The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1911-08-06
ROOSEVELT D n
W|TNESSSTAND
IN STEEL CASE
STRENUOUS ONE VOLUNTARILY
APPEARS BEFORE CON-
GREsSIoNAL COMMITTEE.
Former President Sanctioned the
Merger of Steel Trust and Tennes-
see Company, Which He Said Was
Absolutely Necessary.

@NO" LII NJ aus. O.-AOl. L
Roosevelt, ex-president of the United
States, today took the witness stand
in the congressional inquiry into the
steel corporation to tell what he knew
regarding the absorption of the Ten
nessee Coal and Iron company by the
United States Steel corporation during
the panic of 1907.
RooseVelt's intention to appear was
Kept secret. He appeared in good hu-
NOR and greeted Chairman Stanley
and other members of the committee
enthusiastically Il am glad to see
you ALL he declared to the commit
teemen. Pm very delighted to see
you, indeed, sir" he said to Represen-
tatiye Young, republican member
Voluntary Witness.
Roosevelt took the stand immediate
ly. Mr.. Stanley announced that Roos-
evelt did not come in response to a
subpoena. After explaining what
knowledge he had of the Tennessee
Coal and Iron company absorption by
the steel corporation, Roosevelt read
lengthy statement, indicating his
subject by a description CT financial
panic conditions in the fall of 1907.
1T was the administration utmost
duty" he read, Ito prevent a spread
OF the panic before it became a disas-
ter"
Conference With Magnates.
Roosevelt told of brief conference
at the white house with H. G.. Frick
and E. H. Gary of tie steel corpora
ton, and Secretary Root He read the
committee a letter, published in the
senate records of the hearing on the
Tennessee Coal and Iron case in 1909.
The letter set forth how Frick and
Gary submitted proposition for the
Tennessee company's sale, and how he
expressed the opinion that he did not
wish to stand in the way of saving a
financial panic. The firm that was
in trouble, Roosevelt said, had not
been mentioned
Details of Panic.
Roosevelt went into details about
the serious financial conditions in
New York, telling how he took the re-
sponsibility to permit the steel COM
pany transfer, doing it on his own
initiative.
1T was matter of general knowl-
edge" he said, referring to the banks
and trust companies in danger in New
York; chat they held Tennessee Coal
and Iron company securities, having
no market value"
The Gary and Frick proposition
was," he continued, that the steel
corporation take over the Tennessee
Coal and Iron company Immediately. !"
Immediate Action Necessary.
1T was necessary for me to act i'm.
mediately," he said, before the stock
exchange opened, or the transaction
might prove useless"
IF had not acted Immediately, y
he continued, "in that extraordinary
crisis, I should have been a. mere
title" :.
In every such crisis the temptation
to indecision and non-action always
exists. There is always an excuse for
non-action. If a man is worth his
salt he will give people in trouble the
benefit of doubt and act as the sit
uation demands, if the law is not VIC
lated. Every step took was as open
as day"
Satisfied With Act.
He was satisfied that the acquire.
ment by the steel corporation of the
Tennessee Coal and Iron company did
not change the corporations legal
status. He believed 1t would be for
the public good. Results proved the
act was good one because the panic
stopped. Roosevelt said he learned
the action was Of great benefit to
the people Of the Birmingham dis.
trict.
Il would have proved myself unwor
thy Of public office if I had not done
as I did," Roosevelt said.
| He concluded his testimony at 2.3l
this afternoon, received the commit
tees thanks and expressed satisfac
tion that as "a plain American citi
Zen he was able to assist the commit
faaU .vr-