Norwich bulletin., 1911-08-12
Run on Trust Company of America Follow
 ed Publication of His Statement
$13, 100000 WITHDRAWN IN ONE DAY
Statement Regarded Injudcious That Associated Press Would Not Send It Out-President Thorne Declares Company Was Not "Chief Sore Point Testimony at Steel Trust Investigation

Wa sllington, August 1I.-Oakleig gh Thorne, president of the Trust Com pany of America of New York, which 7 became involved in the panic of 1907 and was connected with the taking over of the Tennessee Coal and Iron company by the United States Steel corporation at that crisis, followed George w. Perkins today as a witness before the house committee of inquiry into the affairs of the steel corpora ton.
 Thorne Contradicts Perkins.
 MT. Thorne forcibly declared. con trary to the testimony of MT. Perkins and many other witnesses, that the Trust Company of America was not the chief sore point" at the time it was necessary to save the brokera ge firm of Moore and Schley.
 Denied Knowledge of Agreement.
 He surprised the committee by state ments that undue attention had been directed toward his company's part in the panic and he denied any knoWl- edge of the agreement testified to by Mr. Perkins, that the absorption of the Tennessee Coal and Iron company by the steel corporation to save Moore and Schley from ruin was dependent upon the bankers of New York taking the other horn of the dilemma and raising money for the Trust Company of America and the Lincoln Trust company.
 Trust Company Sore Point" of Panic.
 Mir. Thorne was closely examined relating to public statement given to the press October 23, 1907, and at tributed to MT. Perkins. in which it was said that tie chief sore point of the panic was the Trust Company of America"
 Depositors Drew $13,50o,oOo in One Day
 He said that after the run on his bank occurred. in one day depositors took out s13. 3.500,s00. He admitted he had consulted counsel as to the advis- ability of suing persons he felt re- sponsible, but that he was deterred by the necessity of fsseeking more money from the bankers of New York to pre- vent collapse of his institution.
 Hold Little T. C. & |. Stock.
 That his financial troubles were in any way involved in the difficulties of Moore and Schley at that time he en- phatically denied and he further said that Tennessee Coal and Iron stock amounted to nothing in that situation.
 Mir. Littleton referred to the failure of the KnickeTtDocker Trust company on October 22. 1907. and asked about the condition Of the Trust Company of America on that day.
 Mir Thorne told of the condition of the company and of it's being exam ined by Mr. Perkins and Mr. David son of J. P. Morgan & O., and said:
 Plans to Save Trust Company.
 "On the morning of October 23 there appeared an article in the New York Times in which the Trust Company of America was pointed out as the chief sore point and details were given of a midnight conference at the Manhattan hotel. participated in by Secretary Cortelyou. Mr. Morgan, MT. Perkins and others where plans were made to save the Tsust Company of America"
 Did Not Attend Conference.
 Did you know anything about that conference that night or were you in vited to attend it?'' MT. Litt1eton ask ed.
 q knew nothing about it, and was not invited
 "Did MT. Perkins CT Mfr. Davidson say anything to you the night before q ahout your si tuation being critical?"
 They did rsot.''
 Street Crowded with Depostors.
 How soon did you open your doors