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KEENELAND PLANS APPROVED Securities and Exchange Commis ¬ sion Sanctions Plans for Model Track at Keeneland JFarm LEXINGTON Ky June 11 The finan ¬ cial plans of the Keeneland Association for the establishment of a model race track at J O Keenes estate near Lexington have beeri officially approved after sev ¬ eral weeks of delay by the Securities and Exchange Commission in Washington and the sale of stock in the corporation can now proceed it was announced this after ¬ noon by Hal Price Headley president and Wallace Muir attorney of the association associationThe The finance committee headed by W R Embry prominent Lexington business man will undertake to sell 350000 worth of pre ¬ ferred stock in units of 100 The stock will bear interest payable semiannually at six per cent and will be retired as rapidly as possible The track is to be operated on a noprofit basis and with a minimum of sal ¬ aries so that a large portion of the corpo ¬ rate earnings are expected to be used in the retirement of stock each year yearThe The Keeneland Association had an option for the purchase of approximately 145 acres at Jack Keenes ancestral home Keeneland a few miles from Lexington on the Ver ¬ sailles Pike The option was to have ended June 15 but by the time the project was officially approved in Washington it was so late that it was necessary to have the option extended to August 15 15The The sales organization will get into action within a few days Mr Headley will ask for a meeting of the finance committee to make definite and detailed plans for the sale of stock The campaign will first be carried on in Lexington and central Ken ¬ tucky In order that the people who will most directly benefit from the track may have the first opportunity to share its own ¬ ership ershipThe The prospectus setting forth in detail the plans for the model track is already on the press and will be mailed out and otherwise distributed within a few days As soon as the booklet is ready copies of it may be obtained at the temporary organization of ¬ fices of the Keeneland Association at1 205 Phoenix Hotel HotelWhether Whether the new track will have its first meeting next fall depends largely upon the response to the financial campaign in its early stages Officers of the association believe that it will be possible to develop the plant sufficiently to hold an inaugural meet ¬ ing there in October or November
