The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-14
BUSINESS MEMS CLUB
CHANGES ITS ME- HODs
Dining-Room, Which Has Been OPP
Grated ut Big Loss, Is
Leased.
FEE REDUCED
Club Votes to Issue Ono and Two
Year Bonds to Cover Immediate
Indebtedness = May Build When
Financial Conditions Improve.

Sweeping changes i'm the conduct OF
the Business Mems Club were decided
upon yesterday ar meeting OF the
american National Bank Building.
Chief among, these changes lis the
leasing Of the restaurant and. = tenn
porary reduction of the initiation fee
me proposed changes were made inn
peratiTe BY the heavy loss under which
lhe dining room has been operated. Tie
resta urant has never paid, and IL was
round absolutely necessary TO curtail
inns enormous drain of the finances of
the organization. Under Its new man.
asement the dinins-room will he CON
ihueo as heretofore. with prices the
same, ana with no change in the quail
'tH of the food or the service
Alvin NJ. Smith. president of the
ciuh, presided ut the meeting More
imam lou members were present when
the meeting was called to order. With
OUT any preiiminarieS. Mi Smith i'm
niediately stated clearly and concisely
the object OF the meeting The finan-
cial condition OF the organization MAS
shown, and The need OF immediate lac-
non pointed out. ~ remedy devised by
the board Of directors was then out
lined.
WILL. ISSUE nONDS TO
SECURE INDEBTEDNESS
nc directors, to meet OUTSTANDING
liabilities, decided that the best thing
TO do under the circumstances was 10
issue noninterestt bearing bonds of s.,
value, payable 1T one and two years
by tins means the present deficit would
easily be wiped out within that period
oil iime and the bonds redeemed
10 prevent ~ recurrence. of the de-
ilcit, ii was announced that the direc-
torS had decided to lease the restaurant
privileges TO Mrs. l.. 5. Lipscomb, who
under II contract with the club, would
continue its operation without charge.
The present equipment will be used by
the lessee. ana tho house committee
VII! still exercise its supervision over
the dining room.
Through the lease OF the restaurant
ana the reduction in the force OF en-
proves III is expected that there will
De an annual saving of $4,000. The
present Indebtedness OF the organizat ton
is something more, than $4,000 while
the organization has assets amounting
10 Sio.ouO. The restaurant, the cause
OF the annual deficit, lost on an average
OF S3GO II month
REDUCTION IN FEE
IS PURELY TEMPORARY
The reduction in the initiation fee is
merely temporary 1t WAS decided to
place The initiation fce~at $40 until
the active membership of the club
reaches 1000. There are now $50 of.
these members, while special member
ships bring the total up TO 200 now.
After the maximum is reached, the
Initiation fee will again become $50.
TO meet the present pressing d ebts,
which amount to $4,000. the bond issue
VIII be ioa.ed. Each member is eN-
peeted 20 take two Of these bonds. Of
SO each. one payable in one year and
the other in two years. These bonds
VIII be accepted. at maturity. in pay
ment or dues or any other debts owed
to the club. They are nonintercst-
bearing. and the subscriptions are
purely voluntary. AT the meeting yes
terday several members subscribed to
ten bonds. while several hundred dol
lars worth were taken before the meet
ing adjourned.
1t is the intention OF the Business
Mems Club ut some future date to
build u home OF It's own, hu., owing
to the present financial stringency, this
plan has not been launched. President
Smith predicted that, under the new
arrangements, the BUSINESS MEMS Club
would become an even greater asset
to the city than it is now, and that
members hipjn it would be an honor
TO be sought by every business man OF
Richmond.
The reduction. i'm the staff will be
very slight, being practically the aboli-
ton OF one position. Up. Walrord,
Jr., will continue as secretary and
manager.
Revolver stolen.
John~A. Allis. 123 Monte.ro Avcue,
a revolver valued at sl7.56Nhad been
stolen from his desk drawer