The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1909-01-08
THE White House,

torrey General on November T. l9o'
rs follows: , III.
"'The White House,
washington. Nov. 1, 1907.
".My Dear Attorney General: Judge
:. II. Gary and Mr.. H. c. Prick, on be
half of the Steel Corporation. have just
called upon me. They state that there
is certain business firm (ilc name
Of which | hnra not been told, but
whicn Is OF real Importance in New
York business circles. which will I'M
doubtetlly fail this week If help Is
not given. Among It's assets are Il ma
jorlty Of the securities OF the Tennes
see Coal Company. Application has
been urgently made to tae Steel Cor
pnration 10 purchase this stock as the
only means Of avoiding failure
Judge Gary and Mr.. Frlck informed me
that as mere business transaction
they do, not care to purchase the
stock; that Under ordinary circum
stances they would not consider pur'
CHASING the stock. because but little
benefit will come to the Steel Corpo
ration from the purchase: that they
arc aware that the purchase viii be
used as a handle far attack upon them
on the ground that they are striving
To secure monopoly Of the business
and prevent compettion-not that this
would represent what could honestly
be said. but what might recklessly and
untruthmlly be sail. They inform me
that, as n matter OF fact, the policy OF
the company has been to decline to
acquire more than GO per cent. OF the
steel properties, and that this purpose
has been persevered In for seevral
years past. with the object OF prevent
ing these accusations; and, rs n mat
ter of fact, their proportion of steel
properties has slightly decreased. so
that It Is below this GO per cent. and
the acquisition Of the property. in
question will not mise it above GO
per cent.
~ To Avert a Panic.
"'But they feel that It Is immense
ly to their interest. as TO the interest
OF every responsible business man, to
try to prevent n panic and general In.
dustrial smash.llp at this time, and
that they are willing to go into this
transaction, which they would not 9TH
erwlse 30 into, because 1t seems the
opinion OF those bent fitted to express
Judgment in New York that It will be
an independent factor in preventing
a break that might 'be ruinous, and
that this has been urged upon them by
the combination Of the most RESPONSE
BILE bankers in New York, who are
now thus engaged In endenvorlng to
save the situation But they assert
cd they did not wish to do this Il I
stated that 1t ought not to be done. l
answered that while Of course I could
not advise them to take the action pro-
posed, felt It no public duty Of mine
TO interpose any objection.
Sincerely yours. '5a J
"(signed) THEODORE ROOSEVELT.
Hon. Charles J.. Bonanarte. Attor-
ney General
after sending this letter was adj
vised orally by the Attorney General
that in bis opinion no sufficient
grounds existed for legal proceedings
against the steel corporation, and that
the situation had been In no way
changed by its acquisition OF the Ten.
nessee Coal and Iron Company,
None Of Their Business.
u have thus given to the Senate nil
the Information In the possession Of
the executive departments which up.
pears to me 10 be material or relevant
on the subject Of the resolution. lfeel
bound, however, to, add that | have in
structed the Attorney General not to
respond to that portion Of the resolu'
ton which calls for statement Of hli
reasons for non.actlon. have done