Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-05-05

the same date Judge Lee appointed
Charles o. Ryan as receiver. Under an
order Of court certified public account
ants were employed to go over the
books Of the company and report its fl
nancial condition. This report was
placed in the hands Of the receiver on
May 2, and the showing Is much bet
ter tina anticipated by the stockhold-
ers. BY this report the assets Of the
company are shown to be $SS,25446.
and the current obligations Slightly
over $4,000.
Referring to where the money went"
the report says: We have examined
documentary evidence for the whole
Of this expenditure and with the ex-
ception of the items included therein
for labor and sundry small items
included in the miscellaneous expense,
and subject to the correctness Of this,
labor and miscellaneous expense items,
we are satisfied that this expenditure
is properly chargeable herein"
Companys Indebtedness.
The boks of. the company show thai:
the company is indebted to e. II. Lundy
personally i'm the sum of s7,5344S. and
as to this particular item the account
ants report says: This amount most
ly represents cash advanced on loan
to the corporation and we have traced
the various amounts credited therein as
having been deposited with the Citizens
Savings Bank, Eldora.' The indebted
ness Of the company in the sum of
about $4,000. is made up as follows.
A first mortgage to the Citizens BanL
Of Union, Iowa. due in three years in
the sum Of $4,000. There is $1,000 in
terest on this mortgage due and unpaid.
A note to u. W. Turner. 81 Steamboat
Rock. for 1000 which is given for
part of the purchase money for the
Dam site al Steamboat Rock. and this
note will be due in three years. a note
of $1,000 to T.. w. Lundy. and $,,o34. 4S
Que f. II. Lundy. as above stated Prac-
,tically all of the remainder OF the in
debtedncss is for supplies furnished by
wholesale house, so that the indebted
ness not included in the above consti-
tutes the claims AGAINST the company
which we're demanding Immediate at
tention, and were in the sum of about
$4,000
On Saturday MIR E. w Lundy. Of
Union, father OF Z. H. Lundy, president
OF the company. brought up of the
claims Of the Wholesale horses, the
sum Of about s2l ,0Go, and was ready
with the cash TO purchase the re-
mainGer Of the claims held by whole
sale houses, and the reason given as
to why Mr.. Lundy did not take up the
balance Of the claims presented was
because the claims as presented did not
agree In amount with what the Re
ceiver claims the indie btedfess to these
companies to be. the difference being
that the receiver claims certain goods
have been returned to the houses for
which no credit has been given. In all
probability these claims Will be taken
care OF when satisfactorily adjusted.
Soc Way to Adjustment.
This apparently puts the company in
a position where an adjustment Of the
financial conditions of the company can
be had Referring to the financial con-
dition Of the company as disclosed by
the books and other records at this
date the expert accountants say. NO
charge for depreciation Of the plant and
equipment has been provided and on
the other hand no amount has been
brought into the account in respect of
the probable values OF the franchises
held bv the corporation"
Mr. Lundy is slowly recovering. but
al 10 time since the appointment OF the
receiver he has been able to transact
business.