Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-05-13
A Building Association Case Decided.
AN INJUNCTION DENIED.
fpw DAVIS ago NJ V II RishoD fl OIL n hin

ANwdays ago Mr.. V. r. Bishop fled a bill
in the Equity Court for an Injunction To pre-
vent Woodward and Morseli, trustees, from
selling certain property in default of pay
mems to the Merchants AMI Mechanics
Building Association. The case was heard
Yesterday morning on bill and answer, AMI
Judge Wylie discharged the temporary re
straining ORDER and refused the application
for an Injunction. After admitting the sale
Of advances prior To April, ~, anc. tie second
advance In september, 1872, the answer sta ties
that the latter advance amounted to II 500,
purchased on Is shares at o premium of 10
yer cent; denies that he PAID al .933 20 settle
Up the FIRST advances on Il shares OF stock;
states that petitioners obligations are hig
monthly dues OF Z on each OF his IS shares
and like amount for his advances; that his
arrears amount To $1,000. They deny that he
ever paid any sum on account or premium
or that he pays any interest and asserts that
bis pay ments are made in accordance with
the constitution on his stock; that the asso-
citation is cOpartnershipo or joint stock COM
paDy and that the stockholders derive equal
advantages and the repayment of the prin-
cipal sums purchased by and advanced to
the members is based upon the existence
of the association TO such period
as would make the monthly payments of -
on each share equal Ia any given sum so pur-
chased and advanced as aforesaid. They
deny that the fines of 10 per cent. on
the dellar on each monthly ccfIult. are usu-
rious, as they do not Increase. and are but 10
per cent. per annum. They claim that his
present Indebtedness is 8 COS -. and on a
full settlement the complainant will receive
on his due PAID n STOCK n rate OF interest
averaging Ia per cent. in this case amount
ing TO Sis2. 20. The answer fur her states that
the amount of bond L. J. OmiHal; that. accord
ing to the cons titutiOn, all stockholders who
purchase advances are allowed credit on the
amount paid as dues on stock the same as
those who do not purchase, but the stock
holder purchase an advance is not allowed
a credit on the additional dollar per share ne
is required To pay. In this case SIS per month
so paid amounts to $50 per year. which is 10
per cent. ON the amount he Teceived-sl.S1O.
Col rrs..fr
answer: Complainant purchased on 18th of
September, 1872 and received : 800. Credit
MN with Sl5 per month on IS shares ad-
Eanceu upon for 80 months, testi mated dura-
tOn,) Sl,125. The association having been
2 months old when the purchase was made
he must be credited with 81 per month per
share from 23d to 18th mon th-52 payments.
$3.50 which added to SLIPS above makes a
total of 81 ,90J-Si05 in excess of The amount
of 81 500 received and used for 81 months.
AccOmpar ylng the answer is an exhibit by
the secretary, J. II. Prather, showing the ac-
count as follows: DF.-September Nth. 1872.
10 advances or - shares, at 40 per cent,
$500, pro rata expense of 81 per share, SIS:
advance for month ending April, 1915. S15;
total. 1880 Cr-Bv 81 months dues from
November. 1870, TO April, ls7j SSlG; by interest
at 10 per cent. on $50 for q months. SiS2 %:
amount required 10 settle, SS3G75; amount of
arrears as per bin, S170.50.
Also, the following statement, showing:
Amount received. 81 500; ~ edit by - months
dues, SI55; by dues on advance, % months,
SIS; balance To- settle, Sl,OOS25; total,
S".llS.35. If the sum of 81 500 had been Dor
rOwed September lst. 1872. and Interest for 81
months at 10 per cent. per annum (SiIJl ad-
ded, the total amount would be S2.2G5.