The New York herald., 1921-12-03
Calls on Members to Assist
in Task of Investigat-
ING Finances.
BIDDLE EXPLAINS ACTION
Resigned After Being Assured
That Affairs Were in Good
Shape, He Says.

For the protection of hundreds of
men who bought $500 bonds in order
TO establish the International Sport
ing Club the formation of a bond
holders comnittee and a legal COM
mittee will be proposed at the next
meeting of the club. on December -.
The proposal is to be made by the
special investigation committee which.
under the chairmanship OF Frank A.
K. Boland. began delving into the
affairs of the club few days ago for
the purpose Of ascertaining just where
the organization stands financially
and what has become of the $500 900
which was believed to have cen sub
scribed.
1t was decided yesterday at a meet
ing of the special committee to ask
members wishing to serve on the
bondholders' or the legal committee to
submit their names to Mr.. Boland.
The special committee also said that
lin order to further the purposes of
its investigation it would welcome
information or suggestions from mem
bers, to be sent to Mr.. Boland at 342
Madison avenue. The members meet
ing scheduled for next Monday was
postponed for one week "to permit of
a more thorough investigation and
consequent report"
In Atlantic City yesterday A. Drexel
Biddlc. former president of the T. S. c.,
replied to a charge OF Mr.. Boiand that
he had displayed poor sportsmanship in
resigning from club which he helped
to organize without consulting the MEM
bers. Mr.. Biddle was quoted as saving:
Mr. Boland's statements about me
are absolutely unique. I resigned only
after talking things over fully with the
other directors and after l had caused a
firm Of auditors to go over the books
of the club and it had reported 1t to b.
in first class financial condition.
Il turned in my resignation as pres
ident on May 81, 1920. but only after the
auditors report had been made public.
My reason for resgning was that !
found I could not give enough time to
conduct the affairs of the club properly
and also fulfill my duties as president
of the Drexel Biddle Bible Glass Union,
which has membership Of 100000.
But before resigning and in order
that there might not be any possible re-
Election upon me afterward / had an ex-
animation Of the clubs affairs by Has
kins & Sells, one of the leading firms of
public accountants in New York city.
This was done with the full consent
and approval of the board of directors
OF the club According to that report
the club at that time was in excellent
financial condition. This report was
made public. copies being sent to all
members, and after that l felt justified
in resigning.
"I do not remember the exact amount
subscribed up to that time. but it was
certainly considerably below the $500, 900
named by Mr.. Boland as the total value
of the bonds now outstanding.
Relieves Club All Right.
1T never asked any one to join the
club or to subscribe money to its treas
ury I have heard that a number of
bonds have been sold since my reeigna-
ton. but so far as l know the club is
in good financial condition In fact, 1
do not believe the contrary Is true.
MY principal reason for considering
that everything is all right is that IL
is not likely a man of such high type
Of sportsmanship. character and posi-
tion as w. Warren Barbour. president
of the Linen Thread Company of Amer
lea, who has just consented to serve on
the board Of directors, would be willing
to be connected with the club IL there
was anything wrong with It.
Also 1t is not likely that Gutzon
Borgium. the eminent sculptor, would
consent to act as president II all was
not as IL should be-"
Mr.. Biddle showed letter from Mr..
Borglum saying: IF you cannot see
your way to a more active post, at best
would like TO see you chairman of the
membership committee"
Mr.. Borglum added that w A. Gavin.
former manager of the club. who re-
Gently sailed for England. was out for
good, that Jack Cooper was now con-
nected with the club and that It's sue
cess seems assured. Mr.. Barbour wrote
TO Mr.. Biddle on November Fl that he
would like 70 see him back in the fold"
Mr.. Biddle said he would do anything
possible for Mr.. Barbour or Mr.. Bor-
clum. but had declined the offer because
he felt he could not do Justice to the