Recent decisions of the New Jersey Court of Errors and Appeals—handed down in Day and Moran v. The United States Cast Iron Pipe and Foundry Co. and frequently referred to in the current financial and legal publications— indicate-that the rights, in dollars and cents, of non-cumulative preferred stockholders have not been as rigidly insisted upon as they might have been.
Preferred stock, as everybody knows, is almost always designated as either cumulative or non-cumulative. If cumulative, its dividends are not payable if profits are not earned;...
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