Library Company of Baltimore records

The Library Company was incorporated in 1797, funds being raised through the sale of shares of stock. At several points in the history of the company, its viability was endangered by lack of financial support from the stock holders. Many of the papers relate to efforts by the Company to collect subscriptions in arrears and equal efforts by the stockholders to avoid paying these debts. In 1843 the Company took a test case to the courts, which [UNK] that the stockholders were legally responsible for their unpaid subscriptions and furthermore that the Company was entitled to charge interest on those subscriptions in arrears. Many shareholders, not unnaturally, chose to forfeit their shares, a move which caused the Company even greater financial losses. The situation was resolved in 1855 when the Company was dissolved and its library and membership merged with that of the Maryland Historical Society.

In the 1840's the Society had collaborated with the Library Company in issuing an appeal for funds to finance the construction of an Athenaeum Building. The appeal was successful and in 1848 the Society and the Library moved into the completed structure located at the northwest corner of Saratoga and St. Paul streets. By the terms of the agreement, if either organisation were to cease operations, the surviving institution would inherit the other's interest and assets. Thus, when the Library Company was dissolved, the Society acquired full ownership of the Athenaeum Building as well as the Company's vast library.