New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-12
How soon did you open your doors the
lext day, 10 o'clock
Yes"
What happened"

next day, 10 o'clock
Yes"
What happered?"
Line of Depositors Forms.
prior TO that time" Mr.. Thorne replied
"a line Of depositors had formed IN wall
street. leading from the door Of the bank
toward William street. There must have
ieen several hundred of them In line be-
fore the doors opened"
did YOU make any provisions to meet
a rum"
we had not up to that time. nut oy
1890 o'clock we had seven paying windows
open and were doing our best to get rid OF
the line, knowing what such thing meant
and how It would spread.
Ibid the line Increase
Yes; soon the street was crowded with
people and the demands were great. That
day We paid out slS50,0oo.'
Did you call for help
Eyes. we had TO get cash 60 save the
situation that day" M. Thorne an
nounced "I went TO Mr. Morgans office
and saw Mr.. Morgan. Mr.. Perkins, Mr.
Stillman and Mr. Dawson there. | went
there primarily to set the report OF the
examining committee. but as we were
practically out of funds by o'clock,
also needed money. ] told them had TO
have money. SO far as l know the exam
ming committee had not made any report
&c Mr.. Morgan"
One million dollars. Mr.. Thorne said, was
lent him by J. p. Morgan & Co., the First
National Bank and the National City Bank.
Mr. Thorne added that he had obtained
81 800. 900 that afternoon from the Hanover
National Bank which tided the situation
over until closing hours. He explained
how, that afternoon, Mr.. Morgan had
called the trust company presidents of
New York to meet at the Union Trust
Company, and he was called in. He met
there Messrs Morgan. Stilman, WOOD
ward and King and otncr bankers.
The situation was discussed at length
and an arrangement made to lend him
100000 on 100000 of securities which
a committee OF the bankers was TO select.
A contract was made for this loan. the
original of which Mr.. Thorne submitted for
the record. The following morning he re-
ceived $4,000 Of this loan, and the re-
mainder in various sums up TO October 81.
He reviewed another loan Of 100000
for S3o060ooO Of securities. advanced by the
bankers November 6, but paid to him In
various amounts from time 10 time. He
explained he never knew where the money
actually came from, and that Mr. Morgan.
Mr.. Perkins and the others who were rails
ing il had great difficulty I'm getting il.
Mr.. Thorne also told how he began pay
ing hack the loans as rapidly as the trust
company securities could be realized on.
Some were paid before me end Of that
October. and oil the loans were cleared
IN by the following August and the Sc
curities returned. A. the present time. he
said. the trust company has assets of
s43. 0n0 90
Mr.. Iittleton had put IN the record
statement given 70 the press hy Mr.. Thorne
on November s in which he alluded 10 his
utter sroazement' that the chief force
NJ the panic had been directed against the
Trust Company Of America. q run un-
nrecedented in the history of American
banking" The statement printed in The
Times" vas again called to his attention.
ard Mr. ThornA was asked II he had made
any reply 10 ".
q.
ested in trving 10 get money 10 make
arguments he said He added that many
persons had told him that they believed
the newspaper articles had precipitated
the run on The company.
Mr. Iittleton asked the witness IL he
had conferred during that time with Mel
Vile Y Stone. general manager Of The
Associated Press. He said that he had.
81 had never known Mr.. Stone until the
time of that panic Mr.. Thorne stated.
81 met him then, and went to see MIN
practically every day. insisted that the
Trust Company ~ America was solvent
and that the examiners who looked into
the condition of the company should make
q report. II was my idea II the report
showed the company solvent We would be
taken care Of.
"Were YOU endeavoring 10 have knowl-
edge of your condition widespread
INV idea I'm talking 10 Mr.. Stone was
"a urge the necessity of the examining
committee making a report to Mr.. Morgan.
knew If the truth of the situation got To
Mr. Morgan We would get help. When
iator no did get the truth We got the
sl5.o10,Go
Letter Read Into Hecord.
Asked II he had received Il communica-
tim from SIR. Stone regarding that matter.
Mr.. Thorne said he had. and he produced
II. II was read into the record, written
under date of NovI.nber IS, 1901. In the
letter Mr. Stone said
have no doubt that Mr.. Perkins's state
uent on the night OF the 22d distinctly en-
phasized the run on the Trust Company of
America IT, indeed. II did not precipitate