The sun., 1897-12-24

afi0n by the LAgialature, eeotng it, value
to the old companies, Of which l WI
President and executive officer, as
- consolidation measure, which they hid
vainly sought from every Massachusetts
Legislature since 1887, /, on behalf Of the
old companies, entered into an agree
ment with it's promoters for a joint
ownership. upon its passage in it's original
form, SO I speak by authority when l
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 I 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 60 cents per thousand
instead of 81, as originally intended, and
by the adoption of tl.is 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 Linz 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-
sumo the management Of the Boston gas
companies, certain people entered the
field for the purpose Of booming the se-
curities 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
I deemed it proper, in the interest of
Boston United Gas bonds, to brand such
statements as false, and to assert, what I
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 canceling 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 of Massachusetts Companies At
this time, and before arrangements were
completed, came the New England Gas
4 Coke Company.
New England Gas 4 Coke Scheme.
The promoters of the boom of Domin-
ion Coal and Massachusetts Pipe Line,
learning that the Bay State Gas Com
pany was about to resume the manage
ment of the companies owned by it, and
thereby bring about disastrous and
ignominous collapse Of their scheme,
hurriedly got together the aggregation
now known as the New Englanh Gas 4
Coke Company. This aggregation hasti-
ly proceeded to negotiate with the Stand
ard Oil party for the purchase Of its
Baookline 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 Brookline and Dorchester
Gas Companies, cause these promoters to
be elected to the management Of the four
which the Standard Oil party
held in trust for the Bay State Gas Com
pany Of Delaware, the price finally agreed
upon and paid, being SO inflated and out
Of all proportion to value, past, present
or prospective, as to make the entire
one of the curiosities of
financiering,r and the result was the
documents which are printed
1t the head of this statement. There
we're at the time Of the advent Of the New
Epdand Gas 4 Coke Company into the
Boston gas field, the following securities
outstanding, representing the real own
'rship of the, Boston gas companies.
3ROOKLINE GAS COMPANY,
StOck."................ "....." $Z,UU,OOO
Bonds. .................."."...1 900, 900
Floating debt. ,615, 600
GAS COMPANY,