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PREFERRED STOCK IS SOLD New Kentucky Association Por ¬ tions it Out in Allottments of 1000 to 5000 LEXINGTON Ky February 10 Mayor Thomas C Bradley who was associated with former State Senator Thomas A Combs in the purchase of the old Kentucky Association track from the Kentuclcy Jockey Club today stated that all of the 100000 of preferred stock to be issued in the new Kentucky As ¬ sociation has been subscribed for forNone None of it he said has been sold in allotments of less than 1000 and the highest amount that any one individual has been permitted to have is 5000 5000He He stated that the property was pur ¬ chased from the Kentucky Jockey Club for 290000 which is 15000 in excess of the sum paid by the Kentucky Jockey Club to the stockholders of the old Kentucky Asso ¬ ciation in the spring of 1919 1919The The 100000 for which preferred stock has been sold is to be the first payment to the Kentucky Jockey Club ClubThe The Kentucky Association is to be incor ¬ porated for 325000 of which 225000 is to be common stock The 35000 more than the cost of the property represented in the capitalization is to be expended for imme ¬ diate improvements at this plant including new roofs on several of the stables and a terrace running from the grandstand to the paddock which will bring up that low ground so that persons unable to get into the grand ¬ stand will be able to see the races The com ¬ mon stock is to be offered at a later date At present it is held in escrow to secure pay ¬ ment of the obligation to the Kentucky Jockey Club ClubIn In all probability S S Combs will be pres ¬ ident of the Kentucky Association and Mayor Bradley will be vicepresident and general manager while Miss Louise Wilson will con ¬ tinue as secretary she having succeeded her father the late G D Wilson in that office officeMayor Mayor Bradley stated further that appli ¬ cations for stable room are very much more numerous than stalls and that he is advising the tardy ones that there is no accommoda ¬ tions to be had for their horsea
