Zev-Papyrus Race Surplus: Westchester Racing Association Makes Financial Statement, Daily Racing Form, 1923-10-27


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ZEV-PAPYRUS RACE SURPLUS . Westchester Racing Association Makes Financial Statement. Total Revenue of Big Race 30,032.35 Total Expenditures 07,820.10 Balance 2,206.25. NEW YORK, N. T., Oct 26. The board of directors of the Westchester Racing Associa-ttion, at a meeting held yesterday, authorized its treasurer John J. Coakley, to make public a financial statement of the International race at Belmont Park on Saturday October 20. The report, which is given in full, shows that a net profit of 2,206.25 was realized on the venture. It was voted by the board to appropriate this sum and to add thereto out of the surplus from raoing during the past year, a sufficient amount to make a total of 1,000, which will be devoted to tree planting improvements, to the restaurant, the building of a new timers stand and a new judges stand at the Futurity finish, the acquiring of some necessary land, and the screening and resurfacing of the training track at Belmont Park. Most of these improvements will be begun at once, and the entire work is to be finished before the opening of the races in 1924. In commenting on the financial statement Major August Belmont, president of the Westchester Racing Association, said: -"The figures speak for themselves. Through the advertising of the Westchester Racing Association the public was made aware of what they would have to contribute for seeing the race. Our patrons are now entitled to know what has been done with their money. The board of directors authorized the treasurer to make the figures public and also to say what is to be done with the surplus. This surplus is now found insufficient to meet the imme- Continucd on sixteenth page. ZEV-PAPYRUS RACE SURPLUS Continued from first page. diate needs of improvements to be made before the racing season of 1924 opens. "The Westchester Racing Association since the beginning of its improvements in 1912 has spent the gross sum of 27,000. The total dividend paid stockholders since 1905 are equal to 1 7-8 per cent per annum on the stock. The association will be obliged during the years 1924 and 1925 to add substantially to its stabling capacity and anticipates spending at least 5100,000 for that purpose. Large additions have been made to stakes and purses in the last three years. Further additions in this respect will have to be made next year. "It ,1s the policy of the association not to pay more than C per cent on its stock when ever such dividend can be earned. The racing public may therefore feel that its contributions in the past have been practically all devoted to the improvement of the sport they patronize. "I am authorized by the board to state that this policy will be followed in the future." The statement in detail follows: Statement of the International race account. Receipts : Advance sales 54,451.00 Sale at track 95,317.50 Total gross sales 49,768.50 Deduct war tax on admissions 22,524.50 Balance ; 27,244.00 Miscellaneous receipts from sale of programs, catering 2,788.35 Total revenue. 30,032.35 Disbursements: Purses and stakes International Race, including shipment of Papyrus and incidental expenses, 15,428.63. Other added money to the program of the day, 2,000.00. Reimbursement of Empire City Racing Association for loss of racing date, 2,000.00. Insurance against rain, general liability, fidelity and compensation, for accident. ,214.00. Advertising, printing, necessary construction and improvements, preparation of course and maintenance of track for six weeks and architects services, -2,706.47. Policing of grounds, ushers, racing officials, office force at track and in New York; music, ticket sellers, and programs and badges. 3 -227.00. Transportation of horses to and from Yonkers and Laurel, ,650.00. Miscellaneous contingencies, ,500.00 Total, 07.S26.10. Total revenue 30,032.33 Total expenditures 207.S2G.10 Surplus 5 22,206.25

Persistent Link: https://drf.uky.edu/catalog/1920s/drf1923102701/drf1923102701_1_5
Local Identifier: drf1923102701_1_5
Library of Congress Record: https://lccn.loc.gov/unk82075800