Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-08-01

The Insurance Commissio ner of Mas
sachusetts Says 1t Must Go Down
Now or Three Years Hence-The
Supreme Justice Holding nigh
Revel with the Funds-A Promi-
nent Iron Hall Man Calls the State
ment n Canard-Dish onest Orders
Have Brought Opprobrium on Iron
Hall-The Liabilities Said to be
100000 100000.
BosroN, July 31.-A special to the Globe
from Lawrence, Mass, says, in regard to
the report regarding the application for q
receiver made by the Order of the Iron
Hall:
"Major George 8. Merrill, insurance
commissioner, was seen by Globe CORE
spondent this evening. He stated that the
following article, published to-day in the
Sunday Telegram, of which he is proprie-
tor, is correct
Yesterday at Indianapolis certificate
holders in tine Order of the Iron Hall ap-
piled for receiver, alleging that the con-
Germ had only 5000, 900 assets with liabili-
ties within the next three years of $685.
100000. 1t is also charged that Supreme
Justice Somerby has drawn $4,000 for
for travelling expenses. We doubt if the
facts prove sufficient to insure the appoint
ment of a receiver, but it is true that
banking institution in Philadelphia in
which the order was heavily interested fail
ed few months ago and serious loss must
follow. It is curious also that this matter
of travelling expenses of Somerby was
brought out forcibly four years ago in the
address of Commissioner Merrill, who
proved from the books that this large sum
received for thisspurpose by Somerby had
been adroitly covered up in the accounts.
Still we do not think the smash has come
Just yet"
Major Merrill further said that In look
ing over the reports he found that in ad-
dition to the salary of Somerby he had ap-
propriated $4,000 in year for the ex-
penses of a special agent, but later ascer-
himself, and SO reported it to the 1egisla-
ture. The insurance commissioner said
that while the institution may be solvent
for time it was a question of doubt If 1t
could meet its liabilities three years
hence.
AN IRON HALL MAN DENIES THE RUMoR.
The Globe to- morrow will also publish
an interview with Joseph K. Giles on the
subject of a receivership for the Order of
the Iron Hall. Mr.. Giles was a representa-
tive in the Legislature from Somerville
during the two past sessions and served
upon the insurance committee. He is
familiar with matters affecting endowment
orders, both from personal connection
Herewith and from long and ample in
vestigation of the subject. He is now
Of branch 287, order of the Iron
Hall, and regarding the story telsgraphed
from indianapolis, he says:
''It is either a canard set up by old line
insurance companies in hope of stamped
ing members of the Iron Hall, which is
one of the best founded and organized of
all such associations, or it may be scheme
which would not approve to invite crit
icisms and court investigation to dedound
to the prosperity of the order, showing 1t
to be IA perfectly sound and solvent con-
dition." He claimed that dishonest en-
dowment orders had brought unjust op-
probrium upon the Iron Hall. He criti-
oised Insurance Commissioner Merrill for
allowing forty-two Of these ely might"
to do business in this state.
He said that there is no opportunities in
the Iron Hall order for protracted malfeas-
ance of its officers and he declared that he
would not take 1895 for his present claim
Of 81 200 upon the order.