Root, who was also a lawyer, to join us, which
he did. Before the close of the interview and in the presence of the
three gentlemen named, I dictated a note to Mr. Bonaparte, setting forth
exactly what Messrs. Frick and Gary had proposed, and exactly what I
had answered--so that there might be no possibility of misunderstanding.
This note was published in a Senate Document while I was still
President. It runs as follows:
THE WHITE HOUSE, Washington, November 4, 1907.
My dear Mr. Attorney-General:
Judge E. H. Gary and Mr. H. C. Frick, on behalf of the Steel
Corporation, have just called upon me. They state that there is a
certain business firm (the name of which I have not been told, but
which is of real importance in New York business circles), which will
undoubtedly fail this week if help is not given. Among its assets are
a majority of the securities of the Tennessee Coal Company. Application
has been urgently made to the Steel Corporation to purchase this stock
as the only means of avoiding a failure. Judge Gary and Mr. Frick
informed me that as a mere business transaction they do not care to
purchase the stock; that under ordinary circumstances they would not
consider purchasing the stock, because but little benefit will come to
the Steel Corporation from the purchase; that they are aware that the
purchase will be used as a handle for attack upon them on the ground
that they are striving to secure a monopoly of the business and prevent
competition--not that this would represent what could honestly be said,
but what might recklessly and untruthfully be said.
Pages:
706
707
708
709
710
711
712
713
714
715
716
717
718
719
720
721
722
723
724
725
726
727
728
729
730