The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1892-08-18
GAVE CASH TO 4 BANK.

How FundS q the Iron Hall Were Given
20 Philsdslphia Concern to Prevent
{ Ita Going Into . Recelver's Hands.
81 1NDIANAPoL1s, Ind. Aug. is. -Su-
|preme Justice Somerby was on tho wit
ness stand in the Iron Hall receivership
case during the entire day Friday and
was subjected to rigid examination,
which brought out all the facts
regarding his connection with the
order and the methods adopted to save
the bank in Philadelphia of which he is
Ean.ofacer, and in which so much of the
orders money is deposited.
S On the point rs to the assets of the
order the supreme justice testified that
the order owned the building in which
the Offices are located in this city. He
thought it was probably worth $S5. 600.
He testified that he did not know what
securities in the way of bonds the or
der owned. It had not invested in any
bonds or mortgages since he had been
supreme justice. The orders money had
not been loaned at interest and had not
returned any profit. He said there was
at the present time under the control
OF the supreme sitting $1,000, 900 in
cash. He was asked as to where the
money was deposited and he said he
thought about $51s,O00 was deposited
in Indianapolis banks. He said $713,-
900 was transferred to his bank in Phil
adelphia.
Mr.. Somerby then admitted that
when the Mutual Trust and Banking
Company (his bank) of Philadelphia
was embarrassed last April he used
$@f0, 900 of the funds Of the Iron Hall to
avert, as he expressed it, ''the wreck
age Of the Iron Hall through the bank"
The witness was asked a number of
questions regarding the different funds
in the bank. but he appeared not to be
well posted upon its affairs, his only
information being such as he received
from others. He finally confessed that
he had had trouble with one of the
directors, and since that time he had
not been near the bank. He was
asked if a warrant was drawn for
the $170, 900 that was given to the bank,
and replied that it was not, but con-
fessed that the constitution required
warrants to be issued for all sums
drawn from the treasury.
INDIANAPOLIS, Ind, Aug. 13.-The
subcommittee of the Iron Hall, which
has been engaged for some days in
making an examination of the books,
has finished its work and made re-
port, which it is claimed is authentic.
The portion of the report show
ing the financial condition of the order
is as follows:
Benefit fund-Balance on hand.January 1882,
81 ,OO5, SSH. Received from assessments &l,-
200 60; from reserve fund, $780, 61802: life d.
vision, e. 10000: division No. g. 81, 5O7 As; total
1850, 70. Disbursements-652 So sick and dis
ability claims 1910, 6s6.4l: III death benefits,
&52, 50; 1885 final dividends, 1888, 365 90;
total, Il 800, 1891 Balance on hand in benefit
fund &, 124, 4O987.
Reserve fund-Balance in hand of banks, in
GLIDING all accumulation to August L. II, 1852 493.
"a; reserve in the hands of the supreme cashier,
tl4S, 43l. IS: total, 81 SOC, 924.99
General fund-Balance on hand December 81,
1884, u.s. 174 81; receipts to August l, 1892, s7O,-
93l.16; total, $86, 106 l3 Disbursements-War
rants from ISL to 1,794, t63, 1866 7s Balance in
general fund, e., 934 40; improved real estate,
S3S,OOO Total assets lin all funds) g. CSC, "a %