He helped the company survive a bank run during the Panic of 1907, securing the backing of J. Pierpont Morgan and European sources.
[2] Inheriting a considerable fortune from his parents,[2] Thorne was educated in the schools of Poughkeepsie, New York.
[10] While studying he took in active interest in the politics of Poughkeepsie, and at one time was the president of the village of Millbrook, New York.
[2] In 1892, Thorne purchased a small printing company that under his management became Commerce Clearing House, a major publisher of tax guides for lawyers and accountants.
[1] On November 5, 1908, a court case commenced in which Thorne was sued by lawyer John W. Herbert over $83,400, who alleged that Thorne had presented false and fraudulent information about stock value, leading to Herbert's investment in the International Fire Engine Company.
The case was dismissed on November 13, with the judge noting that there was no evidence to show that Thorne's earlier assessment of value had been incorrect.
[2] Thorne was serving as president of Trust Company of America when its main office on Wall Street was the target of a bank run starting on Wednesday, October 23, 1907, during the Panic of 1907.
It survived, with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England and other European sources.
[2] Expanding into the realm of railroad speculation, Thorne and his partner Marsden J. Perry bought up a controlling interest in the failing New York, Westchester and Boston Railway in 1906.
He had also purchased their construction companies and the developments, and upon the cancellation of his contract, Thorne turned over all the acquired assets to J. P. Morgan & Co.[19] In March 1913, Thorne and William H. Chesebrough purchased the corners at the northwest corner of State and Whitehall Streets on Long Island, with plans to build a skyscraper for use as an office building.
[20] On October 9, 1918, it was announced that Thorne had purchased Briarcliff Farms at Pine Plains, New York At the time, the property had 4,200 acres and had a herd of around 1,000 cows.
[6] That year Thorne changed careers to focus on developing Briarcliff, which was originally a dairy farm that used for beef cattle production.
[7] Thorne dedicated the garden and village green of Millbrook, landscaped by his wife, as a memorial to the men of Washington, New York, who died in the World Wars.
His marriage ceremony was described by the Times as "brilliant," taking place at Christ Church in St. Louis with many New Yorkers in attendance.
When Mrs. Thorne received information that new fires were to be started, she hired a force of detectives to guard every building on the estate.
She designed outstanding gardens, both civic and private, for the communities where she lived in New York state and, later, in California.