Evening journal., 1911-08-05
ROOSEVELT
TESTIFIES
Voluntarily Appears Before
the Stanley Investigating
Committee
HOW THE STEEL TRUST
GOBBLED ITS RIVAL
BY The United Press.

DJ JIG OnlAtu IltcEs
NEW YORK-For the first time in
the history Of the United States
former President appeared before
legislative investigation committee,
when Colonel Theodore Roosevelt pre-
scented himself before the Stanley Con-
gressional Investigation Committee to
tell what he knew regarding the gob-
bling up of its strongest rival, the
Tennessee Coal and Iron Company, by
the steel trust.
Apparently bubbling over with
energy and good humor the former
President hustled into the Aldermanic
chamber at the City Hall, shouted
How are you?" to several of his
friends there and greeted Chairman
Stanley with the old Roosevelt hand
shake.
Il am glad to see you indeed" he
exclaimed and turned TO greet Repre-
sentative Young, the ranking Repubh-
can member on the committee. All
of the committee filed by as the Col
onel held an impromptu reception.
Colonel Roosevelt Testifies.
When the Colonel settled back I'm
tho witness chair Mr.. Stanley an
nounced:
Colonel Roosevelt has not been
subpoenaed and would not have been.
He appears yolutarily, and | wish to
thank him for the committee. Now
Colonel, / wish you would tell the
committee lust what was told you by
Judge Gary and Mr.. Frick as to the
panic of October, 1907, when they
called on you in the fall Of that year
seeking permission to buy the I. c..
& I. Company.
Roosevelt drew forth a voluminous
roll Of manuscript and said:
After receiving your courteous re-
quest to appear before the COMMITTEES,
I went back over the records. / have
reduced my part in it to writing. With
your permission / will read that and
then you may question me il you
wish"
Reviewed the Panic.
The Colonel then reviewed condi-
tions in the financial world at the time
of the panic. He declared that It was
a time that threatened great misery
and woe to the whole country" and
tnat the greatest caution and 1udg-
ment was necessary to prevent 9
calamity.
"One evening I received word thai
two representatives of the steel cor
poration wished to see me-" he con-
tinued, "aud the next morning whils
at breakfast ] was told that Judge
Gary and Mr. Frick were waiting fol
mo at the Office. AS the attorney
general. Mr. Bonaparte was in Balti
more, called in Secretary Of State
Elihu oot
I'VE talked matters over and die
tated a note 10 the Atorney-Genera
setting forth what the gentlemen haC
told me and what I had told them"
The Colonel then read the lettei
which had already been made public
I'm which he told the Attorney-Gen
cral that, i'm view of the conditions
he would interpose no objections 4
the absorption of the T. G. & I. b!
the Steel Trust.
'I wish it distinctly understood.
he continued, that l acted solely OF
my own initiative and ! wish to &C
cept all the responsibility connecte'
Herewith.
Panic Unreasonable Fear.
Panic is unreasonable fear and tn
only way to stop a panic is tn re
store confidence. At the time. the so
called Morgan interests were the onl,
ones which retained any hold on tn
confidence Of the people of NeV
York
"The Knickerbocker Trust Com
pany and other similar institution
were on the firing line and 1t was {
the interests of every one concerne
to assist them that the situatio
might be saved. Every one knew tha
they or those interested in them hel
the Tennessee Coal & Iron securitie'
The proposal of Messrs. Frick an
Gary was that the steel corporatio
acquire these Immediately and 1t wa
necessary for me to decide on the in
slant before the stock exchang
opened to clear the situation in Me-
York
action later would be useless
CONTINUED on Second Page.)