Clipping:Charging interest on advance money; life insurance
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| Date | Wednesday, April 1, 1885 |
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| Text | The Chicago plan might be adopted by most clubs as a benefit to themselves. We understand that President Spalding pays his men whatever advance they want when they sign on conditions, viz.: Each player must take out and pay for a life insurance policy ample to cover the sum advanced and assign it to the club. Then the sum advanced is divided up into an equal number of amounts, and each amount is made into a promissory note. These notes fall due in order, one on each pay day, until the entire amount is provided for; and each note bears six per cent. interest. In other words, the club will lend its money to its player when it is secured and paid the usual rate of interest. |
| Source | Sporting Life |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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