Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1911-08-11
Roosevelt ON STAND
FORMER PRESIDENT DEFENDS
HIMSELF BEFORE STEEL IN
vEsTloATlNG COMMITTEE.
STOPPED PANIC, HE DECLARES
Asserts His Approval of Tennessee
iron Merger by Trust Averted Dis
aster Tells of Gary-Frick
Conference.

New York.-Col Theodore Roose-
gelt took the witness stand in the
congressional inquiry into the United
States Steel corporation to tell what
he knew regarding the absorption of
the Tennessee Coal and Iron company
by the Steel corporation during the
panic of 1907
Mr.. Roosevelt's intention to appear
had been kept secret, but few mo-
ments before his arrival police Off
GERS were stationed in the aldermanic
chamber and at it's approaches.
Mr.. Chairman, | wrote out the
statement | should like to make said
the former president, after Mr.. Stan
ley had asked him to explain what
knowledge he had of the Tennessee
Coal and Iron absorption by the
United States Steel corporation. Il
would like to read. the statement"
You may read it." said the chair
man. certainly, just as you choose. "
Mr. Roosevelt then began reading.
introducing his subject with a de-
scrlption of the financial panic condi-
tons in the fall of 1907.
/ 1T was the utmost duty of the adj
ministration," he read. Ito prevent by
all means the spread of the panic
before 1t became a disaster"
The secretary of the treasury and
ne, Mr.. Roosevelt said, were constant
ly IN touch with the situation. Dur
Ing that time he learned that two
members Of the United States Steel
corporation wished to see him in the
morning. At breakfast the next day
he was informed that E. H. Gary and
II. c. Frick were waiting to see him
Mr.. Bonaparte, then attorney general
he continued, had not yet arrived from
Baltimore.
l sent note to Secretary Root to
come over" the former president
| read, 'and he arrived at the White
! House."
The conference was brief, Mr.
Roosevelt explained and later he
wrote note to Mr.. Bonaparte stating
all the facts of the conference.
Mr.. Roosevelt went on. going into
details about the serious financial
conditions in New York, and told how
he had taken the responsibility to
permit the transfer of the steel
company, and did it on his own tnitia.
! tive.
1T was necessary Tor me to act at
once" said the former president, be
fore the stock exchange opened, or
the transaction might prove useless
He said he was convinced that &C
quirement by the steel corporation OF
the Tennessee Coal and Iron company
did not change the legal status of the
corporation.
! Furthermore, | believed 1t would
be for the public good" continued Mr.
Roosevelt. Il answered Messrs. Gary
| and Frick that if matters were in such
a state l did not want to stand in the
way, and the results proved that the
act was good one, because the pan
| ic was stopped.
IF I had not acted at once in that
extraordinary crisis l should have
| been a mere title, and would have
proved an unworthy public officer, il
| | had not done as | did. Every step
l took was as open as tie day"
Then Mr.. Roosevelt launched into a
| general discussion with Chairman
! Stanley of the general trust question
saying that the United States had
something to learn from Germany.
Colonel Roosevelt, on finishing his
testimony received the thanks OF
| the committee and expressed his sat
| isfaction that as "a plain American
citizen" he had been able to assist the
| committee.