Public Service Commission v. New York & Richmond Gas Co.

The facts in this case are undisputed and the appeal presents but a single question of law for determination.

It is conceded that prior to November 9, 1928, defendant had an authorized capital stock of $4,500,000, consisting of 30,000 shares *399of preferred stock and 15,000 shares of common stock, each having a par value of $100 per share. The preferred stock was entitled to cumulative dividends at the rate of six per cent per annum, payable quarterly, prior to the declaration or payment of any dividends upon the common stock, but had no voting rights for any purpose whatsoever until four…