New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-25
ABRAHAM WHITE SUED.
EDWARD B. CUTHBERT AND OTHERS
HOLD HIS NOTE FOR $4,000.
THE DEFENDANT. WHO SECURED AN ALLoT-
MENT OF GOVERNMENT BONDS FOR FEW
STAMPS. SAYS HE GAVE IT TO
ppoTErT AN EQUITY


MENT OF GOVERNMENT BONDS FOR FE"
STAMPS SAYS HE GAVE IT TO
PROTECT AN EQUITY.
Abraham White, the young man from Boston
who on a few postage stamps. secured large aiiot-
ment Of the recent issue Of United States bonds.
appeared as defendant yesterday before justice
Glldersleeve and a jury in Trial Term. Part Vli'
of the Supreme Court. He appeared TO defend
suit brought against him by Edward H. Cuthoel''
William E. Young and William E. Young. jr.. oroH-
ers, to $4,000 a promissory note da'eo
March Q. 1896.
Mr.. Cuthbert testified that White was a customer
OF his firm prior to March 9. and became indebted
10 the firm TO the extent OF about $4,000 He SAID
that finally on the date named after Cuthoert had
specu,ated with varying luck the firm took MS ho'e
for $4,000 payable at No IS Broadway one day AFTER
date. When the note was presented tor payment
White refused TO meet 1t. He said he had maze
800 600 In a single day and could do II again
When the amount Of Whites Indebtedness reached
$4,000. Cuthbert testified he called halt and told
him he could not have any more money OF carry
on any more deals without putting up cash.
white" he said, urged that he be allowed 10
open an additional account for $1,000 ana prom
ised to pay up in full on demand. Shortly AFTER
this" said Cuthbert. White ceased to call at our
office and when I him again he declined 70
nav on demand" Franklin Bien counsel for
White cross-examined Mr. Cuthbert-
Mr.. White admitted executing the note. and gave
this explanation of how he came to make IT, he
testified that he and his wife, being In controversy
with the Hancock National Bank Of Boston, ana
the plaintiffs having acted as his agents ana oroN-
ers in various transactions and there being on
depost In the Third National Bank OF New-fork
various bonds in which this defendant had an
equity in order TO protect this equity he maze the
note The defendant sad that this note was given
upon the suggestion OF the plaintiffs so as 10 pro-
tect his equity in the bonds He testified that the
plaintiffs also induced him 10 permit them 10 eN-
ecute an attachment against his property pase1 on
the $40 900 note he beng at the time NONRESIDENT
This attachment they wanted TO serve on the mira
National Bank OF this city to attach his equity
In the bonds. in order to protect them from ne
Mss Gohe Whte denied that he was
the plaintiffs in sum at the time the note q was
demanded that the plaintiffs return the note: ms
lawyer. franklin Bien asked the court IN his an
swer TO order that the note be vacated and delv-
Mrs Cora Theresa White. wife Of the defendant,
was the mex; witness. She testified that her hns,
bard gave t9e no The 70 T% ree a "a
When the bond loan was called White who had
Secretary Carlisle to require any deposit on the
bids. and proceeded to purchase stamps ana sta
sen N OT nu MfGn Of r. BIDS When the BIDS
9nsned $1,000 Of hem DOW was sor a0'ea W 10 ske
the Hancock Bank to take some OF me ponds
The Hancock Bank agreed to take 100000 Of the
bonds and give White all the profits over NoWc
White then began to speculate through Cuthbert
CO. in various stocks. He secured a letter Of intro
duciion to Russell Sage and received tips from
him which. It is said. were not profitable Mr. sage
took some Of the bonds ana wanted those he'd by
the Hancock Bank. There IL an action now pend
ing In the Supreme Court to determine who - en-
titloi 70 the bonds White. who declares he has
lost money In Wall Street. says that he realized
500 CO.. by his transaction In the bonds and recently
bought out a private banking business at No. is
Rroai-st where he IS now engaged N the banking
business 80.
4, 5:45 O'Clock the jury had not found verdict
and Justice Gildersleeve directed that a sealed
verdict 10 be opened to-day. be returned