The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-16
MANHATTAN CLUB HARD UP
NAY DECIDE TO MOVE OUT OF THE
STEWART MANSION.

$50 Assessment Levied on the I 1900 Mem.
bers-The Responses to This and the Sub.
.crtption to Its Income Bonds May Pull
II out of Debt-Croker's Club Hurt IL.
!, Tho Manhattan Club needs ready money so
Indy that, for the first time in it's history, IL
has made an assessment upon Its members.
THO constitution Of .he club permits the assess
nent Of members to the extent OF $50 each.
rbe assessment just made reaches the consti-
tntionall limit. The notice that an assessment
b,d been made was sent out on Saturday. and
n vas accompanied with the request that
usmbers send IN their checks for $50 each as
,oon az possible. At the same slime that the
notice Of the assessment was sent out. the
oovcrnors sent out a circular letter to the men,
> hers. stating that. for the sake OF economy. It
had been suggested that the club give up its
prcsent house, the old A. Y. Stewart mansion.
nt Thirty fourth street and Fifth avenue, and
move into less expensive quarters. This letter
was sent out to get an expression Of opinion from
the members. IL may be that. within n short
time. A special meeting OF the club will be
called to vote upon this question. The club Is
moi insolvent, but IL Is hard up. For about two
vnars its receipts have not been equal to its
disbursements. Within the past year the mem
bership has fallen of. or, 10 use the words OF
Frederic r. Coudert. President Of the club. THE
loss orm m bers by death and resignationtmem-
hers Of the Manhattan Club sometimes die and.
unlike oflceholders. they sometimes resign
has not been made up by the acquisition OF
% members" The club now has a member
ship OF about 1900. OF whom 800 are resident
men times l began t to be- feit.. the Manhnttan'
ike many other clubs. abolished the require
Hon fee Of $3.50 each. When this was done the
annual dues were increased from $50. to 500.
,e rhe to SG attTn S%a new wii me en- Sa.s."' THEN nee R hi ard
Croker joined the. Democratic Club and babe
his faithful to do likewise. They obeyed. Some
nations was felt, in the Manhattan's treasury.
ness is has not been made public. but Mr.. Cou-
dert said yesterday that II all the members pay
t thheir E sIfeT tbe cIub S will have. enough money s1a to
pay all its debts. By subscriptions to bonds
Issued by the club and payable out Of the clubs
surplus income. when it has any. Mr.. Coudert
said lie expected that enough money would be
raised to leave a, comfortable balance in the
bonds have already been pledged to insure, a
very rsspectabIe sum: those who have sub,
Quite willing to lose their money, II the income
Of the club Is never large enough TO pay them.
by these means continued MI Soudert:
time. to ray our debts. II. then, we can secure |
100 new members. the revenues OF the club
her after that would yield a profit % the club.
You see, therefore, that our indebtedness Is
very pitiable after all. We have In our cellars
= stock of wines and liquors worth more than
S2O.OOO. and our furniture Is worth at least
$4,000. mention these facts lest some one
should get the idea that the Manhattan Club Is
insolvent. In a few days we shall issue a state |
ment. showing Just what our financial condi-
The club pays to the Stewart heirs an annual
rental NJ $4,000. Mr.. Coudert said he was OF the
opinion that the lease expired next year. The |
lease hasa clause providing for q renewal at the !
same rental. at the option OF the club. Mr.. |
Coudert said that many of the members have
long felt that the Stewart house is too large
and not well arranged for club purposes. The
Governors concluded that, If the owners OF the |
property would cancel the lease. the club could
get more desirable and much cheaper quarters
II the owners will not cancel tho |
lease, it is proposed to appoint Il committee OF
the club to look about during the next year for
a new home. Mr.. Coudert said that one piece
Of property had been talked about as being
admirably adapted for "A house for the club.
He did not care to say anything about the To-
cation of the property at present, or to state
even whether or not il was on Fifth avenue.
The Manhattan Club was organized in 1865.
OF the charter members. only John T. Agnew
and William Butler Duncan are living. Its
first home was the old Bernhard mansion. at
ent officers. besides Mr.. Coudert. are: Vice
Justice Charles. H. Truax; Score
tary, David B. Gilbert: Treasurer. Arthur
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