General Investment Co. v. American Hide & Leather Co.

The opinion of the court was delivered by

Gummeee, Chief-Justice.

The American Hide and Leather Company was organized in May, 1899, under the General Corporation law of 1896. By its certificate of incorporation it was authorized to issue $35,000,000 worth of capital stock, divided into three hundred and fifty thousand shares of the par value of $100 each, fifty per cent, of the authorized issue to be preferred stock and fifty per cent, common stock. Pursuant to this authorization, there were actually issued one hundred and twenty-five thousand four hundred and eightv-three shares of preferred…