JAS. H. OLIPHANT & CO. 
the rate structure is not fully adequate and economies from the 
Ohio Fuel consolidation are not yet reflected. 
Seasoning of the old Columbia Gas & Electric common stock was 
thorough as to earnings and dividends as well as marketwise and 
with the late expansion made on sound basis the new shares paying 
$5 dividend at 95 price level offer participation in a growing 
enterprise upon fair terms. 
Consolidated Gas Co. of New York 
A substantial change in capital structure for Consolidated Gas Co. 
of New York and a final ruling of vital gas rate litigation both have 
now been accomplished. The Supreme Court decision in November 
last was a complete victory for the company and Consolidated Gas 
Co. and public utilities generally have now the protection of legal 
principles established by Supreme Court decision which gives 
oreater assurance to capital invested therein than ever before, 
Capitalization after recent financing consists of $200,395,000 funded 
debt, $969,000 minority stocks of affiliated companies (now under 
one-half of 1% of their total), $120,000,000 5% preferred stock, 
and 4,320,000 shares of no par common stock. 
The 1926 financing brought $146,000,000 new money net (after 
retirement of old preferred) which wiped out $59,500,000 bank 
loans and left $86,500,000 to replenish treasury and provide 1927 
capital expenditures. 
In five years, $280,508,000 has been expended on plant account 
(41% of present total) providing for the expansion and modern- 
ization of the gas and electric facilities making up the world’s 
largest electric property (the wholly owned New York Edison Co.) 
as well as the largest gas utility. Much of this of course has not 
yet reached its fully productive stage (1926 figure was $88.559,000 
and 1925 $57,365,000). 
Earnings record on the company’s stock as at the time outstanding 
has been as follows (including amounts impounded pending set- 
tlement of gas rate litigation) : 
1926.....%.8.30.70 1804. nie vn 88.80 
1925... 8.12 1923.......... 99% 
1g39 Wk. SQ on 
ei 
Current $5 dividend rate has been in effect since 1922 when it was 
increased from 79% on the old $100 par stock or $3.50 equivalent. 
I'he final settlement of rate litigation and recent financing are steps 
toward a $6 dividend. 
[34]