Guaranty Trust Co. v. Metropolitan St. Ry. Co.
U.S. Circuit Court for the District of Southern New York
In Equity. Bills by the Guaranty Trust Company of New York and by the Farmers’ Loan & Trust Company, as successor to the Morton Trust Company, against the Metropolitan Street Railway Company and others. On application for an adjournment of the sale of the railroad company’s property.
1Opinion of the Court
EACOMBE, Circuit Judge.
This is an application, by the committee representing both series of bonds and also the joint committee which has undertaken reorganization, to adjourn the sale until after their plan of reorganization can be presented] to the Public Service Commission and by it considered. It appears that such plan can be so submitted by July 11th.
The petition states quite accurately that the railway system can only be Operated by a corporation, and that any new corporation which might be organized to take it over would have to secure the approval of the Public Service Commission to…
2Cases cited1 opinion
- Pennsylvania Steel Co. v. New York City Ry. Co.U.S. Circuit Court for the District of Southern New York · 1908
3Cited by2 opinions
- Alabama Public Service Commission v. Mobile Gas Co.Supreme Court of Alabama · 1925
- Chas. H. Lilly Co. v. I. F. Laucks, Inc.Court of Appeals for the Ninth Circuit · 1933