Schmidt v. Louisville, C. & L. Railway Co.
Court of Appeals of Kentucky
Case 3G — Action by Adolph L. Schmidt, Individually and as Trustee, &c., and Others Against Louisville, Cincinnati & Lexinoton Railway Co., &c. for an Accounting of Eabnings to the Parties Entitled Thereto. APPEAL FROM JEFFERSON CIRCUIT COURT, LAW AND EQUITY DIVISION-STERLING B. TONEY, judge. From the Judgment Sciimidt and Others Appeal.
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Case 3G — Action by Adolph L. Schmidt, Individually and as Trustee, &c., and Others Against Louisville, Cincinnati & Lexinoton Railway Co., &c. for an Accounting of Eabnings to the Parties Entitled Thereto. APPEAL FROM JEFFERSON CIRCUIT COURT, LAW AND EQUITY DIVISION-STERLING B. TONEY, judge. From the Judgment Sciimidt and Others Appeal. POINTS AND AUTHORITIES. 1. The net earnings of a railroad are ascertained by deducting from the gross earnings the expenses of operating the road by which the receipts are earned. The cost of transportation is ascertained by proportion and the proper…
1Opinion of the Court
Opinion op the court by
SPECIAL JUDGE MORROW
Reversing.
On the 2d day of July, 1879, the Northern Division of the Cumberland & Ohio Railroad Company executed and delivered to Joshua F. Speed, as trustee, its deed of mortgage, by which it conveyed to him, all and singular, its property, franchises, etc., to secure the payment of 350 of its bonds, *291of the denomination of $1,000 each, 'payable in 20 years, with interest at the rate of- 7 per cent.; the latter represented by coupons payable semiannually. On the 28th of July thereafter, the said Northern Division, as lessor, executed a deed to the…
2Cases cited7 opinions
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Nesbit v. Riverside Independent DistrictSupreme Court of the United States · 1892
- Davis v. BrownSupreme Court of the United States · 1877
- Louisville & Nashville Railroad v. OffuttCourt of Appeals of Kentucky · 1896
- Board of Com'rs v. SutliffCourt of Appeals for the Eighth Circuit · 1899
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- United States v. Fort Belknap Irrigation DistrictDistrict Court, D. Montana · 1961
- New York Central Railroad v. Central New England Railway Co.Massachusetts Supreme Judicial Court · 1928
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