Rensselaer Semi-Weekly Republican, Volume 37, Number 30, Rensselaer, Jasper County, 18 April 1905 — Referee Bowers Hakes Decisions. [ARTICLE]

Referee Bowers Hakes Decisions.

On the Whole Very Favorable To The Bank Depositors. Z Referee Bowers rendered some very important decisions in the McCoy bankruptcy oases Saturday and which, if su6tained*by Judge Anderson will be greatly to tbe advantage of the depositors of the bank. The most importantpoin'. decided was in reference to the c'aims of tbe Lafayette and other bank creditors to have their claims admitted against not only the banking firm of A. McCoy & Co, but also against the individual estates of both Alfred and T. J. McCoy. This, if granted, would have made them preferred creditors and they would have got their money in full to the great reduction in the ameunt the depositors would receive. The decision of Mr Bowers wbs ad versed to this very unjust olaim of those banks, and that they oan only oome in on equal terms with the depositors and other creditors. Tbe banks gave notioe that they would appeal to Judge Anderson.

On the other important points involved, the decisions were not so favorable to the depositars. In regard to Tom’s overdrafts and other debts, including the alleged mort. gage given by him in 1894, to seoure what he then owed the bank; and all amounting to about $195,000; and Unole Mao’s overdrafts of about $60,000, the deoieion was tha* the trustee has no provable claim. The effect of this decision will be, as we understand, that the individual claimants against A. MoCoy will get their money in full, instead of about squally with the depositors,! and that Tom’s family will get considerable more out of his estate than they otherwise would. While the banks are appealing from the deoieion against them, Mr. Chapman will also Bppeal from these decisions against him. However tbe sum of all the decisions is muoh in tbe depositors favor.