Rensselaer Semi-Weekly Republican, Volume 39, Number 76, Rensselaer, Jasper County, 28 May 1907 — MUCH MORTGAGED McCOYSBURG FARM [ARTICLE]

MUCH MORTGAGED McCOYSBURG FARM

Judgments were given various creditors last Friday in the foreclosure proceedings on the former MoCoy & Rhinehart lands in Hanging Gfove tp,, transferred to Mattie McCoy Rhinehart in 1901, when the $37,000 loan was procured from the Connecticut Mutual Life Insurance Co. This money was largely used in tiding over the affairs of the bank, the loan having been na gotiated by E. L. Hollingsworth, of the Fust National Bank, and that bank having been able in this way to get a settlement out of the fast declining McCoy bank. Attorney Geo. Williams represented Contractor Lee. Jessup, who had a mechanics lien on a house on the farm for $163. The farm conlams 1,700 acres with an estimated value of $45 per acre, making a total valuation of $76,500, The total judgments against the farm,as rendered by the White circuit court aggregate about $82,000. The Connecticut Insurance Co., was allowed $19,000 including interest, taxes, etc., and are subject only to Mr. Jessup’s lien. Following this are judgments in the following order and amounts: Horace Russell of Illinois* for $2,500; Gottlieb Dierling for $4,000; E. L. Hollingsworth for $1,100; E. T. Bowen and Co. for $5,000 and A. T. Bowen & Co. for $14,000. The chief contention in court was the effort on the part of E. T, and A. T. Bowen, brothers of the Cain and Abel variety, to establish their rights to priority of their claims. Immediately after the failure of the bank the Bowens who had loaned the McCoys money on notes endorsed by Mattie A. Rhinehart, got busy to procure more tangible security. Both got attorneys and determined to have mortgages on the McCoysburg land. AT. Bowefi sent his mortgage down to Qaeen City, Mo., where the Rhineharts live, and the same day they sighed it- and before it was started back, E. T. Bowen and his attorney landed in Queen City and induced the Rhineharts ip give him. a mortgage. They started back home on a train that left Queen City at 1 o’clock Sunday morning; l As E. T. was getting aboard he saw A. T. getting off, and the train did not run quite fast enough to suit him, but he was waiting at the office of the Jasper county recorder on Monday mornwhen the court house opened. A T. learned: when he had a chance to confer with the Rhineharts that the mortgage been properly ack no ajnd, was mailed that Hsgpfc back as quick as way, t#it the foxy' Ed vrtittf, ihadioeat hi m to it. This was the decision of Jndge at Monticelfo, and E. T?s. $5,000 claim waY-glVefi precedence to A T’s. claip for $14,000. Will Rhinehart wasiu/Monticello representing the interests of himself And wife. Ife asked for a little tinge to g£ve him a chance to sell the lspd-and this was granted, bnt there seems small probability of the land bringing enough to pay off the accumulated mortgages, and there is more apt to be a “judgment over,” which can be attached to any property the Rhineharts may have.