The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-07
TROUBLE IN THE ACADEMY.
THE SHAREHOLDERS AND THE MANAGEMENT At
ACKNOWLEDGEMENTS MONEY HAS BEEN LOST

THE SHAREHOLDERS AND THE MANAGEMENT AT
OBSERVATION-DISCLOSURES MONEY HAS BEEN LOST
ON OPERATE VENTURES IN NEW YORK.
The new management of the Academy Of Music
che Board OF Directors having been chosen in May
last), have met with the opposition naturally ia
be expected in their efforts to induce the stock
holders to renquish Of their prerogatives for
the sake Of paying the debt of the Academy. 1t haa
long been open secret that the manager who
leased the Academy had accommodate. in some Of
the most desirable seats in the house avery consider
able number of 'deadhcads," the stockholders hav-
ing the right to their seats at any and all perform
anccs given in the house. This fact has
usually been declared to be one Of the prin-
cipsl causes why managers have so often lost
money in their attempts to introduce Italian opera in
New York Whether this is true. or not it is undis-
putcd that o considerable debt hangs the stock
company and resolution was adopted at . meeting
OF shareholders, held in Mr. Bclmont's house No
yember ~, that until this debt should be paid the
TO seats aud admissions in letting the
house for all performances except operas.
The following letter, written some days after. ex
plains itself
No. "a ExrnAscE PLAcR, Dec s. 1878
Apersr BsLscsT. Esa Presiden.'1 $1,000 :, 49,.
masi now se fully convinced that npossSie 10 get
n elias, e . . es sou. sass sss
nomn1 e. y az psssni sas ea sse 20 NJ
has floating debt hanging over il Of sls0o which.
stead OF Costing from thcm By way Of an ment,
cre, being that In couple q yesys this
be paid on cut OF the rental OF the house.
sT s, az II n' pls sa'' Il p
rous buildings where eaiertanments and
ormaaces be riyen IL Is absolutely necessary that the
any sSs a a.,s tights 'sr' pc
or issons except for operas Ptactcaly this Ia.
been @ e. sms,s ~siss their right. but sill
there the necessity at making this reservation when
entering agreement for rent or lease excepting n
10 turn applicant and make hsm 20 10 some or
the places which lie can rent without any oil these
Tie article in the In relation to THE matter
follows Each stockholder shall be entitled under such
ticket to all conccrts or other entertainments
given In the Academy" 80
nent Of lis gage 81 Sloo, and 4 will be difficult 10
nd any one assume q. under as.gnmcnt usless the
the 'recom,n endaion Of the treasurer Tho couccs-
zion OF shatehodcrs rights might be limited
/" be- ade o. tbs necessity FOR giving 40 their seats
aud admissions all occasions, except operas order
restore 10 healthy huanss, conc.n 70. affairs 81 the
more of Of form than sacrifice while for the
reasons before stated IL Is OF great Importance the
ROYAL fHELis, Treasurer.
At q meeting of The Executive Committee held
Thursday night resolved to send copies of this
and of the resolution mentioned to each share
holder requesting his written Enforcement OF them
/ In the meantime Mr. Thomas Il. Musgrave sent OUT
| q circular 20 the stockholders opposing this lie
maintains that the stockholders have right to theia
seats at all performances and charges that the
aenent trying TO deprive the stockholders of thA
right and he says that the principle contained IN the
resolution II web founded, can at any time be carried
TO the extent Of deprving the stockholders wthout
their consent VI their seats vt ell performances Ina
Guiding opera