Rensselaer Semi-Weekly Republican, Volume 41, Number 70, Rensselaer, Jasper County, 21 May 1909 — DEPOSITORS TO GET 3½ CENTS MORE [ARTICLE]

DEPOSITORS TO GET 3½ CENTS MORE

Trustee Chapman Makes Final Report In A. McCoy & Co. Bankruptcy Case,. AVAILABLE ABOUT JULY IST Final Settlement Must Be Approved By Referee John 0. Bowers After Call for Creditors’ Meeting. Trustee James H. Chapman is about to wind up the A. McCoy & Co. bankruptcy cause, and has made his final report to the referee in bankruptcy, John 0. Bowers, of Hammond. The referee will call a meeting of crediors within the next few days and then go over the figures of the trustee and follow that by declaring the dividend. The trustee will then be instructed to write the cheeks, which are about 800 in number and, these will have to be sent to the referee to be countersigned. It is thought that all of this will require from four to six weeks time and that the final dividend will not be available until the latter part of June or the first of July. The dividend will be approximately 3% per cent, possibly a little more. Trustee Chapman indicates that it will be about 3.547 per cent. This will cause the disbursement of something near $14,000. Previous dividends' have totaled 44 per cent, and were declared as follows: December, 1905, 20 per cent. February, 1906, 10 per cent. February, 1907 8 per cent. February, 1908, 6 per cent. Total 44 per cent. This dividend '3% per cent. Total 47% per cent. The bank failed on April 18, 1904, that is it failed to open on that day. It did not get into the federal courts until September, and the first dividend was not granted until December of the next year. When the trustee first took charge it looked like the bank would not pay to exceed 10 cents on the dollar. The various extremes to which the bankers collectively and individually had gone to borrow money and the number of creditors in addition to the depositors, some of whom had preferred claims and others of whom tried to have their claims preferred, had produced a number of legal entanglements that it took a long time and a lot of hard work to unravel. During the almost five years that Trustee Chapman has been the trustee he has been the unfailing friend of the depositor and his action in prosecuting several of the claims of the depositors is responsible for a considerable part of the 47% cents on the dollar that the depositors will have received when the final dividend is paid. The T. J. McCoy creditors received only 3% cents on the dollar and the A. McCoy creditors received 62% cents on the dollar. Final settlement was made on these matters about two years ago. On June 18th T. J. McCoy will walk from the Michigan City penitentiary a free man, having served the maximum term of three years under his sentence. Alfred McCoy a disheartened and embittered old man. Tom’s mother also died during his term in the penitentiary. A little more than five years ago the McCoys lived in apparent affluence, the leading family in this city. In a month more Tom will start out in life anew and at about the same time the last dividend of the failed bank will be paid and the incident that so shocked this city will be closed forever. Rensselaer has quite outgrown the disaster, but the loss to many of the depositors who had saved their money by many deprivations in order to have a competency for old age will always be felt. The name McCoy is not often mentioned here and even the heaviest losers are glad that the time is.at hand to bury all recollection of the misfortune that befell them. Remember The Republican when In need el Jeb printing.