Most Read · Tuesday, October 29, 1929
J.P. Morgan & Co. Checks Couch Cushions
Partners at J.P. Morgan & Co. were reported on their hands and knees in the lounge today, lifting cushions in search of loose change. Last Thursday, Morgan partner Thomas Lamont hosted the bankers who pooled money to prop up stocks, and floor chief Richard Whitney walked onto the floor bidding loudly for U.S. Steel.
The rally held for about a day. 'We found eleven cents and a cigar,' one clerk reported. 'The cigar has been reclassified as a long-term holding.' The firm insists it remains fundamentally sound, unlike the couch.
Satire. For what actually happened, see the “What really happened” box in the full issue.