New-York tribune., 1905-01-19
HIS LOANS $4,000 A DAY.
DAY FF7INF1 FFENcFNEN
TB4T CITY BANK LENT.
p Brercr Tells of His Relations to
.Nunroe s MaRroe.

- and creditors Of Munroe & Munroe ad-
- mat ne had obtained from the National
po,s daily loan of 5000 from Novem-
"a ID. December :. about the period during
.,.h eIul1roe & Nunroe were getting a 100000
-, fav b, day from the same institution. Mr..
-,-.r-sr also gave some interesting details re-
,,-sire The relations between his firm and Nun
= a Nunroe. Among the other witnesses were
vmirr G. Gallagher, a curb broker and
tsslles A. Fish
a. EreUer said thst prior 10 1903 he had been
as-k IN tbe employ Of J. r. WIIliston & Co.
stock Exchange firm, but early in that year
,orsbt seat on the Produce Exchange. Of
,siob exchange ne had been member before
cong 20 The WIlston firm. and took Up again
ne brokerage business While working for J.
r winston & Co.. The witness said he met
,s,o-ee n 1ul roc. who was dealing then in the
os Montreal and Boston stock with his en-
-,,re-s. In February. 1903. witness formed a
rs-rrership with Hugh McDearmid. Of Mon
,rssl under the dru name Of Brewer & Co.
o-Dd sou ever see your partner. Mr- McDear-
nc, A-No 9 never dll- ,--..
Q-iloW came the partnership 10 ne formede
Di George Mguroe suggest III A.-George Munroe
sad 70 me tnat ho thought There was room FOR one
could give .. 2 TOLD him II he knew any one who
hse H9s 49, 80 ~ ~ ~ ,F-T,eo4I11id
s-S W. subsequently, had articles Of copartnershiP
se7i the paper 20 Montreal 10 Air McDearmid for
fs Signature never Ect The original back again.
s - ,leo 1sve y process 81 aftorTeT from Mr
NcDearr-id 10 his representative. NJ curtis.
pRAWN BE Mr. MCNROE's ATTORNEY.
e-Mr Mlnroe's attorney drew the articles did
eI Sc ly these articles that M. McDearmid
furnish sl5,t9 10 the copartne rshlp. DIG ne
y a thet rnoIleys A1He A, put in about $ 500
sslrEe Munroe- DIG he suggest that? A.-LoOking
o-Aud in this power of attorney see that Nj
geDezruid delegates his attorneyship 10 f. ".
lurts is that The Nj Curtis who has been the
manager u the affairs of Munroc & Muuroe? A
Is
Brewer said he first met Cameron Spear, The
rsruted manager Of F P Ward & Co. al
Argsrne where they had adjoining cottages. The
witness introduced Spear 10 George Munroe in
IRE sumner Of 1903 A: that time r P. Ward
{ O.. we're dealing rather heavily in the Marconi
sock
"Tou knew that Cameron Spear was really
Up Ward & Co. didn't your" asked Mr.. Inter
rysr
re told ne he WAS interested in the Arm"
answered the witness.
7 show you" said Mr.. Tnternyer. opening
hg fcger. the capital account OF Munroe &
Nmroe. and il shows you contributed $3.50 10
thsr original capital Did vol invest $3.50 in
Nuiroe & Munroe9"
= aI ne" answered Mr.. Brewer.
-vhsn ne $3.50 entry is without your knoNi-
tsse nHf absolutely unauthorized. Is it?'
'Ahscluiey"
Nr Urte-myer called the attention Of the
witness 10 a number Of payments in the books
q ths witnesses firm. which Mr. Brewer ex-
psnsd by admitting that these entries rep
TssHisd the rent paid Cor his Offices by Munroe
Munroe
Q-Dd NJ. oIaHroe introduce you 70 ne National
Cry Bank? A-No; knew M Loom4s for four
-Eao Srsased for ssilE l9aa 70 yog Of $ 90 @
I .ieI ne AstoLsl OltE bsnk from NqFeilDer .
Q-You went 10 the bank alone? A-Tes. de-
Q-WhsJs Montreal and Boston stock7 A.-Yes;
And you goJ the stock from George Munroe?
Q-You soj credit for tbis $500 loan each morn
va thar ST Munroe got his $4,000 daily, did you
Q-An6 Ehy cid YOU get this money each day:
As an accommodation for Mr.. Munroe
Q-Ihat explains. then. why you are credited in
sht charged up with the payment OF that sum in
,.o-Ane you say your firm is not the same
Agnros d Munroe. or part Of il? A.-No, sir.
thar Montreal ana Boston ana MarconL
,,s-But IS per cent of your business came through
e.-And yet thzy held the lease OF your Offices.
psla the rent. selected your partner. whom you
Al
roe vas 10 setfa an artnership disputes according
70 the articles o. copartnership you signed; and
.el you say you and your firm differ from MunrOe
i does 7-'-'' i'Ae 70 '''O" -'O" 'e'-'
William C. Gallagher. = curb broker, who was
ne first witness heard yesterday. said that he
net George H. Munroe on December II, 1902,
sn2 thai up 10 April 81. 1903. he sold 4 great
oe'l Of the old Montreal and Boston stock and
ne stock Of one OF the Marconi companies. In
august, 1904 he resumed his dealings with
N'SFoe Nunroe. handling the new Montreal
sna Boston Consolidated stock George Nun
10 had told him the new stock had al been
uneerTrittsn and subscribed for.
he told ne" said the witness. that Mr..
-Nach Mr. Loomis and Others including him
sci, had Underwritten the stock. and the money
N't then al his disposal. The stock was selling
Nsh a. 20 cents a share and he told me he
peeleo 10 put the stock up . al least Sc or 81
Z snare W1.-A he said yas IT'S real worth"
D4o y0u ssA 1900 shares 10 Allen. McGraw
No?' asked Er. Cnteru.yer
TOLD ID SELL 10000 SHARES.
ne Witasss. answering. said that George
,-lhfoe called hIrl Up scd told him 10 sell TO-
''' shsres for cash. lie had looked over the
AeIhet and Informed 1ignroe that he did not
--RA the euro market would take 10000 shares.
=, =, george G1nroe had ted him he had buying
IS 9ui for much more than that. and that
= liisI'as also had buying orders out for more
@@ 'VVJ9 shares. Then he had called up
- AcGraw g. Co. and ordered them 70 sell
-'''0 sSares. but al not Jess than 3 GIG a
- The witness sala that ne received the
,YoVV SHARES and turned them over 10 Allen.
~-1ioW CO. Ee got tha: firms check and
--'e Aulroe & Munroe bis personal check in
'~51'ens fos the STOCK. ne added.
~IST0e & lIunroe kept calling and sending
@2'e1. asking fOr tho money FOR the 10000
-S sad The witness. and il was a few