Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1905-02-16
S60G0O WT T/HE

oils and saw visions OF wealth beyond
the dreams of avarice for themselves,
but. as a shrewd veteran of Wall street
said, 1.-The game grew too big for them"
Plan of the Brokers.
James Stillman, president of the Ma
tional City bank, describes the transac-
tions by which Munroe & Munroe, the
laundry" brokers, obtained from the
bank a daily loan of $4,000 for eight
days on an unindorsed and unsecured de-
mand notes for the purpose of washing
hundreds of thousands of shares Of Mon
treal & Boston Consolidated mining
stock in the curb market, as the act OF a
Junior officer of that institution.
That junior officer was Archibald G.
LOOMS, second vice president of the
bank and the leading member Of the
Montreal and Boston underwriting syn
dictate. Of course there had to be some
body Upon whom the responsibility could
be placed by the public for the unusual
transactions, and the curiosity of men
on the street was satisfied when Mr..
Loomis resigned.
1t should be said, however, that in the
transactions the bank was in no way dis
credited. The 100000 borrowed were
paid back by Munroe & Munroe before
the close of banking hours each day, so
that the bank lost nothing.
An interesting phase of the negotia'
tipnc rta that thn MnnrnpG nnEnnWn
and untried youths, became close per-
sonal friends of LOOMS.
Began Oh Capital of $1,000.
The worldly capital of the Munroes
when they quit the genteel occupation oil
gents furnishers in Montreal to take up
even a more genteel occupation in New
York, was about 81 900.
The furniture in the Office would have
cost more than that-if it had been paid
for, and reflected great credit upon the
good taste of the gentlemen. The desks
we're of the finest and most expensive
make and the furnishings lavish. There
was a grill of chastely ornamental iron
work which confined the cashier, and
probably kept him from absconding
with the firms heavily bonded debt.
The furniture included a set of big
easy leather-lined chairs and an impos-
ing sofa. There were other tasteful
touches about the place, and everything
suggested to the uninitiated that untold
wealth was at their command.
But it was these same furnishings
that first brought the trouble that result
ed in BANKRUPTCY proceedings.
Bankruptcy Proceedings Instituted
About October /, Munroe & Munrot
approached McHugh & Co. They want
ed a bill Of goods sent up to their 3roat
street offices.
They mentioned as reference the Ma
tional City bank, the institution which
afterward lent them 100000 daily OIL
their unsecured notes. McHugh & Co
had sold goods to the National City bank
With that reference there seemed to b.
no doubt that the firm was financial.
good" The furniture concern sent VI
$500 worth of goods, together with
bill. Munroe & Munroe made a few
more purchases in the course of a week
raising the bill to 1888.
The bill wasn't paid in October. Still
the furniture man didn't think it wort
while TOT press such excellent Gus
toners. In November a short and YER
polite reminder was sent. No answer.
AID still McHugh & Co. were not wor
ried until, on December 2, along came
collector for another firm to whom the