Commercial National Bank of Cleveland v. Syracuse Rapid Transit Railway Co.

The defendant is a street railroad corporation of the city of Syracuse, and plaintiff, a national bank in the city of Cleveland, owns $49,000 of its preferred capital stock. The defendant needed money to pay pressing outstanding obligations, mainly interest and taxes, and also to make extensions deemed advisable, and also to expend in street improvements required by the local authorities of the city of Syracuse. Motice^ were "accordingly mailed to the various stockholders showing the earnings of the corporation, the urgency of the needs of the company, and consents were obtained of the owners…