Cornell v. Utica, Ithaca & Elmira Railroad

Ezra Cornell, plaintiff’s intestate, was the contractor for the building of a portion of the Utica, Ithaca and (Elmira railroad. He was paid in the bonds and stock of said road, but as these were not available for sale in the open market he had borrowed large sums of money upon them as collateral. His efforts as contractor were embarrassed for want of money and by reason of his large indebtedness. An arrangement was made whereby one Greenough, in the interests of the contractor and owners of the road, went to England and secured the sale of the bonds of the road, the proceeds being first…