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FINANCING THE CITY PARK TRANSFER. Jfcw Orleans, La., November G. President G. A. MacDiarmid, of the Busiuess Mens Racing Association, announced at a special meeting of the board of directors that within twenty-four hours after 0,000 worth of treasury stock had been placed upon the market that the sum of 7,000 had been subscribed, and that some of New Orleans biggest business men were buyers. This insures that H. D. Drown will be paid the additional 5,000 required twenty days after the business men closed with him for the sale of the City Park track. President MacDiarmid said that the association would be in better condition this year than ever before. He said that the future payments he was mire would be realized from the winter race ineet-f Sngs, and that, although he realized a large percentage of the profits would go into this fund, ho was sure that dedication of this profit would be to the ultimate good of racing in New Orleans. II. S. Newmans great mare, Pan Zareta, is on licr way to New Orleans. Owner Newman wired racing manager Joseph A. Murphy that he was leaving for the Fair Grounds with a string of eight thoroughbreds, among them being the "Queen of the Turf." According to owner Newman, the mare will kIiow good form after her rest of eight months. Dr. " George A. MacDiarmid, president of the Busi- nc Mens Racing Association, has submitted to the borad of directors a full report of his transactions in closing the deal for the purchase of City Park race track from II. D. Brown. Terms have been agreed upon in detail, and the first payment has been made. A second payment will be made by November 15. , , , Of the 1916.sh3,000 treasury stock put on sale, 7,000 had been subscribed when President MacDiarmid prepared his report. Indications are that every jshare of stock will be sold within a day or two. Sale of treasury stock was resorted to as a means of raising a sufficient fund to meet the first payment on the City Park tract. This payment, which includes the 0,000 paid in cash, and the 5,000 which is to be paid before November 15, will carry the Business Mens Racing Association into its 1917 race meeting, when it will depend for other payments on revenue from racing. In his report, president 3dac Diarmid points out the advantages which will be derived through his associations purchase of the City Park tract. The report follows: "To the board of directors of the Business Mens Racing Association. Inc.: "In conformity with your resolution adopted at a special meeting October 27, I have closed for this association with the owner of City Park track property for the purchase thereof. The total purchase price is 01,250, payable in accordance with the terms named in the resolution heretofore adopted by you. On Saturday, October 2S, I deposited with the Hibcrnia Bank and Trust Company, in accordance with the agreement entered into with the owner of the City Park race track property. 0,000. The titles to the property are in the hands of our attorneys for examination and the act of sale will bo formally passed on November 15. "The consummation of this transaction means much to the Business Mens Racing Association and to the people of Xew Orleans. It means the ultimate dedication of the entire tract of ground to the city of New Orleans and the board of commissioners of the City Park, the same to be used as an annex and form part of City Park, which it adjoins, and to be for such public purposes as may hereafter be determined by the proper authorities. "The initial payment of 5,000 is to be met with the sale of the treasury stock of this association, already authorized by your board. "That the acquisition of the City Park race track property and the settlement of the racing controversy is indeed a popular one. is best attested by the fact that but twenty-four hours have intervened since public notice of the placing of our treasury stock upon the market, and already 7,000 has been subscribed. "The future payments oil the property are to be realized from our winter racing seasons. This means a large portion of our profits derived from racing will be devoted to paying off the mortgage indebtedness of this great public enterprise, which to your association will be a labor of love. "The dedication of onr profits to such a laudable purpose as the purchase of this magnificent annex to City Park spells the abolition of commercialized racing and accentuntes the fact that racing and its emoluments in this city must and shall at all times be devoted to the public interest. "The happy result that has been achieved in the settlement of the many differences that have beset the establishment of but one race track in the city and confining its operation to the business men of New Orleans, is due to many causes. "The splendid efforts of the city administration, the loyal support of the daily press, with the active co-operation of the board of directors of the Business Mens Racing Association and the excellent service of its attorneys, are much appreciated in what has been accomplished, and it is my earnest wish and desire, and I am sure the wish and desire of all concerned, that the spirit of harmony now existing shall at all times continue to prevail."
