Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-08-24
THE ARGUS.
WEDNESDAY, AUGUST "a. 1899.
EXIT MIR. SOMERBY.
His Control Of the Iron Hall Is
Ended.
A RECEIVER WILL TAKE HIS PLACE

Judge Taylor Appoints James +. Failey
to Take Charge of the Concern and 1t
will BE Wound Up-The Judge Takes
Occasion tn Score the Management as
the Worst in His Experience-The Case
So Plain that Argument Was
Needed.
INDIANAPoLIs Aug. 24.-The Iron Hall
Is now in the hands of receiver in the
person of James F. Faiiey a well-kDown
wheel manufacturer of this city, and a di-
rector of the Merchants National bank.
The inevitable end came late Tuesday aft
ernoon. The incident of the morning in
court the production of resolution
of the supreme sitting practically indoors
ing the Investment" of $50, 900 of the or
der's funds in certain worthless securities
by J. Henry Hays, of the Mutual bank.
This resolution was signed with the name
of DR. j. 4. Younghusband, chairman of
the board of trustees, but on the stand he
repudiated the signature, and imputed it
10 Supreme Vice Justice Hosmer.
The Testimony All In.
The latter was recalled and said he had
written it. but at Younghusband's re-
quest. Younghusband had no chance to
talk back. Supreme Cashier Davis was
again placed on the stand and produced
number of additional telegraphic orders
from Somerby to send him money for
Legislative work. in sums of 81 900 and
$500. He vowed that upon several occa-
sions Sornerby had positively ordered him
to send large sums to the cashier of the
Mutual bank, thus explaining the orders
very large deposits there. After this teS-
timony the plaintiffs rested their case at
noon, and on their request a court bailif
was ordered to take charge of the orders
Offices to prevent the removal OF papers.
The defense offered no testimony except q
couple of letters.
Judge Taylor's Opinion of the Case.
The plaintiff then filed an amendment
to the complaint and their counsel plead
ed for time to prepare argument. but the
court cut matters short Judge Taylor
said: Really, gentlemen, do not think
il necessary for any argument in this
case The question is clear and decided,
and in my mind there is no question that
a receiver should be appointed and the
affairs of this order wound up. Such
management as the officers of this order
have been guilty of is such as this court
has never heard of in twenty-five years
practice, or in ten years on the bench. 1t
seems to have been managed more for the
keeping up of the supreme officers than
for the good of the members. 1t is only a
question of limited time until it must
close up anyhow. snail appoint u re-
ceiver.n
Poor Outlook for Assets.
The order appointing Il receiver was
then read andwas approved by the court.
Mr.. Hawkins read the form of a bond. He
suggested that the penalty be fixed at
81, 100000. Judge Taylor said he would
fix it at $3.50, 900. remarking that "that
would cover the amount of assets in In
dianapolis, for, if l am any judge of human
nature he will never realize cents on the
dollar from the Philadelphia affairs"
Judge Howe was granted ten days to file
a bill of exception to the amended COM
plant, and sixty days to except to the evil
dence The appeal bond was fixed at
S75O,CO0 The receiver will not continue
the order in its insurance business. No
further assessments will be called and the
orders affairs will be wound up as soon as
possibl