Evening journal., 1905-02-24
HE TOLD
BROKERS TO SELL
DIR. Corkran Testihes AS to
His Stock-dealing Trans
actions
LOST MONEY ONCONTINENTAL TRUST


The Rev. DR. Wilbur i. Corkran, for.
mer presiding elder in the Wilmington
M. E. Conference. the defendant in the
case brought by zell and Merceret Ball
timore brokers' TO recover about $500
which they claim is due them on stock
dealing transactions, was today sub
jected to a lengthy ss-examination
| by Armon ID. Chaytor. Jr., counsel for
the brokers. DR.. Corkran was on the
stand for nearly two hours yesterday
afternoon when he gave HIS direct evil
dence.
When Dr. Corkran took the stand
this morning he was asked several
questions by his counsel w. w.
Knowles. before Mr. chaytor started
to cross question him.
Asked Brokers to Sell Stock
He said he went to Baltimore on De-
cember 10, 1901, and told Zell and Mer-
ceret that he was alarmed about the
situation and asked them to sell all OF
his stock but they failed to do so.
He then held fifteen shares Of Inter-
national and 10 shares OF Continental
Trust.
During the cross examination a
number Of letters were shown to DR..
Corkran which he Identified as having
been written by him to the brokers. He
was very careful in answering tho
Questions. Nearly every question ask
ed by Mr.. Chaytor was objected to,
which occupied considerable time.
/ DIR. Corlran said that he went to
Zell and Mercert because that firm
had been recommended to him by per-
sons he considered to be mis- friends.
3 His First Investment.
! His first Investment in stocks was
Z made on December 20, 1900, when he
. purchased 100 shares Of Seaboard. He
gave the brokers a verbal order for the
} stock. He further said that he gave
: Zell and Merceret reference, but Mr..
Knowles objection 10 the question as
: to what reference he gave was sus-
: tained by the court.
The witness said he did not sell when
he would have made a profit on Con-
tinental because the brokers advised
him not to. Up until June 10. 1901. DR..
Corkran said he had lost money on his
stock deals
When asked II his dealing in Con-
. tinental Trust was Of "A speculative or
lof an investment character. Or. Cork
ran did not reply at once and then said
= he thought Mr.. Knowles had objected
Ito the question. Mr.. Knowles said he
would object as IL was not material
i and the court sustained him.
Afternoon Session.
After Edward II. Penncmin "a book
=, keeper for the firm of Zell and Mer-
ceret, had been examined yesterday af-
ternoon the plaintiff rested. He identi-
D fed the last statement sent TO DR..
u Corkran. IL showed n balance OF
s35a6sS. which he said was the balance
marked due the firm OF Zell g. Merceret
! at the time of the sale OF the Conti-
: mental Trust stock. which was sold on
= April 15. 1903. The statement was made
= up on the principle of interest conn
, pounded every month.
Mr.. Knowles moved for a non-suit.
= He argued that zell & Merceret had
4 not proved that they were licensed bro
y kers. They failed also to prove that
r the stocks were sold. that several items
{. on the itemized statement had not been
D proved. He said the interest account
a I'm the bill lof particulars. and about
twenty-five items in the debit account
n stin remained to be proved. He said
d from the evidence given. II could not
h be shown that there had been any IL
4 legal transactions. The motion was re-
i fused.
e Defense Opens.
In his opening address for the defense
s Mr.. Knowles said he proposed to show
e that DIR. CorlSran had transactions with
x Zel & Merceret. and that they would
Il not attempt 10 deny that. He began to
IS dead with them in December Of 1901 and
e continued until the eanly spring OF 1909.
e He said he would show that on DR..
II Corkran's return from Europe DIR.
Corlxfan only had am account OF the
continental Trust stock and the Inter
.s national Trust stock. Before going
! away Or. Corkran had warmed the firm
4, TO be careful OF his stocks and they as
sured him that they would look after
> them as carefully as they would do
~ their own. They agreed TO sell II the
= stock reached the danger point. He
-. said ne would show that ON the return
20 OF DR.. Co~kran he found that the firm
= stil held both stocks, and that they
l. had deprecated I'm value and Dr. Cork
~ ~ ran at once said he thought they should
!. be sold. ~-.s- '~-''
, Dr. CorIran upon being called to the
stand testified TO having been a min
lister Of the Gospel and admitted that
he had had transactions with Zell and
Mercerct of Baltimore. and through
them purchased Seaboard Air Line raid
road stock 10 the amount of 100 shares.
advancing $500. Mr.. Merceret explain
ed TO him that the stock had been pur-
chased on margin of nearly 25 per
- cent. of the actual cost. II was not
necessary to pay the balance Of $500
. or more. He could carry the stock on
!. $500 margin unless Il declined to one
= half of the amount put up. DIR. Cork
y ran described minutely his further
'e transactions I'm stocks with the firm,
saying that later he had purchased 100
shares of the Continental Trust.
y Mr.. Knowles read a letter to the
jury in which the firm urged DR.. Cork
"a ran TO purchase more Continental Trust
which resulted in his purchasing 100
= more shares. DR.. Corlran related at
- some length his trip TO Europe as de-
u scIibed by Mr.. Knowles in his address
- to the jury and his meetings with the
firm on his return and his order to sell