Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-12
FOR REORGANIZATION
TRANSFER OF JOCKEY CLUB
PROPERTY TO AUGUST BELMONT.
Will Be Turned Over to New Organiza-
tion-Plan to Free Local Associar
ton From Debt.

By deed which was placed on record to-
day the Washington Jockey Club of this
city conveyed to August Belmont Of Hemp
stead, New York, lots 10. II. IL, Is. IA. 10,
10. II. Is and 10. in VIM. B. Webb's sub
division Of part of the tract known as Fife
and Fife Enlarged together with the
buildings thereon and all the rights and adj
vantages belonging to the same. This is
the Benning race track property. A nomi-
nal consideration Is mentioned.
To Be Free From Debt.
It Is explained, In connection with the
filing of the deed. that at meeting Of the
Washington Jockey Club. held December %
last, when those present were Messrs Wood
bury Blair. Jesse Brown. H. Rozier .Du-
lany. Samuel 8. Rowland, Samuel Ross.
Richard A. Johnson. w. B. Hibbs. F. B.
Mcguire. Nathaniel S. Simpkins, Francis
l. Burgher and George Howard, 1t was de-
cided to free the association from debt. the
plan being set forth in a resolution. sub
stantialiy as follows. which was adopted:
The association Is largely In debt to MI
August Belmont for moneys advanced dur
ing series Of years, and the current re-
sources do not permit Of the present dis
charge Of the obligations. The association
Is also indebted to third parties in further
sums of money. MIR. Belmont has agreed
to pay and discharge for and In behalf OF
the association all its outstanding indebted
ness to third parties, including the mort
gage on its real estate; also to cancel all
his own claims against the association and
to surrender his entire holdings Of stock
therein to the association; also to cause to
be incorporated a corporation to be called
the Washington Jockey Club of the District
OF Columbia such corporation to have a
capital of 800, 900. divided into 1000 shares
Of 500 each, and upon receiving a proper
conveyance from the association to convey
to the new corporation the lands, race
track, buildings and other assets Of the
association in full payment of subscrip-
ton by him to the entire capital stock OF
the new corporation. Mr. Belmont is to
give therefrom to each other shareholder
OF the association full-paid share of stock
in the new corporation for each share Of
stock held by him in the present associa-
ton. with equal privileges as to badges in
exchange for the stock held by them re-
spectively in the association, and to sur
render to the association such shares OF
stock as the same are so received in ex-
change, whereby this association will then
be entirely free from debt and in possession
OF the whole of its own capital stock"
Transfer Of Personal Property.
The Washington Jockey Club of Wash
iEgton. D. c.. also placed on record today
bill OF sale. conveying to August Bel
mont all Its goods, chattels, personal prop
erty and accounts. These include list
OF unpaid forfeits amounting to s., S90 80:
list Of accounts receivable to the amount
OF $3.50; proportion Of liquor license I'M
expired OF the value Of $500. and unexpired
premiums for fire insurance on property at
$,716.17.
1t appears that the club is carrying in
surance to the amount Of 500. 100. divided
among twenty-five companies.