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

DR.. G.. E. Hunt secretary of the Com
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 OF
that body last evening the following seems
pertinent:
THE recent movement for merging the
two organizations was conceived by a 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. 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 it 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 or the two organizations has
never been discussed in directors meet
ing.
TT has been thought by the joint COM
mittee that single large commercial or
ganiza ton, 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-
ing OF the board and club would conduce
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, 800 and there is no
| floating indebtedness. This bonded indebt-
edness Will be reduced to 10000 by pay
ment Of $3.50 on Dec. l, and to 100000 in
side of two years. The Commercial Club
| building was built at cost of over 900,
| the ground costing s50,10O representing an
investment of. say s192, 100. The building
could not be duplicated to-day for sl6O, 600,
as structural iron. labor and all materials
are much more expensive now than when it
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 s1s2.lOO. without
| counting its personal property. May a.
| 1900. group OF business men appraised
other land and improvements at $4,000, so
that to say 1t Is now worth 49,, 100 is ex-
| tremely modest. Taking from this the
| bonded Indebtedness of $1,000 that will
| exist Dec and We have an equity Of $685.
| 100 In the property. There are 6,356 shares
of stock out, representing face value Of
s63,560, so that the stock is worth better
| than par by considerable. Anyone DESTROYS
| of selling 800 worth of stock for cents
| can be accommodated. Every room in the
| building is occupied, and no tenant is in
| arrears for rent The rent roll to-day is
| $l6116 on the year.
THE Commercial Club of INDIANAPOLIS
has a 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
| other minor municipal betterments are d.
| rectly traceable to its influence. Nor is it's
| work complete.
1.-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
It's history, 1t Is fair to suppose that its
| usefulness is not impaired
| I'm recent months the club was instru-
| mental In securing a modification of the
| interurban franchises that has been pro-
| nounced by lawyers OF great benefit to the
| city. 1t Is now endeavoring to secure an
equitable price for coal in Indianapolis
1t made the only complete investigation
OF the smoke question that was made; IL
collected large sum of money for free
factory sites and put a quietus to the
claim that there Is demand for free
sites; 1t gave careful attention to the
II Is actively interested in the primary
election reform movement. and is other
wise engaged in looking after the public
welfare whenever opportunity Offers"