The Portland daily press., 1893-05-26
FAIR FINANCES.
A Subject Which is Frequently Dis
cusscd. /
WILL THE GREAT EXPOSITION
PAY? 49,


-ts-. q o. +s.,
The Artistic and Educational Success of
the Worlds Columbian Exposition Is
Assured Even II the Financial Part Is
Not-cost of the Fair Up to Time Of
Opening. ID #.2
h. WORLDS FAIR, May IS. -[Special.l -
An inquiry often heard is-"Will the great
exposition be financial SUGGEST" In my
view ii doesn't much matter whether it is
or not. The great desire is to make it
success from the artistic and educational
points of view. Its artistic success is al
ready assured. There never was any
thing SO beautiful, so inspiring. It will
be tremendous educational success If the
people come to utilize the opportunity
which has been afforded them. They
will come, too. They will come by the
millions. Neither railroad rates nor
cholera fears can keep them away. But 1t
is true that from, one cause or another
enough may not come to make the fair
financially successful. There may be
deficit at the end of the six months; or, to
put the case more accurately, the city of
Chicago and the people of Chicago who
subscribed to the stock Of the exposition
company may get back only small part
Of their money This is not thing to be
much deplored in itself. The Chicago peo-
pie didn't expect to get their money back
when they put it up. At least, they did
not expect to get it back directly from the
exposition treasury. But that they will
get 1t back many fold in other ways
through the assemblage in their midst Of
millions Of strangers, no one can doubt.
But a large class Of Americans will insist
upon regarding the fair failure unless it
earn profit for the stockholders. They
have a strong commercial instinct, and
think success in this as in other enter
prises Is measured by dividends. They
overlook the fact that this is not intended
and was never intended as money-mak-
ing concern. Its greatest success will lie
in affording instruction, inspiration and
amusement to large proportion of our
people. Inasmuch as the educational sue
cess and the financial success to q certain
extent are dependent upon the same con
dition-a very large attendance-it is
worth while to pause here and consider
what the chances are.
The attendance so far during the month
of May has been rather disappointing.
But ID Ia easily explained. The fair has
not been complete, and the weather has
for the most part been cold and cherries.
The people, not only of Chicago, but sur
rounding country knew the fair was not
finished ON the opening day, and they
were not willing to spend their money and
time going to see an imperfect exposition.
You cannot fool the people, and some Of
the Chicago papers now wish they had not
attempted to do 80. At this date, how
ever, the exposition is practically COM
plete. No one need fear being too early on
the ground after this. The work is done.
the show is finished. 1t is ready for the
inspection of the world.
How great win the attendance have to
be in order to make the exposition sue
cess financially This is very interesting
question, but Ii cannot be answered very
accurately because there are other sources
Of revenue which depend somewhat upon
the attendance but which cannot as yet bs
only estimated. Still, this inquiry about
the financial success of the enterprise is al
interesting one, and speculation upon it il
q convenient means Of reaching better
appreciation Of the magnitude Of the
operation. Hit
In round figures, which are within a
hundred thousand dollars Of the actual
sum, the cost OF the fair to the opening
day was twenty millions of dollars. This
enormous sum is morethan twice as much
as was spent for the last Paris exposition,
and there the government Of France was
behind the enterprise. Twenty millions
probably reaches the high water mark in
the outlay for International expositions
It may be doubtful If the coming century
will see parallel to this affair in mag
nitude or costliness. This fair is not too
big, but it Is big enough. Future fair
builders win probably devote their ener-
giles to making moro perfect but not more
vast. How was all this enormous sum
raisedf Principally by the citizens of
Chicago. In the first place.. they SUBJ
scribed nearly six millions Of dollars Of
stock In the exposition company, and have
paid over in cash thereon 8, 1851 ,178 Then
the city OF Chicago as municipal corpora
ton issued bonds and devoted the proceeds
to tho purchase of IS, 0oo, 900 of stock. Thus
nearly eleven millions in cash was poured
into the enterprise here.
At first it was thought this would be
enough, or nearly enough, to build the
fair. But it proved to be only half enough
The exposition issued five millions Of its
own bonds and sold them at par. This
gave total Of sixteen millions. Congress
voted five millions of souvenir half dollars
in aid Of the fair, and then took away
half million dollars worth Of them on a
ouibb4s, Out of the remaining two mill
ions Of dollars worth the management
realized, by virtue Of premiums, very
nearly $500, 900. Thus the total receipts
were brought up to nearly eighteen and
half millions. Interest and miscellaneous
receipts swelsed them to the grand total of
I19, 100000.
1t cost more than twenty millions to
open the gates. Only nineteen millions
had been received, therefore the EXPOSE
tion company began doing business May
LIST with debt of million dollars staring
it in the face.
Looked at as a vast financial operation