I KNOW THAT HARLAND & WHOLFF WENT REALLY FAR DOWN A FEW DAYS AFTER. THE FIRST DAY AFTER, I THINK IT WENT UP BECAUSE EVERYBODY THOUGHT SINCE THE TITANIC SUPPOSIVLY DIDN'T SINK, IT WAS UNSINKABLE AND EVERYONE LIKED HARLAND & WHOLFF'S MAKING OF THE SHIPS.
Hey: if anyone has any questions about the titanic, email me and ask away! I know a ton!!!!!
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Here are some facts on the New York stock market after the disaster. They come from market reports in various papers. For Joe one pound was considered to be worth five US dollars. A Shilling would be five cents.
Shares in International Mercantile Marine, the ultimate owner of Titanic, declined very slightly on a turnover of 10,000 in three days. Ownership of the company was concentrated in a few big shareholders, who took the long term view of the company. The immediate cash loss to the company was about $2,500,000, which was peanuts to such a big firm.
Marconi shares rose rapidly and were said to have gone from $170 to $220 in what were called “kerbside deals”. The rise was due partly to the Titanic affair and partly to Marconi’s takeover of the Western Union Telegraph Company three days after the sinking. It’s interesting to note that financial commentators pointed out that the price had no relation to expected earnings, much as is happening now with .com stocks.
I don’t know about H & W’s shares, which would have traded in London, if it was listed at all. Anybody buying into H & W would have been as much concerned with its shaky finances as with the loss of a ship. Prudent investors would have given it a wide berth, as Lord Pirrie kept financial details to himself and doctored the books to produce paper profits. At his death in 1924, Pirrie was found to be broke and H & W was little better. His successor, Lord Kylsant, managed to keep it afloat, but he ended up in jail. This was for issuing a misleading prospectus for another company but if his H & W work had been examined he might have got another year or two.