Railroad Co. v. Howard
Supreme Court of the United States
■ Appeal from the Circuit Court for Iowa. The case was thus: The Mississippi y,nd Missouri Railroad Company — a company in Iowa, and by the laws of that State, having power to issue its bonds to carry into effect the purposes for which it was created — was incumbered by five several mortgages, given to secure bonds which it had executed, amounting, with arrears of interest, to $7,000,000; a sum greatly beyond what the road was worth.
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■ Appeal from the Circuit Court for Iowa. The case was thus: The Mississippi y,nd Missouri Railroad Company — a company in Iowa, and by the laws of that State, having power to issue its bonds to carry into effect the purposes for which it was created — was incumbered by five several mortgages, given to secure bonds which it had executed, amounting, with arrears of interest, to $7,000,000; a sum greatly beyond what the road was worth. The interest was large] in arrears, and the company wRs insolvent. The Chicago and Rock Island Railroad Company — another company — made overtures for the…
1Opinion of the CourtJustice Clifford
delivered the. opinion of the cpurt.
Subscriptions were made to the/Mississippi and Missouri Railrqad Company by certain municipal corporations through which the railroad was located, and the proper authorities of those municipalities issued their bonds in payment of such subscriptions to the stock Of the railroad company.
Coupons were attached to the bonds providing for the payment of interest semi-annually, and the railroad company, as the immediate transferees of the bonds, guaranteed that ' the principal and interest of the bonds should be paid-as stipulated - by an instrument in writing on…
2Cases cited3 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Mumma v. Potomac Co.Supreme Court of the United States · 1834
- Boon's Heirs v. ChilesSupreme Court of the United States · 1834
3Cited by126 opinions
- Case v. Los Angeles Lumber Products Co.Supreme Court of the United States · 1939
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Market Street Associates Limited Partnership and William Orenstein v. Dale FreyCourt of Appeals for the Seventh Circuit · 1991
- Pierce v. United StatesSupreme Court of the United States · 1921
- Kansas City Terminal Railway Co. v. Central Union Trust Co.Supreme Court of the United States · 1926
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