Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-08-08
ROOSEVELT Tells OF
S|MOTHERING PANIC
BY QUICK ACTION
Former President Makes ORA
matte Appearance Before
Steel Probe Committee and
Voluntarily Submits

the Tennessee Coal and Iron company
By the steel corporation in 1907 averted
disastrous panic.
The former chief executives action In
submitting to a congressional review Of
his own administration was almost IN
precedented in the history OF the United
States and was thoroughly Rooseveltian.
he arrived unheralded at the city hall.
vigorously shook hands with members
of the committee. declared himself de-
lighted to see everybody and got down
to business
First and foremost he placed upon
himself responsibility for approving the
absorption 70 save a perilous financial
disaster in Wall street. and condemned
any man who would be so weak as not
20 act as he did IN that crisis.
DRAMATIC APPEARANCE
Probably nothing in the vigorous life
history Of Theodore Roosevelt was more
dramatic than his public appearance to-
day at the crisis OF the Investigation In
10 the transaction which has been re-
corded in hundreds OF pages OF congress
sional inquiry.
After declaring that his object in ap-
proving the sale Of the Tennessee COM
pany was to restore confidence. the
LOEtAEI HIC14uCuAs III EEcFDu1G ~
les BY Representative Littleton relating
10 the memorable white house confer
euce in November. 1907. at which Judge
Gary and H c. Frick were present.
said.
The situation was so critical that It
vas liable TO break at any moment until
the action was taken, and the instant II
was taken an enormous Improvement for
the better occurred"
rwNn- n zs-
cussion with Chairman Stanley on the
general trust question. saying that the
United States had something 10 learn
from Germany.
Mr.. Stanley" Mr.. Roosevelt bro In,
switching the line OF inquiry IN progress.
may say In connection with what has
been said on the general trust question
and Of this particular corporation, the
steel corporation. that know you viii
not accept silence on my part as indi-
eating anything as TO my attitude on the
general trust question as you know it?''
FOR NATIONAL CONTROL
Il have stated again and again while
I vas president, IN messages to con-
gress. which were not always received
with as much enthusiasm as they were
written. ana since then in articles and
speeches. Just what / have felt the at
tftude OF congress toward these great
corporations anu gO0
know. l believe in a far more drastic
and far more thorough-gooing supervis-
ion and control over them by the ne
ttonal government than we have yet
achieved
ION another occasion / should have
been very glad to have spoken with you
on trust remedies. / am sure you viii
not achieve your purpose by splitting
up the big corporations
While something can be done along
that line the work must be done by
our national government acting as the
government OF Germany has. / think,
IN the potash matter acted-by actual
". in the interest and al the people. in
terferfng and exercising a degree or
control over a big corporation. which
il would be wholly Unnecessary 10 exer-
else over a corporation that has no
monopolistic faint"
Il wish TO say" Mr.. Stanley re-
piled. that I am not Of the opinion
that the dissolution OF the United
states steel corporation into It's con-
stituent parts IS an adequate remedy
you are quite right" said Mr.
Roosevelt
7 believe, the chairman continued.
that we must divorce absolutely the
United States Steel corporation from
every common carrier on the continent
and By law force the common carriers
to charge the steel corporation
Just what they charge other people.
We must destroy a rebate which is
against the spirit OF the law as well as
a rebate which IS IN violation OF tne
letter OF the law. II that IS done. and
IL IN addition
Judge Lands tried TO do that and
failed" interjected Mr.. Roosevelt his
comment provoking loud laughter.
The chairman said he would prevent a
director OF the steel corporation from
becoming a director OF railroads and de-
nounced the system OF interlocking di-
rectors-
with the general purpose Of what you
propose" said Mr.. Roosevelt, Il am
in hearty sympathy and I should go
farther still In exercising direct control
over these big corporations. And ollow
me TO say. sir. you have known them
at some distance I have lived near them
and l know them we'll"
In responding to queries directed TO the
Tennessee Coal and Iron transaction. and
the testimony Of Grant B. Schley that
ne did not know whether he would have
failed had II not been for the sale OF
the Tennessee company TO the steel cor
poration. Mr. Roosevelt aroused the
committee with the terse statement
that II Schley did not know IL he was
the only man in New York who did not
Il never had any doubt as to the wis
dom OF my action. Every particle>of in
formation ne had since received had
confirmed him. he said. that his action
vas wise
Representative Bartlett. of Georgia,
suggested that with reference 10 the
proposition Of more drastic control Of
large corporations. Judge Gary had
been Won over.
Mr.. Roosevelt replied. I hope so.''
Judge Gary's suggestion" said Mr..
Bartlett. was that the Sherman anti
trust law had remained dormant for
nearly 70 years and had never been
sought to be enforced so drasticaIly as in
recent years"
As IL had been during my admins
tration." said Mr.. Roosevelt sharply.
leaning forward and smiling his broad
est smile. I am sure as / can be OF
ANYTHING that the course / advocated
repeatedly while was president ulti-
mateIy will commend itself 10 the judg-
ment OF the people OF the United
States
TO the extent OF the government fix
Ing pricesT' asked Mr. Bartlett
IF / had made that suggestion in
Ccontsnues On page Three. column 81