Stock Market Report – 101 Years Ago

The Morning Leader
Regina, Saskatchewan
January 15, 1910

Genuine liquidation was evident today in a demoralized stock market. However strange it may appear to those who believe the president’s campaign of legislation is in the interests of the stockholders, it is a fact that the world in general seems alarmed at what President Taft proposes to do. Selling was undoubtedly precipitated by the Rock Island affair, and professionals took advantage of the uneasiness, thus causing the public to get worried. The public, not understanding the technical condition of the market, has believed something fundamental is wrong.

The selling of stock is now from the hands of the real owners. It is not a Wall Street protest, but a protest from small investors. There is little doubt that it will be listened to by the powers at Washington, and the chances are that the politicians, when they see out of what quarter the wind is blowing, will trim their course accordingly, and head off all legislation whatever.

Many well meaning persons believe that the government is going too far in assuming control and management of the railroads and manufacturing industries of the country. Those who believe that such control would be of great advantage to the stockholders and to the public are apparently in the minority, and must bow to the will of the great opposition that has made itself manifest through the selling of investment stocks.

It can be said on the highest possible authority that the great financiers of Wall Street are in favor of closer control by the government. They have been preaching cheerfulness and higher prices in the past two weeks, and they have made their words good by heavy purchases in the stock market. There is no doubt, for instance, that the Morgan following has bought steel freely, every fraction down. Right now they are advising its purchase without reserve. Those closest to the Harriman throne are buying Union Pacific and Southern Pacific and are telling every enquirer that they must certainly dismiss the suit against the Union Pacific.

Posted by on October 13th, 2011 at 10:02 am


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