Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-12
RAISING HALL FUND JAIL OF ONE MIND
Project in Interest of Washing
ton Memorial.
ISSUE OF oNE1YEAR NOTES
Trustees to Manage Enterprise.
Matter to Come Before Commerce
Chamber Tonight.

plan for financing Washing ton's
100000 share in the George Washington
Memorial Convention Hall submitted by
b. v. Cummins and George III. Gall is to
come before the Chamber of Commerce
for final action at it's meeting tonight.
The plan is considered practicable and
advantageous not only to the chamber
but also to Washington by the mem
bers OF the chamber who have gone
carefully into the matter.
A committee headed by Charles W.
Darr has made an unanimously ia
vorable report on the project. At a
meeting of the board of directors yes
terday afternoon the plan was explain
ed in detail and it is believed that only
the fact that the meeting lacked one
or two members to complete a quorum
prevented the board from sending the
project to the meeting of the chamber
tonight with it's favorable recommen-
dation. x. V. Cummins. 1T was ex-
planned, has had more than twenty
years of experience in selling town
lots in the west under the supervision
of the Rock Island railroad, and is
highly recommended. The project looks
to the purchase and sale of subdivi-
sions of land in Washington.
Special Committees Report.
The report Of the special committee on
the project is. In part. as follows:
THE proposition as submitted contains
general financial plan which can be
used to raise funds for any enterprise
undertaken by the Chamber of Commerce
which requires the use of considerable
sums of money. This plan is one which
ha hSc of
mediation promissory notes running for a
period of one year, but which in the APP
plication of the plan suggested would
probably be retired in less time and pos
sibly within four to six months. Instead
of subscriptions to stock or cash dona-
tons the subscription is to be one of
credit. These notes are to be made to
three trustees named by the president of
the Chamber of Commerce, and by them
TO be Endorsed and hypothecated with the
banks for advances of cash necessary to
finance any enterprise approved by the
directors of the chamber. The powers of
and restrictions upon these trustees are
clearly set forth.
Notes to Be Secured.
The second part Of the proposition
deals with the immediate application of
this note plan. The notes are to be
secured by an equal amount of stock In
q company which shall own real estate
in or near the District. and whose capt.
tai stock shall be equal to the cost of
the real estate and improvements, in
Guiding selling expense and a profit of
121a per cent which goes to the Chamber
of Commerce. With the funds available
from the hypothecation of the notes it
is proposed to purchase a tract OF acre
age property in or near the District
and suitable for immediate subdivision
residential property. This feature
is clearly set forth in the body of the
proposition.
TO satisfy itself that the estimates
and figures set forth are conservative
and reasonable, and that the subdivision
and sale plans are practical and feasible,
cessful and experienced suburban real
estate operators.
Faith in the Project.
They stated that they had carefully
considered the proposition and believ-
ed it would accomplish the results de-
sired. They went even farther than
this and were enthusiastic in their ap-
prevail of the chambers undertaking
such an enterprise.
Concerning the method of selling.
a profit of only 12H per cent Is figured
for the chamber This enables the
purchaser to share largely in the
profits of the real estate undertakings.
According to statements made to the
committee profits ranging from 70 to Loo
per cent are usually figured in subur-
ban real estate operations"