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LEHIGH VALLEY R.R. CO. v. JOSEPH

305 N.Y. 853 (1953)

In the Matter of Lehigh Valley Railroad Company, Appellant and Respondent, v. Lazarus Joseph, as Comptroller of The City of New York, Respondent and Appellant.

Court of Appeals of the State of New York.

Decided July 14, 1953

Attorney(s) appearing for the Case

Vernon C. Ryder and Richard D. Lalanne for appellant-respondent.

Denis M. Hurley, Corporation Counsel (Morris L. Heath and Stanley Buchsbaum of counsel), for respondent-appellant.

Concur: DESMOND, DYE, FULD and FROESSEL, JJ. LEWIS, Ch. J., dissents in part and votes to modify so as to grant interest on the refund, in opinion in which CONWAY, J., concurs. Taking no part: VAN VOORHIS, J.

Order affirmed, without costs; no opinion.

LEWIS, Ch. J. (dissenting in part).

Upon the merits of this case, we are all in accord in our conclusion that the city lacked power to tax the saving realized by the railroad as a result of the reduction in its system-wide bonded debt achieved by means of purchases of its own bonds over the New York Stock Exchange at less than the price at which they were issued. However, we cannot concur in the majority...

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