The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-23

NOhiPabtCA ~ ~ Wv VI y
gcther with the Massachusetts, Pipe Line
Company and the license of the coke
ovens. including tho building OF the ovens,
at a cost of Sl4,O O.0oO," the present
Boston gas situation Is revealed to be;
Certain people have agreed to supply
$4,000, 900, which they intend to secure
from the public through the sale by them
to the public OF $4,000 900 of bonds for
$4,000. 600. II they do not sell these
bonds and secure this $14 600, U0Ot foS Will
be compelled to return TO tho Central
Trust Company SIC, 100000 within eight
months, or the most intricate and ap-
palling litigation will take place. IL they
do sell these bonds to tho public, they
will be compelled to fulfil representa-.
tions, first, that they hold control Of the
Boston, South Boston, l~ioxbury and hay
! State of Massachusetts, Gas companles;
second, that the earnings from So, 100, 500
out Of II total Of S1S,335, 900 sccuritics OF
the old gas companies, plus &24s, 900
profits from the sale of coke and tar, Will
give them suflcient returns annually to
pay 100000 fixed charges Upon bohds
and over $500, 900 dividends on stock; and,
third, that these earnings can be secured
without an additional tax On the Boston
gas consumers. -,,.tt
Faise Representation }.1.,N
Can these promises be fullllcd7 To
answer this question for the benefit of
those 20 whom this statement is addressed
is the purpose for which it is issued, And
l ask the attention OF the holders
of Boston United Gas bonds, the Bos-
ton consumers of gas, the Board OF
Gas and Electric Light Commissioners,
and tho incoming General Court, to
that which the promoters OF the New
England Gas & Coke scheme must do to
fulfil their promises; and l pledge myself
that in coming proceedings in court and
elsewhere l will show Ivy what means tho
New England Gas & Coke scheme promo
tiers intended to fulfil their promised. 1t 10
necessary for the holders Of Boston United
Gas bonds to know that to make possible
the fulfilment of these promises 1t will be
necessary, upon the completion of the coke
ovens at Everett, to dismantle and dispose
of the valuable real estate INT plants now
owned by the various Boston gas COM
panies, and which constitute the tangible
security back of their bonds, and to use the
proceeds, not, as is demanded by the trust,
In the redemption of bonds, but d~issipating
the proceeds in q way to reimburse the
holders of $17, 500, 900 of New England
Gas & Coke Company stock, which is all
water. Even New England Ras INT coal
scheme promoters would not pretend to
say that the proceeds of this valuable prop.
erty would be used for the redemption Of
bonds, for Immediately these bonds are re-
deemed, the property, franchises, and bust
ness would revert to the Bay State Gas
Company of Delaware.
1t Is necessary for Boston gas consumers
to know that to make possible the fulfl.
ment of their promises it will be necessary
for the New England Gas & Coke Company
scheme promoters to secure from the pres
ent consumers of gas, and upon the present
consumption land quote their official docu-
ment), total net earnings In addition to what
is to-day taken from the same consumers, of
over 500, 900 per annum For of the total
earnings secured from the present Boston
gas consumers, only three hundred and odd
thousand dollars can go to the New Eng
land Gas & Coke Company, when. by their
own showing, they must receive, to fulfil
their promises, 81 ,O5O, 900, plus the $,24s.-
900 received from tar and other things.
1t is necessary for the Board of Gas and
Electric Light Commissioners to know that
to make possible the fulflment of their
promises, the New England Gas g. COX
scheme promoters must keep intact an
agreement now existing between the
Boston Gas Light Company and the
Brookline Gas Light Company, which,
in effect, is the strongest kind OF q
lease, the strongest kind of q security
guarantee, the strongest kind OF a suppress.
sor of competition, the strongest kind of an
arbitrary price maker, and the strongest
kind of a ~violator Of all the present laws
and past traditions which surround the
manufacture and sale OF gas In the
State of Massachusetts,, and to make
possible the fulflment of these PROM
!, Uses, the Board of Gas and Electric
Light Commissioners must close their
, eyes to the fact that a saving of $500,00O
, per annum in the manufacturing cost OF
gas, on the present basis of consumption,
? and that of a saving of 5000 0 in the cost
of gas manufactured by the Brookline and
Dorchester Companies, not one cent Ia to
? be returned to gas consumers through o
reduction in the selling price.
And, lastly, 1t will be necessary for the
!, incoming General Cour and His Excel
lency the Governor of Massachusetts, to
!, know that to make possible the fulhlment
i, of their promises the New England Gas &
Coke scheme promoters must again drag
the Massachusetts Pipe Lin Company to
, legislative halls, to the end that they may
= secure a dividend on the hundreds of thou.
, sands of dollars, which, by their own adj
, missions, they have paid for this corpora
2 tion curio.
1t may be impossible for any one in
. this, the end of the nineteenth century.
when financial miracles are daily being
, paraded for the edification Of investors
and spectators, to say with absolute Ger.
! tainty that the promises made by the New
= England Gas & Coke Company promoters
will not be fulfilled. / can only say that