Fidelity & Deposit Co. v. Andrews

During Federal control of railroads, and by virtue of an' act of congress, the Pennsylvania Bailroad Company, by Walker D. Hines, director general of railroads, caused equipment trust certificates to be issued and sold by the Guaranty Trust Company of New York, as trustee. The certificates were for the sum of $1,000 each, and gave the holders an interest in the Pennsylvania Bailroad Equipment Trust of 1920. The certificates were payable to bearer or to registered owner. The First Methodist Episcopal Church of Clarion, Pennsylvania, purchased two of the certificates, payable to bearer,…