Rensselaer Republican, Volume 25, Number 1, Rensselaer, Jasper County, 1 September 1892 — FLATTENED OUT. [ARTICLE]

FLATTENED OUT.

A Receiver Appointed for the Order of the Iron Hall. misappropriation of Funds and Belf-Con fessed Incompetence and Palpable Dishonesty of tho Supremo Officers the Canto—To Wound Up. . In the Superior bourt at Indianapolis Judge Taylor granted the petition for a Receiver for the Order of the Iron Hall, and appointed James F. Failey to the position. He took charge Wednesday morn Ing, having given-bond forsl,ooo,ooo. All of the “Supremers,” or Supreme officers, as they were called, are now out of a job, and most of them have left Indianapolis. Supreme Justice Somerby feared criminal prosecution, and it is more than probable that his fears are well founded, and that he will look out from behind bars before he is many weeks older. The managements the Order's funds was criminally negligent, and, in truth, the evidence clearly showed that these funds were misappropriated and devote! to private uses, more than SBOO,OOO of it being used taform and bolster up a Philadelphia bank,which - probably did not have a dollar In actua] capital aside from the funds furnished by the Supremers, and who constituted tho members of the banking company. The tvidence clearly showed, also, that Immense sums of money were bandied about Mm pillar to Dost without any record being kept of the same. The Supremers icem to have been feathering their nests in the most approved modern fashion and if justice had its duo iome penitentiary would have jdo or more new convicts added to its roster. ' Large amounts seem to have been used to corrupt Legislatures that., proposed legislation derogatory to the interests of the order.. The affairs of the jrder will be promDtly wound up by tho receiver. There - are nearly $700,003 in Indianapolis banks that will be prorated back to the members. Aside from tbi3 there are no assets of consoquencc. Of the 1700,000 in the Philadelphia “bank” it Is prohablo the receiver will not realize 5c an the dollar. Altogether tho proceedings in the Indianapolis courts show that the »rder was under a bad management and that its members havo been saved many a loilar by tho appointment of a receiver sven at this date. The Order of the Iron Hall was one of the “get rich quick” concerns. It was jondueted on the assessment plan, where* &y each member was expected to pay in 1300 in'seven years and at the expiration if ;t,hat time draw out SI,OOO. This explanation ought to be sufficient to show its general character and is a suffici.nt tpology for its untimely demise. It had more than 63,000 members throughout the country.