The sun., 1897-12-26


to the old companies, OF which | was
Nice-Prcsidcnt and executive officer, as
a consolidation measure, which they had
vainly sought from every Massachusetts,
Legislature since 1887, |, on behalf Of the
old companies, entered into an agree
ment with its promoters for joint
ownership upon its passage in its original
form, so speak by authority when I
say that the Massachusetts, Pipe Line
charter was intended for the purpose of
consolidating and combining the old
companies, and that up to the very last
day OF the Legislature the charter, as
drawn and passed to this, its last stage,
was worth, for consolidation purposes, a
very large amount of money. And also
speak by authority when say that upon
the last day of the session, the House OF
Representatives was stampeded to the
extent that it allowed the passage of an
amendment restricting the price to be
charged for gas to GO cents per thousand
instead of 81, as originally intended, and
by the adoption of this amendment the
charter was made absolutely valueless,
and that the cause of this stampede was
the discovery that the limitless number
of promises which had been made were
not intended to be fulfilled. dismiss
the Massachusetts Piple Line portion of
the subject with the assertion that it is
capable Of demonstration that it is not
worth now, or ever will be worth, the
price Of the paper upon which it is
printed.
At the time when the Bay State Gas
Company Of Delaware was about to re-
sume the management Of the Boston gas
companies, certain people entered the
field for the purpose OF booming the Sc
c',ritics of the Dominion Goal Company,
which owned the Massachusetts, Pipe
Line charter, and in this process state
ments were made that the Massachusetts
Pipe Line Company was to supply the
Boston gas companies with their imagin-
ary gas at an enormous profit to the
Massachusetts Pipe Line Company.
Upon the publication Of such statements
! deemed it proper, in the interest OF
Boston United Gas bonds, to brand such
statements as false, and to assert, what |
now maintain, that it is impossible for
the Massachusetts Pipe Line Com
pany or any other company to supply
the Boston gas companies with
gas thereby throwing into disuse all
their valuable plants and real estate,
without first cancelng the Boston
United Gas bonds, thereby turning the
property back to its rightful owners, the
Bay State Gas Company OF Delaware,
nor without first obtaining the consent
OF the Bay State Gas Company OF Della
ware. The Bay State Gas Company Of
Delaware emphasized my statements by
making arrangements to at once take
back from the Standard Oil party the
Boston. South Boston, RoXbury, and Bay
State oi Massachusetts Companies. At
thi: time, and before arrangements were
completed, came the New England Gas
& Coke Company.
New ENGLAND Gas a. Coke scheme.
The promoters OF he boom Of Domin-
ion Coat and Massachusetts Pipe Line,
learning thus the Bay StNl" Gas Com
pnny was about to resume the manage
mcnt Of the companies owned by it, and
thereby bring about disastrous and
ignominous collapse OF their scheme,
hurricdly got together the aggregation
now known as the New Englanh Gas q
Coke Company. This aggregation hasti
Iy proceeded to negotiate with the Stand
ard Oil party for the purchase OF its
Baookinc and Dorchester Gas Companies
at any cost provided the Standard Oil
party would, in consideration OF the
amount paid in excess Of the actual
value Of the Brooklinc and Dorchester
Gas Companies, cause these promoters to
be elected to the management of the four
companies which the Standard Oil party
held in trust for the Bay State Gas Com
pany OF Delaware, the price final y agreed
upon and paid, being so inflated and ont
Of all proportion to valuc, past, present
or prospective, as to make the entire
transaction one Of the curiositics of
and the result was the
documents which are printed
at the head Of this statement. There
were at the time of the advent of the New
England Gas d Coke Company into the
Boston gas field, the following securities
representing the real own
arship OF the Boston gas companies.
GAS COMPANY,
Stock.....................,......"S2,O 81, ,OW, 600
Bonds. ACKNOWLEDGEMENTS" goo 600
Floating debt t...................1,6 $4,000
GAS COMPANY,
StOck......."......".." ....."......52O,N 600