Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-08-06
TEXT OF ROOSEVELT STATEMENT
Former President Describes Business
Conditions Mt Time,

Conditions at Time.
NEW YORK, Aug. 5.-The text of Colonel
Roosevelts statement today before the
congressional commission investigating the
steel corporation is as follows;
"In the fall of 1907, there were severe
business disturbances and financial strln-
gency eliminating in panic, which arose
In New York and spread over the country.
The damage actually done was great and
damage threatened was incalculable
Thanks largely to the action of the govern
ment. the panic was stopped before, in
stead of being merely a serious business
check, It became a frightful and nation
wide calamity, disaster fraught with I'M
told misery and woe to all our people. For
several days the nation trembled on the
brink OF such calamity, OF such a disaster.
as you gentlemen, doubtless remember
During these days, both tho secretary
of the treasury and l personally were in
hourly communication with New York, fol-
lowing every change In the situation and
trying to anticipate every development. 1t
was the obvious duty of the administration
to take every step possible to prevent an
appalling disaster by checking the
spread of the panic before II grew
go that nothing could check it, and events
moved with SuCn HpGeu lndl II was nettS-
sary to decide and to act on the instant
as each successive crisis arose. The secre-
tary Of the treasury took vigorous action,
some of his own initiative some on my d.
rection. Late one evening, 1 was informed
that two representatives of the steel cor
poration wished to see me early the fol-
lowing morning, the precise object not
being named. Next morning while at
breakfast l was informed that Messrs.
Frick and Gary were waiting at the office.
l at once went over and as the attorney
general, Mr.. Bonaparte. had not yet ar
rived from Baltimore. where he had been
passing the night, 1 sent a message ask
ing the secretary of state. Mr.. Root to
join US, which he did. Before the close
of the interview, and in the presence OF
the three gentlemen named, / dictated a
note to Mr. Bonaparte setting forth exactly
what Messrs. Prick and Gary had proposed
and exactly what l had answered-so that
there might be no possibility Of misunder-
standing. This note was published in a
senate document, while was still president
and is already spread on the minutes OF
your committee.
Note to BOnaparte.
ut runs as follows:
WASHINGTON, Nov. 4. 1907.-My Dear
Mr.. Attorney General Judge e. H. Gary
and Mr.. II. G. Prick, on behalf OF the
They state that there is a certain BUSH
ness firm the name of which ! have
not been told, but which is of real i'm
which will undoubtedly fail this week, if
help is not given. Among its assets are
majority of the securities OF the Ten
been urgently made to the steel corpora
ton to purchase the stock as the only
means OF avoiding failure. Judge Gary
and Mr. Prick informed me that as q mere
business transaction they do not care to
purchase the stock; that under ordinary
circumstances, they would not consider
purchasing the stock. because but little
benefit will come to the steel corporation
from the purchaser that they are aware
that the purchase will be used as handle
for attack upon them on the ground that
Of the business and prevent competition
not that this would represent what could
honestly be said, but what might reek-
lessly and untruthfully be said.
They further informed me that as a mat
ter of fact the policy OF the company has
been to decline to acquire more than 90
this purpose has been persevered In for
several years past, with the object of pre-
venting the accusations, and. as matter
of fact their proportion OF steel properties
has slightly decreased, so that II is below
this so per cent, and the acquisition or the
property In question will not raise 1t above
so per cent But they reel tnht IL - I'M
mensely to their interest as to the interest
OF every responsible business man TO try
to prevent a panic and general industrial
smashup at this time and that they are
willing to 20 in this transaction, which
they would not otherwise go into. because
II seems the opinion OF those best fitted
10 express judgment that " may pc an
important factor In preventing break
that might be ruinous; that this has been
urged on them by the combination OF the
most responsible bankers in New York.
VINO are now thus engaged In endeavoring
To save the situation. But they asserted
thew ala not wish to do this II stated
tbst Svhiis Of course could not advise
them TO take the action proposed. felt
il no public duty OF mine to interpose any
ohiactions sincerely yours.
Op'eS' THEODORE ROOSEVELT.