The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-08-17
ITS DOORS ARE CLOSED.
The Mutual Banking, Surety Safe Deposit
Company, of philadelphia, Assigns.

n,
PHILADELPHIA, Aug. 16.-I Special
The Mutual Banking, Surety, Trust
and Safe Deposit Company, in which a
large amount of funds belonging to the
order OF the Iron Hall is deposited,
failed to open it's doors this morning.
The directors of the bank had made an
assignment for the benefit OF the stock.
holders and depositors to A. E. Stock
we'll, of this city, attorney OF the bank.
Neither President Somerby nor Cashier
Hayes could be found to-day and 1t ia
believed that the former has left for
Indianapolis in the interest of the Iron
Hall, of which he is supreme Justice.
Assignee Stockwell was found in com.
pany with II. q. Williams, treasurer of
the Iron Hall Building Company, and
also director of the bank, and was
asked the reasons given for the assign
ment. He replied by referring to tho
recent suit for rcceivershil instituted
against the Iron Hall at Indianapolis,
and the fact that S43e, 900 Of the orders
money is on deposit in the suspended
bank. Lawyers on both sides in the
receivership suit" he continued" with
the consent and approval OF Judge Tay.
lor, came here to take away the cash
and securities OF the bank and remove
them to indianapolis. 1t was for the
purpose of protecting its creditors and
Keeping its assets within this juris.
diction that tho assignment was made.
The bank, in my opinion, is perfectly
solvent" said the assignee, land is able
to pay dollar for dollar all around. The
directors, however, cannot permit their
assets and securities to go out of this
Jurisdiction, and thus compel their de-
positors to go to Indianapolis for their
rights"
Stockwell declared that it was itnpos-
sible at this time for him to mako any
statement OF the assets and liabilities Of
the institution The demand for Iron
Hall funds, he said. was made yester-
day during joint meeting of tho bank
directors and officers of the order, which
meeting lasted all day. The directors
resisted tho demand, and there was
nothing left to do but make an assign
ment.
1t is claimed by the applicants for the
receivership at Indianapolis that $780,
COO OF Iron Halls funds are locked up
In the institut ion and that the mutual
company is also surety for the Iron Hall
officers to the extent of one million dol
lars. The amount on deposit is believed
to include $4,000 said to have been
advanced by tho supreme justice OF the
order to make good an impairment of
the banks capital which the State bank
examiner discovered last spring. At
that time the examiner claimed that the
bank was insolvent and applied for ro.
ceiver.
Among its assets set forth in the cash
ier's affldavits IN defence was Good
VIII of the corporation, valued at Si70,-
600" This item was thrown out by
the court, and the bank was ordered TO
mako good tho Impairment, which it
succeeded in doing. but has always re-
fused o reveal whence the necessary
Sl70,o00 was obtained In his testimony
at indianapolis tho other day Chief JUS
tice Somerby finally admitted that Sl7O..
had heen given the bank officers by the
Iron Hall in order to save it from going
into the hands of receiver.