Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-15

'sence tq cir mcrease ln alues instead /
-of.rsturntng to their indlxt dual stockhold-.
*ers sonly tenscents on the dollarson the
paid In capital f ten mil Hons. asstwas
ss-e case In Chicago, and less than ten
cents on the dollar at Z some other ex-s
positions. they would been able to 1
have paid back their stockholders, posi-
bly, dollar for dollar. and at the same
time to have largely, Increased the taxable
values OF the State on thisxverys property.
Ito say, nothing of increases that would
come In other lions. So thoroughly
were the Executive Committee convinced
Of the necessity OF Sthe 5coHpany's ac-s
squirfng the property. that It was unani-
mously decided that committee should
be appointed to consider all locations Of
fered, and totmake arecommendations as
to the most availab bic and advantageous
site for exposition purposes on or near
Hampton Roads. e
sEwELL.s POINT SELECTED.
Accordingly committee was appointed
and after thirty days. advertisement in
the various newspapers published In Tide
water Virginia. propositions were made
by various owners OF different local lions,
all OF which were thoroughly considered
by the committee. This committee was
Z diligently at work: for not less. than ninety
days. and after having had about twenty
/ five meetings, <and viewing and consid-
ering all theN locations offered. they I'M
ally unanimously recommended to the
Executive Committee the site at SeweIEs
Point, then owned by the Norfolk and
Hampton Roads Company. consisting Of
three hundred and thirty acres Of high
I and dry land, two feet higher than the
highest point In the city ofsaNorfolk,
and extending six thousand feet on
Hampton Roads, and with a magnificent
view Of Chesapeake Bay. This property
a. magnificent location for sthe exposition
site. particularly SO on account OF its
availability for viewing the great naval
and marine displays which It is proposed
to make leading feature Of the expo
sition.s was purchased at the price Of one
hundred and twenty thousand dollars
payable In easy instruments. With refer
ence to this price it may be stated that
the average price paid per. acre was three
hundred and sixty-three dollars. which
represented barely what the land cost the
lNorfolk-Hampton Roads Company; the
property included. all riparian rights be-
longing to the land, the. vahie of which
It Is impossible to estima te5T for EXPOSE
ton purposes This price. was between
four and five hundred dollars less per
acre than the amount at which the Nor
folk-Hampton Roads Company would
! have been willing to sell for any other
| ..lan the purpose for whica it was pur-
chased.
It well known that an exposition site
has to .be provided with water and sewer
age, electric lights. fountains, avenues,
AXIS, land: many other expensive I'M
l:proyements to the land. which with some
! a1-.t1ona] expenses after the exposition
is over. could be- made permanent I'm
3provements. The Chicago Exposition
spent on: buildings and Improvements up
wards ofttwenty-eight (s2S, OOO OO0) millions
Of dollars. and when the exposition was
over: allsthe buildings save one were Civ
en- away to be torn down, and In addi-
ton the sum of two hundred (scOo. OOO)
1 thousand dollars was paid by the expo
sitlon company as compensation for tear
ing down the structures The purpose of
lhe. Jamestown Exposition Company
rs 5sto make as many improvements and
erect as many structures as possible
!. with. view OF permanency. thereby saw
lnEto the State large amount of tax
ape APE values, and to- the stoekholders OF
they may realize any deficit which the
exposition may fail to yield. It is be-
lieved that the action Of the Executive
when properly understood. It is simply
good business judgment. In addition to
this. improvements will be placed upon
the land which will be pride to. our
Ing years It Is proposed to erect on
this site a.:hall of fame. where all that
Virginia has. done for our. country! and
rat%d and handed down 10 succeeding
generations: and years after the exposi-
ton is:over 1t will be point OF interest
and pride to all Virginians.
ARRANGING THE FINANCIAL PLAN.
Another ma tier which wasf Of the ut
most Importance was the arranging of
the financial plan. The Legislature re-
should raise for. exposition purpose ga. at
least one million dollars In order 10
raise this amount and to guarantee the
subscribers of the preferred stock OF
exposition 1t was deemed expedent to
have a guarantee fund of five hundred
| thousand dollars. evidenced by. common
stock in the exposition company. which
element Of protection to the subscribers
Of the preferred stock OF the company.
Commo OF stock is assessed to the ex-
cent when the full amount shall have.
been subscribed: s per cent Decem-
Der. 1907 per cent December. 1864;
Z per; cent. December. 1905. and Z per
being called to pay for the land. the
January /. 1857. to make up any deficit
t. the nraf holdeTs Of the preferred stock
million dollars. with provision for an
accumulated 4 per cent. dividend on
amounts paid IN, the payments on this
stock being payable either all cash or
$3.50 per share every six months till
the stock is fully paid. Both the COM
mon and preferred stock are non-taxable5
| under the laws Of Virginia. It lis be-
lieved that under this plan the preferred
stock being payable either all cash. or
prove sure and stable investment,
while at the same time 1t offers al oppor-
tunityss to all citizens of our Com
! monwealth and ). throughout our entire
country. each to do his part ard to evil
dence his interest in the great event
which the company has been formed to
celebra te. ::
1T is provided that the State OF svtr-
/ gnia Will make proper appropria ton
towards the success of the exposition.
and that each Of the municipalities and
counties bordering on Hampton Roads
will also make suita BILE appropria tons.
7 The bill now pending. before the Legis-
iature is for the appropriation Of the
sum of two hundred thousand dollars
| to; aid in carrying out the work Of the
Exposition. this amount to be paid
within two years, provided that the
company shall have. put itself In a posi-
| ton to receive the same by having one
million dollars stock subscribed on 5.or
before January l. 1904 It Is con fidtntly
| expected tina we shall receive this APP
Epropriation from the State. The matter.
I is Of transcendent Importance to Vir-
| ginians at this time. It is an opportunity
(which should be awaited of to the
grea test extent possible The SLegist.-
! ture. OF Virginia set. this ball In motion
I by its Joint resolution. and without Its