Continental Securities Co. v. New York Central Railroad
Appellate Division of the Supreme Court of the State of New York
Appeal by the plaintiffs, Continental Securities Company and another, and by American Surety Company, surety on their bond, from an order of the Supreme Court, made at the Westchester Special Term and entered in the office of the clerk of the county of Westchester on the 23d day of March, 1917, confirming the report of a referee appointed to assess injunction damages for counsel fees, legal expenses, etc.
1Opinion of the Court
Putnam, J.:
When the New York Central began to carry out its plans of consolidation with the Lake Shore, one of the preliminaries was an exchange of three and one-half per cent bonds issued in 1898 for Lake Shore stock, and known as “ Lake Shore Collaterals,” for new bonds at four per cent to be issued. The plaintiffs as stockholders sought to enjoin this exchange, on the chief ground that the corporation was paying such bondholders half of one per cent interest in excess of the railroad’s legal obligation, and was against section 141 of the Railroad Law (Consol. Laws, chap. 49; Laws of 1910,…
2Cases cited1 opinion
- Continental Securities Co. v. New York Central & Hudson River RailroadAppellate Division of the Supreme Court of the State of New York · 1915
3Cited by2 opinions
- Muscoda Bridge Co. v. Worden Allen Co.Wisconsin Supreme Court · 1931
- Eisen v. PostNew York Supreme Court · 1958