New-York tribune., 1922-01-06

international Sporting Club, and
mittee are effective, the property loc
eighth Street, which was to have bee
boxing arena, will go under the han
Forec!yxxl~ proceedings which bring
tho prT<e1, up at auction under
Joseph P. Day at II Vescy Street to-
day are for second mortgage of $21o,-
300 held by James c. Mcclure for the
Ccnterfeld Company.
Two weeks ago. according to the as
surances of Mr.. Borglum, this impcnd
ing mortgage had been disposed Of by
satisfactory arrangements due to the
efforts of General Coleman du Pont,
who was said to have consummated
solution of the clubs financial affairs
At that time It was declared that the
international Sporting Club was abso-
]utely solvent and that the clubhouse
would be ready for occupancy at the
Lexington Avenue site by October / q,
1922.
Confident Of Surviving Crisis
Mr.. Borglum refused to comment on
the matter last evening further than to
say that General du Points offer had
not been accepted and that other re-
sources were being sought to protect
the interests of the club. He did not
know whether the International Sport
Ing Club would be able to hold on to
the Lexington Avenue property or not
or whether new site would be decided
on as the home of the club. Ic cX-
pressed himself as confident that tho
present crisis would be successfully
survived.
Miss Ruth Lewinson, lawyer. Of 49,
Broadway, who has been appointed
referee, said last night that she be-
ieved some method of caring for the
obligation was promised by Mr.. Borg
lum, but thus far, while the plans now
being worked out for the salvation Of
the international Sporting Club were
TO doubt promising and in many ways
were approved By the holders of the
mortgage, there had been nothing
shown in the way of cash and the auc-
ton would. so far as apparent, take
place to-day.
Tho property at Lexington Avenue
and Forty-cighth Street was originally
purchased by the sporting club for a
sum close to s650,O00. In addition to
the mortgage due to-day the Prudcn-
tial Life Insurance Company holds a
first mortgage of 100000. Slightly
over 100000 was spent on excavation
work and $4,000 worth of steel for the
building was also purcha sed about a
year ago.
Started Three Years Ago
The international Sporting Club was
formed as q membership corporation De
camber. 1918, with the avowed purpose
Of putting the boxing game on highe r
plane and through its efforts boxing
was legalized in the State of New York
and national boxing association now
represented in fortyfive states of the
Union was formed.
William A. Gavin was a prime
mover in the affairs of the organza-
tion, but about two months ago he
sailed for Europe. after which it was
fovnd that the financial affairs of the
club and kindred associations were
hopelessly involved. Total receipts of
announced. leaving a balance of SAG
Extravaganza and mismanagement were
charged.
An investigating committee was ap-
pointed by the members, and but for
the earnest efforts Of the newly ap-
POINTED president. Gutzon Borglum, the
affairs of the international Sporting
AiuD WOuIQ nave DCen wound uD.
Mr.. Borglum, however, made q
hurried trip to Washington two weeks
ago, and in an interview with Presi-
dent Harding had the ideals of club
personally sanctioned and approved by
the President. Army and Navy heads
we're called, and it was assured that
al the service finals between the army
and navy boxers would be held at the
arena of the club.
Prominent Men at Meeting
Following the trip to Washington a
meeting was held at the Bankers Club
OF this city, where plans were acted or
thas were expected to assure the re
habilitation Of the organization.
Among those present at this meeting
we're Walter Camp jr., Captain r. Drace
White, instructor of the Eastern divi-
sion; F. A. Wandle, supervisor of the
I'd Signal Corps Area; William J. Mich
olson. president of the Army and Navy
Club Charles Hardy sr., Edward "
Norris, +. II: Bedford. Robert T. Van.
Serbilt. William Zeigler, A. Walpoe
Jraigle, Roland B: Mahany, Captain
John B. Given ard Thomas Conroy.
Strong financial interests were ap-
parently behind the projects of the or
Sanizatlon, including several persons
said to be identified with the Standard
on. as well as prominent banking in
&titutions.
An advisory committee was appointed
Immediately after the meeting at the
Bankers Club and they were engaged
last night with Mr. Borglum on plans
that /. is promised will save the Inter.
national Sporting Club from financial
disaster.
lex . Rourke, secretary of the club
last night asserted that under no con
ditons would the club be disbanded
eve have found means" he said.
whereby we can bid in the Lexington
avenue property should VIC so desire.
We will decide this morning whether it
IL to the best interest of our bondhold-
ers to dispose of the property as pos
siole aid to the conservation of our re-
sources"
City Will Supervise