view raw text
HEARING RECEIVERSHIP CASE. New Orleans, La., September 3. In the hearing of the application of Messrs. Hordes and Darmes for a receiver for the Louisiana Racing and Driving Club, testimony has been introduced to show that the financial management of the track under William Kalib has been loose and unsystematic. An expert accountant testified that the assets of the club are 7.07S.27, consisting of the plant, which is valued at 1,S77.35. and cash on hand amounting to ,200.92. Against this is issued 2,450 worth of paid-up stock, leaving a profit of 4,G2S.27. The expert went on to explain that if the court allows the 5,000 worth of bonus stock voted Rabb, Larroux and Finnan there will be a loss of 72. The plaintiffs will close their case tomorrow, and the defendants side of the controversy will be heard.
