River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1892-08-18
GAVE Cash TO A BANK.
How Funds OF the Iron Hall Were Given
to Philadelphia Concern to Prevent
Its Going Into "a Receivers Hands.

How Funds of the Iron Hail Were Given
to n Philadelphia Concern to Prevent
Its Going Into Receivers Hands.
INDIANAPOLIS, Ind, Aug. 13.-Su-
preme Justice Somerby was on the wit
ness stand in the Iron Hall rSceivership
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
an officer, and in which so much of the
orders money is deposited.
On the point as 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. lie
thought it was probably worth SIS. 600.
He testified that he did not know what
securities in the wav of bonds the or
der owned. 1t 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 Sl,30O,O00 in
money was deposited and he said he
thought about S5lS,O 900 was deposited
in Indianapolis banks. He said S713,-
600 was transferred to his bank in Phil
adelphia.
Mr. Somerby then admitted that
when the Mutual Trust and Banking
Company This bank) of Philadelphia
was embarrassed last April he used
Sl70, 600 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 mad had trouble with one of the
directors, and since that time he had
not been near the bank. He was
asked If warrant was drawn for
the Sl70, 900 that was given to the bank,
aud 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 handJanuary / 1892,
sl,O05,5l871. Received FROM assessments, al
299 63S6 go; from reserve fund $3.50 6lS02; life di-
vision az 10000: division No g. s41. 5O7. 45 total
r, $50 5s37s. Disbursements-6,52s sick and dis
ability claims, s3l06S64l III death benefits
s52 $3.50; l,436 final dividends, I'll OBS, 365 90;
total 81 $3.50, 81 Balance on hand in benefit
fund 81, 124, 400 81.
Reserve und-Balance in hand OF banks in
GLIDING all accumulation 10 August l, al ,352 1885,
Ga; reserve in the hands OF the supreme cashier,
slis, iSi35; total, 81, 5OO,92I
General fund-Balance on hand December 81,
1881, SIS, 81; receipts to August 1. 1892, So,
3ll6; total $50 1906 l3 Disbursements--War-
rants from l,l5l to / 794. S63 loo 81 balance in
general fund. s., 93L0 improved real estate.
sSs0OO. Total assets dn all funds), 81, %.