New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-06
ROOSEVELT ON THE PANIC



done for instance. with the potash in
dustry."
This led to the chairman cutting loose
three minutes on the trust problem
During his little speech he said he be
lieved absolutely and forever in forcing
common carriers 10 charge equal prices
and also to prevent by law the presence
Of a Steel Corporation director on the
directories Of railroads"
I'D GO still further. and exercise direct
control over this big corporation, the
Steel Trust" replied the witness. smil
ing.
II am glad 10 be Endorsed by so high
an authority" said the chairman.
Representative Young interrupted ~
saw that Mr. Schley had testified he
didn't believe that the sale of the Ten
| uessee Coal and Iron was necessary 70
save him. or that he was in real danger.
IF Mr.. Schley didn't believe he was in
snv danger of failure" quickly retorted
Mr.. Roosevelt. he was the only well in
formed man in New York nho held that
view
| Congressman Bartlett got into the
game here. You have said by repea ted
efforts made NJ to the time in question,
the panic was stayed"
! Yes" was the reply, ~ after any Of
these partial victories during the panic
had laid supinely down the battle
would have been lost
81 have vague memory" Mr.. Roose-
welt continued. that either Judge Gary
or some other gentleman of similar
prominence. did. in some public address
advocate the course l had taken, and
commend the administration
Didn't Judge Gary do that to get the
support Of the administration"
Sur. the People Will Approve.
Now replied Mr.. Roosevelt, 'you are
going again into the domain of motive.
7 will simply say that from my knovl-
edge of the conditions ! am as sure to
dsv az I can be sure Of anything that
the course which took to stay the panic
will ultimately commend itself to the
American people"
Congressman Young wanted 70 know
II the witness had heard anything after
the contamination OF the deal which
might lead him n believe that the facts
had been misrepresented to him.
II should say that the information
which / received was essentially accu-
rate. r isn't necessary for me now. and
II wasn't az any time. ~ consider what
motive the Steel Corporation had for &C
quiring that COMPANY. Tn all essen
tials. their representations 70 me I be
Hevc TO he accurate and all the in
formation ! have received from them I
believe to be accurate. In so far a.
they justified the men from my point of
view. the events bore out as correct all
the gentlemen told me"
Speaking Of Judge Garys belief in gov
lerrment control Of corporations. Mr.
Bartlett wanted 10 know II the former
President had converted tho judge.
IT hope I have" said Mr.. Roosevelt.
"as said in my messages n Congress -
As q member Of Congress was IA
milar with them. sir" interrupted the
Congressman with haste.
Il NAV say without breaking conf
dence." retorted Mr. Roosevelt. that
certain members received them with sue
cessfulIv dissembled gratitude"
This about wound MP tho eXPresdent :
examination, and Mr.. Stanley thanked
him for appearing 50 promptly IN reply
70 the committees request
In reply Mr.. Roosevelt said. An ex-
President is merely a private citizen,
and it Is his plain duty TO help the com
rlittee 7 thank you for your courtesy.
C.. M. sohwsb on the Stand
There was short intermission after
Mr.. Roosevelt left the stand When the
committee reconvened Chairman Stanley
called Charles NJ. Schwab. president Of
the Bethlehem steel Company, as the
next witness.
Mr. STANLEY asked about The cost Of
making steel rails at the present time.
7 Ny estimate for making steel rails IN
: 1905. as 7 recollect it, began Nj
, Schwab. was SCI 30 ton. Since that
time I think there has been practically
, neither increase nor decrease, although
! that is about 50 30 a ton more than in
, 1899. II transportation rates we're the
, Same nov as they were then l think rails
would be 81 or SO ton cheaper
Z Congressman STANLEY picked I'D a
heavily bound. padocked book Of con
siders BILE size and thickness. II was the
minute book of the directors Of the
United States steel Corporation.
who kept the KEY
81 am sure I didn't
& why was Il locked"
Probably 10 keep other people from
knowing my business" and there vas
general laughter II then developed that
Mr.. Iindabury. counsel for the corpora
ton. was the custodian Of the key.
, The chairman Of the committee opened
the book, turned 70 the minutes Of the
] meeting Of the directors on April 10,
1901. and framed his questions from
them.
"Did YOU not insist at that meeting.
he asked, tntt m" COT Poi dtloH ohoulu
insist upon the railroads giving n lower
transportation rates. and did not Mr..
Converse insist that the rates should be
the highest possible with the highest
possible rebates
| Mr.. SchUab-Read the balance
Mr.. Stanley-There isn't any more.
"I am very glad Of IT, retorted the
|. steel man. amid another outburst Of
,..-A+nr IN n-hlch his va the lnlldsst