Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-08-06

The situation In New York was
such that an hour might be vital
and that failure to act for even one
hour might subsequently render all
efforts at action useless.
by having acquired the Tenncs-
see Coal q Iron Company, the United
States Steel corporation would simply
have added about 1 II per cent 90
It's control of tho steel and iron pro-
duct-an increase from per cent
to 81 l-2 per cent. This addition
by itself would have worked no
change In the legal status Of the steel
corporation. Action was emphatic
ally necessary for tho general good
OF the Republic. Tho only chance
Of arresting the panic was offered boy
Messrs F'rick and Gary.
Il answered Mr., Frick and judge
Gary that didn't deem II my duty
TO interfere, that H. to forbid ac-
tion on what might saye and did save
the situation. Results justified my
action. The panic was stopped; pub
lie confidence was restored,
when I was In Birmingham,
Ala, last spring citizens there In
formed mo volun'lrlly that the ac-
ton taken by the steel corporation
in acquiring tho Tennessee Coal y
Iron Company had proved of great
benefit TO them and therefore the
whole state of Alabama.
They said that the purchase had
been beneficial from every stand
point.
"I consider that the stand 7 took
was vitality necessary TO the well
fare OF the people Of tho United
States. In my judgment I would
have been n dcrelct I'm my duty and
would have shown myself umid
and unworthy public official II ]
had not acted as I did.
"If a man is worth his salt he viii
meet his duty when a crisis ocmes
Excuses can always be given for non
action in such crisis. So long as n
mans acts are not prohibited by law,
he should have the courage to act
At this point Chairman Stanley
said'
Colonel Roosevelt, please state all
tho presentations made TO you by Mr..
F'rick and Judge Gary in regard TO
the proposition to purchase the Ten
nessee Coal q Iron Company"
well. gentlemen. I had already
heard from New York that certain
interests could save certain trust
companies from disasters. Now I can
not give you Mr.. Fricks and Judge
Gary's statements verbatim, because
they were made four years in the
past But they were TO this effect:
"They said they were urged by
various representatives Of big bust
ness interests In New York to acquler
| tho Tennessee Coal G. Iron Company,
because the securities Of that concern
were assets In one big trust company
there. My recollection Is, however,
| big trust companies.
"Messrs. Frlck and Gary said they
were convinced the company would
fail II nothing was done as the Ten
| nessee securities had no value at the
moment. They were willing to pur-
chase the Tennessee property for the
United States steel corporation"
did they tell you that a certain
wine agent by the name Of Kessler
and n stock broker by the name OF
Schley were In trouble?"
'"They certainly did not" And
Colonel Roosevelt thereupon pointed
his finger at Chairman Stanley and
added:
81 certainly never before heard
the name of Kessler whom you say
is a wine agent. Not until you men
toned It just now, Mr.. Stanley did
l ever hear Of a man by that name"
There was a great deal of laugh
ter at this and Chairman stanely
made no effort to suppress 1t.
II may have heard the name Of
Schley," said Col Roosevelt, "of that
1 am not certain"
"Col. Roosevelt, I am neither n
prophet nor the son Of a prophet,
but I knew year ago that your
testimony on this score would have
been as It was today
'I am not familiar, Mr.. Chairman,
with Wall Street or It's ways" said
the colonel.
'I am sure that It is so, Colonel
Roosevelt" said Chairman Stanley.
"They said that they were willing
and anxious TO purchase tho Ten
nessee Coal ana Iron Company for