Source: Chicago Daily Tribune
Source type: newspaper
Document type: article
Document title: “Anxious Day in Wall Street”
City of publication: Chicago, Illinois
Date of publication: 14 September 1901
Volume number: 60
Issue number: 257
|“Anxious Day in Wall Street.” Chicago Daily Tribune 14 Sept. 1901 v60n257: p. 11.|
|William McKinley (death: public response); William McKinley (death: impact on economy); Wall Street; J. Pierpont Morgan; William McKinley (death: false reports).|
|Robert Bacon; George Fisher Baker; Nicholas Brooks [first name misspelled below]; Henry W. Cannon; Charles R. Flint; J. Pierpont Morgan; Charles M. Schwab; Benjamin F. Tracy.|
Anxious Day in Wall Street
Excited Crowds Throng New York Financial District—Detectives
Guard Morgan, Schwab, and Others.
New York, Sept. 13.—[Special.]—The effect upon
Wall street of the news that the President was sinking was evident throughout
the financial district. By the time the district had begun its business day
the streets were filled with newsboys, whose early extra editions of the afternoon
papers were constantly being sold out. The demand for the extras came from the
great army of employés, clerks, and subordinate officials in the various institutions
as steadily as from the heads of the banks and the brokers themselves.
Before the opening of the stock market two of the news agencies of the street put up bulletin boards and began the work of posting their information, and around these bulletin boards there were great crowds all through the day.
Morgan Anxious for News.
J. Pierpont Morgan was at the banking office
of his firm before 11 o’clock this morning. He was, during the entire day, when
he had no caller, preoccupied and intensely interested in every item of news
concerning the President’s condition. Among his callers were General Benjamin
F. Tracy, who talked with him and his partner, Mr. Bacon; Charles R. Flint,
President Cannon of the Chase National Bank, President George F. Baker of the
First National Bank, and Charles M. Schwab, President of the United States Steel
Mr. Schwab left Mr. Morgan at 4:20 p. m., and five minutes later Mr. Morgan came out of the main entrance of his banking house. A detective met him at the foot of the steps and conducted him to his coupé. He was driven up-town.
Detectives Guard Rich Men.
During the day there was an extra force of detectives
in Wall street, and Inspector Nichol Brooks was in the neighborhood of J. P.
Morgan & Co. Two detectives were detailed to accompany President Schwab
wherever he went.
The customers’ rooms of the various brokerage offices were not crowded at any time except in the case of well known offices. This in itself was referred to constantly as one of the surest evidences that the general public at this moment has no large speculative interest in the course of securities, and this fact was pointed to in support of the belief that if the large financial interests were able to protect their own position in the market practically the whole situation would be protected.
Crowds Watch the Traders.
In the galleries of the various exchanges many
women spent hours of the day watching the movements of the brokers on the floors
of the several markets. The largest number of spectators was to be found in
the Produce Exchange gallery, where they could watch not only the grain brokers
but at some distance the scenes on the floor of the Stock Exchange.
In the gallery of the Consolidated Exchange there was another crowd of spectators who were able to get a more definite idea of the appearance of an exchange on a nervous day by reason of the nearer location of the gallery.
False Reports of Death.
Three times during the day the number of inquirers
at the various telegraph offices was unusually swelled because of reports that
the President was dead. The first of these reports gained currency about 11
o’clock, and traveled so swiftly that it might be said that nearly every prominent
brokerage house was seeking confirmation or denial within fifteen or twenty
This report was dispelled by a dispatch stating that the President was sleeping quietly, with no change in his condition.
Shortly after 1:30 o’clock the second of the alarming reports came. Within an hour after this report was shown to be without foundation there came a third, with the statement that the flag on one of the up-town hotels had been placed at half-mast. The last report was more quickly denied than the others, and it was learned further that the flag in question had been lowered through mistake, and had already been run up to the top of its mast again.