The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-08-05
TEDDY HAS
PREPARED
STATEMENT
Begins His Testimony by Tell
ing Of Panic
His Coming to Stand Kept a
Secret Till Today
Gave Permission for Deal to
Stop Panic

New York, Aug. 5.-Col Theodore
Roosevelt took the witness stand today
in the congressional inquiry into the
steel corporation to tell what he knew
regarding the absorption of the Ten
nessee Coal & Iron Co.. by steel corpor-
ations during the panic of 1907.
Roosevelt reached the city hall at
1880 a. m. His intention to appear
had been kept a secret until a few
moments before his arrival Police Of
acers were stationed in the aldermanic
chambes and its approaches.
The former president appeared in
exceedingly good humor and greeted
Chairman Stanley and other members
sof the committee with enthusiasm.
Roosevelt took the stand at once.
after you had courteously said I
should come at 10 o'clock, Mr.. Chair
man, wrote out statement / should
like to make" said the FORMER presi-
dent after Stanley had asked him to
explain what knowledge he had of the
II Tennessee Coal e. Iron absorption by
the United States Steel corporation.
Il would like to read statement I
have prepared
You may read it," said the chair
man. Certainly. just as you choose.
Y Roosevelt then began reading, i'm
Producing his subject by g description
OF the financial panic conditions in
the fall of 1907.
4 ut was the duty of the administra-
tion," he read, Ito prevent by all means
the spread Of the panic before it be-
came a disaster"
The secretary of the treasury and
himself, he said, were constantly in
touch on the situation.
He then read to the committee a
letter afterwards published in the sem
ate records of the hearing on the Ten
i nessee Coal & Iron case in 1909.
The letter set forth how Frick and
Gary had submitted proposition for
the sale of the Tennessee company and
how he had expressed the opinion that
he did not wish to stand in the way
OF saving a financial panic. The firm
that was in trouble, Roosevelt said.
had not been mentioned
Roosevelt then went on to read his
statement going into details about the
serious financial conditions in New
York and told how he had taken the
responsibility to permit the transfer
of the steel company and did it on his
own initiative.
1T was a matter of general knowl-
edge" he said, referring to the banks
and trust companies in danger in New
York, that they held the securities of
the Tennessee Coal & Iron Co., which
had no market value"
The proposition Of Gary and Frick,
he continued, ''that the u. s. Steel COR
poration should take over the Tennes-
see Coal & Iron Co. at once"
1T was necessary for me to act at
once" said the former president, ito
act at once before the stock exchange
opened, or the transaction might
prove useless"
He said, she was satisfied that the
requirement by the steel corporation
Of the Tennessee Coal a. Iron Co. did
not change the legal status Of the
corporation.
.sFnrthermore, believed it would be
for the public good continued Roose-
Welt.
Il answered Gary and F'rick that If
the matter were in such state, did
not want to stand in the way and the
result proved that the act was good
one, because the panic was stopped"