The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-04

In the bankruptcy proceedings against,
Munroe & Munroe, the brokers who refused
on Dec. 10 accept delivery of 100 900 shares
of Montreal and Boston Consolidated Cop
per Company stock bought 10y brokers
for them at $50 a share and then selling
on the curb at 50 cents sensational develop
ments ara promised in few days
Evidence will be presented from the firms
books 10 show that for the eight business
days Immediately preceding the firms
failure the National City Bank loaned the
firm on unindorsed demand notes $50 900
daily. in all $4,000. These notes we're
signed -Munroo & Munroe,T were drawn
IN the morning soon after the bank opened
and were cancelled In the afternoon. shortly
before the banks closing hour.
George II Munroe the leading spirit In
the firm Of which his brother Alexander Is
the only other member has refused on the
witness stand in tho present proceedings
10 say that the cash capital OF the firm
when II began TO trade In Montreal and
Boston last August was more than 5000.
Samuel Unterinyer OF the law firm OF Gug-
Renhemer. Tntermyer a Marshall, counsel
for the receiver. pressed but he said he
couldut tell The firm did not own a seat
on any exchange.
With the money obtained from tho Ma
tional City Bank Munrco 4 Munroe were
enabled @ carry on their enormous transact
tions in Montreal and Boston stock trans
actions which 10 IT, declared, involved the
washing II S.0O1.oOo shares and in thirty
day an amount of money twice as large
" the entire CAPITAL of the company Only
abou, $4,000 shares, according to the
te-' monv. were actually disposed OF TO
outsiders by the firm
Of the syndicate which underworld 700 900
eharc- Of the Montreal and Boston stock
agreeing 10 furnish the company 100000,
Arc'unaid G. LOOMS Second Vice-presi-
dent of the National City Bank is a member.
so also y George II Munroe OF the oil
laps.d firm. Mr. LOOMS, according to the
testimony taken in he nitpd States court
was chairman of the -yndicate's executive
committee, tor time handled it, funds
ana was consulted on all important matters
affecting tne syndicate : interests by quincy
Ward Boere. the syudicate's counsel and
q shareholder Munroe 4 Munroe at the
time of their failure had contract With
the evndiCate to market the stock held by
IL AZ not less than 81 share. Previous
10 the Niunroe 4 MunrOe failure, A. II.
Jooinis. a son Of A. & Loomle, was secre,
tar and treasurer of the Montreal and
Boston company. He has resigned. it Ia
Iaid
In view OF recent developments the his,
tory Of Boston and Montreal Consolidated
and 81 NIunroe Il Munroe'S relations with
the company a. disclosed IN the testimony
that las already been taken assumes
new interest
Mr. George n Munroe testified that be-
fore lie became broker he was engaged
IN the hab-riasherv ard general merchan-
disc business in Canada He came 10 New
York city about four years ago aud last
spring accomplished the merger OF several
properties into the Montreal and Boston
Consolidated. of which 800 600 shares
were Issued at a par value OF -. Inc
directors We're {. \ tlsh, John rum
mer. George 4. Morrison, A. II. Looms
and Col. George Pope.
Munroe -ay- that ne was the lnsugator
az the syndicate which was 20 underWrlteE
10000 shares of fhe stock, that ne THINKS
he made tho contract WITH we montreal
and Boston company originally ana that
the syndicate agreed 10 take 1t on ms hahuH
He secured The underwriting shoscfl puohs
In writing, he saN- among other supsor1p-
tons by A g. Looms l. y Leach OF + arsnt
Leach 4 Co.. II. n Melville L !, Ndrd
Go aud his own Tie amount oi the uhueT-
writing syndicate w1~ S2'o.Vp
Quincy Ward l}oe>e, -ecre'Ar Y-Fehs,iCer
and counsel II the syndicate has te~iihed
That vi LOOMS III tie National ny hanS
called his attention go the organization OF
1