PRELIMINARY STATEMENT FOR SUBSCRIPTION. 33 



it may be deemod iiecessaiy to apply its funds to the purchase and 

 holding of any real estate and erecting any buildings thereon for 

 the benefit and accommodation of the members of the said corpo- 

 ration and of those who may attend their fairs and exhibitions: 

 which real estate they may sell and reinvest as they may find 

 expedient. 



The Institute commenced its operations without funds immedi- 

 ately after its incoi-poration, and has contined to the present time 

 without any extraneous aid, never having received a single gift of 

 money or real estate, or the smallest bequest, from the hundreds 

 of wealthy citizens, during this interval. The only favor granted 

 was from the city government, who allowed the JSociety at its 

 beginning to occupy, for a short period, free of charge, vacant 

 rooms in the l)rick building which formerly stood in the rear of 

 the City Hall. 



The first business was to inaugurate a system of annual Fairs, 

 at which were exhibited specimens of the skill, industry and inven- 

 tive genius of the United States. 



In this the Institute was entirely successful, and each succeed- 

 ing 3'ear its Fair Avas invested with increasing interest, until its 

 annual opening was regarded as one of the great events of the 

 city. The few thousaud dollars of surplus accruing from these 

 fairs was, by a commendable foresight, invested in real estate on 

 Broadway, which has since so risen in value as not only to pay 

 the current expenses of the Institute, but to provide for the excess 

 of expenditures over the receipts at nearly all the fairs held dur. 

 ing the last ten years, owing principally to the large outlay 

 required to rent and fit up temporary premises of sufiicient capa- 

 city wherein to hold said fairs, to meet the growing wants of 

 these exhibitions. 



Among the annual expenses of the Institute was the appropria- 

 tion for the purchase of books. These have accumulated from 

 year to year, until the library now contains over 10,000 volumes, 

 including history, biography and travels, but principally treating 

 on science and its applications to the arts. After the Legislature 

 had authorized annual reports to be made and published, it was 

 concluded that much valua1)le information might be disseminated 

 by a free interchange of views and by statements of individual 

 experience on the subject of agriculture at conversational meet- 

 meetings. Accordingly, "The Farmers' Club" was organized 

 and placed under the supervision of the conmiittee on agriculture, 

 [Am. Inst.J C 



