Continental Trust Co. v. Toledo, St. L. & K. C. R.
U.S. Circuit Court for the District of Northern Ohio
Some aspects of this case have been previously considered. See Continental Trust Co. v. Toledo, St. L. & K. C. R. Co., 82 Fed. 642. It now comes before the court for final hearing on the merits.
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Some aspects of this case have been previously considered. See Continental Trust Co. v. Toledo, St. L. & K. C. R. Co., 82 Fed. 642. It now comes before the court for final hearing on the merits. The suit is a consolidation of a creditors’ bill and a bill to foreclose an alleged first mortgage lien upon the railroad of the defendant the Toledo, St. Louis & Kansas City Railroad Company (hereafter called the “Railroad Company”), a consolidated corporation of Ohio, Indiana, and Illinois. The road extends from Toledo, Ohio, to East St. Louis, Ill., a distance of 450 miles. The litigation was begun…
1Opinion of the Court
TAFT, Circuit Judge.
The first question to be considered is whether the issue by the defendant company of ¡¡¡>9,000,000 of bonds to B. H. Kneeland, under the contracts of January 23, 1886, was in violation of the Revised Statutes of Ohio, and especially section 3290 thereof.
Beciion 3286'provides that a railroad company in Ohio may issue bonds, convertible or otherwise, bearing a rate not exceeding 7 per cent, per annum, to an amount not exceeding two-thirds of its capital stock, and that it may secure the bonds issued for such purpose by mortgage on its property.
Beetion 3287 provides that a…
2Cases cited12 opinions
- Memphis & Little Rock Railroad v. DowSupreme Court of the United States · 1887
- Wabash, St. Louis & Pacific Railway Co. v. HamSupreme Court of the United States · 1885
- Rice v. WoodMassachusetts Supreme Judicial Court · 1873
- Hamlin v. Toledo, St. L. & K. C. R.Court of Appeals for the Sixth Circuit · 1897
- City of Findlay v. PertzCourt of Appeals for the Sixth Circuit · 1895
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3Cited by9 opinions
- Spencer v. SmithCourt of Appeals for the Eighth Circuit · 1912
- Ellsworth v. LyonsCourt of Appeals for the Sixth Circuit · 1910
- Northwestern National Bank v. Great Falls Opera House Co.Montana Supreme Court · 1899
- Jines v. AstleCourt of Appeals of Texas · 1914
- Brotherhood of Painters, Decorators, & Paperhangers, Local No. 443 v. United Home Industrial UnionSupreme Court of Oklahoma · 1938
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