Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1911-08-05
ROOSEVELT IN
GOOD HUMOR
Takes Stand Voluntarily to
Testify In Steel Trust
Investigation
WROTE OUT HIS STATEMENT
DISTINGUISHED Witness Greets
Chairman Stanley With
Enthusiasm.

the absorption of the Tenn
essee Coal and Iron Company by the
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 an
nounced, "and the committee desired
Mr. Roosevelts information relating
thereto"
Roosevelt did not come in response
to subpoena. He was advised of
our desire to hear from him with ref
erence to the absorption of the Ten
nessee Coal & Iron Company. He
kindly advised me that he would
gladly come, and we thank him for
his appearance"
A Written Statement.
after you had courteously said !
should come at 10 o'clock, Mr.. Chair
man, I wrote out the statement !
should like to make" said the former
president, after Mr.. Stanley had asked
him to explain what knowledge he had
of the Tennessee Coal & Iron absorp.
ton by the United States steel corpor-
alton.
Mr.. Roosevelt then began reading,
introducing his subject by description
of the financial panic condition in the
fall of 1907.
"It was the utmost duty of the ad-
ministration," he said, "to prevent by
all means the spread of the panic be-
fore it became disaster"
The secretary of the treasury and
himself, he said, were constantly in
touch with the situation. At break
fast, one day. he was informed that
Judge Cary and Mf. H.s'C. Frick we're
waiting to see him.
Mr.. Bonaparte, then attorney gener.
al, he continued, had not yet arrived
from Baltimore.
Il sent note to Secretary Root to
come over" the former president,
read "and he arrived at the White
! House."
The conference was brief, Mr.. Roos-
welt explained and later he wrote a
note to Mr.. Bonaparte, stating all the
facts of the conference.
He then read to the committee the
letter afterward published in the Sem
ate records of the hearing on the Ten
nessee Coal & Iron case in 1909. The
letter set forth how Mr.. Frick, and
Mr.. Gary had submitted the PROPOSE
ton for the sale Of the Tennessee
Company and how he had expressed
the opinion that he did not wish 10
stand in the way of saving a financial
panic. The firm that was in trouble,
Mr.. Roosevelt said, had not been men,
toned.
4 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
responsibility to permit the transfer
Of the steel company and did it on his
own initiative. a;s.i.
i 1T was a matter of general kno vi
edge" he said, referring to banks aad
trust companies in danger in, New
York, that they held securities of 'tht
Tennessee Coal & Iron Compan,
which had no market value"
;. The proposition of Messrs Gary ant
Frick was, he continued, that thu
United States steel corporation shoult
take over the Tennessee Coal & Irol
Company at once"
He said he was satisfied that &C
I quirement by the steel corporation o
Il the Tennessee Coal & Iron Company
{ did not change the legal status of tn.
q corporation"
al Furthermore, believed 1t woul
! be for the public good" continued MI
}. Roosevelt.
4 Il answered Messrs Gary and Eric
that II matters we're in such q statt
/ did not want to stand in the wa
and the results proved that the &C
was good one because the pani
! was stopped.
/ Il should have proved an unworth
q public ofncer II I had not done as
a did"
q IF I hadf not acted at once," b
. confined, "in that extraordinary crisi
I'll should have been mere title.
" every such crisis the temptation
v. indecision, to non-actfve, always e
lists. There is always excuse for MOI
n. action. II man is worth his salt
- will give people in trouble the ben
Is fit OF the doubt and act as the aitu
.. tion demands II the law is not viola
N ed.
Every step l took was as open ,
the day." 9xa
Chairman Stanley inquired Of Il
r. former President for more details ,
to the conference at the White Hou
i and about the trust companies III tru
u Bile IN New York at the ame..
ae Il think they met taons tply 81
:tttrust company. had p191ol Nv be-
1e ---.---,. --,--a
Continued on sPaxe IsSht3
~ - IIt4 & y i i II