Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-08-21
THE WORLDS FAIR.
NEW Works. FlNANcleRS WORKING IN
EARNEST FOR IT.
Millions Of Money Represented at the In
augnral acknowledgements
OGcers Elected.
my telegraph to the Di5pst-h.l

OGcers Elected.
fly telegraph to the Dispst-hl
New YORK. August 2o.-Eighteen Of
the twenty-five fnanciers selected by
Mayor Grant TO comprise the Finance
Committee Of the Worlds Fair attended
an inaugural meeting held this afternoon
in the Mayors Office.
Millions Of money we're represented
in the gathering, and the unonimlty OF
feeling was very encouraging 90 Mayor
Grant, whose face depicted tho pride he
felt
Following is the list Of the members
OF the committee who attended, many
oil them having come from their com
try homes to lend their presence TO
the meeting: Jay Gould. Jesse Sehg-
man, Eugene Kelly, August Belmont,
Samuel y. Babcock, CALVIN S. Price,
William J.. Bull, John II. Imam,
Robert Dunlap Rockefeller, J. Ed
ward Simmons, Charles Stewart
Smith, president Of the Chamber Of
Commerce Oswaldcr Ottendorier, edi-
tor SHUTS /citung; Frederick a. kur-
shcidt, John McKcsson, Jr., Henry y.
HYDE, pr silent Of the Equitable Lie
( Association; Herman Oelrichs, and VII
liam Stcinway.
The proceedings were opened by the
Mayor. He expressed bis thanks for the
| support and encouragement given to the
object in view by the attendance he wit
messed. by an oversight he had omitted
/ 70 place on tie committee The name OF
one gentleman emineutiy fitted to act
| thereon j. IierrepOnt Morgan.
Mr.. Ottcndoricr at once offered TO re-
/ SIGN in favor Of Mr.. Morgan, but this
would not be- listened to by the other
members, and Il motion 70 increase the
number Of the committee to twen'y-slx
by adding Mr.. Morgan was carried at
/ once.
1t was next proposed that the com
mittoe organize 10y the selection Of
/ permanent chairman. aud Mr.. August
/ Belmont offered the name Of Mr.. Sal.
/ -. Babcock. Ills election followed 10y
+ q unanimous voto. lie relieved Mayor
/ Grant, and aldr ssing the committee
sad that tho honor which had been
conferred on him was rs unexpected as
it Was undesirable. Still lie would
not Jet his dIsincliIation act to sway lbs
acton. He would accept, and IL doing
70 expressed the hope that the dclibcra-
/ tious Of the body would be os pleasant
AMI unanimousa u.s. were the deliberations
OF the committee on The plan and scope
OF the late centennial, on which he had
served during It's existence.
The next business in order WAS the sa-
lection Of treasurer, and .. Edward
Simmons was chosen by accamation.
President Smith, OF TIE Chamber Of
Commerce, suggested The appointment oil
secretary, aad placed IN nomination
George Wilson, secretary Of the Cham
Der
MIR. Belmont thought there was no ne
cessty to appoint a secretary ut tins
meeting, and Offered an amendment pro-
viding Tor the appointment instead OF
au executive committee. which commit
tie, he thought, should select "a score
Ary. The proposition was discussed,
and Mr. Smith finally withdrew his mo-
ton and Joined In one for the appoint
ment Of an executive committee, which
was thcrcupon adopted.
Bcing informed that the duty Of
naming ;he members Of this committee
would dcyoNe upon lnm. Chairman Bah
cock after brief consideration an
nounced as such Mcssr-. :. Iierrerout
Morgan (chairman). August Belmont,
William II. Vanderbilt, Charles Stewart
Smith, and John II. Inman.
Mr.. Vanderbilt had notified the COM
ruittfc of his consent 10 act, but lie is no
present abroad.
These prelminarics having been at
tended to. Mr. Sclieman made an al
dress. in which ne counselled prompt ac-
ton in the matter of securing the funds
necessary for the successful carrying
ont Of the great event tie submitted
plan in which be- assumed that 3d.
0OJ, coo would be necessary for tie I'M
doriah.ng. The method by which tins
should be acquired. be stated, should he
taken hold of IN business way
AMI be- made as simple as pos
sInle. A company should be- organ
led % Issue stock 10 the amount Ken
toned. which stock would commend -
Or cent interest ana bc guaranteed ly
the city II New York. The city should
I
bility 10y the passage OF an act to that
enl ut the next session OF the state Le-
pslsture The stock should bc exempt
from all taxation. Congress should be
asked to give It's hearty support TO the
scchomc at It's session IN December.
When the stock Is in shape the pco-
ole should he asked to subscribe
and the stock divided into as smell
as 2lJ shares. When the public gene
rally have had opportunity TO subscribe
the remaiudcrof the stock, if any should
remain. could find ready market. In
his plan Mr.. Seigman considered the
question II how tGa city should tc rclm-
burscd. On this point he sad that the
CITY would ultimately become the owner
~ all the buildings erected. lie placed
the figure Of what will he obtained from
the exhibitors ut $3.50, 900 and the
rentals at 81, 800 l0. This oi,OOj,00O
would be devoted 10 purchasing stock
1t . pcr cent above par, which would
leave et,500,0O0 outstanding when tie
fair had been inaugurated. He placed
the annual income from admissions at
Sj00.000 which he regards as a low cal
cuation. This could be devoted to the
payment Of d 6 per cent dividend, and
what remains would be devoted to re
deomiug the second instalment Of stock
at lie. I'm twenty years all the stock
would have been retired.
Mr.. Sehgman asked that bis plan be
simply received for consideration, and it
was so ordered.
This plan. with others submitted and
to he received, will be presented TO the
Executive Committee. who viii be asked
10 make a selection OF the more feasible
aud issue them in printed pamphlet
form. These pamphlets will be dis
trilu.ed among the members OF the
whole committee for subsequent action.
Upon Mr.. Steinway's motion it WAS
voted that each Of the twenty-six mem
hers of the committee subscribe 81, 90
TO meet immediate expenses. and immc-
diately afterward the committee heartily