The sun., 1897-12-26


itself in position by the sale Of its in.
creased capital stock, and in other ways,
to take back the management Of the
folr companies owned by it, and pnr.
chase from the Standard Oil party its
Brookline and Dorchester Companies.
The four companies belonging to the
Bay State Gas Company of Delaware
owned property, real estate, etc, at this
time to an amount of more than ST., 600,
coo. The equities in the four companies
belonging to the Bay State Gas Company
of Della ware, over and above the $l2 600,
600 Boston United Gas bonds, were con-
servatively worth at this time at least
$5,OOO,0O0. There was at this time and
is now in operation sinking fund which
would in limited time pay off the $l2,-
0O0,0O of United Gas bonds, leaving the
Sl2 10000 and over of property and the
valuable franchises, free and clear
for the Bay State Gas Company Of Della
ware. There was at this time laws in
force in the State Of Massachusetts which
made it impossible for any of the Boston
gas companies to increase their capital
stocks, or console ate, of lease each other,
or guarantee each others securities, or
to enter into any working arrangement,
the equivalent Of such lease rguarantec,
or to earn from the sale Of gas, or other
wise, Il sum more than sufficient to pay
fixed charges and lOpcr cent. dividends
upon the outstanding SIS, coo, 900 Of capital
stocks.
Under the then existing conditions the
Boston gas situation might be altered
in two ways: One, to allow things to
continue as they were, until by the opera
ton Of the sinking fund, or otherwise,
all the property Of the different COM
panics would be returned to the Bay
state Gas Company of Delaware; the
other, for the Bay State Gas Company Of
Delaware to again assume the manage
mcnt Of all the companies by the pur
chase, or otherwise of the Brooklne and
Dorchester companies, and the rcsump-
ton OF the management of the four COM
panics owned by it. The latter was
what the Bay State Gas Company Of
Delaware was ON the eve of accomplish
ing when there appeared in the field
the Dominion oal-Massachusctss Pipe
Linc-Whitney-McAIillan syndicate -
New England Gas and Coke scheme.
Before analyzing this combination or
scheme wish to express my regret that
circumstances compel me to place this
combination in the light which the facts
warrant
Dominion Coal Company.
The Dominion Coal Company is an
ovcr-captalizcd scheme having for n
basis few OF the coal mines in the
Province OF Nova Scotia, and for an OBJ
jcct the floating OF !: vast amount Of
watcrrd securities on the public. The
Dominion Coal tompany'S onl y right
to be mentioned in connection with
Boston gas affairs is it, claim to be able
to place in the markets of New England
Il coal a, 50 low Il price as to enable those
who handle it to manufacture illuminate
ing and fuel gas at no cost. (Sce their
official statement printed above "Salr
Of 2,50O, ,OOO,O 600 feet Of gas at 20 cents per
thousand feet, per contract, S1OO,WO
gross and nct') | will pass the Do
minion Coal part Of this scheme as be-
ing unworthy Of serious consideration.
Massachusetts Pipe Line.
The Massachusetts Pipe Line Com
pany represents nothing but charter
procured from the Massachusetts, Ingis-
latnrc Of 1896 at a large expenditure OF
money and all unlimited number OF I'M
redeemed promises. 1t was originally
intended as complete consolidation
scheme, whereby all the Boston gas
companies were to be consolidated, and
for the term of 90 years to be absolutely
free and unhampcrcd by any of the laws
now existing or to come into existence.
for the regulation and restriction of the
and sale Of gas. At the
time this charter vas under consider