New York Athletic Club Board of Governors Decided to Mortgage Travers Island in 1895

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In late 1894, the Board of Governors of the New York Athletic Club decided to mortgage Travers Island for $70,000.  A brief article about the decision appeared in the January 5, 1895 issue of the New Rochelle Pioneer.  An excerpt of the article appears below.

"To Mortgage Travers Island.

The Board of Governors of the New York Athletic Club, through its attorneys, Messrs. Hoyt and Schell, made application to Judge Cullen, of the Supreme Court in Brooklyn, Thursday of last week [December 27, 1894] to mortgage Travers Island, the summer home of the organization, for $70,000.  The application was granted.

The Board of Governors was authorized to take this action at a meeting of the club a month ago.  When the present city club house of the Mercury Foot organization, at Fifty-fifth street and Sixth avenue, was erected in 1885 the club issued $100,000 of eight per cent bonds and sold them at seventy-five cents on the dollar.  Since then $49,000 worth of bonds have been called in.  When the bonds were issued the club had an agreement with the purchasers that it could retire them after fifteen years, with the option of doing so in ten years.  On next Tuesday ten years will have elapsed since the bonds were issued, and the club proposes to call them in.  In order to do this it first had to mortgage Travers Island for $70,000.  This means a big saving for the club, as the Travers Island mortgage will be at five per cent. . . . "

Source:  To Mortgage Travers Island, New Rochelle Pioneer, Jan. 5, 1895, p. 4, col. 1.


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