The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-17
CLOSING PRICEs-4 O'CLOCK p. M.
The Examination Continued Yesterday
How Young Got DemOralized.

The examination In the case of william Kerath, a
Wall street broker. charged with committing per.
Jury, was continued at the Jefferson Market Police
Court yesterday, Assistant District Attorney Sui
Ivan appearing for the prosecution and
J. d. Townsend for the defence. Mr..
Townsend upon calling the complainant
Stephen v. White for cross-examination addressed
the Court, assuring the Justice that his client was
innocent OF the charge. which he would prove as
the trial progressed. The complainant testified to
being Sunday school teacher in Henry Ward
Beechers church, and had been for the past seven
years; woodward and myself had joint stock
operations In the Rock Island and Ohio Railroad;
/ sold some OF 1t when woodward was attending q
Sunday school picnic; Marvin was the broker for
thousand shares or Rock Island ana North west
common; | stood In my Office and saw
know whether pointed u at him him or not said
TO my friends, there he goes now; told them he
was going to be arrested my friends are Brown.
nell and Bormer; they are 10th stock operators;
had letter OF Introduction to The District Attorney;
| stated the case 10 him and SAID wanted
before The referee was here read. which the
witness stated was true. The witness attempted to
duced at the last examination, but was not allowed
to on the counsel obJectnR.
ested in the purchase ' OF the ' Read,na stocK
was next called and testfed:-I was In this
city in 1870; doing business with Heath & Co.;
we were specializing in Reading; when we opened
the account William s. Woodward was associated
with US; Mr.. White subsequently came into the
Quincy and Heath were plaintiffs In suit against
me before the referee; paid portion OF Heath's
sworn answer from me; was not in the ONCE OF
Marvin Bros on June 10. 1870; the arrangement
each to take care OF his third share Of the stock
requested me to; the others were to 90 the
IN the stock; Heath told me the 18th OF Jnne
White and Woodward had refused to take the
Heath told me he had agreed to work my stock and
to soD remain n IN the street tre and let no per-
said il would be TO my advantage to
have nd the ns stock he said ne
stock; Heath said he would do his best to work
them out OF their trouble and he would get any
after that and appeared on the street in the interest OF
the stock; remember when the entire stock was
bring suit against Woodward White and myself
before the Board OF Brokers' and would hold us sew
orally ana jointly responsible for me loss on this
account; | was surprised at the stock being
sold out; when there was a lot OF stock
on nand Heath mad right to call upon any OF US TO
take up our shares; we made no agreement that
any of us was to be held responsible i0r the loss
on the margin.
The witness was here cross.examined by Mr..
Ing h1 Wooo oDT dealings WIN
ONCE and made arranSemeats in Reference to the
Reading stock; Mr.. Heath had no interest In the
business except his I-32 as Q broker: had con.
versatlon with " nite and Woodward in Heaths
the entire stock: transferred mine 10
HIM; had general management Of the
up to the 10th OF July 1870; up to this time Heath
had no interest ia the STOCK except O broker; l
told Health In his ONCE on the l5tn, that had failed
and was unable TO put mp any margin; he said ne
was short $4,000, and wanted margin; ne sent for
White and woodward, and the three conversed
together in a corner Of the room; did not notice
what they said; was excited and
COMPLETELY DENORALIZED;O
on that morning lost 100000 on Reading; White
afterwards said II they all worked together there
would be DO less Heath agreed TO operate my stock
and represent me, and II 1t reached ITO II would
benefit me; ] do not know OF any indnCement
that would have made Heath do this, except to save
himself; he would have been ruined II he had not:
White and Woodward refused to take their stock
u1ess ne done so; Mr.. Townsend here presented an
exhibit IRON Young, in which he stated TO Heath
Co. that White aud woodward had agreed 10 carry
his stock IN the joint account, and anything they
would do, ne would SANCTION; Young testified that
he signed the paper several days after It was
written and at the request OF Heath: he told me
he was acting under direction OF counsel
The examination was here adjourned until We'd
nesday afternoon and Mr.. Heath, who had been
quietly engaged IN reading a magazine during the
examination, lett with his counsel
The regular general meeting OF the New York Atn.