Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-12
A STREAM OF GOLD
Rapidly Pouring in to Swell the
Great Worlds Fair Fund.
TEN MILLIONS ALMOST In SIGHT
And Five Millions of New Stock to be
Floated Immediately.
CHICAGO CERTAINLY IN EARNEST,
ESPECIAL TELEGRAM TO THE D,sp.,c.

willing to stake her last dollar on it, it was
more than supplied by the unanimous call
OF the City Council, at its last meeting, for
a special session of the Legislature to
authorize an amendment to the State Con-
stitution to enable the city to add S., ,000, 900
ia its bonded Indebtedness, in order that she
may make contribution of that amount to
the fair.
The Illinois Constitution of 1870 prohibits
any city from incurring bonded indebted
ness in excess OF per cent of the assessed
valuation of its taxable property. In Chi
cago, as in almost all Western cities, prop
erty is assessed at from one-ffth to one
tenth of its actual value, and peculiar
Illinois institution known as the State
Board of Equalization makes it impossible
to bring the assessed valuation any closer
to the real valuation.
ovERREACHING THE LIMIT.
In consequence, when the bonded debt of
Chicago reached $14, ZOO, 900 it had reached
the limit. and any money raised beyond
that must be raised by special assessment.
To raise 5000, 900 by direct tax was, Of
course, not to be thought of, and the only
thing remaining to be done was to amend
the Constitution and 60 through the exten-
sive red tape process of getting two-thirds
vote OF both Houses, submitting the amend
ment to the State and the next general elec-
tion, and finally ordering the issue of the
bonds. Last nights vote at best indicates
merely willingness to add one-third to the
bonded debt, about which there is now no
end of growing, but the fact that it was
unanimous and that it has since been ap-
proved and Endorsed by newspapers of all
shades and condemned by nobody is
abundant proof that the money will be pro-
duced, and the city's credit pledged for its
payment, just as quickly as the operation
can be performed.
Through the unfriend1iness of some of
the New York papers great many people
in the East have been set to believe that
the Worlds Fair organization is on its last
egs-fnancially; that the subscription to
its stock would never be paid, and that
Chicago was in point of fact, heartily sorry
that she had ever taken up the project.
THE WORLDS FAIR STOCK.
It Is, therefore, worth while to find out
just what the status is. As everybody
knows, it is organized as corporation under
the laws OF Illinois. It's capital stock is
S. 900 900, divided into 500, 900 shares OF SO
each, and the Illinois corporation law re-
quires that the whole amount of the capital
stock must be subscribed before the charter
can issue, but requires no payment on the
In taking the subscriptions,
however, as a guarantee of good faith, the |
required a cash payment |
of per cent of the value of each share, and |
every man who took ten shares was thus |
obliged to pay 81 on account Thus the |
corporation started out with about 500, 900 |
cash in the treasury over the expenses of
collection. The directors then made an
or call of Is per cent additional.
This second assessment was payable on June
|, and everybody has been looking with very
great interest to see how it would yield.
The exact figures up to date were not
but Mr. A. F. Seeberger, the
Treasurer OF the corporation, said this after
noon that they already footed up more than
$500, 900. leaving less than S400, 900 to be
collected.
SOME OF THE BIG PAYMENTS.
every many of our heavy subscribers
nave paid their assessments already" said
ne. "Mr. Yerkes yesterday, in behalf of
he North Chicago Street Railway Com
oany, paid in 900 on its subscription of
300, 900, and So, 900 on behalf of the West
Division Street Railway Company on its
of $50, 900, making S27, 900 in
I'll. A few days ago the Chicago City Railway
company paid in SIS, 900 ON its subscription,
Ind Yesterday Mr.. Pullman sent us his check
or S18 900 on his subscription of S100, 900.
Those who have paid up are not all large
subscribers by any means. Between 28,000
ind 10000 shareholders have paid their
econd installment. Nothing is more graft
ying to the management than to see them
coming to the Office and waiting their turn
% make their payments"
"Do you anticipate that many of those
Who have subscribed will go back on their
Mr.. Seeberger was asked
"No, 1 do not" was his reply. "Of
course in a large subscription like this
,ther causes, cannot make their payments,
,ut they are not many.
THE SMALL STOCKHOLDERS.
"a great deal of our stock is taken in
mall subscriptions and it may be expensive
Ind troublesome to make the collection,
ind to avoid that difficulty the directors
lave offered two admission tickets per share
o each subscriber who pays for his stock in
ull before July II. "A great many small
have availed themselves of that
,fer."
The stockholders of the corporation meet
IN Thursday, the 18th, to vote on q propo-
ition to increase the capital stock from
., ,000, 900 to $40, 900, 900. There is no doubt
hat the increase will be ordered. When
dr. Seeberger was asked what method was
o be adopted to dispose of the S.. 600. 900
# new stock, whether it was to be common
II preferred; whether it was to be lisposed
# in Chicago or put upon the market in
ther cities, he replied that he was not at
present able to give definite information on
he points indicated. Everything was LETT
pen for the board of directors to do as thew
ound most e1pedient
He thought that the stock already sub.
cribed might be treated as common stock
nd the whole or a part the new stock pre-
erred. in order to induce subscriptions. but
e could not say definitely that that course
7ould be adopted.
WITHOUT UNCLE SANS AID.
He was very much gratifed at the action
,heu asked in what form the |
ity's contribution of S5,0O0.OOO would
each the Worlds Fair Company, whether
direct donation or as a stock subscrip- '
ion, he replied that in all probability ,
-hen the money was made available an
ther increase Of $4,000, 900 would be made
n the capital stock, and the city would be
iyen stock at Ear in return for its money,
Is the talk drew to close Mr.. Seeberger !
'as asked whether or not, in his Judgment,
ne Worlds Fair could be made a success
ithout help from the general Government. :
"I believe we can make a success of it
urselves," he replied, placing a little EN-.
hasis on the "Can," but we could do much
etter with the help Of the Government.
oner ress has already appropriated 81, 500, 900
n Government display. That is all. 1t
light do more and it probably will. But it
long time, two years, from now tn 1893,
nd in that time Congress may become very