The New York herald., 1876-12-30
THE MANHATTAN CLUB.
CAUSES OF IT'S PRESENT DIFFIcuLTIEs-THl

CAUSES OF IT'S PRESENT DIFFIcULTIEs-rHR
CLUB NOT INsoLvENT.
Rumors affecting the financial standing OF the Man.
haitian CLUB have been In circulation for some weeks
but in far they relate to the insolvency OF the
club they without foundation. The financial
embarrassment OF the club as well as the rumors
affecting its condition, took rise the difficult
ties touching the title to the property occupied
by the club TINS property purchased in 1865 for
$ll00 00c AS the club not incorporated the late
John Van Buren,, Mr.. william Butler Duncan and
Judge Hilton were named as trustees to receive and
hold the title 10 the lease. sixty thousand dollars
have been paid ON this amount, leaving bal
ance OF $4,000, which was secured by mort
gage TO Mr.. Augustus Schc transferred by him
TO the Union Trust Company. The complica-
tons have all arisen out OF this trusteeship.
Since the arrangement was made Mr.. Van Buren died
and Mr.. Duncan has laed in business. Although tho
cuo has lost no money by the ailurc yet as Mr. pun
can treasurer OF the club II has suffered 10
extent credit in consequence In the hrst
place necessary to have clear title TO the prop
erty. To secure this the lease, building and fur
niture were sold under foreclosure and purchased
in by Mr.. Schel for tho club. and whenever
charter is procured the title be made perfect.
s fortytwo years to run The tec TO the property s
the Splnglcr estate, managed by Colonel Van Buren,
OF Fourteenth street II is necessary that valuation
OF the ground rent shall bo made every twenty-one
years, and tho question OF the valuation for
the next term has been disturbing the
club for some time On next Thursday the valuation
the next twenty-onc years will be made il Colonel
Van Buren and the club can then agree upon TERMS
Otherwise tho question Will be submitted to arbtra
ton The present rate Is 81, 700 per annum There
would not lie question, probably, IN regard to tho
ground rent n 1t not for the two vacant lots
Fifteenth street, the rear OF the building at pres
occupied by the CLUB These open lots add largely
TO the charms OF the situation o the club house, be-
sides being available for any extension the club might
desire make during the next quarter OF century.
But they valuable building lots Also and the dli
Guilty that likely 10 arise in their valuation viii spring
from desire OF the estate TO recover them Tor build
ing purposes. With these questions out OF the way
will be further troubles in the immediate future
VIII soon be the high road TO prosperity
FINANCIAL CONDITION OF THE CLUB.
Tho most important question that interests the club
at this time the question OF It's Indebtedness Tho
attention of all the members has been called 10 this,
the dlaory ying their debts, and
helping the CLUB meet the most pressing wants OF its
obligations. some time ago committee was appointed
inv gate and report the financial condition, and
on Thursday evening OF this week the committee re-
of unpaid bills for supplies, &c, is $23, 43O The
amount due the club from members con-
sidered good, including dues and cash on
hand, is $685. The amount cue on the
mortgage held bv the Union Trust Company and re-
Gently Iorecloscd under an arrangement with Mr.
Schel is $50 5SS. Besides, the club upon bonds
held by individual members the sum OF $2l 700, max
ing total upon bonus and mortgage oil Ssl, 2SS As
an Offset this there the club house and turni
ture, which cost Sl35, 00o and which worth moro
money in tho market at any time. II Will thus be
seen that the club is not insolvcnt, has been
ported and that all that Is required TO restore its old
time prosperity careful outstanding OF its resources
and rigorous exaction from the members of what IS
duo TO the club.