Railway Co. v. Loftin
Supreme Court of the United States
Error to the Supreme Court of the State of Arkansas. The Cairo and Fulton Railroad Company was incorporated by the General Assembly of the State of Arkansas, Jan. 12, 1853, to construct a railroad from the Mississippi River opposite the mouth of the Ohio, in Missouri, by way of Little Rock, Ark., to the Texas State line. The capital stock was fixed at $1,500,000, with power of increase, divided into shares of $25 each, to be held as personal property.
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Error to the Supreme Court of the State of Arkansas. The Cairo and Fulton Railroad Company was incorporated by the General Assembly of the State of Arkansas, Jan. 12, 1853, to construct a railroad from the Mississippi River opposite the mouth of the Ohio, in Missouri, by way of Little Rock, Ark., to the Texas State line. The capital stock was fixed at $1,500,000, with power of increase, divided into shares of $25 each, to be held as personal property. The board of directors named in the act were authorized to open books of subscription to the stock, and the directors for the time being had…
1Opinion of the CourtChief Justice Waite
The principal question in this case is whether the eleventh section of the charter of the Cairo and Fulton Railroad Company, which exempts for ever from taxation the capital stock and dividends of the company, carries with it an exemption of the lands in question so long as they remain unsold. We had occasion at the present term, in Railroad Companies v. Gaines (97 U. S. 697), to construe an exemption clause in a railroad charter almost in the exact language of that now under consideration ; and while conceding that ordinarily an exemption of the capital stock is equivalent to an exemption of…
2Cases cited2 opinions
- Tucker v. FergusonSupreme Court of the United States · 1875
- Railroad Companies v. GainesSupreme Court of the United States · 1878
3Cited by12 opinions
- Railroad v. HarrisTennessee Supreme Court · 1897
- Rosetti v. LozanoTexas Supreme Court · 1902
- Powers v. Detroit, Grand Haven & Milwaukee Railway Co.Supreme Court of the United States · 1906
- Miller v. Oklahoma State Bank of AltusSupreme Court of Oklahoma · 1915
- St. Louis, Iron Mountain & Southern Railway Co. v. BerrySupreme Court of the United States · 1885
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