The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1911-08-09
Teddy Goes Against Precedent
and Tells What He Know
About Big Merger
S II O u L ERS THE
RESP VISIBILITY
Not to Consent to Absorption Of
Tennesse Coal & Iron Co.
Would Have Been Criminal,
He States

NEW YORK, Aug. 5.-Theodor.
Roosevelt talked boldly before the
house committee investigating the
United States steel corporation today
and voluntarily told how his action in
consenting to the absorption of the
Tennessee Coal and Iron company bv
the steel corporation in 1907 averted
a disastrous panic.
The former presidents action in
submitting congressional review Of
his own administration is almost pu-
precedented in the history Of the Unit
ed States and was thoroughly Rcose-
veltian. He arrived unheralded at the
city hall, vigorously shook hands with
the members of the conioittee, de-
clared himself delighted To see every
body and get down to business. First.
ne placed upon himself the RESPONSE
bil1ty of approving of the ABSORPTION
street and condemned any man who
would not act as he did in that cri-
sis. Not to have done So he said,
would have been terminal Prob
ably nothing in the vigorous life his
tory of Colonel Roosevelt is more dra-
matte than his public appearance to-
day at the crisis or the investigation
or a transaction which has been re-
corded in hundreds of pages of con-
gressional inquiry. The chapter he
contributed not only dealt with his
part in events that were threatening
at that time but he gave some inter-
esting opinion on the trust question
that loom cd II in boir i,,,o
more than his recital of the facts in
the Tennessee Coal and Iron trans
action.
To Restore Confidence
After declaring that his object of
the approval of the sale of the Ten
nessee company was to restore conf
dence, the former president, in re-
Spouse to queries by Representative
littleton relating to the cases as pre-
sented to him by Judge Gary and H.
G. Prick at the White House in No
ven1ber. 1907, said
THE situation was so critical that
it was liable to break at any moment
until this acton was taken and the
instant 1t was taken an enormous i'm
provement occurred"
ihSh ihoonCFSlt IduHt,neO lnlO q dl0~
cussion with Chairman Stanley of the
general trust question, saying the
United States has something to learn
of Germany, Roosevelt said he felt
sure this control would come along
general lines of supervision exercised
by Germany. He emphasized the fact
that he had repeatedly expressed his
views on the subject of corporations
in messages to congress, adding you
will not achieve your purpose by split
ting big corpora tons
Dissolution Inadequate
Chairman Stanelv interrupted at
this point to say that he did not be-
lieve that the dissolution of the United
States steel corporation into its con-
sistent parts would be an adequate
remedy. Stanley continued by ex-
planning that he believed that the
steel corporation should be divorced
from every common carrier in fhe
country, and that the same rate
should be charged them as other peo-
Pile. He said that rebatng must be
stopped; rebates that violate the spirit
of the law as well as those which
violate the letter of the law Judge
Lands tried to do that and failed"
interrupted Roosevelt amid laughter
Stanley continued by declaring that
the directors of the steel corporation
should be barred from becoming di-
rectors of railroads and denounced
in general terms the system of in
terlocSed drectorates.
Urges Rigid Control
Roosevelt said he agreed with STAN
ley I'm general but declared he favored
going much farther in exercising con-
troll of corporations. And allow ma
to say continued the ex-president,
you have known them at some dis
lance. I have lived near them and
know them WELL
RooseVelt's attention was called to
the testimony of Grant s. Schley. that
he did not know he would have failed
If it had not been for the sale of the
tennessee Coal and Iron to the steel
corporation. IF Schley SAYS he did
not know he would have failed with
out the action being taken that was
taken then he is the only man in New
York who does not know it."
Sterling asked if he had acquired
1normation since the Tennessee alb
sorption which caused him to think
of the deal as wise or unwse Reply
ing Roosevelt said: Every particle
of information | have obtained since,
confirms me that not only was nv ac-
ton absolutely wise and absolutely
proper but that il would have been
well-nigh criminal for me from tho
standpoint of the representative of
the people of the United States not
to have done exactly what ] did.
cannot state that too mountaineering