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ALLEGHANY CORP. v. JAMES FOUNDATION OF NEW YORK

No. 175, Docket 22947.

214 F.2d 446 (1954)

ALLEGHANY CORP. et al. v. JAMES FOUNDATION OF NEW YORK, Inc.

United States Court of Appeals, Second Circuit.

Decided June 8, 1954.

Rehearing Denied August 3, 1954.

Attorney(s) appearing for the Case

White & Case, New York City (Arthur L. Corbin, New Haven, Conn., Robert J. Bulkley, Cleveland, Ohio, J. Adam Murphy and Melvin L. Milligan, II, New York City, of counsel), for appellant.

Milbank, Tweed, Hope & Hadley, New York City (A. Donald MacKinnon, New York City, William Eldred Jackson, Mineola, N. Y., and Janet P. Kane, New York City, of counsel), for appellee.

Before CHASE, Chief Judge and FRANK and HINCKS, Circuit Judges.

FRANK, Circuit Judge.

As the facts are fully stated in the opinion and findings of the district judge, reported in 115 F.Supp. 282, we shall not repeat them.

We shall assume, arguendo, that the James Foundation had conferred upon W & P authority to make a contract for the sale of the stock constituting control of the Western Pacific Railroad Company, and also authority to delegate that authority to S & Co...

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