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BENEFICIAL CORPORATION v. READING & SOUTHWESTERN STREET RAILWAY COMPANY

No. 10279.

185 F.2d 238 (1950)

BENEFICIAL CORPORATION, Appellant, v. READING & SOUTHWESTERN STREET RAILWAY COMPANY and City Bank and Trust Company of Reading, Successor Trustee Under Deed of Trust, Dated August 25, 1921, of Daniel B. Shepp.

United States Court of Appeals Third Circuit.

Decided November 29, 1950.

Attorney(s) appearing for the Case

Earl G. Harrison, Philadelphia, Pa. (Wm. A. Schander, Edward W. Mullinix, and Schnader, Harrison, Segal & Lewis, all of Philadelphia, Pa., on the brief), for appellant.

Paul H. Rhoads, Harrisburg, Pa. (Thomas Iaeger Snyder and Snyder, Balmer & Kershner, all of Reading, Pa., Rhoads & Sinon, Harrisburg, Pa., P. Herbert Reigner, Reading, Pa., on the brief), for appellees.

Before MARIS, McLAUGHLIN and STALEY, Circuit Judges.

PER CURIAM.

This appeal presents the question whether stockholders of a lessor street railway company are entitled, under the provisions of a long term lease of all the company's assets and franchises, to have the rent stipulated for in the lease paid by the lessee directly to them as dividends, although the board of directors of the company has by resolution directed the lessee to pay the rent to the company in order to provide funds for the payment of the debts...

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