The sun., 1897-12-26

LAVA ./A|AV @O9 AoO -
JAMAICA PLAIN GAS COM
PANY............... .oOO. .OUl
BOSTON GAS COMPANIES,
Bonds, first and second
series ..............l2, ,OWOW
Debt t........................... 600 OH
A total of...............SlS,3 335. .ON
The selling market prices Of all these
securities was $l5,OO0,0OO, The maxi.
mum amount all the above companies
were allowed by law to earn and pay on,
in the form of fixed charges and divi-
dends was $l,OO3,OO0. The amount OF
the above securities which have been
purchased by the New England Gas 4
Coke Company is, according to their Of
fetal statement, herein printed:
BROOKLlNE GAS COMPANY.
Stock .....Sl 800, ,NN
Debt ,6l5,OW
DORCHESTER GAS COMPANY.
Stock ......".................... $4,000
JAMAICA PLAIN GAS COMPANY.
stock OBSERVATION-DISCLOSURES. ljS, ,2lN
BOSTON GAS COMPANIES.
Bonds. OBSERVATION-DISCLOSURES. l,OOO,MO
al.........................S 50, ~, 200
The amount outstanding which has
not been purchased by the New England
Gas & Coke Company is $l3,2ll 800.
The maximum amount ofearnings which
can go to the New England Gas 4 Coke
Company from the Boston gas companies
presuming that the contract between the
Boston and Brookline companies re-
mained in force, is S3S1, 800. And the
balance, $76l, $50, must always be paid,
as now, on the outstanding securities not
owned by the New England Gas 4 Coke
Company.
Reckless Financicrjng.
In the above statement the cnormity
OF what is being attempted by this New
England Gas & Coke scheme stands tortl,
in all its nakedncss. The New England
Gas 4 Coke Company, and we use their
official documents, set out above, which
do not put the transaction in worse
light, than the inside truths warrant.
has issued Sl7 100000 stock and $l4 ,OO0,-
600 bonds. It's promoters propose to sell
its Sl4, 900, 900 bonds to the public for
$14, ZOO, 900, and to give away, for no
money consideration, the 900, 900
stock; and with the proceeds OF the sale
of bonds S14, ,OOO,O 600, they have already
purchased, as set forth above, 5l23,-
POO of the securities of the old Boston
gas companies, for which, plus marsh
land in an outlying town to Boston and
some coke ovens to be erected thereon it
has paid directly and indirectly Sl4, ,00O,-
900. If it had also purchased the balance
of the outstanding Boston gas securities
upon the same basis, it would have paid
over $50, 100000 additional, or upon Il
basis of over O,OOO,O0O for what was
selling at the time Of their purchase at
about 5000 900, and a short time pre-
vious at Sl2.o0o,O0o,
BY the publication Of the official state
mcnt OF the New England Gas x Coke
Company wherein they say, "Thc New
England Gas & Coke Company has plr-
chased, as appcas in the underwriting
agreement practically at the stock Of
the Brooklinc, Dorchester, and Jamaica
Plain Gas Light Companies, which prr-
chase carries with it the control Of the
Bay State Company Of Massachusetts,
the Boston Gas Light Company, the
South Boston Gas Light Company, and
the Roxbury Gas Light Company
briefly. all the g,.s companies in the city
Of Boston, together with the lIasSa-
chusetts Pip" Line Company and the
license OF the coke ovens, including TIN"
building of the ovens, at Il cost OF Slf,-
600, ,OOO," the present Boston gas situa-
ton is revealed to b.: Certain people
have agreed to supply Sl4,oOO,ooo, which
they intend to secure from the public
through the sale by them to the public
of Sl4, 900, 900 ui bonds for Sl4,O)O,OO)
If they do not sell these bonds and secure
this SI4 4,OOOOOo they will be compelled
to return to the Central Trust Company
$l2,OOO,O OOO within eight months, or the
most intricate and appalling litigation
will take place. Ii they do sell these
bonds to the public. they will be com.
PEELED to fulfill representations, first that
hey hold control of the Boston. South
Boston, RuXbury. and Bay State of NIassa-
chusctts Gas companies; second, that the
earnings from s., 12O, 500 out of a total of
$685. 900 securities of the old gas COM
panics, plus S24S,O profits from the
sale of coke and tar, will give them suf-
ticicnt returns annually to pay S700,000
fixed charges upon bonds and over $780,
600 dividends on stock and, third, that
these earnings can be secured without al
additional tax on the Boston gas con-
suncrs.
Misleading Representation.