Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-07-23
MAY GET A DIVIDEND
Ambrose Reports on Defunct
Georgetown Association.
ASSETS MAY BE 100000
Describes J. Barton Miller's Finan-
cial Methods.
ATTEMPTS TO GET BOOKS
Deposed Secretary-Treasurer Has
Been Indicted on Charge of
Embezzling $12S,2O7.
ATTEMPTS TO GET BOOKS

Embezzling $128,2O7.
The shareholders of the defunct First
Cooperative Building Association OF
Georgetown, many of whom. it is said
have despaired of ever receiving any re-
turn on their investments, are expected
10 find some cheer in the report filed
today in the District Supreme Court by
Attorney William E. Ambrose. receiver of
the association.
Mr.. Ambrose stated in explanation. OF
his report that from the amount OF
money already collected by him and the
Indebtedness due from many borrowing
stockholders he hoped to realize in the
near future the sum of $4,000 as the
assets of the concern.
Should his hopes be realized. Mr.. Am
brose says he would be in a position
after paving debts and deducting cour,
expenses and counsel fees, to declare a
dividend of 10 per centum to the stock
holders. This would mean that the man
or woman who had invested $1,000 would
receive sl00 from his or her investment.
and the shareholder who thought he had
saved sloo would find himself entitled
to $40.
Outstanding Loans Numbered 1O6.
From the examination of the records
made by Attorneys James S. Easily
Smith and John Lewis Smith, counsel
for the receiver. Mr.. Ambrose, reports
that there are los outstanding loans due
from eighty individuals, the gross
amount originally loaned in these cases
being $95,3OO.
ago, and large credits may be due the
borrowers thereon. and as the books or
receipts Of many such borrowers have
not been received by Mr.. Ambrose. he
reports that it is impossible at this time
to arrive at a clear estimate of how
much may be recovered on the outstand-
ing loans.
Charges Of embezzlement made by the
receiver against ]. Barton Miller. former
secretary-treasurer OF the association,
resulted in the second indictment filed
few days ago against Miller. are set out
In the receivers report. Mr.. Ambrose ex-
emphfies to the court what he character
lies as the method pursued by Miller. He
says:
Miller's Methods.
'The method pursued by said Miller
may be exemplified by the following cases,
which are two of many similar: In April.
1905. Zed HI. Copp. having loan under
the twentieth series in the association.
which was originally 5000. and which
had been reduced to S9594O, at the re-
quest of Miller. secured new loan from
the Perpetual Building Association, which,
April IL, 1908, issued its check to the
order of the First Cooperative Building
Association for $9o9.4O. drawn on the
Columbia National Bank, and delivered
the same to Miller. who delivered to 1t
release n the Of frY1Sf
Miller, instead of depositing this check
In the Farmers and Mechanics Bank, the
associations depositary. indorsed it.
cashed ii at the Columbia National
Bank on the day it was drawn, and did
not enter ii in the cash book, nor de-
posit it TO the credit of the association.
In the same month Arthur A. Muir
ply having a loan under the twenty
THRU series. in the association (Which
was originally $1,000 and had been re-
duced to $9S2.45). at the request of
Miller secured new loan from the Per
petual Building Association, which. on
April -. 1905. issued its check on the
Columbia National Bank to the order
of the First Cooperative Building As
sociation for $982.45. and delivered the
same TO Miller. who delivered to 1t Il
release of the associations deed of
trust. Miller then. instead of deposit
ing this check to the credit of the asso-
citation. indorsed it. cashed it at the Co
lumbia National Bank on the day it was
drawn. and did not enter 1t in the cash
book nor deposit 1t to the credit of the
association"
Sum Received in Settlement.
The last annual report of the asso-
ciation, continues the receiver, shows
that during the last year the aggregate
sum received for bulk settlement was
S3s,2I3.96. The cash book shows the
same figures, divided among thirty-on
settlements. Your receiver has discov-
cred that there were. in fact. forty-four
settlements during said period. Of which
he has been able to trace directly into
the hands of Miller twenty-eight settle
ments. aggregating $45.572.51, while
sixteen settlements remain yet to be in
yestigated.
The assets of the association. according
10 the receiper s report, In addition to the
returns from the outstanding loans. COM
prise bond of 5000 given to insure an
accounting by j. Barton Miller. the de-
posed secretary-treasurer, of the funds
coming into his hands and cash collect
ed by the receiver from sales. settlements
and dues paid to him by shareholders ag-
sregating sl6.s6121. MIR. Ambrose tells
the court that he has made demand on
the surety company to pay the penalty OF
the bond, and expects to recover it.
OF the sum mentioned as collected by
hlrn, Sl4 Sol % Is In cash in his hands and
S2Un In notes secured on real estate.
u,
total amount of his actual expenses dur
ing the year of his receivership as
Sl.121.4 This does not include counsel
fees TO mis- attorneys. He requests the
court 10 tix the fees to be paid his attor-
neSS for the twelve months work.
Mr. Ambrose has not asked for any fec
Tor himself. Ii Is understood that he in
tends to await the final determination OF
the compaEys affairs before asking the
court 10 TX his compensation as receiver
Some Books Turned Over
Air. Ambrose tells the court that imme
oiatelN after his appointment as receiver
june IL, lGs. he repaired to the offices o
the association and there met some of the
officers. who turned over TO him all the
session. An examination of this property
books and records showed that the mos
essential books. records and papers of the
association were not among them. says
The receiver. who declares he was in
formed by the officers and directors tha
in the month of June. 1905 all of the
associations books. papers and record.
QncludinS journals. day books ledgers ant
receipt books. and particularly includns
loan iedgers. property books, minute book 5
stock books and books containing record.
OF indlvldual payments made by stock
holders, and also bonds representing loan:
made by the association deeds of trus
securing the same receipts fer deeds o
trust. attorneys reports on loans, an,