Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-12-30
FIRST-RATE EXHIBIT.
REPORT OF PRESIDENT OF AoRIcUL-
TuRAL AND MECHANICAL SOCIETY.
The Financial Situation Cleared Up
A General Meeting Called.

As stated in the DlsPATCH OF yesterday,
meeting of the Executive Committee OF
the Virginia State Agricultural and Me-
chanical Society was held Monday, at
which Colonel Buford. the president. sub
mitted most encouraging report. which
he was then requested to put in shape for
publication. This Colonel Buford did yes
terdAy.
After a suitable Introduction Colonel
Buford gives the following summary Of the
years operations
Resources: Gate receipts, S14,479.22;
rent of privileges. S2,300: races, S1,0Z;
railroad coupons collected since December
10. Sl.41s75: rent, etc., of grounds and
buildings, S95942: advertising and print
ing. SA6S.5O space and stall rent, $340.4O;
colored fair, S3l9.a5; sundries. competitive
account. 3172.0j--S21. .4S0.29.
Expenditures: Repairs of grounds aud
buildings, S3,3S469 fair expenses.
$3,O47.6S; premiums, S3,402.S0; trotting
races. g., ,307. "a; running races, S470; extra
attractions, Sl,67l.18; salary. OF assistant
secretary and temporary clerks. 81 ,266;
advertising and printing. S963,4O; office
rent and expenses. S3H 10 insurance
| S2sG. OF; incidentas. $3.50. 1877 .4S5.29.
Net balance to credit OF society Decem-
Der 2sth. $685..
THE FINANCIAL SITUATION CLEARED UP.
The President further says will add
| that a. far as known the entire indebted
ness of the society (omltting the loan ac-
COUNT has been settled and paid, and lis
financial situation cleared up, for the first
| time in many years il not IN its history,
| As is well known TO the committee. the
| first and vital necessity when L TOOK charge
was the negotiation of loan OF go 10
| discharge the indebtedness then existing
and which threatened the existence OF the
society itself. The bad credit which the
! litigation and embarrassments OF the So
| ciety had created and the uncertainty OF
! regular income TO meet an interest ac-
| count seemed to be insurmountaOle oOsta-
| cles. notwithstanding the well-known sum
| cheney of the society's real property %
secure such debt. visited in person and
! gave much time and labor TO the effort IN
| several Of the northern cities without
avail.
THE APPEAL TO THE CITY COUNCIL.
This drove mo TO the necessity of asking
| the CITY Council of Richmond to guaran-
| tee the interest on the loan. which after
much delay and trouble was finally done,
and some start was made IN negotiating
| the bonds of the society through Messrs.
| John l.. Williams b Son. The bonds Is
| sued are $4,000 in amount, run hve years
/ L,
| years. bear 6 per cent. per annum' pay,
| able June and December each year, and
are secured by deed of trust conveying
| the society's entire property, when mas
| been duly recorded in the Clerks office OF
| Henrico county. These bonds nave been
| finally all sold at par and interest, netting
| the society after the payment OF the
| agents commission the sum OF S49,e44 ;oO.
| Deductipg the amount paid coupons que
! December 1st, 1880 amount paid EXPo-
| eition debts and costs OF suit, S45. 5g. IL.
| Si6.6jg.4l--leaves balance 10 the credit OF
! the loan account, cash this date, -, lo5.OS'
| The CHARGE FOR REPAIRING THE GROUNDS.
| II will be noted that the charges for the
| repairs of grounds and buildings, aggte-
| eating the very large sum OF S3,3s4.69,
| cover really the charges on that account
| for the period of three years elapsed since
| the date of the Exposition IN 1883. A falr
| average per annum would not exceed
| 81, t,I2S-one third of the above sum: Inns
! item reduced TO that average would ada
| 10 the net results OF the Fair the further
ann Of s., ,Z56, or an aggregate net income
| of S6.25l. And this without any part OF
| the usual annual contribution OF 81 800 10
| -. 600. as heretofore always made by the
| CITY or people of Richmond TO the state
| FAIR.
STOCKHOLDERS MEETING,
| The Executive Committee decided TO
| call "a general meeting Of the society, 70 be
| held at the rooms of the Chamber OF Com
| merce January 14th next, when o5 5cers for
| the ensuing term will be elected and other
| business transacted.