Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1911-08-05
A WITNESS BEFORE INQUIRY
Ex-PREsiDENT ANSWERS CON
GRESsloNAL COMMITTEE
WITHOUT SUBPOENA
APPROVED STEEL co. SALE
TAKING OVER TENNESSEE COM
PANY ALL THAT PREVENTED
DISASTER TO BANKS

New York, Aug. 5.-Colonel Theo
dore Roosevelt, ex-president, took the
witness stand today in the congress
sional inquiry into the steel corpora
ton to tell what he knew regarding
the absorption of the Tennessee Goa
and Iron company by the United
States Steel corporation during the
panic of 1907.
The former president appeared in
exceedingly good humor and greeted
Chairman Stanley and other members
of the committee with enthusiasm.
Mr.. Roosevelt took the stand at once.
There have been certain matters
concerning which there has been
much discussion" Chairman Stanley
announced, "and the committee de-
sired Mr.. Roosevelt's information re-
lating thereto. Mr. Roosevelt did
not come in response to subpoena.
He was advised of our desire to hear
from him with reference to the abb
sorbing of the Tennessee Coal and
Iron company. He kindly advised me
that he would gladly come, and we
thank him for his appearance"
after you had courteously said I
should come at 10 o'clock, Mr.. Chair
man, l wrote out the statement
should like to make" said Colonel
Roosevelt, after Mr.. Stanley had ask
ed him to explain what knowledge he
had of the Tennessee Coal and Iron
company absorption by the United
States Steel corporation. Mr.. Roose-
welt then began reading, introducing
his subject by description of the
financial panic condition in the fall
of 1907.
ut was the utmost duty of the ad-
ministration," he read, ito prevent
by all means the spread of the panic
before it became disaster.
"The secretary of the treasury and
himself, he said. were constantly in
touch with the situation. At breakfast
one day he was informed that Judge
Gary and H. c. Frick were waiting to
see him. M. Bonaaprte, then attor-
ney general, he continued, had not
arrived from Baltimore.
'I sent a 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 a note to Mr. Bonaparte, stat
ing all the facts of the conference
He then read to the committee the
letter afterward published in the sen
ate records of the hearing Of the
Tennessee Coal and Iron company
case in 1909. The letter set forth
how Mr.. Frick and Mr.. Gary had
submitted the 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. Mr.. (. Roosevelt
said, hadn't been mentioned. Mr.
Roosevelt then went on to read his
statement, going into details about
the serious financial conditions II
New Work, and told how he had TAX
en- the responsibility to permit the
transfer of the steel company an'
did 1t on his own initiative.
1T was a matter of general knowl
edge" he said. "that they held securi
ties of the Tennessee Coal and IroI
company. which had no market value
The proposition Of sMessrs. Gary ant
Frick was that the United Statel
Steel corporation should take Owe
the Tennessee Coal and Iron CON
pany at once It was necessary TO
me to act at once before the stool
exchange opened, or the transaction
might prove useless"
He said he was satisfied that tn