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State Auditor Criticizes Added Financing of Monmouth Park TRENTON, N. J., June 18. State Auditor Frank Durand today criticized the proposed additional financing of the Monmouth Park Jockey Club, where horse racing is scheduled to start tomorrow. In a letter to Louis E. Waring, chairman of the New Jersey Racing Commission, Durand complained that on February 15 the security holders of the Monmouth Park Jockey Club were advised of the necessity of additional financing to meet increased construction costs of the track at Oceanport. The plan advanced at that time provided for "up to 00,000 in 6 per cent debentures of 6 per cent company notes," Durand said. It was also announced-to accomplish the needed financing. "We now find," Durand said, "a proposed further securities issue involving over three times the February amount, arid exceeding the original estimate for construction of the entire plant. "The racing commission has limited the number of shareholders which the company may have and has provided for approval of and control of security transfers. The proposed plan of the voting trustees to limit the sale of the new stock to a restricted group is unfair to the present shareholders and will reduce their proportionate interest in the company."
