Publication information

Chicago Daily Tribune
Source type: newspaper
Document type: article
Document title: “Anxious Day in Wall Street”
Author(s): anonymous
City of publication: Chicago, Illinois
Date of publication: 14 September 1901
Volume number: 60
Issue number: 257
Pagination: 11

“Anxious Day in Wall Street.” Chicago Daily Tribune 14 Sept. 1901 v60n257: p. 11.
full text
William McKinley (death: public response); William McKinley (death: impact on economy); Wall Street; J. Pierpont Morgan; William McKinley (death: false reports).
Named persons
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 corporation.
     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 minutes.
     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.