New-York tribune., 1908-03-30
NATIONS LOSS ON FAIR.
Government Stands to Lose $500 900
May Acquire GROUNDS.
from The Tribune Bureau ]

Washington, March 29.-Treasury officials have
reached the conclusion that the United States re-
ceived a very thiny washed gold brick When IL
loaned a million dollars in real money on the gate
receipts of the jamestown Exposition According
to the expert accountants who have figured UP
the totals from the chaotic tumble of figures SUD
mitted by the officials of the busted show. the
National Treasury stands TO lose niue Hiore
than $4,000 Contrary to the general pelle1' the
government Is the preferred creditor OF the
exposition company and cannot realize on the
property which remains in possession of the BANK
rupt corporation. Congress loaned the money oh
the gate receipts, and the gate receipts dd not
bring in enough to square the governments ac-
count, that ends it far as the government 10
concerned. 1t has no lien upon the grounds the
beautiful exhibit buildings. even upon the mas
nifcent permanent pier. which was pullt Will gov
ernment money Unless IT buys in the property
therefore. IL looks much as ifthe government
doomed to lose out altogether in the transac-
ton
The best thing for the government to do unoer
the circumstances is to pay off the other cred
itors and take over the property said a treas
ury official There about $4,000 OF out
standing debts due individuals and various con-
Germs by the exposition company. This amount Is
exclusive of the contributed by the Stock
holders of the company, who will, of course, lose
everything they paid in. no matter who Duys the
property. For this $4,000 the government VIII
the grounds. mile and half OF water
front and improvements which cost the exposition
company than a million and quarter 10
make The navy will always rendezvous at
Hampton Roads and there could be found no pe'-
ter place for naval training station thah 'he
exposition grounds The permanent nuioihsS
erected by the exposition company would make
splendid quarters for officers and men, ana the
waterfront and pier would just fit In with the
scheme. | have interest in the matter one
way or another for l have neither stock in the
exposition company. friends in the corporation nor
clair
that to adopt this plan would be the best way out
of a bad bargain. The court, which has appoint
ed three receivers TO take charge of the assets,
has declared that the affairs of the company must
be wound up Immediately. 1t therefore behooves
the Naval Committee, which is considering tlie
advisabiiity OF recommending the use of the ste'
to act way the other. Assistant Secretary
Newberrv who is anxious to secure the grounds
for training station, has urged the members OF
the committee TO advocate the purchase, put' Oh
course I am not in a position TO know whether
they will in the light as he does
The Navy Department is not sufficiently anxious
to acquire the property TO go on record as recon-
mending the purchase, but, at the same time, II
the government acquires it and turns it over TO
the Navy Department profitable use can be made
of the tract as a naval training station similar to
that at Newport, and such is contemplated al
North Chicago, Lake Michigan At present a
branch of the naval training service is at the
Norfolk Navy Yard but there is really no special
provision for the of the young men at
that station. They Quartered mostly In tents
when not on board the receiving ship Franklin.
The Jamestown Exposition tract could be developed
into a very extensive establishment, complete In
all respects with quarters and the facilities OF
training If a large expenditure should be author
lied The navy, however, wants so many other
things which of more immediate importance
that special recommendation will originate with
the department respecting Jamestown