Berger v. United States Steel Corp.

The opinion of the court was delivered by

Van Syckel, J.

The United States Steel Corporation was organized in February, 1901, under the General Corporation act of this state, and, by its origin'al certificate of that date and its amended certificate filed April 1st, 1901, had an authorized capital stock of $1,000,000,000, divided into ten millions of shares of $100 each, equally divided as to number and amount between preferred and common stock.

The holders of preferred stock are entitled to be paid out of the net profits of the corporation yearly dividends at the rate of seven per cent, per…