The Mathews journal. (Mathews C.H. [Court House]) 1903-1937, 1911-08-17

hat they were really assets In two big
rust companies.
'Messrs. Frick and Gary said that !
hey were convinced the trust COM
pany would fail II nothing was done.
because the Tennessee securities had
no market value at the moment. They
said they were willing TO purchase the
Tennessee property for the United
States Steel Corporation. adding that
the steel corporation did not wish TO
buy the property for the sake of the
transaction itself, because il was the
steel corporations policy to keep their
total control OF steel products at 90
per cent. or less of the total output.
Their percentage, however had Shrunk
\ in the two years preceding, and MeSSrs.
Prick and Gary said that they feared
J if the purchases were made they might
/ be attacked on the ground of mo-
nOpoly.
! They said, however, that they were
willing and anxious to purchase Ten
nesSee Coal and Iron for the United
States Steel Corporation because II
was the only thing that could save the
situation. BY making the purchase,
they said II would enable them to put
the whole power of the United States
Steel Corporation on the firing line so
as to avert disaster that would have
been fatal to all, including themselves.
The conversation between myself
and Messrs. Frick and Gary was more
| in detail than L have given IL, but
have given the sum and substance OF
| it."
Knew Nothing OF Wine Agent.
Did they tell you that a certain
| wine agent named KesSler and stock
broker named Schley were in trou-
| ble?''
'They certainly did not" and Colo
mel Roosevelt thereUpon pointed his
| finger at Chairman Stanley and
| added:
Il certainly never before heard the
name of KeSSler, who, you say, is a
wine agent. Not until you mention
/ ed il just now, did 1 ever hear of a
| man by that name"
| There were a good deal Of laughter
| at this and Chairman Stanley made
no effort to suppress it.
Il may have heard of the name OF
| Schley," he said. "Of that I am not
| certain"
Colonel Roosevelt, I am neither a
prophet nor the son of a prophet. but
| 1 knew year ago that your testi-
| mony on this score would have been
| as ii was today said the chairman.
Il am not familiar, Mr.. Chairman.
with Wall Street or its ways" said
| the colonel.
II am sure that Is so, Colonel
| Roosevelt" said Chairman Stanley.
Colonel Imaginative ut the Last
In further explaining his action
! Colonel Roosevelt said:
If / were on sail boat I should
not ordinarily NEEDLE with any Of the
| gears, but II a sudden sQuall struck
us, and the main sheet damned. 80
that the boat threatened to capsize
would unhesitatiHgly cut the maiE
fsheet even though / were sure that
the owner, no matter how grateful to
me at the moment for having saved
his life would, q few weeks later
when he had forgotten mis- danger
and fear, decide TO sue rue for the
value OF the cut rope"
Colonel Roosevelt was subjected TO
rapid Ere OF questions by the COM
mittec- but he had a ready answer
The colonel denied that he had
been told that nine-tenths Of the total
| Tennessee coal and iron stock was
locked up in the strong box Of "a
certain lti-millionaire."
Il cannot say that i was told that
IL was necessary for the Steel Cor
poration to absorb Tennessee coal and
iron to save the day" said the colo
mel but they said that the latter's
securities were practically valuelees.
Steel bonds. l was told. we're OF i'm
mense value, whereas Tennessee coal
and iron stock had re value"
AT the time the Government was
lending money % New York banks
and 70 others throughout the coun-
try-about $25. 6.ooo-to allay the
panic till people got back their
! heads"