The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-05
STATEMENT FOR THE CLUB
THE CRITICISM OF BOARD OF TRADE
MEMBERS RESENTED.
DIR. George K. Hunt, Secretary of the
Commercial Club, Issues
Statement.


mercial Club. on behalf of the members OF
the organization yesterday prepared the fol-
lowing statement in reply to structures upon
the club that developed at the Board Of
Trade meeting Monday night:
I'm view of the statements credited to
certain members of the Board Of Trade at
the meeting OF the board of governors or
that body last evening the following seems
pertinent:
The recent movement for merging the
two organizations was conceived by mem
Der of the board of governors of the Board
of Trade The complete plan was presented
by him TO each organization. The Com
mercial Club has in no step taken the initia-
tive in the matter. A committee was APP
pointed by the club directors to consider
the plan and report to the directorate This
committee has been faithfully performing
the duty for which IL was appointed in con-
junction with similar committee appointed
by the Board OF Trade. Since Its appoint
ment some months ago the club committee
has made no report to the directors anc
the merging of the two organizations mas
never been discussed in a directors meet
ing:
mittee that a single large commercial or
ganization, embodying the numerical and
financial strength Of the segregated organ
iZations, would be OF benefit to the city,
and with the honest opinion that the merg-
to this result, their labors have been along
this line Of thought. Recent Investigations
have convinced some of the members of the
committee that the proposed merger is not
only undesirable but impossible, but even
yet the committee has made no report to
the directorate.
I'm regard TO the financial standing of
the club, we are in no distress, and are in
better shape to-day than ever before In
the history Of the organization. The bond
ed indebtedness is SOS, 500 and there is no
edness will be reduced to $107, 900 by pay
ment OF S1,5oo on Dec: i, and to 800 600 in
side Of two years. The Commercial Club
building was built at a cost of over $142, 900.
the ground costing s5O,10O, representing an
investment of. say $l92, 100. The building
could not be duplicated to-day for $3.50 900,
structural iron, labor and all materials
are much more expensive now than when II
was built.
VALUE PROPERTY.
There has been no depreciation in the
| price of the ground during the past ten
years. surely. But. assuming that there
has been no appreciation, and, offsetting
the depreciation in the building with the
rise in price of material and labor the
club has gross assets of s192.1Oo, without
counting its personal property. May IA,
| 1900, a group of business men appraised
other land and improvements at $4,000, so
/ that to say Ii is now worth $780,, 100 is ex-
| tremely modest. Taking from this the
| bonded Indebtedness of 100000 that will
exist Dec and We have an equity of $751;
| 100 in the property. There are 6,356 shares
! of stock out, representing a face value of
| $685. $50. that the stock is worth better
than par by considerable. Anyone DESTROYS
| of selling 800 worth of stock for 5 cents
| can be accommodated. Every room I'm the
| building is occupied, and no tenant is in
| arrears for rent. The rent roll to-day is
| $l61l6 on the year.
| 1.-The Commercial Club of Indiana polls
| has record absolutely unequaled for the
| efficiency of its work. This is admitted by
| organizations engaged in similar work else
| where. Life in Indianapolis has been made
| far more worth the living by IL. The pres
| ent city charter, the present system of
| paved streets, our sewer system and many
| other minor municipal betterments are d.
rectly traceable to its influence. Nor is it's
| work complete.
THE past two years have been years of
great activity and the records show the
| accomplishment of much good. The future
| holds much promise. The Commercial Club
needs only to point to its performances in
| the past to accentuate its usefulness in
| the city. And as it is larger, stronger and
financially better off to-day than ever in
| its history. 1t is fair to suppose that its
| usefulness is not impaired.
In recent months the club was instr,I.
| mental in securing a modification of the
| fnterurban franchises that has been pro-
nounced by lawyers Of great benefit to the
city. Ii Is now endeavoring to secure ar
equitable price for coal in Indianapolis
1t made the only complete investigation
OF the smoke question that was made: Il
collected a large sum Of money for free
Factory sites and put q Quietus to tn,
claim that there is demand for free
sites; 1t gave careful attention to tn,
1t is actively interested in the primary
election reform movement, and is other
wise engaged In looking after the publ,
welfare whenever opportunity offers"