New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-18
STOPPED THE PANIC
Colonel Roosevelt Emphasizes
His Action in T. C. and !. Deal.

Fx-President Roosevelt has an article on
"r-,s stoar Corporation and the Panic OF
1oq7,' IN "Tbe OUTLOOK which appeared yes
terday. Alr. Roosevelt discusses his recent
appearance before the Congressional com
nittee investigating the Steel Corporation
repeating the written statement he then
presented and dealing with some OF the
lines OF inquiry and his responses. lie
says:
on Saturday August 3, in compliance
with the request OF the chairman or the
Congressional committee investigating the
absorption Of the Tennessee 1Oal anu ron
Company cy the steel corporation, ~
neared before that body. l mad nothing
new 10 which 10 TESTIFY. There was not
fact OF the slightest Importance or OIL lIe
slightest bearing upon my acuoh NlIC--
was not already known and when hdd hog
been known from the time acted; ana
incidentally ! may mention lndJ mis- IS
also true as regards Panama, me dedl!usS
Of my admluistI alton with the sugar j Iual
or any other trust ana as % any U, ,l'7t
action or my administration. Nobody need
feel either concern or hope as 10 WheJner
anything done by my administration VIII
be- discovered. for the excellent reason
that there is nothing that was mdGen.
1 made TO the COMMITTEES the statement
which follows Several questions were then
asked by different members or The COMM
tee Most Of these questions deaI WIN
rant allusion 10 them here Many or tnem
we've as 10 what my belief was concerning
the motives of the Steel corporation PEI,
lie In acquiring the tennessee Coat anu
IRON ComDanys property, 20 when, OF
course nv answer was that IL was not my
business. and neither was II IN my power
20 search the hidden domain OF HollNe,
and that my action was cOnuluOhon mo-
upor what I believed 10 be the motives
actuating the Steel Corporation, put upon
nv belief that the action which they pro
pOsed taking would Zee enormously 20 me
benefit OF the community NJ large at tutl
particular moment Whether the chleI mo-
tive for their action was a desire 10 ABSORB
the Tennessee Coal and Iron company or
whether their chief motive was 10 save the
threatened New York firm from failure
and thereby stop the panic, was OF 10 CoH-
THAT bO,h motives were in their minds
thought possible, ana now tnlnh pD9Sl U.s., ~
What was the predominant motive NaS ~
mo consequence. Ny concern was that the
action should be taken and the sltudt0n
saved I'm the interests OF the people Oh ne
tinted states. Most individuals nave snort
memories and the events IN question look
place nearly four years ago, nut lL any olI-
will look back and mink the HaJ Yi - -,
seriously and in good faith ne VIII uHurI-
stand that it was not a question OF SAVING
any bank or trust company rom idlluIe'
Z the question was OF saving the pam peo-
ME. the common people. I'm all parts OF the
United States from dreadful misery ana
suffering; and this was what NY aO'l'i'
did. ,-,...4,7
one Of the questions put TO me Indicated
diqbclicf-Or. 10 le more accurate, perhaps
T should say that IL was meant 70 he un-
daretoOd as indicating dlsbehet-that the
action taken was really efficient IN stop
ming the panic AT that time, ana 1or
! some months after the panic mad peti
stoned no man would have ventureq 20
express such disbelief unless prepared 20
b., greeted with dcrisiOrr by every human
! beinC who knew anything Whatever OF ne
actual facts The question IS not 10 ne
/ treated seriously for 1t cannot be so treat
/ ed The action taken was IN my JUGS
mont the only action that could stop the
| manic and II most certainly was or enor-
/ nous and in all human pronanlhty OF ue-
! risive Influence I'm actually stopping H.
| Certain other questions related 10 the al
| legged fact that during the last -FOUR years
! the ore lands formerly owned py the REM
/ nessee Coal and Iron Company nave pe"n
developed until they are or such eEorllo -
/ irnrortance as % give % the steel CoTpoi a
/ ,fon nearly complete control OF the steel
/ hrsirsss through control OF the sources
/ Of the raw material Whether or not this
! h. so has no bearing upon the action taken
/ Four wears ago The purchase as made d!d
/ nj hv itself. one way or the other, AFFECT
/ Inc status OF the Steel Corporation so iar
/ as th,. sherman law was concerned ana
/ This statement Is not affected ny consider
/ alton OF what may not De totally diHerr
/ ont state OF affairs fonr years later i
dealt with facts as they We're not Win
| facts as they might or might not after
\ ward become 7 believe that this covers
/ a,.yv roirt 81 any consequence raised In
! the questions Put 90 me after mad maze
Z