Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-13
STOCK. CERTIFICATE
SCHEME PROPOSED
Land Purchased Two Dec
AIDES Ago for $500 an Acre
Valued at $4,000.
BY WALTER R. McCALLUM.

A EMBERS of the Washington
M Golf and Country Club
N today have before them a
4 a suggestion that plan be
worked out by which active and
associate members be provided
with some share of the club
property in the form of a stock
certificate, certificate of mem
bership which entities the holders
to a proportionate interest in the
real and personal property of the
club, or method of giving the
members some real holding aside
from their membership.
Members of Washington now have no
equity in the holdings of the corpora
ton, although active members have
voting right. In the view of the board
and President Charles H. Doing, the
club members who now have no equity
in the holdings would participate in
the division of assets if the club in the
future should decide to sell its holdings
and dissolve. AS long as the club is
maintained, memberships do not rep
resent transferable or tangible assets.
The club is a non-profit sharing or
ganization possessing. the right 10
acquire and hold real estate, but the
members have no equity in its assets
The board acts as trustees for the club,
Share Ownership.
Around the Capital two clubs give
their members a tangible holding in
the club property. Burning Tree issues
certificates Of membership, which are
in reality certificates of stock, which
entitle the holders to proportionate
interest in the club property. Congress
sionaI does likewise. These certificates
are really negotiable memberships, pro-
vided the purchaser has the approval OF
the board and pays transfer charge.
Indian Spring members have an
equity in the club house and furnish
ings, while the course is leased from
Tom Moore.
President Doing of Washington points
out that when the club was organized
two decades ago, there were 129 men,
bers and IS acres of land, which then
cost about 5000 an acre. Since that
time much additional land has been
acquired and its value has multiplied
many times. The membership also has
increased to nearly 600. Land near the
club house has brought $4,000 an acre
In recent months and 1t is reasonable TO
assume that. the club property may
show even greater value. The net as
sets of the club, according to Doing,
are considerably in excess OF $2OO,OOO
every member of the club" Doing
points out, ''is interested in finding some
practical solution of the problem OF
giving our membership a more alert
feeling of ownership in the club and
at the same time a real share in the
property which they have helped to
build. As active members their owner
ship cannot be questioned. but it re-
mains to work out some equitable and
sensible manner of giving tangible evi-
dence of this ownership"
With the fairways seeded and top
dressed over every square yard OF the
course and the putting greens coming
along in excellent condition, the
Annapolis Roads course is scheduled to
open about April /, according to club
ofacials. The club has not yet chosen
q golf professional, although several
prominent pros have put in bids for
the lob, among them one well known
professional at a Washington club.
Progress has been made on the new