Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1892-08-17

IRON HALLS FUNDS.
Bank Where TheyWere
Deposited Assigns.
GOODWILL WORTH $4,000
Assignee Speaks of Scheme to Wreck
the Bank and the Iron Hall.

PHILADELPHIA, Aug 1.-THE Mutual
Banking, Surety Trust and Safe Deposit
company. la which Iron Hall funds are do
posted. has assigned
AssIgnce Stockwell vas, asted the rea-
ssns given for the assignpant lie replied
by referring 10 the recent suit for re-
csiverslip Instituted against the Iron
uaSi ~ Indianapolis. shd THO fact thai
ea9n0c) u the orders money u deposited
In tho bank The lawyers on both sides
Of the roceivership suit" ho continued
with Tho consent and approval Of Judge
Taylor. came here TO tAke away Jbe cash
and securities o tho bank aud remove
them 30 Indianapolis Nv. KrYmbhaan
state superintendent pf banking, has been
working with the plaintiffs with the uu-
doubted intcu ton q wrocking this instt
tuition and tho Iron Hall IL was for the
purpose OF protecting is creditors and
keeping tia assets within this jurisdi ction
that the assignment vse mada
''fho bank, 10 my opinion, Is perfectly
solvent" ssid beo assignee -end Ia able
- pay dollar for dollar all around The
Directors. however, cannot permit their
assets and securities b 20 out of this
jurisgiiction. and thus compel their depost
tors to 60 to Indianapolis for their righta"
NV. Stookwell declared that u was Inn
possible st this time foS him 10 make any
statement a tbs asse<S aud liabilities of
the institution. The demand for the Iron
Hall funds. ho said, was made Monday
during the ioint meeting OF tho bank di-
rectors aud officers Of the order which
lasted all day. The directors resisted the
demand. aud there was nothing left 10 do
bu. 10 mako an assignment
In Ia plai,poA kv onpltcaDts fnr tho
Ownership at Indianapolis that e720,0O OF
che Iron Halls funds Arc looked up in the
Institution and that the Mutual company
1, also surety for tho Iron Hail officers
yo tho Extens OF oi. .0OO. 900
Che amount on deposit Is believed 30
include SIT0.Oo0, snid 10 have been ad-
vance, by tho supreme Justice Of the
order 70 mako COED an impairment OF tho
banks capital, which tho stote bank OK
Qminers discovorcd last spring At that
time the examiner claimed that the bapk
was insolv-us sod applied for o feceieer
Among It's assets set forth In the cashiers
affidavit Of dslsuse was tho good viii Of
tho corporation. valued Of el70, 600" This
item was thrown out by tho court and the
bank was ordered TO make good the tn1
pairment, which IL succeeded Ia doing. but
has always refused H. reveal whence tho
necessary tirlGO was obtained
In his testimony az Indianapoi,S the
other day, Cdi1 Justice 6omesb9 finally
admitted that the si70OO0 had been given
the bnnk by tho officers OF tho Iron HSll
IN order 70 save U from going into the
hands OF a rs,esvcr
In addition % tho Iron TLail'e fund ou
deposit ia the institution, there Is also
locked up et1.0OO belonging to the Ad
vance Beneficial Order. Que u the shoyt
term organizations. which went down 10
tho general crash OF such schemes about
year ago Tho Advance Order alao made
IN assignment 30 A IL Stockwell, who
deposited tho funds Of the Advance Order
Ia the bank OF which he WAS counsel and
now assignoo A few weeks ago pressure
vas brought Oh Stookwell to remove the
funds OF che defunot beneficial society
from the Mutual bank. but he refused, de-
clnriug the tastitution was perfectly sol
venA Stockwell WAS on Aug 3 elected a
trustee Of the Iron Hall Building COM
UanY.