This is an extract of the excellent book on 1929 crash from Max Witt it is a US book but since I only got the french version it will be a babel translation Babel Fish Translation In English: Part I "28 February" "Meehan had been born in Wales, particularly poor Irish parents. Meehan was high in the catholic faith. The search of Sunday morning to the church passed first of all. Hardly left the school, Michael worked full-time. It sold cigars [... ] A 18 years, it was manager of a store. Then it made trade of tickets of théatre in Broadway before working in Curb Exchange and finally with Exchange Stock of New York in 1924. Meehan misa on the rise of RCA (Radio Corporation of America). At the beginning it had not been easy to push this action. But thanks to its charm, with its energy, with its perseverance, Meehan had succeeded in making it go up of 25 dollars, in 1924, with nearly 200, in 1928, and then to 420. Today it felt that the moment had just struck a new blow. [... ] "the payment of Exchange Stock prohibited with the stockbrokers to have the values of which they made trade. But there was no law which forbidding Elisabeth to speculate in RCA: his wife had already done it before. There was no reason so that she does not start again." [... ] "the question of knowing which would take care of handling was very significant...." "the pool of the Copper Anaconda, that Meehan had partly organized, functioned perfectly. The operation had been entrusted to selected sure people among best paid of Wall Street for this kind of companies: Ben Smith and Tom Bragg from Hutton... Thanks to the money of other managers of Stock Exchange, such as Percy Rockfeller, Billy During and Charles Mitchell, Bragg and Smith had more than 32 Million dollars at disposal." "If it were possible to release Braag and Smith a little, monopolized in this moment on Anaconda Copper it would be perfect. Nobody was more skilful than these deux-là to operate out of Stock Exchange. The speculation on Anaconda Copper would last several months. On the contrary, the action on RCA would be an attack of short duration, extremely violent. In this case Braag and Smith could perhaps release itself one week, to take the pool in hand. Meehan was going to touch them on this subject. "
Part II "the pool could intervene on the market for 12 683 000 dollars. Saturdays 9 Mars, Wall Street Journal revealed this small enticing sentence: < < Radio Corporation of America will develop its activities abroad. Never RCA was also solid in the financial scheme. The newspaper simply forgot to mention that RCA had never given dividends. In the daily News of Monday 11 Mars, Trader, one of the journalists who regularly accepted wine pots to assemble certain values out of pin, wrote that RCA would reach soon 100 dollars... Tuesday, that would be worth really the sorrow to buy [... ] They gave their first buying order to Schnell or o' Brain. They were not significant purchases. Other orders arrived of all the corners of the Country. It was without any doubt the result of the articles of Wall Street Journal and Daily News. Articles taken again besides by the majority of the financial newspapers." "Mike Mihan could note that RCA had exceeded its closing price of the day before. The action was worth 90,30$. In the space of a few minutes, all the stockbrokers of the country would be well-informed. They would inform their principal customers at once that it was the moment to buy RCA. In a few days an avalanche of orders was going to break [... ] An incredible number of orders - often relating to a quantity limited from actions, 10, fifty, seventy-five - was sent to Wall Street. The leaders of play transfer on the teleprinter that that a flood of buying order of small quantity arrived of everywhere. They stopped handling immediately. They wanted to note the effect of these purchases on the market. The market had been cleaned i.e. that all the floating actions were between the hands of the pool. The leaders of play had all the capacity to make climb RCA with their own way ". "Friday as of opening RCA started to go up. Bragg made in kind sell 25000 actions with the one of the participants of the pool and buy of it the same number at the same price for another of the participants. It was beautiful work. Action RCA was worth 107 dollars." "A midday saturdays RCA had reached its ceiling 109.25. Only the speculators knew it. Indeed, after having consulted each other Sunday, they decided < < that one would buckle the business the following day." "22 the Mars Wall Street Journal wrote with accuracy" the pool which operated on RCA withdrew its chestnuts of fire Tuesday. For the moment its attention goes on Anaconda Copper." "Mr. and Mrs. Meehan accepted 652783,94 dollars. It was not badly for a small working week. And of course all that had been held according to the rules and payments of Exchange Stock of New York ".
So it is not astonishing that legendary traders living during that period was so aware of that https://www.lbrgroup.com/index.asp?page=MagazineArchive_Futures_patter 'Starting with a pattern' February 1999 - excerpt Richard Wyckoff was a trader and market analyst who was active in the market around the turn of the 20th century, about the same time as Charles Dow was writing for the Wall Street Journal. As a trader who was curious about the market, he arrived at a methodology that concentrated on price and volume analysis, point and figure charting, and a comparison between related markets and indexes. He wrote several books about the market, including the famous 'Rollo Tape,' a book about the subject of tape reading written under an assumed name. His writings were later compiled into a comprehensive stock market training course, which is still offered today. Wyckoff postulated the 'composite operator' theory, which stated that large pools work to manipulate the price of stocks, leaving definite footprints behind on the chart in patterns of accumulation and distribution. Wyckoff also believed in the theory of 'cause and effect' whereby the market would build up of supply or demand within a trading range.