St. John v. Erie Railway Co.
Supreme Court of the United States
Appeal from the Circuit Court for the Southern District of New York; the case was thus: By an act of the legislature of New York of the 24th of April, 1832, a corporation known as the New York and Erie Railroad Company was created. The road which the company built extended from Piermont, a town on the west side of the Hudson, some sixty miles north of New York, and just above the line which divides the State there from New Jersey, to Dunkirk on Lake Erie.
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Appeal from the Circuit Court for the Southern District of New York; the case was thus: By an act of the legislature of New York of the 24th of April, 1832, a corporation known as the New York and Erie Railroad Company was created. The road which the company built extended from Piermont, a town on the west side of the Hudson, some sixty miles north of New York, and just above the line which divides the State there from New Jersey, to Dunkirk on Lake Erie. To reach Piermont from the city of New York by rail, the company ferried its passengers and freight across the Hudson to Jersey City,…
1Opinion of the CourtJustice Swayne
The question presented in the present case depends for its solution wholly upon the construction given to the fifth clause of the agreement of 1859, and the fourth section of the act of 1861. They are identical in effect as regards the point to be considered.
The original takers of the preferred stock were creditors. They abandoned that position and became stockholders. They thereupon ceased to be the former, and can only be regarded as the latter. Thej surrendered their debts and received in return stock of the same amount, which gave them a chance for annual dividends of seven per cent., and…
2Cited by37 opinions
- Warren v. KingSupreme Court of the United States · 1883
- City of Teree Haute v. HudnutIndiana Supreme Court · 1887
- Mobile & Ohio Railroad v. TennesseeSupreme Court of the United States · 1894
- New York, Lake Erie, & Western Railroad v. NickalsSupreme Court of the United States · 1886
- Morgan's Louisiana & T. R. & S. S. Co. v. Railroad CommissionSupreme Court of Louisiana · 1902
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