Los Angeles herald., 1907-08-22

binations of little capital and much
watered stock.
The news from New York was so in
sistent and possessed such marks OF
authenticity that editors all over the
country were convinced that the kings
of finance had in some manner obtained
access to advance copies of the speech,
and comparison was made in many in
stances to ascertain just what Roosevelt
was to say.
Upon the whole, the speech, as sent
to all the papers was firm and admoni-
tory, but it was not distinctly threaten-
ing and 1t was SO adroitly conceived that
the wavering capitalist recalling occa-
sions upon which the president had
lashed out right and left at predatory
wealth, took new hope and courage. This
Is, presuming that access was obtained
i, to an advance copy of the address. for
| in no other way is the unwonted activ-
| ity of the stock market on Saturday and
last Monday to be accounted for.
| On Tuesday morning, however, the
presidents speech by the substitution
of single paragraph telegraphed to all
parts of the country and cabled abroad,
assumed an entirely different complexion.
The paragraph In question was sent from
New York and was the first news re-
ceived in Los Angeles on Tuesday morn
ing. Despite the crippled condition of
the telegraph companies the efforts to
hasten it's transmission were successful,
enabling editors to insert 1t in the first
publication of the address.
This is a portion of the paragraph in
question:
"Once for all, let me say that, SO far
as I am concerned, for the eighteen
months of my administration that re-
main there Will be no changes in the
policy we have steadily pursued; no let
| up in the efforts to secure honest OBJ
servance of the law, for j regard this
contest as one to determine who shall
rule this countryside people through
their governmental agents or few
ruthless, determined men whose wealth
makes them particularly Formidable be-
cause they are behind the breastworiSs
| of corporate organization"
| Hand the New York stock exchange
| been suddenly subjected to a rain OF
shells from a fleet off the harbor there
would have been no more CONSERVATION
than followed the receipt of what the
| president had really said at Province
| town Only to the fact that but an hour
or so of trading remained is to be credit
ed the fact that there was not consid-
erable panic.
Scramble to Sell
Men who had loaded up with expensive
securities in the expectation of sharp
advance following the presidents ut
terances scrambled from under and
threw overheard everything they could
sell in so short time. On the average,
the days business was not discouraging,
but to the experienced watcher OF the
ticker tape it was evident that the mar
ket had been hard hit. Yesterdays sell
ing orders were unusually large and the
outlook for days to come is devoid of
cheer to the mighty manipulators OF the
countrys finances.
Only yesterday, when the full force of
the presidents remarks had been rea-
lized, was it generally recognized that
Mr. Roosevelt or his advisers, suspicious
of the dishonest use that might be made
of a premature knowledge of his real
intentions, resorted to a bit of strategy
that has had no parallel in journalism.
In newspaper circles, where there is no
great and enduring affection for the
trusts and where there Is open and
hearty admiration and sympathy for ev-
cry just prosecution, it is firmly believed
that the chief executive of the United
| States became in reality Teddy bear
and that his one raid upon the stock
! market will live forever in it's history.
4