How it happened
Subject(s): Petroleum industry and trade, Stock exchanges
Click on image to zoom in
In a business office, the president of an oil company talks to a resident of the local community. He is explaining to “Mr. Haysede” why his company has to issue more stock. Caption: Mr. Haysede — I see by your advertisements that you’re going to issue some more stock. What’s that for? / Oil President — What for? Why, my good fellow, we’ve earned so much money in the past six months that we’re obliged to have more stock to pay dividends on it order to get rid of it.
Comments and Context
Gallaway’s cartoon makes a political, or economic, point masquerading as a simple joke. “Hayseeds” and “rubes” were stereotypical uneducated rural types frequently fleeced by manipulative swindlers from the city. In this cartoon, Gallaway engaged in hyperbole, because in 1903 it was not only gullible farmers who were skeptical about stock watering; the middle class, small businessmen, and, increasingly, the federal government under President Theodore Roosevelt who questioned Wall Street’s manipulation of share values.
Collection
Library of Congress Prints and Photographs
Creation Date
1903-07-08
Creator(s)
Gallaway, W. H. (Walter H.), 1870-1911
Period
U.S. President – 1st Term (September 1901-February 1905)
Repository
Library of Congress Prints and Photographs Division
Page Count
1
Record Type
Image
Resource Type
Rights
These images are presented through a cooperative effort between the Library of Congress and Dickinson State University. No known restrictions on publication.
Citation
Cite this Record
Chicago:
How it happened. [July 8, 1903]. Library of Congress Prints and Photographs.
https://www.theodorerooseveltcenter.org/digital-library/o277300. Theodore Roosevelt Digital Library. Dickinson State University.
MLA:
Gallaway, W. H. (Walter H.), 1870-1911. How it happened. [8 Jul. 1903]. Image.
Library of Congress Prints and Photographs. Theodore Roosevelt Digital Library. Dickinson State University. March 12, 2026. https://www.theodorerooseveltcenter.org/digital-library/o277300.
APA:
Gallaway, W. H. (Walter H.), 1870-1911., [1903, July 8]. How it happened.
Library of Congress Prints and Photographs. Theodore Roosevelt Digital Library. Dickinson State University.
Retrieved from https://www.theodorerooseveltcenter.org/digital-library/o277300.
Cite this Collection
Chicago:
Library of Congress Prints and Photographs. https://www.theodorerooseveltcenter.org/collection/library-of-congress-prints-and-photographs. Theodore Roosevelt Digital Library. Dickinson State University.
MLA:
Library of Congress Prints and Photographs. Theodore Roosevelt Digital Library. Dickinson State University. March 12, 2026. https://www.theodorerooseveltcenter.org/collection/library-of-congress-prints-and-photographs.
APA:
Library of Congress Prints and Photographs. Theodore Roosevelt Digital Library. Dickinson State University. Retrieved from https://www.theodorerooseveltcenter.org/collection/library-of-congress-prints-and-photographs.
