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FIDELITY-PHILA. TR. CO. v. PHILA. T. CO.

404 Pa. 541 (1961)

Fidelity-Philadelphia Trust Company v. Philadelphia Transportation Company, Appellant.

Supreme Court of Pennsylvania.

July 18, 1961.

Attorney(s) appearing for the Case

Hamilton C. Connor, Jr., with him Peter Platten, Allan F. Ayers, Jr., and Ballard, Spahr, Andrews & Ingersoll, and Hodges, Reavis, McGrath & Downey, of the New York Bar, for appellant.

Ernest R. von Starck, with him Donald A. Scott, and Morgan, Lewis & Bockius, for appellee.

Before JONES, C.J., BELL, MUSMANNO, JONES, COHEN, BOK and EAGEN, JJ.

OPINION BY MR. JUSTICE COHEN, July 18, 1961:

Fidelity-Philadelphia Trust Company (Trustee), appellee, brought this action in assumpsit in its capacity as trustee of the mortgage bondholders under a Trust Indenture securing the Consolidated Mortgage 3%-6% bond of Philadelphia Transportation Company (PTC), the defendant-appellant. Under this Indenture, PTC was to pay a fixed 3% interest per annum and up to 3% additional income-interest to the extent that "net income...

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