Los Angeles herald., 1907-03-24
ATHLETIC CLUB
WILL INVEST
100000
Magnificent Building
to Be Erected
Directors Secure option on Property
at Northwest Corner Of Sew
enth and Olive
Streets

Members of the Los Angeles Athletic
club were pleased beyond measure last
night to learn that the directors of that
institution, after mature consideration,
had given substantial proof of their
faith in the future of the club and
their satisfaction at it's present sue
cess by deciding upon the investment
of a round million dollars in fitting 1t
with a new home in every way proper
for a metropolis of the size and stand
ing Of Los Angeles.
Last week an option was secured
upon the splendid property situated at
the northwest corner of Seventh and
Olive streets and work was at once
started to raise the enormous sum of
$450,000, the consideration named
Large as seems the price, conservative
Judges of realty values declare that the
club made an excellent buy at the price
named inasmuch as the property fronts
1855 feet on Seventh street by 147 feet
on Olive, to a twenty-foot alley allow
ing for the proposed building a ground
floor space of 22,7S5 square feet, with
light upon all sides.
r. A. Rowan, considered as capable
Judge of realty values as there is in
the city, and himself a party at inter-
est, IeelS IHdI Iue property dI buS very
least was in excess of S100 foot be-
low the market Based on the Sew
enth street frontage, the price figures
$4,000 per front foot.
1t requires money and plenty of it
to finance a proposition of such magni-
tude, but the means were not lacking
for such men Of might in the business
world as Robert A. Rowan, Frank A
Garbutt, William NJ. Garland, ]. F. Sar-
M ILL ,
Murphy, J. A. Graves, Robert Marsh
]. S. Torrance, A. Kingsley Macomber,
H. Jevne, w. L. Brent, ]. e. Fishburn,
c. A. Garfield, w. H. Holiday, w. D.
Woolwine, r. /. Rogers and the ISaacs
Bros, among others, pledged the sum
of $215, 900 for the cause, the first day,
thereby assuring the substantial back
ing of leading bankers to such an ex-
tent that the ultimate success of the
proposition seems only a matter of
such time as the mechanical require
ments of the scheme outlined enforce.
Big Price Paid
1t is understood that the directors of
the club had no small difficulty in
bringing the owners of the property to
part with it at this price and that $780,
000 cash was necessary in order to
make the deal, time being available
for the balance.
The promoters of the enterprise did
not expect and in consequence were
more than pleased at the warm support
accorded by heavy financial interests
from the first, and in consequence are
now planning to make the Los Angeles
Athletic club the best institution of its
kind in the city, sparing no expense
within reason to achieve that end.
stock company has been formed
and a chance to become stockholders
in the enterprise has already been Of
fered members of the club by circular
letter, a number having already availed
themselves of this opportunity. 1t is
proposed to extend the membership
limit and materially raise the initiation
fee in the Club on account of the great
expense being gone to in securing new
quarters.
1.-THE athletic club has a serious mis-
sion and an economic status in the
community for more important and
farther reaching than it's mere social
side, and the pleasures incidental to a
membership in it," said a prominent
member who is himself numbered
among the heaviest stockholders in the
company which is to build the new
quarters.
"Of late years the business public ir
particular is awakening to the fact
that the man who sits in an office al
day must take care Of his physica
well-being in some recreative manner
Time is the essense of everything now.
adays, and it therefore becomes not
only important, but essential, thai
there be some place conveniently stu,
ated where recreation of this sort car
be had in the form of exercise, with
out entailing an impossible expenditure
of time. 1t was my belief that this
sort of thing could not be too strongly
encouraged and that were 1t a matter
of philanthropy alone instead of g
sound business investment it would
merit every cent have put into it,"
Architects to Plan
AS soon as the architects can pre-.
pare plans 1t Is proposed to start work
on the new building, which is to be
one of the most ornate structures in the
city, and the most modern athletic
club in the country, not excepting the
famous institutions Of New York and
Chicago. Ample swimming facilities
and open-air handball courts are to be
provided and the social features of the
clubs existence are to be taken care
OF quite as we'll as the athletics.
While attempting to secure a loca-
tion the directors decided not to go
farther from the business center than
Ftgueroa, Main, Second or Seventh
street, and inasmuch as the business
center is now but very short dis
tance away from the site they selected
they feel quite certain of a strong and
steady enhancement in value for their
property as we'll as the advantage ac-
cruing to the club and it's members
through the convenience of the site.
The following gentlemen have all
ready subscribed for stock in the
amounts set opposite their names:
Robert A. Rowan, S25,OO0 Frank A.
Garbutt, $4,000, Robert Marsh, $25 900;
j. A. Graves, 100000 Isaacs Bros, Sl5,-
900; Hellman & Sartori, 10000; ]. S.
Torrance, $4,000; r. W. Kenny $1,000
A. Kingsley Macomber $4,000: Fish
burn, Woolwine & Rogers, $1,000; w. M
Garland, $15,OOO w. l.. Brent, presi-
dent Merchants Trust company. $4,000,
c. A. Garfield. $4,000; w. ii. Holiday
$1,000; Dan Murphy, $4,000; II. JeYne
$1,000; Edwin s. Rowley, $4,000.
YOUNG TEDDY MADE MANAGER