Cuba Railroad v. United States

Campbell, Ghief Justice,

delivered the opinion of the court:

The Cuba Railroad Company, the plaintiff, is a New Jersey corporation. Its capital stock, amounting to $30,000,-000, was divided into 100,000 shares of preferred and 200,-000 shares of common stock, both of the par value of $100 per share. On and before June 27, 1923,• there had been issued and were outstanding all of the preferred stock and 158,000 shares of the common stock. This outstanding common stock was held by the Cuba Company — a body corporate.

On the date mentioned, June 27, 1923, the plaintiff’s certificate of incorporation…