In the absence of polls, stock markets booked bets, offered odds
ANN ARBOR, Mich., Sept. 24 /PRNewswire/ -- When Americans surrounded
the London office of the United Associated Presses to get news of the
outcome of the Presidential race between McKinley and Bryan in 1896, they
weren't driven by patriotism or homesickness. It was all about finances.
The betting odds on McKinley had been as high as 10 to 1, some of the most
dramatic in history. The excitement had driven others to bet more than
cash. The New York Times reported on one General Morgan (of Brooklyn) who
bet his teeth (still attached to his gums, by the way) on Bryan's victory.
In the late 1800s through the early twentieth century, presidential
betting served the purpose that polls do today: offering regular looks at
who was leading and by how much. The practice was so institutionalized that
American stock markets offered odds and booked bets. The bets were watched
carefully, offering surprising precision and creating an excitement that
polls just can't match.
The history of presidential betting is documented almost entirely
through newspaper coverage, which captured both the emotion and the facts
of the day. Marta Lee-Perriard has a unique view of the coverage. Through
her day-to-day work with ProQuest Historical Newspapers, the largest
digital newspaper archive in the world, she's analyzed the long,
entertaining past of presidential betting. Lee-Perriard says the coverage
is peppered with unique stories. Among her favorites are stories of sitting
presidents who lashed out at Wall Street, unhappy with the odds placed
against them in the stock markets.
"Betting changed the flavor of voting. Because there was money
involved, there was tremendous suspense as the votes came in," says
Lee-Perriard. "And, quite frankly, the incentive bets provided for voting
was tremendous ... what better way to protect your bet?"
There are still remnants of presidential betting. The University of
Iowa College of Business runs an electronic market, which sells futures on
the outcome of political events. Intrade runs an online prediction market.
However, most presidential betting has fallen by the wayside. Lee-Perriard
says examining presidential betting days and theories behind their
disappearance is best accomplished by examining the archives of newspapers
that explored the national scene, such as The New York Times and The Wall
Street Journal. With library web sites including such products as ProQuest
Historical Newspapers, that's not as difficult as it used to be. Both
papers' digital archives can be easily searched by timeframe and keywords
(think "presidential betting"). Articles appear on the computer screen in
their original format for a bona fide look into the past.
Interested? Contact your local library for details or visit
http://www.proquest.com.
About ProQuest
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seekers, scholars, librarians, and educators. A global leader in the
information industry, ProQuest culminates the experience and learning from
respected brands, including CSA, UMI, Chadwyck-Healey, SIRS, and eLibrary.
With Serials Solutions, Ulrich's, RefWorks/COS, and Dialog LLC now in the
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people in partnership with librarians. ProQuest is an information partner,
creating indispensable research solutions that connect people and
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breadth of global content, including historical newspapers, dissertations,
and resources for researchers of any age and sophistication -- including
content not likely to be digitized by others. Inspired by its customers,
ProQuest is working toward a future that blends information accessibility
with community to further enhance learning and encourage lifelong
enrichment.
Media contact: Beth Dempsey, beth@bethdempsey.com, 248-349-7810
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.
SOURCE ProQuest
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Related links:
http://www.proquest.com
CONTACT:
Beth Dempsey, +1-248-349-7810,
beth@bethdempsey.com, for ProQuest
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