Thatcher v. Chicago Rys. Co.

PAGE, Circuit Judge.

The District Court dismissed for want of equity the bill of three holders of participation certificates series 1, issued in 1907 pursuant to the reorganization plan of the Chicago street railways. The claim is that one of the defendants, the Chicago Railways Company (called Railways Company) is unconditionally obligated to pay them the annual return alleged to be fixed by the plan.

Through a get-rich-quick scheme of one Yerkes, in which the owners of the north and west side Chicago street railways joined, those properties landed under receiver-ships in the United States…