Rensselaer Semi-Weekly Republican, Volume 38, Number 18, Rensselaer, Jasper County, 13 October 1905 — The Paying of A Dividend. [ARTICLE]

The Paying of A Dividend.

Now AU Depends On Whether The Bank Creditors Take *n (Appeal, Trustee Chapman and Attorney I S. P. Thompson were at Indianapolis and before Judge Anderson in the McCoy bankruptcy cases. The Judge made final written entry of his previous verbal findings, in regard to the overdrafts and the existence of Tom’s mortgage. That is that Trustee Chapman should file and have allowed against the individual estate of Alfred McCoy and Thos. J. McCoy, the amou its of their respective debts to the banking firm of A. McCoy & Co., and for the benefit of the creditors of that firm; these debts being in the form as called of overdrafts. In Uncle Mac’s case the overdraft is about $60,000 and Tom’s still in effect $130,000. Tom’s mortgage and interest amounts to some $37,620, and will turn his entire personal estate, above his wife’s share, over to the bank creditors.

The decision as to the Lafayette Delphi and other bank creditors was also confirmed thus putting them on the same footing as other creditors of the bank, and giving them only the same per cent, as the bank depositors will get. These people have 10 days in which to appeal from Judge Anderson to the U.S. circuit court. If they do not take such an appeal, then Trustee Chapman will 'give a farther 10 days’ notice to creditors and at the end of that time will pay to the’ bank depositors and other creditors of A. McCoy & Co., a first dividend of 20 cents on the dollar; and to the creditors of Alfred McCoy a dividend of 40 cents on the dollar. But if an appeal is taken it will so tie up the funds of the trustee that only a very small dividend would likely be authorized. The Lafayette and Delphi bankers seemed disposed to quit now and take Judge Anderson’s decision as final; but Clay Harris, of the Mulberry bank did not talk so favorably.