New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-04
TO PRESS STEEL INQUIRY
Committee May Call Mr.. Roose.
welt and Mr.. Root.
SEEKS LIGHT ON 7. C. AND |.
Text of Letters Read by Judge
Gary Made Public - Many
More Witnesses Summoned.

Washington. June 3.-Because OF marked
discrepancies In the accounts Of the absorb
tion Of the Tennessee Coal and Iron Com
panv by the United States Steel Corpora
ton given by John w. Gates and Ebert "a
Gary .he Stanley steel investigating CON-
mttee OF the House has determined that
further Hight on that deal must 20 obtained
and that every person who had anything
TO do with It should be examined
The committee Is again considering the
necessity of sumnoning eX-President
Roosevelt and Senator Root for verihcation
Of the details Of the conferences with ex-
Judge Gary and Mr. FrIck.
The text of the letters read to the com
mttee by ex-Judge Gary Yesterday was
made public to-day. The first. from ex-
Judge Gary to Secretary Root. follows:
New York, November 7, 1901
Ny Dear Mr. Secretary At the recent In
terview at the White House between tho
President and Yourself and Mr.. Prick and
myself. ! stated in substance that our cor
poration had the opportunity OF acquiring
more than half the capital stock Of tho
Tennessee Coal and Iron Company ar a
price somewhat In excess of what we be-
lieved TO be its real value, and that II bad
been represented that II the purchase should
he made II would be "a great Denent 10
financial conditions and save from failure
an important business concern, and that.
under the circumstances, Mr.. Frick and I
had decided To favor the purchase, unless
the President objected. end I further stated
that the total production capacity OF our
companies would not he materially increased
by the purchase of the Tennessee Coal and
Iron Company. and that the purchase would
probably not bring IL TO more than On per
cent of the total steel production in this
country. which was about the capacity OF
our companies at the organization OF the
Steel Corporation: that our position was OPP
posed 10 securing monopoly in our lines
or materially increasing our capacity. ] un-
derstood the President to say that. while
he could not make any binding promises.
he did not hesitate TO say that. from all the
circumstances As pres nted he would not
advise against tho purchase. Very truly.
Il. ". CARY.
To the Hon. Elihu Root. Secretary of state.
Mr. Root replied a. follows:
Washington. November If. 1897.
Dear Mr.. Gary: have your letter or No
vember {. which fully agrees with nv recol-
lection OF the interview 70 which you REFER.
In which YOU stated 10 the President the
circumstances under which the United
States Steel Company had been asked 10
relieve tho financial situation by the pur.
chase Of the stock Of the Tennessee coal
and Iron Company. 7 have sent copv OF
your letter with this answer TO the Presi-
dent. with the recommendation that II he
trar smitted n the Department Of Justice
- "'"' ~ ELrHu ROOT
Washington. November ~. 1Si.
Dear Mr Gary: 7 inclose a copy Of the
letter which ! have sent to the President
inclosinz a copy Of your letter Of Noyem-
her and a copy ~ the Presidents answer.
You now have complete record 81 what
YOU will he able to find on the files OF the
Department Of Justice. should occa sion
arise Very sincerely. EldHT ROOT.
Tnclosed we're the following letters. first
from Mr. Root 10 Tho President dated No
vember II. 1907 and Mr.. Roosnvelt's reply:
Dear Mr. President: ! transmit here
With o copy Of letter from Mr. Gary,
dated November = 1907, and received by
me on the following dsv. You will 500 tha,
u relates 10 an interview which Mr. Gary
had with YOU last week regarding the par
chase Of the stock of the Tennessee Coal
and Iron Company by the United states
Steel Corporation. and 7 recommend that
these papers be sent 10 tho Department oi
Justice and placed upon the files ~ that
department Yours sincerely,
FbTUT ROOT
November r. 1901,
Dear Mr.. Secretary: ! am in receipt Of