The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-08-06
BY Associated Press.

New York, Aug. 5.-Theodore Roose-
welt boldly and voluntarily before the
house committee Of inquiry into the
United States Steel Corporation here
today told OF how his action in con-
senting to the absorption Of the Ten
nessee Coal & Iron Company in 1907
had averted a disastrous panic. The
former chief executives action in sub
mitting to a congressional review Of
his own administration is almost un-
precedented in the history of the
United States and was thoroughly
Rooseveltian.
He arrived unheralded at the city
hall, shook hands with members of the
committee, declared himself delighted
to see everybody and got down to bust
ness. First and foremost he placed
upon himself the responsibility for ap-
proving the absorption to avert "a
perilous financial disaster and con-
demned any man so weak as not to act
as he did in that crisis. Probably
nothing in the life history Of Roosevelt
was more dramatic than his public ap-
pearance today at the crisis of the in
vestigation into the steel merger. After
declaring his action in approving the
sale of the Tennessee Coal & Iron Co.
was to restore confidence, the former
president said:
THE situation was so critical It was
liable to break at any moment until
action was taken and the instant it
was taken an enormous Improvement
occurred"
Answering a query regarding the
testimony of Grant B. Schley, of Moore
& Schley, that he did not know he
would have failed had IL not been for
the sale of the Tennessee company,
RoosexAelt t-arozSedwfhe committee with
the statement that II Schley didn't
H- L. q T. a T.
York who didn't. Concerning his ap-
proval of the sale, Roosevelt said IT
would have been almost criminal for
him, as the representative of the peo-
pie, not to have done exa city as he did.
IN GOOD SPIRITS.
The former president appeared In
exceedingly good humor and greeted
Chairman Stanley and other members
Of the committee with enthusiasm.
I'm glad to see you ALL" he declared
as he stood In a group Of committee
men. I'm very delighted to see you
indeed. sir" he seid to Representative
Young Of Michigan, a Republican mem
Der of the committee.
Mr.. Roosevelt took the stand at once
There have been certain matters
concerning which there has been much
discussion" Chairman Stanley an
nounced, "and the committee desired
Mr.. Roosevelt's information regarding
thereto. Mr. Roosevelt did not come In
response to a subpoenae. He was ad-
vised of our desire to hear from him
with reference to the absorption Of the
Tennessee Coal & Iron Company. He
kindly advised me that he would gladly
come and we thank him for his ap-
pearance."
After you had courteously said
should come at 10 o'clock, Mr.. Chair
man, wrote out the statement would
like to make" said the former presi
dent after Mr.. Stanley had asked him
to explain what knowledge he had Of
the Tennessee Coal & Iron Co. alb
sorption by the United States Steel
Corporation.
Il would like to read the statement
have prepared"
You may read It, certainly; Just as
you choose"
Col. Roosevelt then began reading
introducing his subject by a descrip
tion of the financial panic conditions
in the fall Of 1907.
WAS HIS DUTY.
TT was the utmost duty Of the ad
ministration." he read, ito prevent by
all means the spread of the panic be-
fore II became a disaster"
The secretary of the treasury and
himself, he said. were constantly in
(Continued on Page FifteeuO