The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-11-23
DIDN'T LOSE MONEY
THE STATE FAIR WAS NOT A
FINANCIAL FAILURE.
CAME OUT AS 1T WENT IN.
LIABILITIES ABOUT WHAT THEY
WE'RE AT FIRST.


viii BE Paid-Prompt Payments
AstOunded Some of the Exhibit
Ors-Their Experience With Other
Fairs Had Not Justified the Ex-
pectation That They Would Be So
Quickly Paid-Two of the Direc-
tors Discuss the Alleged "Freezing
Out" of Stockholders in the Mat
ter of the Loan.
The bank book of the Savannah Fair
Association shows that there has been
$5S,012 deposited with the Gernania
Bank. The money was obtained from
many sources, and represents all that
has come into the Golfers of the ASso-
citation up to this time. There are yet
outstanding some accounts that will
serve to add somewhat to the amount
that has been deposited.
Checks have been drawn against the
account of the Association until there
is but a small balance remaining to its
credit. On the other hand, there is but
a comparatively small amount of out
standing obligations, save for the loan
Of $4,000 obtained from certain of the
stockholders through the pledge of the
grounds and buildings as security
Every claim against the Association
will be met, and its only Indebtedness
will be that to the stockholders who
made up the amount needed to meet
the obligations.
Mr.. B. H. Levy, vice president of
the association and it's treasurer, said
yesterday that he does not regard the
Fair as having been a financial fail
ure. 1t started off, he said, owing
$4,000 or $4,000 on the buildings. That
debt has been paid, and there remains
but the $4,000 owed to the directors.
That will be offset, in a measure, by
the amounts that are to be received
from the railroads, with which an ac-
counting has not yet been held. The
railroads sold tickets to Savannah
during the Fair with coupons attach
ed that entitled the purchasers to adj
mission to the grounds. The railroads
attended to all the auditing, and it
viii not be until a statement is re-
ceived from them that Mr.. Levy will
be able to say just how the Fair
emerged from its struggle against
financial loss. He estimates the
amount due from the several railroads,
however, at about $1,000 If that
should be the amount, it may be seen
that the indebtedness of the associa-
ton after the Fair will be about the
same that it was before it was held.
Premiums Promptly Paid.
In his position as treasurer, Mr.. Levy
had excellent opportunity to judge that
the Fair was a financial success He
SAID that he created surprise among
exhibitors when he made immediate
payment of their premiums.
They had not been accus-
toned to such payments. but rather
to waiting for days, weeks or months,
or, sometimes, not getting them at all
Two or three of the exhibitors even
asked if the checks were good, so sur
prised were they that a Fair should be
paying up at once. One actually asked
II the money was not counterfeit when,
in his particular case, he was paid
from the cash receipts of the ticket Of
fee.
The credit of s5s,O12 represents the
money received from every source. It
is the total of the original subscriptions,
the loans from the directors, gate re-
ceipts, privilege sales, percentages of
receipts and final loans from stock
holders. The gate receipts amounted
to $9,Ol6, not including the some 5000
that is yet to be received from the rail-
roads. The grandstand practically paid
for itself. Admissions TO it and the
sale of boxes Melted $4,000.
Given Opportunity to Subscribe.
Some of the stockholders of the Fair
Association have seemed disposed to
think that the directors wanted to
assume the loan required to enable
the association to meet its obligations
without giving them a chance to share
in it. Mr.. Levy and Col. ]. H. Estill
were asked about this, and both re-
piled that the stockholders had all
been given every opportunity to sub
scribe to the loan. They had been
urged to attend the meeting at the
City Exchange at which the loan had
been decided upon as to the best means
of enabling the association to pay the
claims upon it.
1.-THE meeting was certainly we'll ad-
vertised." said Mr.. Levy, land l do
not think that any Directing stock
holders really have any grounds for
complaint. If they wanted to share
in the loan they had every chance to
do so. They were invited to the meet
ing, when it was a question of maxi
ing up the amount. If there is any
stakeholder not represented in the loan
who would like to assume a portion
gladly turn over to him my interest in
| II"
The accusation said Col. EstilI. lis
unjust to those who have loaned their
credit to pay the debts contracted in
holding the Fair. Each and every
stakeholder still has the opportunity to
share in the burden and in the secur-
| ity, and, If their names are not already
on the list, or are there and the sub
scribers desire to assume more of the
liabilities, 1t is only necessary to call
on Mr.. Levy or any memBer of the
| board and express the wish
No Freeze Out About Ii.
Those who are disposed to criticise
the action of the meeting may rest as
sured that no one is anxious to monop-
olize the honor or profit of being re-
! sponsible for the debts of the Fair cor
poration, and that there is no intention
OF freezing out any stakeholder, be
his holding large or small.
Those who had the management OF
the Fair undertook to pay its liabili-
ties and not let it's closing be any less
/ pleasant than its opening, and they
have accomplished that purpose"
The Morning News is requested TO
| urge all stockholders in the association
TO join with their associates in carry
ing its liabilities. The money required
TO pay the debts has been raised and
everything Is in good shape. but there
Is not the least objection on the part
of those who assumed the burden to
| let others carry all or any part of II.
A director who took 81, 900 as his share
made that statement, and ne said he
would be glad TO have some one take