Issue 26 and Volume 41.

WATER LITIGATION. A year ago a foreclosure suit against the Alton, Ill., Waterworks company was dismissed. It has now been retiled. The original franchise granted by the Alton Waterworks company made a first mortgage upon the property. Thereafter an additional franchise, covering such parts of the city of Alton as were not covered by the original franchise was granted to the Boston Water and Light company, which built a separate water plant, but connected its mains with the mains of the old company. Upon this theory the mortgagees of the old company foreclosed upon the entire system and took the plant of the new company under a decree of foreclosure issued by Judge Humphrey of the United States circuit court. The bondholders of the new company were not made parties defendant, and for this reason contend that they are not bound by the decree of Judge Humphrey. This suit promises…

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