Clipping:Athletic Club finances 4

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Date Sunday, November 19, 1876
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[reporting on the Athletic Club’s annual meeting of 11/14/1876] Mr. A. C. Johnston submitted his report as Treasurer, from which it appeared that the total receipts for the past season had been $17, 885.97, of which amount $11,643.17 was gate money and $5490 [sic: probably should be $5475] were the proceeds of the sale of 219 shares of stock. All of this had been expended, and the club was in debt, this being, however, in a great measure, due to the expending of $5036.85 in liquidating the debt of 1875 incurred by the old organization, and which the present stock company had no right to assume the responsibility thereof. The Centennial Exhibition, a weak nine, the premature close of the season, and other causes not necessary to mention here, had diminished the gate receipts, so that they were in 1876, $5754 less than the receipts for 1875. The Treasurer’s report concluded as follows: “A large portion of the indebtedness is due to players, and could be cancelled by paying a portion in cash now and giving some security for the payment of the balance in the future, if any united effort was made to accomplish so desirable an end, and by so doing it will enable the club to secure the services of a first-class team for the coming season, which will be a credit to the city and club. It is the earnest desire of the Treasurer that some substantial action be taken to secure an amount either by donations or assessment that will insure the future success of the Athletic Club, and prove to our creditors that we still live.” The Committee of Fifteen who were appointed to devise means and measures to help the club out of their present financial difficulties reported, that owing to unavoidable circumstances, they were not prepared to submit any statement, but that they would at the December meeting present a “full and satisfactory report of a complete arrangement of the temporary embarrassment of the club.” Philadelphia Sunday Mercury November 19, 1876

...at a meeting of the stockholders last week it was stated that the club had a balance of $6834.66 salaries. Philadelphia Sunday Mercury November 26, 1876, quoting the Boston Herald

Source Philadelphia Sunday Mercury
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Submitted by Richard Hershberger
Origin Initial Hershberger Clippings

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