Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-05-14
RECEIVER POOLE RESIGNS
Withdraws From Charge of Closing Up
Fidelity Affairs
Lack of Harmony Probable Cause
Severe Remarks About the Man.
nEcment of the Concerns.

Receiver L. H. Poole of the Fidelity
Building. Loan and Investment Associa-
uon today rendered his resignation, and it
was accepted at once by Judge Cox, before
whom the case is pending. Mr.. Poole, to-
gether with Mr.. l.. Cabell Williamson, was
appointed a receiver by Judge Cox last
December. No reason for mis- resignation
was given TO the court by Mr.. Poole, and
when questioned by Star reporter he de-
clined to state his reason, although it was
learned from the attorney of one of the
many complainants in the cases that he
resigned because of a lack of harmony be-
tween him and his co-receiver. No one, 1t
is said. will be appointed in his place, Mr..
Williamson being expected to perform the
duties alone.
Mr. Poole has always been very out
spoken in his criticisms of the manner in
which the affairs of the association and
that of the Fidelity Building and Loan
Association were conducted by the officers
OF the two associations, and he stated this
afternoon that he has nothing to take
back.
while the books of the associations
show" said Mr.. Poole, 1.-The total amount
paid in by weekly installnent stockholders,
there is no ledger account showing the
amount paid by the individual stockholders,
and in order to ascertain the accounts of
weekly instalment stockholders 1t is neces-
Sary to examine the records of the aSSocia-
the time the receivers took possession. But
there never was a ledger account kept with
the individual monthly stockholders which
purports to show the amount paid in by
each individual monthly stockholder."
THE amount paid on monthly INSTALL
ment stock" continued Mr.. Poole, was
$4,000, and the amount paid on weekly in
stallnent stock was s230.OOO. But these
amounts do not include the sum of ZOO,
known as first premiums, paid to agents for
soliciting stock, no part of which amount
appears on the books Of the association.
From the assets in the hands of the
ceivers there is no indication that the in
stallment stockholders, weekly or monthly,
will ever receive penny, and it is not
probable that the holders of certificates OF
deposit viii ever be paid in full.
Therefore, acting under the order Of the
court, the receivers addressed the following
circular letter to the holders of INSTALL
ment stock and paid-up certificates last
month:
owing to the imperfect and incomplete
condition of the records of this association.
it would require a large expenditure of
money to audit the claims of the holders
of installment stock and pad-up certifi-
Gates. The preferred debts of the asso-
citation exceed its collectible assets, and
there will be no funds applicable to the
payment of inStallment stock and paid I'D
certificates.
Upon presentation of these facts to the
Supreme Court of the District of Columbia,
the receivers were instructed, by an order
passed by the said court, on the ID instant,
that they should take no action to ascer-
tain how much is due to the holders of
weekly and monthly installment stock and
paid-up certificates, and that they should
ascertain how much is due to the holders
of certificates of deposit.
Holders of installment stock and paid-up
certificates will receive due notice, should
it subsequently appear that there are any
funds applicable to the payment of their
claims.
THAT is the way the case stands now,"
said Mr.. Poole. land, any one can see,
very little hope is there for any one"