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Yeah — the American League also didn't sign other AL clubs.
It's been years since I last read it, but I recall Norman Macht mentioning that the concept of "club ownership" itself was really sketchy in the early days of the American League. That really shows when you look at how Johnson borrowed players from other teams to ensure the Orioles were able to finish the season in 1902. That's in the first volume of that great three volume work on Connie Mack.
I'm fascinated with that period. I honestly think that the National League would have folded had John McGraw not gone to the Giants.
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