The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-01-07
PRESIDENT I
CONSIDERS
| |. I TER
For Information Of Senate
Copy Of Attorney Generals
Letter Is Transmitted

Washington, jan. 6-The President
declares he does not conceive it ito
be within the authority of the senate
tn give directions OF this character of
the executive department" Tho mes
sage Is In response TO a resolution in
troduced by Senator Culbertson, call
Ing on the attorney general to state
whether he had brought an action
against the steel company because of
lts acquisition Of the Tennessee Con-
Germ.
While the resolution was not d.
rected to the President, Roosevelts
attention was called to 1t by the at
torney general.
Commenting upon the attorney gen.
erals letter, the President says:
AS to the transaction in question,
was personally cognizant and res
ponsible for its every detail For tho
Information Of the senate | transmit
copy Of letter sent by me to the at
torney general on Nov. 4, 1907, as fol.
lows:
MY Dear Attorney General:
Judge E. II. Gary and MI. II. c..
Frick, on behalf of the steel corpora.
tion have just called upon me. They
state that there is certain business
FIRM (the name of which | have not
been told, but which is OF real i'm.
portance in New York business cir
cles) which will undoubtedly fail this
week II help Is not given. Among It's
assets are majority OF the securities
OF the Tennessee Coal company. Ap-
plication has been urgently made to
the steel corporation TO purchase this
stock as the only means of avoiding
failure. Judge Gary and Mr.. Frick
informed ME that as a mere business
transaction they do not care to pur-
chase the stock; that under ordinary
circumstances they would not consid-
er purchasing the stock, as but little
benefit will come to the steel corpora
ton In the purchase; that they are
aware that the purchase will be used
as handle for attack upon them on
the ground that they are striving to
secure a monopoly of the business and
prevent competition-not that this
would represent what could honestly
be said. but what might recklessly
and untruthfully be said.
AhCJ lulcl ucu lUc lDdl DIS d matter
of fact the policy of the company has
been TO decline to acquire more than
60 per cent Of the steel properties
and that this purpose has been per-
severed In for several years past with
the object of preventing the acquisi-
ticns and a5 matter of fact their
proportion OF steel properties has
slightly declined that II is below this
GO per cent, and the acquisition OF
the property in question will not raise
1t above go per cent But they feel 1t
Is Immensely to their interest, as to
The interest of every responsible busi-
nees man to try to prevent a panic
and general industrial smash up at
this time, and that they are willing 10
go into this transaction. which they
would not otherwise go into, because
1t seems the opinion of those best
fitted to express Judgment in New
York that It would be an important
factor in preventing break that
might be ruinous, and that this has
been urged upon them by the com.
mission Of the most responsible bank
ers IN New York, who are now thus
engaged In endeayoring to save the
situation. But they asserted that
they did not wish to do this If | stated
that 1t ought not to be dono.
answered that while, OF course.
could not advise them TO take the ac
ton proposed. ] felt it public duty
OF mine to interpose any objection.
Sincerely yours,
THEODORE ROOSEVELT.
Hon. Charles ]. Bonaparte. Attor
ney General.
After sending this letter, was
advised orally by the attorney genera
that in his opinion no sufficient
ground existed for legal proceedIngs