President Roosevelt informs Attorney General Bonaparte of a meeting he had with Judge Elbert H. Gary and Henry Clay Frick regarding the potential failure of an important Wall Street firm, Moore and Schley. The firm is heavily invested in the Tennessee Coal, Iron and Railroad company. Gary and Frick propose that the United States Steel Company purchase that stock from the firm to prevent its failure. This purchase could expose United States Steel to an antitrust attack from the government, but Gary and Frick explain why it would not constitute a monopoly, and feel strongly that preventing the firm’s failure would be in everyone’s best interest. Roosevelt told them that while he could not advise them to take the proposed action, he felt it was not his duty to tell them not to.
Collection
Library of Congress Manuscript Division
Creation Date
1907-11-04
Creator(s)
Roosevelt, Theodore, 1858-1919