The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-22
FOR
PETERBOROUGH co.
Continued from First Page.

Continued from First Page.
and he hereby IL authorized and directed
10 answer the communication Of the
bondholders by q statement In writing to
the effect that this corporation Is and
will be unable TO pay interest accruins
April /. 1919. upon the AZ per cent.
bonds Of the Interborough-Metro
Company and that this corporation Is
willing to be adjudged bankrupt on
that ground"
The principal business OF the Inter
borough Consolidated Corporation Is
described by the petitioners az the pur-
chasing. acquiring, holding for Invest
ment and dispoHng of certificates OF
stock. bonds and other evidences of
indebtedness.
The following securities in the pos
session Of the bankrupt or within It's
| control are listed:
1B0,610 shares Of the capital stock
Of the New York Railways Company OF
the aggregate par value OF 15,06l ,ooS.
sag shares capital stock Of the Forty
second Street and Grand Street Ferry
Railroad Company. par value $4,000.
Six first mortgage bonds OF the
Blocker Street and Fulton Ferry Rail-
road Company, par value $4,000.
One per cent bond OF the Broad
way Surface Railroad Company, par
value $1,000.
SIX per cent mortgage bonds Of the
Jerome Park Railway Company. par
value 100000.
First and refunding mortgage bonds
Of the Twenty-eighth and Twenty-ninth
! Street Crosstown Railroad Company,
par value s1,s7s.ooo.
So shares OF the capital stock OF the
! Third Avenue Railroad Company. par
value $500.
| The alleged bankrupt has pledged as
collateral security tbs following bonds,
securities and certificates Of stock. all
OF which are not now in its possession
or under its control:
| 33s,13s shares capital stock OF the In
terborough Rapid Transit Company, ag-
grcgate par value 3s3,s1a.ooo.
| 10s.1a8 shares capital stock or the
New York Transportation Company. az
greSste value s1,0s6,7+o.
United States AZ per cent. second
Liberty bonds, par value 100000.
| The petitioners assert that the bank
rupt owns bills receivable and claims
| for accrued interest and dividends OF uI,-
known value and has cash on hand
amounting to $4,000.
| Grounds for Receiversbip.
| Tho general grounds for the petition
are given a. follows:
| your petitioner is informed that the
! condition Of the alleged bankrupts az
fairs and business ~ such as to render
II absolutely necessary that a receiver
be appointed at once TO take the custody
and possession OF the said securities,
| bonds and certificates OF stock which are
| now In the possession or under the con-
troll OF the alleged bankrupt pending the
| Issue OF the bankruptcy proceeding, for
| the reason that the serni-annual install
ment Of interest on the collateral trust
AZ per cent gold bonds OF the Inter
borough Metropolitan Company, OF which
Ssa.77s 900. principal amount, are issued
and outsta nding and widely distributed
among several thousand holders, will be
due and payable by said alleged bank
rupt on April /. 1919, and that said al
legged bankrupt, as your petitioner In
informed and verify believes will be ur-
able to pay the same. with the result
that the said bonds. securities ard GER
tihcates Of stock now in the possession
of or under tive control OF said alleged
bankrupt may be subjected to or in dan
ger Of efforts TO levy on or attach the
! same by the holders OF said bonds or
payment OF said ins'alment OF interest
| TO the prejudice Of a fair and eauits bic
distribution OF said assste pro rata
among the creditors entitled to receive
the same"
TIE petitioners estimated the actual
value Of the securities in possession OF
the bankrupt at a sum mot 20 exceed
$50. 600" TheyN asked for the appoint
mont Of q receiver for all the assets OF
the bankrupt Judge Mayer in appoint
ing Mr.. Sheffield as receiver made an
order restraining all efforts from In
terfering with the property and from
,nstitutinE litigation against the COM
pany.
May OutIast Hyisn Regime.
Mr.. Shonts was referred 10 a story IN
an afternoon newspaper TO the erect
that the city administration and Gov.
Smith saw in the receivership proceed
inss a chance to advance the cause OF
municipal ownership.
IT don't recall that 7 cav Smith
quoted in that connection" he replied.
rs the receivership likely to outlast
tina present city administration" Mr..
Shonts was asked.
well. II It's going to be anything like
the Second Avenue Company's case, Il
may, | understand that that company
is not earning the interest on the re-
ceivers certificates, and ! suppose the
next move may be a receiver for the
receiver"
Job Z. Hedges. who on Thursday was
appointed temporary receiver for the
New York Railways Company. held a
conference yesterday with j. Gambler
Cobb of Boston. representing the bond
holders protective committee. Mr.. Hedges
declined later to make any statement OF
policy. He said:
my first duty will be 10 ascertain
the facts and that will be done 10 the
best OF my ability. shall attempt 10
form no opinion until l have all the
facts In mind and then they will be
placed before the court
The receivership OF the holding cor
nora Inn came a hare ten daNs hefOIs