Evening journal., 1904-06-30
DR.. CORKRAN UNDER
HEAVY CROSS FIRE
STOCK DEALING MINISTER HAS BEEN ON
STAND ALL DAY EXPLAINING HIS DIFF
FERENT OPERATIONS IN THE MARKET.
TRIAL WILL PROBABLY CONTINUE INTO
NEXT WEEK

IN Standard Telephone Company OF Bal
timore?"
yes, came to me and made Offers"
'What price did rhey ask?'
"Par and six per cent. interest"
"What was par?'
Twenty-Five dollars"
"What did that make a share?"
'Twenty-six dollars and hfty cents"
"Did they Insist on that prico?'
eyes. and represented It TO be worth
much more, than we found it TO be-
Ibid YOU give the price asked?"
II did."
Fix as nearly as possible the date OF
the Transaction"
"rhe date Of my first check IN payment
was October 81. 1900 / have every rea-
SON to believe negotiations were begun
much earlier than October 3d."
How did you regard this transaction
from the standpoint Of business ethics?"
Il regarded thom as sharp, shrewd and
slick at a deai"
1slsnedl II. A. Richardson.
A Questionable Deal.
The Rev. W. w. King testified that in /
a conversation with II. A. Richardson In
June. 1902 having met him incidentally.
Mr.. Richardson said that among business
men the transaction would be regarded
as very questionable. lie said that un-
doubleday corkran made the deal with
him before he purchased the stock in
Crlsheld
DR.. Watt testified that II. w. Baker
stated That the matter 'was misrcpre-
scented to as all the way through. and that
we were badly beat" H. W. Baker is the
superintendent Of the Diamond State Telo-
phone Company.
corkran on the Stand.
The defense opened at t.so o'c.ook ana
Or. cerSran took the stand. when asked
to tell Of HIS dealings with Zeil and Mer-
oerot he said
I'm the fan of 1900 / heard az a meet
ing Of the Board Of Church Extension of
the increasing value of stocks of Sea-
board Air Line. A little later a friend In
Baltimore told me he was dealing i'm Sea-
hoara ON ene Baitimore eoieharsc ana
suggested the advisnbiity of purchasing
some stock. I asle Of him ,Ae method
Of buying such stocks. lie gave me in
formation as 60 the method OF margin
dealings. lie recommended Loii and Aler-
ceret. 5nquirlng further ! learned mucn
about the firm. Dun reported fsvorahly on
the hrm. J met Mr. Zel and asked about
the method Of buying Tie told me there
were two ways. first 20 buy outright. and
secondly to put up a certain number of
points. ] made a deal with them on the
second plan. L icft the matter IN their
hands. Some days later tney sold and
more stock was bought. They gave me
rules covering margin dealings. Occas-
ionaily I was in Baltimore. when on the
Chesapeake bay shore q was cftcn easier
70 go kQmdby way OF Baltimore
The tffaneactions began late IN 1900.
taler they bought for me some cotton mill
stockaa so purchased for me some Inter-
n4I5ndi Trust Company stock. also
nbusht 10 shares OF Continental Trust CO.
n was Recommended to ne as sure TO ad-
vance While the par value was 500 per
share the book value WAS about s275 per
share 1 found that the stock was selling
on exchange at $40 TO SiS0. ] inquired OF
several concerning the value Of the stock
and an seemed sure of an acyance. Before
] bought 81 advanced to s2l9 or $220 / got
ten shares az 2l9is. A few days later ! goi
50 shares of Continental al about $22l. II
continued TO rise. and az S225 ] got 81
shares more This was in April or May
1901. lt continued TO rise until il reached
S25 or more. / Thought they ought TO sell
az that. They were confident It would
reach S275 The stock began to decline
slowly. About the middle OF June I was al
the office ] talked over the whole situa.
tion. / was on my way TO Europe 10 bl
gone some time, and advised them 10 dea
! carefully IN my absence. / returned Octo
Der l. 1901, and found them sull holding
my stock. II had declined.
"I w3s notified that more margin wa.
: needed but ! had none to put up then
They advised me TO hold for rise ] fell
It ought 10 be sod. but did not insist
Later / told them ! could not meet th'
Increase 90 margins, ana that tney mus
sell or hold al their own responsibility
Iatec they notified me Of sale at
? loss Of over 5000 and rendered me a bil
FOR the same. I considered myself unde
no moral or legal obligations TO pay IT,
j That was some of my DEALINGS IN stock
o Very soon afterI engaged In ,his form O
stock dealing ! felt that while IL wa
lawful it was hardly rie thing Tor me &
be engaged in on account Of the distract
4 ing nature of IL. 1 desired to drop ou
but submitt5d TO the advice Of the broker
Matters then went on until got 10 10
d deep In this expensive stock. determine
to go no further and dropped It on Ma
10. / have bought no stock on margi
s.nce that time II Is hardy the thin
for minister. II Is too distracting."
Under Cross Fire.
d At This point the session adjourned 10
% recess At the opening Of the night se'
T. sion Or. Corkran again was ON the stan
and put under cross-examination.
MAY we conclude you nave often dea
Ia stocks on margins2'
IN Il have so dealt In stocks mentioned. "
'What is meant ty dealing on margins
m IT Is when part OF the cost Is put Il
u and the broker hy the use OF certificate
~ secures the balance"
"Have you ever sambied in stocks p