New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-09
PRICE THREE CENTS.
PUSHING THE WORLDS FAIR
A PLAN FOR A GUARANTEE FUND ADOPTED
BY THE FINANCE COMMITTEE
THE SUBCOMMITTEE ON BUILDINGS SUBMITS
RECOMMENDATIONS AND ESTIMATES AS TO
LAND-THE FULL COMMITTEE ON SITE
AND BUILDINGS DECIDES THAT
PART OF CENTRAL PARK


LAND-THE FULL COMMITTEE ON SITE
AND BUILDINGS DECIDES THAT
PART OF CENTRAL PARK
MAY HAVE TO BE TAKEN.
champions of the claims of other cities 70 ad-
vahtages which should entitle any one of them TO
be chosen as the place in which the Worlds Fair
OF 1872 should be held will find little room for
! encouragement in the proceedings and acts yes
! terday of the committees having in charge the
Exposition project in this city, but neverthc.
| less the results cannot fail TO be somewhat dis
appointing locally, because greater progress was
| expected than was reported After two months OF
almost constant labor the Executive Committee
| Of the Committee on Finance reported a merely
! provisional outline, which would have been more
happily received in the earlier stages of its work
while the Committee Site and Buildings prac-
| tically reversed the decisions of its executive
branch, and went back to its original position by
adopting resolution that portion of Central
Park should be included in the proposed site for
the Fair if found necessary.
The following members of the Committee on
Finance were present when the committee was
called TO order at 80 p. m. by Chairman S. ID.
Babcocb, in the rooms of the Chamber Of Com
merce: August Belmont, Calvin s Brice, w.
Lanman Bull, Robert Dunlap, John H. Inmsn,
Elliott f. Shepard Morris X. Jesup, Eugene Kelly,
Frederic A. kursheedt, Cornelius Vanderbilt, J.
fierpont Morgan Joseph J. O'Doaohue, Herman
Oelrichs, Jesse Selgman, j. Edward Simmons,
William Men, Speer ex-oficioj and William
Steinway.
PRESENTING THE REPORT
As soon as the committee had been called to
order, j. Pierpont Morgan chairman of the Ex-
ecutive Committee presented and read the fol-
lowing report
After careful examination OF the whole subject your
beg 70 report that IN ter 0Rlnpn no
until 1t Is approximately known what is the aggrc
gate amount of money 10 be raised and this will be
largely an open question until the site. plan aud scope
OF the Exhibition are finally agreed upon. There are,
however three sources from which tho necessary funds
for the establishment of the Exhibition be derived
when the sum Is ascertalned, viz.
]. Government and city aid. (The State being
prohibited by its constitution from loaning giving
Q The sale of bonds or other evidences OF pccunary
3. preliminary fund, with which to secure the
Inauguration of the work and to provide against the
possibility Of ultimate loss, and which should be
represented by stock
obviously the amount TO be obtained through the
two lastnamed channels will depend upon the financial
and other assistance to be derived from The general
that Congress should give TO the Exhibition national
and an international character by appropriate legal
enactment which should at the same time determine
its location in this the principal port OF entry and
metropolis of tho country.
1t Is also essential that the Exhibition should re-
ceive encouragement and assistance from the siate
and the city of Ncw-YOrk. and the suitabeness and
factor in any financial plan which may be adopted;
for If direct money contributions are voted, or lands
apart for the use of the Exhibition, which may
belong TO may be acquired by the city, and upon
which 1t may lawfully erect buildings, very much
less sum will be needed than II your committee must
raise all the money, or IL private properly must Dc
leased purchased OF all the plans which have
hitherto been submitted to the committee. have
appeared 10 us TO supply means adequate TO every pur
pose, unless the necessary lands are provided oy
when the points we have mentioned are actually
determined 1t Will be; In our opinion, comparatively
subscriptions to the main fund.
Meanwhile, to show the sincerity and willingness
Of the citizens Of NewYork, we recommend that steps
be taken to raise preliminary fund of S5.0000O0.
for which stock shall be issued before stated when
and that until SO 900 900 bona fde subscriptions have
been made none of them shall be binding, and that
public the fund 10 be at the disposal Of the Finance
Exhibition shall be held in NewYOrk-on the follow
ing terms and conditions, VIZ
l. The subscriptions to be paid in irstalments Of
one-quarter of their total amount upon such calls
the Finance Committee may make, hut not oftener
than three months apart
the Finance Committee may direct but not until Con.
gress has decided that the Exhibition shall be ted 10
NewYork, and its location has been definitely seued
3. Any funds remaining at the end OF the EXhib
tion after the closing of all accounts and the llqnda
ton of all obligations. shall be divided pro rata among
the subscribers to the fund or their heirs or legal
assigns.
The report was signed by J. Pierpont Morgan,
August Belmont, Cornelius Vanderbilt John H.
Inman, Executive Committee, and by Samuel d.
Babcock and J. Edward Simmons members ex
onicio That the report was favoraby received
was shown by the hearty applause following its
reading Mr.. Belmont briefly explained 20 the
committee on behalf of his colleagues in the
executive body. the reasons why it had not been
found possible or desirable TO present detailed
plan at this time. Messrs Steinway, Jesup ard
O'DOnOhue, Of the full committee, expressed their
belief that the report should be adopted that IL
met all present requirements and opened the way
to the perfection of a scheme in detail, which
would be ready when the enterprise was ready
for it,
THE QUESTION OF INCORPORATION
One of the reasons given for the submission Of
report instead Of plan WAS
that bonds and stock could not be legally
issued until company should have been incor-
porated by an act of Congress or by the Legis-
hture The general laws of this State provide
for the limitation of the capital of corporations
to $4,000, 900. To secure larger capital than
this would require special act of the legislature:
Besides under the general laws, each subscriber
to the stock of a corporation becomes liable him.
self for the entire amount of the capital rs under
copartnership specifications This, it was ex-
planned would of itself prevent many conservative
business men from subscribing should corpora
ton have been formed under the general laws,
even as a preliminary course, and one member OF
the committee said that while he might be willing
to subscribe for half million of dollars of tho
stock of corporation properly incorporated, he
would not be willing 10 risk his entire fortune in
this or any other enterprise. BY securing an act
of incorporation from Congress, under provisions
for limited liability, that is, limiting the liability
of each subscriber to the amount of his subScrip
ton, the enterprise would be put upon so sound
basis that there would be competition for the
stock. It's organization then would be completA
without assistance from the Legislature, while, II
found necessary later on, the enterprise could b
strengthened by supplemental special Legislation
by the State.
Tho hnlnr in rnanhing q conclusion. IL was eX.