SUIT TO FORECLOSE ON WATER SYSTEM.
A suit has been filed in the Madison circuit court to foreclose a mortgage on the Alton waterworks system, which was recently sold under a foreclosure by the Farmers’ Loan and Trust Company, of New York, and later acquired by an Alton syndicate. The suit was filed by Allen A. Brown, trustee, and others, against the Boston Water and Light company, I he Alton Waterworks company, the International Loan and Trust company, C. H. Vernier and others, and further complicates a situation which was almost straightened out by the transfer of the system to the Alton company. The petition recites that the Boston company issued bonds to the amount of $200,ooo, which were purchased by innocent parties. In the proceedings in the United States court against the Alton waterworks by the bondholders, it was decided that the Boston company’s property belonged to the New England Waterworks company as security for ihe New England company’s bonds. T his left the Boston company lxmdholders without security for their mortgage. Accordingly, the properly held in the name of the Boston Water and Light company was sold at a public sale to the landholders for $220,000, and they, in turn, sold the plant to fhc Alton syndicate. The Boston company claim that it is entitled to consideration in the settlement.
Holyoke. Mass., may return to the call system for its fire department. If so, $20,000 maybe spared for other purposes. The “economically disposed” aldermen are growling over the expense of its full paid fire department (and the city is the onlyone in Massachusetts, except Boston, that has all its firemen full paid), and murmuring all the more, because the firemen are asking for one day off in ten, which, it is insisted, will still further increase the cost of keeping up the department.