The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-19
WANTS FIVE PER CENT.
RECEIVER FAILEY THINKS HIS
SERVICES WORTH ABOUT s07,5OO.
Supplemental Petition Filed I'm the
Other States Have Received.

Jams F. Failey, receiver OF the Iron Hall,
yesterday fled with Judge McMaster, of
the Superior Court. a report supplemental
20 his petition for an allowance filed Nov.
10. 1884, In his report the receiver feels au-
thorized to predict that the assets coming
into his hands for distribution will aggre-
gate S.950.OOo. and thinks the court should
allow him per cent. of the amount for his
services. BY the ordinary process of multi
plication this would give the receiver S97,500
for his work. The receiver shows that at
the time of the fling OF his petition he
had disbursed about 100000, Since then he
has disbursed to the various claimants the
further sum of 5000 600. All of the claimants,
he says. have been paid in full the divi-
dends ordered by the court except certain
claims on matured certificates from which
appeals have been taken from the judg-
ment of the court. These claims the re-
ceiver stands ready to pay when the ap-
peals shall have been abandoned or deter
mined. Further. the receiver begs leave to
show that in the various Iron Hall receiver
ships throughout the country the courts
have allowed the receiver per cent. or
more for gathering the fund. Receiver Fai-
ley says that. upon examination. he found
that the receivers in the various jurisdc-
the sums due from the various local sister
hood branches so that he found 1T his duty
to examine the settlements. In this way
he was able to gather into the fund the
sum Of s5O,565.16. And further from the Sc
curities converted into cash by him. the re-
ceiver has realized S55,447SO more than the
appraised value. In addition TO other duties
the receiver recalls that he prepared and
submitted to the court full and lengthy
statements showing the date, amount and
condition of Class b, Division 3, life di-
vision certificates and death claims. These
were prepared in schedule form. In view Of
these facts the receiver further suggests to
the court that he has furnished large
bond without any expense to the fund;
that he has saved the claimants great ex-
pense by reason of the arrangement of pay
ment; that he has performed all the duties
ordinarily referred to and performed by a
master commissioner, thereby saving to the
fund large expense in the way of mas
ter's fees, and that he has obeyed and per-
formed with promptness and fidelity every
order and direction made and required by
the court.
The report. at considerable length, out
lines the history of the receivership and
the work done. 1t shows that suit was insti-
tuted July %, 1892, in the Circuit Court of
Marion Marion county for the appointment of re-
brought by three members holding certifi-
Gates against the Supreme Sitting of the
order The complaint filed alleged insolvency
and reckless and extravaganza management
The nearing or the application was begun
Aug. IL, 1892 and continued from day to
ceiver was appointed On taking posses
sion, under the decree, the receiver found,
among other things that the Order OF the
Ir0f. Hall ax.trx ~
the voluntary association act. He was fur
ther apprised Of the fact that over 100000
certificates had been issued TO members of
the order and that the active membership,
at the date Of his appointment, was s., 81.
The largest branch was fol nd to be in
MASSACHUSETTS. It's membership being lol5i
temporary receiver there were matured and
other liabilities due and unpaid in the sum
gregating upwards of 81, 900 on which
the certificate holders had paid in assess
ments 1854 3s9, and had received from the
order in sick and other benefits the sum OF
N,6l4, 260, making the net balance paid in
by such members by way of assessments
139. The receiver found that the local
and Sisterhood branches of the order held
assets and property known as the reserve
fund, aggregating about 81 10000 In add
ton there were assets or claims for deposits
made by the order in the Mutual Banking,
Surety, Trust and Safe Deposit of Philadel-
phia, amounting to sll3 40. and g, 20 "a in
There was found in the office of the order
four or five thousand letters requiring at
mail held by the postoffice authorities 1t
was the work of several weeks TO catch up
with this correspondence. The receiver filed
pointing him, Oct. 3, 1892. In order to make
such inventory he had to investigate and
audit the accounts of the branches of the
the receiver had to resist the attempt TO as
sess his trust for hack taxes in, the sum OF
So 600 This ,s he fully de sde led r In
port December 2. 1893. the~[inal decree was
entered making the receivership permanent.
In his first report the receiver showed TO
session he could state with accuracy the
names of the holders of benefit certificates,
the sums. If any, that had been PAID there,
on and the amount each member had paid
in assessments.
The Missouri receiver it is shown. pad
to the general receiver the sum OF 81, z5S &c +;
setts, s2S5, AS. SO; Michigan, sl3,02061; Mary
land, s7106O.47; Pennsylvania, 1852 81.
These sums do not include the shortages
afterward collected by the receiver. In Ohio
Rhode Island and other States the receiver
dealt with the branches individually. In
making these settlements he dealt with
three hundred branches without litigation.
In concluding his report the receiver calls
the attention of the court to the points
wherein his trust has materially dinered
from others. He contends that the benefit
to the claimants by the adoption OF meth
cd employed in this case has been not less
than S1OO GOO The increased dividends which
have been paid have. he thinks, about dou-
bled what the claimants would nave re-
ceived had local and separate distributions
obtained. Further, that the work OF gatner-
ing the assets and making distributions OF
the funds coming into his hands mas been
accomplished in less than half the time the
same work would ordinarily have occupied.
In closing the receiver refers TO the litiga-
ton he has had to meet ana SveIcom me, on
ants against the fund and whose interests