The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-02-11
no HIVE DEEM EXPECTED.


To the report coming from Ne"
York that the bondhOIders of the
Water. Light and Power company IN
tend To bring suit to enioin the lssu-
inc of any more dam bonds and stop
the work on that structure, IL only
need he said tbis was to have been eX-
peoted, and has been thought possible
if not inevitable ail along. But IL
need bring I'D anxiety to any beiiev-
ers in the dam, or any workers ior
Austin. The status of the case is this:
Austin has had a ten years CONTRACT
with the Water and Light company
which expires next year. We have
kent perfect faith with that COM
pany and promptly paid our OBJ
legations arising under tha1
contract. At its expiration next year
TIE STATESMAN Gavors dealing fairly
and Justly by that company, and
whatever il has that csn be bought
by the city and utilized in the con-
struction Of our new water works
should be bought at fair valuation.
The bonds for the eonstrue ton Of that
plant are held by eastern capitalists
and they should be shown that Aus
tin has nothing to do with anything
but fair dealing.
AS TO the dam, this is the situation:
-Four hundred thousand dollars worth
of 5onds for its construction have been
sold and work on the structure has
continued over Il year. There is still
enough money on hand for several
months work, indeed, almost suiii-
Client to put the dam all the way
across the river up TO heighth Of
10 feet. More bonds, however, will
shortly have to be sold for the COM
pletion of the dam and putting in the
system of water pipes and construct
ing the reservoir. If suit is now
brought it will be to restrain the is
suing of these bonds. That suit must |
be brought by eastern capitalists who
hold the Water and Light bonds; !
but 100000 Of the dam bonds
have been sold to eastern capitalists
what Of them as well as of ourselves?
The same answer can be mode as to
both-both are secure. The question
of the validity Of the dam bonds was
at the instance and at the expense of
the holders of the Water and Light
bonds \ long time ago looked into and
passed upon by very able firm of
lawyers. Their opinion declaring the
perfect validity of the bonds was con-
Cured in by the ablest lawyers of our
city, and there is not the shadow of
1oubt that such a well substantlated
opinion will hold many court. Those
who have studied this question most
carefully and have most at stake, do
not fear tho issue, but invite it, that {
the question may be finally tried l
and disposed Of.
The board of public works have t
, ...ao - Aiihrts to set III the {
mado ropea.Ie.
value of the Water and Light COM |
pany's plant, to the end that some
dea might be gained as to what would
be the fair thing for the city to offer
that company, in final settlement Of c
her contract with it. In this
5he board have been unsuccess'
full. If the settlement Is 10
be prelaccd by the threatened
Injunction suit, then the city is
simply put on notice that the Water
and Light company intend to make
war to the knife; but that is all there
is about it. The city will simply
stand on her legal rights, and the con-
struction of the dam will continue
lust as if nothing at all had hap
pened. We will have our jubilee over
its completion this fall.
--s-----------s---g- I
TIE commotion that is now going {