The sun., 1897-12-26

Has Ilot Dttli ttllHlttlN u'ttIilli'h. I' l
TIE PLAN CONTEMPLATES UAN.
ING THEN BROUGHT OUT By
TRUST COMPANIES IN THE CITIES
OF NEW YORK. PHILADELPHIA
AND BOSTON.
Claims Of the New England Gas and
Coke Company.
BY these documents it appears tlat al
aggregation Of men, calling themselves
the New England Gas 4 Coke Company.
have put ailoat $l4,OOO,OOO bonds and
Sl7,5OO, 600 stock. upon which they have
borrowed from a New York Trust insi-
tuition $l2 100000 cash.
1t appears that they are asking the
investing public, through banking
houses and otherwise, to invest in these
bonds at one hundred cents on Il dollar.
1t appears that they promised that the
New England Gas 4 Coke Company
shall earn and pay, from sales Of gas t"
the present consumers. in the city Of
Boston, and upon their present conSump.
ton (2,5OO, 600, 600 feet, $l,O5O,0O0, plus
$24S, 800 from the sale Of coke and other
products, } per cent. on the Sl4,DO,OU'
bonds and per cent. on the $l7,OO,Oo)
stock.
1t appears that the entire security and
assets behind these $1,000, OW bonds
aud the $17,5OO,OOO stock are certain
stocks, bonds, and evidences of indebted
ness vi the old Boston gas companies;
and whatever new property may Lr
created with $l,Nn.WOO t. $1,000. 1000
cash.
1t appears that the total OF the stock
and bonds purchased 10y these pcopI"
and pat behind the %IiWn,ooo bonds
and %l7,IOO,oW stock rcprrrrn, only -
per cent. If the existing stock, hONIr.
and indebtedness ui he old Boston ga-
companies, and that the new property
to he created will comprise Il lot Of marsh
lands in thr town of Everett and some
'otir owens IT, he erected thereon.
1t Jappcars that they have obtained tie
control Of the Boston. South Boston.
RuXhUry and Bay State Of Massachusetts
,i;< Companies, lthr companies now
owning over lhrcr-uuarIrr~ ui the gaS
property Of Boston, and doing oyer two
thirds ii nu>tuli'r gt- business. not bv
purchase or the expenditure OF Il dollar
ui the proceeds Of the sale ui these 5Il.-
UoO.ODO Of bonds and Hl7.nO.NOD stock,
but in some miraculous way not set
forth.
1t appears, from other ollicia. and
semi iliciaI statements, that the earn
ing above mentioned are to lr secured
without an additional tax on the con-
-Ilnrrs OF gas.
Impos>ibility orl'uihllins Claims.
The things and conditions that appear
in the above rccitcd documents. and
upon the faith Of which this New York
Trust institution has loaned this large
amount Of its deposits, and the public
are asked to invest, do not in fact exist
and the promises made are impossible Of
iulllmcnt. 1t is certain that under no
conditions can the bonds Of the New
England Gas & Coke Company ever bc
worth "nc-hali Of the price at which
they are offered, or its stock ever be
worth anything from any operations de-
pendent on the ownership or control oi
the principal gas companies Of Boston,
namely the Boston, South Boston.
Roxblrv or Bay State OF Massachusetts.
The property received for the Sl2 ,Oo0,-
900 cash which has already been paid is
not now, nor can it ever be made. worth.
by any operations Of TIE New England
Gas & Coke Company, onc-half Of the
paid for it by them.
The laws Of Massachusetts,, and the
regulations Of the Board of Gas and Elcc-
tric Light Commissioners do not permit