New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-09
Relevant Facts

Consolidated Gas.-The stock Of this
company displayed pronounced weak
ness Yesterday, declining from ll2ls
TO 1861. and closed at 106, off points
net on the day on total transactions
of 1900 shares. Gas is now selling at
the lowest price since 1908. when It
sold at 90 as a per cent dividend
payer The present price compares
with a high of l345s last January,
144s, in 1916 and a high of l5Ol2 in
1915. The stock pays dividends at the
rate of per cent a year. Its current
weakness has been ascribed by Wall
Street to the fact that the company IS
facing constantly rising costs Of oper-
alton. while it's income is more or less
fixed by virtue Of the fact that 1t
cannot increase rates TO the consumer
without a great deal of difficulty, If at
all.
Peoples Gas of Chicago.-This was
another weak public utility issue yes
terday. On dealings of $500 shares
the stock declined 6ls points, to 749s.
The dividend was recently reduced
from to per cent. Prior TO May,
1916. the company paid per cent
dividends on the stock in 1914 and
1915. The stock sold in January at
106, and the high last year was llS.
COsden Merger Plans for merging
CoSden & Co. and Cosden Oil and Gas
Company under the name of Cosden &
Co. were announced yesterday. 1t is
proposed that the new company shall
acquire all the property of the two old
companies. There will be an author
lied issue Of $4,000 900 common stock;
also S7,000,000 per cent cumulative
preferred stock and S20000,0 900 l5-year
convertible sinking fund bonds. There
will be issued at once S12, 100000 new
common stock, to be exchanged, share
for share, for the old common. and
80 100000 of preferred stock in eX-
change for existing preferred stock of
Cosden Oil and Gas Company. share
for share. Not more than $ll ,422 800
Of the bonds will be issued immediate
ly. The bonds will be put out in two
series, "A" and "B." The series Az
bonds. not to exceed s6.426.500, will be
convertible at the option of the holder
into common stock of the new company
1T the rate of SIS of bonds for one
share OF common stock. Series "B', not
TO exceed S5.997, 900, will be likewise
bonds for one share of stock on or be-
fore July ], 1919, and thereafter at the
rate Of SIS OF the bonds for one share
Of stock. After July. 1919. series "a
and "B" will be alike.
American Hide and Leather.-It was
announced yesterday that an agree
ment has been reached between the
management of the company and the
interests opposed to the management
The suit against the directors and
against the company. calling for an &C
counting. now pending in the Chancery
Court of New Jersey. will. il is said
be withdrawn. Charles T.. Danforth
has been asked to Ill a vacancy on the
board. Withdrawal of the suit will. il
is expected, clear the way for an early
readjustm mt of the company's
finances Local banking interests have
a plan under consideration, and it is
expected that an announcement will
soon be forthcoming.
Six-Cent Fare Observation-Disclosures
were current in the financial district
yesterday TO the effect that the Pub
lie Service Commission of New York
may allow the street railways TO in
crease passenger fares from five to six
cents. Confirmation could not be OBJ
tanned. Brooklyn Rapid Transit was
weak during the day, closing with a
net loss of 80 points.
kennecott Copper Corporation.-Apr
production amounted to 100000