New-York tribune., 1905-01-11
A. G. LOOMS REELECTED.
ACTION OF CITY BANK.
Spear SzcearS Mnnr0e Sad OUer-
certifcdtiOn Had Been arranged.

1
holders of that institution at their annual meet
| ing yesterday reelected the entire board of d.
rectors. who later in the day reelected all OF the
| old officers, including Mr.. Loomis The action of
( the directors in the case of Mr. Loomis not
unexpected in Wall Street. and regarded there
| as indicating the faith OF the board in his integ
| rity, whatever views they hold as to the
| judgment exercised by him in identifying himself
! with the interests whose booming of the stock
of the mining property came recently to sudden
| and destructive end.
Cameron Spear. the manager of the brokerage
| firm of F. p. Ward & Co, was again yesterday a
witness in the Munroe & Munroe bankruptcy iE-
quiry, which is proceeding before United States
Commissioners Alexander. in the Federal Building
! Samuel Untermy2r attorney fer the creditors OF
! Munroe & Munroe, resumed the examination of the
witness by asking him how he to be inter
ested in the Montreal and Boston matter. Mr.
| Spear answered that George Dunroe requested
him to join the underwriting syndicate telling him
that Nlce-Presideut Loomis. of the National City
! Bank Mr.. Leach of Farson, Leach & Co; Mr..
Davis and other responsible men were interested
Thinking that 1t good deal the witness said
he signed the underwriting agreement for seven
underwritings at $500 each for F. P. Wasd K Co,
which he proposed to take personally.
Mr.. Spear said that the checks were all made
payable to Mr. Looris, the treasurer of the synd
cate. Ward & Co. paid the first assessment Of
$4,000 ard took stock Cor the second assessment.
What did Mr.. Munroe say to you about the Ma
uonuI City Bank in connection with Montreal and
Boston?" asked Mr.. Untermyer.
He said" answered the witness, that Mr. Loo
mis- was the vice president of the National City
Bank, and l drew the inference that the bank
would assist us"
.5 2-When En1 did you first know th9t the National
roe? A-Munroe told about weeks before
the failure that he had arranged for $4,000
Q,-Did he tell you how he proposed to use the
A~No inns '7' 'i'' ''''''
a statement shown the witness setting forth
his dealings with Munroe & Muuroe.
This statement shows that you received from
Bache & Co checks to the amount of 81 4i9 900; F.
7. Ward & Co. $4,000; c. T. Hudson & Co. $29.S79
and Z. r. Chapman & Co. $4,000 total of
$15s0.54 and that Bache & Co. did IS per of
the entire business" said Mr.. Untermyer. rs that
right?'
Il suppose So" answered Mr.. Spear
Whose writing is this?" asked Mr.. Untermyer.
handing the witness a large bundle of reports.
Mr.. Miller Munroe's bookkeeper"
Q.-Are they not the daily reports from F. P.
sales of Montreal and Boston stock and the prices
realized? A1Yes y 81, think think So. SO {, .n., GO .,,.
stock vas was being bought t9 from MunFoe Munr9e at at
report OF the sales Of F. P. Ward & Co who Wers
getting about 50 80 share for the stock? Ave
it back Chi, in thirty days at an advanced price and
Q.-You know, do You not. that the books of Nun
A0Mr. Work. the receiver told me it between
a
Q,-Do you know, that you are charged on the
books for the stock you bought of them at the
not.
Q.-What proof have you that Ward Co were
personally paying 50 share? What evidence of it
Hearing 5as s:4S5S
nQ.-Why not? Al asked Mr. Ward for them
Q,-How came it that you We're personally deal
& Of 10000 20 While 0 your employee Ward Co only
| ing to do with my transactions.
Frank P Ward the ostensble head of F. p
| Ward & Co, was then called and sworn Mr.. I'm
termyer asked the witness where the real books of
| Ward Co. were. Mr.. Ward answered they We're
| in Pittsburg, he believed.
/ You know we want them" said Mr. Untermver
! don't you? VIII you produce them?'
When the mandate of this court compels us to
| do so, We will produce them" interrupted Abraham
Gruber. who was Wards counsel as well as
! Spears
Who owns the stock of Ward & CO. ?' asked Mr..
| Untermyer
i suppose do; that is. the majority. 1 own 500
| OF the 1000 shares of Ward & Co" The witness de-
MED that Spear owned any stock of Ward & Co.
! Mr. Ward was finally excused ON his promise to
produce the Pittsburg books of his concern at Fri
! days hearing and an adjournment was taken until
| IL o'clock this morning.
! The amended petition in bankruptcv against the
! brokerage firm of Munroe & Munroe placed on rec
ord yesterday in the clerks office of the United
States District Court contains a number of new al
legations. and also names the National City Bank
as preferred creditor of the alleged bankrupt firm
| The same petitiOning creditors sign the amended
| petition. John NJ Shaw & Co. named as cred
itors for $685. which, II Is alleged is due them for
! $500 shares of Montreal and Boston Consolidated
! Mining and Smelling Companys stock purchased
! by the firm on the orders of Munroe & Munroe In
! the original petition it alleged that Shaw &
Co. were ordered to buy 1900 shares of the stock.
but discovered the alleged fraud when $500 shares
| had been bought on the curb and for that reason
M 10 III the rest OF the order In the amend
ed petition no reference is made TO the 4400 shares
or shaW Co.'S failure to complete the contract.
Donald Gordon & Co. and Seneca d. Brown & Co.
| are named again as pettioning creditors.
The new petition makes the same allegation as
ana ArchlpaId u l4ooms, who We're members it is
! charged, of an underwriting syndicate TO market
December l. the day of AIunroe & Munroes suspen IN
| pension. two payments, of $4,000 and s26.6OO.
the petition states that Munroe & Munroe while in
! solvent, also paid the National City Bank De-
! The amended petition contains the allegation
from Munroe & Munroe S5 Sss shares of MONTH";
ket price $4,000 and that W H. Beanciers Ike
! wise accepted from the alleged bankrupts 900
] shares OF the same stock the same date then
worth $4,000, which stock, il is further alleged is
the property of Munroe & Munroe. and that the de-
yeries were made to the detrment of the creditors
! The amended petition also makes the charge con-
taned In the original. that the firm created ficu-
nous value for the stock through buying and sell
ing orders given by the firm, which fictitious value
66od 6 nave Deen realized IN no other way and that
Doth LOOMS and Leach We're members of the under
writing syndicate and advanced large sums to
! :ts real intrinsic worth
! Quincy Ward Boese. who has figured in the story
| of the Montreal and Boston syndicate and Who
/ was associated in 1903 with Mr.. I.oomis in the
reference to which was made in a Hartforap dis,
@ @Patcn IN yesterdays tribune was quoted yester-