New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-15
MIR. BAILEY AND THE GARDEN.
TRYING TO BUY A CONTROLLING INTEREST

HE OFFERS $50 A SHARE FOR THE sToCK-Tlh
COMPANY AND THE HORSE SHOW ASSOCIATION.
There Is published in this weeks The Rider and
Driver an article declaring that the Madison square
Garden Company Is seeking to absorb the NATIONAL
Horse Show Association OF America Ihe Horse
Show Association subscribed TO $4,000 Of the Gar
den Company's stock and Its members took 100000
more with the understanding that the assolauoh
should obtain certain privileges the article says
These privileges have not been granted II lie said ana
the association Is compelled TO pay the Garden Com
mny $4,000 a day rent, five times rs much
as any other tenant The company. according 10 the
story is seeking to gain additional representation on
the board Of the association, having three member,
~ the thirteen now. Two OF these three are saiaed
Officers Of the company.
The horse show and the Barnum Bailey circus
are the chief tenants Of the Garden. Mr. Bailey Is
trying 70 get controlling interest In the Garden
stock Offering 900 share for IT, 1t Is said that II
he fails in this he mny put up another buIdlhs III
which to hold his circus hoping to get the horse show
assoc,aton to use the structure for Its exhibitions
The letter which Mr.. Bailey has sent TO the garden
company's stockholders reads as follows;
No JOG West Thirty.seycnthst. New-YoIk
January 10, 1893.
Ny Dear Sir: / requested by several large STOCK,
holders in the Madison Square Garden Company to forward
10 you the following are an Interested party your
name appearing the books Of the company. 'oec~e'
with my own as a stockholder Of record.
When the enterprise was begun. l. with NUMBER +"
others subscribed for portion Of the stock Oh the
assurance Of enterprise proving sound and suceesfu
financial investment Its present management 10 clearly
shown 30 be incompetent produce results satisfactory
to the shareholders radical change. therfore Is no"
suggested which it IS hoped will be more behehcia
to oil concerned and from which dividend may be eN-
pected thus advancing the market value OF the holdings.
which this most valuable exhibition property. managt
porperly capably, economically and by Parties having
thorough knowledge Of the public needs. wouiu seem
possible instead Of earning barely enough to ray thu
bonds and the legitimate operating expenses
Leaving absolutely nothing for the shareh ld'rs
strong tension has existed for some time past which
stu continues, between the present management OF ms
company principal tenants who together pay
sum equal 70 the entire Garden rentals, and there
is prospect Of losing both these desirable tenants with
company could not according to It's last
statement the building pay the liked charges Tor It's
maintenance Interest on bonds ana running eA'
penses) a possible result much 10 be depord
Therefore this valuable property should he
controlled by persons having, as stated. the
requisite familiarity with catering 70 the public taste
in proper and busness.ke way. and by different
methods exercising the judgment and skill absolu'eV
necessary 20 compel success and which stockhoder
am very DESTROYS OF seeming TO that end therefor tcno
possible, 70 by purchase OF STOCK or Otherwise
the cement OF the Madison Square GariD ond ea'
nesty personal cooperation In the Hauer De-
eyiny IL best for mutual Interests For three years
past the present management hove controlled this
grand property In manner uhsausac'o'y u
| persons possessed OF the proper business
ABILITY necessary for such public amusement building
This fact has been clearly demonstrated 70 myself and
others but In order control Of the building
| tho present management are seeking way by "hc'
they can po, their for and thus occom
pIsh the object for the length OF time mentioned OF
| longer IL desired-certainly no. very happy con
| diaon OF affairs for those stockholders not In
| the board OF directors friendly toward it
| methods. Should 1 be supported by nv fellow
stockholders (other than those urging me herein
| in the effort 10 the management Of the Madison
Square Garden for mutual benefit, shall feel that every
effort OF be devoted 70 making stock woru
its lar managing the property so economically
udciosly and honestly for all concerned that our share
OF may BE- dividend earning have offered to pay
an amount equal $50 per share for controlling ineic
in the comanv but II you not sell your socl
and are In with in this matter and think my
ur.ona management will effect the needed changes, re
specially solicit your proxy, In order that may tecur
the necessary control and the much NEEDED reforms
| yours etc J. \. BAILEY.