ST. JOHN v. ERIE RAILWAY COMPANY


89 U.S. 136 (____)

22 Wall. 136

ST. JOHN v. ERIE RAILWAY COMPANY.

Supreme Court of United States.


Attorney(s) appearing for the Case

Mr. D.B. Eaton, for the appellant:

Mr. W.W. McFarland, contra, for the company.


Mr. Justice SWAYNE delivered the opinion of the court.

The question presented in the present case depends for its solution wholly upon the construction given to the fifth clause of the agreement of 1859, and the fourth section of the act of 1861. They are identical in effect as regards the point to be considered.

The original takers of the preferred stock were creditors. They abandoned that position and became stockholders...

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