Ask Receiver for Merry-Go-Round: Affairs of the New Orleans Half-Mile Track Taken into the Courts, Daily Racing Form, 1907-08-17


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ASK RECEIVER FOR MERRY-GO-ROUND. Affairs of the NewOrleans Half-Mile Track Taken Into the Courts. The affairs of the newest of the two merry-go-rounds at New Orleans have been taken into the courts aud a hitter contest is in prospect. Daniel Darmes and Joseph Hordes, two of the stockholders, have made application for a receiver for the Bouisi-ana Hiding and Driving Club. The other stockholders charge that this action was prompted by malice and is an attempt "to get something for nothing." "We consider the application as a joke," declared Vice-president Cautield to the New Orleans Picayune. "The men were satisfied at one time to be stockholders in the association, and there is no legal or valid reason why they should not be satis-lied at the present time. The association is nourishing and it will continue to be prosperous. There is not a stockholder in the club who is willing to part witli his holdings. Only recently both Darmes and Hordes were offered 100 per cent, dividend and they can get 50 per cent, for their holdings at any time they desire to sell. "It is claimed that recently an offer was madeto both Darmes and Hordes for the stock they control in the association, but both refused to sell, stating at the time that they would not sell their holdings for ,000 per share. According to the officers of tlie association, Darmes and Hordes control sixteen shares of stock, which represents a par value of 00. There are more than 000 shares outstanding, all full-paid and paying dividends. "The books of the association will show that there has never been a time in the history of the association when its plant has been operated at a loss," continued Mr. Caufield. "We have been making money every day since the opening of the track and the condition of the association at the present time is just as substantial as any corporation of similar size in the country. "Facts will show that the receipts of last Saturday were greater than the week previous, and each week it is the same. The amount taken in last Saturday exceeded the receipts of the previous week by more than 50. We have enough money to pay off our debts and leave a handsome surplus. It is true that there is still a mortgage note on the building, hut the indebtedness is not due for payment until next month. We owe a small amount on the rooting, hut as the contract guarantees against leakage for three years, we arc not In duty bound to pay the amount until we arc satisfied that the work we are paying for is all that the contract calls for. "It is false that the affairs of the association are being mismanaged. It is unnecessary for the members of the association to explain that it is a hard matter to get angels to work around a race course. We have had trouble with a number of employes, but just as soon as they proved incompetent for the positions intrusted to them they were discharged. The fact that wo have made many changes seems sufiiiccnt to prove that the management of the track has always been trying to get the best men possible."

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