New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-28
THE NEW OPERA HOUSE.
ACTION OF THE STOCKHOLDERS.

ACIlON VF The STOChHOLDERS.
THE DIRECTORS AUTHORIZED TO CONTINUE TIE
WORK BY A VOTE OF 81 To 14--wHAT THE
BUILDING WILL COST.
special meeting of the Metropolitan Opera
House Company Clinited) was held at No. 81 Fifth
ave-, at o'clock yesterday afternoon. President
James A. Roosevelt occupied the chair. and fifty
one stockholders were present. The meeting was
called 10 take action on the following two resolu-
tions, submitted 10y the Board of Directors.
Resorrcd. That the directors be and they hereby
authorized and directed to take the nee,
essary measures TO. sell the properly OF
contracts the best possible terms quidae the COM
paDys affairs and return to the subscribers pro rata he
continue the building of The Opera House at time
they may t and TO raise by mortgage or otherwise
the necessary funds for completing the same.
Only one vote taken. and by 81 to II the
second resolution was adopted. The meeting then
adjourned but some time was subsequently spent
in an informal discussion Of the financial affairs OF
the company. President Roosevelt i'll response TO
a question Nv TRIBUNE reporter on that subject,
said that the decision to 60 ahead with the work
would involve the raising of 100000 or 100000
more. The precise amount 1t was IN
uncertain prices of labor and material, and the m
settled details of the plan for construction. An
other point which would make decided difference
in the amount of money necessary 10 he secured was
the decision, yet 10 be reached, whether the COM
pany shall build only an entrance in Broadway, and
leave each of its front corners unlmproVed' OF puu
up the entire front.
A special report of the Building Committee, of
which T.. I. Fa6bri, c. X. Fearing, j. \: y. Urls
void and W. X Vanderbilt are the members, gives
in detail the bids for the different parts of tho
work. The lowest figures in each case are "a lQl-
lows: Masonry and Gre-prootng, SGD $50; asphalt
ing. $9.050: CONSTITUTIONAL iron, Tl5632I; hight
iron work. $63.51O; carpentry, Sj3, 49, plumb
ing, $159S9: roofing $lO,74S iron ceiling, ri 300
proscenlum arch, varying IN estimates n h5
and not including supports, from SS032 10
Sls.3s5; estimated cost of work not included
III bids-stage supports stage, hy-gaueIleS
and rigging-lott ioors-Sl5,OOO scenery anu
iron curtain $4,000: seating, $4,000; decOra-
t!On $4,000; lighting, If by gas, 4lO'OOO. 10
the above iguTes must be added balance now que
for work performed, %27273 accepted contractS'
partly fulfilled 1910 estimated value OF mate
rails hand, $4,000. Taking the foregoing iie
urcS as basis the cost OF competing the n.iiaIns
would he as foows: Bids to complete, $GOl .219;
balance due for work and contracts party iGnS o
$40. $50 estimates not included IN blds @O5ouo
total S740.564. Deducting from tins @loooo 10! tor
material on hand. and adding mortgages Oh tnc
land the total would be S7S9,OGi 10 tins, again,
adding 500 900 for the balance OF architect ices
two years, 10000, and fnorgage interest TGI;UW,
aud the total necessary to complete the Dulidlhg
wOuld be 1886 064. 10 meet tins an ANALYSIS o.
the means available shows that of tie total OF
$l,O5O000 in sn6sciiptlons' @I211UUo T Il|e
estimated deficiency is S276 100 a. An eStllnated
additional outlay of fully 100000 would De re-
Qulrcd to make provision lor outhIs, sldec PoFi'S
ard machinery .,,
In response 20 a series of questions submitted by
the committee to the architect >. cleveland Cauy
II was shown that the plot originally 100 by 300
feet in size had been enlarged to l9S by 26O feet
The estimated cost of the present excavations was
S3OO 900, and the actual cost SO3,N|3 =
Had the prices of wages and materials
remained unchanged, the estimates OF the sprlbe
of 1881 would not have varied 10 per cent Delays;
from various causes, have been unaN"lda1Ie' ahG
within the past year, says Mr.. Cady " Labor ana
materials have advanced from 20 to 90 per cent
and in some cases more" Several eXa mples are
t,d To prove the correctness of the statement,
notably the Produce Exchange, which was origin
ally TO cost S7jO000; the estimates last spring
reached 5000. 600 ; but hen the bids were finally
obtained they were between &2,OOO,OOO ana
81 500 COO IL conclusion, the report OF the Build
ing Committee SAYS:
In the opinion Of the committee nj least $$1OOOo IN
addition 10 the 100000 be derived from the surplus
real estate ami TO the amount that my he necessary 10
make that UrOpcry productive must be RAISED ii orlcI
TO have the means to BRING the work to COGpleton