The Providence news. (Providence [R.I.]) 1891-1906, 1893-03-07
PROVIDENCE BASEBALL.
A Proposition to RecapitaIize the
Club for the Season of '93.
TO SUBSCRIBE SIS PER SHARE.
At the Annual Meeting at the Narragsn-
sett Last Evening There was Not
Quorum Present, but Enthusiasm
Prevailed for tho New Scheme.

At tho annual NEE ing OF the Provi-
dence Baseball Association held last eve
ming at the Narragansett Hotel there
was not majority of the stock repre-
sented, but an informal discussion of the
plans for the coming season was had, and
the opinions OF many Of those present
were secured as to the advisability OF
maintaining team.
President Comstock was not present
when the meeting came TO order and
Tho m as II. Cosgrove was chosen tempo
rary chairman. Mr.. Comstock came In at
this moment and suggested the in for NAL
discussion, stating that the directors in
tended to have submitted "A conprehen-
sive report Of the last seasons work, b ut
IL was impossible to complete IL. The
stockholders we'll knew that the season
was failure financially. But the stock
holders had gone into the venture, not SO
much with the hope OF making money a.
70 establish the game In this city. He
thought that under the new conditions
the game could be made self-supporting,
even II it could not be made profitable.
The treasurer. H. A. johnson, pre-
sented his report showing that the re-
ceipts from games last season were $40
600 and that the capital Of 81 $50 had
been absorbed together with $500 which
had been guaranteed by the offic GERS of
the association secured by the property
at Adelaide Park.
Manager Burnham was asked to give
statement OF the reserve rights of the
Eastern League and the interest OF the
Proyidence Club in that organization.
lie stated that Providence Is now Que OF
the five clubs in good standing in the
Eastern League and that with shorter
season and salary limit of $1,000 per
mn nrf fettx In. fu D,rx a
be sufficient for the needs of the club.
The extra guarantee demanded OF Provi-
dence ana the losses on the final series
with Binghampton, including the last
trip TO that city were the causes of the
financial loss last season.
Mr.. Burnbsm explained the rights of
the Eastern League regarding reserved
players. The players were reserved ac-
cordinR TO the rules and by the agree
meut OF the National League the Eastern
League is entitled TO $1,000 for every
PLAYER reserved who is signed by the
about dozen. He stated that he had
be N appointed to go before the board of
control AZ the meeting in New York to-
day, aud hopei hat che board could be
made TO recognizs the Eastern Leagues
rights in the matter, aud either return
the pla ers or pay the 81. 900 each.
w. A. III. Grant believed that as no
person holds great amount of stock il
would be of no great burden 10 subscribe
an amount, which would be necessary,
TO art the team another season. The |
majority of stockholders hold four shares
or less, aud IL they would subscribe SIS |
per share for the coming season So, 600 |
would thus be raised to put a tea "A |
in the field. which amount would |
be ample. II any of the stock
holders feel as II tHey could not |
afford TO do this they may turn over their |
4, ock to outside parties VINO will be |
ready to subscribe. lie was sure the |
same old ent nthusiasm existed today that |
did in the days OF the National League |
team at Nesser Park ami that the game
would be seif-supportlng in the city.
As result of this appeal the fol lowing
resolution was presented and unanI- |
mously "a o ted
RssoIred. That the stockholders of this organiza-
uon be reQuestei 10 renvest sl5 Tor each share
ana establish club FOR tSS ensuing IS ' year snaS9
the old stock. Also. that stockholders who are not
que stea turn their stock over 20 new parties
who VIII provide the proportionate sum Of sl5 per
stantial basis for another sesson.
The secretary was directed TO no tify all
stoc holders of tue action of the IN Getting
and the directors were instructed TO ar
range for Immediate reDiie-, by when
he desires or all tue stockh Jlders may be
IN ordvr that " any are not |
ready TO assist la the recapitali zation
heir sto ok may be transferred TO other,
VINO would assist
President COmstock explained that il
this plan failed it would be nece, sary to
ell the clubs belongings to liq quidate the
;iams ayainst IL, as no stucknolder can
be called upon TO subscribe il lie does not
zee lit, and In order to make the property
worth anything for this season to others
iesiring 10 purchase, it is necessary that
HE responses to the proposition be all
secured as soon as possible
Az the c.ose or the meeting the same
m husiasm was visible as was the case a
year ago, ana confidence was expressed
hat the new plan would be successful,
The meeting aoj urned to meet March