Only Known "New York Yankees" Treasury Stock Certificate in Private Hands - 1948 dated Autograph Baseball Stock CertificateInv# SR1136 Stock
Unique. Only Stock Certificate on record with the words "New York Yankees" in the title. Stock signed by J. Arthur Friedlund and Daniel R. Topping. Accompanied by Letter signed by Edward G. Barrow. Also initialed by Barrow as well. Stock made out to New York Yankees, Inc.
J. Arthur Friedlund was a prominent Chicago corporate attorney and sometime secretary of the New York Yankees. Friedlund was listed as general counsel for the Yankees and the chairman of the executive committee of the team. Friedlund had negotiated the January 1945 purchase of the Yankees by Topping, Webb and Larry MacPhail from the Jacob Ruppert estate. A syndicate was formed to purchase all of Louis Leverone’s 40,000 shares of common stock, as well as 10,000 shares of preferred stock. Towards the end of 1951, Louis decided to sell his stake in the firm and an investment group led by Friedlund paid $1.5 million for the elder Leverone’s holdings. Friedlund died around 1972.
Daniel Reid Topping (June 11, 1912 – May 18, 1974) was a part owner and president of the New York Yankees baseball team from 1945 to 1964. During Topping's tenure as chief executive of the Yankees, the team won 14 American League pennants and ten World Series championships. During the war, while serving in California, Topping ran into Larry MacPhail. MacPhail, then the president of the Brooklyn Dodgers baseball team, and Topping were acquainted because both Dodgers athletic teams (baseball and football) played at Ebbets Field. In California, MacPhail told Topping of his interest in purchasing the New York Yankees. MacPhail invited Topping to join the syndicate attempting to purchase the team from the estate of Jacob Ruppert. Along with Del Webb, the group purchased a 96.88% interest in the Yankees for $2.8 million in January 1945. In March, they bought the remaining 3.12%, giving them complete control of the team. MacPhail was named team president, while Topping and Webb were named vice presidents.
As a new Yankee owner, Topping wanted to move the Dodgers football team into Yankee Stadium. Tim Mara, owner of the New York Giants, who played in the Polo Grounds, held NFL territorial rights, and refused to permit this. During 1945, Topping's Brooklyn Tigers were merged with the Boston Yanks and the amalgam split its home games between Boston and Brooklyn as "The Yanks". Topping moved his team to Yankee Stadium anyway, joining the newly formed All-America Football Conference. Topping's team retained none of his players during the jump, in that the NFL ruled that the Yanks players remained under contract with Boston, but he was able to sign some of his former Brooklyn Dodger players to the football New York Yankees. The team was not one of the AAFC teams admitted to the NFL in 1950, and folded, with most of Topping's players going to Ted Collins's New York Yanks.
MacPhail became increasingly erratic and maniacal. After a drunken episode at the Biltmore at a Yankees 1947 World Series celebration dinner, MacPhail sold his share of the team to Topping and Webb for $2 million. Topping and Webb became co-owners of the Yankees, each with a 50% share. Webb became active in American League affairs, while Topping directed team operations. The two sold a 80% interest in the team to CBS in 1964 for $11.2 million. Webb and Topping each retained a ten percent share of the club. Webb sold his interest in 1965. Topping remained as team president until 1966, when he sold his remaining stake in the Yankees. Read more at https://en.wikipedia.org/wiki/Dan_Topping
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.