Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-08-10
Biggest Meeting in Recent
Years Involves Itself in an
Evening Of interesting But
FruitIeSS Discussion
TOO MANY PLANS FOR
CONCERTED ACTION
Twenty-Six of $50 Signatures
to $4,000 Bond Issue Secur-
ed and Committee viii Make
Effort For Balance,

ttt0ft t0f Balance
With an attendance Of about ninety
members. the largest meeting held in
the club rooms in recent years, and
with a feasible working plan proposed
by Its finance committee, the Com
mercial club last night failed to take
hold OF the plan to dispose OF Sl5,-
500 Of bonds to take up the sccond
mortgage on the club building, which
under tho offer OF the owners OF the
building. would have placed the tito
to the property in the hands of the
club The attendance at the meeting
showed that there was no iuck OF
interest OF enthusiasm. $1,000 of tho
.$t1,5o0 Was actually raised at the
meeting by twents six of the men pre-
scnt who signed for bonds ut 800
each The finance committee, which
formulated the bond issue plan WAS
continued with instructions to see II It
s possible to secure the remaining sub
scripuons necessary aud the hope Is
expressed that the committee may be
liable to do 50.
YET the meeting IN point of results.
was very much Of a isappointment 10
the officers. the committee and many
or the members who had hoped at this
meeting to carry through the plan that
would place, the club In possession oi
the property and on It firm financial
basis once more,
The chief trouble in the meeting
was the presentation of too many
plnns a lack of concentration and un-
itod action That Is the whole story
and the sole cause Of the disappolnt-
mcnt which the result of the meeting
Is bound to carry
Upon the opening of the meeting
President Spltz called for the report
OF the special tinunce committee Mr
simon stern. the chairman presented
the committees report lie reported
the committee unanimously In favor w
accepting the proposal Of the owners
to turn over tho building on payment
of the second mortgage of Sl5,3oo an"
a assumption of the FIRST mortgage. Ncst-
ing the title TO the property ~ the
cuh The plan proposed by the COM
mitt.e was for an issue OF St5.10o OF
bonds Of the denomination of $loO each
tn rum for 20 years nt per cent per
,nnum. payable semi annually ana the
bonds to bc retired at any interest
having date upon the option ot TN"
club. the bonds to be retired to be de-
termmed by lot
Upon a motion made 10y Nr. Frank
W Clancy the report of the committee
was adopted. almost without discussion
and bv unanimous vote. No objection
was made prior to adoption of the re-
port Immediately upon It's adoption
however. a disposition Ia critleise the
plan appeared apd this with the pre-
sentation of plhcr plans, lost the meet
me In, success it might have had
through united action.
President SPITE called for suhscrip-
lions 10 the proposed bond issue.
Iuauks were passed through the meet
ns ana twcnty-siX OF the 100 bonds
wore disposed Of The result OF the
.Irst effort was disappointment al
.hourh there IL no doubt that further
.oncertcd effort along the committees
plan would have increased the SUBJ
.cription before the end of the meet
ne
Mr. W T. Mctcalf q member of the
expressed himself as dis
nrtIy disappointed at the result.
Frank \. Hubbcll addressed the
meeting stating that he did not APP
,ro,r of the plan proposed by tho
.ommittcc. believing that a straight
iond issue of $4,000. to tak. over
hr whole indebtedness. Vcstins htls
% the club would Dee more satisfactory.
Krobcr also objected to the commit
,.'s plan. on the ground that there
hnuld ue no bond issue but a straight
description ur donation "f money.
rhI. plan was effectively silcnccd lit
ir atcr by the statement Of George n
>,-omun to thr effect that Il there
,rr.. NOT $50 men who would take a
roU bond. az IS per cent and ON snt
.Is.. security there certainly were not
800 mon who would make donations of
hst amount Mr Huhbell asked for a
tatrm,nt of the plan proposed by Mr..
r. Luthy and that gentleman pre-
.rnt,d his plan. which in brief. con-
cmpiates the issuing of zee life MEM
,erships in the club at s2e0 each. the
memberships to the transferable and
perpetual making concessions to the
holder ln the matter OF dues and limi-
ing an. actual organization. or CORP