The evening world., 1909-01-28
METROPOLITAN
/ ROAD ORDERED
SOLD BY COURT
Judge Lacombe Files Decision
in Foreclosure Suit Against
Street Railway.
PRAISES THE RECEIVERS.
Explains the Legal Obstacles
to a Speedy Termination
of Their Work.
PRAISES THE RECEIVERS,

Judge I.acombc to-day filed with
United States Commissioner Shields,
Clerk Of the United States Circuit Court,
his decision In the foreclosure suit
brought hy the Guaranty Trust Com
rany of New York against the Metro
politan Street Railway Company and
others.
Judge Lacombe holds that there has
been default under the mortgage and
that the principal has been declared due.
He orders that unless IN. nrinCnRl is
paid By the mortgagor within twenty
days the property covered by the mort
gage shall be sold at public auction 70
the highest bidder The form OF pro-
posed decree Is to be submitted to all
parties on Feb. 10, and on Fob. g. at
go o'clock P, NJ. the Court will hear
and dispose Of all proposed amendments.
in the decision Judge Lacombe said:
In Affirming the decretal order ap-
pointing receivers for this property the
Supreme Court expressed the opinion
that their possession should not be I'M
necessarily prolonged with that
opinion this court has been fully in
accord.
Expedition In the disposition OF the
suit Is especially desirable, where re-
ceivership involves the operation OF
property employed In rendering a public
service. since It seems that such re-
ceiverships must always be conducted
IN & constant atmosphere OF m!srepre-
sentation, suspicion and harassment.
The court takes this opportunity to
express It's appreciation Of the loyalty
Of It's receivers who. though often
tempted no doubt to give up a thankless
task, have been willing 10 20 through
their unpleasant experience to the end
"A few weeks nvest!ga don OF the
situation as II existed when receivers
took possession made II quite manifest
that the ordinary reorganization. which
usually follows with reasonable prompt
"oss WYNN 'cS''' cis'Ip - SOubul lDE
as a temporary haven in times OF fnan-
cial distress. was not to be looked for
in the immediate future, The condition
Of the property physically preciuded any
such expectation.
Legal Reason for Delay.
Apparently the only way Of escape
lay through foreclosure OF the mort
cages This made It necessary TO wait
SIX months in order 10 default on inter
est payments under both OF them: and,
after default In interests, the trustees
under the mortgages lad TO gather to-
gether the requisite numher OF bond.
holders TO declare principal due and
were delayed IN doing So because the
Snds were not registered and their
holders could be asHortainc,i only by adj
vertlsement and Inquiry.
In consequence the bill Of foreclosure
In this suit VAS not filed until the sum.
mer vacation and issue was Finally
Joined las; fall. In order to avoid i lay
In taking tets mouy before an examiner
under tho nine'y-dly rule the sui, las
been tried In court and testimony was
closed some three week; ago
The time watch has elapsed since re-
celvers were appointed has not been
wasted.
In this interim practically all the
Ontract claims have been invest gated
and passed uuon by me master out OF
over 400 actions AND claims for dam
ages resulting from accidents occurring
prior 10 rece,verslipS al. but score or