One of the difficulties was the attitude of business men who felt that after a few years the orchestra should be making a return on the investment, or at least be self-supporting. Their opinion was that an institution which was a constant expense did not deserve the support of the community. Fortunately for music, the people of Philadelphia now understand that an orchestra never can be anything but a public charge. Beginning with 1904 the number of guarantors ranged from two hundred and fifty to three hundred and sixty per season. The Guarantee Fund ranged from forty-five to fifty thousand dollars. During some seasons there was that most intolerable of all things, an extra deficit: during a few, a certain per cent of the fund only was called upon. The discouraging part of the Guarantee Fund method of financing an orchestra lay in the fact that the work was never-ending. A certain number of guarantees expired each season and the guarantors had to be persuaded by all the arts of man and woman to renew their pledges. The fact that their money was to be immediately spent, militated, in the minds of many people, against the Fund. It is so much pleasanter to think of one’s gift safely ensconced in a permanent fund yielding an income year after year for a favorite cause. The Women’s Committees worked hard for the Fund. Besides procuring new guarantees each year for twelve years, amounting to thousands of dollars, they obtained renewals of old guarantees or made good the loss by new ones. In 1905, they defrayed the extra deficit of $5300.00; no doubt taxing everybody’s generosity and patience to the utmost. Much of the financial burden in the first years was borne by a few men and women, who time after time put their hands deep into their pockets. Among these may be named Mr. Alexander Van Rensselaer, the president; Mr. Thomas McKean, Jr., for some years vice-president; Miss Anne Thomson and Miss Mary K. Gibson, directors. The treasurer, Mr. Henry Whelen, Jr., was always optimistic and advanced money constantly. What the result would have been if Mr. Whelen had not done this is problematical. His untimely death in 1907 robbed the orchestra of a devoted friend. Mr. Whelen was succeeded as treasurer by Mr. Arthur E. Newbold, of Drexel and Company, who arranged loans and advanced money and took endless trouble for the Association. The same can be said of Mr. Robert K. Cassatt, the present treasurer, who attends to many details of business. From 1905-06 until 1910-11, Mr. Horace Churchman was the Controller of the finances, which he administered with ability and much to the satisfaction of the Board. A glance at the figures is all that is needed to learn the story of those years so discouraging from a business point of view. Résumé of the Guarantee Fund, 1900-01-1915-16