Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-12-26
MIR. KINGS EXPLANATION.


The Affairs OF the Eaeventh Buildiue
Association OF GeOrgetSWn = The See.
Rotary Makes Answer to the State.
ments Of the Finance Commfttee.
The meeting Of the Eleventh Building Asso-
citation of Georgetown on Thursday evening
was occupied with hearing the report of the
secretary, Ferdinand King, in reply to that of
the finance committee, which showed that
$4,000 was due to the association from Mr.
King. Mr.. Kings statement in part was as
follows: "The committee charge me, as trustee,
with $s56s6s, which they seem to regard as
loans, whereas the statement of the account il
as follows: Miss Lowry drew out twenty shares
of her stock (old). $2,3O4.59, and I drew out
were bought out for A. Mildred for S255;
for sio2so i've shares were % forf s Sl by
Martha Gisnel, 1880, total, s3,OO5. SO,
To- eniy sF BY me
shares, for which the nseility could nc not 'e ex-
Is held. My present account is charged with
S9,6SO61, which Is an error in addition Of 5000,
ana an; should az pc IN which is Included
's 8 snare: sock
Florence King S114.s7; 10 Shares iorfeited ted
$210.27, and account of part J. w. Lumsden's
purchase 1r for cash advanced on his shares at
Tor which am liable, and have given ample Sc
curity, and on which there could not be over
5000 demanded making my total liability
certainly not exceeding S720 In both personal
ana trustees :, accounts 3" whereas the committee
The report then goes IN to state that there is
still due on the 23S bought out shares of the
secretary acting as attorney tor j. w. Lumsden
$2,315.S2, which would be discharged In seven
months payments aud for which the aSSocia-
ton has ample security.
DAMAGE DONE BY rAMPERrNG WITH THE
CONSTITUTION.
The secretary then states that the "only true
plan of finding q stockholders Indebtedness is
to ascertain the number of monthly payments
it will require to close up. multiply that num-
Der by two, and the result will be the indebted
ness OF each share, provided that share Is not
then in arrears. The damage done to the con-
Germ to some extent has been incurred by tam
pering with the constitutional mode of settle
ment. The record shows that in March, 1884,
the sum of 1OS months was fixed on as a period
to settle by. The secretary alone opposed it,
and warning the directors 1t was mistake,
July, 1884, l12 mon tbs was fixed, against my
vote, or rather, by an amendment of mine TO fix
10 months, but the board adjourned without
acting on 1t. At the next meeting l withdrew
the amendment and proposed to go back to the
constitutional mode; but 115 months was
adopted against my solitary vote. In Septem-
Der the 115 months time rescnded and
112 adopted, mine being the only vote against
it. Finally, in November, 1856. in my absence,
they fell back to the constitutional mode.
FULL REPORT TO BE MADE
Considerable discussion followed the reading
of this report, and Mr.. King in reply to a ques-
ton, said that he could not tell how much stock
remained to be cancelled until the books were
gone over iully. There was some suggestions
as to referring the books to an expert, but
finally the secretary was directed to make q full
report at the next meeting in January. -,