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KENTUCKY & INDIANA TERMINAL RAILROAD CO. v. UNITED STATES

No. 15208.

330 F.2d 520 (1964)

KENTUCKY & INDIANA TERMINAL RAILROAD COMPANY, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals Sixth Circuit.

April 7, 1964.

Attorney(s) appearing for the Case

Louis Seelbach, Louisville, Ky., for appellant. Gerald Kirven, Louisville, Ky., on brief; Middleton, Seelbach, Wolford, Willis & Cochran, Louisville, Ky., of counsel.

John B. Jones, Jr., Dept. of Justice, Washington, D. C., for appellee. Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Carolyn R. Just, Attys., Dept. of Justice, Washington, D. C., William E. Scent, U. S. Atty., Louisville, Ky., on brief.

Before CECIL, Chief Judge, PHILLIPS, Circuit Judge, and FREEMAN, District Judge.

FREEMAN, District Judge.

In 1911, the Kentucky & Indiana Terminal Railroad Company, plaintiff-appellee herein, sold an issue of gold sterling bonds secured by a mortgage on its properties, to mature in 1961. These bonds were sold for English pounds sterling, were payable in pounds sterling, and each bond had a par value of 100 pounds. For each pound of the sales price of the bonds, the plaintiff received $4.8666, the dollar value of the pound in 1911, and set...

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