The Sentinel=record., 1911-08-12
IS
 .CON1RADIC7ED
PRESIDENT OF TRUST COMPANY OF AMERICA SAYS HE WAS
 NOT IN ON DEAL.
Knew of No Agreement With Refer. ence to Taking Over Tennessee Coal and Iron Mompany by
 the Steel Trust.

Washington, Aug. 11.--Oakleielh Thorne, president of the Trust Com pany of America, which became in volved in the financial panic of 1907. the affairs of which have been link. ed with the taking over of the Tenn. essee Coal and gron Company by the United States Steel Corporation at that crisis. followed George w.. Perkins today as witness before the house committee of inquiry into the affairs of the steel corporation. MT. Thorne forcibiy declared, con- trary to the testimony given by MT. Perkins and many other witnesses, that the Trust Company of America | was not the chief sore point" Of trouble at the time it was necessary to save the brokerage firm of Moore and Schley.
 He surprised the committee with declarations that he was certain un- due attention had been directed to- ward his company in that crisis ana he denied any Knowledge of the agreement testified to by George W. Perkins, taking over of the Iennes- see Coal and Iron Company by the steel corporation to save Moore ana Schley from ruin was dependent up- on the bankers of New York raising money to save the Trust Company or America, and the Lincoln Trust Con- pany.
 MT. Thomas was examined in de- tail relating to public statement given to the press october 2S. tyOi, and attributed to MT. Perkins an which it was said the chief sore point of the panic was the trust Company of America"
 He declared that immediately fol- lowing this run on the bank occur red and that the run in one day took out s13,500, 900. For this, Le admit ted, ne had consulted counsel as to the advisability of suing for dam ages.
 Before MT. Thorne took the stand MT. Perkins had spent several hours advocating the establishment Of a government commission to focus the limelight of the publicity on corpor- ations as one means of preventing trust evils.
 Representative Iittleton conducted the examination of Mr. Thorne. who first outlined the history of the trust Company of America.
 He said that before the panic or 1907. his company had assets of S14,- 100000. He explained that he mad been member of the Tennessee coal and Iron syndicate and his bank had made loans to Moore and 'Scnley that had been paid persons he felt respon- sible, but he was deterred by the necessity to seek more money rom the bankers of New York to prevent the collapse of his institution. 1 That his financial troubles were Tn anyway involved in the difficulties of Moore and Sdhley at that time he denied and further declared tnat Tennessee Coal and Iron stock held on collateral for the banks loans amounted to almost nothing In that situation.
 | Thorn denied he had anything to do with the absorption of the Tenn essee Coal and Iron Company by the steel corporation.
 | He had heard no criticisms of the kind of business The Trust Company of America was doing, prlor to the panic, he said, and asserted that the bank examiners were in constant touch with the business.
 | On the day the Knickerbocker Trust ISoAiPuuJ iaiiSut MI Aholud6 dC1iot- cd in answer to MT. Iittleton the Trust Company of America had $l2.' 100000 on hand. This Was October P, 1907. On the day following With drawals from Mir. Thorne's institution
 were s1.500,O00 and on the 23rd, be-
 fore closing time, the withdrawals were $13.5C0.O0O.
 He explained that on the night oI the 22nd, MT. Perkins and MT Dav
 idson of J. P. Morgan and Company
 had called at the Trust Company o
 America to look into the condition of the bank
 They examined 1t thoroughly ant announced they were pleased to pne