Railway Company v. Loftin
Decision Date | 01 October 1878 |
Citation | 25 L.Ed. 222,98 U.S. 559 |
Parties | RAILWAY COMPANY v. LOFTIN |
Court | U.S. Supreme Court |
ERROR to the Supreme Court of the State of Arkansas.
The Cairo and Fulton Railroad Company was incorporated by the General Assembly of the State of Arkansas, Jan. 12, 1853, to construct a railroad from the Mississippi River opposite the mouth of the Ohio, in Missouri, by way of Little Rock, Ark., to the Texas State line. The capital stock was fixed at $1,500,000, with power of increase, divided into shares of $25 each, to be held as personal property. The board of directors named in the act were authorized to open books of subscription to the stock, and the directors for the time being had power to require the payment of the sums subscribed in such manner and on such terms as they deemed proper. Sects. 11 and 13 are as follows:——
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Sect. 25 of the act to incorporate the Mississippi Valley Company is as follows:——
' . Acts 1853-54, p. 181.
On the 9th of February, 1853, Congress made a grant of lands to the State of Arkansas to aid in the construction of the Cairo and Fulton road (10 Stat. 155, 156), and on the 16th of January, 1855, the State transferred the grant to the corporation. Sect. 2 of the statute of the State making this transfer is as follows:——
' . Acts 1854-55, p. 150.
This act was amended Nov. 26, 1856, and this particular provision repealed, but sect. 9 of the amended act is as follows:
' . Acts 1856-57, p. 7.
The road was not completed until Jan. 15, 1874, and no dividend has ever been declared upon the stock of the company. The total quantity of lands included in the grant was about 1,400,000 acres. Only about $300,000 of capital stock was ever paid in, and the road, which cost about $11,000,000, was built with money borrowed upon bonds and otherwise.
On the 8th of April, 1869, the General Assembly passed an act requiring each railroad company in the State, on or before the first day of January in each year, to furnish the auditor of public accounts a full list of all lands acquired by grant, donation, or subscription in aid of the construction of its road, but provided that such lands should not be listed or subject to taxation until conveyed to actual purchasers. Acts of 1868-69, p. 131. The Cairo and Fulton company made its returns in accordance with the requirements of this act. On the 30th of November, 1875, another act was passed, as follows:——
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