New-York tribune., 1905-02-10
A NUNR0E SETTLEMENT.
1T. 6 B. CLAIMS TO BE NET.
Syndicate and Broker Creditors
Reach Agreement.

announcement was made last night of 2 settle
rnent between the broker creditors OF Munroe d
afunroe and the Montreal and Boston UnderwrltinS
Syndicate for which these creditors have alleged
thar Munroe & Afunroe were agents. The settle
rnent does not affect the bankruptcy proceedings
against Murroe & Munroe The following state
.slent relative 20 the settlement was issued from
the o..sce Of Samuel Unternyer the counsel for the
receiver and creditors Of Munroe & Munroe;
when AIunrps g Muaroe failed they owed ABOUT
$500 90 TO brokers who had bought montreal ana h
Sostoa STOCK Igon tnsr 0basfs sc on assets @ Whatever
The purpose OF the investigation inaugurated py
restitution Of assets that had been secreted and
disposed Of as ;1e creditors elalmec IN f
tion of bankruptcy and in fraud o. the rights OF
n tEs course Of tbs iIveetig zion it was dis
covered 20 the utter arnazement of the creditors,
that ne most valuable ana important OF me Nun nun
5Eeal and Boston Company. and that all the pup
lshed statements and representations IN that re-
Epect on which the stock spread broad
cast throughout the country were false II
price Of the Dominion mine. ,o 5ns most mos VA va
oep-s o. tne pr0IsaleS, oliy sssS 6so s~d Thai
substantial parts OF the purchase price OF DINERS
OF the properties were also unpaid The contTact
WITH the Dominion Company REQUIRED monthly
payments and the depos. o. royaes 6s comrsGX on
was threatened with The immeniate loss on : this rs
about SO COO besides walch another OF the regular
moaIally payments Of Slze9 on account or tne pQI-
Tie receiver and the creditors accordingly found
properties with a company that would be a mere
she'll the stock OF which would be worthless, ana
against the MgnToes and their numerous nun Ss tools
ferred and secreted II was iound 'hat SsUVJV Ma Ma
Immediately REQUIRED to rescue the property. Iho
F9rst-A syndicate composed Of gentlemen who are
interested in rescung the property from the pre-
advances 5000 in money viii which to discharge
the royalties and other urgent payments on the
second-An amount OF stock has been gathered
together and set apart 10 be used to provide for
the payments the Dominion purchase contract.
Thrd-The brokers who became creditors by rea-
son Of their purchases from Munroe & Murroe on
them as security for their claims stock o: the
Montreal ana Boston az tne rate OF 81 a snare o2-
ercsed will enfitle these creditors 10 be pal6 their
claims in full in six months. If the opti9us are
st the rate Of about S. so for their claims viii got
stock at the rate OF about 81 share In payment
y m sn gs ne r of the PT2P9 is
their associates Ihelr connectlon with the prop
erty is completely severed. and the management
with the copper Industry whose bIIsin ,ss it viii
be TO manufacture copper and not stock certif-
Bffth-The settlement is to be made independent
through Without regard to the outcome of theii
bankruptcy proceedings. One of their friends has
parativeIy insignificant number Of shares of stock
II me nrokeTs ana 9 the synaieste accept this stock
far as concerns the claims Of the brokers and the
The erect of the settlement is to sever Munroe &
Munroe from the entire transaction, and aIov
them. with any assets other than Montreal and
Boston stock which they may finally discover that
they have, TO settle with their other creditors X
they are able TO do SO, The result so far as con-
Germs the innocent holders of the hundreds of thou
sands OF shares of Montreal and Boston stock who
bought their stock in the market. believing that the
company owned its property, Will be partially to
hight the wrongs w4iich were done them, and put
them in a position In which they will hold stock
in company that II is intended shall in fact own
its property. At the present market price Of the
stock the brokers get 100 cents the dollar, but
this result is not due TO Munroe & AIunroe and
they entitled to little credit for II. This sats-
factory result is due largely the faithful,
Eetlc and intelligent administration of the estate
by John Henry Work, the receiver. and to his per-
sistent and successful attempts to unearth prop
er[y OF which the creditors are most appreciative
The National City Bank has nothing whatever to
CO with this settlement It in no way con-
cerned in the failure and Is not interested in the
settlement.