The Washington herald., 1907-10-24

VI AliitilCd tooh, approximately sLzf
10000 pounding to-day, and stood UP
under IT, When the business day was
over, everybody in Wall street and a lot
more outside Wall street wanted to know
whether the institution could stand UP
under another such pounding tomorrow.
Not an officer Of the company or any
body having even a remote interest in il
would make any definite promises at
( o'clock tonight. but the general opinion
/ in the financial district seemed 20 be that
/ the other banks and trust companies will
stand by the Trust Company Of America
until the run is over, if it continues to-
Tmorr0w and Friday, and till every last
mothers son or daughter TO whom the
institution owes money payable on de-
mand has been paid.
The company was attacked in the front,
rear. and on both fanks. To have seen
the crowd in front Of the main Office, at
80 Wall street. or at the Colonial Branch.
at the southeast corner Of Ann street
and Broadway. one might almost have
imagined that about all Of the persons
in New York having money on deposit
were depositors Of the Trust Company OF
America.
Run Was Expected.
The run had been anticipated, and here
is the story Of one Of the directors as
10 the preparations made to meet IT,
This director said.
I'VE knew, when we went 10 bed last
s1fg al
there would De a run on the company in
the morning. We knew that We had be-
tween $20.055000 and 81. 700 that was
payable on demand. We knew that We
had a little over Sl2o100ll to begin bust
ness with IN the morning. We concluded
that Sll,0g009J would hold for a while.
and. if IL didn't the run would be over
before half the amount was paid out
1T had been arranged before we went
10 bed oH Tuesday night that Mr. Nor
gan and his associates should send their
expert accountants 90 look over our
books early this morning And these ex-
pert accountants were on the job a-penty
early 10 suit me. They began Al our
books, in the main office Of the Colonial
Branch, az o'clock this morning, and
they made a preliminary report az II.
Neither Mr.. Morgan nor any Of his as
sociates has told me what kind Of a re-
port the experts have made. but I am
informed that We were tried in a mighty
delicate balance and were not found
wanting In other words. I am told that
Mr. Morgan and his associates were sat
isded with the report of the experts
VIII Have Plenty of Money.
However that may be. before noon
we had assurance that we could have all
the money we needed. and that we could
continue 10 pay out until the COWS came
home The last depositor 10 be paid this
afternoon. a dear frightened old lady-to
whom a dozen men gave their places In
line because she had been standing until
she was about ready % colIapse-got her
money az just 2.9S 2. m. Up % that time
We had paid out close TO the 80 0G0 900
with which We started in business this
morning a banking institution which
can stand a $l2oo01 900 run IN one day. and
come up smiling at the end. is. in my
opinion, a pretty husky sort Of a banking
institution.
If the run continues tomorrow we
shall require about Sl50ol000 and when
that Sl5.01oGl0 has been paid out. every
man. woman. and child who has any
money in the Trust Company Of America.
payable on demand. will have been set
tied with. We have received several mill
lions during the day. and 7 have been so
thoroughly sure that we shall have
enough money in the morning 10 meet
any and all demands that may be made
upon the company tomorrow and the
next day, and the day after, that I am
going 20 keep an ngagement that I have
with my wife tonight to see Warfeid. in
The Grand Army Man
This was the story OF a single director.
and he looked the confidence that he
seemed 70 feel But you could not get
any such optimistic statement from Oak
leigh Thorne, president Of the trust com
pany.
Mr. Thorne walked into the beautiful
counting room at g. Wall street shortly
before S O'Clock. He had put in a strenu-
GUS day. Most of his time had been di-
videG between his private Office imme-
diately over the counting room. and the
office Of J. P Morgan. But he was conf
dent the worst was over.