Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-08-06
TEDDY ASSUMES
Responsibility
PERSONALLY ALLOWED ABSORB.
TION OF TENNESSEE COMPANY.
ended WORLD wide Smash
And He SAYS He Did it.-Not Sub
poenacd to Appcar.-The
COlOncrs Story.
BY Associated Press.

! hy Associated llthB,
New York, Aug. 5.-Thoodore
Roosevelt, former President of the
United States, appeared Unexpectedly
before the Stanley committee inyesti-
eating the steel trust today and as
sumed the entire responsibility fort
! allowing the United States Steel Cor
poratlon to acquire the Tennessee
Coal & Iron Company during the pan
ic Of 1907, He said he wanted to
avert "word-wido smash" and sue
eeeded in his purpose.
1T was necessary for me to decide
on the Instant, before the opening or
tho stock exchange and failure to act
at that time would have made any
! further action useless. Attorney G en-
eral Bonaparte advised mo that un-
der the circumstances there would be
no proper grounds for prosecuting tho
steel corporation. But / wish it to
be distinctly understood that the re-
sponsibility for the act Is solely mine"
The ex-Presdent, however admit
ted that no had not been told by
Messrs, Gary and Frick at their con-
ference with him In Washington that
it was necessary for the United Stats
steel Corporation TO absorb the Ten
nessee Coal q Iron Company to stop
the panic.
The sudden appearance Of the ex-
President by whose action the Nteol
Trust is said to have been allowed TO
absorb the Tennessee Coal & Iron
Company, its sole big rival, caused a
sensation. II was entirely voluntary,
though the committee had long want
ed to know about the conference be-
tween Judge Gary, Henry c. Frick
and himself during the panic OF 1907
when big financial concerns were
crashing In Wall Street and when
Frick and Gary wanted assurance
that the steel trust would not be
prosecuted If II gobbled up its rival.
While the conference was on the syn
dcate members holding the stock OF
the Tennessee Gail q Iron Company
We're waiting at the home Of j. p.
Morgan. When word came over the
telephone from Washington that ev-
erything was all right the rival COM
pany was promptly absorbed.
Colonel Roosevelt, dressed in sack
suit OF mixed materials and wearing
the old Roosevelt smile showed his
big teeth as he gave his testimony.
The colonel showed no signs Of ner-
vousness as he took the stand. AS
he sat down in the witness chair he
adjusted his nose glasses, took a
bundle Of writing paper from his poe
ket and nodded to Chairman Stanley
and spread the papers out in front
Of him on the table.
Chairman Stanley asked the colonoI
to tell his story in his own way Of
what happened at the conferences
leading up to the absorption Of the
Tennessee Coal & Iron Compcny by
the steel corporation.
Mr.. Chairman and gentlemen -
said Mr.. Roosevelt, in well modulat-
ed tone, III 1t is agreeable to you I
will read from these notes the matter
with which | am not entirely familiar
Just now and with which l have re-
freshed my memory
"In the fall OF 1907" then read
Colonel Roosevelt, there was seri-
Gus financial depression In New York
CITY and elsewhere. The damage that
had been done was great. The I'M
pending danger was greater. There
was panic and no one could tell or
foresee what might occur.
This impending calamity was
stopped. MIR. Bonaparte got in touch
with the people Of New York. as you
know the events moved swiftly. He
took some action on his own inltia-
tive and / did also.
81 was notified that q couple OF
gentlemen wanted TO see me in my
office in tho White House. Mr.. Bona
parte had gone out of town, but I
Immediately got in touch with one OF
his assistants. Messrs. Flck and Gary
were in my office waiting for me.
Il wish It distinctly understood that
in the matter Of the acquisition OF the
Tennessee Coal & Iron Company by
he United States Steel Corpofation, I
acted purely upon my initiative. The
responsibility is solely mine.
"l'he word panic means fear. You
all know 1t prevailed at that time,
and unless something was done at
once to stop It 1t Is probable that
there would have been a general and
world wide smash.
"The Knickerbctker Trust Com
pany had fallen and two or three
other trust companies followed. 9th
er big ones were on the dividing line.
They.or rather the individuals In
them, held securities Of the Tennes-
see Coal & Iron Company. These Sc
ourities were useless in case OF an
emergency az the value Of the securi-
ties Of tho United States steel cor
poration were known all over the
world.
"Mr. FriclS and Mr. Gary proposed
to mo that TO save the situation the
United States Steel corporation would
acquire the Tennessee Coal & Iron
Company. Now Il was necessary for
me to decide that proposition on the
Instant to lido the stock exchange
over.