Court of Appeals for the Second Circuit January 7, 1935, No. 70 (Commissioner v. Providence, W. & B. R.)

CHASE, Circuit Judge.

The facts were stipulated. The respondent on December 1, 1891, owned a railroad which it then leased with its franchises and assets of every description to the Old Colony Railroad Company for the term of ninety-five years and nine months from July 1, 1891.