Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-05
L DAN AUTHORIZED
Statement From a Jamestown
Exposition Official.
REASONS FOR MORE FUNDS
Amount Recommended by Board Of
Governors.
ITS FINANCES DECLARED SOUND
Money Needed to Fully Equip Elk
hibition in Every Detail-Pro-
visions Of Proposed Mortgage.
IT'S FINANCES DECLARED SOUND

NORFOLK. Va. May ITO complete in
detail the construction of the jamestown
exposition and liquiiate all the floating
Indebtedness of the exposition company, the
board of directors of the jamestown Expo
sition Company at a meeting late this even
Ing authorized the issuance Of 100000 In
bonds. the 500 acres of improved property,
ircluding magnificent permanent buildings.
being offered as security. The matter of
negotiating the bonds was left with the
board of governors. and Treasurer Nathan
lei Beaman, who is president of the Ma
tional Bank of Commerce
1t was stated that already certain finan-
clal interests have offered to take over the
entire bond issue. President Tucker, Chair
man Z. BROOKS Johnson and ]. Taylor Ely
son of the board of governors, are in New
York negotiating the ioan
The report that the exposition company
Is on financial precipice was declared to
De absolutely without foundation by Barton
Myers, who heads the financial department
OF the company. He says that the COM
panys assets are far in excess of its liabili-
ties. The board Of governors, the admins
trative body of the company, was unani-.
mously Endorsed by a rising vote by' the
forty directors.
An Official Statement.
In answer to reports that the Jamestown
exposition Company has become financially
embarrassed. Barton Myers, governor of
ways and means of the exposition COM
pany' today gave the Associated Press the
following official statement:
1T Is true that the exposition comnany
desires and contemplates a loan of from
sSoo,oOo to $4OO.OGO, which, If it can be
ootalned on reasonable and satisfactory
OASIS Is to provide for certain payments
on buildings which are being Completed
and for various items of construction and
iandscaping and improvements of streets
which are desirable for the attractiyeness
of the exposition.
mended by the board OF governors, has not
yet oeen passed upon by the directors A
meeting or the directors for this purpose
mas been called for this afternoon
Inc nnances of this exposition are on
more stable basis than has been the
case with other expositions. in that 1t
owns the land on which its expenditures
nave, been made. large proportion of
Whicn are permanent in their character,
consisting OF buildings, streets, Sidewalks.
complete system of water mains. gas
pipes, sewerage pipes, electric lighting.
etc. II Is, therefore, in a position to issue
mortgage bonds to meet its needs, if the
directors deem it ex2edient.
The amount desired will fully eouip the
exposition in every detail, and the work will
all be performed before June 1. The cost
OF construction has been somewhat in
creased by the high price of labor and by
pad weather during the last two months.
States Relation to MORTGAGE.
III mortgage is made to secure an is-
suance OF. bonds 1t will provide that anv
states or others who have taken options
on their sites shall be entitled to nav for
the same under the terms of option. the
amount being applied to the payment Of
the bonds. the trustee being empowered on
receipt OF the same. to release the site
purchased from the lien Of the mortgage.
merely securing to the purchaser a cIear
title OF such sites as 1t may purchase.
president Tucker and Messrs Johnston
and Ellison OF the exposition board of gov
ernors. who were in New York yesterday.
did confer with one party there In relation
70 taking the proposed bond issue, Nego-
tlatlons with him are pending.
ihe loan has not been offered In tho
local market at all and. therefore has mot
yet been considered by the Norfolk bank
The attendance on the exposition ia in.
creasing from day to day, and with good
weather 1t Is believed a great MANY peonle
Will visit here as the tourist season ad-
at"