New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-17
IRON HALL FUNDS LOCKED Of
THE MUTUAL BANKING COMPANY OF PlilL-A
DELPHIA ASSIGNS
THE BANK SAID TO BIZ soLNENi
MEASURE TO PREvrNT WITHDRAWAL

OF THE MONEY
PHILADELPHIA. Aug. 16.-The Mutual BanAihs '',,o
Trust and Safe Deposit Company !" VIM" g. loon
amount OF funds belonging TO the Vrue' " o,r
Hall are deposited, failed to open us ooo' ,,,ors
Ing. inquiry developed the fact tha' W. nonca,
OF the bank had made an assignment ~, s,ocIweu
a, the Stockholders and depostors to A. H.
-, ,,ts .i,v attorney OF the bank. Neither fr'Su'"
Sn.r,x nor Cashier HAYES could be io"hu o''
and 4, is believed that the former has gone ~
ano,is in IN. interests OF the Iron Hail. VI "
Is supreme Justice. ., :, oo,nn,ny
TIL. assignee Mr.. StocRwell, was Ionil" III 'or ,,u
with H. q. Williams, treasurer Vi NV ~, ,nn
49,, .,n.ny and also director ot the D"h1
and was asked the reasons given ior inc 80. rs
NJ ,au,,od nv referring 10 the recent SUIT I"r ~
oa,vs-.hp Instituted against the Iron Hal u, in
dlonapo,is and The fact '""' ,.,,
Of the orders money j. " 49,, -.
in the bank "The lawyers on both sues III ..' md
ownership suit he continued, ''witn u'e ~ a.,
approval Of Judge Taylor, came here " ''" . ,hom
cash and securities Of the oahh' '"N ,,.o,.c,,up
n INDIANAPOLIS il was for the purpose o' p,o','
ito cr.a;,ors and keeping its assets ~i'mh 'h'S '
ac,,o, that tle assignment was mnde. Inc D"'A
In my opInon is perfectly solvent H''u ''e "s
and is able 10 pay dollar iof ao'i.' %, 80
The directors, however, canho' per'"i' >. ,
and securities 10 get out OF 'h's '"'''ui''o
,bus compel their deposltors 10 20 10 i""'"""r'
for their rights 3. . imnossi,Ie at
. . ~, him in make any statement OF hr
"a liabilities of The institution. lie "o"'""
Go, In. Iron Hall funds. he said, was maao
during tie Joint meeting OF the bank ""0''U ~,
n;.a,s nj the order which lasted all asS' '"o -"
rsc,ors resisted the demand. ana the'e "'' "'o
left 10 do bn, make al assignment .,...sn,o
II Is contended by applicants Tor Inc t'o'
,...non,us Thai $50 600 Of the Iron Hairs f"hos
inst
Company is also surety for the Iron Han o'''''a "
a., a,,a,, ~ 81 OOO.OOO. The amount on dePo'' II
hu.y.d IN include $1,000 said to nave pee" az
y.nced by the supreme Justice OF tie oroer " -
GOOD an impairment OF the banks cap'~'' =,
STATE Rank Examiner discovered la'' sP'e -
,hat time the examiner asserted mat 'ne "'""
insolyent and applied for a receiver "s
ass.ts set forth IN the cashiers ahdaN" Vi N.
WAS the goodwill Of the corpor'on'
s,-oooo, This item wa. thrown out by Inc court
and ,,e hank WAS ordered 10 make gooo tue i'np'"
ment which II succeeded IN doing but haS avn
rsfns,d TO reveal whence the necessary @l 'o'oo"
attained In his testimony al ihaianapon' "s a.,
day Chief Justice somerby finally aoh'i'''u ."'t y.
xl1O 600 had been given TO the bohK pS 'he "'"'e' "
The Iron Hall in order TO save IL if"'' so"s '"'' Wv
hands Of receiver. o. q largo
.an, IN. sl7OOOO given by the Iron HAIL wpe"
u,snt 70 maize up the a10e,9oO captai s'o'~ pau '
OF the deposits subject to check "hou"""s ,,
AGO a,3 az. the bulk IS Iron Hall money ana '"e
rest # is said is mainly funds OF the other 'l''es',
order. The special deposits, Sso7o 3D. are J.
sxpalned. deposits for special purpose
In addition 10 the Iron Hall funds on aepo'' ~
the institution there is also locked mp s4o'oVo "eos
inc IN the Advance Beneficial Order one Vi '"e
short term organizations which went down III ''e tr"
, orr. sb ~ such schemes about year ago ln'
Advance Order also made an assignment 10 n H.
stockwell. who deposited the funds OF the Aavance
order in the bank, OF which lie was consei anu ! "o"
assignee. A few weeks ago pressure was orousn' o'
Stockwel to remove the funds OF the denim. Uen
aciai Society frvm the Mutual Bank but I've Nl.seH
Declaring the Institution was perfectly soi'en,, '
we'll was elected on August trustee VI ''e ir"i
Hall Building Company. 1910 eo,,u,ora.n, nj
Charles III lKriInbhaar. state Supeflhtenossiu. "
nanking said this afternoon In relation 10 .f n
panIine Company that a. the bank had assleneu y
lad now passed out OF his jurisdiction he au "e
Icing alj the time under the advice or counsel