The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-06-09
CITY HALL.
wATERvv0RKs STOCK,
President Toby's Proposition to settle the
Matter.

President Toby's Proposition to settle the
Matter.
The question Of transferring the oty's shares
Of stock In the Waterworks Company to those
bidde who purchased stock at the last sale
under sealed proposals. at the City Hell is still
In siniu QdJ.
Yesterday ore Of these purchasers fTr. n. o.
selxas, called on the Mayor to know what steps
the city would take to secure hIn the neees-
aary transfer on the books Of tbs company.
saying Mt the same time that unless something
were done between now and the first Of July
when the new directory would be elected ao-
cordinR TO law. he would be debatre1 from par
| tioIpatlng In the election.
The Mayor gave It as bis opinion that since
| he held his certIflcale Of stock al he had to do
| was to mandamus the Water orks Company.
| to compel them to make the requisite transfer.
| Mr Ne Eas replle that he did not hold anv
ceftiieate Of stock, but only an order from the
| Administrator o. Finance directing the Water
| works COMPANY to transfer e the name Of Mr.
belonging 70 the city Of New Orleans as were
named on thB face Of the order
The interview amounted TO nothing more
:, In tie gay q an eYPanat,,9n p the eonversa.
IN his statement, for when the formal transfer
Of the Watatworks was made to the new conn
penV. IN order to expedite matters the shares
Of the city were delivered to the city authorities
nuTE,
With the understanding that as the exchange Of
this stock wHe paln by the city for It's outstand-
ing obligations bidders would
RECEIVE AN ORDER
nm the WaterwoGks Company for the amount
purchased by them. Everythlng went ON
smOplhly until the second hathh ~ proposs1E
wns accepted by the City Council and the pur-
"hHsers thereof sought 10 have their names sub
r"sna"tIve purchases Witch as VS. have ~ tie az
ready stated the Waterworks Company re-
fused to ~, Tor Fnas 'ps partially stated. 1t has
preston has obtained that the present direefo-
~ Of the Wafarwulka Company was pndsavor-
ing to exclude purchasers Of city stock fthaf
cannot vote unless it Is 'ransfRtrndJ from voting
Mt the election for the new directory to take
place on the FIRST 1T July.
Under the rnum@tan es, We thought prouBr
to interview President Toby Yesterday and OH
tain from h. i'm q full statement Of the situation.
Mr., TOhy's account is IT, the following effects
The law, as far rs the FIRST afve, tlseuent for
bids The purchase Of the cty's stock was In
fun compliance with the law. full fifteen days
having been alioRe 10 occur from the first day
The aiy'rtleement was publ ished. the bids being
opened on the sixteenth day When the next
batch was offered for sale or exchange,
THE CRY FAILED,
previously. to pass an ordinance authorizing
The offer for bids. nut the offer was made under
the ordinanne pnssed reiative to the FIRST batch
which | was informed by he attorney Of the
company, Judge Kennedy. was Illegal There's
after the board IT commissioners Of the gUnsol-
dated Debt instead 1T ope"ing the bids after
he inll , nItee" ,, days had esoir9d in com
The lftnenth day, ami this I was also
advised by Judge Eannedy was Illegal.
Consequently, acting under. the Instructions
Of the hopti Of directors Of the Watarworks
Company I declined to transfer any Of the
second butch Of shares exchanged by the city.
anybody from participating In the next election
for diroGt2rs II the company, j. is an, absurd
de ire is to protect the company from any
future Involvement tn litigation, on the ground