The San Francisco call., 1909-05-07
TURF MAGNATES
OUT OF TOUCH
ABOUT STOCK
Future of California Jockey
Club Is Problem for
Share Holders
Williams and Burns Lock Horns
in Regard to Finances of
Racing Association

soived fat dividend each month there
was no disposition to question Will
liams management Of affairs. From the
very beginning New California jockey
club stock paid we'll In the years i'm
mediateIy following its incorporation
the dividends amounted to 161s per
cent. distributed in monthly INSTALL
ments During the last few years the
dividends were increased TO Il per cent
Naturally. with returns of this sort the
minority stock holders were quite con-
tent to let williams run things as he
pleased. Few OF them even took the
trouble TO attend the annual meetings
Of the corporation. 50 satisfactory were
the financial results. Most Of them sent
their proxies TO Williams, who was
making money for them at rapid rate.
No statements of the standing of the
corporation were issued, but the divi-
dends were so satisfying that nobody
thought OF asking for one
Now. however things haze changed.
with the ending OF the local racing sea-
SOns Drought 10 a BAEAAldNNAA0 NAoCC ~
the operations Of the new anti-betting
law. President williams has issued no
tioe to the stock holders that the month
" dividends will cease forthwith. At
The same time he requested that stock
holders bring their stock to him. Those
who acceded TO this request were told
that Williams was desirous of acquir-
ing their holdings. Varying PROPOSE
tions We're made 20 them, but in the
main the proposition was that they
were to receive par value for the stock,
with a cash payment Of so per share
and the balance at the expiration of
two years on williams personal note.
hearing no interest, with the proviso
that in the meantime the stock would
be deposited in escrow with the broker
sge house of Daniel Meyer
Joe Rose Sells His Stock
Williams is thought to have obtained
control of considerable stock under this
and similar arrangements. Jose Rose,
well known book maker. transferred
$50 shares to Williams under an ar
rangement by which he received a cash
payment Of $4,000 for 100 shares and
took Williams note for the balance on
the other shares at the same ratio.
Thomas Cook, partner with Joe Harlan
IN his book making enterprises, is an
other share holder whose stock was
transferred TO the jockey club presi-
cent.
Some of the stock holders are reputed
to be unwilling TO turn their stock over
TO Williams, however. Some are said to
figure that if the stock is worth 500
per share to the president OF the Jockey
club il should be worth as much to
them. Others object to a blind transfer
without knowing enough of the eondi-
tion OF the jockey club finances to en-
able them 10 form an intelligent idea
OF the value Of the stock
In this latter class is Joseph Fried
man. well known local sporting man
who owns 80 shares of the stock Fried
man. in discussing his attitude on the
matter. said
Il visited the jockey club office at
President Williams request and had
p talk with him. He told me that
things did not look very promising for
the jockey club just now and that il
might be two years before there is,
sny more racing. He said that he
would be willing TO pay cash for stock
but for the reason that he could not
command enough ready money to carry
the deal through on d cash basis.
inquired if 2 statement of the Jockey
clubs financial condition had been is
sued and was informed that il had not