Rensselaer Semi-Weekly Republican, Volume 40, Number 21, Rensselaer, Jasper County, 19 November 1907 — STOCK FARM SUIT PENDING [ARTICLE+ILLUSTRATION]

STOCK FARM SUIT PENDING

Complaint Against Delos Thompson Held Good. Compromise Plan Offered. $60,000 Involved. At Crown Point Wednesday of this week will come up for hearing the suit the trustee of the defunct McCoy bank has brought against Delos Thompson for the indebtedness of the old Rensselaer stock farm company to the bank. The stock farm company was composed of Delos Thompson, Tom McCoy and Wm. Rinehart, and for several years bred fast stock and followed the rates with a string of horses. The business proved a big losing investment indtheindebted-

r ess of the company was settled by checks against the stock farm account in the McCoy bank and were honored there, altho the company had no funds on deposit and the overdrafts and other indebtedness to the bank reached the sum of $54,000. This, together with secured interest, now makes about $60,000 and the effort pending is to collect the entire amount from Delos Thompson, the only solvent member of the old firm. Judge McMahon last week sustained the nine paragraphs of the plaintiff’s complaint, overruling a demurrer of the defendant’s attorney which set forth the insufficiency of the complaint to secure a judgement even it the paragraphs were properly drawn up. This would indicate that a judgment might be secured against Thompson for the entire amount, which would have the result of giving another bank dividend of about 13 per cent. Looking to a settlement by compromise Mr. Thompson is having a petition to Referee Bowers circu lated among bank creditors asking him to call a meeting of the creditors for the purpose of considering a compromise. It is understood not to have been very generally signed. The proposition Mr. '{Thompson wishes to make is to pay SIO,OOO to the Trustee in settlement of the claim.

Should the meeting be called by the Referee in it will >robably delay the action at Crown ?oint, and might, of coarse effect a settlement outside of coart. Should ,he judgment for the fall amount or for any considerable part of it be awarded by the circuit court it will, of course, be appealed, and might go to the U. S. Supreme Court, If it is eligible for a hearing before that tribunal.

Mr., Thompson claims to have settled his part of the overdraft in a settlement with MoCoy and Rinehart, and to have himself been defrauded by McCoy’s failure to credit money received from stock sold ob the account, and these fhings might eflect the moral liability, but the courts will deal with the claim from a strictly legal point or view and the bank creditors have secured a big advantage by the ooart having held the complaint good.

Evangelist Elmer P. Loose Who will conduct the union revival meeting to be begun next Sunday in the K. of P. building.