Clipping:Athletic Club for sale; ownership
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| Date | Wednesday, November 20, 1889 |
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| Text | Covetous eyes have also been cast upon the Athletic Club, and the New York Club is not the only one that is figuring on securing the valuable timber in that team. It is said to be a fact that the Philadelphia League Club had recently made an effort to purchase the Athletic Club, and that $60,000 had been named by the Philadelphia people. A short time ago it was said that the Athletic Club could have been purchased for $50,000, but negotiations then going on were discontinued, owing to the unwillingness of the prospective purchaser, Joseph Snellenburg, to pay any such figure. There are 500 shares of stock in the Athletic Club, divided up, it is said, as follows:--Pennypacker, 100; Whittaker, 100; Sharsig, 100; Snellenburg, 85; Kames, 10; Cox, 46; Mink & Son, 35; R. J. Lennon, 1; John McKinlay, 1; Shibe, 15; Thompson, 15, and a few scattering shares. Pennypacker, it is said, was anxious some time ago to sell out. So was Sharsig, but as he had been signed as manager for next year at a salary of $2000, he would only agree to sell out his stock with the understanding that he was to be retained as manager by the new management. But since the Brotherhood League break the price of the stock has, it is said, been boomed, and Pennypacker, Whittaker, Sharsig and Mink & Son, who held a big majority of the stock, formed, it is said, a combination to hold together. Each one was to refuse to sell unless the others were in the deal, and up to Thursday, it is said, they had raised their price to a basis which would have made the club valued at $80,000, or $100 per share, which is $60 above par. The New York Club was also after the Athletic Club, but Philadelphia, it was understood, was to have the preference. It was the intention of the Philadelphia Club, it is claimed, to have dropped the club out of the Association and transferred the pick of the Athletic players to their League club and sell the rest. There would have been some little opposition to this by the minority stockholders, as the Philadelphia people would have made their deal through the majority combination. The club has, it is said, a bonded indebtedness of $17,500, of which, it is said, Reach and Shibe hold $8000, The Sporting Life Publishing Company $1000, and Snellenburg and a man named O'Brien the balance. This, of course, would have to be considered in any deal to buy the club. The Sporting Life November 20, 1889 the League's division of gate receipts; admission of Brooklyn and Cincinnati; elimination of the Brush classification plan The subject that engrossed the attention of the League delegates on reassembling in the Fifth Avenue Hotel Thursday morning was that of dividing the gate receipts. This subject was taken up just before the meeting adjourned late Wednesday night, and as nothing was done then it was the first thing on the card Thursday morning. As was confidently expected, it was a bone of contention between the stronger and weaker cities. Last season the visiting clubs received 12½ cents for each spectator, or, in other words, 25 per cent of the gate receipts. Three of the clubs wanted the constitution amended so that the visiting clubs would get 50 per cent of the receipts. The others strenuously objected, and no agreement was reached during the morning session. Recess was taken between 2:30 and 4 o’clock, and then the meeting got down to work and settled the percentage and several other matters in rapid order. A compromise was unanimously agreed upon allowing visiting clubs 40 per cent of the receipts. The Philadelphia Item November 17, 1889 [reporting the NL meeting of 11/13-15/1889] Indianapolis and Washington refused to go out to make room for Cincinnati and Brooklyn, and insisted that with an equal division of receipts they could hold up their end. Pittsburg and Cleveland joined them in their demand. Chicago was willing to compromise on 40 per cent., but Boston, Philadelphia and New York held out and refused to give more than 331/3 per cent. the weaker clubs refused to vote upon any other question until this one of percentage was decided. Twenty-four ballots were taken. Cleveland, Indianapolis, Pittsburg and Washington voted for a 50 per cent. division of receipts, and Boston, Chicago, New York and Philadelphia for 33 1/3 per cent. increased percentage. At 4 o'clock in the afternoon the Philadelphia Club weakened and the deadlock was broken. Colonel John I. Rogers announced that the Philadelphia Club would second Chicago's proposition for a 40 per cent. division of the gate receipts, provided certain other things were done. The big League clubs of Boston, New York, Philadelphia and Chicago wanted Brooklyn and Cincinnati admitted, and they announced that they would agree to the 40 per cent. division provided the other side would agree to strike out the classification rule and also agree to increase the membership to ten clubs. It didn't take long to talk the weaker clubs over to this proposition, and then the League took a short recess. The convention then considered the election of new members, and, after a short discussion, Messrs. John I. Rogers and J. Palmer O'Neil were appointed a committee to wait on the Brooklyn and Cincinnati clubs. They found the representatives of these clubs and offered them memberships in the League. Applications were quickly made out in accordance with the League constitution, and the board of directors passed on them favorably. Both clubs were then unanimously elected and their delegates invited to attend the meeting. Messrs. Charles H. Byrne and F. A. Abell represented Brooklyn, and Aaron S. Stern and Harry Sterne, Cincinnati. The Sporting Life November 20, 1889 |
| Source | Sporting Life |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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