In 1901 Connie Mack and his Philadelphia Athletics became one of the original founders of the American League. In 1902 New York Giants Manager John McGraw dismissed the A's with contempt, by calling them "The White Elephants." He meant to imply that Mack shouldn't be allowed to spend money without supervision. Well, Connie Mack took up the gauntlet and defiantly adopted the White Elephant as the team insignia. That year, 1902, the A's won the American League pennant -- much to the unvoiced chagrin of John McGraw. This is from the A's history page.... To be simple... It's the Oakland Athletics' oldest logo.
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The story goes that John McGraw, manager of the New York Giants, told Benjamin Shibe, who owned the Athletics, that Shibe had a 'white elephant' on his hands. A white elephant is jargon for a financial burden or hardship. Connie Mack, who managed the Athletics at the time, was incensed to learn of what McGraw said and immediately adopted a white elephant as the team mascot.