The properties taken over by the incorporation, including the 1500 feet of beach front, harbor, wharf, and a system of water works already installed, together with the perpetual title to the water rights, is conservatively appraised at $30,000.

This is held in fee, free from incumbrance.
The charter--or organizing--members of the club will be the investors in the bonds issued and secured on the real estate taken over by the incorporation.

This bond issue, the redemption of which will be guaranteed by first mortgage on the properties, will be for $20,000.
These will be in denominations of $100 each, bearing six per cent.
interest after two years from June 1, 1914, and will be redeemable, at the option of the mortgagor, at any regular annual interest period on or after five years from the date of issue.

They will be payable in fifteen years.
Each original bond purchaser becomes a charter life member of the club, entitled, without the payment of annual dues or other assessments, to the privileges and benefits offered.

These, briefly, aside from the natural advantages of location, scenery, etc., are an assured congenial environment, known associations (not always a possibility in a public summer hotel), the absence of every possible unpleasant influence, opportunities for fishing, boating, tennis, golf and other outdoor sports, and first-class accommodations at a cost far below that charged at regular high-class summer hotels.
[Illustration: Proposed Family Club House, Carnelian Bay, Lake Tahoe] [Illustration: Launch towing boats out to the fishing grounds, Lake Tahoe] [Illustration: An Early Morning Catch, Tahoe Trout, Lake Tahoe] The proceeds of the bond issue are to be devoted to the erection of the first unit of the club's buildings, consisting of the club house proper, and probably six four-room cottages adjacent.