Beneficial Corp. v. Reading & Southwestern Street Ry. Co.

BARD, District Judge.

This is an action by Beneficial Corporation (hereinafter called Beneficial), a Delaware corporation, against the Reading and Southwestern Street Railway : Company (hereinafter called Railway), a Pennsylvania corporation, for a declaratory judgment. The City Bank and Trust Company of Reading (hereinafter called Bank), holder as trustee of 54% or the majority of Railway’s outstanding capital stock, intervened as a defendant. It is now before me on the motion of the defendant and the intervening defendant for summary judgment.

In 1901 Railway leased to United Traction…