Source: Milwaukee Sentinel
Source type: newspaper
Document type: article
Document title: “Big Flurry in Stocks”
City of publication: Milwaukee, Wisconsin
Date of publication: 14 September 1901
Volume number: none
Issue number: 23689
|“Big Flurry in Stocks.” Milwaukee Sentinel 14 Sept. 1901 n23689: p. 6.|
|William McKinley (death: impact on economy).|
|William McKinley; J. Pierpont Morgan.|
Big Flurry in Stocks
Relapse of President Causes Great Excitement among the Brokers.
MOST ALL LINES SLUMP
Milwaukee Preferred, Falls Off Nearly Seven Points—Financiers Do Not Fear Panic.
The unexpected news from Buffalo
that President McKinley’s condition had suddenly assumed a serious aspect, and
later bulletins to the effect that there were small prospects of his recovery,
caused great excitement at the local brokers’ offices and at the chamber of
commerce yesterday. Railroad stocks, led by Milwaukee preferred, fell off all
along the line and wheat and corn each dropped half a cent a bushel.
During the day there were constant rumors that the president had passed away, and each recurring report caused the wildest excitement and had a tendency to further depress the market. The wires between Milwaukee and New York were kept hot and news of the wild excitement on the exchange at the latter city and that the bears had taken advantage of the bad news to pull down the principal stocks, had its reflex action here.
The leading railroad stocks fell off all the way from 2 to 67/8 points. The stocks chiefly affected were Milwaukee, Union Pacific, Missouri Pacific, Atchison, American Sugar, Amalgamated Copper, Federal Steel, Rock Island, North-Western, C., C., C. & St. L., Colorado Fuel, American Car preferred, Delaware and Hudson, American Tobacco, General Electric and Great Northern. The heaviest sufferers were the industrials, and General Electric felt the strain worse than any.
It was generally conceded by brokers that the effect of the death of President McKinley had been discounted before the day’s business was over, and that while there would be a further decline all along the line to-day, the worst had already been felt. Many dealers, nevertheless, expressed satisfaction that to-day would be a short day. An unusual and surprising feature of the day’s decline was that the stock of the United States Steel corporation felt the bear movement less than any other holding, notwithstanding the great fight with the Amalgamated association that is on its hands. It was said yesterday that this was due to the fine generalship of Morgan and his associates. While some stocks felt the decline less than others, all suffered more or less and none was exempt.
The effect of the discouraging news on wheat and corn was but slight, each showing a decline of but half a cent a bushel. The reason for this, it was claimed, is that grain and provisions have not received artificial support in the past, and are necessities.