Daily capital journal. (Salem, Oregon) 1903-1919, 1911-08-05
ROOSEVELT EXPLAINS.
CONTINUED from page ~

that their statement Of the situation
was accurate"
II Was Grand Scoop.
With this the Colonels eXamina-
tion ended. After an exchange Of
courtesies between the members OF
the committee and himself, he forced
his way through the crowd that
Jammed the room.
After Colonel Roosevelt was ex-
cused, Charles NJ. Schwab, who yes
terday asserted that he was the orig
inator Of the plan TO form the United
States Steel corporation, resumed
the stand
In spite Of the fact that Roosevelt
declared he believed his action was
necessary, the committee proved by
many witnesses that the Tennessee
company was one of the best steel
properties In the world; that II could
produce steel more cheaply than the
trust, and that its acquisition, 70
save the situation" gave the trust
the ownership of one OF its most
powerful competitors.
Hauled Manuscript.
New York, Aug. 5.-Ex- President
Roosevelt took the stand this morn
ing in the steel investigation.
Stanley asked him also to tell what
the steel manufacturers had told him
OF the panic OF 1907 which was re-
sponslble for the absorption.
Colonel Roosevelt drew a big man
uscript from his pocket. He said he
mad reduced q part Of the story to
writing that no would read it, and
then the committeeman could ask
questions.
The manuscript reviewed business
conditions, These. Roosevelt said,
threatened great woe and misery to
the country Caution and Judgment
were necessary 10 prevent calamity.
IL was during this time that he re-
ceived word that two representatives
OF the steel corporation wished to
see him.
The next morning was told that
Frlck and Gary were in my Office"
Roosevelt continued. "Attorney-
General Bonaparte was IN Baltimore.
] called In Secretary Root, and to-
gether we talked things over. I die
tated a note to the attorney general.
settling forth what | had told the
gentlemen, and what they had told
me-"
Roosevelt then read letter made
public some time ago, In which no
told Bopaparte that, In view of con-
ditions, he would interpose no obiec-
tions to tho absorption Of the Ten
nesseo company by the steel trust.
Assumes the Responsibility.
II wish It distinctly understood.
said the ex-presldent "that acted
solely on my own initiative, and that
wish to accept all responsibility
connected Herewith. The manic was
due to unreasonable fear. and tho
only way to stop II was to restore
public confidence.
AT that time OF the so-called
Morgan interests, only one retained
the confidence OF the people OF New
York. That was the Knickerbocker
trust company, the others were ON
the firing line Il was known that
they or those interested I'm them. Mad
tennessee securitlea The proposi.
tion OF Frick aud Gary was THAI tho
steel corporation take them over i'm. |
medlately Il was necessary for me
TO decide instantly before the omen |
ing OF the stock exchange owing To |
the situation In New York. To walt !
would be useless.
According to the best Information
l had, the Tennessee stock would in.
crease the corporations holdings
about four per cent.
For the Public Good
believe my action was for the
public good and the only way OF ar
resting the panic | answered Fricl,
and Gary that would not interiors
The result justified my action.
when / was I'm Rirmin.bn., -