New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-01-21
TELLS OF NJ. AND B. SALES.
Bre1oer the Only Witness in the
MuRroe s Mumoe Hearing.

Frank Brewer who at the last hearing in the
Munroe & Munroe bankruptcy proceedings before
United States Commissioner Alexander admitted
that Munroe & Munroe had paid the office rent OF
his firm Of f. Brewer & Co.. and that he had
never seen his partner, Hugh McDearmid, Of Mon
treal. who had been George H. Munroe's selection,
was the only witness a yesterdays hearing In
answer TO questions by Maurice Untermyer, OF
counsel for the receiver and creditors Of Munroe
Munroe. Mr.. Brewer said that his firms principal
business had been with the two Marconi stocks and
the Montreal and Boston stock the orders having
come from George H. Munros Asked particularly
about his transactions in Montreal and Boston. wit
ness said that November Z. the day on which
the stock became active. he had bought $500 shares
and had sold to J. r. Williston CO. 10000 shares.
He received the stock through a messenger from
Munroe & Munroe. He enumerated his purchases
and sales for each succeeding business day until
the collapse OF the speculation. and said that on
December 5, and Z. the last being the day of the
Munroe Munroe suspension, he had sold 1900
shares each day to J. r. Wilhston & Co.
Q.-And you received payment for this stock as
soon as delivered. did you not? A-No; that only
Q-And you gave these checks to Munroe
M1nroe? Ayes. to George Munroe.
sSns7 I0Yes' we s split it.
.Q-Willst2n had an understanding, with you to
Boston daily did he not? A.-Yes, but as the price
stock 40 'OOA Tess "'ii'S'0" oe'Ne's0 inc
9mDid w Williston g Co have any stock as
A a 1000 shares were deposited from November
n0mH.ow many shares Of stock did receive
Co. and At 4 o'clock got check fOr $3.50 This
was before the stock was sold I was to sell the
Q-That would be S5S.437? Ayes. but let me
me have the cash for the stock before the stock
was really sold and they said they could not unless
Mq th on the phone an and few minutes before
deposited to protect the advance be made. Then
got the check and sent it TO Munroe.
the market T1g Price q a S9e0E w fGF sSoa
Willston & Co. keep out sn.0oo? A.-That was the
difference between us.
Mr.. Untermyer asked the witness sharply as to
what became OF the difference OF than 81 900
and the 5000 shares deposited margins, but Mr..
Brewer insisted that there that difference be-
tween himself and the Wilston firm.
Q.-How did Aiunroe explain to you that he need
ed SO large sum of money when he asked you to
get the money before the stock was sold? Ale
merely said he needed the money.
The witness said that he had had an account with
the National City Bank up January H. when at
the banks request. he withdrew the account his
balance then being about $500 He took the account
to J. R. Williston 6 Co.
Mr.. Untermyer showed the witness a check dated
July g. 1904. and signed by Frank Brewer & Co. for
$1,000 payable to A. G. LOOMS. and asked him 10
explain it.
After some hesitation Mr.. Brewer admitted that
Mr. Munroe had authorized the payment and that
the check had been given in part payment of the
underwriting in Montreal and Boston subscribed
for by F. P. Ward & &C. Witness did not explain
what reason he had for paying the Ward under
writing.
The witness identified two additional checks for
5000 payable to l. Zero. Mr.. Brewer admitted
he had signed the two checks and given them to
Mr.. Zero. a bookkeeper employed by Munroe
Munroe. This also had been done at the request
Of George Munroe. and he had drawn draft
Mqnroe & Munroe IN Montreal to meet the amount.
haQk ypar6 aYT1a f0A6 in he anna
Mr.; Untermyer called the witnesses attention TO
been written in by MI Zero. MI Brewer explained
that George Munroe had asked him to lend a
left It With Mr. Zero for Mr. Munroe
check for $4,275s signed by Brewer & Co. pay
ploye of Munroe d Munroe. was an exchange of
Fy checks pagabe 10 E. W. 1n Fe psce
IN evidence the sums ranging from 500 TO 5000
dian ian MareCn a stock OK. so ID. in Canada
IN f yST H1c9 that tngy nave al been deposited
personal account Of F. W. Curtis? Why was that
asked y T. Mr. r.. Q lEneTI
exchanging checks with Munroe. Armstrong or
ION December Brewer & Co had 800 shares of
LOO returned from Montreal with protested draft
and tbir Of Il 600 SHARES Of h. sonnt o. , H.
ton sti holds 1900 shares. Is that right? qusried
Mt Untermyer
YES"
'Will you turn that stock over to me as the at
torney for the receiver? asked Mr.. Untermyer; but
Nj Brewer would not promise TO do IT. An ad-
Journment until Monday taken q this point.
j. Henry Work the receiver. advised yester-
day Of the opening by Munroe & Munroe Of offices
the fifteenth floor Of the Broad Exchange Build
ing and sent word to the postmaster. He called
attention TO the fact that was the receiver ap-
pointed by the United States courts and therefore
requested that mail addressed 0 Munroe & Mum
and also to the Marconigram company should
be delivered TO him the receiver. Mr. Work
later said that the mail carriers had informed him
that only personal letters were being delivered ar
Munroe & Munroe's Office, and that all mail
addressed TO the firm 10 the Marconigrau1 com
pany would be delivered 10 the receiver.