New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-03
INTER-MET MAY APPEAL
Intimates Opposition to Met. See
Co. ReceiCership.

Judge Holt in the United states Circuit Court.
yesterday appointed s. Sidney Smith, Of No. %
Wall street. temporary receiver fo- the MetroPoi-
tan Securities Company. AR Smiths bond. which
svas fixed At S5a.co. furnished by the National
Surety Company. The order 10 show cause why
the receivership should not made permanent
made returraale on September a The Inter
borough Metropolitan Company. which owns g
per cent Of the stock OF the Metropolitan Securi-
tees Company. intinated after the order OF the
court was fled than appeal would he taken II
the appointment Of the receiver were made perma-
nent. A statement was issued by the InterborouEh-
Metropolitan Company. which said:
The question as 30 whether further appeal will
be granted from The Indictment in Which the pres
en- receiver OF tAe has oeei
by the courts.
The appointment Of Nj Smith was made at the
request OF William W. Iadd. receiver for the
New York City Railway Company. after United
States Marshal Henkel had made q return to the
Court on Wednesday. saying that he could find
property held by the Metropolitan Securities
Company in this judicial district 70 satisfy the
remaining Of $4,000 due on Judgment Of
S5-27l5s2 - secured by Mr. Iadd for the City Rail-
way Company against the Metropolitan Securities
Company in February last Attorneys for Mr.
Ladd said yesterday that the receiver asked
for because Il was believed that the Metropolitan
Securities Company had property that could not
be reached by a levy OF execution. The operation
~ the street railways would not come under Mr
Smiths direction. they said. and would not he
interfered with IN any way. In this Mr. Iadd's
attorneys agreed with the InterborouEh- MetropoI-
itan officials. who said.
The appointment of a receiver for the Metro
politau Securities Company does not change the
situation, FAR the marlborough Metropolitan
Company = concerned. or in any way affect the
PETERBOROUGH Rapid Transit Company. which or
crates the subway and elevated systems. The
Metropolitan Securities Company r. simply the
holding company of. the stock OF the New York
city Railway Company. The ELECTROMAGNETIC
ropolitan Company is a stakeholder in the Metro
poliian Securities Company.
The fact that the Interborourh- Nfat-onoIitar
Company is a stakeholder IN the Metropolitan
Securities Company enters largely into Mr.. Iadd's
calculations He in the affidavit filed with his
bill Of complaint that he has brought suit on his
own behalf. as Judgment creditor of the Metropoll-
tan Securities Company. against the Interborough-
Metropolitan and other stockholders OF the Metro
potan Securities Company liable under the
statutes 10 amount equal 20 the sum unpaid on
the securities company's capital stock. approx
mately S7.5OOnn
In another part Of the affidavit he says that az
oording 70 statement verified on March q last by
II u. Vreeland president. and r ". sayre treas
urer 81 the securities company tho company Is in
solvent and has liabilities in excess q assets Of
more than S7.es"o in addition the Judgment OBJ
tanned by Mr. Lsdd. Delaney Nico1. counsel for
the InterborouEn- Metropolitan Conrarv Mr. Iadd
says. has declared that the 1uterborouEh- Metro
politan Will fEht TO the highest courts any attempt
10 recover from the stockholders % the Meiropol-
tan Securities Company.
The property hoped TO - reached through tie
receiver Mr. ladd says. consists 81 part % equities
and stocks. bonds. notes and other securities
pledged collateral. cash IN hank and AZ bere-
nciary under trust deed of real estate. The real
estate he says. IS a plot In sith and s5th streets
near First avenue. 81 a book value OF more than
$500 This Plot. he SAYS Is subject 20 a mortgage
20 secure appeal bond 81 a suit against H. n
Vreeiand assumed by the Metropolitan Securities
COMPANY.