The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-05
SinAnrtHl.
To the
CONSUMERS
of Boston and the
Officials and Holders of
Stocks and Bonds Of
Gas and Electric Light
Companies Of
Massachusetts:

chusetts Pipe Line Gas Company,
praying for the approval of the
issue of 81, 600. 900 of stock.
As the result of this hearing is
of great Importance to the gas
consumers of Boston, the officers
and directors of gas and electric
light companies now existing by
authority of the State, and the
holders of stocks and bonds of
such gas and electric light COM
panies, it is for their interest to
attend or be represented at this
hearing.
All consumers of gas in the
city of Boston believe that the
price which they now pay for gas
is based upon the actual cost of
manufacture, plus fair dividends
and interest on the capital now
employed by companies now in
existence, and that in the future
the price of gas will be reduced
as the increased consumption and
improved methods of manufacture
reduce the cost.
They believe the laws of the
State and the rules and regula-
tons of the Board of Gas and
Electric Light Commissioners
absolutely prevent the creation
of new stocks and bonds, or the
imitation of those now existing,
beyond an amount needed for
increased consumption.
The officers and directors of
gas and electric light companies
now existing by authority of the
State believe that it is impossible
for new companies to create
stocks and bonds without that
permission of the Commonwealth
which they have very properly
been compelled to secure before
creating any of the securities now
in existence, and the investors
all over the United States who
hold stocks and bonds in gas and
electric light companies doing
business under the laws of the
State Of Massachusetts, believe
that any stocks or bonds of gas
and electric light companies issued
under the laws of Massachusetts,
carry a guarantee of safety because
their creation was supervised and
regulated by the officials of the
State under a system of laws i'm
possible of infringement and
ex sting in no other State in the
Union
The result of this hearing will
prove whether the belief Of the
three classes mentioned is we'll
founded or not.
The Massachusetts, Pipe Line
Company is a creature of the State,
which obtained its right to exist
from the State by pledging itself
to the State that it would issue
$4,000 900 capital stock according
to the laws Of the State for the
purpose of manufacturing and dis
tributins n new kind OF gas which
could be sold to the citizens of
Boston at a price much less than
that of any gas manufactured by
any existing gas com any. One OF
the laws which this company
agreed should govern the issu-
ance of its stock was that the
Board of Gas and Electric Light
Commissioners should pass upon
the necessity and ACCESSIBILITY of
allowing the issuance of a part or
the whole of the $1,000. 600 capi-
tai prior to it's issuance. One of
the heretofore unalterable cus-
toms or rules of the Board of Gas
and Electric Light Commission
ers has been that upon the APP
plication of n gas or electric light
company for the issuance of new
stock. there should he given
a public hearing that all in
terested could know of the add
Instability of such issue and enter
protest prior to the issuance. and
never since the existence of the
Board of Gas and Electric Light
Commissioners has there been
a gas or electric light company
bold enough to evade this test.
The Massachusetts Pipe Line
Gas Company has issued it's