Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1910-07-14
ISSUED HIS ORDERS
JUDGE GARY COMMANDED AND
THE PRESIDENT oBEYEp.
Some inside Information Regarding
the Panic, and How Wall Street
Used Its Influence With PresI-
dent Roosevelt.

All the secret history of the panic
and how the frenzied financiers and
trust magnates we're at their wits
ends to stem the torrent of bank fall
ures that threatened to engulf the
financial pyramid will probably eve
be known. But some interesting de-
tails keep coming to light showing the
close connection between politics and
finance and how impossible it is for a
Republican administration to escape
aiding Wall street when called on.
When the financial panic was at the
height of its fury" says that good Re-
publican authority, the New York
Press, former Judge Gary, the real
executive head of the steel trust as
the chairman of the most important
committee of the great corporation,
astonished the secretary to the presi-
dent by bursting into his private office
and demanding to see the chief magis-
trate Immediately, but commanding
Loeb, first of all, to get up ]. Pier
pont Morgan on the long-distance tele-
phone. The faithful Loeb was SO
~dumfounded that for a while he was
speeches.. He stared at the steel
man, gasping for breath and flushing
with excitement. Then he recovered
his dignity and frigidity, becoming
again the stern guardian of the inner
sanctuary, the unreliable circuit. be-
tween the people and their president.
my dear SIR he protested. but
you have no engagement with the
president. I shall be pleased to make
one for some future date Gary ex-
ploded with a ~deafening roar. The
tottering business and financial world
he shouted, has made the appoint
ment for me, and it has made 1t for
now, this minute!' Loeb tried to
soothe him. If you will be seated he
said, I will inquire Of the president
whether he will be sufficiently olsen
gagged to see you today Judge Gary
took a grip on his voice and his pas
sion. Never you mind about his be-
ing disengaged,' he said. First of all
you connect his private telephone with
]. Pierpont Morgan's in New York.
Then hold the wire when you get 1t.
Then you go in and tell the president
what / say-that there is just n way
to save every bank In the country and
the Republican party from extinction.
I'm here to show 1t to him, and there
is no time to lose.'
Loeb took another glance at the
flashing eye and ~distended neck mus
cles of the steel monarch, gave hur-
ried instructions for the long-distance
telephone connection, and darted into
the withdrawing Office of the chief
magistrate of the nation. In a mo-
ment he returned and led Judge Gary
along the path to Mr.. Roosevelt. With
precipitation they passed through the
outer cabinet chamber, thronged with
patient walters, and slipped behind
the folding doors between that and
the inner room, which had been
cleared of others for the advent of
Gary. Loeb retired, leaving the head
of the greatest country in the world
and the head of the greatest corpora
ton in the United States to take up
the business of stopping the wide
spread crash of financial institutions.
what conversation took place be-
tween the two, what words, were ex-
changed over the telephone between
the White House and the banking
structure at Wall and Broad streets
this writer cannot attest. The whole
affair consumed only a few minutes.
Judge Gary emerged from the inter-
view and hurried away on his return
to New York. Almost before he
crossed the doorstep Of the executive
offices it was known In Wall street
that the steel trust would take over
the Tennessee Coal and Iron company,
that this would save a great banking
institution which was loaded up with
that stock, that %thereupon the tobog-
gaming market would cease its slide
to the bottom of nowhere. When
some one asked whether this merger
would not bring the United States
government down on the hastily con
ceived and executed monopoly, the
ticker tape showed 1t would not-tell-
ing the story with rallying prices and
the restoration of confidence. Nobody
wanted any otAer explanation; nobody
cared"
Even our reforming president
seemed unable to Withstand the re-
quests of the steel trust magnates and
this perhaps explains why Mr.. Roose-
welt did not recommend to congress
the revision Of the tariff. The steel
schedule gives to the trust the highest
protection and no Republican politi-
clan, be he president or congressman,
dares to disobey its commands.