Clipping:Pittsburgh Club ownership
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| Date | Wednesday, December 15, 1886 |
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| Text | At the close of the season when Denny McKnight was in his glory and at the head of the team, there was a shortage of nearly $3,000, which had to be paid to save the honor of the club. The capital stock was $5,000, divided into 200 shares of $25 each. Messrs. Nimick, Brown and Converse, seeing the position the team was in, offered to take it and give each one of the stockholders season tickets for as many years as the club lasted, provided they would pay its debts. They also agreed, as part of the deal, to spend $10,000 or more on the organization the ensuing year. This was refused, and they finally agreed to pay the debt and take the team, provided the stock was turned over to them. All but about twenty stockholders agreed to this proposition, but the twenty refused either to settle or do anything else. Since then the present directors have spent about $40,000 on the club, but their title was not clear. So to perfect it they confessed judgment for $27,000, an execution was issued and the club wa sold to acting President Scandrett as trustee. This neat little piece of business was perfectly legal, giving the management a sound title, and now the original stockholders, who could have secured season tickets for life probably at about $15 a ticket, are kicking themselves all over town when they think of the 50-cent strain on their pocketbooks next year. The moral of this beautiful lesson seems to be that it is policy to do the fair thing, even in base ball deals. |
| Source | Sporting Life |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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