New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-15
THE TENNESSEE COAL COMPANY
MATTER.

purioc these days both the secretary
of tho Treasury and l personally were III
bourl, communication with New YORK
following every change i'm the situation
ana irving to anticipate every deVel,p-
mcnt. il was the obvious duty OF uIe
administration To take every step pOSsloie
10 prevent appalling disaster by checAihS
HE spread Of the panic before 1t grew 80
that nothing could check it, And events
moved with such speed that it was neces-
sarv to decide and to act on the instant
IS each successive crisis arose, II the ue-
-lsion and action were to accomplish any
Thing The Secretary of the treasury
took various actions. some ON ms own
Initiative some by my direction.
Late one evening 1 was Informed thaO
two representatives OF the steel corpora
ton wished 10 see me early the 1olo"lns
morning the precise object not beHie
named. Next morning, while at break
fast. l was Informed that Messrs. frlcN
and Gary were waiting at the once at
once went over, and. IS the Nt'oIle'
General, Mr. Bonaparte, had not YET al
rived from Baltimore, where he had peeh
passing the night, | sent message ASH
inc tho Secretary of state, Mr. Root, VINO
was also a lawyer 60 join u.s. Wh'ch TIC
did Before the close of this interview
and i'm the presence of the three sehtle-
men named. ] dictated note TO MI
Bonaparte. setting forth exactly "ha'
Nessrs Prick and Gary had proposed
and exactly what had answered-so tna'
there might be no possibility OF misunue'
standing This note was published III
senate document while l was still Presi-
dent IT runs as follows
The White House,
Washington, November 4, 1917.
M boar AIr Attorney General;
iudec f.. H. Gary and Mr.. II. c. frlck,
ON behalf OF the Steel Corporation nave
just called upon me: Lhe ey,,, s t,5e name r"
OF which ] have not been tod, ouI VIII
is of real importance In New YORK o1 ssti
ness circles) which Will undoubtedly IAN
This week II help is not given. Among us
sssets are a majority OF the securities OF
The Tennessee Coal Company. Application
has been urgently made TO the steer NoI-
poratiOn TO purchase this STOCK as the
only means OF avoiding a iailure' JUS
cary and Mr. Frick informed me that as
"A mere business transaction they 90 not
care to purchase the STOCK thdt ulu'i
ordinary circumstances they Woulu nol
consider purchasing the stockl because
INIT little benefit Will come 10 the Stetl
l'orporation from the purchase. that they
are aware that the purchase VIII DE usSu
as a handle for attack upon them on the
Ground that they are STRIVING 70 Secu ei.e,, ~
MONOPOLY OF the business and prevent
competitiOn-not that this would repre-
sent what could honestly De sara, w .
what might recklessly and untruthlull|
They further informed me that. rs a
matter Of fact the policy Of the company
has beer 10 decline TO acquire more IMAM
~ pcr cent OF the steel properties, ana
that this purpose mas peen prcseNe a az
for several years past with the OBJECT OF
these accusations ahc, as q
matter Of fact. their proportion ot steer
properties has slightly decreased, so that
IL is below this 90 per cent ana the aC,
ouisition of the property IN question VIII
not raise II above 90 per cent. but they
feel that IL is immensely 10 ther lnteIcSl'
as 20 the interest OF every responsible
business man. 10 try 10 prevent a panic
and general industrial smash-up al TINS
time. and that they are willing TO go INTO
This transaction. which they Wouio nOt
otherwise go into. because ~ seems mo
opinion OF those best fitted TO express
Judgment i'm New York that IL VIII be an
important factor In preventing break
that might De ruinous. and That TINS mas
been urged upon them by the comblha-
non of the most responsible bankers IN
New York who are now thus engaged IN
TO save the SITUATION. but
they asserted that they did not wish 10
do this II stated that IL ought not 10 be
done. | answered that while OF course
I could not advise them TO take the acc
ton proposed. ! felt IL no public duty or
mine to inte-pose any objections.
Sincerely yours.
(Signcd) THEODORE ROOSEVELT
Hon. Charles J. Bonaparte,
Attorney General
MIR. Bonaparte received this note IN
"A bout an hour. and that same morning he
came over. acknowledged its receipt, and
said that my answer was the only proper
answer that could have been made. hav-
ing regard both 70 the law and to the