New-York tribune., 1911-01-18
MORGAN MEN STAY OUT MOB PRESSES ON Al
Interborough.- Metropolitan Co.
Elects old Directors.
WAIT ON SUBWAY PLANS
Changes in Board May Follow
City's Decision-surplus In
come for 1910, S55,510 IA.


come for 1910, S55,51014.
One Of the stockholders OF the Inter
borough company got into an
argument with President shonts at the an
nual meeting yesterday and infused a little
life into an otherwise tame affair. The
man who started the argument was T.. w.
Buckley. He chose the period for adjourn
ment while the tellers counted the votes. so
that the records OF the meeting were not
mussed up with anything unusual
Mr.. Buckley sought out Mr.. Shonts dur
Ing the adjournment and declared that the
transfer Of the Stenway tunnel to the city
for nothing and the possible loss OF the
Metropolitan Street Railway Company
would mean the complete ruin of the In
terborough- Metropolitan.
You have shown poor business judgment
in this matter" said Mr. Buckley, "and II
you go ahead now and lose the Metropon-
tan Street Railway you will ruin the Inter-
borough Metropolitan. You have no right
TO charge the interest on the cost Of the
Steinway tunnel to the Interborough'
either. That was Illegal"
we have discontinued that charge since
July /, 1879" said Mr.. Shonts.
"It doesn't matter; 1t was Illegal" said
NJ. Buckley.
well. II the charge doesn't represent
construction interest, what does II repre-
sent?' asked Mr.. ShontS.
Hot air" Buckley replied.
81 don't see how We could charge it 20
hot air." Mr.. Shonts retorted. You seem
to have q monopoly on that
The expected election Of the Morgan in
terests on the Interborough board did not
take place yesterday. a banker closely
identified with the Interborough said the
Morgan men would not 90 into the board
until after the city authorities had come
70 a decision on the Interborough's subway
proposition. II the proposition IL accepted,
he said. Henry p Dawson, Of J. p. Nor
gan e. Co, Frank A. Vanderlip and George
+. Baker. ir, will become members OF the
Interborough board. He continued
THE financing for the third tracking Of
the elevated lines has been completed. and
the plan is ready for the financing Of new
SuBA dN CONSTRUCTION. II the CITY accepts
the InterborOughs subway proposition this
plan will be announced soon afterward.
Until this is settled there will be no change
in the InterDorough- -MetropOlitan's d.
rectorate.
All the retiring directors of the Inter
borough Metropolitan Company were re-
elected In his report TO the stockhold-
ers Mr.. Shonts said the reorganization
of the Metropolitan Street Railway Com
pany was still under active consideration,
no agreement having yet been reached be-
tween the stockholders and the joint conf
mlttee Of bondholders. He recited the liti-
cation in which the Metropolitan was al
ready involved and said
"Other suits were threatened and in
course OF preparation. involving the Inter
borough Metropolitan company, through
its ownership in the stock o. the Metro
politan Street Railway Company and the
Metropolitan Securities Company, which
while there did not appear 10 he any sound
legal grounds upon which they could be
maintained, nevertheless had their effect
on the company's credit The certainty
also that the company in the most favor
able aspect Of the case would have to pay
out large sums OF money, anG the i'm
mense advantage Of rescuinE 1t from a
mass OF veXatious and possibly dangerous
lit!gations impeled your directors TO Join
in negotiations with the various claimants
and the court having jurisdiction over the
various receiverships IN the final adjust
ment OF our litigation.
Under the terms OF this settlement
aeI eements were entered into and orders
fled in court disposng, so far as possible,
OF all pending and threatened litigation by
the payment by the Metropolitan Securi.
ties Company OF 100000. It's contribution
toward the amount required TO effect such
settlement This amount was advanced by
your company under an agreement by
which IL will be credited upon it's unpaid
subscription OF the Metropolitan Securities
Company"
The annual statement presented TO the
stockholders showed total receipts OF 3d.
9a9 55i 12 and disbursements Of s. .2O5,732 96,
leaving a surplus income OF S93,Sls l6 or
tho surplus income S13S.3CS o. had been car
red over from the last year, leaving a
surplus income for 1910 of $3.50 a. The
receipts are made up principally Of the Q
PER cent annual dividend on 35912S shares
o. the lnterborough Rapid Transit Com
pary capital stock owned by the INTERIOR
ough- Metropolitan. This item amounts 70
s}.052 lJ2 The CHIEF item I'm the disburse-
ments is the interest on S67S25.coo OF q3
per cent Interborough- Metropolitan col.
lateral trust bonds, amounting TO ,3,G52,12j.