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Las Vegas Thoroughbred Racing Assocaition signed by Joseph M. Smoot - Nevada, 1950  

Las Vegas Thoroughbred Racing Assocaition signed by Joseph M. Smoot - Nevada, 1950

Product #: newitem2238182875

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PRODUCT DESCRIPTION  
Beautiful certificate from the Las Vegas Thoroughbred Racing Assn Company issued in 1950. This historic document was printed by the Chipron Stamp Company and has an ornate border around it with company header. Also included are the investor's package of documents including beautiful brochure with artwork of the racing grounds and the original porspectus. This item has the signatures of the Company’s President, Joseph Smoot and Secretary, Sejmour Vons and is over 62 years old.



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The Las Vegas Thoroughbred Racing Association, organized to build a racetrack in Las Vegas, Nevada, was financially unsuccessful and became the subject of a bankruptcy proceeding. As part of a plan of reorganization, the Las Vegas Jockey Club was incorporated in March 1953. Under the plan, the Jockey Club issued $2,000,000 of 6 per cent mortgage bonds and $42,500 par value Class A stock. Holdings of bonds and Class A stock were proportionate, with one thousand shares of $0.02 par value stock held for each $1,000 in bonds. In addition, Class B stock was issued to a minority group, consisting of preferred stockholders and bondholders of Jockey Club's predecessor, the Las Vegas Thoroughbred Association. Taxpayer invested about $90,000 in par value Jockey Club mortgage bonds and the accompanying Class A stock.

Joseph M. Smoot hitched a ride from lawyer Hank Greenspun to get from New York in the eastern United States to Las Vegas. He claimed to have helped build tracks in California and Florida which turned out to be untrue. The track was built to be a major horse racing facility on the south side of Las Vegas. Smoot funded the track by convincing 8000 shareholders to give him $2 million. "Old Joe knew a track wouldn't have a chance and he said so when he came here in 1946," Greenspun later said in his biography. After the construction was delayed well past its original opening date, Smoot published an apology in a local newspaper. Smoot and two others were charged with felony embezzlement after he could not provide receipts for missing $500,000. A trustee was appointed by a federal judge to run the track. Smoot remained indicted until he was found dead in a hotel room two years later.

On September 4, 1953 the track was opened named the Las Vegas Jockey Club. Ticket booths and tote boards did not work properly and only one entrance discouraged customers. Customers had to wait one hour in traffic to park and some went home without attending. 8200 customers attended in the first day and the board of directors closed the track for two weeks after the third day to replace the ticket booths. The track was rapidly losing money, so the board closed after operating 13 days. It opened back up in 1954 to host quarter horse racing but closed after seven weeks.




In 1924, Joseph M. Smoot established the Miami Jockey Club and constructed a racetrack and grandstand adjacent to the greyhound track. The Hialeah Racetrack that opened on January 15, 1925 consisted of a clubhouse, an administrative building, a paddock area, and twenty-one stables. Near the track, a fronton for the Spanish sport of jai-alai was constructed, the first in the Miami area.




1951 - Reported in the News - Racing Figure Charged With Stock Scheme LAS VEGAS, Nev, July 6 01 P) Sejmour Vons, former secretarytreasurer and director of the Las Vegas Thoroughbred R a c i n g Assn was charged with forgerj today for allegedlj using a faked stock certificate to buy an expensive new car District Attorney Roger Foley who issued the complaint said Voris signed the name of Joseph M Smooth president of the company to a certificate for 2 000 shares of stock in the Las Vegas Park Race Track The bogus stock Foley said \\as turned over to a Los Angeles automobile dealei in payment for a car Voris whereabouts now is unknown Foley said

History from Wikipedia and OldCompany.com (old stock certificate research service)

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WASHINGTON, DC / NEW YORK - Scripophily.com / Old Company Stock and Bond Research Service owns and operates the Old Stock & Bond Research Archives from Herzog & Co., Inc (formally RM Smythe research) which was acquired from John Herzog, founder of the Museum of American Finance and past Chairman of RM Smythe & Co. This acquisition included all RM Smythe Research archives, publishing rights and copyrights on obsolete research reference material published by the Marvyn Scudders Manuals, the Robert D. Fisher Manuals, and the Herzog & Co., Inc. obsolete research services.  The old stock research services have been performed continuously since 1880. 

Scripophily.com / Old Company Research Service was founded by Internet Pioneer, Bob Kerstein, CPA who is a member of the American Institute of Certified Public Accountants, Chartered Global Management Accountants,  California Society of Certified Public Accountants, and the Virginia Society of Certified Public Accountants.  We have been collecting and selling old stock and bond certificates since 1990. Scripophily.com started operating on the Internet in January 1996 with the goal to promote the history of old companies and help educate everyone about the wonderful hobby of collecting stock and bond certificates called Scripophily. 

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