Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-08-05
Former President Appears
as Trust Inquiry VOL
unteer.
PUTS END TO PANIC
New York'S Financial District
Facing Collapse Before Com
pIetion of Deal.

New York, Aug. 5.-Theodore Roose-
1he steel inquiry TO tell what l knew
regarding the absorption of the Tenne-
see Coal & Iron company by the steel
corporation during the panic Of 1907.
Roosevelt appeared in exceedingly
good humor, and greeted the commit
tee with enthusiasm Chairman Stan
ley announced the former presidents
appearance was voluntary and not in
response to a subpoena
READS HIS STATEMENT.
When taking the stand Roosevelt
said he would like TO read the state
ment he had prepared. He then began
reading, introducing the subject by
description of the financial conditions
in the fall of 1907.
ut was the utmost duty Of the ad-
minfstration," he read, ito prevent a
spread of the panic before IL became a
disaster"
THE secretary Of the treasury and
himself he said. were constantly in
touch of the situation. During that
time Judge Gary and H. c. Frick of the
steel corporation came TO see him. Sec
retary Root also came at the colonel's
request
ON OWN INITIATIVE.
The conference was in the morning
Roosevelt explained he wrote a note
TO Bonaparte, giving the facts OF the
conference.
Roosevelt told of the serious financial
conditions in New York, and how he
had taken the responsibility TO permit
the transfer OF the steel company, and
did it on his own initiative.
1T was a matter Of general knowl-
edge" he said. referring 10 the banks
trust companies in danger in New
York. that they held securities Of the
Tennessee company. which had no
market value.
HELD PUBLIC DUTY.
Gary and FTick's proposition was
that the United States steel corpora
tion should take over the Tennessee
company at once. 1t was necessary
for me TO act Immediately before the
stock exchange opened or the transac-
tion might prove useless. The result
proved the act good one because the
panic was stopped. l should have
proved an unworthy public officer if l
had not done as l did"
ALL IN THE OPEN.
Every step I took was as open as
day" declared Roosevelt Stanley
asked the former president the names
and number of trust companies in trou-
bic in New York at that time. Roose- /
Welt replied Gary and Frick mentioned
no names cr no number.
BROKERS NOT MENTIONED.
Stanley repeatedly questioned |
Roosevelt in an endeayor to ascertain !
if Gary and Frick intimated that the /
absorption of the Tennessee company /
was to save a brokerage firm from /
going to the WALL rather than pre-
vent public panic. The colonel re-
piled no such statement was made TO .
him by anybody.
Did they advise you that Kessler, /
wine agent, had been kiting his Ten
nessee stock and that Kessler and /
Grant b. SchIey. a stock broker, got
into trouble without knowledge of
their colleagues, and that such men as
J.. c. Hanna f. v. Oglebay. and 9th
ers. when they found out the situation.
offered the use of their money and Sc
curities TO prevent their failure?" ask
ed Stanley.
FEsSLER a NEW ONE.
oh. no. ! heard nothing of that"
said Roosevelt.
Were you not advised that Kessler
and Schiey got in such condition that
if these stocks were not turned over