The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-08-05
T. R. ON The STAND
Colonel Roosevelt Testifies Be-
fore Steel Trust Committee.
Appears With His Statement
Prepared in Writing.
PERFORMED HIS DUTY
In SanctiOning Transfer Of Ten
nessee Coal and Iron.
His Action Was Necessary to
Save the Country.
PERFORMED HIS DUTY

today I'm the congressman iiAf"iiS -
the steel corporation to tell what he
knew regarding the absorption of the
Tennessee coal and Iron company by
the steel corporation during the panic
of 1907
Mr. Roosevelt reached the city nail
at 1890: his intention to appear hau
been kent secret but few minutes
before his arrival police officers We're
stationed i'm the aldermanlc chamber
and its approaches.
The former president appeared IN
exceedingly good humor and greeteo
Chairman Stanley and Other members
of the committee with enthusiasm.
Il am glad to see you ALL he declar-
cd as he stood in the center of
group of committeeman.
"T'n very delighted to see you. IN
decd sir" he said to Representative
yofng of Michigan 4 Republican
member of the committee Mr. Roose-
1,e1f took the stand at urce- There
have heen certain matters concerning
which there has been much discus
sion" Chairman Stanley announced
"and the committee desired Mt Roose-
velt-s information relating thereto.
Mr.. Roosevelt did not come in response
10 a suhpoena He was .dvised of our
desire To- hear from him With reference
TO the absorption of the tennessee
Coal and Iron company he klhdlS
advised me that he woulr gladly come
and we thank him for his appearance
Reads His Statement.
CATER YOU had courtcDusly said I
should come at 10 o'clock, Mr. CHAIR
man. I wrote out the statement 1
should like to make" said the former
president after Mr. Stanley had asked
him to explain what knowledge he had
of the Tennessee Coal and Iron absorp-
tion bv the United states steel COM
gId state
mcnt I have prepared
''You may read it," said the chair
man: certainly, just as you choose
Mr.. Roosevelt then be gan reading,
Introducing his subject bv a descrip-
tion of the financial panic conditions
i'm the fan of 1907. 1T was the utmost
duty of the administrator" he read,
.'to prevent by all means the spread
of the panic before it Jecame dis
aster.'
The secretary Of the treasury. and
himself he said, were constantly in
touch on the situation. During that
time he learned that two members of
the United states steel corporation
wished to see him In the morning AT
r brea kfast next day he was informed
that Judge Gary and Mr.. II. 9. Fricl
we're waiting to see him. Mr.. Bona
parte. then attorney general. he cOn-
tinued. had not yet arrived from
Baltimore.
n sent a note to Secretary Root to
come over" the former president
read land he arrived at the White
House"
The conference was brief. Mr..
Roosevelt 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 senate rec
ords of the hearing on the Tennessee
Coal g. Iron case i'm 1909. The letter
set forth how Mr.. Frick and Mr. Gary
had submitted the proposition for the
sale of the Tennessee company and
how he had expressed the opinion that
he did not wish to stand in the way of
saving financial panic. The firm
that was in trouble, Mr. Roosevelt
said. had not been mentioned.
Financial Conditions.
Mr. Roosevelt then went on to read
his statement. going into details about
the financial conditions in New York
and told how he had taken the respor-
sibility to permit the transfer of the
steel company and did it on his OWr
initiative 1T was a matter of gen
eral knowledge" he said. referring tC
banks and trust companies In danger
I'm New York. that they held securi-
ties of the Tennessee Coal & Iron com
pany which had no market value.
THE proposition of Messrs. Gary
and Frick was" he continued, "that
the United States Steel corporation
EAould take over the Tennessee Coal e
1T was necessary sOr me to act Al
Ance." said he Ito act at once before
the stock exchange opened or ths
transaction might prove useless
He said he was satisfied that ac
quiremont by the steel corporation o.
the Tennessee Coal & Iron compan,
did not change the legal status of tn,
corporation.
"Furth ermore. believed it woulg
he for the public good" continued Mr.
Roosevelt.
It answered Nessrs. Gary and Frici
that if matters were in such a stat 2
7 did not want to stand in the wa,
and the results proved that the &c
was good one because the panic Wa,
stopped"
Mr.. Roosevelt further said that he haI
learned lat the action was Of grea
beneht to the people Of the Birmins
ham district.
'T should have proved an unworth
public officer if I hLi not done as
did
As Open as Day.
III had not acted at once " he sait
''in that extraordinary crisis. I shoul
have been a mere title. I'm every sue
crisis the temutation to indecision. /
nonaction. always exists. There is al
ways excuse for nOnactiOn If q nsa
Is worth his salt he viii give peonl
in trouble tho benefit of the doubt an
act as the situation demands if tn
law is not violated.
Every -tep ] took was as open a
NE cay"
~ Chairman Stanley inquired of tn
n fTmer president for more details a
to the conference at rhe White Hous
and about the trust companits IL trnt
BILE in New York at the time.
i think they mentioned only or
trust company had bean inforn-e
that there were two such companie