The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-08-26
RECEIVER FOR IRON HALL.
James F. Failey, Under = Bond of $3.50,
900, viii Wind Up It's Affairs.

600, Wlll WIND Up It's Affairs.
From the Ne,0 York Herald.
INDIANAPOLIS, IND, Aug 23.-The Or
der of the Iron Hall, after an existence of
eleven years, this afternoon passed into the
hands of a receiver, and whatever assets
there may be found on hand will be divided
among the creditors, who number In the
neighborhood Of 10000. The receiver is
James =. FaileY of this city. vice president
OF the Merchants National Bank and a man
of wide business experience.
The case in court came to a sudden ter
mination. The plaintiffs rested their case at
noon and at O'Clock the defense submitted
some important testimony by Supreme
Cashier Davis and Supreme Accountant
Walker. The attorneys for the defense
then announced that they had no more tes-
timony TO submit. The plaintiff s. attorneys
asked leave to file an amended complaint,
setting forth the CAder's connection with the
Mutual Bank OF Philadelphia, and charging
that the order had been robbed in order to
save the bank for the time being. The de-
Tense objected to the filing OF the amended
complaint, but the court permitted it to be
filed.
The defense then asked for sixty days in
which to file bill of exceptions. The re-
quest was denied and the denial was fol-
lowed Up by the plaintiffs attorneys with
LlOblOD IOE Ju0 lLuIueuLhJ6 VI u
receiver. Ex-Judge Howe asked for time to
prepare for argument and thought he would
be ready by tomorrow morning. Mr.. Har-
ris said that he and his cocounsel were will
ing to waive argument, as prompt action
was necessary for the Oeneht OF the mem
bers. Mr.. Howe repeated that the defense
required time. He and Mr.. Smith had been
up nearly all night and had no dinner and it
was but just that the continuance be
granted. Judge Taylor intimated that time
| would not be given. Ex-Judge Howe stated
that objection would be made IL no con-
t1nudnce was granted.
Then" said Judge Taylor, ~ shall hear
argument now; If none is made then shall
act. The interests of this order and its
members demand prompt action"
we wish to make no argument" said
Mr.. Hawkins,
I'VE think we ought to have time to pre-
pare" reiterated MIR. Howe.
TIME TO DO SOMETHING.
''Really, gentlemen" said the court, II
don't think it necessary for any argument
in this case. The question is clear and de-
cided and in my mind there is no doubt but
that the affairs OF this order should be-
wound up. Such management as the off,
GERS of this order have been guilty of the
| court has never heard Of in twenty -fve
| years practice or in ten years on the bench.
1t seems to have been conducted more for the
benefit of the supreme officers than the
members. 1t is only limited time until it
must close up anyhow. l shall appoint a
receiver. Have you any order prepared,
Mr.. Harris"
Mr.. Harris read long order appointing
a receiver and giving him jurisdiction over
| all the moneys and property IN this and
| other states The order was 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 be would fix it at
| $3.50, 600, remarking that that would cover
the amount of assets in Indianapolis, for
if am any judge Of human nature he will
never realize five cents on the dollar from
the Philadelphia affairs"
During the discussion G. B. Feibleman,
representing several local branches. request
| ed provision in the order giving the re-
ceiver control of general funds in the hands
of local branches Mr.. Failey gave bond
| late this afternoon and took possession of
| the supreme offices of the order.
Supreme Justice Sonerby will still not
admit that the order is wrecked. After the
receiver had been appointed Mr.. Somerby
prepared a statement, which he says, shows
| conclusively that the order will continue
solvent, although forced TO lose the $720, 600
in tle Philadelphia Mutual Bank. The
stltement is as follows:
Ability of the order to meet liabilities.
exclusive Of the Mutual Bank assets:
Funds and securities in Mutual
Bank, Surety, Trust and Safety
Deposit Company, Philadelphia. 8 20, S23 90
Cash assets, indianapolis Bank and
in custody Of NJ. c. Davis, cashier,
| on July 2S. testified to by
Charles Morrison. .......... 5s457S &c
| Real estate, No 30 Circle street. .. $4,000 20
| Reserve fund in custody of branches
to July Is, 1892, exclusive OF in
terest since Jan. 1,............... 100000 90
Total available assets to date. So, 1884, $40 70
Less Mutual Banking Company's
claims ................ .......... 72O.s48 %
fetal. 81 1913, 497 Is
| LIABILITIES 1892.
| One hundred and seventy-nine
| claims for final benefits due and
| payable on or before March I,
1898. -. 900, 865 OC
estimated Observation-Disclosures. 1872, 900 OF
Total. 81, 232, a65 OF
Payment of above liability provided for
| as follows:
Cash on hand July %, 1892. ........S 694,b72 4C
| Eighty per cent. of &c assessments,
| numbers l76 to 1s5, inclusive on
average Of 100000 each......... 1000 900 90
Reserve fund assessment Cone-sev-
enth) ACKNOWLEDGEMENTS. $50, i32 Il
Total. 81 S44.7Ol C
He figures that the assets of the order
Jan. 1, 1884. would have been as follows:
| Mutual Bank claims ....... .......S T21, 849 2e
Cash surplus benefit fund, 647,332 &c
6esl est Ate'. ..'''''......'..... 36,OOO U.
Total reserve fund. ................ 2OS8, 679 IS
Total. 80 494 1855 rs
| Less claims on Mutual ....,......... no, s43 q
Total available assets Jan. !, 1894: $2.774o12 al
WANT THE BUSINESS WOUND UP
Receiver Failey will be advised by those
who have certificates almost ripe for pay
ment to attempt TO run the order, but the
membership in general are opposed to this
course. They will insist that the business
be wound up, and that will doubtless be
done. The attorneys for the receiver say it
would be impossible to estimate how much
the several thousand members of the order
will lose all told. The assessments for five
or six years have averaged three or four
per month, and each assessment has brought
in in the neighborhood OF 100000.
While the receiver has not yet had time
to consider the matter, be understands that