Clipping:Washington Club finances; ownership

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Date Sunday, December 2, 1888

It is generally known that the Washington Base-Ball Club has been losing money, but the extent of the losses has never been printed. It has leaked out that the club lost $23,000 during the last three seasons. This amount has all, or nearly all, been borne by the late President of the club, Mr. Hewitt, and the club is indebted to the Hewitt estate to a large amount. Since the recent Ward deal steps have been taken to collect some of this money for the benefit of the estate, and possibly to help meet the extraordinary expense that the stockholders will have to bear by carrying a fancy player like Ward and other good men whom, it is claimed, they will sign. During the present week every stockholder has been notified to come up and pay $500 on each share of stock held by him. There are something like fifteen shares of stock altogether and Mr. Hewitt holds eight or nine, or at least enough to amount to a controlling interest. The par value of the stock has always been $500 per share until the recent decision of Mr. Hewitt to double it. This heavy assessment on such unprofitable stock has created dissatisfaction among the small fry, and it will be almost sure to drive some of them out of the concern. Credence is given to the assertion that Mr. Hewitt has an ulterior purpose on account of his alleged understanding with the New York managers that he would have to get all of the stock or they would not consent to let Ward go to his club.

Source Chicago Tribune
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Submitted by Richard Hershberger
Origin Initial Hershberger Clippings


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