Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1892-08-06
AFTER The IRON HALL

~ IL Said TO BE ACKNOWLEDGEMENTS
Made for the Appointment of RE-
oeiver.
INDIANAPOLIS, Ind, July 30.-Friday
afternoon Hawkins g. Smith, attorneys
for Albert Baker, Homer Sanpsel and
Daniel Krefier, fled lengthy COM
plant in the superior court for the APP
pointment of receiver for the Order
of the Iron Hall, mutual ben
eft association, with life insur-
ance, sick and disability benefit
and maturity fund features. The alle-
cations upon which the application for
a receiver is based are that the institu-
ton is insolvent and that under the
m anagement of the present officials the
assets will be wasted and the policy
holders defrauded.
The complaint charges reclslessness
and eXtravagant payment of salaries
and the expenditure of large sums of
money for travelling expenses and pre-
tended claims, amounting in one year
to over S50,O00, which sum, says the
complaint, was appropriated and used
in the pretended payment of ex-
penses. 1t is also alleged that at differ
ent times all the general fund has been
exhausted and large sums of money
have been taken from the reserve fund
and placed in the general fund instead
of allowing it to remain sacred to pay
the benefits and claims of the members.
That part of the complaint devoted to
the liabilities of the order shows it's
maturing obligations to be tremendous.
1t alleges that the corporation is in
loLt fo, e., q,
mainder of the year 1892 over 81, 0OO,-
600, and for sick and disability bene-
fits over S325,000 For 1898 it is
indebted for maturing benefits 81, 000,-
900, and for sick and disability
benefits over $3.50, 900. For 1894 it is in
debted for maturing benefits So, 900, ,0OU,
for sick and disability benefits $3.50, 600.
For 1895 it is indebted for maturing
benefits over $4,000, 900, and for sick
and disability benefits over $3.50, 900. 1t
is alleged that the reserve fund in the
hands of the branches amounts to only
about Sl,200,000, only one-seventh of
which is available each year for the
payment of.liabilities.
THE Order of the Iron Hall was instituted in
Indianapolis several years ago and its general
offices are located there 1t was the product of
the fruitful brain Of Emil Kennedy, whose
scheme several years ago to build double
track narrow-gauge railroad from
New York to San Francisco got
him some celebrity and attracted some
attention The Iron Hall had phcnom-
email growth from the time Of its institution.
Its membership at the beginning of 1891 was
reported 10 be 53,906 and in 1892, 65,2O4. Its
membership NJ present is about 10000, disirib-
uted among over 1000 lodges in many states.
The official statement OF its assets January l.,
1892, gave them rs 900 The income OF
the order is derived from assessments levie d
upon the members. Each assessment rs -, 10
for each member and in the history OF the order
the number OF assessments has averaged from
eighteen 10 twenty year. Its income at pres
ent is over $3,0o0,O0o year Since its organiza-
tion the order has paid out 5000 600 in sick,
disability and death benefits. The exact assets
are unknown until the various branches are
heard from, but are estimated by the officers to
be from 81 100000 TO s., 100000
The Iron Hall pays a weekly sick benefit OF
sao In Of death the holder Of n policy
upon which there is no deficit receives $1,000.
AT the end OF seven years the holder of policy
receives $1,000 cash. II policy lapses the
holder gets nothing.l