The evening times., 1911-08-05
COL. ROOSEVELT
TEST|F|ES IN THE
STEEL INQUIRY
Tells About Absorption of the
Tennessee Coal and Iron
Company
DISCUSSED ADMINISTRATIONS
EFFORTS TO STAY 1907 PANIC
Frick and Gary Proposition Discussed
and Ex.President Assumed Full Re.
sponsibility for Allowing the Alb.
sOrpti0n to Be Made.

New York, Aug. 5.-Col. Theodore
Roosevelt took the witness stand to-
day in the congressional inquiry in
to the steel corporation to tell what
hs knows regarding the absorption of
the Tennessee Coal and Iron company
by the steel corporation during the
panic of 1907.
Col. Roosevelt reached the city hall
at 10:30. His intention to appear had
been kept secret, but few moments
before his arrival officers were sta
toned in the aldermanic chamber and
its approaches. The former presi-
dent appeared in exceedingly good
humor and greeted Chairman Stanley
and the other members of the COM
mittee with enthusiasm.
Roosevelt took the stand at once.
after you had courteously said I
should come at 10 o'clock, Mr. chair
man, l wrote out statement l
should like to make" said the form
er president after Chairman Stanley
had asked him to explain what knowl-
edge he had of the Tennessee Coal
and Iron company absorption by the
United States steel corporation.
Il would like to read the statement
l have prepared
You may read It," the chairman
said, certainly; just as you choose"
Roosevelt then began the reading,
introducing his subject by descrip-
tion Of the financial panic conditions
in the fall Of 1907.
ut was the utmost duty of the ad-
ministration," he read, Ito prevent by
all means the spread Of panic before
1t became disaster"
The secretary of the treasury and
himself. he said, were constantly in
touch on the. situation.
He then read the committee the let
ter afterwards published In the SEN
ate records of the hearing on the
Tennessee Coal and 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 financial panic. The
firm that was in trouble, Roosevelt
said, had not been mentioned. Roose-
welt then went on to read his state
ment going into details about the seri-
GUS financial conditions in New York
and told how he had taken the respon-
sibility to permit the transfer to the
steel company and did it on his own
initiative.
"It was matter Of general knowl-
edge" he said, referring to the banks
and trust companies in New York,
that they held securities of the Ten
nessee Coal and Iron company which
had no market value" The PROPOSE
tion of Messrs. Gary and Frick was,
he continued, that the United States
Steel corporation should take over
the Tennessee Coal and Iron COM
pany at once. "It is was necessary
for me to act at once," said the form
er president, Ito act at once before
the stock exchange opened, or the
transaction might prove useless" !"
"He said he was satisfied that the ac-
quirement by the steel corporation Of
the Tennessee Coal and Iron company
did not change the legal status Of
the corporation. Furthermore I be-
lieve it would be for the public
good" continued Roosevelt, II an
swered Gary and Frick that If the
matter were in such state, did not
want to stand in the way, and the re-
suit proved that the act was good
because the panic was stopped"