Lady to Consolidated

For the last few years the only publicly-owned stock in United Electric Light & Power Co., a Consolidated Gas subsidiary, has been owned by the wife of Thomas E. Murray Jr., currently receiver for Manhattan's Interborough Rapid Transit Co. All the rest of the stock was owned indirectly by Consolidated Gas. But merger of United Electric with other Consolidated power properties operating on the island of Manhattan was blocked by Mrs. Murray. Not that Mrs. Murray refused to sell her stock: she obligingly offered it to Consolidated last winter--at $4,500 per share.

No one better knew the value of those 30 shares than Consolidated. But the idea of paying $135,000 for a minority interest whose book value was only $1.800 was too much even for the great New York City utility. Last week, however, either Mrs. Murray relented or Consolidated reconsidered: the utility announced that at long last it had acquired the famed holdout shares. Price: unrevealed.

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