The Washington herald., 1907-05-04

Norfolk. Va. May at was admitted
to-day by Barton Myers. auditor Of the
jamestown Exposition Company, ana ons
of the board Of governors OF that concern.
that the promoters Of the exposition had
found il necessary TO raise t350.o00 mOTe
funds 10 complete the grounds and build
ings. and the bonds covering that amount
would be noated by the exposition COM
pany with the exposition property ol go
acres as security.
Such bonds would not be taken in Nor
folk, Mr. Myers said, and be gave out
the strong inference that private capital
outside OF the town would have to be en-
listed. Coincidental with Mr. Myers
statement is that Of another man prom
!nently connected with the exposition 70
the effect that the Norfolk bankers re-
fused TO take up the exposition COM
pany's bonds unless radical reorganiza-
ton Of the executive staff al present in
charge OF the enterprise were made.
At the offices Of the exposition manager
it was said to-day that Harry St George
Tucker, president Of the company and
c. Brooks johnson, chairman Of tbs
board Of governors of the exposition, had
left Norfolk very recently on business,
and that it was not known when they
would be back An authoritative repoIs
has it that the two fair managers have
gone to New York to seek the terms OF
a capitalist there who is known to Do
willing 70 take up the entire boad issue OF
| The exposition concern himself Nobody
cared to reveal who this capitalist was.
Had No Money 30 Finish
It has been common knowledge in Nor
/ folk, though carefully guarded. that ut
/ the day Of the jamestown Exposition
/ opening the promoters had no more
money to push the unfinished grounds and
/ buildings 10 completion. Ii is said. conf
dentiae that the government was tried.
/ but was obdurate. II has already leaned
! 81 o00.00o ana holds the exposition COM
pany's nofe for that amount which fails
/ due this year.
/ The government would not even under
take a recelvership. 1t has been said, un-
/ less payment on that note was fOrthcOm-
ing. When the jamestown Exposition
/ Company was incorporated March 10. 1872.
/ measures were Immediately taken 10 Sc
| cure financial aid from Washington. After
+ some l0g-rolhng. an appropriation vas
made last February on the pledge that the
/ exposition company should raise q second
million. OF this sum $4,000 was secured
/ by the sale Of stocks and by private sub
/ scTiption. so the State OF Virginia gave
20, 900 outright 10 the exposition company.
anu thus the loan from the government
was made possible by the fulfilment OF
| the contract undertaken by the Norfolk
/ promoters.
II is pretty wei known that on the
lstrong chance OF getting government sup
port, the exposition managers had bOr-
rowed amounts equalipg fully one-half Of
the governments 'he most con
lserVatiye estimat -ae appropria-
ton was formally u- ough Congress.
As a result, the ready money in hand last
February had 10 be divided and about
lone-half the sum went 10 the payment OF
the loans previously contracted
S3JO,OOO Lacking.
The rest has been spent and still there
is lacking S35e.0oe TO complete fully the
ensemble out at the exposition grounds.
According to the statement made by Mr..
Myers to-day, the exposition company
/ has determinr issuing bonds 10
cover the this deficit. The
auditor did ate the exact amount
Of the issue. and the property Of the
company. upon which the unfinished ex-
position now stands. is to be offered as
guarantee for the loan. With the ex-
ception Of "a small incUmbrance this
property IS free from debt. and the ex-
position company has almost clear title
TO it.
It is understood the company intends
to utilize part of the money raised on
the bonds 70 remove this remaining In
cumbTance so as 10 fully protect the one
who lends,