The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-06

big bankers were urging the acquir-
inI OF the Tennessee Coal and Iron
Company by the steel Corporations"
replied tho colonel. 80 as to save
certain big trust companies Both
Mr.. Frlck and Judge Gary discussed
the subject 1t was stated by one or
the other of them that they were be-
ing prevailed upon by various repre-
sentatives of big interests here in
New York to acquire Tennessee Coal
ana IRON The securities of that COM
pany were being held as assets in two
DIG trust companies which were
threatened with failure. and they were
firmly convinced these trust compa-
mes would fall because the securities
nau no marketable value at the mo-
meht They told me they were WILL
ing TO purchase. but that they did not
want the comISny for itself. as the
policy of the Steel Corporation was to
mold only 60 per cent. in any of the
steel companies in which they were
Interested they We're afraid of at
tack on the ground of monopoly, but
were willing and anxious to go on be-
cause that would put the whole
strength of the Steel Corporations
resources behind tho threatened in
stitutions."
What trust companies were they?"
asked Chairman Stanley.
'heir names were not mentioned
to me at the time, because In times of
panic 1t is best not to make too free
use of the names of financial instittl-
lions suspected of being in trouble"
DO understand that YOU had been
informed that these two trust com
panies, or whatever they were, were
overloaded with uncurrent securities?"
Spoke of One Company.
THAT was the impression hao
gained from New York two or three
days previously But Messrs. Gary
and Frick spoke to me of only one
company. can't remember whether
they used the word trust company oil
not. But that made no difference to
a great company, a great business in
stitution here. that was threatened
with failure, and that its failure would
lead no man could tell where"
Did they tell YOU" persisted Mr.
Stanley, that a big Wall street
broker wanted them to help him un-
load and overload of uncurrcnt In
dustrial securities acquired in some
mysterious. wicked way
The Kentucky congressman wa-
not permitted to finish framing his
question. Colonel Roosevelts fac.
was twisted almost out of shape by
Ing him.
"Mr. stanley" he exclaimed. you
must apply to somebody more familiar
with Wall street than l am for in
formation on that subject"
Did they tell YOU that the stock
of the Tennessee Coal and Iron Com
pany was locked in the strong boxe.
of multi millionaires; that 1t was
begged or pooled by them to prevent
its control getting away from them
that the banks were not objecting to
these securities?"
r. V. Lindabury, counsel for the
steel Trust. objected 10 this question,
on the ground that it was not proper
representation of the record as thus
far made up by tho committee. and
attempted to get Colonel Roosevelt not
to answer It, The colonel ignored tho
Steel Trust counsel completely how
ever. and replied:
Nobody talked to me on that line
at all But as YOU have stated that
the two bankers were not objccting to
the securities. will tell you that
bankers had told me they were value
less But Messrs. Friok and Gary
told me that they could stop the panic
by exchanging Steel Corporation bonds
for tho Tennessee Company's common
stock. That was what appealed 10
mo. desired to stop the panic. I
wanted to drive the fear that was
making tho people everywhere un-
easy wished above everything else
to do everything in my power to get
people back to business sanity and
confidence.
Not Advised ms to Margin.
Did any of these bankers or Mr.
Frick and Judge Gary tell you that
]. P Morgan had advised this course"
"Not directly. They simply said
that IL it were not done the panic
could not he stopped. and that ii 1t
were done the panic would be stop
ped"
Did these larkers who thus ad
vised YOU tell you that in addition to
the 1904. 100000 of first mortgage
bonds Issued by the Steel Corporation
when 1t bought the Carnegie Steel
Company the corporation had Issued an
additional $50. Oo0, 900 in bonds. and did
you know yourself of the financing
methods of the steel Corporations" in
quired Mr.. Stanley.
"Who-me?" responded Colonel
Roosevelt with a queer smile on his
face. "Who-me?" he repeated, a he