Chelrob, Inc. v. Barrett

Lehman, Ch. J.

The defendant corporations, Long Island Lighting Company, Queens Borough ’Gas & Electric Company and Nassau & Suffolk Lighting Company, are public utility companies organized under the laws of the State of New York, serving sections of Long Island. Prior to 1927 Long Island Lighting Company (hereinafter referred to as “ Long Island ”) acquired the common or voting stock of Queens Borough Gas & Electric Company (hereinafter referred to as “ Queens ”). Six per cent cumulative preferred stock of Queens of the par value of $6,686,000 remains in the hands of the public. In 1927,…