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San Antonio Daily Light
San Antonio, Bexar County, Texas
What is this article about?
In Austin, Judge Joseph Spencer qualified as receiver of the Austin water works with a $25,000 bond. Company president Capt. Joseph Nalle announced stockholders would reorganize to buy out the receivership, thwarting the city's acquisition plans. The company celebrated the federal court success.
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AUSTIN, July 12.—(Special)—Judge Joseph Spencer qualified this morning in twenty-five thousand dollar bond, as the receiver of the Austin water works. Capt. Joseph Nalle, the president of the company, informed your correspondent this morning that the stockholders of the old company would immediately reorganize, buy out the present company, now in the hands of the Receiver, Spence, and he would be president of the new company also. The Water company is jubilant at their success in securing a receivership in the Federal courts, which kills the city's prospects for getting possession of the works.
SMOOT.
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Where did it happen?
Domestic News Details
Primary Location
Austin
Event Date
July 12.
Key Persons
Outcome
receivership secured in federal courts, preventing city acquisition of the water works; company plans reorganization and buyout.
Event Details
Judge Joseph Spencer qualified as receiver of the Austin water works with a twenty-five thousand dollar bond. Capt. Joseph Nalle stated stockholders would reorganize to buy out the company under receivership, with Nalle as president of the new company. The water company celebrated the federal court receivership success.