New-York tribune., 1922-01-05
Maver's Assets
In Ship Lines
;;;s,'TOtal Millions
Liabilities May Wipe Out
Balances. Attorneys Find
in Examination of Funds
of Steamship Companies
Little for u. S. Mail Co.
Cash Sought in Submarine
Claims, Gin Cargo, Realty
and Ranch Holdings

Nssets Of the numerous steam ship
cpppanics headed by Francis r. Mayer
and his associates amount to several
million dollars, but probably will be
exceeded in many instances by the
lixtn.ites. according to testimony yes
terday at the proceedings on behalf of
thccredtors of the United States Mail
steamship Company before John j.
Tr~nsend. 300 Broadway. referee in
bankruptcy. Stuart r. Mcintosh, an
official in most of the companies, was
under examination as to the financial
condition of the Mayer enterprises.
While the assets of the various CON
Germs may run into the millions. it is
doubtful what percentage can be ap-
piled to the settlement OF claims held
tv creditors of the United States Mail,
Louis II. Strouse, examining attorney
Cor the creditors said at the close Of
the session. though they practically all
appeared to be assets of connected
companies.
Lists Concerns With Assets
s,;ncng the companies named by Mr..
M1;ntosh as having substantial assets
YSd5s Ed,snee and Canada Steamship Com
pan, Ltd. probably several million dol
lars, including a claim of sl,ooo,ooo
a.sNnst the French government.
France and Canada Lines, financed
b, the France and Canada Steamship
Company, Ltd with claims of 100000
against the French government; Il
claim for submarine losses of S300,000
against the German government, profit
eblc leases on Pier n, North River, and
Offices at 100 Broadway.
Huron Navigation Company bought
ty the Mayer interests from the con-
troll cf Percy Pyne with assets includ
ing five sailing vessels. accounts re-
c14t;n against the government Of $500,
coo. and with liabilities stated to be
about $4,000.
Lord Strathcona Steam ship Company,
-. o. Montreal, with 100000 of paid
in capital, operating the steamship
Lord Sarathcona, which was appraised
al the time Of purchase at SlS00,00
and now subject to mortgage of
sl5O,000. Two-thirds of this stock is
held by France & Canada. Ltd.
1000 Barrels of Gin
Mayer e. Carpenter Exports Com
p~ev. with 5000 barrels of gin held for
i. ~ the Havana Railways Company.
l,sr subject to notes and other obi
ga'5ons probably coualling the assets.
Mayer 6 IaSc Ranching Company,
operating a ranch valued at S260000 at
nsaary. Canada. and having current
iirhuitlcs of $5O,O 900.
The siberian Trading Corporation,
vs,a, assets of $4,000 and liabilities to
France &. Canada, Ltd. of s160,0o0.
.,Gaver & Lage, Inc, with assets of
r19Sably 5000 900, principally in goods
7rNoa1 for sale.
The Swiftsure Export Corporation
with assets principally of a claim for
eeptooo against Mayer g. Lagc, and no
l..ffailities.
Tie Swlftsurc Oil Transport Com
paay, nov virtually in control of the
'ia3tc interest in five big tankers
bought from the Shipping Board, upon
which Mr.. Mcintosh believed about
raon 600 had been paid and the balance
Of which may be reduced by the gov
ernment n a rcadjustment Of the pur-
chase price
Realty and Paint Concerns
Tho Union Paint Company. with q
claim Of 100000 against the United
states Mail Steamship Company, and
issnor claims.
Two realty companies. the 30 Wes
f.fty-ninth Street Corporation. and the
a5b Park Avenue Corporation. Mr.
Mcintosh said with respect to the lat
ter that the France e. Canada. Ltd.
took a mortgage for S250.o00 in partia
ssti faction Of claims and delivered
tins 10 tho Old Colony Trust Company
2 collateral for an advance.
Ny. Mcintosh admitted, in response
20 81 question from MIR. Strousc, thai
no claim Of the Union Paint Company
inst ba IrD,{oJ Ctotoe Mol woo .
Gles'ionahle asset, but said that it i:
- going concern.
he hearing was adjourned to 1886
rn 'lridav .1auuarv IA