Atlantic & St. Lawrence Railroad v. State

“Every railroad corporation * * * shall pay to the state an annual tax upon the actual value of the road, rolling-stock, and equipments.’" (J. L., c. 62, s. 1. The plaintiffs are lessors, and the Grand 'Trunk Railway Company are lessees, of a railroad running from Portland to Canada, through Maine, New Hampshire, and Vermont. The lease was made in 1853 for 999 years. The personal property used in operating the road belongs to the lessees ; and the questions raised' by the referees’ report relate to the taxation of so much of the leased real estate as is situated in New Hampshire.

I. “ Real and…