December 2016 Auction Ends Thursday, December 15th, 5pm Pacific
This lot is closed for bidding. Bidding ended on 12/15/2016
Exceptional autograph letter signed by Herbert Hoover regarding speculation in the stock market, before he presided as President over the 1929 stock market crash that led to the Great Depression. In addition to regretting a speculative investment, Hoover writes in this letter that U.K. securities are the lowest they've been since the ''Battle of Waterloo'' and that he's rarely been successful in stock market speculation. Hoover writes to his business partner W.J. Loring, an investor in the company Bewick, Moreing & Co., where Hoover was a partner. Composed on company letterhead, circa 1906, Hoover writes in part, ''My dear Loring, As to your private note re my remarks...Possibly I get too pessamistic [sic] on this business at times - Being as I was not nervous & constituted to stand the strain of it many years at this end. - The losses I spoke of were an additional [pound] 15000...which I had not expected and which could have been compromised when I left for Australia for [pound] 4000 but simply by neglect was allowed to run on...because no one was here to attend to matters - I sympathize with you on speculation matters; I cannot say I have ever made anything consequential that way and in the long run do not believe it is worth while - The Eureka is a hard bump, I am more to blame than anyone else as I should have had enough sense not to gamble on untried processes with our own money. The Block Range issue is apparently going to be a failure; of the 90000 shares issued to the shareholders...only 10000 or 12000 are going to be taken - this does not effect our interest more than to [?] the hope of immediately clearing up the profit in cash. We have tenatively [sic] sold 5000 at par which I hope will go through. Our staff members are foolish to [?] stuff a par when there are thousands on sale at that price. Markets are worse here than for many years. Consols are within one point of the lowest since the Battle of Waterloo - Deep Leads are our great hope these days - and we shall no doubt see what happens shortly; If they come off we shall all be in clover; if they fail we will need [to] keep battling on a long time yet. Don't get worried if I pass a kick onto you occasionally; I always do it with the mental reservation that you did better than I could have done in the same circumstances...comfort yourself that I only pass on 1% of the kicks I get!! My wife has gone to the States for two months; I shall not leave here until we know what has happened in the Deep L - as I feel that I must be here to see that the finances of that business are properly organized. We will need [to] finance at least 10 companies and I want to see that they get [pound] 125000 to [pound] 150000 each provided while the fever is on - if it comes. Such a group would be very comfortable bases of business during the next few years and enable us to do way with some worries...I think we know enough now to provide against many of the 'bumps'. Kind regards to Mrs. L - Your faithfully, HCH.'' Three-plus page letter on two sheets measures 8.25'' x 10.25''. Folds and punch holes at left, otherwise near fine condition. A prescient letter by the future depression-era President.
Herbert Hoover Autograph Letter Signed on Stock Market Speculation, Pre-Crash -- ''...I am more to blame than anyone else as I should have had enough sense not to gamble...with our own money...''
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