The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-19
THE TIMES RICHMOND. VA, FRIDAY, AUGUST 10, 1892.
Suit Instituted Against tho Organization
Its Condition.

Its Condition.
Suit was instituted in the circuit court
yesterday by s. L. Bloomberg against the
Supreme Sitting of the Iron Hall for ss75.
Mr. Bloomberg's policy for $1,000 in the
institution was due yesterday and he has
taken the above steps in order to protect
himself.
The attachment was served on the officials
and trustees OF the Hall and also on the
bank IN which their money IS kept In this
city.
The Mutual Banking. Surety. Trust and
Safe Deposit Company. of Philadelphia. In
which large amount of the funds belong
ing 10 the Order of the Iron Hail IS deposit
ed made az assignment August 10th for
the benefit Of its stockholders and deposl-
tors 70 A. L. Stockwell. attorney FOR the
bank.
A telegram from Indianapolis. Ind. yes
terday says: The drafts of the order OF the
Iron Hail on Nj c. Davis. supreme cashier.
which have heretofore been honored by the
Meridian National Bank. OF this place.
through the Clearing House, went 10 pro-
test.
judge TAYLOR. before whom the suit for
q receiver Is being heard, was reliably IN
formed that the 300, 900 which the order is
said 20 have on deposit in this city is rapidly
being checked out. Upon this information
he quietly issued an order to the bank that
no more drafts on the order be honored
pending the trial of the case IN count. IL is
said that large number OF drafts have
been honored since the members OF the SUI
preme Sitting arrived here and that the
funds in bank were rapidly being spproprI-
ated By somebody.
The order Of Judge Taylor did not become
public until late this afternoon. when IL
leaked out through the Clearing House.
The supreme officers of the order here pre-
tended TO be greatly surprised that such an
order should be issued.
The attorneys IN the case take the issuing
of this order as another evidence that re-
ceiyer will be appointed when the case
comes up again Friday morning. he case
was 10 have been called again to-day. but as
the lawyers had not all returned from Phil
RdelphIa II went over until Friday.
FUNDS MISSING.
The plaintiffs to-day said that they are
now prepared 10 establish their statements
that the general fund OF the order had been
OYerdrawn. that the reserve fund In the
hands of the Supreme Sitting had been ex
nausted. that the officers of the order had
in this city. when the suit was filed. about
340O. 600, and that this 10 all the money they
have
Respecting the point that the funds are
oyerdrawn. the following facts are cited
Twenty per cent. of every assessment Is put
aside into the reserve fund. which on Janu-
airy lst. on the books. was .1,337,9iS.
There should now be in the fund s62i.Sl3.
not including the ass, 900 or $4,000 that bias
been lost IN the shuttle" Every year only
one-seYenth of the reserve fund can be
drawn 70 pay the mutual $1,000 benefits
that fall due. Therefore only one-seventh
of s624, 900 can be legally drawn from this
fund this year. TO be applied TO the follow
ing claims that are or will be due IN 1892 Z:
Certificates maturing, $1,000, COO SICK bene-
fits. $500, 600.
UNLIMITED AssKssHsNTs.
To meet these large amounts the order
claims the right TO make unlimited assess
ments. The plaintlns Will ondeavor 10
prove that not TO exceed two assessments
per month are contemplated or provided
tor in the laws OF the order.
The order has claimed that 1t might re-
duce its liabilities by paying only such por-
tons OF the thousand-dollar claims as an
investment might yield. 10 this the
plaintiffs will respond by putting in EVIL
dence circular giving tables IN which the
amount PAID In the seYen-year thousand
dollar class IS Z 900 and not a portion OF
that amount or the returns from an assess
ment. IL will also be remembered that the
certificates are not paid from assessments,
but from a fund collected during seven
years.
supreme Justice Somerby returned from
Philadelphia this forenoon. lie went TO bis
room ia the hotel and refused TO be seen.
The Supreme Justice and the members
of the Supreme Sitting who remain in this
city held a long conference at the hotel this
afternoon. but they refuse TO say what
took .. ace All sorts OF reports, including
a rnmor that the supreme officers will not
face the court proceedings to como, are cur