Jasper County Democrat, Volume 8, Number 28, Rensselaer, Jasper County, 14 October 1905 — TWENTY PER GENT [ARTICLE]

TWENTY PER GENT

Dividend In Sight For i*lcCoy Bank Creditors. PROBABLY BE DECLARED OCT. 23eighteen Months After the Failure the First Dividend Is Likely To Be Declared. .. Trustee Chapman and Judge Thompson were in Indianapolis Tuesday on matters connected with the McCoy cases. s Judge Anderson announced his decisions as previously mentioned in these columns, holding the over-draft of A. McCoy for $61,290, the overdraft of T. J. McCoy for $134,980 and the T. J. McCoy mortgage for $37,620 were due the bank and should go to the bank’s creditors instead of the individual creditors. The statue of limitation had expired against a part of the amounts, but those given above are the amounts allowed. It is now expected that a dividend of 20 per cent will be declared in favor of the bank creditors on Oct. 23, and a 40 per cent dividend to A. McCoy creditors. As before stated, this action depends on whether the Lafayette creditors appeal their cases. They have until October 20 to appeal. This will be welcome news to the bank creditors surely, as it will be eighteen months next Wednesday since the bank closed its doors and this is the first dividend for the creditors that has been or is about to be, rather, declared. A 20 per cent dividend will mean the turning loose of about $90,000 in cash, and the good effect of this money being put in circulation —the greater part of it right in this immediate vicinity—will no doubt be apparent to everyone. No action was taken regarding the discharge of the McCoys from bankruptcy, but Judge Anderson stated that notice would be given objectors so that they may be heard in the matter.