Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-08-05

per cent, and that the advance was
trivial" Mr.. Roosevelt replied.
| Was it your impression that they were
buying some steel mills in Alabama, and
the Tennessee Coal and Iron plants and
| ores?"
They didn't go into details at all as
to the extent Of the property was the
reply.
| IF they had advised you that the pur-
chase of the Tennessee Coal and Iron
Company would have increased their out
put in the south IS to so per cent, or
something like that. would you have con,
sidered such an absorption favorably:
IMr Stanley asked.
| "Of course I cannot answer such
question as that, because l would have
to imagine great many conditions OF
which do not know Mr.. Roosevelt re-
Piled.
Mr. Stanley entered into long discus
sion about control Of output by one con-
Germ.
| Col. Roosevelt's Statement.
The text of Col. Roosevelt's statement
is as follows:
In the fall of 1907 there were severe
business disturbances and financial
stringency. eliminating in panic, which
arose in New York and spread over the
country. The damage actually done
was great and damage threatened was
incalculable. Thanks largely to the &C
| ton of the government, the panic was
stopped before, instead of being merely
serious business check, it became
| frightful and nationwide calamity, q
disaster fraught with untold misery and
woe to all our people For several days
| the nation trembled on the brink ofssuch
a calamity, of such a disaster, as you
| gentlemen doubtless remember.
| During these days both the Secretary
| of the Treasury and / personally were In
hourly communication with New York
| following every change in the situation
and trying to anticipate every develop
ment 1t was the obvious duty OF the
| administration to take every step posi-
BILE to prevent appalling disaster by check
| ing the spread of the panic before 1t
| grew SO that nothing could check 1t; and
| events moved with such speed that 1t was
| necessary to decide and act on the in
slant, as each successive crisis arose. II
/ the decision and action were to accom-
plish anything. The Secretary Of the
| Treasury took various actions, some on
| Late one evening l was informed that
| two representatives of the steel corpora
| ton wished to see me early the following
morning, the precise object rot being
| named
| Sent for Mr.. Root.
| Next morning while at breakfast was
| informed that Messrs. Prick and Gary
| were waiting at the office; at once went
over, and as the Attorney General. Mr.
| Bonaparte, had not yet arrived from
| Baltimore, where he had been passing
| the night, I sent a message asking the
| Secretary of State. Mr.. Root, who was
| also q lawyer, to join US, which he did.
Before the close Of the interview. and
| in the presence of the three gentlemen
named. dictated a note to Mr.. Bonaparte.
| setting forth exactly what Messrs. Frick
| and Gary all dproposed and exactly what
| 1 had answered-so that there might be
| no possibility of misunderstanding. This
| note was published in a Senate document
while 1 was still President. and is al
ready spread on the minutes of your
| committee. 1t runs as follows:
Shall l read it, gentlemen
The chairman: Just as you like, Col.
Mr.. Roosevelt: with your permission
! will read it."
Letter to Bonaparte.
'The White House,
washington, November 4, 1907.
my Dear Mr.. Attorney General:
Judge E. II. Gary and Mr.. H. G. Frick,
on behalf of the steel corporation. have
just called upon me. They state that
there is certain business firm the
name of which / have not been told, but
which Is of real Importance In New York
business circleSI which will undoubtedly
fail this week If help is not given. Among
its assets are majority of the securi-
ties of the Tennessee Coal Company APP
plication has been urgently made to the
steel corporation to purchase the stock
as the only means Of avoiding failure.
Judge Gary and Mr.. Prick informed me
that as a mere business transaction they
do not care to purchase the stock: that
under ordinary circumstances they would
not consider purchasing the stock, be-
cause but little benefit will come to the
steel corporation from the purchase; that
they are aware that the purchase will
be used as handle for attack upon them
on the ground that they are striving to
secure a monopoly of the business and
prevent competition-not that this would
represent what could honestly be said.
but what might recklessly and untruth-
fully be said
They further Informed me that as a
matter Of fact the policy of the company
has been to decline to acquire more than
90 per cent of the steel properties, and
that this purpose has been persevered
in for several years past with the OBJ
ject of preventing these accusations. and.
as matter of fact. their proportion OF
steel properties has slightly decreased
so that IL is below this present per cent.
and the acquisition of the property in
question will not raise II above 60 per
cert. But they 1eel that IL Is Immensely
to their interest, as to the interest OF
every responsible business man, to try to
prevent panic and general industrial
sma sh-up at this time. and that they are
willing to 20 into this transaction, which
they would not otherwise go into. be-
cause IL seems. the opinion of those best
fitted to express judgment in New York
that ii will be important factor In
preventing break that might be ruin
Gus: and that this has been urged upon
Them by the combination OF the most
: responsible bankers in New York who
are now thus engaged in endeavoring to
, save the situation. But they asserted
they did not wish to do this II stated
> that it ought not to be done. I answered
J that while OF course l could not advise
fhepn IN Ia To acti0y, pr0naaod felt