Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-08-12


Fife following morning he received S.
000,0 0o of this loan and the remainder
IN various sums up to Oct 81
He reviewed another loan of $15,000,-
600 for 100000, 0e0i OF securities advanced
by the bankers Nov 6, but paid to
him in various amounts from time to
time. He explained he never knew
where the money actually came from
and that Mr.. Morgan, Mr.. Perkins and
the others had raised It with great diff
ficulty.
Mr. Thorne said also that he began
paying back loans as rapidly as the
/ trust company's securities could be
realized upon. Some We're paid before
the end of that October and all of the
loans were cleared up by the following
August and the securities were,return-
| ed. At the present time, he said the
company has assetssof $43000000
Mr.. Littleton had put in the record
a statement given to the press by Mr..
lThorne on Nov. s. in which he refer
red t. his utter amazement' that the
chief force of the panic had been di-
rectod against the Trust Company of
America, a run Unprecedented in the
history Of American banking .
Mr. Littleton asked the witness il
| he had conferred during that time with
Melville r. stone general manager of
| The Associated Press. He said that he
had.
Il had never known Mr.. Stone until
the time of the panic Mr. Torney
stated. Il met him then and went TO
see him practically every day. I in
| eie 81 ,.f
America was solvent and that the ex-
aminer who looked into the condition
of the company should make report.
1t was my idea. if the report showed
the company solvent. we would be TAX
en- care of
We're you endeavoriug to have
knowledge of your condition wide
lspread?"
/ My idea in talking to Mr.. Stone
was to urge the necessity of examin-
/ ing committee making a report to Mr..
| Morgan I knew If the truth of the
situation got to Mr.. Morgan we would
get help. When later he did get the
truth. we got the $4,000, 000.''
Asked If he received a eommunica-
ton from Mr.. Stone regarding that
matter Mr. Thorne said he had and
he produced it. 1t was read into the
record. written under date of Nov. IS.
1907. in the letter Mr.. Stone said:
Il have no doubt that Mr. Per-
| kins' statement on the night of the
| 22d distinctly emphasized the run on
| the Trust Company of America il in
| deed it did not preeipitate it. do not
mean by this that | think there was
| the slightest purpose on the part of
| Mir Perkins to injure YOU or the Trust
| Company of America. But we felt that
| the statement was injudieious that We
| did not send it out. Later. when L
| said to Perkins that | thought 1t was
| very hurtful he justified it on the
| ground that the condition was so
strained that if public attention had
not been conferred upon the knicker-
| booker Trust and the Trust Co. OF
America, every bank in New York
I probably would have been involved. I
| think the whole thing was a mistake
a most unfortunate mistake. for which
| you had to pay a heavy penalty. but
do not for a moment imagine that
/ there was any malice involved in 1t.
us it your opinion them Rep. Gard
ner asked, that Mr.. Perkins did moth
ing more than make a dr~n big blum
| der?''
THAT is your way of expressing it,"
said Mr.. Thorney.
II do not know that Mr.. Perkins
wrote that statement. l think he gave
| it out"
Then you acquit him of everything
but Stupidity"
"A bsolutely"
Mr. Thorne said that he had conf
dence in Mr., Perkins because he knew
| he had Morgan's ear and it was Nor
gans ear he wanted to reach.
The committee expects to take a re-
cess until fall after tomorrow's ses-
| sion.