The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-10-21
sECErvER's CERTIFICATES.
snaee Hnnfora Gives an Opinion In
ceneeIfdated street Railway Case.

1n1G9 W00IOE0 oIVee IN OPIoAUo -
censeIidated street Railway Case.
n The case OF the Illinois Trust and
nnu.nes bank vs. the Seattle Electric
aanvzy and Power Company. which has
~ before the federal court for some
-. an opinion Was yesterday rendered
= Judge Hanford. The action was
kuxht TO force sale OF the property Of
- Seattle company by holders Of receiv-
n certificates Hho wished TO realize on
iheIr securities. The matter has been or
1eed disposed Of by Judge Hanford by
0le but owing TO a figure representing
~ portion Of the property being fixed
= IN a. the court was willing to allow
= that price never having been reached
any time when sales were ordered. no
tsnsser has been made.
~ full text Of Judge Hanford's opin.
ID i - follows: 'Tn this case II is true,
a. osurt has. In authorizing the issuance
4 fAe receivers certificates. placed them
q arst Hen upon the property. but the
,espIa who have bought these certificates
b The open market. must have understood
ss0 well that their security--the prop
6sy-was In the hands Of a court OF
salsy ard that equity I'm the matter will
\ Aene As far as possible. II tho earn
Uk3 u Inc GlpJtEtt WlnsS III Tile HAHGo
he receiver will not pay these certifi-
oses the holders must wait TO get their
oonsy from the proceeds OF the sale OF the
pspssty. and the court win look to the
kssres,s Of all creditors whose rights are
involved. and even the owners Of the prop
9sy, In thu matter of ordering a sale. II
VII not delay anybody an hour longer
nsn II seems necessary. to Justly protect.
= tr as the cour: has the power to pro-
isct every interest. Now the property has
etea By decree Of this court, ordered
MI. and has heen offered for sale re-
pntediy; the limit placed a. the ioweset
Va which wouli be accepted n not any
nors man the amount OF money that has
IN expended fer lettering tho property
elree these receivers certificates were or
eesed lssued. and Is not any more than n
neeseary 10 discharge and pay all indeht-
sssess Incurred by the receiver since the
eperty has been under HIS management.
~ other liens prior 10 the mortgage
n Since the decree OF the court. order
~ the property sold, the country has
sssa agltstsd by the political situation.
unedssss for Office. for The sake OF get
NJ iSso Office, have created q great scare
nssrs os a financial bugaboo. so that
nsee Who have got money and would he
81 TO fnves. by taking mp a snap like
sulng this property. II they could get
sof the amour. Of the actual cost az
ns improvements tina. have been made
u. are afraii 70 even venture that
eseA. and II has not been q time when
Z vas nrsc,icshie 10 make a sale OF tho
tperty WITH Justice 10 the rights az those
s'tsestei. Now 70 have the holders OF
49, certificates come here ana elsmor
w N Immediate sale, at time when
- ereperty is not xaishle, and for an
nsun; !css than the sum ti,at IL placed
Dis decree as limit, is something
~ think Is contrary 70 equity and
1nscisnce. and 7 am not going 70 yield
nG am going 90 continue this prop
- N the hands az n receiver as long
NJ Is paying expense. and not running
~ DEEPER IN debt. until there comes q
ne when IN Justice 10 all Il can ne sold.
"a Of course. II I. win not sr'ng the
sfsiss IN this decree we have got TO let
It ana the holders OF liens stfoord.-
aa 70 the lien % these receivers certti~
ssa must protect themselves or suffer
p sacrifice. But tho tim. has not come
- when IN Justice ! can put this prop
~ 10 At p forced sale for any less sum
ssh the amount named IN the decree.
- anplica,'on viii BE denied"
1ssdes tire prosnuiga ton o. the opin-
= !ndge Hanford admitted the follow
y persons 10 citizenship. Christian
s.tenrcsh. 90 Germany: Charles Pers-
~ OF Sweden; Antoa Iverson. OF Nor
~; Michael Renner. Of Germany. and
sAsfn Currie. of Scotland.
Nars was then adjourned until Thurs
" Judge Hsnfard leaving for Tacoma
tae afternoon