The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-08-17
An Effort to Bring the Money and Securities
to This City Opposed by the Bank OFF,
cals-Assets and Liabilities.
Accountant Walker Talks Unreserved.
ly About Affairs of the Order.
Gays the Iron Hall Is "Goner"-A Continu-
ance of the Case Until To- Morrow Will Be
Asked-Haughyille Branch Up in Arms
THAT BANK "BUsTED,"

But Instead OF Agreed Assignee, thC
Clique Throws 1t Into StockweIps Hands.
The Mutual Banking. Surety. Trust aud
Safe Deposit Company. of Philadelphia,
failed to open its doors yesterday morning.
This announcement has great interest to
the Order of the Iron Hall. because of its
being the Eastern depositary of the order.
1t is the bank which was organized by tbs
supreme officers, who voted it $40, 900 of
the orders funds as donation" A APhila-
delphia dispatch yesterday stated that the
assignee is A. Z. Stockwell, attorney foi
the bank. The dispatch said that Mr..
Somerby and Cashier Hayes could not be
found. When the reporter found tho as
signee, he was interrogated as to the rea-
sons for the assignment. He replied, it 10
said. by referring to the recent suit for Q
receivership instituted against the Iron
Hall at Indianapolis. and the fact thar
$3.50. 600 of the orders money is on deposit
In the bank. THE lawyers on both sides
in the receIvershIp." he continued, with
the consent and approval of Judge 1ay-
lor, came here to take away the
cash and securities of the bank
and remove them to Indianapolis. Mr..
Krumbhaar. State Superintendent of Bank
ing, has been working with the plaintiffs
with the undoubted intention of wrecking
this institution and the Iron Hall. 1t was
for the purpose of protecting Its creditors
and keeping it's assets within this iurisdic-
tion that the assignment was made.
The bank. in my opinion, Is perfectly
solvent. and is able to pay dollar for dollar
ell around. The directors, however cam
not permit their assets and securities TO 90
out of this jurisdiction, and thus compel
their deposItors to go to Indianapolis for
their rights"
Mr.. Stock we'll declared that it was Impos-
sible at this time for him to make any
statement of the assets and liabilities OF
the institution. The demand for the Iron
Hall funds, he said. was made yesterday
during the joint meeting of the bank di-
rectors and officers of the order, which
lasted oil day. The directors resisted the
demand, and there was nothing Co
do but make an assignment This
act. however. is regarded by the plaintiffs
and their attorneys as piece of rank
treachery. There was an implied agree.
ment when the case IN court closed tenn
porarily to allow the attorneys on each
side to 60 to Philadelphia. that Mr.. Somer.
by would assist as far as he could in secur-
ing the orders money out of the bank.
But. as the above shows. the effort failed
of success. As soon as the demand was
made for the funds of the order the direct
ors resisted, and il 10 said Mr.. Somerby
connived at the assignment to the banks
attorney. 1t now remains TO be seen
whether the assignee will continue IN pos
session of his trust. The agreements men,
toned above included stipulation that,
If an assignment were necessary, disin-
terested party should be selected. But
Stockwell is not only attorney for the
bank. but q trustee-elect of the Iron Hall
Building Association.
When the State bank examiner of Penn
| sylvania had occasion, last spring, to In
| vestigate the Mutual Bank In question, he
| discovered that among the assets set forth
| in the Cashiers affidavit of defense. was
the good will of the corporation. valued
| at $4,000 This item was thrown out
| by the court and the bank was ordered to
make good the Impairment. which it sue
ceeded in doing. but has always refused to
reveal whence the necessary $4,000 was
| obtained.
In his testimony before Judge Taylor tho
| other day, Chief Justice Somerby finally
admitted that the $4,000 had been given
| the bank by the officers of the Iron Hall,
| in order to save it from going into the
| hands of receiver.
According to the Philadelphia Dispatch,
| the officers made the following officia
statement of the banks condition on May
| 81 last: Resources: