Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-08-05

THEODORE ROOSEVELT.
NEW YORK, August 5.-Col Theodore
Roosevelt took the witness stand today
in the congressional inquiry into the steel
corporation to tell what he knew re-
garding the absorption of the Tennessee
Coal and Iron Company by the steel cor
poration during the panic of 1907
Mr. Roosevelt reached the city hall at
1890. His intention to appear had been
kept secret, but few moments before
his arrival police officers were stationed
in the aldermanic chamber and its ap-
proaches.
In High Good Humor.
The former President appeared in ex.
ceedingly good humor and greeted Chair
man Stanley and other members Of the
committee with enthusiasm.
I'm glad to see you all" he declared.
as he stood in the center of a group OF
committeeman.
I'm very delighted to see you, indeed.
SIR he said to Representative Young OF
Michigan, republican member of tho
committee.
There have been certain matters con.
cerning which there has been much dis
cussion," Chairman Stanley announced.
and the committee desired Mr.. Roose-
velts information relating thereto. Mr..
Roosevelt did not come in response to a
subpoena. He was advised of our desire
to hear from him with reference to the
absorption of the Tennessee Coal and
Iron Company. He kindly advised me that
he would gladly come, and we thank him
for his appearance.
Prepared a Statement.
After you had courteously said
should come at 10 O'Clock, Mr.. Chairman,
1 wrote out the statement l should like to
make" said the former President after
Mr.. Stanley 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 have prepared"
You may read said the chairman.
"certainly, just as you choose"
MIR. Roosevelt then began reading. in
Producing his subject by a description of
the financial panic conditions in the fall
of 1907.
1T was the utmost duty of the admins
tration,' he read. ITO prevent 10y ali
means the spread of the panic before 1t
became disaster.
Meets Gary and Frick.
The Secretary OF the Treasury and him.
self, he said, were constantly in touch on
the situation. During that time he learn
ed that two members of the United States
Steel Corporation wished to see him in the
morning. AT breakfast the next day he
Frick were waiting TO see him. Mr. Bona
parte, then Attorney General he con-
tinued, had not yet arrived from Balti-
more.
II sent note to Secretary Root to
come over" the former President read.
land he arrived at the White House
The conference was brief, Mr.. Roosevelt
explained and later he wrote a note 10
Mr.. Bonaparte stating all the facts of the
conference.
He then read to the committee the let
ter, afterward published in the Senate
records of hearing on the Tennessee Coal
and Iron 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 a financial
panic The firm that was in trouble. Mr..
Roosevelt said. had not been mentioned.
Banks in Bad Shape.
Mr.. Roosevelt then went on to read
his statement. going into details about
the serious financial conditions in New
York and told how he had taken the re-
sponsibility to permit the transfer of the
steel company. and did it on his own ini-
tiative.
ut was a matter of general knowledge"
he said. referring to banks and trust COM
panies in danger in New York, that they
held securities of the Tennessee Coal and
Iron Company which had no market
value"
The proposition of Messrs. Gary and
F'rick was, he continued. that the United
States Steel Corporation should take over
the Tennessee Coal and Iron Company at
once.
1T was necessary for me to act at
once said the former President: Ito
act at once before the stock exchange
opened. or the transaction might prove
useless"
He said he was satisfied that the ac-
uuirement by the steel corporation of the
tennessee Coal and Iron Company did not
change the legal status of the corporation.
Furthermore, 1 believed ii would be
for the public good" continued Mr.. Roose-
welt.
Stopped the Panic.
.I answered Messrs. Gary and Frick
that IL matters were IN such state did