Rensselaer Semi-Weekly Republican, Volume 38, Number 30, Rensselaer, Jasper County, 29 December 1905 — Saturday’s Proceedings at Hammond. [ARTICLE]

Saturday’s Proceedings at Hammond.

At the McCoy creditors’ meeting at Hammond, last Saturday, a considerable amount of important business was disposed of. The compromise in the S. R. Nichols matters was confirmed. By the terms of this compromise, Mr. Nichols is given the set-off which he claimed and'surrenders whatever right he had against the individual estates of Alfred and T. J. McCoy, as signers of his bond as county treasurer, or rather, he assigns his right to Trustee Chapman, for the benefit of the creditors of the firm of A. McCoy & Co. Briefly stated, now that the compromise is accepted, it will leave the Nichols matter in about this shape: Mr: Nichols, who had some $23,000 of county money in the McCoy bank when it tailed, and was therefore a creditor of the bank to that extent, also owed the bank about $15,000 for borrowed money, and was therefore a debtor of the bank to that extent. He is now allowed a set-off of one debt against the other, so far as they equal each other, and this will leave the estate of A. McCoy & Co. still owing him some $7,500, and on this he will have the same dividends as others have had or will have, or some 35 cents on the dollar, in all. This settlement does not, of course, in any way affect the county’s claim against Mr. Nichols and his bondsmen for the $23,000, which must all be paid back to the county. Referee Bowers stated that he considered that the law gave Mr. Nicnols the right of a set-off, in any case, and therefore it is hard to see that the bank creditors have lost anything by the compromise, and general opinion of those best informed is that they have gained by it. And the county certainly can lose nothing by it. In the final wind-up Mr. Nichols will lose, of what he had in the bank, the difference between $7,500 and what he will get in dividends on that sum, or a net loss to him of about $5,000. A protest against allowing the compromise was presented signed by a number of creditors, but no reason was given for their opposition. An appeal can be taken to Judge Anderson, if any dissatisfied persons think it worth while. The F. B. Meyers matter was also settled. Mr. Myers owed the bank some $1,500, and Tom owed him $1,300, and Alfred owed him $2lO, and the bank owed him about S4O. It was held that he could claim a set-off only to the S4O. But his claim against Alfred is worth about 50 or 60 per cent. As his residence property is the only known source from which to collect the balance from Mr. Meyers and as Mrs. Meyers has an equity of S7OO in that, and Mr. Meyers wculd further be allowed his exemption of S6OO, it was decided to accept his offer of $350, in full settlement of the claim against him, and which seems a fair settlement.

A. T. Bowen, of Delphi, bobbed up again with his claim of *IO,OOO. He claims he lives in New York, and that under the laws of that state he is not obliged to accept the same rate as the other bank creditors are, and says he will appeal from Judge Anderson to the U. S. district court. The claims of Warner Bros, and of J. C. Gwin|for set-offs were heard bnt not decided.

A final dividend in A. McCoy & McDonald affairs was declared. It is 16.85 on thej*loo. It is Mr. Chapman’s opinion that the bank will finally pay at least 85 cents on the dollar. He hopes to pay another dividend about the Ist of March. The pendency of the various Rjnehart claims is the principal cause of delay in declaring another dividend.