Word: grovers
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TIME might better criticize the pig-headed public in general and the boycotting New Yorkers in particular, instead of Grover Whalen and the World's Fair organization for lack of patronage at the World of Tomorrow. Perhaps the statement made by TIME in its July 24 issue, p. 54, that no U. S. world's fair ever charged more than 50? is true. But was there ever a fair, or any other show, which offered the public such superb entertainment from 9 a.m. until far into the night...
...worth the price of admission to see first-hand what Grover Whalen and his gigantic organization has accomplished and how efficiently the enterprise continues to be managed...
...Century of Progress, is twice its size, and at the end of its first year will probably have a deficit three times as big as Chicago's $5,000,000. (The Century of Progress closed its second year in the black.) Fond of booming, expansive ciphers, honey-tongued Grover Whalen prophesied for his Tomorrow 60,000,000 customers, when he unveiled his big show last April 30. Today the books of the Fair give an instructive financial history of the biggest world's fair ever. Set up like most world's fairs as a supposedly self-supporting...
...that debt and to replenish his working capital Grover Whalen last week asked his bondholders to agree: 1) to waive their claim on $2,800,000 of gate receipts (first 40% of gate goes to bondholders); 2) to lend the Fair the $1,250,000 already paid into the sinking fund for the bonds. Meanwhile, the Fair prepared to go to the banks for an additional $750,000 loan. By week's end not quite half (51% necessary) of the bondholders, who have received, besides interest, only one 5% payment on principal, had agreed to the plan...
Pleasing as those figures were to natty Grover Whalen, they still left him with a big fiscal headache. In twelve weeks attendance totaled some 14,700,000 (including almost 3,500,000 free admissions), about half what he had hoped for. He had forecast a $4,000,000 loss if only 40,000,000 people came to the Fair the first year, a $1,000,000 profit on 50,000,000. With three months to go, it appeared that he would be lucky to get 30,000,000. Tip-off on his Big Show's fiscal status...