Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-08-05
Theodore Roosevelt Voluntar-
lily Tells Committee How He
Gave Consent to Tennessee
Merger to Save the lay.
HE SAID HE HAD
TO ACT QUICKLY TOO
II Was Necessary to Put I'm
mense Credit of Octopus Be
hind Weaker Concern 10
Keep it on Firing Line.
UBy EvenInR Herald 4. y. Leased wireD

tny EveainE Heraid 4. a.. LEASED Wireb
New YORK. Aus 5.Col Theodore
Rooscvclt took tho witness stand IN
the congressional Inquiry into the
steel corporation today to toli what
No. know regarding the absorption ~
tho Tennessee Coal and iron COM
psny hy 10, steel corporation DURING
tn, uunic of 1905.
The i"ru,r president appeared ~
exceedingly good htmor and greeted
'hairWan STANLEY ard other members
pt th, committee with enthusiasm.
Mr. Roosevelt tuok th, stand tt
once
Their, huN. been certain matters
concerning which thor. has uoeu
much discussion chairman stanley
announced "and IN, rommitt,, d.-
sbcd Mr R"o~eveit's Information re-
Itng thereto Mr. Eoosc,rt did not
come in rrsUun-c "a "a .uhpu,na He
Nas advised of r,r drsir. 10 hear
from him with reference tp the ah-
eorption 81 tho Tennessee Coal aud
IRON company ile Niudlt advised nae
tina, d" would gladly come. and We
thnuk him 'l hs appearance.
Art'r you had courteouslS said
should como at is o'clock. MI
chairman. J wrote out 90. statement
{ should Ike o. make. aid GA, iur-
m"r president after Mt Staul,v had
asked him 60 explain Nh4t huuvI
edge hr hdd uf the Tonu,~-,. ,ptI
and iron absorption b., th, Iuipt
stUtcg steel corporation
Mr. Roosevelt then began reading
introducing his subject hy 20 dcscrtn.
ton of the fpar~it panic conditions
Ice tho fnll ot 1905
~ was the utmo-t duty OF tho
administration. bee reed. "to pr,vrut
ht an means The spread OF the pauI.
hoioi" IL became o. disaster The
secretary 1f tho trcasur, and himself
Do" said, we're constantly In touch on
tho situation. At breakfast ono day
he was Informed that Judge Gary aud
Mr. " &. Frirk were whiting To SEQ
him. Mr.. Bonaparto then attorney
general. he continued. had not vet
arrived from Bnltimorr
II sent nate To Secretary Root
90 come over" the former president
read, and hc arrived ~ the whto
kouso' The conference was brief.
MIR Roosevelt explained. and later he
ing all tho facts of the conference
"" then read to the committee the
letter aftorward published iu the SON
ai" rocords of th" hearing on the Ten
r'Ns"e coal and Iron cas-, ln 1903
The letter set forth how Mr. FfcS
and NJ Gary had submitted tho
proposition Tor the sal, OF th, Ton-
n'~sr" company and how he had ex
Dressed Tho opinion that ha ala not
Wish 90 stand n tho way of saving d
financial panic Tho frm ina, was
in trouble, MR. Rooscvct said. hnd
not been mentioned
Mr Housoyolt thcr went ON tn road
his statement, going into detail,
about tho serious financial condition,
in Now York and told how h, nnd
taken tho responsibility to permit me
transfer of thc St,cl cpmpan, and
did II on his own initiative.
II was q matter of general knowI,
edge. hr said, referring Co. banks and
trust companies in danger in N,n
YORK. that they held securities ol
'hr tennessee Coal ana nun com.
panN which had uu market value
The proposition or N,--r- Gar,
ana Frick WAS, hr continued "thaI
ln' Onitod states Steel cnrpuru,ior
shouid take over the T,uu,ss,. Con
ana IRON company u once u wa,
necessary for me to act al once, sai,
th" CORNER president "brfor, th.
stock exchange opened or "a, trans
H'unn might prove useless" Ilr SAID
h. was satisfied that acc iircniop, IL,
the steel corporation of th, Tsuuos
s'" Coal and Iron company dld no
change The legal status OF thr cor
poration.
FWth,rmurr I believed il wonl,
Nc for tn gnhiir good, continil0,
Mr. Roosevelt "a answered Nessrs
Gary md Fricf that f matters w.,
'h HE,n % stat, 7 did not want =,
fitr' h the wa, ana tho rr-ult
rrc' that tho act was COOL ga,
p'ehusc the pants Was stopped
sh"ild have proved iu unworthy pub
Hr officer if ! had not done as did
'lt J had not acted at once" Ia
continued, An thai "Ntraordinar
CRISIS, ! should have bveu ucr
titlc. I'm oYorS such crisis the temp
taiion a. indorision to non-actiuu
always cxists. There h. always ox
cuse for non-aetion lf man
worth ais salt he viii give penple IA