Clipping:Status of the Indianapolis franchise; ownership; finances
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| Date | Thursday, January 24, 1889 |
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| Text | Mr. Brush says that the club is out of the control of the old organization, and all applications for it must be made to the League. He stated positively to a reporter that the transfer of the franchise was “absolute and unconditioned” and that the only reason for transferring the lease of the grounds, and giving a bill of sale for the grand stand to McCutheon, was to secure him the money he had advanced, and that he would be perfectly willing to transfer all his rights thus obtained to any parties who might operate the club here. The attorney of the syndicate offered $16,000 to-day for the club. New York Sun January 24, 1889 Articles of incorporation of the new Indianapolis Base Ball Club have been filed for record. The capital stock is $30,000, divided into 300 shares of $100 each. The stockholders are: Fred L. Mayer, 20 shares; Ford Woods, 30; R. K. Dryfus, 30; W. S. Schmidt, 40; Henry Jameson, 30; George F. Branham, 30; Charles F. Meyer, 40; J. F. Brush, 40; A. B. Meyer, 30; Tom Taggart, 10. New York Sun January 26, 1889 A detailed statement has been prepared by our base ball club management and will be sent to all stockholders and creditors and all interested in the matter. The financial operations are all set out at length, and the balance on the wrong side amounts to $19,250. With the exception of a few details of minor importance this report closes the work of the Board of Directors of the Indianapolis Base Ball Association. That the :Board could have succeeded in bringing the club out from under the cloud of financial trouble, and eventually have created a value for the original stock if permitted to continue by a few of the creditors, there is no manner of doubt in the minds of six members of the Board, and they tried all means within their power to secure this permission, coupled with an offer to personally carry the bank debt and furnish sufficient additional funds preliminary to the opening of the coming season, which would amount to several thousand dollars more. New York Sun January 27, 1889 The true story, as told by a gentleman in this city who knows what he is talking about, is as follows: “The Indianapolis Club has some 200 stockholders, many of them holding not more than $100 worth of stock. All of these gentlemen were very willing to share the profits, but when it came to making up the losses, they were not there. It was to get rid of these stockholders that the franchise was turned over to the League. The big stockholders have already formed a new company, and when they get the thing in working order, they will get the franchise back from the League and the ground and the grand stand from the gentlemen to whom it was made over, and all will be well.” New York Sun January 28, 1889 Application was made before Judge Walker late this afternoon for the appointment of a receiver for the Indianapolis Base Ball Club. Paul H. Krauss and George Pfingst, guarantors each in the amount of $500, were the plaintiffs. They were assured of fifty cents on the dollar under the present disposition, but were not satisfied. Upon showing made, Judge Walker appointed Charles Dryer receiver, and fixed his bond at $20,000. Mr. Brush received $15,000 from President Young of the League for the base ball franchise, and that money is now being applied to the payment of the club's debts, so far as it will go. The bank debt and the amounts due the directors have already been paid, and the guarantors are being paid $270 each, which is 54 per cent. of their claims without interest. New York Sun February 2, 1889 |
| Source | New York Sun |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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