Rensselaer Semi-Weekly Republican, Volume 36, Number 69, Rensselaer, Jasper County, 22 April 1904 — What Blodgitt Had to Say. [ARTICLE]

What Blodgitt Had to Say.

Report of the Indianapolis News Staff Correspondent on the Bank Failure. W. H. Blodgitt, the veteran travelingsthff correspondent, of the ludianapotis News, who is always right on hand when a big orime is committed or a big bank fails, spent a day and a night here, investigating toe McCoy failure, and bi r report in the Tuesday evening’s paper will be of great general interest, ai.d is here copied in full. Rensselaer, lnd , April 19, Tot- el ising of the A. McCoy & Co ’e Bank is still the topio of conversation in the streets. Groups of farmers and business men • luster on the street oorners, discussing the cause and tffeot. Tne business men are doing their L _:best to inspire oonfidenoe of depositors iu the hope that their claims will be paid in fall, and also to p'event a panic The other banks, fearing a run by depositors, bav.- qu t making new loans, and are calling in their oash, to be prepaid for any emergency, Many rcpre-entaiive oitizens are standirur bv the MoCoys, and are doing evervthiig they oan to prevent bitter talk and basty aotion until e mething more is known of the affairs of the bursted bank. The is expressed over the appointment of W'TTiam A, Rinehart, the eon-in-law, rs assignee. This appointment may develop a legal fight on behalf of all the depositors. Deeds of Assignment Filed Last evening Messrs. Fol'z & Spiiler aud Jesse Wilson, attorneys for the bank, filed a deed of assignment to William A. Rinehart The deed reoites that the McCoys are financially embarraß - ed, aud in Riling health. The as-igument oovers 3,025 aores of land in d fifer nt parts of the oounty, ti e bank buildings in this ci'y, and also four town lots. The v-'hh of this property is not given Thomas McCoy has a fine summer home on an island iu the Kankakee river, where many political meetings have keen held. Tbis emUraocs forty aores of land, whioh i« also tamed over to creditors. The home of Alfred MoCoy, in the n*m* of his wife, is reserved. The h me of T. J. McCoy, owned by himself and wife, is also reserved N ne of the personal property of eitn-r of the MoCoys is embraced in fho assignment. Liabilities and Assets Unknown. T ih attorneys, speaking for Wm. A. Rinehart, say that it will be impossible to give a list of liability- and assets for a week or ten days. They have no idea of the amount of indebtedness, nor how nuo i will be paid on olaima- It is i) derstood that much of the hue’s paper is in possession of ot> t-r hanks as collateral, but how on oh is not knowD, nor in what b ''a. Thomas J. McCoy is muoh w <- r e today and is unable to see any on • nor to make an explanation. Tis faot that the McCoys (lid mt uive up everything to pay their creditors onuses much comment. n* a statement was made yesterday that they proposed to enni! uter everything in satisfaction of indebtedness. T. e more the matter is investigated tbs greater the indignation is expressed. Business meu say that rlisy deposited money in the ha- k Saturday morning Today a nnubsr of drafts sent out onme h> < k protested. The bank failure has hart business ell over the oomi'rv. Some men were prevail'd on to withdraw deposits fr m other banks and plaoe the m u»*v with the MoCoys within a v ek of the failure Ur Rlodgitt's artiole is not entirely norreot, as the statement tha» the personal property is none nf >t tened ovei. He evidently ov.rhmked the eobedale of per»o*»al nropsrtf appended to the df ed of trust.