The Washington times., 1908-07-12
Deposed Official of George
town Cooperative Co. De-
MES He Has Records.
AMBROSE BEGINS
RECEIVERSHIP WORK
Pass Books and Contracts of Con-
Germ Will Be Called IN
at Once.

William E. Ambrose. receiver OF the
First c. operative Building Association
of Georgetown. tomorrow VIII seek the
al of the courts N an effort TO secure
possession Of the missing books and
records Of the association and viii put
in motion the legal process Of winding
up the affairs. Of the organization.
lie has determined On the following
% course Of action:
To employ auditors TO ascertain as
nearly as possible the financial conul-
q ton OF the association.
Tc call in all pass books held by
. stockholders for comparison with the
3 books. and TO determine the amount of
money received by the deposed treas.
urer, J. Barton Miller.
To ncgotis te as soon as possible all
the notes now held by the association
To establish Offices for receiving pay
f. ments from persons owing the asso-
citation.
Denies knowledge of Books.
Mr.. Ambrose's demand on J. Barton
Miller. the deposed treasurer, was met
by Henry z. Davis, counsel for Miller.
with the statement that his client had
no knowledge OF the whereabouts OF
the hooks which were taken from the
safe in the associations Office AT 124J
O. Wisconsin avenue. Mr. Ambrose's drst
work Will be the employment Of every
legal means 10 learn the whereabouts
Of the books and to secure possession
OF them II they are in existence.
Astounded by the tangled condition OF
- the concerns affairs, Mr.. Ambrose is
determined 70 waste no time IN arriv
p ing at an understanding Of the exact
status OF its finances. II is feared that
the association Is hopelessly involved.
and that the stockholders viii he heavy
losers.
Following the signing Of the order
appointing him receiver. by Justice
Wright. Mr.. Ambrose visited the offices
OF the association yesterday afternoon
and with James Easby-Smith, who.
with John Lewis Smith. was retained
as counsel to assist in the receivership.
made a thorough examination Of the
contents OF the safe which had been
emptied Of books and records vital 10
an understanding OF the finances
he found that the reports Of the loot
ing Of t. safe had not been exagger-
ated. and that Il had been stripped Of
Ill LLlt Ndo-l Will AZ N-AA-e-----N- a. $3.50
as the books
So Tar as the receiver could learn the
association. which for twenty-five years
has been considered one Of the strong
est in the city, is ruined
All the passbool1s will be called i'm al
once by Mr.. Ambrose. and in this man
ner the amounts paid into the associa-
ton durluE the past few months can
be determined. The sum received viii
then be compared with the amounts
placed TO the credit Of the association
in the bank. and Il there is any dis
crepancy il will be brought TO light in
this way.
No Record of Receipts.
II any moneys were received between
June 4 ana Il there is no record of IL
in the books left. There is stiI small
sum in a bank. probably about 800
Since the officers learned Of the cOndi-
ton Of affairs and the disclosures were
made public. many persons have re-
Trained from paying anything into the
association.
When questioned yesterday Afternoon
President Fleming said il was possible
that populations may have been goini
on for months. Money might rave Deer
received, thew say, and not placed OF
the cash books without any OF the Of
ficers being aware of it.
Mr.. Miller is still at his home, 163
Thirty-fifth street, Georgetown No one
car see him except his counsel. 1t beinE
declared that he is critically ill.,
Not in Custody.
II was decided yesterday morning t.
allow tee matter of the issuance Of TIT
wrK of ne exeat, ordered issued M pc
tition of W c. Sullivan, counsel 70
some Of the stockholders. to remain il
allowance. Clerk John r. Young, Of tn
Supreme Court Of the District. decline,
TO ISSUE the writ Friday becaus1 of in
sufficient allegations.
In the twenty-sixth annual report o
the finance and auditing committee
which is COMPOSED of Edgar Frisby an,
Joseph II. Lee. il is set forth that tn
association had a surplus Of S35,SG2. Tina
report was made to the stockhOlder
June 4 Since that time a loan OF $500
has been made, and this note mature
IN two months. There are no funds OF
hard 10 meet il, it is said.
June Report.
The committee report Of. June 4 sal
that the auditing and finance commit
accounts of the First Co-operatIv
Building ASsOcia tion-the individual ir
vestors' accounts and the borrowers ac
counts-and respectfully reports that tn
securities consist solely Of first mort
cages on real estate in the District q
Columbia. ard a few advances mad
upon stock OF the association. It va
also asserted the title 20 every propert
taken as security had been CAREFUL
Examined by Jesse II Wilson for man
years connected with the Real + stat
Title Insurance Company. and a it'll
examiner OF high repute.
Even then stockholders were clan
oring 10 withdraw their money
The following concluding para crap
was calculated TO restore confidence an
stem the tide toward the dissolution
the association:
I'VE recommend a return to norm,
conditions. Withdraw your application
unless money IS urgently needed pa
your dues-and take new stock. 4 no
nal demand with normal receipts ca
always be met
The directors of the association a.