Clipping:Athletics reorganize as a stock company; ownership
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| Date | Wednesday, November 2, 1887 |
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| Text | The Athletic Club of this city has been reorganized, and will now enter upon a new, and, perhaps, more successful career. For several years, the club has suffered from mismanagement, which slowly, but surely, dragged it down from first place in the affections of the local public to a secondary position, and gradually reduced it from one of the most remunerative base ball properties to the verge or ruin. This state of affairs has been apparent for a long time to all but the proprietors of the club, and it was not until the past season that the disagreeable truth was brought home to them most forcibly, and they were made away by painful experience that something had to be done. This season has been rather disastrous, and the proprietors were put into a hole from which extrication seem difficult, if not impossible, and there was danger that the franchise of the club would pass out of their possession. … Happily, however, such a contingency has been averted, as the Athletic Club is to be now reorganized by the Philadelphia gentlemen, with Philadelphia capital, and maintained as a Philadelphia institution. On Friday afternoon the deal was consummated. A meeting was held at which the club was changed from a partnership concern to a stock company under the title Athletic Base Ball Association.” The capital stock of the company will be $50,000, divided in 500 shares of $100 each. The principal subscribers are W. H. Whittaker, H. Pennypacker, Lewis Simmons, and Wm. Sharsig. These gentlemen have subscribed to $10,000 each. Chas. Mason has $1,000 in stock. The other $9,000 has already been nearly all subscribed. The new company takes control of the Athletic franchise, team, ball park and all other property of the club, and assumes all liabilities. |
| Source | The Sporting Life |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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