by shade trees and lawns.

The plan of organization of the Tahoe Country Club is cooperative. Its
benefits are to be shared by its members, their families, and such
of their friends as they may invite to be guests of the club. 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. Thus the
value of the real estate securing the bonds will at once be enhanced
virtually to the full extent of the investment made by the charter
members.

With the initial buildings assured and in process of erection, the
membership and patronage of the club will be augmented by extending
the privileges of the organization to non-investors, who will be
enrolled upon pay