New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-26
CONSOLIDATED GAS INCREASE.
PROPOSED ISSUE OF MORE STOCK HAS AN
UNFAvORABLE EFFECT ON
THE MARKET

special meeting OF the stockholders OF the
Consolidated Gas Company has been called for
July 16. at II for the purpose Of voting upon
a proposition by the Board Of Trustees for in
creasing the capital stock Of the company such
proposition being as follows:
Fifty-four million five hundred and ninety-fve
thousand hundred dollars consisting of 545.952
not exceeding o 600 COO or s 0o5 shares Of the said
par value such increase or the proceeds thereof 70
Wit Acquiring tine stocks * bonds or other obgs
tons of other gas electric light companies, pro-
Vidtng for the redemption payment Of the com
pany's debentures debenture scrip other indebt-
other purposes as the stockholders may determine
70 be expedient apd also for the purpose OF trans
meeting.
The stockholders are to have the privilege OF sub
scribng at $50 to the proposed issue TO the extent
Of p per cent Of their respective holdings The
capital stock Of the Consolidated Gas Company
was increased in March from $50 O7sco 70 $3.50
200 the additional 155.172 shares being issued TO re-
deem the debeutures given in exchange for the
entire capital stock. s36,0OOOO0, OF the NewYork
Gas and Electric Light. Heat and Power Company,
the price OF Consolidated stock being figured in this
operation at 232 The proposed new issue is de-
signed 70 pay for the securities OF the Standard Gas
Light Company and the New-Amsterdam Gas Com
pany. which have recently been acquired by the
Consolidated. The outstanding stock OF the Stand
ard Gas Light Company consists OF 30 600 shares Of
common stock and AZ $50 shares OF preferred. Last
winter there were acquired by the Consolidated Gas
Company interests the 1851 shares OF Standard
stock owned by Russell Sage at 40 for the COM
mon and 10 for the preferred It is understood and
it has always been believed that the Wallace c.
Andrews estates holdings OF 1900 shares were
disposed of 10 the interests and at the same
prices The stock deposited under the pooling
agreement with the stockholders Protective Com
mittee and recently sold 10 the Consolidated
amounted about $1,000 shares and brought rs and
155 for the common and preferred respectively.
This leaves about 5000 shares Of Standard stock
still in the hands OF individual owners Practically
all Of the stock OF the New-Amsterdam Gas Com
pany, consisting Of 10000 shares of common ard
$4,000 shares Of preferred been deposited under
an agreement by which the holders are TO receive
20 and % for the two classes. being paid Con-
soltdated debentures convertible into Consolidated
stock at 49,. The payment for the stock OF these
TWO companies, 1t has been estimated would repre-
sent an expenditure OF about SI000O00 by the Con-
sodated or new stock issue several millions less
az $50 IN the case of the STANDARD as well as in
that of the New-Amsterdam- The announcement
that the stock TO be increased by Pot O4S shares
therefore, or $25+04 500 had uufavOrabla effect
IN the stock market, where Consolidated gas de-
chned sharply to 1I52 the closing price I76 repre-
Senting a net loss for the day of points
The New Amsterdam Gas COMPANY however has
and Il was thought in the Street that the CONSOLE
dated might have acquired large holdings OF these
bonds and might part OF its stock in wiDing
them out and also in retiring considerable part OF
the S36 100000 bonded Indebtedness of the New York
Gas and Electric Light Heat and Power Company.