The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-02-25
PROPOSAL MADE
| BY COUNTRY CLUB
Organization Would Take Over Prop.
erty Acquired by Realty Conn
pany for Club
Purposes.
MEETING IS CALLED
Motion is Made and Carried to Send
the Offer to the Real
Estate Com
pany.

meeting of the keokuk Country |
club was held last evening at the
Keokuk club for the purpose of con-
sidering taking over the land acquir-
ed by the Keokuk Country Club Realty
Company for Country club purposes.
A motion was made and carried that
the Country club should acquire the
land now in the trust OF the realty
company. The latter company has
| the option OF accepting or declining
the proposition and its action will be
final
| The plan proposed Is that the Keo-
kuk Country Club Realty Company,
convey to the Keokuk Country club
its property and that the Keokuk
Country club in payment therefore,
Issue two series Of bonds in an amount
sufficient to pay the mortgage now on
] the property. The bonds to be issued
in two series. The first series to be
lin the sum Of seventy-five hundred
4 (s7,500.00) dollars, drawing five psr
cent interest per annum and payable
lin, say fifteen years. These bonds
are W U0 d uIbL llCu Ou Lie PlORClty.
Second, that bonds drawing five per
cent per annum be issued in exchange
for the paid up stock Of the Keokuk
Country Club Realty Company. and
4 that these bonds be a second lien up
on the property acquired. The mort
gage to be issued to trustee for the
bondholders, and the bonds to be sub
ject to call at any interest paying
date.
This plan would not change the ex-
listing situation, SO far as the stock
holders Of the Realty Company are
t fave per cent per annum, providing
the Country club lives up to its agree
,|ment. But their ownership in the
property is subject to the lien of the
t mortgage for seventy-five hundred
E(s7,50O.0o) dollars If this plan is
adopted, the bonds taken in exchange
for stock Of the Realty Company will
4 be subject to the lien of the first mort
gage. bonds amounting to seventy-hVe
hundred (s7,50o.O0) dollars, and the
Country club unless it defaults, Will
pay the interest on both series OF
bonds.
The amount of the first lien will be
reduced by the amounts collected on
1.-The unpaid subscription to the stock
of the Realty Company, and 1t Is be
llieved that this first lien can De
further reduced by the members OF
: the Country club, taking additional
stock in the Realty Company and ex,
change them for the second series
. bonds. ).
The committee does not believe II
advisable this year to further IN
crease the Country club dues, but pc
lieyes this wear, the initiation fee fol
il adult male members, should be al
e least $500, and adult female mem
j. bers $3.50. And that every junior
l. member, male or female upon becom
t ing Of age should pay an initiation fee
y in the same amount as adult mem
: hers. 1t is believed that the new
q Country club plant will cause ma
G Iterial increase in membership ant
e that the betterment in the facilities
d offered by the Country club in it,
G new home, would fully warrant thu
h Increase in the initiation fee, and tina
u from this increase in membership
y the income would enable the Countr.
q club to pay the interest on its bond
r ed Indebtedness, its running expenses
e and provide for the taking up OF thu
II bonds as they may mature.
p The Keokuk Country club is cor
D. .poration, not for pecuniary profit, am
d has corporate existence of abou
N thirty-seven years. 1t now owns pei
t, sonal property worth several hundred
a. and has already invested in impro'
a ing the new grounds over 100000.
II The action by the Country clu
,e members last night is not final, as
ID must be decided finally by the Realt
IL company. There is small doubt, how
Al ever but that the Realty compan
y, will accept the proposition.
lie Hazen /. Sawyer. ]. W. Collier, +
10 l.. Barr, A. e. tombstone and j. A
lie Dunlap composed the committe
d. which worked out the plan PROPOSED
a Congregational Churches.
n GRINnlE5LL, Iowa, Feb. 25.-Th