National Republican. (Washington City (D.C.)) 1872-1888, 1886-04-21
REsrRA1N1Na A SALE.
Ferdinand Kings Relations with Two
Building Associations.

Another outcome Of the building asso.
citation troubles In. Georgetown Is a bill
filed in equity by Ferdinand King against
Jesse II. Wilson aud NJ. b. MayHeld, trus-
tees, and S. Thomas Brown aud Edgar z.
Berry TO restrain the sale Of his residence,
No. l4OS Congress street, Georgetown, ID.
G. The two defendants first named are
trustees OF the Citizens Equitable Building
Association, and Messrs. Brown and Berry
are president and treasurer OF the same or
ganizatioD.
Mr.. King states that he was the owner OF
twelve shares OF stock In the association,
known rs series No. 1, and thirty.nlue In
the association known as series No. 2, each
share OF the par value Of 5000, and on each
OF which he received an advance or loan,
the exact amount OF which he Is unable to
state. On each OF the twelve shares he
claims TO have paid In considerable money
but cannot state the amount, and likewise
as TO the thirty.nine shares. He has also
stated that he has paid In considerable
sum Of money In the way OF dues, which,
with the interest the constitution entities
him II given credit for, he believes would
pretty well reduce his Indebtedness TO the
associations on the advances made. He be-
lieves that the advances for series No. 1
were about $2,315, and for No. 2 about
50 6,o61, or a total OF So,276. On each of
these shares by the laws of the associations
he. was REQUIRED to pay So per month, aud
before receiving the advances for series
No. he was compelled to execute a GER
tain obligation binding himself in the
penalty Of $1,000 TO Robert L.
Frey, the treasurer Of the association,
the sum Of 50 monthly on each OF the
thirty-ive shares until the association
should close also, all fines and forfeitures
imposed. These thirty-ilve shares covered
the advances received or any future adj
vances TO be made for series No. 1, but he
says that In fact he received on the twelve
shares of stock $2,sl5, and has only been
paying in on that number OF shares The
performance Of the auditor OF the bond was
secured by the deed Of trust TO Wilson and
Mayfeld, trustees for the association, given
March 81, 1884, and they were authorized to
sell the property In case monthly payments
or fines remained unpaid for sixty days.
On the 10Th Of January, Mr.. King says, he
executed another deed OF trust upon the
same property as the first, for $500, to
pay Mr.. Berry, treasurer OF the two lssocia-
tions, So monthly on eighteen shares OF
stock from Jan. IL, 1886, untn the associa-
tion should close. He states that for some
time past he has been anxious to settle up
| the Indebtedness on the premises aud
have the property released, and has
tried to secure from the secretary OF
the associations statement of his lndebt-
ednees, but failed 10. obtain It, The secre-
tary, he says, did furnish statement to
him in which IL was stated that to entltle
Mr.. King TO release Of his property he
must pay $10,169. This, the latter says,
embraces grievous prices and forfeltures TO
the sum OF $i54.20, and which would be
sS9320 more than the combined amount
claimed to have been advanced on the fifty
one shares Of stock without allowing HIN
credit for dues and interest, amounting TO
about $1,000. He believes that upon a
proper statement OF his account, IN accord
ance with the terms OF the constitutions OF
the associations and the contracts entered
into by him, that his Indebtedness will fall
below $1,000, and IL the .statement was
made on the basis Of the Ayance on the
eighteen shares he should pay less than
$4,000 to secure tho release OF his prop.
| erty. He asserts that he was iguorant
OF the intention to advertise his property
for sale until he saw the publication, and
has taken prompt action since to secure a
settlement. He asks the court t. order
proper accounting between himself and the
two associations, and upon payment OF the
amount to direct that the deeds OF trust
should be Cancelled and properly released;
also, that the defendants be enjoined from
selling the property. Justice James has Is
sued restraining order making 1t return
able next Monday.