Issue 1 and Volume 43.

WATER LITIGATION. The United States District court at Detroit. Mich., has denied the application of the Federal Trust company, of Boston, for the appointment of a receiver for the Iron wood and Hurley Waterworks company. The application alleged on behalf of the bondholders that the operating company had defaulted in its payments to the sinking fund. The company on its part showed that it had been subjected to extraordinary expense in rebuilding of water mains that had been undermined by the mining operations inside the city limits, and that the carrying out of the terms of the contract made between the bondholders and the water company many years ago was absolutely im.possiblc under existing conditions. The present company is doing all that could be expected of it in the matter of improving the physical condition of the plant, and, if a receiver were placed in charge of the property, he…

Subscribe to unlock this content

Subscribe Now