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him over again more carefully in view of the President's estimate of him as an
available man for the Treasury.
The President and I talked last night about the cotton pool plan. He
was afraid Gregory would not give an opinion favorable to the legality of it and
asked if I would not talk with him. I did this and found that while he thought
the practice of giving an opinion in advance inadvisable, yet he felt sure the
cotton pool did not violate the Sherman Act. However, before giving an opinion,
he wanted the President to carefully consider whether it was of sufficient value
to warrant the Department in departing from its rule. He cited the Tennessee
Coal and Iron case during Roosevelt's Administration. An opinion was handed down
then by the Department of Justice, stating that there was no violation of the Sher-
man Act in the Steel Company's acquisition of that property, and now the Government
was suing the Steel Corporation, largely on the basis of their assumption of that
property.
He called attention to the fact that the Attorney General's Department under
Roosevelt, declared there was no ground for suit against the New Haven Directors
for what they were doing, but many of the Directors who were now indicted had as-
sumed office after that opinion was given, and it was not impossible this question
was raised for the purpose of its bearing upon the New Haven indictments.
I saw Harding, who is chairman of the cotton pool committee, and discussed
the dat which he is getting up regarding it for the benefit of the Attorney Gener-
al, before an opinion can be written.
There were no visitors at luncheon. After lunch we went out to the golf
course which took practically all the afternoon. After dinner we immediately
went to the study and took up the personel of the Trades Commission. Much to my
delight, we had no difficulty in agreeing upon the membership and within <add>the</add > <del>an</del> hour.
I warned him as to the composition of this commission and to guard against putting
anyone on it even indirectly connected with a corporation coming under its purview.
| Title | ms_0466_s2_v2_213 |
| Transcript |
him over again more carefully in view of the President's estimate of him as an
available man for the Treasury.
The President and I talked last night about the cotton pool plan. He
was afraid Gregory would not give an opinion favorable to the legality of it and
asked if I would not talk with him. I did this and found that while he thought
the practice of giving an opinion in advance inadvisable, yet he felt sure the
cotton pool did not violate the Sherman Act. However, before giving an opinion,
he wanted the President to carefully consider whether it was of sufficient value
to warrant the Department in departing from its rule. He cited the Tennessee
Coal and Iron case during Roosevelt's Administration. An opinion was handed down
then by the Department of Justice, stating that there was no violation of the Sher-
man Act in the Steel Company's acquisition of that property, and now the Government
was suing the Steel Corporation, largely on the basis of their assumption of that
property.
He called attention to the fact that the Attorney General's Department under
Roosevelt, declared there was no ground for suit against the New Haven Directors
for what they were doing, but many of the Directors who were now indicted had as-
sumed office after that opinion was given, and it was not impossible this question
was raised for the purpose of its bearing upon the New Haven indictments.
I saw Harding, who is chairman of the cotton pool committee, and discussed
the dat which he is getting up regarding it for the benefit of the Attorney Gener-
al, before an opinion can be written.
There were no visitors at luncheon. After lunch we went out to the golf
course which took practically all the afternoon. After dinner we immediately
went to the study and took up the personel of the Trades Commission. Much to my
delight, we had no difficulty in agreeing upon the membership and within |
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