The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-01-08
President Gives Out Let
ter In Steel Trust
Matter Showing Rea-
son of His Action.
THROWS sENsATIONAL SIDE
CIAL TIME IN THE PANIC.

WASHINGTON. Jan. THE pres
ident has given a little inside light
on the times of panic year ago
that is highly interesting. 1t comes
in statements in connection with the
resolution of Senator Culberson call
ing for explanation of the attitude of
Attorney General Bonaparte in fail
ing to bring suit against the steel
trust at the time of its requirement
of Tennessee Coal K Iron.
While the resolution was not di-
rected to the president. his attention
was called to it by the attorney gem
eral. Commenting upon the attor
ney generals letter. the president
says: =
AS to the transaction in question.
| was personally cognizant and re
sponsible for its every detail. For
the information of the senate ]
transmit a copy of a letter sent by
me to the attorney general on No
vember 4, 907, as follows:
My Dear Attorney General:
Judge +. II Gary and Mr. H. G.
Frick, ON behalf of the steel corpo-
ration 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 Importance in New York bust
ness circlesD which will undoubted-
ly fail this week If help is not given.
Among its assets are a majority of
the securities of the Tennessee Coal
Co. Application has been urgently
made to the steel corporation 10 pur-
chase this stock as the only means
of avoiding a failure. Judge Gary
and Mr.. Friek informed me that as
a mere business transaction they do
not care TO purchase the stock. that
under ordinary circumstances they
would not consider purchasing the
stock. as but little benefit will come
TO the steel corporation in the pur-
chase; that they are aware that the
purchase will be used as a handle
for attack upon them on the ground
that they are striving TO secure
of the business and pre-
vent competition-not that this
would represent what could honestly
be said. but what might recklessly
and untruthfully be said.
They informed me that as a mat
ter of fact the policy of the com
pany has been To decline to acquire
more than 60 per cent of the steel
and that this purpose has
been perseYered in for several years
past with the object of preventing the
acquisitions and as matter of fact
heir proportion of steel properties
aas slightly declined and il is below
his 60 per cent and the acquisition
lf the property in question will not
'aise it above 50 per cent But they
EEL it is immensely To their interest
Is to the interest OF every responsi-
ble business man 10 try TO prevent
1anic and general industrial smashnp
It this time and that they are will
ng to go into this transaction. when
hey would not otherwise go into. be-
-ause IL seems the opinion of those
)est fitted 10 express Judgment IN
New York. that il would be an Inn
)ortant factor in preventing a break
hat might be rninous, and that this
las been urged upon them by tie
of the most responsible
bankers in New York, who are now
hus engaged in endeavoring to save
he situation. But they asserted that
hey did not wish TO do this Ii
stated that it ought not to be done
answered that while. of course. |
'ould not advise them to take the ao-
CONTINUED on page four1