Clipping:Cincinnati Club finances 2
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|Date||Friday, October 1, 1880|
The Board of Directors met last evening and took the bull by the horns. The first thing done was to read President Kennett's resignation, tendered because he thought no money could be raised to carry on next year's business in the start till funds came in, and he was not willing to run a bankrupt club. This was a damper to start with, and Mr. Mack was named a Committee of one to see whether the necessary amount of money could not be borrowed. He reported unfavorably, however, then it was proposed that each of the Directors advance $200 as a reserve fund, but this was found to be impracticable, as several of the Directors could not furnish that amount. At this date of the affair Mr. Menderson came to the rescue and offered to loan the Club the necessary money. Then Mr. Grehbiel, not to be outdone in generostiy or magnanimity, offered to “go halves” with Mr. Menderson, and their proposition was accepted. These two gentlemen, therefore, have put the base-ball public under obligation, and whatever sport we may have here next year the public owes to them. It was agreed that they would loan the Club all the money it shall need to wind up its affairs this year and pay beginning expenses next year, which will not be over $2,000, and take the notes of the seven Directors—of which they are two—in security.
Mr. Kennett then, at the request of the Board, withdrew his resignation and the Board appointed him a delegate to represent the Cincinnati Club in the League meeting at Rochester next Monday. They also delegated him power to name two other persons who will act with him as a Committee of Three in employing players; and he is authorized to spare no expense, though to act judiciously in engaging the best team possible.
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|Submitted by||Richard Hershberger|
|Origin||Initial Hershberger Clippings|
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