The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-03-07
THE GARDEN IS FOR SALE.
MADIsoN SQUARE STOCKHOLDERS
LOOKING FOR A BUYER.
Tbcy VIII Sell the whole Property or Any
Part OF II. but would Like TO Preserve the
Arena. n Possibie-As . whole the build
ing Has Not Paid-The AM hitheatro Has.

Tbey VIII Sell the whole Property or Any
Part OF II. but would Like TO Preserve the
Arena, n Possibie-As . whole the build
Ing Has Not Paid-The Amphitheatre Has.
AT a special meeting Of tho Madison Square
Garden Company held yesterday afternoon, pre-
sided over by +. X. Sturgis, President OF tho
company, II was decided. on the
ton OF the directors. to sell the whole or any
part OF the Garden property, IL a purchaser can
be found. Tho President and Secretary were
empowered TO conduct negotiations. The meet
ing was the largest stoCkholders' meeting that
has been held. There wcrc about twenty-five
present and the shares represented In person and
by proxy amounted to 1880. out OF a total Of
10000. tho capital stock being $2,o0o,0 0o. The
meetings action was unanimous.
Mr.. Sturgis said that on May 1 next. the end
Of tho fiscal year. tho company will owe, In
addition to the last three years taxes, which
with interest amount to $4,000, the interest on
It's two mortgages, amounting to about $54 900,
and there will DO no funds with which TO mako
payment.
Tho present bookings for the summer and
early fall would produce probably enough to
carry current expenses until Nov. !, he said,
when another six months interest 1854, Ooo) will
become due.
The following resolution, adopted by the d.
'Lloi ph AttuJ "oo UNIV uacPNSe ~ N"N oNNN~
holders:
Resolved. That the President and Secretary OF this
company be and they arc hereby authorized In thoir
public or private sale at such price. and upon s9Gn
that end to seek a purchaser or purchasers Of said
property. or such part thereof a. they think II wise to
sell, by advertisement or through agents, or In such
execute. and deliver ali necessary contracts, deeds,
conveyance and other Instruments. as In their JudE.
ment are suitable or necessary. for completing the sale
Of said property or such part thereof as they may
to such purchaser or purchasers when such sale shsl
have been made.
The meeting adjourned, to reasscmble on tho
first Saturday Of April, or sooner II called 10y tho
Chairman, when the on the disposal
OF the building will report.
the stockholders to preserve the arena II posi-.
BILE for tho citizens OF New York, even IL tho
building had TO DO divided, but that the load Of
the entire institution was too much to carry.
The city did not seem to be inclined to encourage
the undertaking.. he remarked, as the taxes
were laid on to the extreme limit OF the law,
whole, the building. had not paid, he. said. al.
start. The building cost 81 600, 600, aside from
the, YER, valuable ground, The ballroom, on
hall never had paid. The whole Madison avenue
end Of tho building did not pay. and that was
the reason why a suggestion had been made to
sell that part, II II can be done, and still keep
tho arena.
As real estate the Madison avenue end Of the
property Is the most valuable part. stanford
plan with u view to the division OF II, but there
are various complications. among them the two
mortgages, which might operate against a sale
OF that part OF the property. On the other hand,
II " not impossible that arrangements might, he
made for u satisfactory disposition OF this end Of
the property. Besides the concert hall and ball
room and the rooms attached TO them, the west
ern end of the building includes the restaurant
and the Garden Theatre.