Word: fairness
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Dates: during 1930-1939
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Another $26,700,000 came from the New York City Government and $6,200,000 from the State. To get this fat participation, President Whalen contracted to give them any profits that might remain after bondholders were paid off. And when the fair is over, the reclaimed-dump site, including four of the fair buildings, will revert to the city as a park half again as large as Manhattan's famed Central Park and valued in the grandiloquent Whalen fashion at $100,000,000. New York State and City thus are guaranteed a certain tangible return on their money...
Figurehead and real head of the fair is Grover Aloysius Whalen. And the fair as it stands today-a $157,000,000 extroversion of Mr. Whalen's fantastic extrovert personality-gives him fair claim to the title of greatest salesman alive today. Grover Whalen suggested the fair in 1935 and a civil engineer named Joseph Shadgen came through with a historical excuse-the 150th anniversary of Washington's inauguration; Shadgen also suggested the site-a foul ash dump in Corona, L. I. which New York Park Commissioner Robert Moses had long itched to clean up. The original scheme...
Pressure. New York's fair is a private business venture set up by 121 incorporators with a board of directors, officers and all the other main adjuncts of an ordinary business enterprise except that it is "nonstock, non-profit," pays no taxes...
...loan made by 16 Manhattan banks started the corporate wheels moving. Then Stockbroker Richard Whitney, now of Sing Sing, a man of no mean financial daring, took over as chairman of the Bond Sales Committee, set out to sell $27,829,500 in 4% fair debentures. But by February 1937 only $20,000,000 of the bonds had been sold and Grover Whalen had to pull a high-pressure stunt out of his black fedora. With the greatest of ease Maestro Whalen invented the Terrace Club, purportedly swank dining & wining place on the fair grounds, with a membership restricted...
These bonds, plus $12,000,000 in pre-fair revenues, represents the actual stake of the corporation in the venture. On this promotional outlay, much of which is likely to be recovered, the businessmen of New York may well reap a good return...