New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-10
AMONG THE CLUB-HOUSES.
HOW MONEY Is RAISED TO BUILD HOMES.
MEMBERS THINK THE BONDS MAKE GOOD
INvESTMENT-THE MoNTAUK AND

i
THE UNION LEAGUE.
| Election day having come and gone, the dolngs
| nj the house-building clubs once more come III
for their due and full share of discussion All
tho clubs that are ut work have been raising
the money needed for their operations by means
of bonds in most instances secured by second
mortgage on the clubs landed estate and its
future home. The sums of money thus called
for have not been small in any individual instance
| and in the aggregate amount to several hundred
thousands Of dollars. The rate Of interest offered
has not been high, but of the clubs
| has found any difficulty in getting whatever
| money IL needed, and this remark applies TO the
older well as the newer ones, for each ana
| every one of them has debt OF some size. Now
there is a reason for this outside OF the sentimental
| considerations which actuate many club members
| in making their subscrip tons, and this reason
| is to be found in the fact that club bonds
| regarded from a business point Of view by many
capitalists as a good investment. The money SO
invested is not to be looked upon as a gift
These considerations have, no doubt had much
| to do with the raising of the fund of $4,000
needed, with the addition of the proceeds of
| first mortgage to be made TO some institution. to
build the Montauts new clubhouse There is
| however, another feature which has been COM
| ~
| TO purchase any bonds of the club which the
original subscribers may be unable for any reason
to take or hold The chairman of the Finance
| Committee, David a. Body, says he can find no
record of an instance where a social organization
| has defaulted in the payment of tho interest
| or the principal of its securities. Many other
| members of the club who close students Of
mercantile affairs agree with him.
| But the trouble has been heretofore that while
| club bonds were good enough TO hold for
an investment there no means of realizing
on them quickly if holder got into tight plsce
and wished to raise money" The scheme o. the
practical financiers of the Montauk obviates this
difficulty, and it's popularity is shown by the fact
that the $4,000 the club desires to raise has
nearly all been taken by individual subscriptions.
The small unsold balance will be open for sub
scribers to purchase for reasonable time, after
| which the syndicate viii buy them for
The construction of the Montaulls new home
is now fairly under way The foundation walls
are raising rapidly and the work the walls will
be pushed forward during the winter as vigor-
ously as the weather will permit The Building
Committee of the club met on Friday evening.
There were present ]. Rogers Maxwell, chairman;
Charles A. Moore, Leonard Moody, Rufus T.
Griggs and Albro J. Newton. Edward l. HOrs-
! rrtrn who has been remarkably constant in his
| attendance heretofore, was absent. The commit
| Tee disposed of the plumbing contract, which is
the last thing necessary to get the building TO the
clustering stage of its existence. This brings the
| aggregate amount of the contracts awarded to
| 100000 or thereabouts. There some Tx az
| one time to the effect that the balcony on the
| fourth story would be abandoned, but the com
| mittee has wisely decided to retain it, thus leav
ing the plan of the building originally designed
| bv the architect, Francis III. Kmball.
Already the effect of starting building opera
tions is apparent in the growth of its membership
list a number of candidates having been taken in
ut the last meeting of the Board of Directors,
| while several more are waiting for admission
Thus far there have only been six designations
from the club, and in one instance, where the
member moved out OF town, he took measures to
secure his subscription for club bonds, because
IS he put il, they good thing to own
So many members anxious for definite and
detailed information about their new hcme that
the club has decided to issue little book for their
benefit. II will contain half a dozen pages and
| have a perspective view of the clubhouse for
frontispiece. The other pages will have ground
plans of the several floors, the dimensions of the
rooms. and enough descriptive text TO explain it
all
The Union League is in somewhat different
nostion from the Montauk as regards its finances,
having membership of nearly 700 to draw upon.
r. is therefore not surprising that it has already
raised $4,000, and promises as it grows in
strength and influence, TO pay the 1924 900 for its
clubhouse entirely from its own capacous pocket
When the members eat their Lincoln dinner in
their new home on the evening Of February IL,
$50. the membership will probably not be less
th8n 200.
This at least is the opinion of those who have
hoen watching the clubs remarkable growth during
| the last six months. Their views strengthened
ny the fact thaC at the adjourned meeting of the
Climb held last Thursday evening, enough new APP
nIicotions for membership were received to make
total of sxty-Ave at the two SEES
sons. Among the names submitted werc
Jcsse Johnson, ex-Judge George G. Reynolds Sid
nev Williams Elijah Il. Kennedy, Peter Milne,
) Henry Walters, William ID. Stewart. George w.
Dalin. Ebcn Miller, Henry NJ. Howell Theodore
y Cooke. Alonzo Lewis, Howard o. Wood, Philo
& Uoccr. Edgar c. Smith, j. Austin Shaw, F.
. | LIVINGSTON Corwn, BENJAMIN +. ConklnS, ). IL.
Scripture George ii. Rlden, j. Il: Davenport,
Wheaton A. Walsh, r. G. kmball, John Wilson,
, VIC Burn. ir John b. Campbell, William w.
Peynolds. James p. Phillip, o. G. Copeland, Ed
nd b hutchinson, Martin 5. Allen G. Mortimer
! Wiske, Alanson Treadwell, C. II. New. J. Forbus
ME Walter f. Wheeler. Hurry +. Blackwell,
Caich K kellogg George G. Blanke Ransom l..
{ v Wood H. John Wood. Samuel H. Cornell; +.
Rapeyca BoeTqm Henry ,T 1%%erum william A.
Webster, II. " skinner, william q T. hSobns9Tn'
: r r. sanders. John Byers George r. Clark, Andrew
9 p r. Homer l.. BARTLETT, p j Orchard, James II.
Steers. H. F. HolchlisS, Russell Parker, Herbert
Gates A. t. Catiin. DE Lancey W. Pcrciyal
~ Noo ~n r Finn. John S. Oliver and II. Bailey
Next Thursdays meeting will doubtless see an-
,hor large batch of applications presented, as the
.rance fee will be raised for future candidates
; eh' --------------
b rury THINK THEY WERE POISONED BY PIES
Th families Of r. y. Taylor, OF No 1913 Rodncy-st,
5 ~ w nrdnr ~ No 100 CNmer-si.. wore taken