Pennsylvania Railroad v. City of Philadelphia
Supreme Court of Pennsylvania
Certified from the Supreme Court at Nisi Prius. This was an action of assumpsit by the city of Philadelphia against the Pennsylvania Railroad Company, to recover $94,500, dividends npon plaintiffs’ stock in defendants’ company, declared October 16th 1863, and payable November 15th 1863, but which was withheld by defendants.
Read the full summary
Certified from the Supreme Court at Nisi Prius. This was an action of assumpsit by the city of Philadelphia against the Pennsylvania Railroad Company, to recover $94,500, dividends npon plaintiffs’ stock in defendants’ company, declared October 16th 1863, and payable November 15th 1863, but which was withheld by defendants. Prior to consolidation the old city of Philadelphia became the owner of $4,000,000 of the capital stock of the Pennsylvania Railroad Company, and the districts of Spring Garden and Northern Liberties each of $500,000, making in all $5,000,000. The commissioners of the…
1Opinion of the Court
The opinion of the court was delivered by
Read, J.
The Pennsylvania Railroad Company was incorporated under an Act of the 13th April 1846, and a subscription to its stock by the city of Philadelphia, in its then corporate name, became a subject of discussion in the councils of the corporation and amongst'her citizens. A committee of councils obtained the opinion of Messrs. Thomas I. Wharton and T. M. Pettit, concurred in by Mr. John Sergeant, in favour of the authority of the corporation to subscribe to the stock of the railroad company, based upon the general words of the preamble to the Act…
2Cited by1 opinion
- Commonwealth v. WaltonSupreme Court of Pennsylvania · 1897