Preferred stock gets preference on dividends (they get paid first, and often more or less promised they will always get a dividend).
In exchange, they normally don't have voting rights. It fits in somewhere between a bond and common stock.
Common Stock itself can have classes. The New York times has "A" and "B" stock -- I forget the exact details, but one class of stock basically controls 90% of the votes with only 10% of the equity and is owned by the Sulzberger family (the original owners). They say that's so they can make sure it remains a good source of news (*snicker*). The other stockholders with 90% of the equity can only vote only have 10% of the votes. Means the non-family stockholders can't do diddly about the Board of Directors, etc unless a substantial number of family members back them.
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Today's Featured Article - Tractor Profile: Ferguson TO-20 - by Staff. When the infamous "Handshake Agreement" between Henry Ford and Harry Ferguson fell by the wayside (that's a story in itself), Harry Ferguson quickly set up manufacturing plants for a United States version of his English TE-20. The TO-20 was relatively the same as the TE-20 except utilized some different casting materials and had a US-style electrical system. The TO-20 was a dead ringer for the Ford 9N and 2N models and they say that Ferguson did this on purpose when the Handshake Agreement wen
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