Davis v. Jackson

This is a bilL brought by the trustees under the will of Benjamin Sewall, for instructions whether a dividend declared by the Ludlow Manufacturing Company is capital or income, the plaintiffs holding stock in that company as part of a fund the net income of which is limited by the will to certain *59of the defendants for life, with remainder over of the principal to the others. The facts are as follows.

On April 26, 1889, at a stockholders’ meeting, it was voted that the capital stock be increased by one thousand shares of one hundred dollars each, and that the stockholders be entitled to…