=2-

Still another proposition was to borrow this amount of money
and add it to the total indebtedness. Any business man ean see that this
would be devaluating the worth of our club. When a corporation or a
club pays off its debt by borrowing and increasing its capital indebted~
ness, then thet is poor business.

I have a statement rendered to the members of the Board by Mr.
Wetzel, If you are interested I would be very happy to have a conference
with you and go over the entire proposition. I realize that there are
many members who feel that it is not necessary to increase the dues be-
cause they have not heard of the very difficult financial situation
that our club has been in. The Board thought that for quite some time
it should notify the members, but the purpose of this special meeting
is to give each and every member an opportunity to express his pers nal
view and to vote his convictions at the meeting to be held on July 17,
1941.

I might mention that over and above these unpaid accounts of
$2167.81 we have notes payable of $1300, making the total current debt
of the club as of June 30th $5467.81,

In closing I wish to point out again that while the writer
and the Board have been reluctant to increase the dues, it seems that
this step will be necessary if our club is to continue to operate for
any appreciable length of time. I am, therefore, asking your cooper-
ation in authorizing this increase in dues. I am enclosing a proxy
and am asking you to kindly sign one of these and mail to me if you —
will not be present in person. We are in a critical condition and we
need your full cooperation,

 

FCA:AH ember, Board of Direc’ 2