The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-12
List OF THE IRON HALL
RECEIVER JAMES F.. FAILEY Is FL
NALLY DISCHARGED.
Distributed Nearly Two Million Dol
lars in seven Years-He Re-
ceives Per Cent.

The final report of James Z. Failey as
receiver OF the defunct Order OF the Iron
Hall was filed with Judge McMaster yes
terday In the Superior Court. Ihe document
Shows that the receiver has paid over the
final dividend ordered by the court on May 4
last. amounting to one-fifth OF per cent,
or. in the aggregate, $1,000.
After stating that he has deposited with
the clerk OF the court all books and papers
showing the condition Of the corporation at
the time the receivership commenced. the
receiver asks the court TO make such pro-
visions as would protect him from liability
for all outstanding checks issued in payment
of dividends. taxes for 1899 and court costs.
This provision is asked for because of the
experiences OF other receivers who issued
checks to people, who. instead of cashing
them. deposited them In safety vaults, where
they remained until their death. In one
specific case. called TO mind. the bank failed
before the administrator OF the estate found
the check and the court held that, although
the check had been issued in good faith
and the money provided for at the time. the
receiver must still be liable
Continuing, the report states that the re-
ceiver has reduced TO cash all assets and
has carried out all orders Of the court, caus-
ing records TO be made covering about 1000
pages of the court record. He had dealt
with more than s., 900 members of the order
and 40 subordinate branches located in
several States and Canada. and with large
number of local and state receivers which
receiverships. with few exceptions. were
made auxiliary to the Indiana receivership."
The report further says: There has been
brought into the fund administered by this
recevership more than 81. go, 600 which was
not within the control OF the Indiana court
at the time Of the appointment of the re-
ceivership In this State. There came into
his possession. by reason Of the decree of
subject to the control Of this court, $602,
1882. He has recovered since that date
from outside the State 1854, 293.47, making a
total of $1,S76, $50 administered upon in this
receivership, and which has been distributed
among some 5000 claimants and creditors,
whose claims aggregated in round numbers
s5,1oo,o00 All of his acts were taken with
the sanction and approval of the several
judges Of the court, as has been evidenced
by the orders OF this court on record and
papers on file. The receivership has been
one OF unusual magnitude and has developed
many new and complicated questions of law,
as well as the practical administration of
a large trust. Much litigation has arisen in
the course OF which there were settled many
questions of law as TO the rights and duties
of receivers administering a trust similar to
the Iron Hall membership, and 1t is believed
that the trust has been closed as speedily
as could have been done to the advantage
OF the claimants
Judge McMaster approved the report and
discharged the receiver, bringing one of the
most celebrated cases. covering a period of
seven years, to an end. AS nearly as can
| be estimated at this time, the receivership
| uted. per cent. being allowed the receiver
Tor his own work in the case.