Daily press. [volume] (Newport News, Va.) 1896-current, 1908-10-11
WHY DID THE STEEL TRUST
NEED THE PRESIDENTS
AopR0VAl7

In October, 1907. It was reported
THAT two officers Of the steel trust
visited the White House and asked
MIR. Roosevelt whether he would OBJ
ject II the steel trust gobbled up the
Tennessee Coal and Iron company,
which was the trusts principa; COM
petitor 1t was reported at the time
that MIR. Roosevelt gave the steel
trust permission to forge this addi-
tional link in the monopoly chain.
This report ia now fully confirmed.
Mr.. Roosevelt admits that he gave his
approval to this unholy combination.
He claims he did it in order to stop
a further spread of the Republican
panic and that, In any event, it was
q legal transaction.
Let us analyze this:
II the deal was legitimate and vio-
lated no law. WHY DID THE OFF1C-
|IALS OF THE STEEL TRUST NEED
THE PRESIDENTS APPROVAL?
What did the president have to do
with a legitimate transaction between
these two concerns?
On the other hand. why should the
president of the United States autho-
rize a trust already enjoying undue
privilege. to strengthen its monopoly
by taking over the capital stock Of its
one great competitor? Why should
the president do this even to save
banking institution that had this
stock as collateral?
Mr.. Roosevelt said that he did this
| in order to stop a fur,ner spread OF
the Republican panic. yet only a few
days before the two steel trust Of
hcials obtained his approval to this
deal Mr.. Roosevelt delivered q speech
at Nashville. Tenn. in which he said:
There has been trouble in the
stock market and in high financial
world. during the past few months. The
statement has frequently been made
that the policies for which l stand are
responsible for that trouble. Now.
gentlemen. these policies Of mine can
he summed up in one sentence. They
| represent the effort to punish sue.
cessful dishonesty. I doubt II these
policies have had any material e.
fleet In bringing about the present
trouble. but " they have. II will not
alter my determination that Tor the re.
naming sixteen months Of my term
these policies shall be persevered In
II to arouse that type OF civic mar
fhocd In our nation II were necessary
to suffer any temporary commercial
depression. I should consider the cost
but small. All We have done has
been to uuearfh the wrong-doiRg. II
vas not the fact that II was unearth
d. that did the damage. All did was
to turn on the light am responsible
for turning on the light. hut I am not
responsible for what the light showed
IIt IN impossible to cut cut a CARRIER
without making the patient feel for
J, few days rather sicker than De felt
before"
4 Mr. Roosevelt; says that this combi
nation was permitted IN order to sios
further spread Of the Republican
, panic. vet II Is true tha: no soone'
j vas the merger affected than IL va
anpounced that. THE. PRICE. OF
, STEEL RAILS WERE ADVANCED
FROM SIS TO SEQ PER TON
At the time this deal was consum
mated. the Philadelphia Ledger. 9 stall
, vart Republican pape-. made Thu
: comment:
The transfer Of the principrI south
ern iron interest. the Terns zee Goa
and Iron compsnv. to the rust q
the United States l;e'' .rporation B
. usually called. is curiOa.ly effected
o The merger has been expected 70
several years on business grounds
9 ard IL nos crrnss as the result Of 81
: accident In order 90 save = New YorI
, ,rusi company from bankruptcy. I
= Is o by-prodsct Of the panic TIE tru
Q si9nifscancs e. the combinaiipa