Rensselaer Semi-Weekly Republican, Volume 36, Number 83, Rensselaer, Jasper County, 10 June 1904 — They Exact Every Dollar. [ARTICLE]

They Exact Every Dollar.

The McCoys Drive a Hard Bargain and Get Every Dollar They Can From The Bankrupt Estate. * - 5 When the McCoy bank closed on the 18th of April the MoOoys both solemnly and repeatedly declared that everything they bad except the two residences in town would be turned over to the creditors, and that nothing would be kept back, either secretly, or under the laws of dower by their wives. The sincerity of these promises began to become apparent when attempts were made to hold back certain property. Such as a fine horse, a jersey cow, the gasoline launch and other expensive boats, guns etc. The many thousands of dollars worth of fine diamonds recently knovvn to be in the posession of one of the families have also disappeared, though those owned by T. J. McCoy especially, had been seen within a few months by various persons, yet since the failure it is stated that he had disposed of them over a year before. Right along in line with this whole course, was the sudden appearance of a deed held by Mrs. A. McCoy for the bank building, which was never placed on record, and even its existence not made known, until after A. McCoy, the ostensible owner, had solemnly deed rt to ‘he trustee for the bene--1 cf ths a ail tail tid till it had been ordered sold under that deed, and so advertised, and the very morning of the sale had arrived. Then this secret unrecorded deed was produced and with a threat of having it at onoe placed on record, was used as a club to enforce demands for a huge share of the property, every dollar of which, by every consideration of right, justice and honesty, belong ed to the victims of ruinous extravagance and profligacy.

The result of these demands is an agreement entered into by the MoOoys, and Assignee Chapman, by the advice of his attorneys, and signed by Alfred and T. J. McCoy and their respective wives. Under this agreement the seoret deed to the bank is to be cancelled and destroyed and the sale of the building is to be proceeded with under the deed of trust. The sale of all the other real-estate turned over by the MoOoys is also to be permitted to be made, the McCoys and their wives to join in all the deeds. In consideration of the dower rights of the wives under the law and for giving up the seoret deed for the bank, the wives are to have one fifth of the selling price of all the real-estate, except a certain small proportion of partnership land in which they get no share and which consists of a half interest in 320 acres in Gillam tp., and a half interest in 519 acres in Union, and of 40 acres in Jordan. The wives will get one fifth of what the bank sells for, and one fifth oi Tom’s Dexter property and other small holdings in Rensselaer and his Jerry’s Island, and one fifth of the 2,233 aores in Jordan. Whatever mortgages exist on the land are to be settled before the women receive their fifth part. If the Jordan land sells for about what it is worth the women will receive from 935,000 to 940,000 out of the property. And have, besides the elegant residence properties, on McCoy avenue, worth 915,000 or 920,000 each. There is a possibility however that about 400 acres of the Jordan land oan be shcyrn to be partnership land, and in that oase they will get nothing from that 400 ' aores*

This one fifth is more than the wives would have been entitled to under their original dower rights. They would only have received one fifth of the estate up to $20,000 dollars, and on th« property above that would have only a certain dower right in case they outlive ( their husbands- But their claims would have been a serious clog on selling the land, and besides it was thought that Mrs. A. McCoy could have held the entire interest in the bank building, and therefore they considered that it would be better to make compromise and thus have a clear title to all the property.