Rensselaer Semi-Weekly Republican, Volume 36, Number 69, Rensselaer, Jasper County, 22 April 1904 — Notes On the Bank Failure. [ARTICLE]

Notes On the Bank Failure.

Whatever be the u timate result to the depositors in the MoCoy oank failure, the immediate result is bound to work great inconvenience and hardship to many. Also it cannot fail to have a disastrous effect for some time on the business of the town.

Reports that the Rensselaer oity aoho >1 money was badly tied up, are exaggerated. Most of the sohool’s money wbioh had not been need in the expenses of the school was still in the county treasurer’s hands, and warrants for the same are ready at the auditor’s office. About three thousand dollars is there, still available.

Many people who had expected to build new or improve their residence, will be obliged to defer it, for the present, thus oausing hardship not only to them but to the people who would do the work, and to the others who would sell the material A case iu point is Wm. Bennett, who had the lumber ordered for a good house on his reoently bought 40 acres, just west of town. Be has all his money tied up in the bank, and has countermanded his purchase of lumber.

The township trustees have their funds very extensively tied up in the bank. Marion township has about $3,000 there; Keener all it has, about SI6OO or $17,000; Newton about all it has, and also Jordan. Several others have a greater or less part of their funds tied up.