St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1905-04-01
lured by this system, one outsider
bought sc. 900 shares at from 80 20 tn S3

lured by this system, one outside,
bought 1000 shares, at from $3.50 to 50
In disposing of the stock, Munroe &
4 Munroe washed" about 5000 900 shares
or more in the process of getting rid Of
about 10000 shares, for which they are
said to have paid the company not more
than $4,000 in all. The brokerage on
raising this $4,000 is more than $780,.
| 600, because they had to pay commits
sions on the whole 100000 shares.
How Sales Were Made.
The Munrces would give orders to Ger
tain brokers to sell and to other brokers
to buy. When they sold they would
get check the following morning, and
then they would use that check, turning
it over to the brokers they had employed
to buy. The result was that December
Z, the day of the failure, they received
checks in payment for the stock sold
the day before, and they used these
checks to pay for stock they had bought
the day before, but when it came to
their paying for the stock they bought
on December Z, they had not the money;
the endless chain broke, the Munroes
went into bankruptcy, and all these per-
sons are creditors for the stock.
Before this situation was reached,
however, the Munroes had their day of
prosperity, or, rather, George Gid, for he
is the head and front of the combina-
ton, even though his brother was SEN
lor member of the firm. When they
came here they were aggressive and en-
thusiastic young fellows, of the type
that is liked in Wall street, and they
quickly made friends. Mr. LOOMS was
one OF these, and Leach another, and
both OF these are names to conjure with
in financial circles. LOOMS became
chairman of the syndicate's executive
committee, and it was through his in
fluence that the loans were obtained
from the National City bank.
Reputed millionaire.
The friendship of men like thesa
brought other friends to the brothers.
and before long George Munroe was
reputed to be millionaire 1t is said
he lived ct the rate of from $50 600 to
$1,000 year, this young man who only
a little while before had been haber-
dasher. He had a luxurious home on
East Fltty-seventh street, and another
at southampton, L. l., and often he oc-
supled suite at the Waldorf-Astoria,
His dress was always at the top of
The fashion, and his dinners were a fea-
ture OF hotel life here. He even went
INTO the game" to the extent of ex-
at the horse show. 1t must not
be understood, however, that he meant
Ill this as bluff" He has said that
washing" stock, or what is called on
ne floor of the exchange the dummy
1um business was a proper manner
n which to sell stock, and he was mere
y enjoying the proceeds. His Office |
contained furniture worth $4,000, mass
We black oak, with red cushions, hand.
ome cabinets and pictures.
A Costly Junket.
He always did things in lavish fash
on. When Montreal G Boston was
It the height of its exploitation, Munroe
hought it would be good plan to let
hose whom he was trying to interest in
see the actual mine property. Now,
lies away off in British Columbia. on
he foothills of the Selkirks, and it costs
money to take a party out there. He
ever considered the expense. A pri-
ate car was chartered, loaded with
OF the best in the commissary
inc, and the junketers started away.
'eorge could not go, but Alexander took
barge.
The party included senators. bankers.
oliticians, and newspaper men-every-
ody, in fact, who might be of some aid
l advertising the mine.
They stopped at various cities on the
ay out and had jolly time.
Not Unlike Fiction.
The revelations in the Munroe case
AXE 1t not unlike the story told in one
Emile Gaboriau's novels in which a
artisan set of men in the sixties who
eeded Office furniture rented it by the
eek from firm whose business it was
) outfit people who needed sumptuous
ices temporarily.
The firm Gaboriau pictured could, on
lort notice, give any Office the appear.
ice of glittering wealth. It rented out /
assive desks, cashiers grills, safes and
ctures. 1t kept constantly on hand a !
pply of curios for special purposes
neral specimens for mining COM /
MES, oriental curios for people in the
lima trade, and chunks of crude rubber
r rubber companies. Such objects
altered carelessly about the office. gave
air of busy industry and genuineness Ii
any old enterprise.
But it is not necessary to go as far as
is in these days, as it is shown in this r
sc that modern finance has brought a
nrOvo1 M of ho1c