New-York tribune., 1905-01-07
C. SPEAR A WITNESS.
/ LOOMS AND CITY BANK.
Wards Montreal and Boston Ac
counts Kept in PittSburg.


ruptcy proceedings before United States Commits
s8oner Alexander. In his examination Of the sew
eral witnesses who have thus far taken the stand,
Samuel Untermyer. attorney for the creditors. is
seeking 70 establish tho liability OF the Montreal
and Boston underwriting syndicate for the payment
OF the difference. than 100000. between the
total sum represented IN the purchase Of Montreal
and Boston stock by Munroe g. Munroe on the DAY
before their suspension. and the total amount for
which the stock bought could have been mar
keted at the prices which have prevailed since the
failure. II IS Mr. UnteTmyer's contention that the
syndicate responsible the principals OF Nun
roe G. Munroe. Reports were current yesterday on
the curb market that the claims Of the creditors
most Of whom are curb brokers' would be paid.
James Stiliman. president OF the National CITY
Bank, quoted yesterday as speaking in a
tolerant tone OF the part taken by A. O. -Loomis a
rtcepresident OF the bank in the syndicates opera
tions. and the impression prevailed in the Street
that the management of the institution would take
the view that Mr.. Loomis's prominence in the case
had simply been the consequence Of an error Of
judgment his part
One of those present at the hearing yesterday was
Detective Sergeant McConvine. The officer denied
that his other than that OF spectator
Mr. Spear. answering questions put by MI Inter
Fnyer, said that p. p. Ward was in the city, and
that his home was somewhere in Thirty-third-st.
ny. Spear then produced ledger and two Jour
mails OF F. p. Ward & Co. containing the firms
accounts since the NsT-York Office was opened on
November A-
these DOCKS contain Nne ACCOUNTS OF Nne
FIRMS 6eslings in Montreal and Boston stock?"
No. think most Of those accounts were kept
70 the books Of the firm In Pittsburg'
How was that doneF'
by correspondence"
Ward & Co. dealt in $4,000 shares OF Montreal
and Boston stock. did It notT
mo, not that much"
Mr. Untsrznyer said he would Ike TO know how
the entries made In the P1ttsburg books from
,sSew-York
Il vrots them from Philadelphia" answered the
witness
PHILADELPHIA"
~Yes. I happened 20 be there frequently"
The witness then told OF account he had with
M1nroe e. AIl,nroe IN the name OF a L Spear the
latter beang the sister of the witness. Witness
had dealt IN about 10000 shares OF the stock per
tsonslly and Ward & Co. between $4,000 and $4,000
.AGg sister opened the account two years ago. and
Z kept Il open" said Mr. Spear. II happened 70
ssve q check from Baahe & Co.. payable 10 A l.
Spear, and gave It TO Munroe Munroe The &C
count was started IN that way. The account was
one IN which were hTst Jointly interested Later
7 kept Il open for myself"
And this account Of A L Spear showed that
you dealt In 57l.OoO shares of Montreal and Boston
stock Is that right?
MI Tnternysr called the attention OF the witness
% en- entry IN The books Of Munroe q J Mu9roe 9I
shat firn worth asl5. and was credited with that
Isn't It a fact you would 60 10 AIunroe & Munroe
each day get about 1000 shares and take them
Munroe7 Isn't that the way all Of these trAnsao-
Eions were nader
i Sc see IRsI on beos16ss the DAY Of the te,lgre
observed MI UnaterInysT as 3y;, - .o,s %.
That is. you got check for It from 3aohs
d Co 2.
u got no commission"
wifRsss said gRsaing OF the 5000 shares ares he got got
them in three instruments one OF Sze goo second or
MgRToef
and did YOU get any Of this stock after s p m F'
And the stock was worth about . sha-sr'
And there we're large transactions IN mr.
And you were buying 1t for MunrOe & AGunrOs
And at that tine the stock wss selling for s. a
Hhare?'
And you selling It to Bache at s37"
DO You know anything about a contraotT'
George MunrOe."
7 think in New-TOrk. but it may have been in
You told Mr. Ward about itT"
ne osf the shs s9k mSHfoo agreed to .
q Co. have it at 81 share"
How was It 10 be paid forf'
Mr. Intermyer next asked Mr. Spear about the
commissions OF the brokers. and who paid them
u don't know witness answered. Ward 81
The witness ss then foid Of 2hs conversation with
George AIunroe in which the latter said he did
mot think he could get any more stock from the
underwriters at 81 share The witness told him
Ward Co. could not pay for all the advertising
and pay more than 81 share.
''Nunroe' said the witness. told me he would
ytry to continue 20 let have IL at 8 a share but
agreed date.
i see by the books that November "a Munroe
& Munroe let Ward & Co. have IS 900 shares at 81
q share and on the day you personally paid
Munroe d Munroe sl5. 100 for 50 900 shares at the
rate OF IS a shareT'
i Yes"
And you paid ss for stock when your house was
buying # for g g shsre?'
Yes"
why couldn't you get it at 81 a share?'
i had no such contract with Munroe & Afunroe -
And you call that an everyday transaction IN
Wall Street do your "
'Yee. have heard Of other sirniIar transactions
said Mr.. Spear.
Mr. Spear this point consulted with Mr. Cyr7ber
and tnen volunteered TO produce the Pittsburp
Ho.Ails' 10