New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-06
ROOSEVELT SAYS: 81 DID 1T"
Assumes All Responsibility for Steel Corporations Absorption
T. G. and l. in Statement to the Congress Committee.

Mr. Roosevelts statement. which he read
yesterday TO the Congress committee anu
in which he assumed all responsibility for
the absorption of the Tennessee Coal ana
Iron Company during the panic Oh 1910 %
the Steel Corporation. follows,
In the fail Of 1877 there were several ousl-
ness disturbances and financial strlnsen-z,
eliminating in panic when arose IL ~ r,a
York and spread over the CouHLt, -
damage actually done was great ana ddIl-
age threatened was inCalculaDle. MAINS
largely to the action Of the governments tIle
panic was stopped before, instead OF ptulo
merely q serious business cheek, " became
a friEhtful and nationwide CALAMITY d
disaster fraught with untold misery anu
woe 70 all our people. For several GAYS tile
nation trembied on the brink Of surh 4
calamity. Of such a disaster as you gen
tlemen doubtless remember.
During these days both me secretary o.
the Treasury and 7 personally , Were s., M
hourly communication with New Norh, rol-
loving every change in the situation ann
irving 70 anticipate every development no
was the obvious duty Of the administration
10 take every step possible 70 prevent ape
psiling disaster b. checking tho spread OF
thu panic before IL grew so mat nothing
could check II. and events moved WIN suCh
speed that n was necessary 70 declue duI
10 act on tho instant as esch Successive
crisis arose II the decision and action were
10 accomplish anything.
The Secretary OF the Treasury took Va
I
some by my direction. Late one evening :
was Informed that two representatives or
the Steel Corporation wished 10 see mo me
following morning. the precise object not
NeIt morning. while At breakfast. was
informed that Messrs. Prick and Cary were
waiting az the office At once Vent -S Owe r,
and as the Attorney General. Mr.. Soma
marie had not VET arrived from Baltimore.
where he had been passing the night. !
sent q message asking the secretary OF
State Mr. Root who vas a so q lawyer
10 Join Us. which he did.
His Letter 20 Bonspar.s.
Before the close OF the interview and n
the presence If the three gentlemen named
? dictated : note 70 Nr Bona psrte settins
| forth exactly what Messrs. Frick and Gary
had proposed and exactly what / hAd an
svered, so that there might BE no posi-
published in q Senate document Wnils
Tas still President and IS already spread
on the minutes OF vour committee.
Mr. Roosevelt-shau L read -, gentle
men,
The chairman-Just as you like. Colonel
| Roosevelt
Mr.. Rooseveit-With your permission
vii Rad IL.
The letter was as follows.
The White House.
Ny Dear Mr.. Attorney General. Judge
z Il Gary and Mr II. z. Flick, on De
half OF the Steel Corporation, have Just
called upon ne They state thai there
Is a certain business firm (the name or
which I have not been told. but which Is
NJ real Importance IN New York business
circlesl which will undoubtedly fail tins
week If help is not given.
Among its assets are a majority Of tho
securities Of the Tennessee Coal Company.
Application has been urgently made 10 thu
steel Corpora ton 10 purchase the stock as
the only means Of avoiding a failure. Judge
Gary and Mr. Frick informed me mat as
a mere business transaction they 90 not
care 20 purchase the stock, that unoer or
binary circumstances they would not con
slider purchasing the stock. because but
little benefit will come 70 the steel Cor
poration from the purchase that they are
aware mat the purchase Will be used as a
handle for attack upon them on the ground
that they are striving 10 secure monopoly
OF the business and prevent compettion-
NOT that this would represent what could
honestly he said but what might reckleSSly
and untruthfully be said