Rensselaer Semi-Weekly Republican, Volume 36, Number 76, Rensselaer, Jasper County, 17 May 1904 — $152,542 is Tom's Overdraft [ARTICLE]

$152,542 is Tom's Overdraft

Would Wreck Any Bank In Northwestern Indiana. Alfred McCoy’s Is $89,009, But His Will Be Partly Offset By Credits. Thirty Thousand Also Dug Up Against the Old Rensselaer Stock Farm.

There is do longer any mystery in the MoOoy bank failure It bus been slowly if cot delibertely wrecked by enormous sums taken oat by the partm re, especially the jnniormember, Tin mas J. MoC^y.

For years be has been withdrawing money from the bank in exoess of his proper share in the profits of •the business, until when the bank’s door closed on that fateful 18th of April, 1904. when the bank's door shut never to re-opec, the total amount that he owed the bank bad reaohed the enormous sum of $152,542, as now shown by the books of the bank.

. Alfred McCjv’s overdrafts amount to about $86,000 but this it is thought will be offsetby large oredits, of probably over oue third of the SBO,OOO. Tom returned from a trip up the J line Thursday afternoon, and on demand of Assignee Chapman be soheduled the sorrel riding horse whioh was sought to be withheld and sold as belonging to his son Taylor. He also, on a similar de mand, turned over the gasoline launch on the Kankakee river, whioh nad also heretofore been withheld. Tom also offered to turn over his suspenders to the assignee, but the latter thought oiroumstanoes were embarrassing enough as they are, and did not insist on that sacrifice. The first report of Appraisers Yeoman and Harris has beeu filed in the clerk’s office. It covers the six or seven horses, six vehioles and one sleigh, belonging to Tom’s porsonal property in town. Douglas Maid, a noted standard bred mare, with a good record, and supposed to be worth SI,OOO, was appraised at S2OO. One of her two year old oolts from the celebrated paoer, Axtell, was valued at $125, and a yearling stallion from the same sire at $65. The horse servioe alone for these oolts oost SIOO each, Th 6 sorrel riding horse was valued at $l5O, The vehioles were also all valued at the same low soale. An elegant two-seated rubber tired trap, at SIOO. A Goddard phaeton at $75, and a Stanhope at the same figure. One old phaeton at $lO. The most elegant outter ever owned in Rensselaer, at S2O. It is the policy « of the appraisers so put the property all low enough that it will be sure to sell, there being nothing in the way however of its selling for muoh more than the appraised values. All these horses and vehicles are to be sold at public sale on Satur- ‘ day May 21st, at 2:30 p. m., by order of Judge Hanley. The Union township personal property * is to be sold at private' sale after 10 days’ advertising by the assignee.

Another onoe very able-bodied overdraft bat now gray whiskered and hoary with age. haa been dag up. It is against the old Rensselaer Stock Farm Company, which went oat of 'bilninew about ten . years is in the earn of about $26,000, The members of the Stoek Farm Company Were T. J. MoCoy, W. A. Hinehaft and Delos Thompson. Just now it

wou'd evidently be useless to men. tion this tits la matter of $26,000 to Turn, as expecting an early settlement thereof, and hb for Mr. Ttiompson be is understood to hdd receipts for his full share of the Stock Farm’s iudebtedmss. But perhaps Mr. Rinehart, if he had remained as assignee, would have olieerfully paid the amount when he discovered that it was stilt unpaid!