An action was brought by preferred stockholders, during voluntary liquidation of a corporation, for payment of dividends, alleged to be cumulative, which had been passed on account of deficits during the two preceding years. The statutory provision giving the power to issue stock required the articles of incorporation to indicate, when any of the stock was preferred, whether or not the dividends should be cumulative. The articles stipulated that the preferred stock should be entitled to a six per cent dividend out of the net yearly income before any dividend should be paid on the common stock. A by-law, adopted on the day following incorporation, provided that such stock should be entitled to a six per cent dividend, cumulative; and no more. Held, the dividends on preferred stock are non-cumulative. Murphy v. Richardson Dry Goods Co. (Mo. 1930) 31 S.W.(2d) 72.