N.Y. Historical Society Reports Massive Cutbacks

The New York Historical Society announced Wednesday that it is closing to the public and firing more than half of its staff in response to a mounting fiscal crisis.

The society, which was founded in 1804, said it will let 41 of its 76 employees go when it shuts its research library later his month. The society also is suspending its lecture series and school programs.

The public exhibition galleries at a classical landmark building on Central Park West closed on Jan. 3.

An advisory committee is trying to develop a plan that would save the society from extinction, society Chairman Norman Pearlstine said. A plan to merge with the New York Public Library is under consideration.

If no solution is found, the society will disband and sell its collection or place the pieces in other institutions, he said.

The latest moves come a week after the society took the unusual step of putting up $3-million worth of works from its collection to secure a $1.5-million loan from Sotheby’s auction house. Normally, museums seeking to borrow money use endowments for collateral.