Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-12-28
WASHED"
Stock of Boston Mininq
Company Fixed.
J. W. Bosee So Expressed Him.
self at the Hearing.
Bankruptcy Proceedings Before United
States Commissioner Alexander,

New York. Dec. 21.-Quincy w. Rosae
G lawyer and secretary and treasurer
Of the Montreal and Boston Mining <
Smelling Co.. refused to answer dues
lions at the Munrpe & Munroe hear
ing. today. and Samuel Cntermyer
counsel for the receiver, asked that n
be committed.
He pleaded an attorneys privilege i'll
refusing TO tell how he haG disburse'
$500, in connection with the affairs OF
Munroe & Munroe.
Did You not receive the $500 to dis
burse for the syndirlte:' He was ask
ca.
Yes, SIR
To whom did you Gisburse it?
Il decline to answer
Did You disburse it to YOURSELF"
NO, sir
"To whom did you pay it; to your
self. in whole or in part?"
Il decline to answer"
Il ask the commissioner to direct
the witness TO answer" exclaimed Mr..
Cntermyer.
Commissioner Alexander directed the
witness to answer, and the refused. Mr..
Lntermyer then asked that he be
committed for refusal to honor the
courts direction.
Mr. Cutcheon, counsel for the Wit
ness, objected and pleaded that Mr..
Untermyer'S request was unfair TO Il
brother lawyer.
He is Il witness here and must an
swer as Il Witness" replied Mr.. Inter
myer.
The matter is to be submitted to
Judge Holt.
New York. Dec. 27.-That stock of
the Montreal and Boston Mining ana
Smelling Co. was "WaSned'' by Mum
roe 4 MunrOe. the bankrupt brokerage
firm. was the opinion expressed today
~ j. w. Bosee secretary and treasurer
of the mining company, during his ex-
animation before United States Com
missioner Alexander in the bankruptcy
proceedings. B0see said that prior to
the failure of Munroe & MunrOe he
had no knowledge Of the alleged wash
ing' of his conpany's stock.
About l30.0 900 Shares of the syndicate
stock was sold and ne books showed
that Munroc & Num- ne had had $4,000
shares charged to them. Sine the last
examinations the witnass said. he was
satisfied that accordin" to the definition
given by Mr.. Unrermyer. counsel for
The creditors; the Montreal and Boston
stock had been washed. He hiIcself hal
purch Used "a 600 shares, Of the stock
between November II and Dec. 10.
This stock. he periodically turned
back to Munroe &, Munroe. Bosee sai;!
his idea was that he was to buy the
stock and support il in case ii should
be offered by some one at a figure be-
low the prevailing market quotation.
He did not at that time. nor did he now
understand that he had assisted in
Washing the stock.
He said that Norton & Wicher hal
handled some Of his rornpany's stock
in the same manner az Munroe & Mum
roe.
How many shares lid MunrOe &,
Munroe have tn buy lrI sell to get ril
Of 100 O1a shares?" Asked Mr.. Intcrmy-
Cr
II don't know that they ever bought
q share was the reply.
Whose stock dill YOU buy"
Il don't know Who was the actual
owner"
Wasn't it syndicate stock"
az ,on't know.
"How many shares dii you receive of
the stock?
Five hundred thousand shares were
deposited with a trust company" said
Mr.. Bose. but am not certain wheth
er T had physical possession Of 100000
shares Of ii or not. Munroe & Munroe
may have kept it and the physical de-
livery may not have been actually
made SC far as these 100000 shares
were concerned"
The witness said he was perfectly
willing To produce ill data he had in
his possession and produced his brokers
statements showing his entire transac- |
lions in connection with the Montreal |
and Boston company which he offered |
Mr.. Untermyer.
- In answer to Mr.. I-ntermrer the wit |
ness in detail told Of The stock he had |
purchased and re-sol1
But the price was advanced through |
the efforts Of Munroe & MunIoe's |
Wash" sale. suggested Mr.. Untermyer. !
NO, / think the merits of the prop |
critics had a great deal TO 10 with it"
replied Mr. Rosee. A new furnace was |
put in and the mine became q giving |
This think was principally |
responsible for the advance Of the price !
to its final market price"
Mr. Bosee said that after the failure of I
Nunrue & Munroe, the syndicate had |
sold $4,000 shares of stock for 81 |
share. He said that he hal consulted I
with the other members of the syndi-
cate. who authorized the sale.
An adjournment was taken until the |
first Tuesday after the New Year.