The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-05-10
READY TO SELL THE GARDEN.
7HE sTocnHoLDERs yoTE TO SEE
WHAT CAN RE GOT O IT

Diana. Temple In Madison Square Has NO
Paid Expen.e.-Presidcnt sturris DID tbs
votipe Yesterday and Tabled the Mfnort
I've Call for an In~estigstton-A Great
Exhibition or tho Arts Next October
by the vote Of Mr.. Frank X. Sturgis. the
President OF tho Madison Square Garden
Company. a committee OF nve stockholders
was appointed yesterday afternoon to proceed
ut once to get the bost offer for the sale OF the
Garden. Mr.. Sturgis had the proxies OF the
holders OF u majority OF the stock OF the com
pany. With them he voted down a proposition
to have n committee investigate tho affairs oil
the company.
The voting came at the end OF n rather
stormy meeting Of the stockholders. at which
tho minority were evidently bent on trouble.
The Madison square Garden Company has al
ways been one OF tho closest corporations In
the city. Heretofore not much has got out
abou; any OF it's meetings or about any OF its
business. but for n long time there have boon
stories of Engagements hetweent the directors
ard the showmen. who pay the largest part or
the rentals OF the Garden each year. These
lessees are Mr.. bailey. OF tho circus. and the
horse show people. Mr.. BAILEY has charged
acknowledgement and has tried to get possess
sion OF tho Garden. Hc offered $50 n share
for enough, ci tho stock to give him control.
Failing to get it. he offered to sell the stock he
held for So a share. But he could neither
buy nor sell.
Arnnning fro OF correspondence was kept
up from Jan. IL to March 2S between him and
the President Of the company. and then. APP
parently. he gave m trying until yesterday.
when he WAS on hand with his lawyer. Simon
II. stern. who represented also other minority
stockholders. There is reason to believe that
MIR. Stern was ed to raise a bigger row
than he did raise. and that Mr.. Sturgis's res"-
luton to sell spiked his guns before he could
make much OF a sensation.
The meeting was held in the Board room on
the second floor OF tho Fourth avenue side Of
the Garden. 1t was the third annual meeting
OF the company. Among those present were
d. o. Mills. W. W. Wharton. 7. Henry French.
Col. Hahn. Alexander Taylor. Joseph Agostini.
Theodore i. Starr. Joseph s. Auerhach. James
A.. Bailey. and William C. Gul liver.
The trouble began when Mr.. Sturgls pre-
scented n pile OF documents in lieu OF n report
from Treasurer James +. Woodward. Prest-
dent OF the Hanover National Bank. who. he
said, was detained In Wall street on business.
He read the documents by titles. Mr.. Stern
demanded "the -Treasurer's. report" Mr..
Sturgis, responded, TINT the documents were
transcripts from the books OF the COMPANY
and he thought they wore. report enough. At
this Mr.. Taylor insisted that they all be- read.
and Mr.. sturgis had to read them. aud then
Vow" saiI n: Stern: iumrins up; e! want
t. offer !, resolution: You are VEL aware. sir:
totals OF figures that have been road on as
these were read of"
package OF documents out OF his pocket and
stamped them M and down on the desk. They
~ c- the ' sso GEO 81 tie Of to the nsidF M.. q Stern g %n n Il
have known he was running against u stone
wall. but h. kept right on. 60,
tremely interesting il THEY could be considered
in detail and thoroughly understood by the
SteSsh p4eSsrsl tos anG Th IN srd In.U shas ,he ., tnfy
holders. shall have a proper understand
"see here. Mr.. President" demanded Mr..
meetinsi" "
Mr.. Stern fastened then to offer his resolu-
ton. which WAS as follows:
h..:'r,! Tina, all the rHrsr. and statements. ot .e.
port be referred to = committee OF nve stockhoiacr., 10
ri. m to 'ns ' ,n ,s,1,S s.y a. a. ",; .a'1 p"~:r , % ssa%in 10.
al! the books and papers oftbis company.
Il. suppose that this resolution Is to be
ing" exclaimed Mr.. ,SturGis. jumping up aud
were sent for he said:
i. uSoM " to . r 20 OF. v i Is e' m osI an an d nd thing s to
figures 4 number OF stockholders are
very ANXIOUS to examine very closely many
reading Of tho figures that the PROFITS Of this
saaS.e e2.SS6 'o' itSign Iaf Il, f is " pfot art we'll III in nsssi;
that this company has suffered severe
losses since then by the fiower show.
a capital e S4.Oon:0Oo invested in
that ii l. alarming to those to whom profit Ia
NJ some importance. i believe there are gem
tic nrent in i, ,h is S S,n.s ma, t. E. T Snss 18th the s Gae ;b.M
'or tho year ending April 80. 1893. resulted in
hey may, DO honest: they may be business
reasons: but be they honest or dishonest.
p%ossibIe iSr them to Know from the read
reasons for this mostdeplornble showing Of nm
employment Of so much distinguished talent
Is we have ~ this Board OF Directors should
act that there is ? clique in this company who
ire running i their own way and Intend to
, oHie@ss wish IS to I Know WI how IVY their @iIHG PROPERTY s1"'f Is
heir stock was subscribod for at s. a share"
reclaimed William, G., CULVER. Mi. Stern
o!o.ked at hin very hard and said;
leyie VAN int . %as used H' to any na hs.' thIs ssoek or =
stock. II: WAS sold at $75a share. I
IN referring to the mon who put their good
money In at S15 n share. II 1t was worth 500. |
hon the condition OF affairs Is still worse.
10 not know what they can get for this stock
I understand that 1t was worth Sli5 a
hare when the present Board took control.
rhe last sale l Know OF was ut S25. and 1t was
that to-day there could not be made a
iona lde sale for $40 q shnre. The only means
y which the stockholders can find out what
s wrong is 10y examination Of the figures. |
10 not care what sort OF u statement our Presi-
makes. | care only for the, fact that
a. 900. 900 has been invested. and that we
lavc this Board OF officers !ull OF such talented
non. and that this great property has lost
noney. that it has made n be2garly showing.
who Is to blnmef
The committee | propose will be able to
oil the stockholders. who now know absolute
y nothing. II this magnificent, Board. has
managed the property MS it should nave been
then. Of course, tho Board will ro-
GIVE u most magnificent endorsement. II.
m the contrary, 4 should appear that there
'Eahle. horrible result; then the minority OF
We should at least have the opportunity to
that our interests are being pro-
ccted. because you happen to be In the ma.
.9Ir aH, Mr., stursis; with your rr2nis'. y
he minority having a chance, to be