New-York tribune., 1919-04-15
Receiver Cuts
InterbOrO-COn.
Expense Bill
Only Three Officers on
Corporations Payroll
Now; Shonts Losing Sal
ary Of $3.50 Il Month

Sealing down the running expenses
OF the bankrupt lnterborough Consoli-
dated Corporation, the holding COM
pany Of the Interborough Rapid Tran
sit Company, since the appointment Of
a receiver has resulted in the clipping
off of a $3.50 a month salary paid to
Theodore P. Shonts, it was announced
yesterday.
Before the receivership the Office ex-
penses of the company, etc, were Sal
4S4 month, but they have been since
reduced to S3,721. Under the present
control of the company there are only
three paid officers, Horace H. Fisher,
secretary; John II. Campbell, treas
urer, and f. f. J. Gaynor, auditor, each
Of whom receives $3l .25 a month.
Appraisal Impossible
James r. Sheffield, receiver for the
Interborough Consolidated, filed yes
terday his report in the United States
District Court covering the results
of his examination into the assets and
liabilities of the bankrupt corporation
He stated in his report that the assets
for the most part are unknown as to
value, since many Of the securities
listed as assets are made up of stocks
and bonds which are impossible of ap-
praisal at this time.
The report shows that the INTERIOR
ough Consolidated has deposits amount
ing to $544,967 in banks, unliquidated
claims of Sl2t,O29, and bills and notes
and securities receivable amounting to
$l,300,000. Total liabilities are given
l,-+
$67. .S25 600 consists of bonds issued to
the Empire Trust Company, as success
sor trustee to the Windsor Trust Com
pany, which are secured by $33 ,912 900
stock of the Interborough Rapid Tran
sit Company.
The report shows in the liability
statement four items that have prior
lty claims against the company totall-
ing S574,38l. The first consists of
debts owed to unknown holders of In
terborough Metropolitan 41a per cent
collateral trust bonds. the debts being
interest claims matured up to October,
aggregate. In addition there is $57,330
owing on preferred stock of the Inter
borough Metropolitan, $47,751 due in
taxes to the Federal government, and
sac. 1877 due New York State in taxes.
Principal Bondholders
Among the principal holders of the
lnterborough Metropolitan AZ per
cent bonds are Spencer Trask e. Co..
$264 900; Louis Elkins Sinkler, 500 600;
Cornelius Vanderbilt. $4,000 and
100000; August Belmont, S1,92S 900;
President and Fellows of Harvard
University, 100000; f. w. Savin e.
Co., for the account of Marv
F. Jacobs, 100000; r. S. Wilson
4 Co.. for account of Mrs. Grace G.
Vanderbilt, 100000, and the same
company for Richard T. Wilson,
$4,000. Other holders are the First
National Bank, the Equitable Life AS
surance Society, Chase National Bank
and j. p. Morgan & Co.
In the asset column there is listed
personal property consisting of de-
mand notes Of the Metropolitan Secu-
rites Company in favor of the Inter-
borough Metropolitan for nearly So
100000 Listed as collateral arc shares
stated as having no value, of the
Metropolitan Street Railways Company
and subsidiaries. now part Of he Now
York Railways, and of the Third and
Second Avenue lines. Also listed arc
demand notes to the extent of ST.
100000 of the Rapid Transit Subway
Construction Company. A loan at So
per cent made to the Interborough
Rapid Transit Company evidenced by a
voucher for 100000 falls due March
10, 1920