The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1913-01-23
Tsstifies Concerning Ten
nessee Coal and Iron Deal.
SAYS HE WAS NOT MISLED
Declares No Matter What Might Have
Been the Motive of the Steel Cor
poration He Still Would Have Sane.
toned the Absorption.

New York, Jan. 23.-No matter
what might have been the motives be-
hind the United States Steel corpora
tion when it absorbed the Tennessee
Coal and Iron company five years ago,
Theodore Roosevelt as president
would have sanctioned the deal. He
so testified at a resumption of the
hearing in the governments suit to
dissolve the so called steel trust.
Colonel Roosevelt was asked but
one question by counsel for the gov
ernment, namely, whether statements
contained in a letter which he wrote
to Attorney General Bonaparte con-
corning the Tennessee Coal and Iron
deal were true. The colonel replied
in the affirmative.
r. v. Linabury, counsel for the steel
corporation, then took up she cross
examination.
Mr.. Roosevelt testified that he was
aware that the government had un-
NCANohCh Sh NtSlAEdliOn VI TIE Slccl
corporation before the Tennessee
Coal and Iron was taken over
They reported to me unfavorably
in regard to the Standard Oil, but IA
voTably in regard to the steel cor
poration," he said.
Less interesting Than Strike.
This is less interesting than the
hmono strike" remarked Colonel
Roosevelt, during lull, while coun-
sci discussed the admission of docu-
mentary evidence.
Mr.. Linabury called Mr.. Roose-
velt's attention to a letter in which
Commissioner Garfield 90 lie bureau
OF corporations said that he did not
know of a single instance in which
the steel corporation had refused in
formation to the government. The
colonel said that such was his under
standing of the facts.
In sanotioning the Tennessee Coal
and Iron deal, the witness said he
had two things in mind" One, he
explained. was the relief 1t would
give to the entire country, not only
New York, but Minnesota, Louisiana
and other states. The other was the |
percentage of control OF the steel in |
dustry which the United States Steel |
corporation would have after the ac-
QUESTION of the Tennessee Coal and
Iron"
did you know at the time that the |
TTntfnA Gtnnl
engaged In the fixing of prices OF steel |
through joint action OF competing |
companies which it controlled?"
Il had no such knowledge" replied |
the witness.
Securities Were Worthless.
"Did you know that the Tennessee
Coal and Iron interests were spend |
ing sS,000,0O0 in the development of |
the property"
II did not. I know this-that its
securities were worthless unless TAX
en- over by somebody who would give
them value
did you know that the steel cor
poration had sent experts to examine
the property"
'T did not, but I did not believe that
the steel corporation was taking q pig
in a poke"
Colonel Roosevelt leaned forward.
81 want to say this ne declared,
pounding the table with his hst; mot
one thing could have been known
about that company which could have
altered my action. was dealing
with panic, situation that might
have caused widespread disaster in
one hour If | did not act"
The colonel declared that neither
Attorney General Bonaparte nor At
torney General Moody, during their
respective administrations. nor Com
missioner Garfield nor his successor,
Herbert Knox Smith ever told him
that any action should be taken
against the corporation.
EIDE QlInC EAuIAN NnnArnvi