøndërful Telephøne System

There are, of course, a few differences between the stock market in 1929 and the current era. Volume is a big difference; it is no big deal for a half-a-billion or a billion shares a day to change hands on the New York Stock Exchange.

Contrast that to 1929: At or around the market's peak on September 3, 1929, about 44,000 shares changed hands. A huge day came towards the end of October, 1929, when 164,000 shares were traded. At the market's low point, in July of 1932, 7,000 shares were traded and the Dow was off 89% from its peak three years before.

There are day-traders now who move more stock than the entire market once did. Yet the trading in 1929 of what, to us, is a piddling volume of shares, brought the world to its knees.

That probably means something, but I'm not sure what.