Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1911-08-11
ROOSEVELT ONSTAND
FORMER PRESIDENT DEFENDS
HIMSELF BEFORE STEEL IN
vESTIGATiNo COMMITTEE.
STOPPED PANIC, HE DECLARES
Asserts His Approval of Tennessee
iron Merger by Trust Avertcd Dis
aster TELLS of Gary-Fr;ck
Conference.

1
New York.-Col. Theodore Roose.
Felt took the witness stand in the
congressional inquiry into the United
States Steel corporation to tell what
he knew regarding the absorption OF
the Tennessee Coal and Iron company
by the Steel corporation during the
panic of 1907.
Mr.. Roosevelt's intention to appear
had been kept secret, but a few mo
ments before his arrival police Off
GERS were stationed in the aidermsnic
chamber and at it's approaches.
Mr.. Chairman, wrote out the
statement | should like to make" said
the former president. after Mr.. Stan
ley had asked him to explain what
knowledge he had of the Tennessee
Coal and Iron absorption by the
United States Steel corporation. Il
would like to read the statement"
You may read it," said the chair
man. certainly. just as you choose.
Mr.. Roosevelt then began reading.
introducing his subject with a de-
scription of the financial panic condi-
tons in the fall of 1907
1t was the utmost duty of the adj
ministration," he read. ito prevent by
all means the spread of the panic
before it became a disaster"
The secretary of the treasury and
ne, Mr.. Roosevelt said, were constant
~ In touch with the situation. Dur
ing that time he learned that two
members of the United States Steel
corporation wished to see him in the
morning. At breakfast the next day
he was informed that K. H. Gary and
H. G. Prick were waiting to see him.
Mr. Bonaparte. then attorney general,
ne continued. had not yet arrived from
Baltimore.
sent note to Secretary Root to
come over" the former president
read. and he arrived at the White
House."
The conference was brief, Mr..
Roosevelt explained. and later he
wrote note to Mr.. Bonaparte stating
all the facts of the conference.
Mr.. Roosevelt went on, going into
details about the serious financial
conditions In New York. and told how
ne had taken the responsibility to
permit the transfer of the steel
company. and did it on his own initia.
tive.
1t was necessary rur me to act at
once" said the former president, be
fore the stock exchange opened. or
the transaction might prove useless. "
He said he was convinced that ac-
quirement by the steel corporation OF
the Tennessee Coal and Iron company
did not change the legal status OF the
corporation.
Furthermore, believed 1t would
be for the public good" continued Mr..
Roosevelt. Il answered Messrs. Gary
and Frick that If matters were In such
a state did not want to stand In the
way. and the results proved that the
act was good one, because the pan.
ic was stopped.
III ! had not acted at once in that
extraordinary crisis | should have
been a mere title, and would have
$500 an oilHy puDilC Omcer, II
mad not done as | did. Every step
took was as open as tae day"
Then Mr.. Roosevelt launched into a
general discussion with Chairman
Stanley of the general trust question,
saying that the United States had
something to learn from Germany.
Colonel Roosevelt, on finishing his
testimony received the thanks Of
the committee and expressed his sat
isfaction that as "a plain American
citizen" he had been able to assist the
committee.