Bailey v. Railroad Co.
Supreme Court of the United States
Error to the Circuit Court for Missouri; the case being thus: The Hannibal and St. Joseph Railroad, in Missouri, with an income of but $450,000, and having a capital stock of $3,000,000, a debt of $8,000,000 of 7 per cent, bonds, and an arrear in interest of $4,000,000 — both bonds and interest— secured by mortgage on all the property of the company, found itself, A. D. 1862, in consequence of the then universal depression of values brought about by the rebellion, in such…
Read the full summary
Error to the Circuit Court for Missouri; the case being thus: The Hannibal and St. Joseph Railroad, in Missouri, with an income of but $450,000, and having a capital stock of $3,000,000, a debt of $8,000,000 of 7 per cent, bonds, and an arrear in interest of $4,000,000 — both bonds and interest— secured by mortgage on all the property of the company, found itself, A. D. 1862, in consequence of the then universal depression of values brought about by the rebellion, in such embarrassments that it could neither pay dividends on its stock nor interest on its debt; and as the State o£ Missouri…
1Opinion of the CourtJustice Clifford
Certificates of stock, described in the bill of complaint as common or unpreferred stock, amounting to $3,000,000, were issued by the respondents, divided into shares of one hundred dollars each, which constituted their capital stock. Pecuniary obligations were contracted by the company in •constructing .the road, much beyond their means of payment, which consisted of three classes of bonds, issued by the company at different times, in aid of the construction and equipment of the road, and which were secured by three several mortgages,- and were known, as' land bonds, convertible bonds, and…
2Cases cited2 opinions
- Jackson ex dem. Watson v. McKennyNew York Supreme Court · 1829
- Cornell v. ToddNew York Supreme Court · 1846
3Cited by47 opinions
- Siaca v. DCC Operating, Inc.Court of Appeals for the First Circuit · 2007
- Delhomme Industries, Inc., Cross-Appellant v. Houston Beechcraft, Inc. And Beech Aircraft Corporation, Cross-AppelleesCourt of Appeals for the Fifth Circuit · 1982
- Hitachi Credit America Corp. v. Signet BankCourt of Appeals for the Fourth Circuit · 1999
- Lillard v. Kentucky Distilleries & Warehouse Co.Court of Appeals for the Sixth Circuit · 1904
- Jackson v. ParkerSupreme Court of Florida · 1943
42 more not listed; retrieve them via the Exa API.