Rensselaer Semi-Weekly Republican, Volume 36, Number 73, Rensselaer, Jasper County, 6 May 1904 — Broken Bank Business. [ARTICLE]

Broken Bank Business.

Assignee’s Appointment Confirmed. New - Deed of Assignment Recorded. Rapid progress is now being mads in the matter of the failed McCoy bank. A new deed of assignment was in ide by Alfred and Thon. J. McCoy, and filed Tuesday evening. It conveys the same realestate as by the previous deed, but is in the name of James H. Chapman, the new assignee. Tne land ronveyed etmun's to 2,873 acres, after deducting the half interest owned by other parties in thosa parts of the land lying in Union and Gillam tp. G>od judges of land values estimate that this land all ought to sell for an average of at least SSO pir acre, evei on a fore d sale. At that, the entire bidy would amount to $144,650 So far us known there is no incumbrance on record against this land, except SI,OOJ on a tract in Barkley. It is commonly underet iod, however, that there is a $5,000 mortgage not - yet filed against the Jordan land; and there is also said to be something against the Gillam land, and also that Jerry’s Island, which is in Lake county, is not all clear yet. Probably than the creditors should real z) $130,000 clear from the land. The bank building and other town property, ought perhaps to offset all claims of the wives and other creditors. ~i

Tuesday afternoon Judge Hanley formally appointed Jam?s H. Chapman aa assignee, thus making fully legal his appointment by the assignees and the depositors. The amount of hie boad was fixed at $320,000. and a surety earn piny bond provided for. He was given until ,Biturday te file the bond, but it is stated that it will be ready much before that day.

Along with the new deed of land was also filed a new estimate of personal property turned over. This includes $140,000 worth of notes and other securities /t the bank, secured and unsecured, and partly hypothecated for loan?; the horses, mules, hogs, sheep and goats, corn aud oats, previously scheduled uho household goods, carriages, harness etc of tho estimated value of $15,000. Also whatever equity there may be in the 330 head of cattle claimed and mostly taken, by Wood Bros, in Coioago. Nothing is yet public about the extent of the liabilities nor of how much of the supposed assets yyill be required to pay the individual debts of the partners, which are said to have precedence over the partnership debt.