Rensselaer Semi-Weekly Republican, Volume 36, Number 68, Rensselaer, Jasper County, 19 April 1904 — McCOY’S BANK CLOSED. [ARTICLE]

McCOY’S BANK CLOSED.

Most Sensational Event in the Fi= nancial History of Jas= per County.

Bank Gone Into Liqnida= tion and An Assignee Appointed. % No Danger But that All Depositors Will be Paid m Full. On Monday morning, a little ■while before nine o'clock. the hour for banks to open, h litt'e type written notioe whs ported on thfront door J the tildes', best known and largest patronized bank

in Jasper county, that of A MoOoy & Company. Che notioe read: ‘Owing to. sickness aad other Matters, this bank is olosed, and will go into liquidation.” A. MoOcy & Co It was a little piece of paper, bat no stroke of lightning out of a clear sky ever oonld create euoh a sensation in Rensselaer, and all •ver Jasper conity, as that di i. The bank is now known t> have been hard pressed for sime time owing to inability to collect on loans made. Last we9k, in hopes to bridge over the trouble, A MoCoy sold to his daughter, Mrs. Mattie Rinehart, his half interest in 1700 aores cf land in Hanging ©rove, she alreaiy owning the other half. A loin of was then made on the laud, with the Conn. Mut. L f« las. C >., aud this amount turned ovet to the bank It was seen however that the im pending trouble could not l ong be stayed, without great sacrifices, and it was decided to dose the bank and appoint an assignee. The assignee chosen is Win. A. Rinehart, Mr. McCoy’s son-in-law, and himself one of the most cireful and successful of business men: and whose appointment will be entirely satisfactory to the oreditors. All real-estate and personal property will be turned over to the assignee.

Tbe real-estate eo tamed over iuoludes 2,300 acres of fine land in Jordan Tp„ worth $75 or SBO per aore. Also a half interest ia 500 acres iu Union, a half interest in 320 acres in Gillam, and various Smaller amounts. Thus the realestate turned over is worth at conservative estimate $200,000. The liabilities of t*ie bank, to depositors, can not be certainly known until (he assignee dies his schedule; but the general estimate is $200,000 to $250,000. Of course to offset this- there are large sums due t ie bank on personal and realestate Ip&us, on discounted notes etc. n th| e exaot condition of the bank -, A i not be known until the j roi( 'nee files his invents S • It is a much aoveted honor \mong Presbyterian ministers, rhioh came to Rev. A, 1 Golden Wor*. the popular young pastor of the Rei taelaer Presbyterian ohnrob when the Presbytery elected him a delegate to the general assembly. It is something they all desire, but some of them never realize Vbeir wishes. The assembly asts ten days, and the delegates Dave all traveling and entertainment expenses paid. It meets the atter part of May, and its place >f meeting this year is Bnffalo, New York,