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Show WASHINGTON, Aug. 11. Oakley Thorne, president of tho Trust Company Com-pany of America, which became Involved In-volved In the financial panic of 1907, the affairs of which have been linked with tho taking over of the Tennessee Coal & Iron company by the United States corporation at that crisis, followed fol-lowed George W Perkins today as a witness bofore Hie nouso committee of Inquiry into tho affairs of the steel corporation. Mr. Thorne declared, contrary to tobtimony given by Mr Perkins and other witnesses, that the Trust. Com pany of America was not tho "chief sore point,' of trouble at the time it was necessary to savo the brokerage firm of Moore & Schloy. He surprised surpris-ed the committee with declarations that undue attention had been directed direct-ed toward his company in that crisis and he denied any knowledge of the agreement testified to by Mr Perkins, Per-kins, that the taking over of tho Tennessee Coal & Iron company by the steel corporation to save Moore & Schloy from ruin was dependant upon tho bankers of New York raising rais-ing money to save tho Trust company of Americn and the Lincoln Trust company. Mr Thorne was examined relating to a public statement given to the press Octobor 23, 1907, and attributed to Mr. Perkins, In i which It was declared de-clared that tho "chief soro point" of tho panic was tho Trust Company of America. Paid Out $13,500,000 In One Day. He doclared that immediately following fol-lowing this a run on his bank occurred oc-curred and that tho run In one day took out $13,500,000. For this ho ndraltted he had consulted con-sulted counsel as to the advisability of suing for damages persons ho felt responsible, but that ho was deterred by the necessity of seeking more money from tho bankors of New York In order to prevent collapse of his institution. That his financial trouhlos wore in any way Involved In the difficulties ot Mooro & Schloy at that time, he denied. Mr. Thorne said that before tho panic of 1907, his company had assets of $74,000,000. As far as Tonnesseo Coal & Iron stock was involved in collateral col-lateral on loans of his bank, it was nominal, amounting , to something over $100,000 Mr. Thorne said that prior to tho panic, ho hnd heard no criticism of tho kind of business the Trust Company of America was doing. do-ing. Ho explained that on tho night of the 22nd, Mr Perkins and Mr. Davidson David-son of J. P Morgftn & Co., callod at the Trust Company of America to look Into Its condition. "They examined it thoroughly and announced they were pleased to find ccnditlons as good as they wero." The Run on tho Bank. Mr. Thorne told of tho run on tho bank on October 23rd, 1907 "By ten o'clock," ho said, "wo had seven paying windows open and were doing our best to get rid of the line That day wo paid out $13,500,000." "Did you cnll for help?" "Yes, wo had to get caBh to save the situation tljat day," Mr. Thorno answored ''I Went to Morgan's office of-fice and saw Mr. Morgan, Perkins, Stillman and Davidson. I told them I had to have money. So far as 1 know the exnminlng commltteo had not made any report to Morgan." One million dollars, Mr. Thorno said, was loaned him by J P Morgan Mor-gan &. Co., tho First 'National bank and the National City bank. Mr. Thorne said that he had obtained $1,-500,00 $1,-500,00 that afternoon from the Hanover Han-over National bank, which tided the situation until closing hours. Received Money from Trust Company. He explained how thnt afternoon Mr Morgnn had called the trust company com-pany presidents of Now York together at the Union Trust company, and he was called in. He mot Messrs. Morgan Mor-gan Stillman, Woodward, King and other bankers. The situation was discussed dis-cussed at longth and an arrangement was made to loan him $10,000,000 on $20,000,000 of securities which tho committee of the bankers was to se Iect The following morning he received re-ceived $0,000,000 of this loan and tho remainder In various sums up to Octobor Oc-tobor 31. Ho received another loan of $15,-000,000 $15,-000,000 for $30,000,000 of securities advanced by the bankers November C, but paid to him in various amounts from time to tlmo. He explained he never knew where the money actualry came from, but that .Mr Morgan, Mr. Perkins and the others who were raising it had great difficulty in getting get-ting it Mr. Thorne also told how he began paying back tho loans as rapidly as tho trust company securities' could be reullzed on. At the present tlmo, ho said, tho trust corap'anv has assets of $13,000,-000. $13,000,-000. Mr. Littleton had put In the rocord statement given to the press by Thorne on November 6 in which be alluded to his "utter amazement," that the chief cause of the panic had been directed against the Trust Company Com-pany of America, "a run unprecedented unprecedent-ed in the history of American banking." bank-ing." Mr. Littleton asked the witness if he had conferred during that time with Mclvlllo E Stone, general manager man-ager of The Associated Press. He said ho had. Associated Press Manager N?ed. "I had never known Mr Stono until tho tlmo of the panipl" Mr. . .Thome said. "I met him then and wont to see him practically avery day.' I in- . sistqd that the Trust Company of America was Bolven't and that the GXaminersJwho looked into the con-' ditldn of tho companv should make a'Toport 'It -was my "idea. If the re-: port showed' the company solvent, UTe would bo taken care ot" " "Were you endeavoring to .have knowledge of your condition wide spread?" "My Idea in talking to Mr. Stono was to urge tho necessity of tho examining committee making a report re-port to Mr. Morgan. I knew if the truth of tho situation got to Mr. Morgan, Mor-gan, wo would get help. When lator ' he did learn the condition, ho did help us. Mr. Stono wrote me as follows: "I have no doubt Mr. Parkins' statement state-ment on tho night "of the 22nd distinctly dis-tinctly emphasized the run on tho Trust Company of America, if Indeed, In-deed, it did not prcclpitato it. I do not mean by this that I think there was the slightest purpose on the part of Mr. Perkins to injure you or the the Trust Company of America. But we felt that the statement waa so Injurious In-jurious that we did not send it out Perkln'e D n Big Blunder. "Later, when I said to Mr. Perkins that I thought it was vory hurtful, he Justified it on the ground that tho conditions wore so strained that if public attention had not boon centered cen-tered upon the Knickerbocker Trust compnny and the Trust Company ol Amorica, every bank In New York probably would have been Involved "I think the whole thing was a mis- ' take, a most unfortunate ralgtake, for which you had to pay a heavy penalty, bur I do not for a moment Imagine thoro wns anv malice In If' "Is It your opinion then." Represcn-tithe Represcn-tithe Gardner asked, "that Mr. Perkins Per-kins did nothing more thnn make a d n big binder?" "That is your way of expressing it," said Mr. Thorne "I do not know that Mr. Perkins wrote that statement state-ment I think he gave it out." "Then you acquit hlra ot everything but btupldlty?" "Absolutoly." Mr Thorne said he had confidence In Mr Perkins because he know he hnd Mr Morgan's ear and It was Mr. Morgan's ear he wanted to reach. nr, |