The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-01-07
Z cnnment Of the President.

Il 9snmenting upon the attorney gehefai
isrs- the president says
sts 10 the transaction in question, j
4 az PERSONALITY cognizaut and responsible
~ he every detail For the information
4 ,ftbe senate transmit a copy of letter
4 ss-f IN me 10 the attorney gonefaf on
4 Nov { 1907. as follows;
e,Vv Dear Attorney General-Judge r.
y Gary and MIR. II. G. Frlck, on DehalI OF
fbe steel corporation, have Just called
upon me. They state that there i a GO :
tsin business firm tthe name OF Whlcn |
nave moi been told but which is of real
imnortarce i'm New York business clrclesl
which will undoubtedly fail this week II
helm is not given. Among its assets are q
majority Of the securities Of the IenneSseS
Coal company Application has been Uf-
gently made to the steel corporation 70
purchase this stock as the only means OF
avoiding a failure. Judge Gary ana NJ
Prick Informed me that as mere D1sl-
ness transaction they do not care TO pur-
chase the stock. that under ordinary cir
cumstances they would not consider pur-
chasing the stock as but little benefit Will
come to the steel corporation from the
purchase; that they are aware that the
purchase Will be used as a handle for at
tack upon them on the ground that they
are striving 10 securing a monopoly Of the
business and prevent competition-not that
this would represent what could honestly
BE- said but what might Tecklessly and
untruthfully be said
Policy of Steel Corporation.
They inform me that as a matter OF
fact the policy Of the company has bee
to decline TO acquire more than GO pc.
cent Of the steel properties, and that thi'
purpose has been DerseVered in for sew
eral years past, with the object of pre-
venting the acquisition and as a matter
Of fact their proportion Of steel properties
has slightly decreased. so that II is below
ns o. per cent. and the acquisition of tn,
property in question will not raise 1t abOv.
O. per cent But they feel it is immensely
10 their interest, as to the interest of ev-
cry responsible business man. to try &c
prevent a panic and general industrial
smashup at this time. and that they are
wiling to go into this transaction, which
they would not otherwise go into because
L seems the opinion of those best fitted
90 express judgment in New York that il
would be an important factor in prevent
ing a break that might be Tuinous; and
hat this has been urged upon them by the
commission of the most responsible bank
sfs IN New York. who are now thus en-
Gagged in endeavOTing to save the situa-
Ton But they asserted that they did not
wish to do this If I stated that it ought
Aot 10 be done. / answered that while, of
course ! could not advise them to take
.ae action proposed, I felt it no public
gly Of mine to interp0se any objection.
Sincerely yours,
THEODORE ROOSEVELT.
Hon. Charles J. Bonaparte, Attorney
General
No Ground for Action.
After sending this letter was advised
1tlE oy the attorney general that in his
Gpuioh no sufficient ground existed for
ha proceedings against the steel cor
IoIduon, and that the situation had been
u no way changed by its acquisition OF
VIZ tennessee Coal & Iron company.
nave thus given TO the senate all the
.-g.HlaJion In the possession of the ex-
-uVe departments which appears to me
~ y material OF relevant on the subject
y us resolution. I feel bound, however.
. all tnat / have instructed the attorney
,t-.-a not TO respond to that portion uf
"a. solution which calls for a statement
:, Ietsons Tor nOn-aCtiOn. I have done
Il ,LAuse do not conceive II to be with
- authority Of the senate to give di-
- '-.s OF this character to the head OF
sAecuJYe depaTtmene OF to deman
81 ~. gum reasons for his action. Heads
h ~. tegJl'e departments are subiee,
b. - constitution and 10 the laws L assed
se-r.s.s ohsTeSS in pursuance of the con-
ssr, y, ana 20 the direction of the psesi-
5-s,,y.t me United States. but no other
n. THEODORE ROOSEVELT.
r " lhle House Ian & 1919 -