New York, C. & St. L. R. Co. v. Burnet

GRONER, Associate Justice.

Appellant claims a deduction of $35,-045.38 in 1917 as discount accrued in that year upon its first mortgage 4 per eont., 50-year bonds issued in 1887. It is a railroad company and was organized in 1887. Its predecessor company had been previously placed in receivership (precisely when does not appear) because of default in the payment of interest on its first and second mortgage bonds. The principal of the bonds, together with accrued interest, thereby became due and payable. It was ordered to pay the amount in default within ten days or suffer a sale of its…