LETTER FROM THE BOARD OF GOVERNORS :
HAVERFORD, PA., November 15th, 1910
TO THE MEMBERS OF THE MERION CRICKET CLUB:
The Board of Governors wish to lay before you a matter which has been given very serious consideration by the Board, and which is of vital importance to the Club.
It is probably known to most of you that the present Golf Course is not owned by the Club, but by the Pennsylvania Railroad Company and Mr. Clement A. Griscom. For the Railroad property the Club has paid a moderate rental, while Mr. Griscom has generously permitted the use of his ground without charge. This arrangement, while most satisfactory to the Club, is one which, in the nature of things, cannot go on indefinitely, and the Board have long felt the desirability, in fact, the necessity of acquiring a permanent course. Land is being taken up so rapidly, that it will not be long before it will be practically impossible to secure a tract lai Lye enough for a Golf Course, anywhere in the vicinity of Haverford, and even if it could be had, judging by present standards of value, the pi ice would be prohibitive. In the opinion of the Board, the Securing of a permanent Course can best be accomplished through the medium of a separate ,corporation, such as the Haverford Land and Improvement Company, which, as most of you doubtless know, holds title to the main Club House and Grounds.
A Committee was appointed by the Board to secure land. They were instructed to acquire the present property, if possible and failing that, to took elsewhere. It was impossible to secure the present course, as the price at which it could be acquired, was more than the Club was able to pay. The Committee continued their efforts, and reported on several properties. The only property accessible to the main Club House, and at the same time, one that could be financed by the Club, was reported on by the Committee in July, and a copy of the report is attached hereto. This property adjoins the grounds of Haverford College, between College Avenue and Ardmore Avenue, directly on the Philadelphia and Western Railway, with a station at either end of the property a plan of the property is enclosed. In the judgment of the Board, it is an unusual opportunity for the Club, and one that should have the cordial support of all the members.
The Club has secured 117 acres at $726.50 an acre, or $85,000.
This is conceded to be an extremely low price, and was only made possible by the action of certain members of the Club, who, with others, not members of the Club have acquired a tract of 338 acres, under the name of the Haverford Development Co. These gentlemen have sold the 117 acres at less than half the average cost them of the whole tract They feel that the proximity will then lease the Ground to the Club on practically a perpetual lease, the Club agreeing to pay all fixed charges, consisting of interest, taxes, etc. In addition to the land cost of $85,000, it will be necessary for the corporation to raise approximately $40,000, for the development of the course and improvements to existing buildings, to make them suitable for Club purposes, making the total amount
It is proposed to authorized issue of $125,000 Thirty Year Sinking Fund 5% Bonds, in amounts of $1,000 and $500 each, to be on the property, and further secured by the lease above mentioned, so that the boi ids become in effect, guaranteed by The Merion Cricket Club, which will own the entire Capital Stock of the Corporation. There will be set aside out of the dues as collected, Three Dollars, ($3.00) per annum for each Golf Member, to form a fund towards the retirement of bonds at maturity. The mortgage will contain a provision for the possible retirement of all the outstanding bonds, at any interest period, after January 1, 1916.
It is necessary at this time to provide a fund of $70,000 by the sale of bonds, to be. used as follows:
1st To repaying the Guarantors the $30,000 advanced.
2nd To provide for development purposes as above stated, $40,000.
Furthermore it is hoped that sufficient subscriptions will be received to take tip the entire $125,000 of bonds and thus pay off the $55,000 first mortgage above provided for.
A blank form of subscription is enclosed, and members are urgently requested to respond as soon as possible. They will thereby show loyalty to the Club, and at the same time, secure what is believed to be and excellent investment. With a total subscription amount of $70,000; about 50% will be required about December 1, 1910, and the balance in two installments of 25% each in 1911 and 1912.
The Committee having this matter in charge and who will be glad to give any information in reference to the subject are
HORATIO G. LLOYD,
ROBERT W. LESLEY,
SAMUEL T. BODINE,
FREDERICK L. BAILY
EDGAR C. FELTON.
The attention of the members is called to the communication concerning the Haverford Development Co. which is enclosed.
By order of the Board
ALLEN EVANS,
President
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COPY OF REPORT OF COMMITTEE.
Philadelphia, July 1, 1910.
TO THE BOARD OF GOVERNMENT OF
THE MERION CRICKET CLUB.
Gentlemen :
The Committee appointed to investigate and report on a perŽmanent Golf Course for the Club, beg to report as follows :
Among other properties to which our attention has been called, is a tract of approximately three hundred (300) acres, lying west of the Philadelphia and Western Railway, directly west of Haverford and Ardmore. About one half of the tract, we are informed, is owned outright by a Syndicate, and the remainder is under option, the Syndicate being represented by Mr. Joseph R. Connell, and our negotiations have been with him.
Mr. Connell states that if part of this property should be acquired and used as a Golf Course they intend that all houses on the adjoining property shall face the Course.
The property lies a little over a mile from Haverford Station on the Pennsylvania Railroad, and a station on the Philadelphia and Western Railway is about one hundred yards from where the Club House would be located, assuming that the present house, on what is known as the Johnson property, would be used for Club purposes. This house, built of stone, is in good condition, and, while not ]a] ge, would be adequate with the addition of a locker room. There are also other buildings on the place which could be utilized for Club purposes.
Mr. Connell, on his own account, obtained from H. H. Barker, the Garden City professional, a report, of which the following is a copy :
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Mr. Joseph R. Connell,
Dear Sir:
Philadelphia, Pa., June 10, 1910.
I today have inspected the property at Haverford, south of College Avenue, where it is proposed to to lay out a golf course: and beg to submit to you my report.
I am enclosing a sketch of the property in question on which I have roughly shown in pencil a proposed lay out of the course. I would say that the land is in every way adapted to the making of a first class course, comparing most favorably with the best courses in this country, such as Myopia and Garden City.
In the past few years I have laid out upwards of twenty (20) courses in this country, and from my experience I believe the proposed course could be constructed at less expense than any I have heretofore gone over. If the work was commenced at once, the course could be ready for play by the fall of 1911.
Very truly yours,
H. H. BARKER,
Garden City, L. I., N. Y.
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The Committee, through Mr. R. E. Griscom, were fortunate enough to get Messrs. C. B. Macdonald and H. J. Wigham to come over from New York and give us the benefit of their experience.
These gentlemen besides being famous golfers, have given the matter of Golf Course construction much study, and are perfectly familiar with the qualities of grasses, soils, etc. It was Mr. Macdonald assisted by Mr. Wigham who conceived and constructed the National Course at Southampton, Long Island.
After the visit of these gentlemen Mr. Macdonald wrote to a member of the Committee, expressing the views of himself and Mr. Wigham, as to what could be done with the property. The report, as made to the Board, embodied Mr. Macdonald's letter, but it was not written for publication. We do not, therefore, feel justified in printing it. We can properly say, however, that it was, in general terms, favorable, and the Committee based its recommendation largely upon their opinion.
Mr. Connell and his associates fully realize the benefit to the remainder of the property if a first class Golf Course established on the ground and, for that reason, offer one hundred (100) acres, or whatever would be required to lay out the Course, at $825 an acre, which we understand, is about one half the average cost of the whole tract; this offer is conditional upon the property being promptly put in shape for a Golf Course.
It is probable that nearly one hundred and twenty (120) would be required for our purposes, and provided they can be obtained at not exceeding $90,000, we believe it would be a wise purchase.
We particularly desire to impress upon the Board the fact that if this opportunity to acquire a permanent golf course is to be taken advantage of, prompt action is necessary.
Respectfully submitted,
ROBERT W. LESLEY,
HORATIO LLOYD
SAMUEL T. BODINE,
FREDERICK I.. BAILY
EDGAR C. FELTON
Committee
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[EDITED TO CORRECT TRANSCRIPTION.]