The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-08-19
THE IRON HALL EXP osuRE.

Those officers of the Iron Hall in this
vicinity who were so prompt to come
forward with declarations that the pro-
ceedings at Indianapolis were conspir-
acy against the order, that it was impos-
sible for the supreme officers to have
made way with any considerable part of
the funds because they were under heavy
bonds and the machinery was such that
they could not get hold of the money,
and that the money of the order had not
been placed on deposit in any Philadel-
phia bank, will be inclined to rub their
eyes when they read the admissions of
Mr.. Somerby, made under oath before
the indianapolis court. Among other
that Mr.. Somerby is not now
and has not at any time been
under bonds; that if his associates in the
management of the order are under
bonds he has only very hazy idea what
they are; and that the funds of the Or
der have been handled by Somerby and
his associates with the utmost reckless
ness and without any check. Nor is
this the worst. Mr.. Somerby admits
that the funds of the order were used to
bolster up bank in Philadelphia of
which he and other officers of Iron Hall
had acquired possession, and that on one
occasion, when the bank was in straits,
$4,000 of the money of the Iron Hall
was turned over to the bank as "a dona-
tom to the stockholders. Here is bit
of the report of Mr.. Somerby's testimony
on this point:
Tell me how the Iron Hall used the
S17O,OOO?"
II think it was on Saturday when
the Bank Examiner of Philadelphia
closed the Mutual Bank of Philadelphia
and made an examination. We had
every reason to believe it was an attempt
to ruin the Iron Hall.
after an investigation it was discov-
cred that large amount of the orders
funds were on deposit. If the bank
went into the Receivers hands it would
entail heavy loss on the order.
"a meeting was called. NJ. G. Davis
was there from indianapolis. 1t was
concluded if the bank was wrecked, it
meant receiver for the order. We had
to do something. The assets were
scanned and we agreed to protect the
Cashier if the order would donate $780,
600, which would tide over the bank and
save the order. This was to be donated
to the stockholders.
''This act was done voluntarily by NJ.
money outside of the Iron Hall if the
Iron Hall would protect him.
We will not dwell at present upon re-
ports of other Interpretations of the
funds of the order reaching an enormous
total. The transactions confessed by
President Somerby are sufficient to show
in what manner he and the other officers
regarded the funds in their hands and
with what recklessness they used them.
At no time, according to his admission,
were the large balances to the credit of
the order invested in any solvent interest
bearing securities for the benefit of the
order. What was done with a part his
testimony makes clear To what specu-
lative or dishonest uses the rest was put
we may learn later.
1t is to be remembered that the Iron
Hall was the first of the endowment Or
ders, the most numerous in its member
ship and by far the most powerful. Its
strength and its success have all along
been pointed to as demonstrating the
possibilities of the endowment system.
Mr. Somerby has been the foremost ora
tor at all the great meetings called to
protest against adverse legislation, and
the machinery, membership and funds
of the order haYe been used tirelessly to
bolster up and perpetuate the endow-
ment idea. The disclosures at Indian
apolis account for Mr. Somerby's zeal in
these directions. They will be heavy
blow to the thousands of dupes, many OF
them persons of intelligence and sanity in
most matters, who, through good report
and evil report, have insisted that the
Iron Hall could not fail to keep its
promises.-N. Y. Press.