Clipping:An attempt to cash out the Providence Club; finances
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| Date | Monday, October 8, 1883 |
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| Text | A marked sensation was produced in Providence on the 25th ult. by the publication of a call for a special meeting of the stockholders of the local League Base Ball Association. Coupled with this was the rumor, which flew thick and fast, that the meeting was called to ratify a vote, passed at a meeting of the Directors held Monday night to declare a dividend of 100 cents on the dollar, and by doing so, to absorb all the funds in the treasury, and kill off base ball in favor of horse-trotting. It was further rumored that, in the absence of many of the stockholders from the city and of the short notice given, the meeting would be packed for the purposes named. The result of the rumors was that special efforts were taken by a few who want to see base ball here this year to get out a full meeting and to obtain proxies from absentees. The meeting was held at 8 P.M. and was largely attended—more so than any meeting since the association was formed. Mr. H. B. Winship, the President, tendered his resignation, and in doing so positively denied that anything had been done looking towards the abolishing of the national game in favor of the trotting interests. His resignation was accepted, and then a vote was passed that a committee of two be appointed to revise the stock-book and decide who are entitled to receive dividends. This meant a delay of fully three weeks before the list can be reported and acted upon, and would serve to thwart any injurious action, if such was intended. The matter of the 100 per cent. dividend was called up. The Treasurer said there was $14,00 in the treasury, and after paying all bills there would be $9,000 left, and that to pay 100 per cent. dividend on $10,000 worth of stock would cripple the association beyond redemption. Following this were remarks somewhat caustic and sarcastic, in which two of the Directors and a few of the stockholders took part. The upshot of the affair was that every one of the Directors present resigned. The following new board was then elected: George H. Flint, Thomas C. Peckham, William T. Smith, J. Edward Allen, and Henry T. Root. The adjournment of the meeting of the stockholders was followed by a meeting of the new board, who chose George H. Flint as President of the association. After the business was over Mr. Winship reiterated his denial of the truth of the rumors referred to, and said he would do all in his power to help along the game next year. … The 100 per cent. dividend was not denied, but the old Directors asserted that what they did was based upon purely business principles. |
| Source | Sporting Life |
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| Submitted by | Richard Hershberger |
| Origin | Initial Hershberger Clippings |
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