New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1917-10-26
u STAND

The New Mexico Central railroad
i. not to be sold until the Federal
Export corporation, which has
bought the bonds, puts up a bond
to guarantee III. continued opera
ton of the railroad.
This was the ruling made last Fri
day afternoon by Judge Reed Hollo-
man, presiding in the First District
courts, at the close of a hearing.
When the Federal Export corpora
ton bought tn bonds of the insol-
vent railroad company, request vas
made by telegraph upon Judge Lorin
C.. Collins, special master, to pro-
coed with the sale of the property.
In the mean while, representatives.
of the new bond owners came to
Santa Fe to look after the business.
From what they said, Judge Hollo-
man drew the inference that the
plan was to dismantle the road and
sell the steel and iron. Present prices
would have made this a profitable
venture.
1t is possible that the new owner
were thinking only of the profit to
be derived without loss of time.
ShdSS iiOiioAioh wac NV
of this, but he looked farther and
saw also that the dismantling of
the road would prov. to be nothing
less than a calamity to the people
of New Mexico, and particularly to
those who are residents of and in
terested in the Estancia valley.
There was no d.sire on Judge Hollo-
mans part to work a hardship or an
injustice upon anyone. He believed
that the railroad, somewhat recon-
structed and skilfully managed, could
be made a dividend Garner; and
would be of inestimable value in the
development of New Mexico's natur-
al esources.
With all thes. things in view,
Judge Holloman issued an order
which directed Judge Collins, as
special master, not to proceed with
the sale until further order of the
court. The hearing Friday afternoon
was for the purpose of asking the
court to vacate the original order,
thereby permitting the special mast
err to proceed with the sale. F. c.
Wilson, r presenting the Federal Ex-
port corporation, contended that the
court was without authority to stop
and prevent the sale of the prop
erty.
Judge Holloman holds that the
authority of the court is adequate,
and he declined to vacate In. or
iginal order, which stopped the sale.
Nothing less than a reversal by the
court will afford the au-
to proceed with the sal.
Disclaiming any personal feeling or
in the matter, Judge Hollo-
continued:
But in regard to a court mat
ter, the court cannot act on out
side statements Of individuals.
If a man whom | knew to be
worth half a million dollars, a
man whom | knew to be of the
best character, should come into
court here to serve as guardian
of a $500 property | should be
constrained to demand that he
put up a bond of $4U. {
The attorney general, who is :
here present is one of the per- |
sons who has stated to me he 7
has had conversations with rep {
resentatives of these bond hold T
ers who stated the only thing to !
be done with this road was to (
wreck it. J
Now, then, with that opinion in J
view, / entered an order. This a
order may be legal and it may c
not. But it has got to be pass +
ed on by the state supreme court, c
Attorneys are often mistaken. r
Courts are sometimes mistaken. 2
l do not intend to argue the leg ?
atty Of this order. l expect that d
others. | shall call them the ?
other side" will be heard later \
on. But at this time there will
be no order, gentlemen, setting V
aside that former order. My in
tention is not to set it aside un-
til the purchasers put up a bond
so | can prevent dismantling of f.
the road, if necessary. or until
the supreme court shall settle it.
My understanding is that the "
bondholders would not consider b
this proposition of a bond. it