Omaha daily bee., 1911-08-06
Community Most Effected by Change
Heartily Approved 1t,
PEOPLE GIVEN BENEFIT OF DOUBT
1t Seemed that Putting Power of BAG
Corporation on Firing Line Was
necessary to Prevent wide
spread Disaster.

NEW YORK, Aug 5.-Theodore Roose-
welt took the stand today in' the congress
sional inquiry into the steel corporation 10
tell what he knew regarding the absorp-
ton Of the Tennessee Coal and Iron COM
pany by the steel corporation during the
panic Of 1907.
Mr. Roosevelt reached the city hall at
10:30. His intention TO appear had been kept
secret but a few moments before his ar
rival police officers were stationed in the
aldermainc chamber and its approaches.
The former president appeared in exceed
ingly good humor and greeted Chairman
Stanley and other members OF the commit
tee with enthusiasm.
I'm glad to see you ALL" he declared
as he stood in the center of group of
committeeman.
I'm very delighted to see you indeed,
sir" he said to Representative Young of
Michigan, republican member OF the
committee.
Reads written statement.
"Mr Roosevelt took the stand at once.
He said:
After you had courteous-y said should
come at 10 o'clock, Mr.. Chairman, / wrote
out the statement l should like to make
said the former president after Mr.. Stan
| lev had asked him TO explain what knowl-
edge he had Of the Tennessee Coal and
Iron absorption by the United States Steel
corporation.
Mr.. Roosevelt than began reading. in
PRODUCING his subject by description OF
the financial panic conditions in the fall
OF 1907
"It was the utmost duty Of the admins"
| tration," he. read, Ito prevent by all means
the spread Of the panic before it became
disaster.
The secretary of the treasury and him
self, he said, were constantly In touch
with the situation. During that time he
learned that two members of the United
States Steel corporation wished to see
him one morning At breakfast next day
he was informed that Judge Gary and
H. C. Frick we're waiting to see him. Mr..
Bonaparte. then attorney general, he con-
! tinued, had not yet arrived from Balti-
more
COnsuIts Root and BOnRparte.
"I sent a note 10 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 to
| Mr.. Bonaparte stating all the facts OF
| the conference.
| He then read to the committee the let
I ter afterwards published in the senate
records of the hearing on the Tennessee
Coal and Iron case in 1903. 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.
! 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 Il on his own
| initiative.
1t was a matter Of general knowledge" :"
he said, referring TO banks and trust COM
psnies In danger in New York. that they
held securities of the Tennessee Coal and
Iron company. which had no market value"
Prompt Action Necessary.
THE proposition OF Messrs Gary and
Frtck 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,