Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-05-27
'REcEIvER ron PARK DAM COM.
PANY PETITIONS COURT ron
ORDER.
AUXILIARY coNcERNs NOW
FREED FROM ALL pEpra
asesivsr Says Sale 10 Necessary o.
Plant Will Be Compelled 20 cIess-
Anticipated That Outside Stoekhejd.
srs viii b Taken Care Of In Sinjla,
T Mannsr-Rscsivsr Offers osrvjeea,
special to Times-Republican.

Special to Times Republican.
Eldora. May 27.-The receiver for
the Park Dam Company filed applica-
ton today for an order Of court to sell
the plant. Hearing on the application
will be had on June q.
In the application Charles L. Ryan,
the receiver. states that the holder of q
mortgage for $4,000 covering the
plant has served written notice on him
that he intends to begin foreclosure
proceedings. There are other outstand-
ing claims in the sum OF $4,000, be-
sides an Indebtedness Of $500 in
favor of E. H. Lundy, president Of the
company. and other claims now held
by e. w. Lundy, amounting to $21.-
000.- The receiver further states that
1t has been necessary In the past to
have additional power because Of low
water; that in fact the original own.
ers provided against low water by pur-
chasing the steam plant. This steam
plant is not now connected with the
Park Dam Company plant, and the re-
ceiver says that unless the Park Dam
plant provides in some way for ad-
ditional power before the dry season it
will have to be closed down and thus
lose valuable contracts.
Many Claims Paid.
The Iowa River Light and Power
Company. the Iowa Securities Com
pany and the Eldora Electric Light
Company are now owned by the Lun-
dys and c. E. Lawrence. OF Union. and
every claim thus far presented against
these concerns and against r. II. Lun-
dy personally. as well as ali the OUT
side stockholders, have been paid. the
stockholders receiving back every dol-
lar invested. SO that the only local per-
sons aside from the original sole owns
ers OF the Park Dam Company inter-
ested financially in any Of these mat.
tiers consist OF Some forty
citizens OF Eldora who own stock in
the Park Dam Company, in the total
sum Of $4,000. Since Mr.. Lundy's sick
ness. beginning about March I. It has
been like run on . bank in the
scramble Of stockholders and creditors
to protect themselves. but the Lundys
have taken care Of all claims. paying
out $S.750 to one bank. $4,000 to am
other. and $500 70 another: have taxi
en- care OF Mrs. Flrry's claim for So
500. bought up Park Dam claims OF
$4,000 and paid to the stockholders OF
the Iowa River Light and Power
Company. $1o.21s. They have shown q
disposition. says the receiver. to take
care Of all Just Claims and Mr.. Ryan.
who has had the settling OF most Of
these matters. says he believes every
stakeholder in the Park Dam Company
will be paid in full. Tho receiver has
offered to donate his services free OF
charge. provided the dam company
stockholders are now paid In full
Says les Only Wsy.
Receiver Ryan says that he feels
that in asking for the sale Of the plant
he is taking the only course to avoid
closing down the plant IN the dry sea-
son and also force matters to final
conclusion.
1t is only in Justice, perhaps. to
Messrs. Lundy to say that many peo-
pie here feel he IL to be congratulated
on the stand he has taken thus far in
taking care Of these claims. and II tho
Park Dam Company stockholders are
taken care Of 1t will reflect great cred-
1t on Messrs. Lundy, but at the same
time they can not afford to do less, as
they now have invested In these plants
more than 100000.