Evening star., 1923-12-16
Congressional Country Club
r. Plans 100000 Bond Issue
Funds Needed to Garry Out Present Big
PrOgran,-Bank Diuidend--Da,Ues'
Vie,Us on Branch Banking.

An Issue of 100000 Of Congress
sional Country Club first mortgage.
ufteen-year s per cent gold bonds,
GATED December 1, 1923. is expected to
oe made to the local investing pub
iic by Washington brokers within
tne week 1t was learned Yesterday
MINOR legal details are at present
holding up the fiotation, it is under
stood
The issue will consist of coupon
bonds In denomination of 5000 and
$500 registerable as to principal only.
Interest will be payable on June 1 and
December 1. without deduction for
FEDERAL income taxes up to per
cent, Principal and interest will be
payable at the riggs National Bank.
or at their agency in New York city
The notation VIII be redeemable as
q whole only at the option of the club
on any interest date upon thirty
days prior published notice at 105
June l, 1928: at 1924. and accrued in
terest to and includ ng June /, 1888:
at par and accrued interest there
after. An annual sinking fund of
$4,000 VIII be used to retire the
bonds. first by purchase in the open
market and second by redemption.
serially, from June /. 1926 to me-
turity. The Riggs National Bank will
trustee the issue.
These bonds are to provide funds
Tor carrying out the construct on pro-
gram of the club, the proceeds being
used exclusively for additions and bet
terments to the property. includ ng
the completion. furnishing and equip
ment' of the clubhouse and improve
ments to the grounds. Up to the pres
ent time total expenditures have been
approximately SSe4,n00 They are Sc
cured by q direct first mortgage on
the entire club property. consisting
of real estate and Improvements
thereon. clubhouse and equipment.
the value of which est mated by OFF,
cials of the organization. VIII be ap-
proximatnly S1,O00.000 when complete.
Revenues from all sources. based
on 900 regular memb ars expected by
the summer of 1924. are estimated at
$40 900 annually. Cost of operation
OF the club is estimated at $50 ooo
annually. leaving net revenues OF
$50 600 applicable TO sinking fund
and interest payments amounting to
S44 600 annually after December /,
1925. and s"4 600 annually prior TO
th"t time In these estimates no ac-
count has been token Of initiation
fees from new members
The officer of the club are men or
national prominence and consist OF
the following: President Herbert
Hoover. Secretary Of Comm arce; trst
vice president Oscar Underwood.
senator from Alabama: second vice
president. Harold Knutson. repre-
eentati-e from Minn sofa: third vice
president. Lieut.. Col c. Q. Sheriff..
military aide to the President: secre-
tarv. I.ennard II Mitchell, and treas
urer, Sidnny F. Taliaterro. attorney.
Ana"ostia ID nix Dividend.
Directors Of Anacostia Bank have
declared their re~ular s"r'''- 49, |
dividend of 4 per cent and an extra
disbursement of " pr ( III, = y -n.e
on January to s'.ockholders of rec
: ord December q. In addition, the
board elected George c. Gertman at
torney. 49,,
Th anacostia Bank is capitalizad
at $4,000 and has surplus Of 500 600
and undi ,ided profits OF SlS.4oo De
posits are approximately 81 ooo ooo
1t can be said that the Institution 9
definitely on a IL per cent annual
basis, as this rate has been main
tsined for the past year and a nfil;
while the surplus and undlVldeo
profits accounts have also been swell
ed from time to time.
The institution is truly a com
mentary to NJ urice Otterback, IT'S
president 1t has shown remark
able gaining power in deposits from