According to the NYC Parks Department: "Named after Brooklyn-based financier and philanthropist Frank Bailey (1865-1953) and his wife Mary Louise Bailey, this elaborate sculptural waterwork is one of several which have occupied a central place in Brooklyn’s Grand Army Plaza. . . . In the late 1920s, Bailey and his wife gave $125,000 for construction of a new fountain, whose designers, architect Edgerton Swarthout and sculptor Eugene Savage, were selected through a design competition. Work on the fountain began in 1929 and was completed in 1932. The central bronze sculptures include male and female figures atop the prow of a ship, representing Wisdom and Felicity, surrounded by Neptune, his attendant Triton, and a boy holding a cornucopia. The base is made of large stones imbedded in the foundation, and additional decorative elements with sea motifs adorn the pedestal."
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