New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
ITO SELL. THE BIG GARDEN.
STOCKHOLDERS HAVE A WARM MEETING.
THEY PASS A RESOLUTION TO DISPOSE OF THE
pRopERTY-THE MINORITY DISSATISFIED.

As result OF the annual Hfeet'nE vi INV sV"h-
holders Of the Madison square Garden, which was
,n Yesterday afternoon In the directors room AT The
carten the property at Twenty sixth st. and Madi-
maye owned by the company, and valued at eeveial
rlon dollars, will be offered for sale within the next
thirty DAYS The resolution TO offer the property Tor
sslc was passed by unanimous vote after long
.,crsson mon q resolution offered by the minority
,ockboders for an investigation OF the books OF the
.cmrany. which WIS voted down. Tie opposition of
,,s m,noritv led by J. A. Bailey based upon The
,.c, that the company has made no money since II
was organized
There were about twenty stockholders present when
~ meeting called to order at = y. m, amcl6
them being Frank X. sturgs, president; William A.
Uoines secretary ID. o. Mills. Joseph Agosni. TheO-
a,rc T. Starr Joseph S. Auerbach. +. Henry French,
simon H. Stern and James r. Woodward.
After The minutes of the previous annual meeting
bad been read, Mr. Sturgs and said that W. f..
Wharton the treasurer rad sent word that he would
not be present. but had furnished documents soitns
forth the receipts and expenditures for the year end
ing April 80, 1893. lie then read the statement
from which 1t appeared that with capital of a.
600 coo the profits OF the year amounted 10 $1,000.
Il can say That these are the figures handed in TO
me BY Mr. WHARTON said Mr. Sturgis, and that they
will constitute The treasurcr's report, The hgurcs
were taken from tho compnys books AlcAahAcr
TAYLOR moved that the report be accepted, ana Mr.
sturcs seconded the motion.
Simon II. Stern, who besides being socki0der, Is
counsel for J. \. Bailey, of Barnum a Bailey, who
holds 1874 shares Of stock. then 20; up and 'nadc
long speech, i'll the course of which he said
u am we'll aware of the futility Of trying TO rec
olec even the totals Of the figures which have been
read. The figures would be extremely interesting II
they could be considered in detail. In order mat
they may be understood offer this resolution
ResolvetThat all the papers and statements OF
accounts comprising the re1surers report be retired
10 committee OF five TO report TO the stockholders
within thirty days. with power to examine all the
books and papers OF this company
1t Is almost IN idle thing to listen to n report
which involves so many facts and figures, Mr. stern
went on TO say. 4 number OF stockholders want 10
examine closely all the facts and figures that relate
10 the receipts and expenditures Of this company
is apparent. from reading OF the heureS' Hal ''e
profits OF this enterprise for the year ending Ap "o
1885, We're a., 500. l think 1t Is pretty well hio"h
fact that this company has suffered severe IoSs'S
since April 80 last by the flower show "mch HAS
swept out more than the balance for she entire years
labor.
I'VE have n capital of $4,000 900 invested In bonds
and stocks That pr perry is large that II Is alarm
ing to those to whom profit Is OF some i'npo
believe that there are gentlemen Ill '"ie oeiP'''
10 whom the question OF profit Is SO umnP'i'". ,n'
N does not give them any concern. Four million
dollars OF investment for the last year mas reSu''' "
loss. There may be honest reasons for ms 'here
may no buslne,s reasons. BE they honest or ais
honsst IN. Stockholders want TO know what has Deeh
done with the money. 1t is impossible 10 kDo"
from q reading Of these figures 1here IS no use vi
euising the fact that there is clqne Ill 'hie oop
which Is running things In its own way o"' '.'
minority stockholders want 10 know now 'leir s'o'" -
bcing managed. Mr. Bailey. as well as a graz ""''
others has been largely interested In 'ms .o"
pany, ard he has been looAhs u" "i e
ness going to the dogs
~ Mood only be said that this stock was SUD
scr;bed for at s75 a share. don't know whs' S0u
can get for this stock to-day. uh"ersV""u ~ ~,
worth s65 when the present Doaru tooN "oi" ,,,
Inst sale know OF was al s2o. ana uiiu'' ''"'
q was bought IN by the holders. lo-uaS .n'''
NOT no n bona fldc sale for $50. The only way W
~, A. s,ochboher. can find out what Is wrong j.
-. ~, examination of the figures our president - III"
aorbtedly prepared make Us rosy a s'a'enie" "
,ras made when men were induced " i", - 49,,
money | care only for the fao' 'h'' 4''' o,
been invested and that this property mas n" =.
- h,ca-,v Allowing The committee VIII NC ap" "
o'ee =, houe II this magnificent board has
managed the property as II should nav -"
- IL, ~ viii receive n most magnificent lhuoisc
-. 70 thore has been any fault whch MS i'u "
.t,s borr;bla result then this minority sn'u', nv
-, yo,cc Because you happen to be III 'ne "'
,or,v with Mr. sturgis and his proXies' II s"ou''
preclude the minority from being h.hru' oc,s,vo
. This resolution Is not offered IN any o"'
!, & a question as TO the management u
r., o-.r,v and the application OF the "oi'!a
..,,aa and disblrsed. urge stOcKhoiue's p
o.. ,ns,st on the appointment OF such II comm " 49,,
", s,urci.. who held proxies lor d rie'p .no
10, Charles Lanier and Others a'ho""''e a.,
-, aot nm as Mr.. stern sat down. to deienu Inv
sua. rho gentleman who has JUS, sPoh."
=. roco,vcd his stock from Mr. Bailey am -
~" p.rex,s counsel. / mention THIS 10 sno" ~
,,.r. NAV be more than one reason io' ~ co.,
inc The original property, the Teai eoi
80 600 This was subscribed by le" ee'i. ,a,
-. ,,u,,on five hundred thousand doh'Is VI -
Vne u'' - In order to sell 1t the geitien'eh
49,, 80, inc S4OOO 900 had TO forego lAe p' '
80, 18th n might reasonably lie suPPoSo
,,c,, have The architects plans P'o''u ,a , en-
,,I1,nc sho,,ld cost Sl,123,Ooo. Inns Wv ,ho
o,uo. S7,oOo for their plans. % u1a' 49, oonanr
ink was really dry OH the ooh'a''' ,nna,,ons that
LIN a., 600 in oebt Then came ai'era'iohH ."".
was 80, ontea and before We knew IL mere MD MD
SA5' 90 mn ats,yr Tie eSlIha'vo Con'' ,cause fle
moi issue more than S 2oVs $4,000, so stock.
hoiers were asked TO s!ps rioe rord sO0Uoo, and
df 50, Sr' o,r indebdness had about S'l'ooo vi
April so, 1850, in the bank. .n,,, We had TO rem,
now hal no wO aSrY ca %ne way 70 rem,
IL outright ana Inc other was 10 " n"rt 20 Ieo1
me .", on nrn ns 'y we paid ali accounts i1ercs,
We O sna w. GHSugnt hadn't done yd During
haa no money 10 10 th, mo We lost money in the
soe so Ne los, during the year a aDous o.e we
Icavng out the flower SNOW ~ Vim the wear before.
Tn" Tax commissioners raised our TAX ,nI",O i
t,.d 10 see Mr. Bailey TO talk over .nns'' M"
L. ceighted 10 have an invcsmgauom mus, he passea
- ,ioi,~ of Inc stock. ! hOn MAJOR VI IL
9ocss said Mr. surgls waving ms bn mon The table
"a rr,n91ng Item down with SMACK uPo'i am
ana 1r9 hive The appointing ID the committee Ave- ~"
not opposed 70 the resolution Isryc ihe vi" n,cess OF the
men who / think can best SERVE "''
company. ,..., q. gerry valuable tenant
and We nave 1 20 n"r cent OF the profits We nav
made arrangement for v"udeS,iie The scdl CON
ON the same basis n y hop' they will pay We have
arrange to have great AIT eSh1 II Iak s' part Real
,a,n men Inv that this property can b Soie n a
That would y. p ;sSycsn n sT equiv Equivalent
snS share II Is wiser TO sell your p, 20 man
nav tondholders and get rid OF the STOCK y. s'' '