The New York herald., 1876-02-26
THE INDUSTRIAL EXHIBITION COM
PANY

In 1870 pursuant to act of the Legislature passed
in April OF that yH,r. there organized this city
what was known s the Industrial Exhibition Company.
The object OF the company, declared by its in
corporation, was to provide permanent building in
this city to be used for the purpose of perpetual
hibton OF specimens Of Industry and in which "the
enterprsing citizens OF every portion of the United
states-North South, East and west-wl find a place
where they consult with the minds OF the
nation upon all subjects connected with those arts and
sciences which have direct bearing upon the interests
OF commerce and manufacture and practical develop
ment OF the OF the country" The announce
mcnts Of tho companys purposes were sent forth
to the world in Its publications in terms
as glowing its aims seemed TO be univer
sal and perpetual The lands selected were
a portion of that barren rocky slope overlooking the
odorous Harlem nais and lying between Third and
Fourth avenues From amid shady walks, sparkling
fountains and all the flowers OF the tropics
a building which would be the ornament and pride of
New York for all time to come; and its gasscoverod
dome and gilded glttered tho the geese
of Yorkville would and Zap their wings de-
light and the goats their boards the breeze in ad-
miratlon OF the wonders which the art of man had
wrought in their ancient playground The interior
to afford facilities not only a manufacturers trade
mart but also to furnish citizens OF the metropolis and
strangers popular resort where all ages and classes
might find appropriate recreation, amusement and in
struction' TO provide "wnler garden where in the
most incemcnt weather might be found the climate
and products Of the irJpcs give public amusement,
such opera drama aud concerts; create library and
gallery, mluersloglcal department, and
aquarium in which visitors OF lsaak Walton procvi-
ties might indulge in their much priced pisca,oral
company bearing date last year the Board
u Directors appears to have been William b. Ogden,
y. A. Boyd, Paul \. spoiord, James NJ selover, W
+. shalcr, g.. A. z Barnett, Lloyd G. Bartlett, A.
Wells, samuel y. simpson,. G A. stevens A. 3
Gachcl, f. b. Pond and r. NJ. Cushman, all of New
York; J. Condit Smith, OF Buffalo; George H. PenGcld
of Hartford; General John NJ Corse, OF Chicago; W.
L. Grant OF Covington, KY. Andrew Mckinley OF
Hitherto the dream OF the com. apS youth does not
70 aoys cs been TSazSI o ISo as S 1s. 1 OF the
aud by amendments authorized the issue OF bonds
the OF $40 oO0 900 These bonds were to be Of
the denomination Of $50 each, which interest was
TO be fixed by the intcrpositon OF wheel of furtuDc,
and paid only at the time OF redemption This wheel
OF fortune bc appealed TO four times year for
the purpose OF "electing 1000 OF tho bonds OF
which, Il was claimed could bo worth less than <2l,
and somo Of which might reach $loo, oOo From time
10 time the company has been heard rom
through advert somcnts, ltisations brought against
IL and applications 10 appoint . raeasas
Rade by outside creditors Yesterday, however,
form Of suit Instituted In It's NAME In the Supreme
Court 10 recover from Morganthau, Bruno Co, its
financial agents nearly sloO 900 charged to have been
obtained by tho agents IN hduciary capacity As the
proceeds of sales OF bonds OF the company and frau
dulefftiy appropriated to their own use Mr. H. +. Av-
cril a. cosnscl Tor the company applied IN Suprt
Court Chambers, aud obtained and delivered TO the
sheriff Yesterday al order OF arrest IN the suit direct
ing the Imprisonment o. Norganihau aud Bruno IN de-
FAULT Of their furnishing security IN the sum of
$llO OO0 The a6daviis wINeh this order was maie
are by John G. Robinson, the p.-esuent oi the conf
panyi Edwin u. Pond, the secretary. - McMurdy,
director, and several bank officers The p'Eeipa an-
uaNt y That made by Secretary Pond who discOs@S IL
esst IN part the financial operations OF the company
WAch must be of interest TO those who have become
holders Of It's bonds. This aidavit- shows in eub.
stance, That when the company was seeking an on.
pOrtunity TO put lie bonds the market the defend
ants appeared at meeting OF its board. held on
the 9th OF January, 1874, with a Wow 10 becoming
the hnahea agents OF the company, and explained TO
the Board Of Directors plan Tor the spostion and
redemption OF the bonds Of the company which ,hey
desirOus OF carrying out aud that such plan vs
then IN operation by the different governments IN Pm
rope, and that they had sold largely Of government
bonds issued on such plan, samples OF which thew
there exhibited. Alter negotiations lasting from Janu
AIRY 10 June contract made between The company
and defendants that the latter were to become he
financial agents Qf the company to place It's houas on
the market 10 the extent or 500 600 600 The provi
si0ns OF this that defendant should pro
the printing Of tho bonds that tho bonds were 10 be
sold for not less than their face value OF which defend
ants we're TO retain twenty dvc per a. cOmmissou
that the bonds were 10 be deposited in defendants sic
TO be taken out only by tho consent OF planun and de-
PENDANTS aud quantities OF not less than 500 oCO
that tho defendants 10 give security tor the pay
ncut Of the FIRST 800 600 bonds within three months
from the nrst delivery Of bonds 10 them. and
at the expiration Of three months return 10
on those not sold no commission TO be charEed
that defendants might employ counsel 10 search ie
70 tie conpany's property at expense OF moro
than al OeU and kta Money thus actually Cxucpdal