St. Joseph & St. Louis Railroad v. Humphreys
Supreme Court of the United States
APPEAL FROM THE. CIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF MISSOURI. The court stated the case as follows : June 1, 18J4, the St. Joseph and St. Louis Railroad Company leased its road to the St. Louis, Kansas City and Northern Railroad Company for the full term of ninety-nine years.
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APPEAL FROM THE. CIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF MISSOURI. The court stated the case as follows : June 1, 18J4, the St. Joseph and St. Louis Railroad Company leased its road to the St. Louis, Kansas City and Northern Railroad Company for the full term of ninety-nine years. The lessee agreed to pay the lessor on the first days of March and September in each year, as a rental, thirty per cent of the gross earnings of said line, and it also agreed that such percentage should not be in any one-year lóss- than $20,000 ; and agreed to pay all taxes, and put the road…
1Opinion of the CourtChief Justice Fuller
We have already seen that the theory of this bill was that, an insolvent railroad corporation may in the public interest, and for the benefit of all its various preditors, surrender its property to a court of equity, to be preserved and kept in operation until, it can be disposed of according to the several private rights concerned. Under such circumstances, before receivers can be held to have adopted outstánding leases, reasonable time is required to ascertain the situation, in order that the court may determine intelligently the proper course to.be pursued. In this case as to many of the…
2Cited by21 opinions
- Pennsylvania Steel Co. v. New York City Ry. Co.Court of Appeals for the Second Circuit · 1912
- Dushane v. BeallSupreme Court of the United States · 1896
- State ex rel. Merriam v. RossSupreme Court of Missouri · 1894
- In Re Chicago Rapid Transit Co.Court of Appeals for the Seventh Circuit · 1942
- New York, P. & O. R. v. New York, L. E. & W. R.U.S. Circuit Court for the District of Northern Ohio · 1893
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