NY Pa NJ Utilities Co. v. Public Service Commission

COXE, District Judge.

NY PA NJ Utilities Company, a Delaware corporation, owns through a voting trust all the common stock of the Rochester Gas & Electric Corporation, a New York corporation. The voting trustees, pursuant to the voting trust agreement, directed the Rochester Company to pay dividends when declared directly to the owners of the voting trust certificates. In 1936, the Rochester Company applied to the Public Service Commission of the State of New York for authority to refund outstanding 7 per cent, preferred stock with the same amount of S per cent, preferred stock. This authority…