RAILROAD COMPANY V. VANCE, 96 U. S. 450 (1877)

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U.S. Supreme Court

Railroad Company v. Vance, 96 U.S. 450 (1877)

Railroad Company v. Vance

96 U.S. 450


A railroad corporation of Indiana, by a written contract of lease with a railroad corporation of Illinois, acquired the right and assumed the duty of managing and carrying on the business of the main line and a branch road of the latter company. The lease was confirmed by an act of the Legislature of Illinois which declared that said lessee should be a railroad corporation in the latter state and possess as large powers as were possessed by the lessor and such other powers as are usual to railroad corporations. The state board for the equalization of taxes in Illinois made an assessment on the capital stock and franchises of the lessor corporation, over and above its tangible property, for the roads which passed from its control by virtue of the lease, and then assigned to the several counties so much of the assessment as was in the same proportion to the whole as the length of track within their respective limits bore to the entire length of the leased roads, the taxes due upon such assessment being charged to and to be collected from the company which, with the consent of the state, was entitled to have, and did have, exclusive control and management of such roads. Held that the mode adopted by the state board was in substantial conformity to the laws of Illinois.

The facts are stated in the opinion of the Court.


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