Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-08-04
THE IRON HALL.
Statement From Chief Organizer for Maine.
W. A. Rice. ESQ.

order OF the Iron Hall makes the follow
ing public statement regarding the various
reports that have been made of late by the
press of the country in regard TO the tinan-
cial solveney of this ORDER
Every story has two sides, and the other
.i,Ic of hi. story is worth hearing. All
intelligent readers will 10 we'll To wait I'M
til the court appoints Il receiver we 10
not fear the result.
An aur,Iic,tion for a receiver BY some
Ii.sati. fed member on trumped-up charges
is.no proof Of serious trouble or wrong-'io-
ing. We have seen other applications for
receivers before, but investigation has al
WAYS indicated the Iron Hall, and will in
tins case.
The officers Of our order who have been
a.sailed by the ola-line insurance copl-
panies in this manner for / years, are
used to these malicious attacks, and fear 10
Investigation by the court of any state, for
there is no organization whose accounts are
80 Systematically kept and 50 open TO in
sfct,tjon in detail as those of tine Iron Hall,
The statement that the order is totally
insoycnt is absurd. That is proved by the
insurance commissioner report, which
SHOWS titti cH bhhs "ii 'if''"'' '''N'
been paid, and the order hal surplus funds
of s. ,43l ,D69. -, large part of which is
divided among and held by 1900 lodges.
scattered through thirty five states If
nsolveut, then the Initei Wofkmrn and
Royal Arcanum, and the Connecticut Nut
ual Insurance Co. are also in,olyent.
Another misleading statement is made
concerning the liability to be- paid in ~. 20,
..t - = ..l,, limit of Iona
standing that was originated by Commits
.ioner Merrill of Massachusetts, four years
ago. and presented to the Massachusetts
legislature, but the legislature refused to
accept it, and endorsed the Iron Hall. As
Major Merrill knows, there is a great diff
ference between ,0SSib}c Liability and actaW
liability.
If he considers the total outstanding in-
>,rancc of the Iron Hall Us actual liability,
toe same rule must apply just as appropri-
ai"l, to the Connecticut Mutual Insurance
Co.. which had on Jan. /, ~, sllj.o0o.p0o.
outstanding insurance, and total assets OF
So ,HHl, 900 to pay it with. The New York
Equitable had ON Jan. I, ~. SSoi ,ooo,oOo,
outstanding insurance, and total assets OF
sl3G 900 600, to pay 1t with.
Considered from Major Mcrrilfs stand
point the oll-linr companies are insoiycht,
and billions short. Considered in that way
the | ultcd Workmn should close It's doors
tomorrow, for their total Outstanding insur-
auce exceeds $500 900 900; they have no
accumulated reserve fund, and yet meet
their liability Is ii comes due from year to
wear The total outstanding insurance of
the Iron Hall is less than one-icnth that of
the W0rkmcn, or Sj0, nn0 ,Onn; we have an
accumulated reserve fund of nearly 81 ,ouo,-
ot,U. and are adding To it every mouth.
The whole despatch was u fabrication for
the purpose of throwing diScrc'.it upon the
organization. Another ridiculous statement
wa. that the order had invested ~ ,op0, 900
| in real estate. All assets Of the order are
/ in cash with the exception of SO 900 winch
! is the value of small and unprctentlous
! building at indianapolis Where our order
! has its hoIne uilirc.
| The cllarsr, against Suprpnr justice +.
/ u. Somcrby will make excellent foundation
/ for libel suits in the future. | he did re-
! uciyc so ,nnH pr wear he would he far
more cniijtrd t. it than the presidents Of
man, in urance companies - WHO re
criyc from 50 OOU To SiOu,UOD annual sal
ari.-. But the representatives from our
/ STATE lodges ali over the country at the !aot
/ session of the supreme sitting III u vote to
[ pay lim the magnificent sum o. S.il"'. we