David Josiah Brewer

“ It is enough that by the lease the connected roads form a continuous line, and it is not essential that the leased line be an extension from either terminus of the lessee's road. The evil which was intended to be guarded against by this limitation was the placing of parallel and competing roads under one management, and the control by one company of the general railroad affairs of the state through the leasing of roads remote from its own, and with which it has no physical or direct business connection. ”

“ Those bonds represent and are the equivalent of the stock, and until the taxpayer pays those bonds he bas equitably no right to the stock. It is true the terms of the original charter were not changed by the amendment of 1869; but to hold that the parties thus far paying taxes-taxes which mainly have gone to the payment of the interest on the bonds-are entitled to the stock works this unreasonable result: Though $300,000 and over of interest has now been paid, the bulk of the bonds remain outstanding, and are yet to be paid, as well as several hundred thousand dollars of interest. ”

“ Shalf the whole issue of stock be absorbed by those who pay the first interest on the bonds, leaving to those who thereafter pay taxes for account of future interest and to discharge the principal no right to and stock ”

“ Such was the construction placed upon this matter by the court of appeals; and we think that construction, notwithstanding some little obscurity in the language of the various statutes, is correct.
With reference to the suggestion made by the counsel for the appellees that the delay in bringing these suits is such laches as defeats any rights which existed in the first instance, we refer to the case of St. Louis, V. & T. H. R. Co. v. ”