Pittsburg & Steubenville Railroad v. Allegheny County
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Allegheny county: Of October and November Term 1869, No. 15. This was an action of debt brought December 6th 1864, by the county of.Allegheny against the Pittsburg and Steubenville Railroad Company.
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Error to the Court of Common Pleas of Allegheny county: Of October and November Term 1869, No. 15. This was an action of debt brought December 6th 1864, by the county of.Allegheny against the Pittsburg and Steubenville Railroad Company. The claim of the plaintiff was for $344,314.50.- The affidavit of claim averred that by contract of July 15th 1853, and June 12th 1854, with the defendant, the plaintiff subscribed for 10,000 shares of the stock of the defendants, and paid for the same in bonds of plaintiff which would become due in thirty-two years, and in consideration thereof the defendant…
1Opinion of the CourtJustice Gordon
The Act of 24th of February 1853, did but authorize the county of Allegheny, through its commissioners, to subscribe to the stock of the Pittsburg & Steubenville Railroad Co. It conferred upon-the county no power to loan money. To pay for this subscription the commissioners were authorized to issue interest-bearing bonds, which the railroad company was required to receive as cash at par. This act, so far from contemplating that the company was to pay the interest upon these bonds, provided that the county commissioners should make provisions therefor as in other cases of bonds of the said…
2Cited by1 opinion
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