Omaha daily bee., 1909-07-02
NEW YORK STOCKS AND BONDS
Summer Hot Spell Makes Wall Street
Trading Dull.
RAILROAD TO MEET DECISION
Delaware a LaskawaRna RecastInR
Form of Its Organization to Meet
Interpretation of Commod-
tiles Clause.

NEW YORK, July la further shrink
age IN TIE volume OF dealings in stocks to-
day reflected the seasonabie dunness OF
the summer hot spell. Prices received very
Feeble and inconstant. Besides the inter-
est 'centered In the money settlements in
progress, there was q large diversion OF
attention to the gradually emitted facts Of
the Delaware Lackawanna & Western
plan, involving a recasting Of the organi-
ration to conform to the supreme court
decision in the commodities clause cases,
and OF the distribution OF large special
company and stock dividends.
The order OF publication OF different acts
and decisions TO carry out the plan led to
ncance, and whetted curiosity and excite
ment to a higher degree.
Contrary to many previous reports, there
Is no disapproprlaton OF the mining prop
critics By the railroad company involved In
the plan. The 10 per cent special dividend
is q cash dividend out OF accumulated and
surplus earnings, and the Is per cent stock
dividend represents stocks OF subsidiary
railroad companies merged or bonds
registered. The coal company adjunct in
coTporated in New Jersey Is merely a
selling company, to which the railroad
company contracts to sell the coal at the
mines In Pennsylvania The stock OF this
the railroad company, but It is not to be
held by the railroad as q corporation. The
railroad company, therefore, has not d.
vested itself Of any property heretofore
held.
Quotations for the stock Of the new coal
company were established In the curb mar
ket at par, the subscription price to
Delaware Lackawanna & Western stock
holders. The Delaware Lackawanna &
Western balance sheet as of December 81,
1908, reported a profit and loss surplus OF
334, 63S, SSs and cash on hRnd of 81, 1901, 457.
The net earnings after tax for last year,
according to the annual report were $13,
24s. $40 and additions from yearly income
brought this figure up to NS.SSo, ls1 on the
t26, 10000 stock outstanding. Early In the
day there were sales Of the stock for cash
at $50. The stock sold at that price on
April "a of this year, but never higher.
The regular quarterly dividend OF az per
cent came off today, and when the stocks
sold ex-dividend at 649, the discrepancy
with. the cash price brought out the in
formation that the special disbursements
announced only today were payable "a
stockholders Of record today. Only buyers
Of the stock for cash today, therefore,
would be entitled to the extra dividends
The closing quotations was $40 bid, 6S(
asked.
The payment In progress OF upwards Of
500, 10000 on account OF July disburse.
ments left the none market easy, botf
for call and time loans, The July pay
ments had the effect OF lowering discount
rates abroad. The strike of tin plate
workers did not prevent q rise OF a poinl
In United States Steel and gains, although
small. were general at the end Of the day
Bonds were steady. Total sales pa
value, t3,6S2,00o United States bonds were
UNCHANGED on call.
Sales and range Of prices on the stocl