Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-09-22
PROPERTY OF CITY WATER SUP.
PLY CO., DISPOSED OF {
FOR $4,000.
GOES TO FORMER OWNERS
w. A. Underwood, President of Old
Company, and w. H. slinsluff, Chair
man of Bond Holders Committee Ara
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, SUBJ
ject to two mortgages for $40, 800 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
Moines, special master IN chancery api
pointed by the court to arrange for the
sale
The foreclosure of mortgage for
S325 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.
HI. 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.
ceiyer.
But One Bidder.
/, The bid of $4,000 was the only one
received on the plant. According to
the orders of Special Master Parsons
1 1T was necessary to deposit $4,000 pre-
vious 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.
4 Promptly at o'clock Special Mas
ter Parsons standing on the court
house steps, read the notice of the
special master giving the details eft
the sale The order wassa xoluminoi;s-
document and it took over thirty min
utes to complete it. When he had fin
i ished the special master asked if there
1 were any bidders for the property and
Mr.. Underwood stepped forward bid
ding $4,000 on behalf of himself and
i Mr.. Slingluff. AS there We're no other
i bids received the bid of $4,000 was
4 accepted A certified check for S.
i OG0 was then paid by Mr. Underwood
as set forth in the courts order regard
4 ing the sale q
Foreclosure of Mortgage.
/ The foreclosure of the mortgage held
i by the Continental Trust Co., was
made necessary to forestall the efforts
of the Ottumwa parties some time
since to have the court appoint a re-
ceiyer for the plant. Bonds in the
sum of $4,000 were secured and steps
/ were being taken to have a receiver ap-
4 pointed. Mr. Winans obtained know
ledge of the move and notified the of
GERS with the result that the mortgage
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.
The new company, or rather the re-
. organization of the old one, has no
franchise to conduct it's 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-.
scented by local parties looking to the
, purchase of the plant outright by the
city attracted favorable attention from
| VI tue dluelluSu W uSlSdI liz
passage OF the ordinance.
Ordinance Will Pass.
Since the arrival of Mr.. Underwood
meeting of interested parties has
been held and 1t is stated definitely
that the ordinance will now be passed
r and the matter of allowing the fran
| chise to the recognized company will
} be placed before the electors of the
? city for ratification. 1t begins to look
!. as if a solution of the much mooted
: question has been finally arrived at
e after several months of agitation.
Visitors in Attendance.
Those in attendance at the sale from
out of the city were President w. "A.
Underwood of the City Water Supply
5 company, w. H. Slingluff of Norris
town, N. j.. Special Master A. L. Par
sons and E. R. Mason. of Des Moines.
I H. Scott Howell of Keokuk, who was
a attorney for the Continental Trust
: company in the foreclosure case and
: VIM. McNett. solicitor for the City Wa
t ter Supply company, We're also in at
tendance.