The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1911-08-12
OVER THIRTEEN MILLION DOL.
LARS PAID OUT BY TRUST
COMPANY or AMERICA. 4
SEVEN WINDOWS OPEN
Oakley Thorne, President Of tho in.t;.
futon, Declares stupidity" of Per.
k'ns Caused Depositors to Become
Alarmed and Preeipitated the Panic
Big Loans by Finaneiers.

Washington, Aug. II. ook,sv
Ihorne, president OF the Turst Conn
pany of America, which became I'm.
vowed IN the financial panic Of 1907.
the affairs of which have been linked
WIN the taking over of the Tennessee
,oai " iron company by the United
states Steel corporation at that crisis.
Followed George w. Perkins today as n
witness before the house committee
of inquiry into the affairs OF the steel
corporation.
Mr.. Thorne declared. contrary to tea-
timony given by Mr. Perkins and other
witnesses, that the Trust Company az
America was not the chief sore point"
of trouble at the time 1t was neces-
sary to save the brokerage firm of
Moore Schley. He surprised the
committee with declarations that un-
due attention had been directed to-
ward his company In that crisis and
he denied any knowledge OF the agree
ment testified To by Mr.. Perkins TINT
the taking over of the Tennessee Coal
X Iron company by the steel corpora
tion To save Moore K Schley from ruin
was dependent upon the bankers of
New York raising money to save tho
Trust Company Of America and the
Lincoln Trust company.
The Run.
Mr.. Thorne was examined relative
to public statement given To the
press October 20. 1907, and attributed
to Mr. Perkins, In which 1t was de-
cared that THE CHER sore point OF the
l hn t,ut "a
! America" He declared that imme-
diately following this. n run on his
1 bank occurred and that the run in one
day took out si3,5oO,OOO For this ha
admitted he had consulted counsel as
+, 10 the advisability of suing for dam
ages persons he felt responsible, but
that he was deferred by the necessity
of seeking more money from the bank
ers of New York In order to prevent
collapse of his institution.
! That his financial troubles were In
any way involved in the difficulties OF
Moore & Schley at that time. he de-
MED
Mr.. Thorne said that before the
panic of 1907. his company had assets
OF $74.000,000. As far as Tennessee
Coal & Iron company stock was in
yolved In collateral on loans of his
bank. Ii was nominal. amounting Ia
something over 100000. Mr.. Thorne
said that prior to the panic. he had
heard no criticism of the kind OF
business the Trust Company of Amer
lea was doing. He explained that or
the night of the ED Mr.. Perkins and
Mr., Davidson OF J. r. Morgan 4 Co.
} called at the Trust Company OF Amer.
! lea to look into its condition.
: They examined 1t thoroughly ant
announced they were pleased To fint
conditions as good as they We're" Mr.
Thorne said
, Tho Run Described.
Mr.. Thorne told Of the run on tn,
I bank on October 23, 1907.
by 10 o'clock" he said, we hai
seven paying windows open and wer,
! doing our best to get rid of the line
: That day we paid out sls,5oo.ooO.'
. Did you call for help?"
! Yes we had to get cash to saw
j the situation that day" Mr.. Thorn
answered Il went to Morgan's offic
: and saw Mr. Morgan. Perkins. Still
} man and Davidson. | told them l ha
] TO have money. SO far as know tn
d examining committee had not mad
G any report To Morgan"
e One million dollars, Mr.. Thorne sale
d was loaned him by J. p Morgan & co
(ffpntipnaI pDPa t'iphfl