The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-09
MUNROES RAISE THE WIND I?
FIRM ANNOUNCES DISCOVERY
THAT IT rs SOLVENT.
or Course II II Should Pay or Its Creditors.
the Bankruptcy Induisition Into Hela-
lions With tho City Bank Would stop
Prospects Are That II WIN Go an.

Appears now statement by George II
Munroe head Of the laundry" brokerage
firm of Munroe q Munroe. known to fame as
the friend of the National City Bank,
saying that his attorneys Rollins Rollins,
have served notice upon j. Henry Work,
temporary receiver OF the haberdashery
outfit. that the firm will resume its Offices
at IS Broad street to-day.
The Munroes refused on Dec. 10 accept
deliveries of 1l7,oOo shares of Mont real and
Boston Consolidated mining stock. after
1t bad washed the price up on money OBJ
tanned from the National City Bank on
unindorsed and unsecured demand notes,
from 30 cents to 81 50 a share.
MY attorneys says Mr.. Munroe. have
notified Mr.. Work that their examination OF
the books Of our firm has convinced them
that we are solvent within the meaning OF
the bankruptcy act, that we shall contest
the present proceedings and that the re-
ceiyer's appointment was illegal and void.
Mr.. Munroe himself is on record in an
affidavit filed in the United States court
In the present proceedings as saying that
he was about to put in petition in bank
ruptcy himself and also on record In
the testimony taken before Commissioner
Alexander as having requested that the firm
be allowed to go into bankruptcy. If Mr..
Munroe had discovered that the firm was
solvent and able TO pay its creditors and
did pay them why the bankruptcy pro-
ceedings would. of course. be discontinued
and Archibald O. LOOMS, second vice
president OF the City Bank would not be
obliged to tell what he knows of the banks
transactions with the laundry firm.
good many persons were not surprised
when they read the statement yesterday.
"A n matter of fact, though, the notice
served on the receiver il not heavy with
consequences for anybody The receiver
himself was stuck with the lease OF the
firms Offices and desired TO rent them.
Munroe n Muuroe, il was said yesterday
bad agreed to take the lease OF the re
ceiver's hands What security they had
put up or what the rental was could not be
learned.
In regard to the discovery Mr.. Muuroe's
attorneys have made that the firm Is SOL
vent within the bankruptcy act. an eN-
PLANTATION WAS made yesterday by repre-
sentative Of Munroe. who requested that
his name shouldn't be used, lie SAID that
this did not mean that the Muuroes were
able to meet the claims OF the creditors a.
made at present, bat that their assets taken
at a reasonable value are IN excess OF Their
liabilities. In other words. this man SAID
the firm had certain nights under contract
TO take down stock which when sold would
cover their liabilities This man said iur-
Their that an adjudication would be asked
for 70 determine whether or not the bank
ruptcy proceedings against the firm we're
not entirely improper and illegal.
We shall said Mr. Munroe, bring
action for damages against those who
have conspired to injure our credit and
depreciate our securities
How seriously Samuel Cntermyer, coun-
sel for the receiver and certain of the credi-
tors took MIR Nlunroe's announcement IL
evident from his comment on IT.
Absurd ridiculous, mere bluff SAID
he.
We are solvent says Munroe, do not
owe $500 900 above our assets and shall re-
sumo operations Monday with our old stan
Our firm will lose heavily but our creditors
won't lose "a cent.
Notwithstanding this announcement
there will be it was said yesterday, no
change in the plans 10 bring out in the pro-
ceedings thia week the fun details OF the
firms Transactions with the City Bank