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

2
! course. fighting hard TO prevent me loss
| Of confidence and the panic distrust from
/ increasing TO such degree 8S 70 nrlnS
/ any other big financial institutions down
/ for thi, would probably have been fol
! lowed ny a general, and probably WoIt
wide crash
The Knickerbocker Trust Company had
already failed. and runs had begun or
were threatened as regards TWO otnef pls
! trust companies These companies we're
/ now on tho lighting line. and II was 70 tIle
| interest OF everybody 70 strengthen then'
! In order that the situation might ne sdFeu
1 II was a matter OF general knowledge ana
| belief that they or the individuals prom
nent in them held tho securities or the
/ Tennessee Coal and IRON Company Wnicn
| securities had no market and which we're
useless as a source Of strength IN the
The Steel Corporation securities. on the
! contrary, We're Immediately market abie'
| their great value being known ana 30
mitted all over. the wor.d-as the event
| showed.
The proposal Of Messre Prick and CARY
was that the Steel Corporation should ~
/ once acquire the Tennessee Coal ana IRON
/ COMPANY ana thereby substitute. among
the assets Of the threa tened institutions
! (Which. by the way they did nor name ~
me- securities Of great and immediate
value for securities which AZ the moment
were Of no value.
| n was necessary tor me 70 decide on the
instant before the Stock Exchange opened
/ for the situation IN New York was such
/ that any hour might be vital. and failure
| 10 act Tor even an hour might make all
/ subsequent effort 10 act utterly useless.
Did Not Affect rs Status.
| Prom the best information st my dis
1 posaI I believed and believer that the sd-
dtion OF the Tennessee coal and Iron prop
erty would only increase the proportion OF
! the steel CompanT's holdings By about
per cent. making them about 81 per cent.
| instead II bout - per cent or me total
! value in the country. an addition Whlch
/ 1r~ 1fac- mon y
! 7 may add. not only by the Attorney Cen
ersl. but BY every competent lawyer with
/ whom 7 talked. worked no change in the
/ legal status Of the Steel Corporation
| Furthermore. T believed that the action
! was emphat'callv for the general GOOD.
/ that II offered the only chance for arresting
the panic. and that II would probably ar,
/ rest the panic. as II dld answered
| Messrs Frick and Gary, as set forth ~
! nv published letter. 70 the effect that l
! did not deem n nv duty 20 interfere. mat
IS 10 forbid the action which mora than
| anything else in actual fact saved thA
| situation. The result justified my juds-
ment. Tie panic was stopped. public con,
/ ldence IN the sol-encv OF the threatened
/ institution being a. once restored
! incidentally. 7 may mention that when
vas N Birmingham last spring every man
/ T met, without exception who vas com
petert 70 testify, informed ne voluntarily
that the results Of the action taken hsd
/ been Of the utmost benefit 70 Birmingham.
land therefore. 70 Alabama The industrv
! had profted 70 an Extraordinary degree. NOT
only from the standpoint Of the business
but from the standpoint 81 the community
! az large and ~ the WagewOrkers, by the
change in ownership The results or the
action T took we're beneficial from every
/ standpoint, and the action Itself az the tmr
when r. was taken was vitality necessary
n tho welfare Of the people OF the United
Would Have Been OsrsIict.'
In my Judgment, would have been ders-
I
self tirnid and unworthy public officer, ~
/ IN that extraordinary crisis had nor acted
as I old act. In every such crisis the
/ temptation TO indeciFion 70 non-action. s.
great. for excuses can always be found TOT
non action. and action means risk and Ger
taiutY OF blame 70 the man VINO acts. But
| If the man IS worth his salt he viii do his
| duty. he will give the people the beneilt
/ Of the doubt. and act in any way which
/ their interests demand. and which is not
sffirmativeiy prohibited by law. unheedinE
| the likelihood that he himself when the
| crisis IS over and the danger passed, VII!
/ be assailed for what he has done
Every step ] took In the matter was open
as the day and vas known N detail AT the
tanned full accounts OF the visit 70 me OF
Messrs Prick and Gary, and heralded wide
! ~ and with reclamation the results OF mat
visit At the time the relief and rejoicing
over what had been done were Wellmgh
universal
Tn. danger vas too imminent and too
appalling for men to be willing 20 condemn
/ those who We're successful IN saving them
/ from H. But I July understood and eX-
pected that when there was no longer dan
ger, when the fear had been forgotten, at
tack would be made upon me.
II I were on a ss!lboet 7 should not or
dinarily NEEDLE with any OF the gear, but
~ sudden squall struck US and The main
aheet damned so that the boat threatened
70 capsize I would unhesitatingly cut the
main sheet, even though I were sure that
the owner. no matter how grateful 70 me
al ~. moment for having saved his life
would a few weeks later, when he had
forgotten his danger and his fear. decide
10 sue me for the value OF the cut rope