West Chester & Philadelphia Railroad v. Jackson
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Chester county: Of July Term 1874, No. 38. This was an action of assumpsit, brought July 15th 1873, by Mary Jackson, executrix, &c., of Gibbons Gray, deceased, against The West Chester and Philadelphia Railroad Company.
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Error to the Court of Common Pleas of Chester county: Of July Term 1874, No. 38. This was an action of assumpsit, brought July 15th 1873, by Mary Jackson, executrix, &c., of Gibbons Gray, deceased, against The West Chester and Philadelphia Railroad Company. After the suit was brought the parties agreed upon and filed a case stated which showed the following facts :— The defendants were organized as a corporation some time early it the year 1850, under an Act of Assembly approved April 11th 1848. On the 30th March 1855 (Pamph. L. 157) a supplement to the act of incorporation' was passed; it…
1Opinion of the CourtJustice Woodward
No language could be more definite and explicit than that of the *327fourth section of the Act of Assembly of the 30th of March 1855, under which the rights of the plaintiff below were asserted. The earlier sections had authorized the issue by the West Chester and Philadelphia Railroad Company of eight thousand shares of preferred stock, and had directed the form of subscription, and specified the terms and mode of payment. The fourth section declared that the holders of this stock should be entitled to receive! a dividend of eight per cent, per annum, upon their par value, paya-l ble…
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