When jumping-jackish little Mayor LaGuardia popped a scheme to put New York City into the power business last month, there were three loud repercussions. President Roosevelt invested a local rate wrangle with national significance by egging the Mayor on with promises of PWA cash. Consolidated Gas Co. promptly halved its dividend to $1. And Chairman Floyd Leslie Carlisle of Consolidated evidenced a pronounced change of heart toward the city and its citizens.
A cut in the Consolidated dividend was merely an act of prudence, for the great company's tax bill for 1935 in New...