New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-10
THE COURTS.
SV. WHITE TELLS HIS STORY.
Nv HE LOST MONEY IN LACKAwANNA NM ~

HOW HE LOST MONEY IN LACKAwANNA AND ~
CORN.
s,epben " White told his own story yes'eruns
obout the facts which led TO The arrest oi Ah'e" '
Parker on Il charge OF having circua'eu i',s 80
vhica affected Mr.. Whites credit III TUE I"' vi i
before Tie Jury the suit ia WHICH ia'"'i - "'",
~ recover damages for that arl''at lie irs' Near"
OF the story which Parker had tol1 that ne tho"s"'
Whit. ,vould 20 IN, within sixty days from Herman
DE s.ldng member OF the firm OF Wordeh " w.
bankers, After hearing this he hnd uecf'" "'a' II"
would try % bring Parker 10 Justice rs he co"'u'
him a criminal lie prepared statement VI '',
ease and took it to Benjamin r. Blair ana ne shower
him the section OF the Penal eode uP'" ""'U ''
action was 10 be founded
MS action h. declared was for the purpose OF
bringing n criminal to justice. lie believed mat
Parker was Il criminal In answer to question: i''''
Mr. Choae he asserted that the action OF farKer !"
SAYING that Lackawnnna stock would 70 down twenty
points before It went up two was not hurhg n'''' ID
he could take OF al his holdings. 1t was h''f'
ing small holders. however. 10 the extent OF 'e' VI
hundreds OF thousands OF dollars
Al this point Thomas p. wiches took mp the cross
examination OF Mr.. White. The first question Which
he asked OF the witness was to name some ot '"o
people who had lost hundreds OF thousands OF ao'a''
in consequence OF the report circulated 10y Parker.
Il haven't the Names answered the witness.
"Name ONE said NJ. Wckes.
al cannot name one
Then you have created a wrong impression Oh 'N"
minds OF the jury by saying that ycu knew that tue
action Of Mr.. Parker causing many small hodcrs
Of Lackawanna stock TO lose hundreds of thousahdS
OF dollars p
"Non he replied, but from my experience OF
twenty nine Years In Wall Street knew what the
effects Of tho reports which were being circulated
would be.'
Mr. wlckes then dipped into some Of the personal
history OF the witness In answer to tAe lawyer
question Mr. White said that he was admitted TO TIE
bar in ST. Louis. After practising there for snort
time he went TO Des Mones, iowa, where he prsctisd
until December 1864, wien he came to this city and
went into Wall Street.
,"You consider yourself competent to practise law,
then, do you not ?" asked Mr.. Wick's.
The witness replied that in general he did, but
that he did no, think he would be competent 10
practise under Tie Newiork Code lie also said
that he had been Il member Of Congress from 1887 to
1850 He had failed three times In his business
career The dates OF these failures were May lo"s;
at the time OF the Boston fire, In 1871, anu the last
time In september, 1901.
Mr. Wlchcs then referred 10 the fact that the Wit
ness was sometimes referred to AS Deacon White.
lie wanted to know II Mr.. White was or ever had
been a deacon. The witness replied that ne had
never BEEN but that he had been u member Oh
plymouth Church since 1866.
Then tie lawyer wanted 10 know II the witness
had tried to verify the stories which he nad h"aru
about Parker by sending for that gentleman ana
asking him about them. The witness replied that he
had not, because Parker not his STYLE and Ne
did no, want 10 have anything to do with man
who would act Parker had acted.
At the time that the Barring BROTHERS were In
trouble r'sc witness said that he held $2.OO0.CoO In
Incknwanna stock All the stocks seemed I'D pe
affected at that tme he said and Lackawanna
among the Others He sold some Of his holdings
from time to time. and when the panic was over his
firm had lot between $4,000 and Sl,ooo,ooo.
To the question of whether or not these losses had
anything to do with the failure Of the firm In 1o'l
he said that the losses injured him somewhat but
they had no direct connection with the failure Of
lsgl That failure was due entirely TO II speculation
In corn.
TO an attempted corner in corn ?" siid Mr.. Wckes.
Yes, to a corner If you wish TO call 1t that
replied tie witness.
You tried to put the prices up so that you might
maxi. a big lot Of money!
- .- that WIS nv object long on the |
market than there was in Chicago. was |
buying from who were constantly trying 20 put
the price Of corn and thus keep the farmers from
getting II fair price for their product. had more |
corn than believed there would be in sight. put
400 900 In the hands OF other people TO pay for my
purchases | discovered that there was leak some
where and 50 decided make as assignment to pre-
vent any furtc losses. II would have been the same
If" thcn told about going before the Grand jury ana
he seemed feel that ih, body had not zone all IL |
should have done IN getting before tie witnesses who
could told III. story Of farkers alleged criminal
acts For example h. declared that Russell sag had
been slibpocnad appear before the Grand Jury. |
but he did appear and that body did not exercise
The power witch Il had compel Mr.. sage 10 appear.
The plaintiff was called again and detailed some OF !
the conversations when H. bad had with men IN |
Wall street about reports which he had circulated
He declared that after conversations he had CON
suited his lawyer and had been ioii that ne had q |
perfect night 10 make bet that the Bank OF England
would flil II he wished 10 do He had expressed |
sorrow that h. had said anything which had affected |
Mr. Whites credit.
Mr. Choatc made a motion TO dismiss the complaint |
az the close Of le testimony Of Mr.. Parker. on the |
ground that Mr.. White had acted I'm good faith on the
advice Of counsel and that no malice had been Srown.
Judge Andrews said that he would allow the ~ 20
to the Jury and adjournment was taken until this |