The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-27

assets Whatever profit accrues from this trans
fer legally Otherwise, goes into the pockets OF the
few; the losses thereby must be borne by tho many
And as IL has been game OF loss almost from inc pe
RiEning, the weight OF the burden Will iail on inc
many stockholders and lot owners. whose property,
by mismanagcment and alleged fraud, mas peen ac-
preciaied until II is almost worthless And no trus
who. IN last November, we're ia such hurry 10
resign and give the management oil the GROUNDS INTO
the hands OF lot owners trustees. arc now hshtins
among themselves 10 know who shall hold tho-e proh
able Offices The pubic IL interested TO know why an
Office that carries with II so many dangers ana our
dcns should be SO eagerly sought by men who openly
proclaim their readiness TO vacatc but secretly plot
and plan and appeal 10 The law 10 obtain ana hod me
Offices and ENJOY the cioolumcnts Thereon, such as
tney are.
Oi course any effort investigate The accounts OF
the concern unless done by order Of tho Cvii courts
viii tan. Documents are said 10 be missing, BOOKS
mutilatcd, records loosely kept or not at all every
man taxing tho word OF his fellow, because all were IN
tho same boat sink or sail together Inc Iot
owners committee lound that tho accounts were III
such condition that they could not be Strengthened
vice that length oil time. Aud then II would cost
from $3.50 to $500 have the work done with any
degree OF satisfaction, AMI ihe lot owners woud NOT
be benefited penny by tho investigation or inc III
formation. And this after less than hve years no.
counts with 36s persons tho association me1ooas
OF bookkeeping are undoubtedly peculiar ana unique.
Nobody seems TO know how much money the trustees
received and paid out or Tor what II was used during
those years The officers OF the association,
however In circular dated February |, 1877, promise
to give the lot owners full information OF the prcsep.
condition OF the associations interests at Sea C, ana
sctung forth the plans Of the trustees for making the
enterprise u complete success
INVESTIGATING THE RETURNS.
But while we waiting tor this important inior-
nation can make rough guess from The hgurcs
before us OF the money received ny me association,
aud another guess may give us some idea OF what
they have done with H. FIRST we hoiice tnat thcy
bought IT'S at $500 per acre, when equals
$4,000 Ihcn they added scventyEyc acres more
lest somebody should start race course or lager beer
garden ne Them and Tor this they agreed 10 pay SlO0
per acre. which equals $50 OO0 aggregate So oOo Thcy
paa m cash TO bud bargain 5000, and as will be
seen above The remaining $S2 900 was secured to the
Original owners by mortgage ANA remains unpaid 10
THIS day.
Now a little figuring and guessing again well help US
10 lind out what the Sea Clin trustees did with this
property after they mad cut II w into lots of 4Ox60 icct
each They Told US above that they sold LBS lois
and mad September II, 1876. 2lS lots nnsold oil
tuis old survey original purchase oil go acres
Some OF those lols--about $40 OF thcm-scld for $500
cachS93 600; about $40 oil them sold Tor 300 apiece
SOL 900 aud about AS 81 SO $780, and
We need not count 93 lots, tor winch they say tho
owners V) have paid nothing yet Now then, we nave
5 lots sold Tor S259 25Oa net proht on the original
cost vi $50 oil SIG, 100 But this is not ALL
They taxes tbey tell u.s. upon 700 lots proba-
bly, Tor ycars-thc first year merely nominal, TWO
succeeding years $40 lot anu tho next year So lot
average. SO rs per lot. Call 1t SO, and we have tax
item OF SIG 500 Then here were other miscellaneous
receipts s n s'n s GIN CO u Grove and Metro
poitan Camp Ground Association OF New York ana
Brooklyn" have received IN cash, ana slowed away
somewhere about $3.50, 0O0-nore than enough to pay
all their original Indebtedness and the cost oil all the
improvements they have made, and still leave
u handsome nest egg Tor future experiments
in steaniboating, stage running, bailooning or
something else for the benefit OF pious trav-
oilers ththcrward. But the money IS gone
where u great lnancer some years ago said oher
things went ',whrre the w0odbine twinetb, and not
dollar has returned to tell where its comrades are 1t
Will be seen from the statement gwen above that the
except Tor road eating ana uiew incl
dentals, have not cost them penny yet Their hoat-
ing deb is S63 900, which, added TO the other, makes
their aggregate debt So that their magnificent hotel
located wncre II can't be until one comes upon u,
has not been paid tor and there is not even chair
from the garet to the cellar that Is not mOrtgaged.
Thc limo tabernacle, which the winter storms nave
shvercd and has been similarly ornamcntcd. The
question asked every hand, What have they done
with the money! Aud there Is neither voice nor any
to answer Promises multiplied and tho interested
pubic are assured That Sea Gun Is To be great sue
cess, and II TO be mudo 20 by the men who have
made IL such brilliant failure, and who ask again and
again, IKE the unsatishcd grave, for more and more
In addition to the foregoing the trustees have also
sold plots at tho rae oil $500 an acre
:3l 200 They paid hall that amount per acre tor IT,
And what they call their new survey, 800 plots Of
at two sales preceding OF twenty plots at the
average cost $3.50 per plotS5 roo Those plots
tanned IRON two ana nai TO eight Ordinary lots each
Here are S37 900 that has gone keep pany
with tue rest. 10 be they did not got cash IN
hand al the time OF sale The terms were ten per cent
cash and the balance in negotiable paper bearing III
tercst. Some portion OF this amount is therefore &C
counted Tor doubtless their bills receivable ana ac-
counts included above in their assets. But until
rendering Is made OF The way in which the quarter
million dollars already paid IN has been expended not
another dollar Should be cOnuded TO the keeping o
hospm m