The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-06-01

RACQUET CLUB
OFFERS s6oO,OO0
I. 7% GOLD BONDS
Issue to Reinance Vari.
Gus Liens to Be Dated
July 1, 1922.

me Racquet Oluo Ol "cshihs eOh I
Is today offering an issue Of $500. 900
FIRST mortgage ten-year I per cent
sinking fund gold bonds at par and
acospec interest. The issue Is dated
July 1. -s2s
The purpose Of the bond issue is
to -rehnance the various liens on the
land and club building. The present
outstanding debts are a 100000
first trust and various smaller liens
on the building and equipment.
amounting to s196.425. In view OF
the fact that the club treasury is
in a position to pay off .S96,42S of
the smaller obligations. the 100000
bond issue will constitute the clubs
only funded debt. and a closed frst
mortgage on property appraised at
moe than S1,OO0.o0o
The revenues of the club, since its
opening, have surpassed the eXpec-
tauons of it's officers and board OF
managers. The membership dues
are-averaging $4,000 to 100000
year. and the rental OF rooms
averaging about the same yearly
sun Although a sinking fund OF
S25.6bO year has been provided
to retire the bonds. the income oil
the-SIub is far in excess OF the net
tout required to meet this sinking
fund, defray all interest charges
and meet the most liberal allow
ances for overhead expenses and
upkeep. As matter of fact. the
moifthly earnings. after all deduc-
lions including amortization and
DEPRECIATION. are averaging between
$4,000 and $4,000, or from 100000 to
s50.a0O a year.
The clubs bonds are being offered
to members'in Washington and else
where. and a certain percentage OF
the Issue is being purchased by
outside interests purely on their
Investment merits. The issue is
not being underwritten but is be-
ing-sOld without cost to the club
by a committee of its own mem
beers which includes Carl Robertson
Kurtz, Robert Stead. Richard W.
Hynson. Edmund ID. Rheem, Arthur
Browne. John L. Edwards. William
B. Hibbs. C. Quincy Peters. Frank
T. Morse. Franklin Ellis, J. Floyd
Cissel. George \. Harris, Graham
b. Hodges Leon Shore, Henry
Dunn. James f. Brown. George
Weaver. C. r. Light, William w.
Spaid. Charles L. Hagner, H. l.
Rust. jr.. Kenneth Wales. Roy L,
Neuhauser. Albert +. Madeira, r. b.
Marshall. W. L. Trenholm Abrams,
Arthur Foraker. G. Bowie Chapman.
]. Vaudeville Carlisle, ]. Newton
Brewer. f. r. Kennedy, Coleman
Jennings. Carroll Morgan. william
W. :Mackall, jr.. Chester W. Lock-
wood. Henry Dunn. James Hobbs,
sidney Z. Kent. George Y. Worth
ington, jr.. E. P. Wilson, L. A.
Slaughter and Frank E Ghiselli
The rehnancing Of the Racquet
Club is being conducted under the
personal direction of the following
officials and board managers. Col.
Henry May. president: J. II. de ST.
bour. vice president; William S.
Reyburn, vice president; Ezra
Gould. treasurer: John NJ. Biddle.
secretary: Neyle Colquitt. Alexander
Brftton Browne. E. b Eynon. jr,
George A. Garrett, S. J. Henry, Ed
ridge Jordan. Isaac T. Mann. WILL
lam P. Meredith, f. A. Mitchell.
Fleming Newbold. G. Bryan Pitts.
John p. Story. Harry Wardman, H
H. westcott. c. C. Williams and
Donald Woodward.
Land Banks Reduce Rate.
Effective today. the twelve Fed
sraI Farm Land banks of the coun-
try will reduce their interest rates
from per cent to 5l2 per cent, the
reduction, establishing a parity OF
per cent on the recent rotation of
$4,000. 900 Az per cent Federal
Farm Land bank bonds which fiota-
ton makes the above reduction pos
sible-
Inasmuch as practically the en-
tire loaning facilities OF these banks
is utilized in the development of
agriculture and agricultural needs,
officials OF the Federal Farm Loan
Board see an agricultural boom as
the Immediate outcome of the cut.
The farming situation. which has
shown greater Improvement recent
ly than perhaps any other industry
cannot but be further bettered by
this lowering of money rates.
The Federal Farm Land banks
are located in the following cities:
Baltimore, Springfield, Mass: CO.
lumhia. S. C: New Orleans. Louis
willie. St Louis Wichita. Houston
Omsiia, ST. Paul, Spokane and
Berkeley.
Months Clearings.
Clearings OF District banks dur
ing the month of May. 1922. totaled
SS7,2s7,163 which represents a gain
OF Ss.079.694 over the previous
month, and a gain Of s14.906.467
over the corresponding period a
year ago.
Convention Notes.
W. J. Waller. chairman of the
publicity committee of the District
Bankers Convention. yesterday an
nounced that Victor B. Deyber.
president of the Second National
Bank. would deliver an address on
The History Of Banking in the
United States"
Chester H. Warrington. president
Of the Automotive Trade Associa-
ton of the District. will discuss
Closer Relationship Between the
Automotive Trade and the District
of Columbia Banker Assoc, alton i
Local Securities.
Trsding was especially dull OF the
Washington Stock Exchange yes
YEDERAI VSERvE 1AuK