The herald., 1895-08-16
Prayer of the United States
Trust Company Denied
COLORADO PEOPLE REJOICE
The Receivers Do Not Lack Competency
or Integrity
The Best interests Of the Road Will b
Subserved by Leaving the Re.
ceivers In Charge
Associated Press Special Wire.

Associated Press Special Wire.
DENVER, August ia special to
the News from Albuquerque says: Judge
Collier this afternoon, IN an opinion
highly conplimented for its erudition
and grasp of the fundamental points Of
the receivership law and their application
to this case, rendered an opinion denying
the prayer of the United States Trust
company, trustee uf the $l60o0,000 first
mortgage Atlantic and Pacific Railroad
company bonds, for the appointment Of
separate receivers. In thi, city the de-
csion gives universal satisf action. for
it has been conceded for days that the Ap.
pointment of separate receiver and the
segregation of the Atlantic and Pacific
railroad from the Santa Fe sy stem would
mean the ruin of Albuquerque, as we'll
as the many other towns and villages
along that line which do business with
business men of this city.
EAfter reviewing the law in the case ths
Judge says:
While il seems to me that if there is
justice in the things complained Of it,
vet I am convinced that it does not arise
from lack of integrity or competency on
the part of the receivers, and it seems SC
manifest that If the Atlantic and Pacific
Railroad company can have just treat
ment accorded to it as part of great
system, it will DO better for all interests
concerned, l shall pause before doing that
which would nominally, If not &C tually,
change this condition of affairs. II is
true that no man should be considered
qualified to adequately represent as
trustee conflicting interests. and If these
receivers we're vested with unlimited
discretion and were not the mere hands
of the court in administering this trust.
the request for q separate receiver BY the
holders of the first mortgage bonds. in.
adequately secured as they are, would
have almost controlling weight.
This receivership, however, Is tsm.
porary expedient to protect property II
| the beat manner possible, and however
great may be the Gle i'm for consideration
| by these lien creditors, 1t is not the only
| consideration. 1t seems to me that it is
practically agreed that If the traffic agree.
ment provides for an unjust division Of
earni ings that the adjustment Oh proper
| basis will relate back to the time courts
took into their custody these railroads,
or that even If such were not conceded,
| it should be assumed that the varioun
chancellors will authorize the doing OF
| full justice in the matter. and in my
| view it iS a far more practical way to
adjust this matter than if a separate re-
| ceiver was appointed.
It is my view that this application
should be denied at present. with leave
| to renew the same by November l. 1895,
! if in the meantime these alleged Rriev.
ances are not corrected or shown to be
without foundation. l direct that in case
of the Mercantile Trust company vs.. the
Atlantic and Pacific Railway company
ct al, pending in this court, the special
! master notify the other masters to whom
| a joint reference has been made in the
traffic division matter. that this court
requests their cooperation in proceeding
| witn the hearing in such matters on OF
| before Septem ber %, 1896.
| An order will be entered denying the
application for a receiver.