The evening world., 1911-01-25
MADISON SQUARE
GARDEN FOR SALE;
PRICE s3,5O0,oOO
Present Directors of Big
Amusement Hall Think They
Should Retire Now.
CITY COULD TAKE TT.
That Is Hope of Management,
as Price Fixed Is Called
Very Low.
CITY COULD TAKE IT.

Advertisements were published to-day
offering TO sell Madison Square Garden
for ss,5oo.oo. The directors of the cor
poration controlling that immense place
OF amusement say they have carried the
property twenty-one years chiefly for the
benefit; of the public. and that ~ the
enterprise Is to 80 on younger men
will have 20 put the.r shoulders to the
wheel.
J. Pierpont Morgan, Charles Lanier
and James 7. Woodward arc the sur
viving incorporators OF tho corporation.
Since the summer OF 1890. when the new
Madison Square Garden was thrown
open. these lncorporators nave died
ID. o. Mills. Charles Croker. Alfred Il.
Darling. Adrian Isei;n. Cornelius Eel
loves. Edward d. Adams. William G.
CULVER and George IS. Bowdoin.
why. the land alone Is worth the
price we are asking for the property"
said President Frank X. Sturgis Of the
Madison Square Company to-day. I'VE
are not selling the property on the in
vestment basis. but. OF course. a group
OF public spirited young men could take
over the property and continue II as a
place OF amusement. The purchaser can
use the property for any purpose de-
sired"
Into Other Hands.
A mcmbcr OF the firm Of ]. p. Morgan
4 Co. aid that Mr.. Morgan. who sails
for Europe to-day. felt that~thc time had
arrived to pass the control Of the
Garden TO other hands. This informant
declared that a large porti,a OF the
bonds of the corporation vas tied UP In
the estates OF deceased incorporators
and that Mr.. Morgan and some OF the
older directors were of the opinion II
wa proper and fitting for them to &c,
out OF the property.
The suggestion was mad that the sale
Of the Garden was an opportunity tina,
ought not to be overlooked by the city
' of New York. The site is an entire city
block. between Madison and Fourth ave.
nueS from T~wenty-sfxth TO Twenty-scv.
enth street. In tho the Garden Ia
purchased by a realty syndicate and
torn down there win be no amphatheatrs
In the Greater City suitable for horss
shows. political conventions thu
proper presentation Of indoor circusei
and events such as bicycle races.
From an investment point Of view
the chief fault with the Garden W a
its n%uctuating income. The restauran
could not be run at a proht because o
the variable entertainment In the Gar
den. What might be proper food 70
tina attendants at a bicycle race woul'
haSdly suit the epicures attending
horSe show. The roof garden neve
paid because of Its location on Broad
way and below the theatre zone. Tn
theatre was a failure for the same req
SON, while the concert hall wa not
steady revenue producer because of IN
surfeit Of such places elsewhere in tn
city.
There II now outstanding against IN
property g. 100000 OF bonds and o.ooo.0
In stock: the latter II understood I
have been partly given as a bonus
the bonds. II has sold around 10. G
the bonds q, go. 900 are represented In
per cent. nrst mortEaEo and $500
@ per cent. second mortgage. Thes
bonds expire In 1919. Provided the pul
chaser desires to improve the propert
an n whole, and not cut II up in,
separate lots, only u.60o.0W cash
needed to take title to tho Garden.
Improvements In Vicinity.
since the present structure was ereo
ed there have Sssn notable improv
meuts made In that vicinity. Four
avenue has become q wholesale loft al
tr1ct, while the car Line up that tho
ougsfare has been electrified q sul
way butt underneath. Firth avenue h,
been changed likewise. from . rssidel
tial 10 q business street. In Dl0 q
property was assesssd At o.2o.ooo.