New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-30
MANHATTAN ATHLETESPLA AN
A SYNDICATE TO Buy THEIR CLUBHOUSE.
1T WILL LEASE THE BUILDING TO THE oRG.SI

1T WILL LEASE THE BUILDING TO THE oRGANI-
ZAT~ON-TERM OF THE AGREEMENT
II now looks rs il The members of the Manhattan
Athletic Club would enjoy a happy New Year. Tree
from care and worry. at least far as their ciuo
l. concerned An enthusiastic meeting was held In
IN. theatre OF the clubhouse last night. II was pro-
posed to rm stock company in the club TO pur-
chase the house and then lease IT to the Hemoefs'
At "A recent meeting Of the club. George W. Carr,
thu president Walton Storm. the secretary ana eN-
Governor Waller, appointed committee 10 see
influential members and TO ascertain the best means
of tidng the club its present financial difficulty
This committee reported the results last night
The agreement IS as follows
We the undersigned severaly agree to and with each
other aud to and with oil other persons VINO sign
copy Of this agreement. to form syndicate ior ''e
purpose OF purchasing the clubhouse AMI property oil inc
Manhattan Athletic club at the corner OF fory'hi''''
and Madson-aye. IN City OF NewYork for the sum
OF 5000 OOO Of which $3.50 900 Is to be paid 10 cash ana
$3.50 900 is be paid by taking the property SUBJECT
to mortgage to that amount and to subscribe ond 'sy
toward such purchase set opposite our epeeu'e
names with the understanding and agreement that upon
such purchase such syndicate SHALL ul'ouRh It's
representative trustee, at once IeaSe S"'u
property to said club for five years az
auoh rental a. viii pay per cent net o. SZooooo ae
having interest on said $3.50 600 mortgages, taxes ~
se.sment Croton watr charges and with the u'h.r
understanding agreement that said lease sha eoh
an
time said five years payment to said syhiea
ar It's representative or trustee Of the sum Of s70ooO IN
cash. with the further understanding and agreement
that said all the expenses legal or ohcr
wise. such transfer. trust AMI resransfsr.
Immed ateiy that S25OOOO hos been thus subscribed
meeting OF all the subscribers shall be called by any five
thereof Of which ea, three days notice By mail snail
given subscriber and NJ such meeting the DIT
son in whose name the tito said property shall be taken
as trustee benefit OF all shall be determined by the
vote Of maiorlty IN amount Of such subscribers c'.
either personally or by proxy and ut the zane time anu
In Ike manner the form certificate issued By such
trustee to subs rider evdenclnc his share OF u r'
in said syndicate purchase and property Shall DE ue-
ternhncd and hereuron agre" within I'VE d"SS AYR
notice BY mail Of The -ccct!on Of such trustee to pay 'e
amoun. Il our subscription to such trustee 20 be b. him
uad over to club receipt from IL u prop'r
deed aud bill of said property. ard uDon the de-
livery by such trustee said club OF lease CONTAINING
tho provisions hcrenbefore stated
Th,-e subscriptions b b, binding until February
1893 and the consd ration for eaHh subscription Is the
"a scripon Of each and all the ohr' nut thlS S"o'
&C ption Is not DE bindlng after February l. So" nor
ON uat date unless the whol, $4,000 is subScrib'd
The members got to work at nee and Sjl,loo WAS
subscribed within an hour. This amount will In all
probability be increased to $1,000 before the preS"
week l. ended.
Subscriptions will be made on the basis That there
hall lao A change in the general management Of the
club A new set Of officers will be elected ana
radical changes will be made all around Inc atheDc
.xpenscs OF the club this year were 10000 ms WI"
b. reduced ~ least half House expenses
Will also be curtalcd that saving OF l''''
81 900 Is expected for the coming year. T., ,o,
Tle mrmht +, were also asked 10 pay 'n'ir hnH.'
duc I'm advance md there will probably be few as
..rtIng voices Thi> will give tho cluD dnoth'r
500 900 for Immediate use.