Matter of Metropolitan Transit Co.
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court in the first judicial department, made May 18, 1888, which reversed an order of Special Term appointing commissioners of appraisal to fix the compensation to be paid by the petitioner to the city of New York for the use of certain streets for its railroads and which denied the prayer of said petition. The material facts are set forth in the opinion.
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Appeal from order of the General Term of the Supreme Court in the first judicial department, made May 18, 1888, which reversed an order of Special Term appointing commissioners of appraisal to fix the compensation to be paid by the petitioner to the city of New York for the use of certain streets for its railroads and which denied the prayer of said petition. The material facts are set forth in the opinion. The General Term erred in holding that the Special Term was wrong in excluding testimony offered for the purpose of showing that the petitioner had not sufficient financial ability to…
1Opinion of the CourtDanforth, J.
By chapter 833 of the Laws of 1872,. the legislature created a body corporate under the title of “ The Metropolitan Transit Company.” Its capital stock was fixed at $5,000,000, with liberty to the stockholders to increase it, but accompanied by a provision that “ work on the road authorized by the act, should not be commenced until ten per cent of the capital stock shall have been paid in, in cash.” The corporation so created was endowed with all the powers and privileges, and made subject to all the provisions of the act of 1850 (Chap. 140), relating to railroads, so far as the same were…
2Cases cited1 opinion
- The People v. . the Albany and Vermont Railroad CompanyNew York Court of Appeals · 1862
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- In re Buffalo Traction Co.Appellate Division of the Supreme Court of the State of New York · 1898
- In re Milwaukee Southern Railway Co.Wisconsin Supreme Court · 1905
- Brooklyn & Rockaway Beach Railroad v. Long Island RailroadAppellate Division of the Supreme Court of the State of New York · 1902
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