The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1911-08-07
TESTIMONY FROM TEDDY.
Regarding Absorption Tennesaee Coal
md Iron Company by United
StatenSteel Cooperation
in 1897

New York, August s.-Col Theodore
Roosevelt, ex-president of the United
States. took the witness stand in the
Congressional inquiry into the steel
corporation to tell what he knew re-
garding the absorption Of the Ten
nessee Coal and Iron Company by the
United States Steel Corporation dur
ing the panic Of 1907.
RooseveIt'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
tee. TN very glad to see you, in
deed. sir he said to Representative
Young. a republican member.
Roosevelt took the stand Immediate
~. Mr.. Stanley announced that Roose-
welt did not come in response to sub
poena. After explaining what knowl-
edge ne had of the Tennessee Coal &
Iron Company absorption by the steel
corporation. Roosevelt read a lengthy
statement. indicating his subject by a
description of financial panic condi-
tions in the fall of 1907.
1T was the administrations utmost
the panic before it became a disaster
Roosevelt told of a brief conference
at the White House with H. c. Frick
and E. H. Gary, of the 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
lfy- strh rhr,1tf <ad
Tennessee Company's sale. and how he
expressed the opinion that he did not
wish to stand in the way of saving
financial panic. The firm that was in
trouble, Roosevelt. said, had not been
mentioned.
Roosevelt went into details about
the serious financial details in New
York, telling how he took the respon-
sibility to permit the steel company
transfer. doing it on his own initia-
tive.
at was matter of general knowl-
edge" he said, referring to the banks
and trust companies in danger in New
York: that they held Tennessee Coal
and Iron Company securities, having
no market value
The Gary and Frick proposition
corporation take over the Tennessee
Coal and Iron Company immediately"
''It was necessary for me to act i'm
mediately." he said, "before the stock
exchange opened. or the transaction
light prove useless"
IF l had not acted Immediately" he
continued, in that extraordinary cri-
sis, should have been q. mere title
I'm every such crisis the temptation
to indecision and non-action always
exists. There is always an excuse for
non n-action. If a man is worth his salt
he will give people in trouble the ben
eft Of a doubt and act as the situa-
ton demands, if the law is not violat-
ed. Every step I took was as open
as day"
He was satisfied that the acquire
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 district
Il would have proved myself unwor-
thy of public office if I had not done
as | did Roosevelt said
He concluded his testimony at 2:3O
in the afternoon and expressed salts
faction that as "a plain American citi-
zen he was able to assist the COM
mittee."