Camden Courier-Post - February 8, 1933
Members Approve Proposal to Provide New Capital to Finish Building
A Plan for refinancing of the City Athletic Club was approved by several hundred members who met Monday night in the building at Admiral Wilson and Baird boulevards.
The plan was submitted by Samuel P. Orlando, secretary of the club, and will be put before the board of governors of the club for ratification.
Under the plan as worked out by the club's finance committee, of which Franklin P. Jones, president of the First National Bank of Beverly, is chairman, the refinancing will put all members on an equal basis and will provide the club with new capital to assure the completion of the building.
The plan calls for the creation of a mortgage of $125,000 or $130,000, of which amount it will be necessary to raise as new capital about $50,000. The balance of the mortgage, as explained by Orlando, represents the $50,000 mortgage which Eldridge R. Johnson, honorary president of the club, gave at a dinner in his honor in November, 1931, and also some $25,000 or $30,000 worth of debenture bonds issued at the time of the dinner.
"When that money was raised" Orlando told the assemblage, "those who subscribed to the debenture bonds were given no security, other than the bonds which they were told were to be issued. It is in order to put everybody on the same level that this plan of raising one mortgage has been evolved. The remaining money will be used to assure successful operation of the club."
Former Senator David Baird, a member of the board of governors, spoke in favor of the plan, as did George B. Yard, Jr., treasurer of the club and others. Charles W. Russ, vice president, presided.
It was reported that the project is now 95 percent completed. After the meeting, a tour of inspection of the first unit of the proposed $1,000,000 clubhouse was made.
You must log in to post a comment.