Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-09-22
PROPERTY OF CITY WATER SUP.
PLY CO., DISPOSED OF e.
FOR $4,000.
GOES TO FORMER OWNERS
w. A. Underwood, President Of Old
Company, and w. H. slingluff, Chair
man of Bond Holders Committee Are
Successful Bidders.

The property of the City Water Sup.
ply Co., was sold at public auction to-
day to w. HI. Slingluff, of Morristown,
N. j., and w. A. Underwood. of New
York City, for the sum of $25, 900, sub.
lect to two mortgages for $120 500. The
sale was held on the steps OF the court
house pursuant to the orders of the
United States circuit court and waa
conducted by A. L. Parsons, of Dea
MoneS, special master IN chancery app
pointed by the court to arrange for the
sale.
The foreclosure of a mortgage for
$685. 900 held by the Continental Trust
Co., of New York City, forced the sale
OF the plant and the appointm ent of a
receiver until the sale was consummat-
ed w. A. Underwood was PRESIDENT
OF the City Water Supply Co., and w.
H. Slingluff is chairman of the commits
tee OF bond holders in the old COM
pany The plant is under the same
ownership as previously and will prob-
ably be conducted by its former super
intendent James Winans, who is now
| by an order of the court acting as re.
| ceiver.
| But One Bidder.
The bid of $4,000 was the only one
| received on the plant. According to
the orders of Special Master Parsons
| it was necessary to deposit $4,000 pre-
| vlous to the opening of the sale in or
der to qualify as bidder Messrs.
Slingluff and Underwood were tie
only bidders that qualified
The Sale.
Promptly at / o'clock Special MAJ
1 ter Parsons standing on the court
4 house steps, read the notice of the
special master giving the details ef
I the sale. The order wassa pollimi inoi;S5
document and it took over thirty nain-
utes to complete it. When he had fin
ished the special master asked if there
! were any bidders for the property and
Mr.. Underwood stepped forward bid
ding $4,000 on behalf of himself and
Mr.. Slingluff. AS there were no other
bids received the bid of $4,000 was
accepted. A certified check for S.
! OG0 was then paid by Mr.. Underwood
4 as set forth in the courts order regard
i ing the sale.
Foreclosure Of Mortgage.
The foreclosure of the mortgage held
by the Continental Trust Co., was
made necessary to forestaH the efforts
of the Ottumwa parties some time
since to have the court appoint re-
ceiver for the plant. Bonds in the
sum of $4,000 were secured and steps
were being taken to have a receiver ap-
pointed. Mr. Winans obtained know
ledge of the move and notified the of
GERS with the result that the mortgage
4 of the Continental Trust Co., was fore
4 closed and the sale of the plant was
ordered. James Winans, the superin-
tendent of the local plant, was named
as receiver to act until the sale of the
plant
The Local Situation.
i The new company or rather the re-.
organization of the old one, has no
. franchise to conduct its business in
this city and is now dong SO under a
special contract with the city council.
The waterworks matter has been in a
turmoil for months and the council
and the company have peen unable to
arrive at a satisfactory settlement Of
the matter Recently it was thought
the matter had been adjusted satisfac-
torily and would pass the council, but
at the last minute a proposition pre-.
sented by local parties looking to the
purchase of the plant outright by the
city attracted favorable attention from
enough of the aldermen to defeat the
passage of the ordinance.
Ordinance Will Pass.
Since the arrival of Mr. Underwood
a meeting of interested parties has
been held and it is stated definitefy
that the ordinance will now be passed
r and the matter of allowing the fran
l chise to the reorganized company will
D be placed before the electors of the
2 CITY for ratification lit begins to look