The Montgomery advertiser., 1909-05-01
AUTHORIZE
 BOND ISSUE Country Club Members
 Act. MAXIMUM SUN OF s2o,ooo Not Only Covers New Home, But Pays of Indebtedness. sssseripsioa Books Were opened Last Nisht ana the Members showed wininsaess to Take care
 of the Issue.

ners of the Country Club last night. . general bond issue of it2o,o00 was au- thorised for the purpose of paying on its present indebtedness and erecting .s new clubhouse. The bond issue is yet conditional, but it Is predicted that the enthusiasm that was mani- fsstsd at the first meeting on the subiect will pervade the whole mem bersllfp and all things required to be done preliminary to the floating of in- dehtedness of this character will be done.
 The issue of bonds proposes to not only take up some S5.00o of bonds at present outstanding among the char ter members of the club. but to also satisfy at once a mortgage of about N,eoo, which represents the original purchase meney of the real estate be- longing to the organization. Then. on top of this, more than enough, 1t is contemplated. will be left to either build a new structure or to make over the present building. so that even the most devoted attache will not recos- nixe the limited quarters.
 With such unaninity did the mem hers present last night approve of the bond issue. that upwards of ss.o0o of the total amount was subscribed. In- deed. probably half or more of the whole sum may have been taken. but for the settled policy of the club. to give every member an opportunity to purchase one or more of the securities. The bonds are 10 De distributed as widely as possible among the largest number of members, in accordanee with such ( general desire,
 The subscription books were opened last night. SO as to expedite the float ing of the bonds But the subscrip- lions. of course, were conditional. be- cause the bond issue is Itself condi- tionai. For instance. to make the proposition a success, 1t will De reces- sarY 10 amend one ar more sections of | the constitution. It will be necessary
 to increase the dues of regular rest. dent isiember from .ss.60 monthly to i Ss. ft is calculated i'd run the club o,
 part df this fee and with the remainder
 an interest and sinking fund will hs created.
 The bonds are to bs of the redenlp. 1 ton character. They are to be re.
 deemed by lot at the end or before the
 expiration of ten years for which
 time they will beat Interest at pei
 cent interest viii be paid to ths time of redemption.
 A coinmittee was appointed. oi which Charles D. Teasiey is chairman
 to post a notice to the effect that at a l meeting thirty days thereafter, at | Hpeciai meeting the proposed essential
 Aniendhnent to the constitution viii b, voted On. Then. too. the bond Issue will be ratified and all things else si6ns te msks the nfopotition binding and
 President E.NB. Joseph called tbs meeting tegsther at about S:so o'cioch with more than q quorum present. in spite of the stormy weather that pre-. vailed. The first thing heard was 4 report from Chairman Mtchael Cody, of the special committee containing the recommendations of himself and asso- niats members on the bond proposition The report set out that 1t was thought wise to make the maximum sum s2o,- 900. though 1t was not thought ali this afnount would be Used. Tn other words. 1t was explained that for all purposes probably si7b00 would sui fice. They were to Be sold as soon as all estimates are in for the new build ing. This Will cost from ss.000 to $f0,- 900. 1t now seeming that 1t will be nearer the former sum. A committee was appointed to draft the amended form, as proposed. of the proper con- stitutional section pertaining to dues.
 tt was deemed by the committee that 2 per ceft. was desirable rate of interest to attach to the bonds, because 1t would make the securities attractive t0 the smallest purchaser. After all, If the bonds are sold within the club. 1t would be Kept in the family" so to speak, and no finai loss would be sustained The issue would bh com posed of 100 bonds of $50 dehomina- tion.
 AS soon as the business had been finished. adjournment was taken at 10 o'clock