Black Monday, April 13, 1360

Black Monday, April 13, 1360

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According to English Wikipedia ("Black Monday (1360)"), a severe hail happened on Monday, April 13, 1360 when the army of Edward III was camped in an open field near Chartre. The article says that the death toll was 1000 people and 6000 horses. The reference they give is on a modern book which I have no access to.

Can anyone give a primary source(s) on this event?

According to this article, and another article "Hundred Years War" in English Wikipedia, this accident had a major influence on the course of the war: Edward decided that God is not on his side anymore, and promised to conclude a peace treaty. And the peace was concluded.

It is strange however that French Wikipedia does not mention this hail storm at all. Neither it is mentioned in the "List of costly or deadly hailstorms" in the English Wikipedia. And in general, the death toll looks absolutely incredible, when compared with the records of most severe hail storms.

Apparently a couple of the chronicles from the time are available online. From the contemporary French Chronicle of Jean Froissart:

… for an accident befell [Edward III] and all his army, who were then before Chartres, that much humbled him, and bent his courage.

During the time that the French commissioners were passing backwards and forwards from the king to his council, and unable to obtain any favourable answer to their offers, there happened such a storm and violent tempest of thunder and hail, which fell on the English army, that it seemed as if the world was come to an end. The hailstones were so large as to kill men and beasts, and the boldest were frightened.

The king turned himself towards the church of Our Lady at Chartres, and religiously vowed to the Virgin, as he has since confessed, that he would accept of terms of peace. He was at this time lodged in a small village, near Charters, called Bretigny; and there were then committed to writing, certain rules and ordinances for peace, upon which the following articles were drawn out.

And from the late-15th-century Chronicle of London:

This same year, that is for to say the year of our lord 1360, the 14th day of April then being the morrow after Easter day, king Edward with his host lay about Paris; which day was a foul dark day of mist and hail, and so bitter cold that many men died for cold: wherefore unto this day men call it black Monday.

So obviously something happened that day; but the estimate of 1000 men dead is not clear from the primary sources.

These figures are stated in:

Joshua BARNES. 1688. The History of that Most Victorious Monarch Edward III, King of England and France, and Lord of Ireland and First Founder of the Most Noble Order of the Garter: Being a Full and Exact Account of the Life and Death of the said King, Together with That of his Most renowned Son Edward, Prince of Wales and of Aquitain, sirnamed the Black Prince, Faithfully and carefully Collected from the Best and most Antient Authors Domestick and Foreign, Printed Books, Manuscripts and Records. Book III. Chapter VI. Page 583. John HAYES. Cambridge, England.

A number of sources for this story are quoted on that page, especially Froissart.

Handel’s “Messiah" premieres in Dublin

Nowadays, the performance of George Frideric Handel&aposs Messiah oratorio at Christmas time is a tradition almost as deeply entrenched as decorating trees and hanging stockings. In churches and concert halls around the world, the most famous piece of sacred music in the English language is performed both full and abridged, both with and without audience participation, but almost always and exclusively during the weeks leading up to the celebration of Christmas. It would surprise many, then, to learn that Messiah was not originally intended as a piece of Christmas music. Messiah received its world premiere on April 13, 1742, during the Christian season of Lent, and in the decidedly secular context of a concert hall in Dublin, Ireland.

The inspiration for Messiah came from a scholar and editor named Charles Jennens, a devout and evangelical Christian deeply concerned with the rising influence of deism and other strains of Enlightenment thought that he and others regarded as irreligious. Drawing on source material in the King James Bible and The Book of Common Prayer, Jennens compiled and edited a concise distillation of Christian doctrine, from Old Testament prophecies of the Messiah’s coming through the birth, crucifixion and resurrection of Jesus Christ and then to the promised Second Coming and Day of Judgment. Jennens took his libretto to his friend George Frideric Handel and proposed that it form the basis of an oratorio expressly intended for performance in a secular setting during the week immediately preceding Easter. “Messiah would be directed at people who had come to a theater rather than a church during Passion Week,” according to the Cambridge Handel scholar Ruth Smith, “to remind them of their supposed faith and their possible fate.”

This didactic mission may have inspired Jennens to write Messiah, but it is fair to say that George Frideric Handel&aposs transcendent music is what made the work so timeless and inspirational. Messiah gained widespread popularity only during the final years of Handel’s life, in the late 1750s, but it remains one of the best-known musical works of the Baroque period more than two centuries later. When you consider that Handel composed the score for Messiah in just 24 days, you begin to understand the incredible esteem in which some of his followers held him. As Ludwig van Beethoven said of Handel: “He is the greatest composer that ever lived. I would uncover my head and kneel before his tomb.”


The root causes of the conflict can be traced to the crisis of 14th-century Europe. The outbreak of war was motivated by a gradual rise in tension between the kings of France and England involving Gascony, Flanders and Scotland. The official pretext was the question that arose because of the interruption of the direct male line of the Capetian dynasty.

Origins Edit

Tensions between the French and English crowns had gone back centuries to the origins of the English royal family, which was French (Norman, and later, Angevin) in origin. English monarchs had therefore historically held titles and lands within France, which made them vassals to the kings of France. The status of the English king's French fiefs was a major source of conflict between the two monarchies throughout the Middle Ages. French monarchs systematically sought to check the growth of English power, stripping away lands as the opportunity arose, particularly whenever England was at war with Scotland, an ally of France. English holdings in France had varied in size, at some points dwarfing even the French royal domain by 1337, however, only Gascony was English.

In 1328, Charles IV of France died without sons or brothers and a new principle disallowed female succession. Charles's closest male relative was his nephew Edward III of England, whose mother, Isabella of France, was Charles's sister. Isabella claimed the throne of France for her son by the rule of Proximity of blood, but the French nobility rejected this, maintaining that Isabella could not transmit a right she did not possess. An assembly of French barons decided that a native Frenchman should receive the crown, rather than Edward. [2]

So the throne passed instead to Charles's patrilineal cousin, Philip, Count of Valois. Edward protested but ultimately submitted and did homage for Gascony. Further French disagreements with Edward induced Philip, during May 1337, to meet with his Great Council in Paris. It was agreed that Gascony should be taken back into Philip's hands, which prompted Edward to renew his claim for the French throne, this time by force of arms. [3]

Edwardian Phase Edit

In the early years of the war, the English, led by their king and his son Edward, the Black Prince, saw resounding successes (notably at Crécy in 1346 and at Poitiers in 1356 where King John II of France was taken prisoner).

Caroline Phase and Black Death Edit

By 1378, under King Charles V the Wise and the leadership of Bertrand du Guesclin, the French had reconquered most of the lands ceded to King Edward in the Treaty of Brétigny (signed in 1360), leaving the English with only a few cities on the continent.

In the following decades, the weakening of royal authority, combined with the devastation caused by the Black Death of 1347–1351 (with the loss of nearly half of the French population [4] and between 20% and 33% of the English one [5] ) and the major economic crisis that followed, led to a period of civil unrest in both countries, struggles from which England emerged first.

Lancastrian Phase and after Edit

The newly crowned Henry V of England seized the opportunity presented by the mental illness of Charles VI of France and the French civil war between Armagnacs and Burgundians to revive the conflict. Overwhelming victories at Agincourt in 1415 and Verneuil in 1424 as well as an alliance with the Burgundians raised the prospects of an ultimate English triumph and persuaded the English to continue the war over many decades. However, a variety of factors such as the deaths of both Henry and Charles in 1422, the emergence of Joan of Arc which boosted French morale, and the loss of Burgundy as an ally, marking the end of the civil war in France, prevented it.

The Siege of Orléans in 1429 announced the beginning of the end for English hopes of conquest. Even with the eventual capture of Joan by the Burgundians and her execution in 1431, a series of crushing French victories such as those at Patay in 1429, Formigny in 1450 and Castillon in 1453 concluded the war in favour of the Valois dynasty. England permanently lost most of its continental possessions, with only the Pale of Calais remaining under its control on the continent, until it too was lost in the Siege of Calais in 1558.

Related conflicts and aftereffects Edit

Local conflicts in neighbouring areas, which were contemporarily related to the war, including the War of the Breton Succession (1341–1365), the Castilian Civil War (1366–1369), the War of the Two Peters (1356–1369) in Aragon, and the 1383–85 crisis in Portugal, were used by the parties to advance their agendas.

By the war's end, feudal armies had been largely replaced by professional troops, and aristocratic dominance had yielded to a democratisation of the manpower and weapons of armies. Although primarily a dynastic conflict, the war inspired French and English nationalism. The wider introduction of weapons and tactics supplanted the feudal armies where heavy cavalry had dominated, and artillery became important. The war precipitated the creation of the first standing armies in Western Europe since the Western Roman Empire, and helped change their role in warfare.

In France, civil wars, deadly epidemics, famines, and bandit free-companies of mercenaries reduced the population drastically. In England, political forces over time came to oppose the costly venture. The dissatisfaction of English nobles, resulting from the loss of their continental landholdings, as well as the general shock at losing a war in which investment had been so great, helped lead to the Wars of the Roses (1455–1487).

Dynastic turmoil in France: 1316–1328 Edit

The question of female succession to the French throne was raised after the death of Louis X in 1316. Louis X left only one daughter, and John I of France, who only lived for five days. Furthermore, the paternity of his daughter was in question, as her mother, Margaret of Burgundy, had been exposed as an adulterer in the Tour de Nesle affair. Philip, Count of Poitiers, brother of Louis X, positioned himself to take the crown, advancing the stance that women should be ineligible to succeed to the French throne. Through his political sagacity he won over his adversaries and succeeded to the French throne as Philip V. By the same law that he procured, his daughters were denied the succession, which passed to his younger brother, Charles IV, in 1322. [6]

Charles IV died in 1328, leaving a daughter and a pregnant wife. If the unborn child was male, he would become king if not, Charles left the choice of his successor to the nobles. A girl, Blanche of France (later Duchess of Orleans) was born, therefore rendering the main male line of the House of Capet extinct.

By proximity of blood, the nearest male relative of Charles IV was his nephew, Edward III of England. Edward was the son of Isabella, the sister of the dead Charles IV, but the question arose whether she should be able to transmit a right to inherit that she did not herself possess. The French nobility, moreover, baulked at the prospect of being ruled by Isabella and her lover Roger Mortimer, who were widely suspected of having murdered the previous English king, Edward II. The assemblies of the French barons and prelates and the University of Paris decided that males who derive their right to inheritance through their mother should be excluded. Thus the nearest heir through male ancestry was Charles IV's first cousin, Philip, Count of Valois, and it was decided that he should be crowned Philip VI. In 1340 the Avignon papacy confirmed that under Salic law males should not be able to inherit through their mothers. [6] [2]

Eventually, Edward III reluctantly recognised Philip VI and paid him homage for his French fiefs in 1325. He made concessions in Guyenne, but reserved the right to reclaim territories arbitrarily confiscated. After that, he expected to be left undisturbed while he made war on Scotland.

The dispute over Guyenne: a problem of sovereignty Edit

Tensions between the French and English monarchies can be traced back to the 1066 Norman conquest of England, in which the English throne was seized by the Duke of Normandy, a vassal of the King of France. As a result, the crown of England was held by a succession of nobles who already owned lands in France, which put them among the most powerful subjects of the French King, as they could now draw upon the economic power of England to enforce their interests in the mainland. To the kings of France, this dangerously threatened their royal authority, and so they would constantly try to undermine English rule in France, while the English monarchs would struggle to protect and expand their lands. This clash of interests was the root cause of much of the conflict between the French and English monarchies throughout the medieval era.

The Anglo-Norman dynasty that had ruled England since the Norman conquest of 1066 was brought to an end when Henry, the son of Geoffrey of Anjou and Empress Matilda, and great-grandson of William the Conqueror, became the first of the Angevin kings of England in 1154 as Henry II. [7] The Angevin kings ruled over what was later known as the Angevin Empire, which included more French territory than that under the kings of France. The Angevins still owed homage for these territories to the French king. From the 11th century, the Angevins had autonomy within their French domains, neutralising the issue. [8]

King John of England inherited the Angevin domains from his brother Richard I. However, Philip II of France acted decisively to exploit the weaknesses of John, both legally and militarily, and by 1204 had succeeded in taking control of much of the Angevin continental possessions. Following John's reign, the Battle of Bouvines (1214), the Saintonge War (1242), and finally the War of Saint-Sardos (1324), the English king's holdings on the continent, as Duke of Aquitaine, were limited roughly to provinces in Gascony. [9]

The dispute over Guyenne is even more important than the dynastic question in explaining the outbreak of the war. Guyenne posed a significant problem to the kings of France and England: Edward III was a vassal of Philip VI of France because of his French possessions and was required to recognise the suzerainty of the King of France over them. In practical terms, a judgment in Guyenne might be subject to an appeal to the French royal court. The King of France had the power to revoke all legal decisions made by the King of England in Aquitaine, which was unacceptable to the English. Therefore, sovereignty over Guyenne was a latent conflict between the two monarchies for several generations.

During the War of Saint-Sardos, Charles of Valois, father of Philip VI, invaded Aquitaine on behalf of Charles IV and conquered the duchy after a local insurrection, which the French believed had been incited by Edward II of England. Charles IV grudgingly agreed to return this territory in 1325. To recover his duchy, Edward II had to compromise: he sent his son, the future Edward III, to pay homage.

The King of France agreed to restore Guyenne, minus Agen but the French delayed the return of the lands, which helped Philip VI. On 6 June 1329, Edward III finally paid homage to the King of France. However, at the ceremony, Philip VI had it recorded that the homage was not due to the fiefs detached from the duchy of Guyenne by Charles IV (especially Agen). For Edward, the homage did not imply the renunciation of his claim to the extorted lands.

Gascony under the King of England Edit

In the 11th century, Gascony in southwest France had been incorporated into Aquitaine (also known as Guyenne or Guienne) and formed with it the province of Guyenne and Gascony (French: Guyenne-et-Gascogne). The Angevin kings of England became Dukes of Aquitaine after Henry II married the former Queen of France, Eleanor of Aquitaine, in 1152, from which point the lands were held in vassalage to the French Crown. By the 13th century the terms Aquitaine, Guyenne and Gascony were virtually synonymous. [10] [11]

At the beginning of Edward III's reign on 1 February 1327, the only part of Aquitaine that remained in his hands was the Duchy of Gascony. The term Gascony came to be used for the territory held by the Angevin (Plantagenet) Kings of England in south-west France, although they still used the title Duke of Aquitaine. [11] [12]

For the first 10 years of Edward III's reign, Gascony had been a major point of friction. The English argued that, as Charles IV had not acted in a proper way towards his tenant, Edward should be able to hold the duchy free of any French suzerainty. This argument was rejected by the French, so in 1329, the 17-year-old Edward III paid homage to Philip VI. Tradition demanded that vassals approach their liege unarmed with heads bare. Edward protested by attending the ceremony wearing his crown and sword. [13] Even after this pledge of homage, the French continued to pressure the English administration. [14]

Gascony was not the only sore point. One of Edward's influential advisers was Robert III of Artois. Robert was an exile from the French court, having fallen out with Philip VI over an inheritance claim. He urged Edward to start a war to reclaim France, and was able to provide extensive intelligence on the French court. [15]

Franco-Scot alliance Edit

France was an ally of the Kingdom of Scotland as English kings had for some time tried to subjugate the area. In 1295, a treaty was signed between France and Scotland during the reign of Philip the Fair known as the Auld Alliance. Charles IV formally renewed the treaty in 1326, promising Scotland that France would support the Scots if England invaded their country. Similarly, France would have Scotland's support if its own kingdom were attacked. Edward could not succeed in his plans for Scotland if the Scots could count on French support. [16]

Philip VI had assembled a large naval fleet off Marseilles as part of an ambitious plan for a crusade to the Holy Land. However, the plan was abandoned and the fleet, including elements of the Scottish navy, moved to the English Channel off Normandy in 1336, threatening England. [15] To deal with this crisis, Edward proposed that the English raise two armies, one to deal with the Scots "at a suitable time", the other to proceed at once to Gascony. At the same time, ambassadors were to be sent to France with a proposed treaty for the French king. [17]

End of homage Edit

At the end of April 1337, Philip of France was invited to meet the delegation from England but refused. The arrière-ban, literally a call to arms, was proclaimed throughout France starting on 30 April 1337. Then, in May 1337, Philip met with his Great Council in Paris. It was agreed that the Duchy of Aquitaine, effectively Gascony, should be taken back into the king's hands on the grounds that Edward III was in breach of his obligations as vassal and had sheltered the king's 'mortal enemy' Robert d'Artois. [18] Edward responded to the confiscation of Aquitaine by challenging Philip's right to the French throne.

When Charles IV died, Edward had made a claim for the succession of the French throne, through the right of his mother Isabella (Charles IV's sister), daughter of Philip IV. Any claim was considered invalidated by Edward's homage to Philip VI in 1329. Edward revived his claim and in 1340 formally assumed the title 'King of France and the French Royal Arms'. [19]

On 26 January 1340, Edward III formally received homage from Guy, half-brother of the Count of Flanders. The civic authorities of Ghent, Ypres and Bruges proclaimed Edward King of France. Edward's purpose was to strengthen his alliances with the Low Countries. His supporters would be able to claim that they were loyal to the "true" King of France and were not rebels against Philip. In February 1340, Edward returned to England to try to raise more funds and also deal with political difficulties. [20]

Relations with Flanders were also tied to the English wool trade, since Flanders' principal cities relied heavily on textile production and England supplied much of the raw material they needed. Edward III had commanded that his chancellor sit on the woolsack in council as a symbol of the pre-eminence of the wool trade. [21] At the time there were about 110,000 sheep in Sussex alone. [22] The great medieval English monasteries produced large surpluses of wool that were sold to mainland Europe. Successive governments were able to make large amounts of money by taxing it. [21] France's sea power led to economic disruptions for England, shrinking the wool trade to Flanders and the wine trade from Gascony. [23] [24]

Outbreak, the English Channel and Brittany Edit

On 22 June 1340, Edward and his fleet sailed from England and arrived off the Zwin estuary the next day. The French fleet assumed a defensive formation off the port of Sluis. The English fleet deceived the French into believing they were withdrawing. When the wind turned in the late afternoon, the English attacked with the wind and sun behind them. The French fleet was almost completely destroyed in what became known as the Battle of Sluys.

England dominated the English Channel for the rest of the war, preventing French invasions. [20] At this point, Edward's funds ran out and the war probably would have ended were it not for the death of the Duke of Brittany in 1341 precipitating a succession dispute between the duke's half-brother John of Montfort and Charles of Blois, nephew of Philip VI. [25]

In 1341, conflict over the succession to the Duchy of Brittany began the War of the Breton Succession, in which Edward backed John of Montfort and Philip backed Charles of Blois. Action for the next few years focused around a back-and-forth struggle in Brittany. The city of Vannes in Brittany changed hands several times, while further campaigns in Gascony met with mixed success for both sides. [25] The English-backed Montfort finally succeeded in taking the duchy but not until 1364. [26]

Battle of Crécy and the taking of Calais Edit

In July 1346, Edward mounted a major invasion across the channel, landing in Normandy's Cotentin, at St. Vaast. The English army captured the city of Caen in just one day, surprising the French. Philip mustered a large army to oppose Edward, who chose to march northward toward the Low Countries, pillaging as he went. He reached the river Seine to find most of the crossings destroyed. He moved further and further south, worryingly close to Paris, until he found the crossing at Poissy. This had only been partially destroyed, so the carpenters within his army were able to fix it. He then continued on his way to Flanders until he reached the river Somme. The army crossed at a tidal ford at Blanchetaque, leaving Philip's army stranded. Edward, assisted by this head start, continued on his way to Flanders once more, until, finding himself unable to outmanoeuvre Philip, Edward positioned his forces for battle and Philip's army attacked.

The Battle of Crécy of 1346 was a complete disaster for the French, largely credited to the longbowmen and the French king, who allowed his army to attack before it was ready. [27] Philip appealed to his Scottish allies to help with a diversionary attack on England. King David II of Scotland responded by invading northern England, but his army was defeated and he was captured at the Battle of Neville's Cross, on 17 October 1346. This greatly reduced the threat from Scotland. [25] [28]

In France, Edward proceeded north unopposed and besieged the city of Calais on the English Channel, capturing it in 1347. This became an important strategic asset for the English, allowing them to keep troops safely in northern France. [27] Calais would remain under English control, even after the end of the Hundred Years' War, until the successful French siege in 1558. [29]

Battle of Poitiers Edit

The Black Death, which had just arrived in Paris in 1348, began to ravage Europe. [30] In 1355, after the plague had passed and England was able to recover financially, [31] King Edward's son and namesake, the Prince of Wales, later known as the Black Prince, led a Chevauchée from Gascony into France, during which he pillaged Avignonet and Castelnaudary, sacked Carcassonne, and plundered Narbonne. The next year during another Chevauchée he ravaged Auvergne, Limousin, and Berry but failed to take Bourges. He offered terms of peace to King John II of France (known as John the Good), who had outflanked him near Poitiers, but refused to surrender himself as the price of their acceptance.

This led to the Battle of Poitiers (19 September 1356) where the Black Prince's army routed the French. [32] During the battle, the Gascon noble Jean de Grailly, captal de Buch led a mounted unit that was concealed in a forest. The French advance was contained, at which point de Grailly led a flanking movement with his horsemen cutting off the French retreat and succeeding in capturing King John and many of his nobles. [33] [34] With John held hostage, his son the Dauphin (later to become Charles V) assumed the powers of the king as regent. [35]

After the Battle of Poitiers, many French nobles and mercenaries rampaged, and chaos ruled. A contemporary report recounted:

. all went ill with the kingdom and the State was undone. Thieves and robbers rose up everywhere in the land. The Nobles despised and hated all others and took no thought for usefulness and profit of lord and men. They subjected and despoiled the peasants and the men of the villages. In no wise did they defend their country from its enemies rather did they trample it underfoot, robbing and pillaging the peasants' goods .
From the Chronicles of Jean de Venette [36]

Reims Campaign and Black Monday Edit

Edward invaded France, for the third and last time, hoping to capitalise on the discontent and seize the throne. The Dauphin's strategy was that of non-engagement with the English army in the field. However, Edward wanted the crown and chose the cathedral city of Reims for his coronation (Reims was the traditional coronation city). [37] However, the citizens of Reims built and reinforced the city's defences before Edward and his army arrived. [38] Edward besieged the city for five weeks, but the defences held and there was no coronation. [37] Edward moved on to Paris, but retreated after a few skirmishes in the suburbs. Next was the town of Chartres.

Disaster struck in a freak hailstorm on the encamped army, causing over 1,000 English deaths – the so-called Black Monday at Easter 1360. This devastated Edward's army and forced him to negotiate when approached by the French. [39] A conference was held at Brétigny that resulted in the Treaty of Brétigny (8 May 1360). [40] The treaty was ratified at Calais in October. In return for increased lands in Aquitaine, Edward renounced Normandy, Touraine, Anjou and Maine and consented to reduce King John's ransom by a million crowns. Edward also abandoned his claim to the crown of France. [33] [35] [41]

The French king, John II, had been held captive in England. The Treaty of Brétigny set his ransom at 3 million crowns and allowed for hostages to be held in lieu of John. The hostages included two of his sons, several princes and nobles, four inhabitants of Paris, and two citizens from each of the nineteen principal towns of France. While these hostages were held, John returned to France to try and raise funds to pay the ransom. In 1362 John's son Louis of Anjou, a hostage in English-held Calais, escaped captivity. So, with his stand-in hostage gone, John felt honour-bound to return to captivity in England. [35] [41]

The French crown had been at odds with Navarre (near southern Gascony) since 1354, and in 1363 the Navarrese used the captivity of John II in London and the political weakness of the Dauphin to try to seize power. [42] Although there was no formal treaty, Edward III supported the Navarrese moves, particularly as there was a prospect that he might gain control over the northern and western provinces as a consequence. With this in mind, Edward deliberately slowed the peace negotiations. [43] In 1364, John II died in London, while still in honourable captivity. [44] Charles V succeeded him as king of France. [35] [45] On 16 May, one month after the dauphin's accession and three days before his coronation as Charles V, the Navarrese suffered a crushing defeat at the Battle of Cocherel. [46]

Aquitaine and Castile Edit

In 1366 there was a civil war of succession in Castile (part of modern Spain). The forces of the ruler Peter of Castile were pitched against those of his half-brother Henry of Trastámara. The English crown supported Peter the French supported Henry. French forces were led by Bertrand du Guesclin, a Breton, who rose from relatively humble beginnings to prominence as one of France's war leaders. Charles V provided a force of 12,000, with du Guesclin at their head, to support Trastámara in his invasion of Castile. [47]

Peter appealed to England and Aquitaine's Black Prince for help, but none was forthcoming, forcing Peter into exile in Aquitaine. The Black Prince had previously agreed to support Peter's claims but concerns over the terms of the treaty of Brétigny led him to assist Peter as a representative of Aquitaine, rather than England. He then led an Anglo-Gascon army into Castile. Peter was restored to power after Trastámara's army was defeated at the Battle of Nájera. [48]

Although the Castilians had agreed to fund the Black Prince, they failed to do so. The Prince was suffering from ill health and returned with his army to Aquitaine. To pay off debts incurred during the Castile campaign, the prince instituted a hearth tax. Arnaud-Amanieu VIII, Lord of Albret had fought on the Black Prince's side during the war. Albret, who already had become discontented by the influx of English administrators into the enlarged Aquitaine, refused to allow the tax to be collected in his fief. He then joined a group of Gascon lords who appealed to Charles V for support in their refusal to pay the tax. Charles V summoned one Gascon lord and the Black Prince to hear the case in his High Court in Paris. The Black Prince answered that he would go to Paris with sixty thousand men behind him. War broke out again and Edward III resumed the title of King of France. [49] Charles V declared that all the English possessions in France were forfeited, and before the end of 1369 all of Aquitaine was in full revolt. [49] [50]

With the Black Prince gone from Castile, Henry de Trastámara led a second invasion that ended with Peter's death at the Battle of Montiel in March 1369. The new Castilian regime provided naval support to French campaigns against Aquitaine and England. [48] In 1372 the Castilian fleet defeated the English fleet in the Battle of La Rochelle.

1373 campaign of John of Gaunt Edit

In August 1373, John of Gaunt, accompanied by John de Montfort, Duke of Brittany led a force of 9,000 men from Calais on a chevauchée. While initially successful as French forces were insufficiently concentrated to oppose them, the English met more resistance as they moved south. French forces began to concentrate around the English force but under orders from Charles V, the French avoided a set battle. Instead, they fell on forces detached from the main body to raid or forage. The French shadowed the English and in October, the English found themselves trapped against the River Allier by four French forces. With some difficulty, the English crossed at the bridge at Moulins but lost all their baggage and loot. The English carried on south across the Limousin plateau but the weather was turning severe. Men and horses died in great numbers and many soldiers, forced to march on foot, discarded their armour. At the beginning of December, the English army entered friendly territory in Gascony. By the end of December they were in Bordeaux, starving, ill-equipped and having lost over half of the 30,000 horses with which they had left Calais. Although the march across France had been a remarkable feat, it was a military failure. [51]

English turmoil Edit

With his health deteriorating, the Black Prince returned to England in January 1371, where his father Edward III was elderly and also in poor health. The prince's illness was debilitating, and he died on 8 June 1376. [52] Edward III died the following year on 21 June 1377 [53] and was succeeded by the Black Prince's second son Richard II who was still a child of 10 (Edward of Angoulême, the Black Prince's first son, had died sometime earlier). [54] The treaty of Brétigny had left Edward III and England with enlarged holdings in France, but a small professional French army under the leadership of du Guesclin pushed the English back by the time Charles V died in 1380, the English held only Calais and a few other ports. [55]

It was usual to appoint a regent in the case of a child monarch but no regent was appointed for Richard II, who nominally exercised the power of kingship from the date of his accession in 1377. [54] Between 1377 and 1380, actual power was in the hands of a series of councils. The political community preferred this to a regency led by the king's uncle, John of Gaunt, although Gaunt remained highly influential. [54] Richard faced many challenges during his reign, including the Peasants' Revolt led by Wat Tyler in 1381 and an Anglo-Scottish war in 1384–1385. His attempts to raise taxes to pay for his Scottish adventure and for the protection of Calais against the French made him increasingly unpopular. [54]

1380 campaign of the Earl of Buckingham Edit

In July 1380, the Earl of Buckingham commanded an expedition to France to aid England's ally, the Duke of Brittany. The French refused battle before the walls of Troyes on 25 August Buckingham's forces continued their chevauchée and in November laid siege to Nantes. [56] The support expected from the Duke of Brittany did not appear and in the face of severe losses in men and horses, Buckingham was forced to abandon the siege in January 1381. [57] In February, reconciled to the regime of the new French king Charles VI by the Treaty of Guérande, Brittany paid 50,000 francs to Buckingham for him to abandon the siege and the campaign. [58]

French turmoil Edit

After the deaths of Charles V and du Guesclin in 1380, France lost its main leadership and overall momentum in the war. Charles VI succeeded his father as king of France at the age of 11, and he was thus put under a regency led by his uncles, who managed to maintain an effective grip on government affairs until about 1388, well after Charles had achieved royal majority.

With France facing widespread destruction, plague, and economic recession, high taxation put a heavy burden on the French peasantry and urban communities. The war effort against England largely depended on royal taxation, but the population was increasingly unwilling to pay for it, as would be demonstrated at the Harelle and Maillotin revolts in 1382. Charles V had abolished many of these taxes on his deathbed, but subsequent attempts to reinstate them stirred up hostility between the French government and populace.

Philip II of Burgundy, the uncle of the French king, brought together a Burgundian-French army and a fleet of 1,200 ships near the Zeeland town of Sluis in the summer and autumn of 1386 to attempt an invasion of England, but this venture failed. However, Philip's brother John of Berry appeared deliberately late, so that the autumn weather prevented the fleet from leaving and the invading army then dispersed again.

Difficulties in raising taxes and revenue hampered the ability of the French to fight the English. At this point, the war's pace had largely slowed down, and both nations found themselves fighting mainly through proxy wars, such as during the 1383–1385 Portuguese interregnum. The independence party in the Kingdom of Portugal, which was supported by the English, won against the supporters of the King of Castile's claim to the Portuguese throne, who in turn was backed by the French.

The war became increasingly unpopular with the English public due to the high taxes needed for the war effort. These taxes were seen as one of the reasons for the Peasants' Revolt. [59] Richard II's indifference to the war together with his preferential treatment of a select few close friends and advisors angered an alliance of lords that included one of his uncles. This group, known as Lords Appellant, managed to press charges of treason against five of Richard's advisors and friends in the Merciless Parliament. The Lords Appellant were able to gain control of the council in 1388 but failed to reignite the war in France. Although the will was there, the funds to pay the troops was lacking, so in the autumn of 1388 the Council agreed to resume negotiations with the French crown, beginning on 18 June 1389 with the signing of the three-year Truce of Leulinghem. [59] [60]

In 1389, Richard's uncle and supporter, John of Gaunt, returned from Spain and Richard was able to rebuild his power gradually until 1397, when he reasserted his authority and destroyed the principal three among the Lords Appellant. In 1399, after John of Gaunt died, Richard II disinherited Gaunt's son, the exiled Henry of Bolingbroke. Bolingbroke returned to England with his supporters, deposed Richard and had himself crowned Henry IV. [54] [60] [61] In Scotland, the problems brought in by the English regime change prompted border raids that were countered by an invasion in 1402 and the defeat of a Scottish army at the Battle of Homildon Hill. [62] A dispute over the spoils between Henry and Henry Percy, 1st Earl of Northumberland, resulted in a long and bloody struggle between the two for control of northern England, resolved only with the almost complete destruction of the House of Percy by 1408. [63] [64]

In Wales, Owain Glyndŵr was declared Prince of Wales on 16 September 1400. He was the leader of the most serious and widespread rebellion against England authority in Wales since the conquest of 1282–1283. In 1405, the French allied with Glyndŵr and the Castilians in Spain a Franco-Welsh army advanced as far as Worcester, while the Spaniards used galleys to raid and burn all the way from Cornwall to Southampton, before taking refuge in Harfleur for the winter. [65] The Glyndŵr Rising was finally put down in 1415 and resulted in Welsh semi-independence for a number of years. [66] [ clarification needed ]

In 1392, Charles VI suddenly descended into madness, forcing France into a regency dominated by his uncles and his brother. A conflict for control over the Regency began between his uncle Philip the Bold, Duke of Burgundy and his brother, Louis of Valois, Duke of Orléans. After Philip's death, his son and heir John the Fearless continued the struggle against Louis but with the disadvantage of having no close relation to the king. Finding himself outmanoeuvred politically, John ordered the assassination of Louis in retaliation. His involvement in the murder was quickly revealed and the Armagnac family took political power in opposition to John. By 1410, both sides were bidding for the help of English forces in a civil war. [61] In 1418 Paris was taken by the Burgundians, who were unable to stop the massacre of Count of Armagnac and his followers by a Parisian crowd, with an estimated death toll between 1,000 and 5,000. [67]

Throughout this period, England confronted repeated raids by pirates that damaged trade and the navy. There is some evidence that Henry IV used state-legalised piracy as a form of warfare in the English Channel. He used such privateering campaigns to pressure enemies without risking open war. [68] The French responded in kind and French pirates, under Scottish protection, raided many English coastal towns. [69] The domestic and dynastic difficulties faced by England and France in this period quieted the war for a decade. [69] Henry IV died in 1413 and was replaced by his eldest son Henry V. The mental illness of Charles VI of France allowed his power to be exercised by royal princes whose rivalries caused deep divisions in France. In 1414 while Henry held court at Leicester, he received ambassadors from Burgundy. [70] Henry accredited envoys to the French king to make clear his territorial claims in France he also demanded the hand of Charles VI's youngest daughter Catherine of Valois. The French rejected his demands, leading Henry to prepare for war. [70]

Burgundian alliance and the seizure of Paris Edit

Battle of Agincourt (1415) Edit

In August 1415, Henry V sailed from England with a force of about 10,500 and laid siege to Harfleur. The city resisted for longer than expected, but finally surrendered on 22 September. Because of the unexpected delay, most of the campaign season was gone. Rather than march on Paris directly, Henry elected to make a raiding expedition across France toward English-occupied Calais. In a campaign reminiscent of Crécy, he found himself outmanoeuvred and low on supplies and had to fight a much larger French army at the Battle of Agincourt, north of the Somme. Despite the problems and having a smaller force, his victory was near-total the French defeat was catastrophic, costing the lives of many of the Armagnac leaders. About 40% of the French nobility was killed. [4] Henry was apparently concerned that the large number of prisoners taken were a security risk (there were more French prisoners than there were soldiers in the entire English army) and he ordered their deaths. [70]

Treaty of Troyes (1420) Edit

Henry retook much of Normandy, including Caen in 1417, and Rouen on 19 January 1419, turning Normandy English for the first time in two centuries. A formal alliance was made with Burgundy, which had taken Paris after the assassination of Duke John the Fearless in 1419. In 1420, Henry met with King Charles VI. They signed the Treaty of Troyes, by which Henry finally married Charles' daughter Catherine of Valois and Henry's heirs would inherit the throne of France. The Dauphin, Charles VII, was declared illegitimate. Henry formally entered Paris later that year and the agreement was ratified by the Estates-General. [70]

Death of the Duke of Clarence (1421) Edit

On 22 March 1421 Henry V's progress in his French campaign experienced an unexpected reverse. Henry had left his brother and presumptive heir Thomas, Duke of Clarence in charge while he returned to England. Clarence engaged a Franco-Scottish force of 5000 men, led by Gilbert Motier de La Fayette and John Stewart, Earl of Buchan at the Battle of Baugé. Clarence, against the advice of his lieutenants, before his army had been fully assembled, attacked with a force of no more than 1500 men-at-arms. Then, during the course of the battle, he led a charge of a few hundred men into the main body of the Franco-Scottish army, who quickly enveloped the English. In the ensuing melée, the Scot, John Carmichael of Douglasdale, broke his lance unhorsing the Duke of Clarence. Once on the ground, the duke was slain by Alexander Buchanan. [70] [71] The body of the Duke of Clarence was recovered from the field by Thomas Montacute, 4th Earl of Salisbury, who conducted the English retreat. [72]

English success Edit

Henry V returned to France and went to Paris, then visiting Chartres and Gâtinais before returning to Paris. From there, he decided to attack the Dauphin-held town of Meaux. It turned out to be more difficult to overcome than first thought. The siege began about 6 October 1421, and the town held for seven months before finally falling on 11 May 1422. [70]

At the end of May, Henry was joined by his queen and together with the French court, they went to rest at Senlis. While there, it became apparent that he was ill (possibly dysentery), and when he set out to the Upper Loire, he diverted to the royal castle at Vincennes, near Paris, where he died on 31 August. [70] The elderly and insane Charles VI of France died two months later on 21 October. Henry left an only child, his nine-month-old son, Henry, later to become Henry VI. [73]

On his deathbed, as Henry VI was only an infant, Henry V had given the Duke of Bedford responsibility for English France. The war in France continued under Bedford's generalship and several battles were won. The English won an emphatic victory at the Battle of Verneuil (17 August 1424). At the Battle of Baugé, the Duke of Clarence had rushed into battle without the support of his archers. At Verneuil, the archers fought to devastating effect against the Franco-Scottish army. The effect of the battle was to virtually destroy the Dauphin's field army and to eliminate the Scots as a significant military force for the rest of the war. [73] [74]

Joan of Arc and French revival Edit

The appearance of Joan of Arc at the siege of Orléans sparked a revival of French spirit, and the tide began to turn against the English. [73] The English laid siege to Orléans in 1428, but their force was insufficient to fully invest the city. In 1429 Joan persuaded the Dauphin to send her to the siege, saying she had received visions from God telling her to drive out the English. She raised the morale of the troops, and they attacked the English redoubts, forcing the English to lift the siege. Inspired by Joan, the French took several English strongholds on the Loire. [75]

The English retreated from the Loire Valley, pursued by a French army. Near the village of Patay, French cavalry broke through a unit of English longbowmen that had been sent to block the road, then swept through the retreating English army. The English lost 2,200 men, and the commander, John Talbot, 1st Earl of Shrewsbury, was taken prisoner. This victory opened the way for the Dauphin to march to Reims for his coronation as Charles VII, on 16 July 1429. [75] [76]

After the coronation, Charles VII's army fared less well. An attempted French siege of Paris was defeated on 8 September 1429, and Charles VII withdrew to the Loire Valley. [77]

Henry's coronations and the desertion of Burgundy Edit

Henry VI was crowned king of England at Westminster Abbey on 5 November 1429 and king of France at Notre-Dame, in Paris, on 16 December 1431. [73]

Joan of Arc was captured by the Burgundians at the siege of Compiègne on 23 May 1430. The Burgundians transferred her to the English, who organised a trial headed by Pierre Cauchon, Bishop of Beauvais and member of the English Council at Rouen. Joan was convicted and burned at the stake on 30 May 1431 [75] (she was rehabilitated 25 years later by Pope Callixtus III).

After the death of Joan of Arc, the fortunes of war turned dramatically against the English. [78] Most of Henry's royal advisers were against making peace. Among the factions, the Duke of Bedford wanted to defend Normandy, the Duke of Gloucester was committed to just Calais, whereas Cardinal Beaufort was inclined to peace. Negotiations stalled. It seems that at the congress of Arras, in the summer of 1435, where the duke of Beaufort was mediator, the English were unrealistic in their demands. A few days after the congress ended in September, Philip the Good, duke of Burgundy, deserted to Charles VII, signing the Treaty of Arras that returned Paris to the King of France. This was a major blow to English sovereignty in France. [73] The Duke of Bedford died on 14 September 1435 and was later replaced by Richard Plantagenet, 3rd Duke of York. [78]

French resurgence Edit

The allegiance of Burgundy remained fickle, but the English focus on expanding their domains in the Low Countries left them little energy to intervene in the rest of France. [79] The long truces that marked the war gave Charles time to centralise the French state and reorganise his army and government, replacing his feudal levies with a more modern professional army that could put its superior numbers to good use. A castle that once could only be captured after a prolonged siege would now fall after a few days from cannon bombardment. The French artillery developed a reputation as the best in the world. [78]

By 1449, the French had retaken Rouen. In 1450 the Count of Clermont and Arthur de Richemont, Earl of Richmond, of the Montfort family (the future Arthur III, Duke of Brittany), caught an English army attempting to relieve Caen and defeated it at the Battle of Formigny in 1450. Richemont's force attacked the English army from the flank and rear just as they were on the verge of beating Clermont's army. [80]

French conquest of Gascony Edit

After Charles VII's successful Normandy campaign in 1450, he concentrated his efforts on Gascony, the last province held by the English. Bordeaux, Gascony's capital, was besieged and surrendered to the French on 30 June 1451. Largely due to the English sympathies of the Gascon people, this was reversed when John Talbot and his army retook the city on 23 October 1452. However, the English were decisively defeated at the Battle of Castillon on 17 July 1453. Talbot had been persuaded to engage the French army at Castillon near Bordeaux. During the battle the French appeared to retreat towards their camp. The French camp at Castillon had been laid out by Charles VII's ordinance officer Jean Bureau and this was instrumental in the French success as when the French cannon opened fire, from their positions in the camp, the English took severe casualties losing both Talbot and his son. [81]

End of the war Edit

Although the Battle of Castillon is considered the last battle of the Hundred Years' War, [81] England and France remained formally at war for another 20 years, but the English were in no position to carry on the war as they faced unrest at home. Bordeaux fell to the French on 19 October and there were no more hostilities afterwards. Following defeat in the Hundred Years' War, English landowners complained vociferously about the financial losses resulting from the loss of their continental holdings this is often considered a major cause of the Wars of the Roses that started in 1455. [78] [82]

The Hundred Years' War almost resumed in 1474, when the duke Charles of Burgundy, counting on English support, took up arms against Louis XI. Louis managed to isolate the Burgundians by buying Edward IV of England off with a large cash sum and an annual pension, in the Treaty of Picquigny (1475). The treaty formally ended the Hundred Years' War with Edward renouncing his claim to the throne of France. However, future Kings of England (and later of Great Britain) continued to claim the title until 1803, when they were dropped in deference to the exiled Count of Provence, titular King Louis XVIII, who was living in England after the French Revolution. [83]

Some historians use the term "The Second Hundred Years' War" as a periodisation to describe the series of military conflicts between Great Britain and France that occurred from about 1689 (or some say 1714) to 1815. [84] [85] [86] Likewise, some historians refer to the Capetian–Plantagenet rivalry, series of conflicts and disputes that covered a period of 100 years (1159–1259) as "The First Hundred Years War".

Historical significance Edit

The French victory marked the end of a long period of instability that had started with the Norman Conquest (1066), when William the Conqueror added "King of England" to his titles, becoming both the vassal to (as Duke of Normandy) and the equal of (as king of England) the king of France. [87]

When the war ended, England was bereft of its Continental possessions, leaving it with only Calais on the continent. The war destroyed the English dream of a joint monarchy and led to the rejection in England of all things French, but the French language in England, which had served as the language of the ruling classes and commerce there from the time of the Norman conquest, left many vestiges in English vocabulary. English became the official language in 1362 and French was no longer used for teaching from 1385. [88]

National feeling that emerged from the war unified both France and England further. Despite the devastation on its soil, the Hundred Years' War accelerated the process of transforming France from a feudal monarchy to a centralised state. [89] In England the political and financial troubles which emerged from the defeat were a major cause of the War of the Roses (1455–1487). [82]

Lowe (1997) argued that opposition to the war helped to shape England's early modern political culture. Although anti-war and pro-peace spokesmen generally failed to influence outcomes at the time, they had a long-term impact. England showed decreasing enthusiasm for conflict deemed not in the national interest, yielding only losses in return for high economic burdens. In comparing this English cost-benefit analysis with French attitudes, given that both countries suffered from weak leaders and undisciplined soldiers, Lowe noted that the French understood that warfare was necessary to expel the foreigners occupying their homeland. Furthermore, French kings found alternative ways to finance the war – sales taxes, debasing the coinage – and were less dependent than the English on tax levies passed by national legislatures. English anti-war critics thus had more to work with than the French. [90]

Bubonic plague and warfare reduced population numbers throughout Europe during this period. France lost half its population during the Hundred Years' War. [4] Normandy lost three-quarters of its population, and Paris two-thirds. [91] The population of England was reduced by 20 to 33 percent due to plague in the same period. [5]

Military significance Edit

The first regular standing army in Western Europe since Roman times was organised in France in 1445, partly as a solution to marauding free companies. The mercenary companies were given a choice of either joining the Royal army as compagnies d'ordonnance on a permanent basis, or being hunted down and destroyed if they refused. France gained a total standing army of around 6,000 men, which was sent out to gradually eliminate the remaining mercenaries who insisted on operating on their own. The new standing army had a more disciplined and professional approach to warfare than its predecessors. [92]

The Hundred Years' War was a time of rapid military evolution. Weapons, tactics, army structure and the social meaning of war all changed, partly in response to the war's costs, partly through advancement in technology and partly through lessons that warfare taught. The feudal system slowly disintegrated as well as the concept of chivalry.

By the war's end, although the heavy cavalry was still considered the most powerful unit in an army, the heavily armoured horse had to deal with several tactics developed to deny or mitigate its effective use on a battlefield. [93] The English began using lightly armoured mounted troops, known as hobelars. Hobelars' tactics had been developed against the Scots, in the Anglo-Scottish wars of the 14th century. Hobelars rode smaller unarmoured horses, enabling them to move through difficult or boggy terrain where heavier cavalry would struggle. Rather than fight while seated on the horse, they would dismount to engage the enemy. [92] [94] [95]

Black Monday, April 13, 1360 - History

“a foul day, full of myst and hayle, so that men dyed on horseback [sic].”

It took just half an hour for the storm to kill over 1,000 Englishmen and some 6,000 horses.


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Background Edit

From August 1982 to its peak in August 1987, the Dow Jones Industrial Average (DJIA) rose from 776 to 2,722, including a 44% year-to-date rise as of August 1987. The rise in market indices for the nineteen largest markets in the world averaged 296% during this period. The average number of shares traded on the New York Stock Exchange rose from 65 million shares to 181 million shares. [9]

In late 1985 and early 1986, the United States economy shifted from a rapid recovery from the early 1980s recession to a slower expansion, resulting in a brief "soft landing" period as the economy slowed and inflation dropped.

On the morning of Wednesday, October 14, 1987, the United States House Committee on Ways and Means introduced a tax bill that would reduce the tax benefits associated with financing mergers and leveraged buyouts. [10] [11] Also, unexpectedly high trade deficit figures announced by the United States Department of Commerce had a negative impact on the value of the US dollar while pushing interest rates upward and also put downward pressure on stock prices. [10]

However, sources questioned whether these news events led to the crash. Nobel-prize winning economist Robert J. Shiller surveyed 889 investors (605 individual investors and 284 institutional investors) immediately after the crash regarding several aspects of their experience at the time. Only three institutional investors and no individual investors reported a belief that the news regarding proposed tax legislation was a trigger for the crash. According to Shiller, the most common responses were related to a general mindset of investors at the time: a "gut feeling" of an impending crash, perhaps brought on by "too much indebtedness". [12]

On Wednesday, October 14, 1987, the DJIA dropped 95.46 points (3.81%) to 2,412.70, and it fell another 58 points (2.4%) the next day, down over 12% from the August 25 all-time high. On Friday, October 16, the DJIA fell 108.35 points (4.6%) to close at 2,246.74 on record volume. [13] Though the markets were closed for the weekend, significant selling pressure still existed. The computer models of portfolio insurers continued to dictate very large sales. [14] Moreover, some large mutual fund groups had procedures that enabled customers to easily redeem their shares during the weekend at the same prices that existed at the close of market on Friday. [15] The amount of these redemption requests was far greater than the firms' cash reserves, requiring them to make large sales of shares as soon as the market opened on the following Monday. Finally, some traders anticipated these pressures and tried to get ahead of the market by selling early and aggressively Monday, before the anticipated price drop. [14]

The crash Edit

Before the New York Stock Exchange (NYSE) opened on Black Monday, October 19, 1987, there was pent-up pressure to sell stocks. When the market opened, a large imbalance immediately arose between the volume of sell orders and buy orders, placing considerable downward pressure on stock prices. Regulations at the time permitted designated market makers (also known as "specialists") to delay or suspend trading in a stock if the order imbalance exceeded that specialist's ability to fulfill orders in an orderly manner. [16] The order imbalance on the 19th was so large that 95 stocks on the S&P 500 Index (S&P) opened late, as also did 11 of the 30 DJIA stocks. [17] Importantly, however, the futures market opened on time across the board, with heavy selling. [17]

On Black Monday, the DJIA fell 508 points (22.6%), accompanied by crashes in the futures exchanges and options markets. [18] This was the largest one-day percentage drop in the history of the DJIA. Significant selling created steep price declines throughout the day, particularly during the last 90 minutes of trading. [19] The S&P 500 Index dropped 20.4%, falling from 282.7 to 225.06. The NASDAQ Composite lost only 11.3%, not because of restraint on the part of sellers, but because the NASDAQ market system failed. Deluged with sell orders, many stocks on the NYSE faced trading halts and delays. Of the 2,257 NYSE-listed stocks, there were 195 trading delays and halts during the day. [20] The NASDAQ market fared much worse. Because of its reliance on a "market making" system that allowed market makers to withdraw from trading, liquidity in NASDAQ stocks dried up. Trading in many stocks encountered a pathological condition where the bid price for a stock exceeded the ask price. These "locked" conditions severely curtailed trading. Trading in Microsoft shares on the NASDAQ lasted a total of 54 minutes. Total trading volume was so large that the computer and communications systems in place at the time were overwhelmed, leaving orders unfilled for an hour or more. Large funds transfers were delayed for hours and the Fedwire and NYSE SuperDot systems shut down for extended periods of time, further compounding traders' confusion. [21]

De-linked markets and index arbitrage Edit

Under normal circumstances the stock market and those of its main derivatives–futures and options–are functionally a single market, given that the price of any particular stock is closely connected to the prices of its counterpart in both the futures and options market. [22] Prices in the derivative markets are typically tightly connected to those of the underlying stock, though they differ somewhat (as for example, prices of futures are typically higher than that of their particular cash stock). [23] During the crisis this link was broken. [24]

When the futures market opened while the stock market was closed, it created a pricing imbalance: the listed price of those stocks which opened late had no chance to change from their closing price of the day before. The quoted prices were thus "stale" and did not reflect current economic conditions they were generally listed higher than they should have been [25] (and dramatically higher than their respective futures, which are typically higher than stocks). [25]

The decoupling of these markets meant that futures prices had temporarily lost their validity as a vehicle for price discovery they no longer could be relied upon to inform traders of the direction or degree of stock market expectations. This had harmful effects: it added to the atmosphere of uncertainty and confusion at a time when investor confidence was sorely needed it discouraged investors from "leaning against the wind" and buying stocks since the discount in the futures market logically implied that investors could wait and purchase stocks at an even lower price and it encouraged portfolio insurance investors to sell in the stock market, putting further downward pressure on stock prices. [26]

The gap between the futures and stocks was quickly noted by index arbitrage traders who tried to profit through sell at market orders. Index arbitrage, a form of program trading, [27] added to the confusion and the downward pressure on prices: [17]

. reflecting the natural linkages among markets, the selling pressure washed across to the stock market, both through index arbitrage and direct portfolio insurance stock sales. Large amounts of selling, and the demand for liquidity associated with it, cannot be contained in a single market segment. It necessarily overflows into the other market segments, which are naturally linked. There are, however, natural limits to intermarket liquidity which were made evident on October 19 and 20. [28]

Although arbitrage between index futures and stocks placed downward pressure on prices, it does not explain why the surge in sell orders that brought steep price declines began in the first place. [29] Moreover, the markets "performed most chaotically" during those times when the links that index arbitrage program trading creates between these markets was broken. [30]

Portfolio insurance hedges Edit

Portfolio insurance is a hedging technique which attempts to manage risk and limit losses by buying and selling financial instruments (for example, stocks or futures) in reaction to changes in market price rather than changes in market fundamentals. Specifically, they buy when the market is rising, and sell when the market is falling, without regard for any fundamental information about why the market is rising or falling. [31] Thus it is an example of an "informationless trade" [32] that has the potential to create a market-destabilizing feedback loop. [33]

This strategy became a source of downward pressure when portfolio insurers whose computer models noted that stocks opened lower and continued their steep price. The models recommended even further sales. [17] The potential for computer-generated feedback loops that these hedges created has been discussed as a factor compounding the severity of the crash, but not as an initial trigger. [34] Economist Hayne Leland argues against this interpretation, suggesting that the impact of portfolio hedging on stock prices was probably relatively small. [35] Similarly, the report of the Chicago Mercantile Exchange found the influence of "other investors - mutual funds, broker-dealers, and individual shareholders - was thus three to five times greater than that of the portfolio insurers" during the crash. [36] Numerous econometric studies have analyzed the evidence to determine whether portfolio insurance exacerbated the crash, but the results have been unclear. [37] Markets around the world that did not have portfolio insurance trading experienced as much turmoil and loss as the U.S. market. [38] More to the point, the cross-market analysis of Richard Roll, for example, found that markets with a greater prevalence of computerized trading (including portfolio insurance) actually experienced relatively less severe losses (in percentage terms) than those without. [39]

Noise trading Edit

The crisis affected markets around the world however, no international news event or change in market fundamentals has been shown to have had a strong effect on investor behavior. [40] Instead, contemporaneous causality and feedback behavior between markets increased dramatically during this period. [41] In an environment of increased volatility, confusion and uncertainty, investors not only in the US but also across the world [42] were inferring information from changes in stock prices and communication with other investors [43] in a self-reinforcing contagion of fear. [44] This pattern of basing trading decisions largely on market psychology is often referred to as one form of "noise trading", which occurs when ill-informed investors "[trade] on noise as if it were news". [45] If noise is misinterpreted as bad news, then the reactions of risk-averse traders and arbitrageurs will bias the market, preventing it from establishing prices that accurately reflect the fundamental state of the underlying stocks. [46] For example, on October 19 rumors that the New York Stock Exchange would close created additional confusion and drove prices further downward, while rumors the next day that two Chicago Mercantile Exchange clearinghouses were insolvent deterred some investors from trading in that marketplace. [47]

A feedback loop of noise-induced-volatility has been cited by some analysts as the major reason for the severe depth of the crash. It does not, however, explain what initially triggered the market break. [48] Moreover, Lawrence A. Cunningham has suggested that while noise theory is "supported by substantial empirical evidence and a well-developed intellectual foundation", it makes only a partial contribution toward explaining events such as the crash of October 1987. [49] Informed traders, not swayed by psychological or emotional factors, have room to make trades they know to be less risky. [50]

Margin calls and liquidity Edit

Frederic Mishkin suggested that the greatest economic danger was not events on the day of the crash itself, but the potential for "spreading collapse of securities firms" if an extended liquidity crisis in the securities industry began to threaten the solvency and viability of brokerage houses and specialists. This possibility first loomed on the day after the crash. [51] At least initially, there was a very real risk that these institutions could fail. [52] If that happened, spillover effects could sweep over the entire financial system, with negative consequences for the real economy as a whole. [53]

The source of these liquidity problems was a general increase in margin calls after the market's plunge, these were about 10 times their average size and three times greater than the highest previous morning variation call. [54] Several firms had insufficient cash in customers' accounts (that is, they were "undersegregated"). Firms drawing funds from their own capital to meet the shortfall sometimes became undercapitalized 11 firms received margin calls from a single customer that exceeded that firm's adjusted net capital, sometimes by as much as two-to-one. [52] Investors needed to repay end-of-day margin calls made on the 19th before the opening of the market on the 20th. Clearinghouse member firms called on lending institutions to extend credit to cover these sudden and unexpected charges, but the brokerages requesting additional credit began to exceed their credit limit. Banks were also worried about increasing their involvement and exposure to a chaotic market. [55] The size and urgency of the demands for credit placed upon banks was unprecedented. [56] In general, counterparty risk increased as the creditworthiness of counterparties and the value of collateral posted became highly uncertain. [57]

The Black Monday decline was, and currently remains, the biggest drop on the List of largest daily changes in the Dow Jones Industrial Average. (Saturday, December 12, 1914, is sometimes erroneously cited as the largest one-day percentage decline of the DJIA. In reality, the ostensible decline of 24.39% was created retroactively by a redefinition of the DJIA in 1916. [58] [59] )

Federal Reserve response Edit

The Federal Reserve acted as the lender of last resort to counter the crisis. [60] The Fed used crisis management via public pronouncements, supplied liquidity through open market operations, [61] [B] persuading banks to lend to securities firms, and intervening directly. [63]

On the morning of October 20, Fed Chairman Alan Greenspan made a brief statement: "The Federal Reserve, consistent with its responsibilities as the Nation's central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system". [64] Fed sources suggested that the brevity was deliberate, in order to avoid misinterpretations. [61] This "extraordinary" [65] announcement probably had a calming effect on markets [66] that were facing an equally unprecedented demand for liquidity [56] and the immediate potential for a liquidity crisis. [67]

The Fed then acted to provide market liquidity and prevent the crisis from expanding into other markets. It immediately began injecting its reserves into the financial system via purchases on the open market. This rapidly pushed the federal funds rate down by 0.5%. The Fed continued its expansive open market purchases of securities for weeks. The Fed also repeatedly began these interventions an hour before the regularly scheduled time, notifying dealers of the schedule change on the evening beforehand. This was all done in a very high-profile and public manner, similar to Greenspan's initial announcement, to restore market confidence that liquidity was forthcoming. [68] Although the Fed's holdings expanded appreciably over time, the speed of expansion was not excessive. [69] Moreover, the Fed later disposed of these holdings so that its long-term policy goals would not be adversely affected. [61]

The Fed successfully met the unprecedented demands for credit [70] by pairing a strategy of moral suasion that motivated nervous banks to lend to securities firms alongside its moves to reassure those banks by actively supplying them with liquidity. [71] As economist Ben Bernanke (who was later to become Chairman of the Federal Reserve) wrote:

The Fed's key action was to induce the banks (by suasion and by the supply of liquidity) to make loans, on customary terms, despite chaotic conditions and the possibility of severe adverse selection of borrowers. In expectation, making these loans must have been a money-losing strategy from the point of view of the banks (and the Fed) otherwise, Fed persuasion would not have been needed. [72]

The Fed's two-part strategy was thoroughly successful, since lending to securities firms by large banks in Chicago and especially in New York increased substantially, often nearly doubling. [73]

Rebound Edit

Despite fears of a repeat of the Great Depression, the market rallied immediately after the crash, gaining 102.27 points the very next day and 186.64 points on Thursday October 22. It took two years for the Dow to recover completely and by September 1989, the market had regained all of the value it had lost in the 1987 crash. The DJIA gained 0.6% during calendar year 1987.

On Friday, October 16, all the markets in London were unexpectedly closed due to the Great Storm of 1987. After they re-opened, the speed of the crash accelerated, partially attributed by some to the storm closure. By 9:30AM, the FTSE 100 Index had fallen over 136 points. [74] It was down 23% in two days, roughly the same percentage that the NYSE dropped on the day of the crash. Stocks then continued to fall, albeit at a less precipitous rate, until reaching a trough in mid-November at 36% below its pre-crash peak. Stocks did not begin to recover until 1989. [75]

In Japan, the October 1987 crash is sometimes referred to as "Blue Tuesday", in part because of the time zone difference, and in part because its effects after the initial crash were relatively mild. [4] In both places, according to economist Ulrike Schaede, the initial market break was severe: the Tokyo market declined 14.9% in one day, and Japan's losses of US$421 billion ranked next to New York's $500 billion, out of a worldwide total loss of $1.7 trillion. However, systemic differences between the US and Japanese financial systems led to significantly different outcomes during and after the crash on Tuesday, October 20. In Japan the ensuing panic was no more than mild at worst. The Nikkei 225 Index returned to its pre-crash levels after only five months. Other global markets performed less well in the aftermath of the crash, with New York, London and Frankfurt all needing more than a year to achieve the same level of recovery. [76]

Several of Japan's distinctive institutional characteristics already in place at the time, according to economist David D. Hale, helped it dampen volatility. These included trading curbs such as a sharp limit on price movements of a share of more than 10–15% restrictions and institutional barriers to short-selling by domestic and international traders frequent adjustments of margin requirements in response to changes in volatility strict guidelines on mutual fund redemptions and actions of the Ministry of Finance to control the total shares of stock and exert moral suasion on the securities industry. [77] An example of the latter occurred when the ministry invited representatives of the four largest securities firms to tea in the early afternoon of the day of the crash. [78] After tea at the ministry, these firms began to make large purchases of stock in Nippon Telegraph and Telephone. [78]

The crash of the New Zealand stock market was notably long and deep, continuing its decline for an extended period of time after other global markets had recovered. [79] Unlike other nations, moreover, for New Zealand the effects of the October 1987 crash spilled over into its real economy, contributing to a prolonged recession. [80]

The effects of the worldwide economic boom of the mid-1980s had been amplified in New Zealand by the relaxation of foreign exchange controls and a wave of banking deregulation. Deregulation in particular suddenly gave financial institutions considerably more freedom to lend, though they had little experience in doing so. [81] The finance industry was in a state of increasing optimism that approached euphoria. [82] This created an atmosphere conducive to greater financial risk taking including increased speculation in the stock market and real estate. Foreign investors participated, attracted by New Zealand's relatively high interest rates. From late 1984 until Black Monday, commercial property prices and commercial construction rose sharply, while share prices in the stock market tripled. [81]

New Zealand's stock market fell nearly 15% on the first day of the crash. [83] In the first three-and-a-half months following the crash, the value of New Zealand's market shares was cut in half. [84] By the time it reached its trough in February 1988, the market had lost 60% of its value. [83] The financial crisis triggered a wave of deleveraging with significant macro-economic consequences. Investment companies and property developers began a fire sale of their properties, partially to help offset their share price losses, and partially because the crash had exposed overbuilding. Moreover, these firms had been using property as collateral for their increased borrowing. Thus when property values collapsed, the health of balance sheets of lending institutions was damaged. [83] The Reserve Bank of New Zealand declined to loosen monetary policy in response to the crisis, however, which would have helped firms settle their obligations and remain in operation. [7] As the harmful effects spread over the next few years, major corporations and financial institutions went out of business, and the banking systems of New Zealand and Australia were impaired. [84] Access to credit was reduced. [83] The combination of these contributed significantly to a long recession running from 1987 until 1993. [83]

No definitive conclusions have been reached about the reasons for the 1987 crash. Stocks had been in a multi-year bull run and market price–earnings ratios in the U.S. were above the post-war average. The S&P 500 was trading at 23-times earnings, a postwar high and well above the average of 14.5-times earnings. [85] Herd behavior and psychological feedback loops play a critical part in all stock market crashes but analysts have also tried to look for external triggering events. Aside from the general worries of stock market overvaluation, blame for the collapse has been apportioned to such factors as program trading, portfolio insurance and derivatives, and prior news of worsening economic indicators (i.e. a large U.S. merchandise trade deficit and a falling United States dollar, which seemed to imply future interest rate hikes). [86]

One of the consequences of the 1987 crash was the introduction of the circuit breaker or trading curb, allowing exchanges to temporarily halt trading in instances of exceptionally large price declines in some indexes. Based upon the idea that a cooling off period would help dissipate panic selling, these mandatory market shutdowns are triggered whenever a large pre-defined market decline occurs during the trading day. [87] These trading curbs were used multiple times during the 2020 stock market crash. [88]

Historical Events on April 13

Event of Interest

1668 John Dryden (36) appointed first English poet laureate by Charles II

Event of Interest

1742 George Frideric Handel's oratorio "Messiah" performed for the 1st time at New Music Hall in Dublin

Victory in Battle

1796 Battle of Millesimo, Italy: Napoleon's forces defeat allied armies of Austria and of the Kingdom of Sardinia-Piedmont.

    The Roman Catholic Relief Act passed by the British Parliament it was the culmination of the process of Catholic Emancipation throughout the UK. HMS Beagle anchors at river mouth of Rio Santa Cruz, Patagonia William Henry Lane ("Juda") perfects tap dance Lord Rosse successfully casts 72" (183-cm) mirror for a telescope 1st Pony Express reaches Sacramento, California

Battle of Fort Sumter

1861 After 34 hours of bombardment, Fort Sumter surrenders to Confederates (US Civil War)

    Battle of Irish Bend, Louisiana (Fort Bisland) Society for the Relief of the Ruptured and Crippled is incorporated in the State of New York Raleigh, North Carolina, captured by Union forces

Ethiopian Emperor Commits Suicide

1868 Abyssinian War ends as British and Indian troops capture Magdala and Ethiopian Emperor Tewodros II commits suicide

British soldiers discover the body of Emperor Tewodros II after he committed suicide following the Battle of Magdala

Historic Invention

Event of Interest

1896 John Philip Sousa's "El Capitan" premieres at the Tremont Theatre in Boston

Event of Interest

1904 US Congress authorizes Lewis and Clark Expo $1 gold coin

    A squadron of the Russian fleet is decoyed out of Port Arthur by Japanese maneuvers, when they realize they are sailing into a trap their battleship Petropavlovsk hits a mine and sinks, with a loss of 700 men Mutiny on Portuguese battleships Dom Carlos & Vasco da Gama Groundbreaking for Philadelphia's Shibe Park, home of MLB Athletics (AL), 1909-54, MLB Phillies (NL), 1938-70, and NFL Eagles, 1940-57 In Constantinople the primarily Albanian First Army Corps seizes the parliament building and telegraphs offices, forcing the Ottoman statesman Hilmi Pasha to resign Polo Grounds grandstand & left field bleachers go up in flames in Manhattan, New York City The US House of Representatives votes to institute direct elections of senators to Congress, a step towards direct democracy Royal Flying Corps forms (later Royal Air Force) 1st Federal League Game: Baltimore Terrapins beat Buffalo Blues 3-2 Electrical fire kills 38 mental patients at Oklahoma State Hospital British troops open fire on demonstrators in Amritsar, India, killing 350 Establishment of the Provisional Government of the Republic of Korea 1st woman US Civil Service Commissioner, Helen Hamilton appointed Foundation of the Spanish Communist Workers' Party. US Army wins 1st college three-weapon fencing championships

Event of Interest

1926 At 38, Walter Johnson pitches his 7th opening day shutout

    Cyclists without bicycle-tax-stamp rounded up in Amsterdam Stanley Cup Final, Ottawa Auditorium, Ottawa, ON: Ottawa Senators beat Boston Bruins, 3-1 for a 2-0-2 series win 1st trans atlantic flight Europe-US (Fitzmaurice-von Hunefeld-Köhl) Kozakken Boys soccer team forms in Werkendam forms 1st flight over Mount Everest (Lord Clydesdale)

Event of Interest

1933 Stanley Cup Final, Maple Leaf Gardens, Toronto, ON: New York Rangers beat Toronto Maple Leafs, 1-0 in OT for a 3-1 series win first best-of-4 Finals series

    4.7 million US families report receiving welfare payments US Congress passes Johnson Debt Default Act Ioannis Metaxas proclaims himself dictator of Greece Clifford Goldsmith's play "What a Life" premieres at The Biltmore Theater, NYC W Saroyan's "My Heart's in the Highlands" premieres in NYC The Hindustani Lal Sena (Indian Red Army) is formed and vows to engage in armed struggle against the British. Second battle of Narvik 3 German destroyers and one U-boat sunk by the Royal Navy, 5 more German destroyers scuttled American athlete Cornelius "Dutch" Warmerdam, using a bamboo pole, becomes 1st man to pole vault 15 ft, at University of California, Berkeley Stanley Cup Final, Maple Leaf Gardens, Toronto, Ontario: New York Rangers beat Toronto Maple Leafs, 3-2 for 4-2 series victory Rangers last Cup win for 54 years Heavy German assault on Tobruk Pact of neutrality between the USSR and Japan is signed.

US Masters Golf

1942 9th US Masters Tournament, Augusta National GC: Byron Nelson wins an 18-hole playoff by 1 stroke over runner-up Ben Hogan

Cooperative Observer Forms &ndash Comments

  • Altus: "Numerous dust storms"
  • Alva: "Dust storms 4, 9, 10, 11, 12, 13, 14, 15, 25, 26, 28, 30"
  • Arnett (14th): "Dust storm 5PM vis zero" (15th): "Dust storm at night" [observation time 7PM]
  • Beaver: "Worst dust storm ever known in this country on 14 of April"
  • Buffalo: "We had just a few days the dust was not blowing"
  • Camargo (14th) "Dust storm 6PM"
  • Canadian TX (14th): [very hard to read] "Black (?) rolling in at. (. )" Remarks: "Continuation of dust dirt sand from (??) through month of Apr. Nothing like it . (??). on record."
  • Canton (14th-15th): "Dust storm"
  • Chandler: "Worst dust storm of the season started at 4 PM April 10th blew all night and all day the 11th. Gardens are fine."
  • Chattanooga: "You will note I put in 3 days of dust. Honest I could not tell if it was cloudy or not, dust was all I could see so I put it down." 15th: "Dust storm PM" [ob time 7 PM?]
  • Childress TX: "Excessive dust storms throughout the entire month-"
  • Cloud Chief (15th): "Sand storm night" [ob time 6PM]
  • Dalhart TX: "Very dry with heavy soil blowing. Much of the time the sun has been hidden by dust clouds"
  • Enid: "Dust = 9th &ndash 10th bad &ndash 11 &ndash 13 &ndash 14th bad -15 &ndash 16 &ndash 17 &ndash 25 &ndash 26 bad &ndash"
  • Erick (14th): "Dust storm at 7PM"
  • Follett TX: Dry and dusty with plenty of wind." (14th): "DUST STORM"
  • Fort Reno: "Dust storms 9, 10, 11, 15, 25, 26" (15th): "Severe dust storm night" [ob time 4:00 PM]
  • Guthrie: "Dust storm on the 10th & 11 visibility 200 yds and on the 26th"
  • Hammon: "Sand storm" (9th-14th)
  • Hennessey (14th) "Dust storm from NW at 6 PM" [ob time 6 PM]
  • Hobart: "Much dust but scarcely any erosion"
  • Hooker: "Most of month was very severe electric dust storms. Elect (?) and lack of moisture has killed about all the wheat." (14th) "430 severe dust storm" (15th): Bad dust storm"
  • Jefferson (14th): Dust storm [ob time 4PM]
  • Kenton: "The month was slightly warm and very dry. It was the driest April in history of Weather Bureau. It was probably one of the windiest months on record. Sandstorms and Dust Storms prevailed on at least 17 days to a marked (?) extent. Severe Dust Storm April 14th caused the afternoon to turn as dark as darkest possible night."
  • Kingfisher: "14 &ndash Gale dust hit at 6 PM"
  • Lawton: "Terrific dust storm beginning afternoon of 10th continued through the 11th and during night of 11th" [no mention of dust on 14th]
  • Lubbock: "The month continued dry warm with 23 days in which sand and duststorms were recorded. No planting can be attempted until it rains."
  • Munday TX: (14th) "Worst sand storm of season"
  • Pampa TX: "Recurring dusters. Little soil damage wheat dying." (14th) "duster" Side note: "When dust obscures sun, is it 'cloudy?'"
  • Perryton TX "Extremely dry. No wheat."
  • Ponca City (14th): "dusty"
  • Spearman TX: "14th 515 PM Bad Sandstorm from NE. Fields all damaged by blowing &ndash " (14th): "Clear until 515 PM"
  • Stratford TX: "The 14th another duster black as night at 5:40. Stayed so for 20 minutes then got so you could see about 10 feet away and stayed so all night." (14th): "Worst dust storm"
  • Vernon TX (15th): "Sand Storm"
  • Waukomis (14th): "Dust storm at 530 PM" [ob time 6 PM]

April 13 in Pop Culture History

“Teach success before teaching responsibility. Teach them to believe in themselves. Teach them to think, ‘I’m not stupid’. No child wants to fail. Everyone wants to succeed.”
– Al Green

“Poetry is always slightly mysterious, and you wonder what is your relationship to it.”
– Seamus Heaney

“There have been times I almost got a persecution complex. I felt like people wouldn’t let me grow up. They always saw me as a smiling kid or goofy teenager, no matter how much I’d changed.”
– Ricky Schroder

April 13 Birthdays

April 13 History

1360 – On “Black Monday,” a hail storm killed 1,000 English soldiers and 6,000 horses. Edward III, fearing it a sign from God, paused the Hundred Years’ War.

1570 – Guy Fawkes was born (died in 1606)

1742 – Handel’s Messiah premiered in Dublin, Ireland.

1829 – The Roman Catholic Relief Act gave Roman Catholics in the United Kingdom the right to vote and to sit in the UK’s Parliament.

1869 – The first US Patent (#88,929) for an air brake was issued to George Westinghouse of Schenectady, N.Y., called an “Improvement in steam-power-brake devices”.

1870 – The New York City Metropolitan Museum of Art was founded.

1902 – James C. Penney (now Penneys) opened his first store in Kemmerer, Wyoming.

1943 – The Jefferson Memorial was dedicated in Washington, DC.

April 13, 1953 – The CIA’s Project MKUltra began

1957 – #1 Hit April 13, 1957 – June 7, 1957: Elvis Presley – All Shook Up

1959 – #1 Hit April 13, 1959 – May 10, 1959: The Fleetwoods – Come Softly to Me

1968 – #1 Hit April 13, 1968 – May 17, 1968: Bobby Goldsboro – Honey

1970 – An oxygen tank exploded on Apollo13, but everyone survived. It was also the major plot for the 1995 film, Apollo 13.

1974 – Western Union, with NASA and Hughes Aircraft, launched the US’ first commercial geosynchronous communications satellite, Westar 1.

1985 – #1 Hit April 13, 1985 – May 10, 1985: USA for Africa – We Are the World

1984 – Friday the 13th: Final Chapter, Iceman, and Swing Shift were released in theaters.

1990 – The Gods Must Be Crazy II and Crazy People debuted in theaters.

1991 – #1 Hit April 13, 1991 – April 19, 1991: Londonbeat – I’ve Been Thinking About You

1994 – Serial Mom was released in theaters.

1997 – Tiger Woods became the youngest golfer to win the Masters Tournament.

2001 – Bridget Jones’s Diary debuted in theaters.

2002 – My Big Fat Greek Wedding, The Scorpion King, and Murder By Numbers were released in theaters.

2007 – Aqua Teen Hunger Force, The Condemned, and The Invisible debuted in theaters.

2012 – The Cabin in the Woods and The Three Stooges were released in theaters.

Today’s Random Trivia and Shower Thoughts

This water closet used to be referred to as ‘the library’ … we should start calling it the ‘phone booth’.

Giving lotto tickets/scratch offs as a present is like saying “The best gift I could give you is a small chance at a vastly different life… good luck”

“All right, Mr. DeMille, I’m ready for my close-up.” – Norma Desmond (Gloria Swanson) in Sunset Boulevard, 1950

The biggest film of 1955: Lady and the Tramp (Drama) earned

Waldo’s mom must be worried sick.

Sonny Bono was the only member of the United States Congress to ever have a number-one single on the U.S. Billboard Hot 100 music chart.

Sophia Loren – Real Name: Sofia Scicolone

Roulette Odds: Black: Payoff: 1:1 True Odds: 47.37%

Red Shirt (redshirt) – doomed person, From Star Trek – the guy wearing the red shirt would be killed.


Murphy was born in Brooklyn, New York City [2] and raised in the borough's Bushwick neighborhood. [12] His mother, Lillian (Laney), was a telephone operator, and his father, Charles Edward Murphy (1940–1969), was a transit police officer and an amateur actor and comedian. [2] [13] [14] [15] [16]

His father died in 1969. He later stated:

My mother and father broke up when I was three and he died when I was eight, so I have very dim memories . He was a victim of the Murphy charm (laughs). A woman stabbed my father. I never got all the logistics. It was supposed to be one of those crimes of passion: "If I can't have you, no one else will" kind of deal. [17]

When Murphy's single mother became ill, the eight-year-old Murphy and his elder brother Charlie lived in foster care for one year. In interviews, Murphy has said his time in foster care was influential in developing his sense of humor. Later, he and his brother were raised in Roosevelt, New York, by his mother and stepfather Vernon Lynch, a foreman at an ice cream plant. [13]

1976–1980: Early standup career

When Murphy was 15 he listened to Richard Pryor's comedy album That Nigger's Crazy, which inspired his decision to become a comedian. [18] As a child, Murphy developed playing multiple characters in imitation of his acting hero Peter Sellers. [19] Other early influences included Bill Cosby, Redd Foxx, Robin Williams, [13] Muhammad Ali, Bruce Lee, and Charlie Chaplin. [20]

On July 9, 1976, the date with which Murphy marks the beginning of his career, he performed in a talent show at the Roosevelt Youth Center, doing an impersonation of singer Al Green as Green's song "Let's Stay Together" played. This led to work at other clubs within walking distance, and then late-night jobs at locations that required him to commute by train. To do this he secretly skipped school, and after his mother discovered this at the end of his senior year, he was required to attend summer school. [18]

1980–1989: Acting stardom

In the early 1980s, Murphy first earned national attention as a cast member on Saturday Night Live (SNL) and was credited with helping to revitalize the show. [21] His characters included a grown-up version of the Little Rascals character Buckwheat [22] a streetwise children's show host named Mr. Robinson (parodying Fred Rogers, who found it amusing) [23] and a morose, cynical Gumby, whose trademark slogan became an SNL catchphrase: "I'm Gumby, dammit!" [22]

The Buckwheat character was retired in spectacular fashion—assassinated, on camera, in front of 30 Rockefeller Plaza—at Murphy's request, after he grew tired of constant demands from fans to "Do Buckwheat! Do Buckwheat!" [24] [25] In Rolling Stone ' s February 2015 appraisal of all 141 SNL cast members to date, Murphy was ranked second (behind John Belushi). "It is customary (and accurate) to say that Eddie Murphy is the only reason SNL survived the five-year wilderness without Lorne Michaels", the magazine noted. [26]

Murphy's early comedy was characterized by copious profanity and sketches lampooning a diverse group of people (including White Anglo-Saxon Protestants (WASPs), African-Americans, Italian-Americans, overweight people, and gay people). He released two stand-up specials. Delirious was filmed in 1983 in Washington, D.C. Due to the popularity of Delirious, his concert film Eddie Murphy Raw (1987) received a wide theatrical release, grossing $50 million the movie was filmed in the Felt Forum section of Madison Square Garden in New York City. [27] [28]

Comedians who cite Murphy as influencing them include Russell Brand, [29] Dave Chappelle, [30] and Chris Rock. [31]

In 1982, Murphy made his big screen debut in the film 48 Hrs. with Nick Nolte. [13] 48 Hrs. proved to be a hit when it was released in the Christmas season of 1982. Nolte was scheduled to host the December 11, 1982, Christmas episode of Saturday Night Live, but became too ill to host, so Murphy took over. He became the only cast member to host while still a regular. Murphy opened the show with the phrase, "Live from New York, It's the Eddie Murphy Show!"

The following year, Murphy starred in Trading Places with fellow SNL alumnus Dan Aykroyd. [13] The movie marked the first of Murphy's collaborations with director John Landis, who also directed Murphy in Coming to America (1988) and Beverly Hills Cop III (1994). Trading Places was an even greater box office success than 48 Hrs.

Murphy appeared in Best Defense (1984), co-starring Dudley Moore. Murphy, who was credited as a "Strategic Guest Star", was added to the film after an original version was completed but tested poorly with audiences. Best Defense was a major financial and critical disappointment. When he hosted SNL, Murphy joined the chorus of those bashing Best Defense, calling it "the worst movie in the history of everything".

Murphy starred in the successful action comedy film Beverly Hills Cop (1984). [13] The film was Murphy's first solo leading role. [13] Beverly Hills Cop grossed over $230 million at the U.S. box office, becoming the highest-grossing film released in 1984, the highest-grossing comedy of all time, and the highest-grossing "R"-rated film of all time as of May 2018 [update] , it was 46th in the list of all-time U.S. box office grossers after adjusting for inflation (third-highest amongst "R"-rated films). [32] Murphy was offered a part in Star Trek IV: The Voyage Home (1986), a role that, after being heavily re-written from comic relief to love interest, ultimately went to Catherine Hicks. [33] By this time, [34] Murphy's near-exclusive contract with Paramount Pictures rivaled Star Trek as Paramount's most lucrative franchise.

Murphy starred in the supernatural comedy The Golden Child (1986). [13] Although The Golden Child performed well at the box office, the movie was not as well received as 48 Hrs., Trading Places, and Beverly Hills Cop. The Golden Child was considered a change of pace for Murphy because of the supernatural setting as opposed to the "street smart" settings of his previous efforts. [ citation needed ] Not long afterward, he reprised his role of Axel Foley in the Tony Scott-directed Beverly Hills Cop II (1987). It was a box-office success, grossing almost $300 million worldwide. [35] By the end of the decade, Murphy was Hollywood's biggest box office star. [36] [37]

1989–1998: Commercial decline and rebound

From 1989 onwards, critical praise for Murphy's films declined, hitting a low point with the critically-panned Beverly Hills Cop III (1994), [38] a movie Murphy would ultimately denounce during an appearance on Inside the Actors Studio. [13] Box-office receipts also declined compared to his previous films, although he did find box office success with Another 48 Hrs. (1990) and Boomerang (1992). On Harlem Nights (1989), Murphy worked as director, producer, star, and co-writer, with his brother, Charlie Murphy. The film featured Murphy's comic idols Richard Pryor and Redd Foxx in supporting roles. [13]

During this period, Murphy was criticized by filmmaker Spike Lee for not using his status to help black actors break into film, [39] although as Murphy's prominence increased, his films (especially those he produced) often had a mainly black cast (Coming to America, Harlem Nights, Boomerang, Vampire in Brooklyn, Life). Many black actors who would later receive greater recognition made early appearances in Murphy's films, such as Damon Wayans in Beverly Hills Cop, Halle Berry and Martin Lawrence in Boomerang, Samuel L. Jackson and Cuba Gooding Jr. in Coming to America, Dave Chappelle in The Nutty Professor, and Chris Rock in Beverly Hills Cop II. Naming The Nutty Professor his favorite comedy, Chris Rock regards Murphy's performance in the film as being so great he had "been robbed of an Oscar", adding his various performances were "Peter Sellers-esque". [40]

Although Murphy has enjoyed commercial success since Saturday Night Live, he did not participate in the making of the Live from New York: An Uncensored History of Saturday Night Live retrospective book by Tom Shales and James Andrew Miller (2002), nor did he ever attend cast reunions or anniversary specials until his appearance on the SNL 40th anniversary special. Murphy told Rolling Stone he distanced himself from the show because he was angry with David Spade over the latter's joke about Murphy's career during a segment on SNL, as well as with Lorne Michaels and the production staff for allowing the joke in the first place. Murphy and Spade have since reconciled. [41]

Murphy's box office results began to recover in 1996, starting with The Nutty Professor.

In May 1997, Murphy was stopped by police a year before the release of Dr. Dolittle, causing him a number of public relations problems. [42] [43]

1998–2011: Family-friendly films

Murphy followed with a series of successful family-friendly movies like Mulan (1998), Dr. Dolittle (also 1998) and its 2001 sequel, the Shrek series, Daddy Day Care (2003), and The Haunted Mansion (also 2003), along with Nutty Professor II: The Klumps (2000). However, most of his movies meant for more adult audiences performed moderately Metro (1997), I Spy (2002), and Showtime (2002) all grossed less than $40 million domestically, Holy Man (1998) performed poorly, grossing less than $13 million, and The Adventures of Pluto Nash (2002) is on record as one of the biggest theatrical money-losers of all time, grossing just $7 million worldwide on a reported $110 million budget. An exception to this run of poorly received adult-themed films was the Frank Oz comedy Bowfinger (1999), also starring Steve Martin. The film garnered generally positive critical reviews and grossed $98 million at the box-office. [44]

Murphy starred in the motion picture version of the Broadway musical Dreamgirls (2006) as soul singer James "Thunder" Early. Murphy won a Golden Globe for Best Supporting Actor, as well as a Screen Actors Guild Award and a Broadcast Film Critics Association Award in that category. Several reviews for the film highlighted Murphy's performance while he received some pre-release Academy Awards buzz. [45]

Murphy was nominated for an Academy Award for Best Supporting Actor on January 23, 2007, but lost to Alan Arkin for his performance in Little Miss Sunshine—it was speculated that one of the reasons Murphy lost out on winning the Academy Award was the negative reviews of his subsequent film Norbit, released in early February 2007. [46] Murphy notoriously exited the 79th Academy Awards as soon as Arkin was announced the winner. [47] [48] Dreamgirls was the first film distributed by Paramount Pictures to star Murphy (who once was on an exclusive contract with the studio) since Vampire in Brooklyn in 1995.

In 2007, Murphy was invited to join the Academy of Motion Picture Arts and Sciences. [49] As a result of Viacom's acquisition of DreamWorks, Paramount distributed his other 2007 releases: Norbit and Shrek the Third. He starred in the films Meet Dave (2008) and Imagine That (2009) for Paramount Pictures.

2011–present: Return to adult-oriented films

Murphy co-starred in Tower Heist (2011), directed by Brett Ratner, alongside Ben Stiller, Matthew Broderick, and Casey Affleck. Murphy played a thief who joins a group of hardworking men who find out they have fallen victim to a wealthy businessman's Ponzi scheme, and conspire to rob his high-rise residence. [13] [50] It was reported in 2011 that Murphy would host the 84th Academy Awards in 2012. [51] However, he dropped out of his hosting duties on November 9, 2011, in the wake of the Brett Ratner scandal. [52]

On March 8, 2014, it was announced that Murphy would team up with Boomerang co-star Halle Berry in a new film titled Miles and Me. The film was also set to star Laurence Fishburne and was set to begin pre-production in 2014 from Paramount Pictures. No other word was released about or who else was attached. [53] On March 15, 2015, it was announced that Murphy would play comedian Richard Pryor's father, LeRoy Pryor, in the upcoming biopic directed by Lee Daniels with Mike Epps playing Pryor as of 2019, the project remains in development hell. [54]

In February 2015, Murphy attended Saturday Night Live 40th Anniversary Special where Chris Rock introduced him in a special tribute dedicated to him. [55] Murphy was greeted with an enthusiastic standing ovation from the crowd of comedians and stars, however he received criticism for his brief appearance, declining to tell any jokes, and for not reprising his iconic SNL characters. [56] [57]

On October 15, 2015, Murphy was awarded the Mark Twain Prize for American Humor at the Kennedy Center in Washington, D.C. [58] [59] Those who honored Murphy at the event included Dave Chappelle, Chris Rock, Trevor Noah, George Lopez, Kevin Nealon, Kathy Griffin, Tracy Morgan, Joe Piscopo, Jay Pharoah and Dick Gregory. [60] Murphy co-starred with actress Britt Robertson in the drama Mr. Church (2016). [61]

In October 2019, Murphy produced and starred in Dolemite Is My Name as Rudy Ray Moore. The film was distributed on Netflix and received overwhelming critical acclaim. The film holds a 97% on Rotten Tomatoes with the critics consensus reading, "Eddie Murphy makes Dolemite Is My Name just as bold, brash, and ultimately hard to resist as its subject." [62] For his work, Murphy received a Golden Globe Award nomination for the film. [63]

In December 2019, Murphy returned to Saturday Night Live to promote Dolemite this was his first time hosting since 1984. His hosting duties received overwhelming acclaim from audiences and critics alike, making it the highest watched episode since 2008 when Tina Fey played Sarah Palin. [64] Comedians Dave Chappelle, Chris Rock, Tracy Morgan, and Kenan Thompson welcomed Murphy back in the opening monologue. Murphy went on to reprise his popular SNL characters such as Mr. Robinson, Gumby, Buckwheat, and Velvet Jones. [65] Murphy won his first ever Primetime Emmy Award for Outstanding Guest Actor in a Comedy Series for hosting the episode. [66]

In 2019, it was announced that Murphy and most of the cast will be reprising their roles in the Coming to America sequel Coming 2 America, which was released in March 2021. [67] [68]

On December 6, 2013, it was announced that Murphy would star in the fourth film of the Beverly Hills Cop series. Brett Ratner would direct the film, Jerry Bruckheimer was confirmed to produce the film, and Josh Appelbaum and Andre Nemec would write. [69] In a June 2014 interview, Murphy discussed the plot of the film, saying it would take place in Detroit and they would actually film in Detroit, bringing in an estimated $56.6 million to the state of Michigan. [70] On June 14, 2016, it was confirmed that Murphy was still set to reprise his role as Axel Foley in a fourth film. [71] [72] In December 2019, it was reported that Netflix would distribute the film. [73]

Murphy is also a singer, having frequently provided background vocals to songs released by the Bus Boys the song "(The Boys Are) Back in Town" was featured in 48 Hrs. and Murphy's comedy special Eddie Murphy Delirious. As a solo artist, Murphy had two hit singles, "Party All the Time" (produced by Rick James) and "Put Your Mouth on Me" during the latter half of the 1980s. He had started singing earlier in his career, with the songs "Boogie in Your Butt" and "Enough Is Enough", the latter being a parody of Barbra Streisand's and Donna Summer's 1979 song, "No More Tears". Both songs appeared on his 1982 self-titled comedy album.

"Party All the Time" was featured on Murphy's debut album How Could It Be (1985), which included a minor follow-up R&B hit in the title track, a duet with vocalist Crystal Blake. This track was written by Rusty Hamilton and was produced by Stevie Wonder's cousin Aquil Fudge after a brief falling out with Rick James. In 2004, VH-1 and Blender voted "Party All the Time" number seven among the "50 Worst Songs of All-Time". Sharam used a sample of the song for the UK No. 8 hit "PATT (Party All the Time)" in 2006. "Put Your Mouth on Me" appeared on Murphy's 1989 follow-up album, So Happy.

Murphy recorded the album Love's Alright in the early 1990s. He performed in a music video of the single "Whatzupwitu", featuring Michael Jackson. He recorded a duet with Shabba Ranks called "I Was a King". In 1992, Murphy appeared in the music video for Michael Jackson's "Remember the Time" alongside Magic Johnson and Iman.

Though uncredited, Murphy provided vocal work on SNL castmate Joe Piscopo's comedy single, "The Honeymooners Rap". [74] Piscopo impersonated Jackie Gleason on the single, while Murphy provided an imitation of Art Carney.

In Coming to America, he imitated Jackie Wilson when he sang "To Be Loved", but because the character he was playing had a thick accent, he had to sing it in character, he also performed in the same film as the character Randy Watson, a small time club singer, a role he reprised in the 2021 sequel Coming 2 America.

Murphy performed several songs in the Shrek film franchise. In the first film, he performed a version of the Monkees' "I'm a Believer" in the film's final scene in Shrek 2 he performed Ricky Martin's hit "Livin' La Vida Loca" along with co-star Antonio Banderas Murphy performed "Thank You (Falletin Me Be Mice Elf Again)" for Shrek the Third, once again with Banderas.

In 2013, he released his first single in many years titled "Red Light", a reggae song featuring Snoop Dogg. He is also working on a new album titled 9. [75]

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On October 19, 1987, the stock market collapsed. The Dow plunged an astonishing 22.6%, the biggest one-day percentage loss in history. Even bigger than the 1929 stock market crash, just before the Great Depression.

Nothing since Black Monday has come close. Not the selloff after the September 11 terror attacks or the 2008 financial crisis.

On that day in 1987, as the cameras rolled on the frenzied floor of the New York Stock Exchange, prices on the ticker tumbled, the panic spread, and the crash worsened. By the closing bell, the Dow stood at 1,738.74, down 508 points.

A crash like that today would equal more than 5,000 points on the Dow.

The Philadelphia Inquirer after Black Monday in 1987.

What was to blame? Heightened hostilities in the Persian Gulf, fear of higher interest rates, a five-year bull market without a significant correction, and computerized trading that accelerated the selling and fed the frenzy among the human traders.

It was panic, and that's what separates a crash from just a really bad day on Wall Street. When emotion takes over and trading is no longer calm or orderly, that's when Black Mondays are born.

Could it happen again? A panic is always theoretically possible. But a 22% Dow drop? Less likely. At least not in one day.

After the Black Monday free fall, the New York Stock Exchange installed what are known as circuit breakers, designed to stop trading when stocks dive too far too fast. It's a forced timeout to give investors a chance to calm down and interrupt a panic.

Today, if stocks dived even 7%, trading would be suspended for 15 minutes. A decline of 20% would shut down trading for the rest of the day.

After the 1987 crash, the selling ricocheted around the world. But out of the ashes of Black Monday came the green shoots of what would be the longest and strongest bull market in American history.

Now, 30 years later, the Dow is charging through milestones at a blistering pace. Just this year, the Dow has cracked 20,000, 21,000, 22,000 and 23,000, and the rally since 2009 is the second longest and strongest on record.

Watch the video: BLACK MONDAY SEPTEMBER 20, 2021?