Business: Delaware Decision

In Delaware, little mother of big corporations, a prime property right received new sanction last week—but not precisely to the liking of the corporation involved-which was Wilson & Co. Last year this big Chicago packing house put through a recapitalization plan providing, among other things, for the payment of $12,600,000 in dividend arrears, not in cash but in stock. The payment was accepted as a satisfactory settlement by the owners of 99% of the shares affected. Among the holdouts was a Wall Streeter named Joseph Keller, who figured that if back dividends were...