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.

They further informed me that, as a matter of fact, the policy of the
company has been to decline to acquire more than sixty per cent of
the steel properties, and that this purpose has been persevered in for
several years past, with the object of preventing these accusations,
and, as a matter of fact, their proportion of steel properties has
slightly decreased, so that it is below this sixty per cent, and the
acquisition of the property in question will not raise it above sixty
per cent. But they feel that it is immensely to their interest, as to
the interest of every responsible business man, to try to prevent a
panic and general industrial smash-up at this time, and that they are
willing to go into this transaction, which they would not otherwise
go into, because it seems the opinion of those best fitted to express
judgment in New York that it will be an important factor in preventing
a break that might be ruinous; and that this has been urged upon them by
the combination of the most responsible bankers in New York who are now
thus engaged in endeavoring to save the situation. But they asserted
that they did not wish to do this if I stated that it ought not to be
done. I answered that, while of course I could not advise them to take
the action proposed, I felt it no public duty of mine to interpose any
objections.

Sincerely yours, (Signed) THEODORE ROOSEVELT.

HON. CHARLES J. BONAPARTE, Attorney-General.

Mr. Bonaparte received