A particular issue of stock carries a stated dividendrate of 8 %; that if this d

A particular issue of stock carries a stated dividendrate of 8 %; that if this dividend is not paid during a particularyear it will be paid in a subsequent year before common stockdividends are paid; and that upon liquidation of the corporationthe owner will receive $300 per share before the commonstockholders get anything. This stock is