The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-16
FIVE PER CENT. MORE
IRON HALLERs WILL GET THIS
MUCH AND POSSIBLY MORE
Last Dividend Before the Sum.
mer Vacation.

The court and officials appointed 10 al.
minister the Iron Hall trust believe they
can see the beginning or the end. 1t is
iully expected that the close OF this year
viii practically wind up the big trust The
fourth and probably the last dividend viii
be declared by Judge McAIaster before the
summer vacation 1t looks now as IL there
would be enough cash on hand to maks
this last settlement a per cent divi-
oend and possibly more. There will hays
been about $4,000 come into the hands
OF the general receiver for distribution. in.
Guiding the money recovered from the vari-
Gus State receiverships and the moneys re-
allied from the sale Of securities. In
marshaling these assets. receiver Failey
has dealt with more than a thousand
branches or bodies of men scattered all
over the United States and many OF them
In Canada. The correspondence has been
voluminous and OF a varied character IL
is estimated that at the Iron Hall Office on
Monument Place 10000 letters have been re-
ceived and answered since the creation Of
the receivershio
For the purpose OF adjusting the ac-
counts of the branches and to ascertain
whether they had maintained their stand
ing according TO the rules established by
the court, IL has been necessary to audi.
the books OF all the branches This made
1t necessary for the receiver and his men
to go over the accounts OF the $1,000 men,
bers Of the order OF the Iron Hall In the
collection OF these assets it has been neces-
sary to overcome the objection made by
thousands of the members who resisted
paying the funds to the receiver For the
purpose of distributing the funds that
came into his hands the receiver was re-
quired to take proof OF the claims as be-
fore a master. and in order that members
might be saved the expense and inconven-
fence Of coming to indianapolis to estab-
lish their claims, the plan OF preparing
blank forms was adopted These blanks
were properly prepared for the taking OF
proof of the different class of claims and
were forwarded by mail to each claimant
entitled to chare in the fund. The proofs
of claims taken and passed upon number
somewhere between 5000 and $1,000. or
these about 10000 have been allowed and
the three 10 per cent. dividends ordered by
the court have been paid 10 them. The
ownership ever in the Indiana courts 10
said to have been less than three thousand.
fore been in the courts of this State was
that OF the banking house or Fletcher 4
Sharpe. In that case there were about
The new departure from the old estab-
lisheds practice OF making distributions has
have failed to receive their dividends. 10.
have compelled all OF the claimants 10
come to indianapolis and demand their DIV.
idends would have put upon them a great
burden. The receiver, In following out the
new system. procured checks that We're
or ' Canada Immediately upon presentation
at the bank The claimants against the
Iron Hall are scattered almost to the four
have been forwarded from people in Eng
land. Ireland, Italy and other European
cradle risk has been incurred In disbursing
the thousands Of dollars in this way. In
many instances the receiver has disbursed
funds without vouchers ana ne can re-
ceive no credit IN his accountings with the
court until the proper v4ucners are pro,
the wrong parties and In several instances
forgeries have occurred. de
At, the date of the appointment OF the
47O branches of the Iron Hall organized
in the different States OF the Union and
CansS ne ahs mep and Momn sca
tered throughout America and Canada and
in foreign countries. The total member
of its existence would number considerably
over 10000. The large proportion OF the
membership came from the lower walks OF
life, but there were among Its members
many citizens of prominence In their re-
spective localities. Some OF these entered
the order for business reasons. others In
the belief that it would help them politically.
The receivership was a temporary one Tor
a year and a hall after u was created.
during which time no ih S eeu fanSs
were gathered and held. Within one week
after the receivership was made permanent.
cent dividend. This payment was made
Dec. 9, 1892. At the time the first dividend
was declared there were so many questions
involving the interests and assets OF the
defendants unsettled that many believed
that a dividend Of more than 10 per cent.
could not be paid; One Was declared red F fe1.
lowing Receiver Failey is under a bond OF
s.. 2500 600. the largest ever given In the
State of Indiana. The amount Is repre-
sented by ten citizens OF Indianapolis. The
munity was given by Harry Milligan sew
eral years ago in the United States Court.
The amount OF the bona was $4,000. The
total amount of liabilities proven against
the fund in the hands of the receiver are
istering the trust, including the compensa-
ton of the receiver anu his attorneys SO
far allowed, has been about per cent. OF
the fund The Indiana court has been
recognized by the courts Of every State
having Iron Hall litigation before them.
Freeman ID. Somerby. the chief wrecker
of the Iron Hall. is living with his family
order of the Iron Hall in Maryland with
headquarters at Baltimore. and is at the
head of the organlzafion. Somerby Is a
fugitive from the Criminal Court mere. hav-
ing been indicted with other supreme Of
ficers for taking 100000 OF iron Hall funds
and putting them in the Philadelphia bank
to bolster Ii up and take the institution
out of the hands of the Pennsylvania court.
Somerby, il Is said. is suspicious OF every
body and is afraid TO trust his closest
friend. II is understood that he has not
venturc1 back TO Indiana since he left here
the day Of the appointment OF the tenn
porary receiver Indianapolis people VINO
have seen him say that he Is almost
afraid TO show himself in public and oiten
goes out disguised Recently an Indian
apons man had an appointment with Somer-
by and went into an adjoining State 10
meet him. The indianapolis man was not
able TO locate Somerby during the day. but
found him in the dining room OF the notei
az supper. Somerby so. disguised ana
changed in annearance that his acdualnt-
ance did not recognize him for a Tine
N Al I'D.