Gray v. Hemenway

On January 8, 1914, the directors of the Union Pacific Railroad Company- declared a dividend upon the" common shares, to the holders thereof on March 2, 1914, of the following amounts upon each share: $3 in cash; $12 in preferred stock of the Baltimore and Ohio Railroad Company, charged to profit and loss at the rate of $80 per share; and $22.50 in common stock of the Baltimore and Ohio Railroad Company, charged to profit and loss at $92 per share. At these rates the aggregate dividend was equivalent to $33.30 a share ($3 and $9.60 and $20.70).

The trustees under the will of Augustus Hemenway,…