The Washington herald., 1915-01-24
John E. Parsons.

week most representative body OF all that makes
New York strong intellectually and in various de-
partments OF intellectual energy, were present,
was about the last of what, for want Of a better
term, is called "the old school lawyer" Mr.. Par
sons, however, was worthy of that designation
simply because he maintained in his personal life
in his attitude toward every one in his professional
conduct, the manners which were characteristic of
the old school The lawyers who constituted the
great forces OF the American bar at the time Mr..
Parsons began to practice law rigidly dcvot-
ed to certain conv nvcntionalitics. 1t would have
been regarded as an offcnsc were a lawyer to ap-
pear before the Supreme Court at Washington
UNLESS he clad in a conventional dress suit.
1t would have been thought undignihcd to speak
in common everyday language when standing be-
fore the Supreme Court bench, and the argument
was looked upon as failure unless it contained
one or more classical quotations. These convcn-
itonalitics passed away many other
tonaliticS did at the time OF the civil But
while Mr. Parsons did not wear in the day time
dress suit nor did he in his arguments quote
the classics, yet he always dressed with
scrupulous care and even in his summer outings
his garments those of cultivated gentle
man of leisure
yers OF the new school and was in fact one of the
first of those who had earlier observed the con-
Ivcntionalites to take heed Of the new era and Of
all it likely to imply.
In personal appearance Mr.. Parsons was
always conspicuous. He OF those towards
whom turned for second time to look and
sometimes they pointed the identifying finger at
him. lie suggested the aristocrat and he was an
aristocrat to his finger tips. Had he i,cd in Eng
land he would have taken his place with those who
represent the highest cultivation OF Great Britain
He even trimmed his whiskcrs after the convcn-
Itional English manner, close cut tufts upon his
checks. He master OF moderation both of
movement and OF speech OF him it was at one
time said that he had the finest practice at the
English speaking bar, and he did not deny the
truth Of that statement when his attention
called to it.
Mr.. Parsons was ono OF the first OF the law
ycrs who were admitted to the bar years before
the civil war who learned with fine art the charg
ing of high fees. And his emolumcnts 50
great that the presumption is strong that his
estate will be appraised at from three to five
million dollars. In the many reviews Of Mr. Par
sons career which appeared at the time OF his
death, conspicuous mention made OF the fact
that he worked out the plan upon which the first
of the great industrial trusts, so called, based
! This statement, however, docs not give entire
Justice to one who associated with Mr.. Par
sons in that work. for although it is true that he
believed that the time had come when the highest
| ECONOMY, the greatest merchandising, could be
obtained through the coordination of various
companies engaged in the manufacture of like
product, he being the first lawyer to do that. still
there was associated with him in this work John
! R. Dos Passos These two drew up the original
sugar trust agreement 1t faulty in re-
spect and was ncgativcd by the New York State
courts, but it contained the principle upon which
successful reorganization accomplished.
When Mr.. Parsons and Mr.. Dos Passos were
paid, or at least when the time came for payment,
each was asked in what form he would take the
pay. Mr.. Dos Passos had at the time a special
need for money and he said that he would take his
pay'in cash. Mr. Parsons, the other hand, was
willing to. take his pay in certificates Of stock.
When first issued these certificates quoted at
a low figure. For that reason Mr.. Parsons re-
,ccived a large block and waited patiently for the
increment. Il in due time and the certificates
which he received at last had market value Of over
Isl, 100000.
! In connection with this transaction Mr. Parsons
was always fond OF auding to the fact that the
sugar trust organization led to the first important
underwriting syndicate. The success of this syn
dicate was so great that its example was speedily
| followed.
If Mr.. Parsons received through the apprecia-
ton of his stock 100000 for his share in drafting
the original sugar trust agreement that sum must
not be regarded purely professional fee. The
value of the stock represents appreciation which
was more than twice what Mr. Parsons fee would
have been if it had-been paid in cash.
/ The largest purely professional fec ever earned
by any practitioner at the American bar was the
one which was paid to William D. Guthrie His se-v-
lice was entirely professional and it was associated
with the determination OF very difficult question
which arose when Interpretation of the Plant
will was necessary. Mr.. Guthrie was retained by
those who were thought to have much the worse
side OF the case. He was offered contingent fec
and he accepted the offer. He the case and
his contingent fec amounted to about $I,5oo,ooo.
4 Other lawyers have received large for
service which not entirely professional, that
lis to say, they shared in underwriting syndieates
or in company organization. Mr.. Guthrie's fee
Twas absolutely professional