South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-12-31
FAIR ASSOCIATION
PLANS REFINANCING
ST. Joseph County Project Di.
rectors Outline Plan TO
Liquidate Debts.


The association Is buying real e.
tate from che Major estate on a land
oontraot. Tor about twelve acres OF
propo7ey. which has been recently
alsed by Whtc1mb & Keller at
t2s. Onq The buildings upon this
eatatv and adjoining lands leased
from the Street Car Co.. which COW
ers about sixty acres Of land, has
also been appraised. and valued az
$4,000. These TWO Items. and
5000 as cash balance from the
iart tair. make the total tangible
asssts amount 20 $4,000.
TIE 1soillues OF tho association
include. t10.75O. balance due Ma
jor -o,hens on the land contract
and 1000 IN open accounts and
n0tee . a last item covers amounts
due Cr Idlngs race track and
equ.prr.,st Purchased when the as
Bociatiuc .ESs cN-au!zed.
FINANCE Plans
Plans by Ee finance committee
90 llquldate this Indebtedness are:
FIRST: To ISSUED 10000 in first
mortgage 7E bond. payable within
D
raised from the bond issue together
with the 50 600 (which IS on hand
from tho proceeds Il the 1922 fair
will enable the aasoc.ation TO Hqui-
date the balance due Major Broth
ers on che land contract amount
Ing 10 S10.750. and 400 Of all mo
outstanding notes and accounts and
have n balance left OF approximate
" fI,GH0 with which 20 start the
fair IN 1929. 10 is then proposed 10
issue c. notes due In five (5) years
IN settleme ems CT the remaining sixty
(eOe5) percent OF the outstanding
notes and accounts. the interest on
these notes 10 be acCumulative with
ths privilege OF annual payments at
the option ct the Fair association.
This Will place the association on a
sound financial footing and will en-
able them % enter the work IN the
coming year unem'barra ssed by the
financial difficulties that have be-
set the fair IN past years. With ref
erence 20 the issuance OF the SO
notes the majority OF the creditors
have agreed upon this plan.
The balance Of cash left from the
1929 fair OTTER all current expenses
had been paid amounted 20 APP
proximately $4,000. With this
amount they havo paid all the inter
est on the outstanding accounts and
notes which amounted TO over So
600. the interest on quite a number
OF these notes running from two 10
sir years They have also paid II.
G. Chrsxtman & Co. $500 on the
new exhibition building and other
expenditures dating back Of the 1922
fair and a.s stated before. they have
n balance OF cash on hand OF over
$4,000. They are buying the new
exposition building from II. G.
Christman & Co. for $12 900. paying
them $3.50 annually until paid
without interest. This building pro-
duces an annual income OF about
$4,000 per year.
Organized I'm 1915
When the fair was organized IN
1915 Il was Intended TO sell SIS, 900
worth OF common stock. HOwev-
er. only $4,000 was realized IN cash
from stock salets In order 10 pro-
coed with the plan OF organization.
II was necessary TO buy the land
from the Major estate costing S22,-
500. also erect buildings and fences,
and build the race track and pur-
chase equipment, all costing APP
proximateEy $4,000 Then a wash
out Occurred through the ravine IN
the park, costing S2.500, alec inter
est has been paid on Indebtedness
the past eight years aggregating
$4,000. Now the items Of $22. 500
$4,000. $500 and $4,000 total
$4,000. Suotract:ng the amount
raised by stock sales on the sum Of
S56.0e0 lOTt a balance to be paid 10y
future fairs Of $4,000. OF this
amount there still remains unpaid
$50. 900: 50 the association has made
a crsdItable showing IN the past
ovsr and above the current costs Of
holding fairs.
The finance committee now hav-
INK control Of the dis5ursements OF
the association adopted the system
q budgetary control two years aEc
and az stated before. the showlng
made ny tho last fai- = proof that
these fairs can be success bo-h
from a financial and civic stand
point a. the profit and loss state
rnent viii show a Ealn Of r-ce-p
over disbursemeuts ~ the 1922 ta',
Of arproximate.y $4,000 and On,
daily statement Of ticket sales show
that more people attended the 1929
fair shan eve- before so the history
Of this association
whom the proposed plan Of rea.