Gilbert v. Lebanon Valley Street Railway

Opinion by

Me. Justice Wauling,

The Lebanon Valley Street Railway Company, defendant, was chartered as a Pennsylvania electric street railway, which owned and operated a street car line in Lebanon County. In July, 1899, it put out an issue of first mortgage bonds, due in July, 1929, of which the plaintiff, Maude R. Gilbert, of Philadelphia, became the owner of six, of the par value of $1,000 each. Prior to their maturity the defendant company leased its entire line to the Reading Transit Company and retired from active business. It, however, kept up its organization and continued to hold annual…