Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1905-02-16

lured DIV this system, one outslutf
bought $4,000 shares, at from $3.50 10 80.
In disposing of the stock, Munroe e.
Munroe washed" about 5000 900 shares
or more in the process of getting rid OF
about 1901 600 shares, for which they are
said to have paid the company not more
than $780, 600 in all. The brokerage on
raising this $780, coo is more than $780,
900, because they had to pay ecmmis'
sions on the whole 5000, 900 shares.
How Sales Were Made.
The Munroes would give orders to GER
tain brokers TO sell and to other brokers
to buy. When they sold they would
get a 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 bcpght
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 did, for he
is the head and front of the combina-
ton, ever though his brother was SEN
ior 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.. Loomis was
one of these, and Leach another, and
both of these are names to c~onjure with
in financial circles. LOOMS became
chairman of the syndicate's executive
committee, and it was through his in
fiuence that the loans were obtained
from the National City bank.
Reputed a Millionaire.
The friendship of men like these
brought other friends to the brothers,
and before long George Munroe was
reputed to be a millionaire. 1t is said
he lived at the rate of from $4,000 to
$100, 900 year, this young man who only
a little while before had been a haber-
dasher. He had a luxurious home on
East Fifty-seventh street, and another
at Southampton, l.. L., and often he &C.
cupied a suite at the Waldorf-Astoria.
His dress was always at the top OF
the fashion, and his dinners were q fea-
ture of hotel life here. He even went
into the game" to the extent of eX-
hibiting at the horse show. 1t must not
be understood, however, that he meant
all this as bluff" He has said that
washing" stock. or what is called or
the floor of the exchange the dummy.
dunn business" was a proper manner
in which to sell stock, and he was mere
ly enjoying the proceeds. His Office
contained furniture worth $4,000, mass
i've black oak, with red cushions, hand.
some cabinets and pictures.
A Costly Junket.
He always did things in lavish fash
ion. When Montreal & Boston was
at the height of its exploitation, Munrot
thought it would be a good plan to lie
those whom he was trying to interest il
it see the actual mine property. Now
it lies away off in British Columbia, OF
the foothills of the Selkirks, and it cost
money to take a party out there. H,
never considered the expense. A pri
vate car was chartered, loaded will
everything of the best in the commissar,
line, and the junketers started away
, George could not go, but Alexander tool
charge.
The party included senator's, bankers
) politicians, and newspaper men-every
body, in fact, who might be of some al,
in advertising the mine.
! They stopped at various cities on tn
way out and had a jolly time.
Not Unlike Fiction.
The revelations in the Munroe cas-
make it not unlike the story told in on
of Emile Gaboriau's novels in which
Partisan set of men in the sixties VIII
needed office furniture rented it by tn
week from a firm whose business it wa
W OullI pCOplC VIM HCSueu ouluptuOu
offices temporarily.
The firm Gaboriau pictured could, o
short notice, give any office the appear
ance of glittering wealth. 1t rented on
massive desks, cashiers grills, safes an
pictures. 1t kept constantly on hand
supply of curios for special purposes
mineral specimens for mining con
panies, oriental curios for people in tn
China trade, and chunks of crude rubbe
for rubber companies. Such object
scattered carelessly about the Office, gay
an air of busy industry and genuinenes
to any old enterprise.
But it is not necessary to 60 as far
this in these days, as it is shown in tn
case that modern finance has brougl
improved methods.