Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-08-06
Conference at white House.

Every step took, was as open as the
Conference ut White House.
Chairman STANLEY inquired Of the for
mer president for more details as to the
conference at the White House and
about the trust companies in trouble IN
New York at the time.
Il think they mentioned only ora
trust company. I had personally been
informed that there were two such
companies and that the assets az car-
tain big stock brokerage company was
threatened. They said they were ,,,,I,,
convinced this company would fail n
the Tennessee transaction was NOT corn
pleted. They said they were willing ana
anxious to take over the property because
they felt IT was the only way to save the
situation that II would nut tho noSvar
or the steel corporation behind the COM
panies on the firing line ana In a nos,.
ton to prevent disaster"
you spoke of their nentioninp trr.,
companies" Mr.. Stanley asked, aid they
mention anyY''
81 think they mentioned none" Mr.
Roosevelt replied, and / did not ask tharo
for the names"
Did Mr. Gary or Mr.. Frfck adviaa vor
that the stock Of the Tennessee Coal ana
IRON was preferred by them more than any
other Industrial stock before the panieY'I 7.
Chairman Stanley asked.
They never spoke Of any such thing.
Mr.. Roosevelt replied.
DID they describe the conditions in re-
lsuon TO this stock in Wall street. how the
tennessee had been kited about like q foot
ball? "
Mr.. Stanley" the former president ex-
claimed. emphaticaliy. you must apply to
someone other than myself II you wish
an expert opinion on Wall street."
Mr.. Roosevelt laughed heartily at the
conclusion OF this answer; leaning forward
over the table In characteristic way.
DIG they advise you that nine-tenths of
this Tennessee stock was locked up in tsf9
strong boxes OF multimIllionaires. on ae-
count OF its value, and that the stocks
value had purpossIy been destroyed in
Wall street by psgging and that only 30
per cent OF this stock was involved in the
loans that were In trouble9''
Nobody talked to me on those lines you
suggest, at ALL" said Mr.. Roosevelt.
Relied ON Bankers Statements.
Il ought to say" Mr.. Roosevelt added,
that New York banker after banker had in
formed me that Tennesses Coal and Iron
stocks were Valueleas as securities. Mr..
Gary and Mr. Prick earnestly desired that
the threatened institution should have the
Tennesses Coal and Iron stock supplemented
In order 70 save serious crash They said
they knew OF no way by which the panic
could be stopped except by this transfer"
Have you seen the report Of Herbert
Knox Smith, OF the bureau OF corporations
OF the United States Steel corporation? %
Mr.. Stanley continued. ''sstting forth that
the corporation was worth about 100000,
Ooo"
No"
Mr.. Stanley then made q long argument
regarding the actual values OF tbs steel COR
poretion. asking Mr.. RooseVelt'S opinion
thereon.
Il don't want to answer Hypothetical
questions based on Mr., Smiths or any
others conclusions" AT, Roosevelt de-
ciaFed.
"Aftsr Mr.. MergaA and the Unitsd states
Steel corporation took this panic into their
hands and stopped the threatened crash,
was there any return Of the troubler'
None as serious. though We had to
watch tbs situation closely for several
days"
did Mr. Friek or AR. Gary tell you that
no bank In New York or no stock broker
over had told them the absorption OF the
Tennessee Coal and Iron by the United
states Steel was necessary for It's saliva
tiong"
Il never heard about such matter