New-York tribune., 1891-05-17
HEARD AMONG CLUB-MEN.
WHAT MEMBERS OF wELL-KN0WN ORGAN-
rATIONS ARE INTERESTED IN.

| Club who don't like that organization ana re"
akckers- within the organization, with the help OF an
anonymous newspaper critic, doing their best ,se
now to make appear that the biggest athletic clup
In this country Is In bad way, financially speaking.
II these people could their liking for fiction
and their repugnancc facts and study the situation
from an unpreudced point Of vew they would find tat
/ the Manhattan Athletic Club row stands on a good
financial basisan extraordinarily good financial basis
/ considering the fact that with membership OF a
couple OF hundred and debt Of s35 000 the organi-
zstion set out to build s550,0oo clubhouse. actually
/ built il and holds mdisputable title to It, Tie
persons who will have it that the club Is In the
financial breakers have recently announced through
their newspaper mouthpece that the issue OF club scrip
/ TO the amount Of $150,0O0, on which the club has
Just resolved is founded thin air instead OF actual
values They say that the club has little or no equity
/ in its clubhouse and appointments, Is already
mortgagcd for all 1t is worth, and has, either acci-
denaly intentionally, sent out misleading reports OF
its financial condition and prospects. President
George W. Carr should know more about these affairs
concerning the club of which he has been president for
the last thirteen years, than the Anonymous foes OF
the organization. He tells the writer that every one
Of the recently published statements of the anonymous
newspaper critics OF the Manhattan Athletic Club
Is absolutely false. And by way OF proof OF MS
denial he instances facts which cannot be dlscrcdited
They speak for themselves and here they are: The
treasurers report that there liens the
property 10 the amount Of $3.50 900 in the shape Of first
mortgage bonds for 100000, held by certain
| firm OF well-known 1nancers, and second mortgage
bonds to the amount OF S250,OOO held by members
and friends Of the club. The land which the
clubhouse stands and the house and Its appointments
have COST in round figures, ss7O ,OO0 which about
/ $4,000 is now due, In addition b the amount COW
cred by the first and second mortgages. In other
words, the club has actually paid from its treasury
more than 100000 account OF its building, 10 say
nothing of the wiping-out of the debt OF S3o'oOo
with which It burdened when II began the erection
OF the new clubhouse. The most pessimisc hnanclers
are always ready to credit organization or indi-
vidual with equity at least equal to the amount
which he or it has actually paid the property in
volved And as the figures irreslstibly show that
the Manhattan Athletic Club has actually paid more
than $780, 900 its present property. its claim to
an equity OF that amount can scarcely be denied.
Then again. the erection Of the club palace In which
the Manhattan Athletic Club is now housed has GER
tanly increased the value Of the land on which tne CLUB
house stands extent For these reasons 1t would
certainly seem that the assertion Of the officers OF the
club that the organization had an equity OF Sl3oOOO
on its property Is based on hard comon-SenSe reason
ing rather than a substratum OF mere enthusiasm AS
for the snarng at the award Of the building contract
to the firm of L. A. Burke g. Co., in which Charles
Perry an ex-governor OF the Club, is member, 1t may
safely be said that firm would have accepted the
contract unless it had had something more than
mere commercial interest in the transaction. AS
matter OF fact, Messr. Burke Co. had practically no
security for the payment Of their bill when they &C
cepted the contract, and, furthermore every DOLLARS
worth of material which was needed was charged to
them and not to the club. Consequently the extra
percentage which they received for their work was
mora than deserved Had it not been for Mr. Perry
and this firm the Manhattan Athletic Club clubhouse
would never have been built The same explanatloh
holds good TO certain extent, Of the stipulation for
interest at per cent the first mortgage Donos, as
the financial firm which advanced the S4oo'Ooo han
practically no guarantee for the payment OF their In
ere their only security being the pledge of the four
maubers Of the clubs Building Committee that the
buiIdnC should be completed. Their loan was, SO 10
sneak decidedly speculative, and, considering the
nature of the securty-or lack OF t-6 per cent Is
very low rate of interest Now that the club mas 3ooo
having members including Of men OF abundant
| means is making money at the rate OF Soo'ooo OF
seo 600 n year. and unquestionably has the nm
| est clubhouse in America, it Is mere nonsense
| IN talk about the probability, or even poSslDnV'
Of the clubs going to pieces on the other manu. ~ 10
about as certain anything In the futue can DC u'
within the next twenty years-f not indeed "Onl 'o
nevt fifteen years-the Manhattan Athleuc CluD Will
ou,n the handsomest clubhouse in America absolutely
,roo ~ debt II has been said by the men who want
% mt tbe club into hole that many OF the 3'oOo
nen,bers are not actually paying members Figures
are more trustworthy than fiction and the figures sho"
that only eighty Of the clubs 5000 members IN Jan
nary last failed to pay their semannual dues anu Oi
tbeso orhty sixty have since cashed up Then again.
a. the influx OF applications for membership cohuueS
abo+od n T. morally certain that the places OF non
zinc rreqnbers can be filed over and over again. 50
trot the club is fully justified in figuring on dues rom
. oOo men al $40 year. II Is now close 10 us nii
| "a roo +be limit Il reached there will undoubtedly
he tendency on the part OF those who want 10 get II
| To take life memberships which are IN reahS ihu'"
cbcaner than active memberships inasmuch as hle
MD of
| s5oO after $50 members have been secured. 1ho
recently published caumny that the statement Oh pro
made on April covered five months instead OF lour Is
sbaer ahsIrdty as the club did not take possession
q, s nev house until November 90, 1890 and further
more the house not fairly opened unui te hiuuio
OF December. AS the profits for four moiVi, "'I0
400 OOO and as there has been no faningoh IN the IT,
elr4s although the novelty Of the thing has worn on
| II ,s reasonably certain that the annual prVhVS
., the bouse recaps will not be less than SoVOOV.
Tho ducs are good for $4,000 year. leaving ou' Vi
ron liberation the dues from 500 nonresident He0
| at $50 year. and the estimate OF SlOOOo proh' noi
the sIeepng apartments In the clubhouse, anu ol 'e
san,e sum from the club theatre are Thoroughly Sc'
| Assrnine that the proposed issue OF scrip 10 Ihe
| or,o,nt Of S15OOOO is taken-and IL douDC
| tees will be-the Gibbs annual interest," wiz
amount to only 900 and 100000 Is uls
estimate for TIE expenses OF manaihihs ths
,rh borse not charged TO the restaurant, DilliaN-
om and other departments before the profit or loss Is
| epIred ont Thus 1t would appear that inc ANNUAL
income of $4,000 Will exceed the annual outHy oy
at least 100000, and hence 1t Is tnat every yVnins
| oints to the lduicatlon Of the clubs entire III
debtsdness within the next fifteen years AS any cluo-
man who knows anything about the subject Will au-
mil the Manhattan Athletic Clnb gives more re-
turn for its annual dues Of $40 than any o''er 'uD
~; the coiutry. when man Or an orgthlEa1iOh eIne'
- % rIve a dollars worth for so cents there arc
10 10 he plenty of customers. The Manhattan
Athletic club occupies the position Of such man or
orranzaton and In this fact there is an unquesuonDe
assurance OF its permanent prosperity whatever the
rrowers outside and inside the organization ana 'he
,s pswspaper representatives. may have to say
about II.
The monthly meeting OF the Republican Cluo To-
,norror night will be q decidedly important one in