Word: paid
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Dates: during 1930-1939
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From this operating profit of its first 102 days (82 days to go), the Fair paid $2,314,990 to a trustee towards retirement of its $26,995,000 of 4% bonds, and $1,659,665 to reduce a $3,500,000 bank loan. That left very little in the kitty. It had on August 2 about $1,613,000 of cash and accounts receivable, quick assets, which amounted to only about 40% of its quick liabilities. For the Fair had still to retire a $1,700,000 bank loan, had $4,113,000 of unpaid and past due bills...
...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...
...Fair's predicament: that its operating profits are not high enough because of disappointing attendance. On August 9 its paid admissions numbered 13,026,285 (pass admissions, 4,398,534; public school pupils in free...
...that rate (128,000 paid daily average) Grover Whalen will have about 24,000,000 admissions by the Fair's close next October 30-a little better than one-third his prediction. With luck, attendance might increase in the cooler autumn months, total 32,000,000 at season's end. Last March a Gallup poll said 13,000,000 people planned to attend the Fair, 19,000,000 hoped they could. Last week another poll showed that: 1) two-thirds of the planners had made 2.3 visits apiece to the Fair; 2) the remaining third were going this...
...fact puts the Aquacade in a class by itself among the concessions: Mr. Rose's show had welcomed 2,500,000 customers by last week. At this rate (one out of every six paid admissions to the Fair), it can expect at least 4,000,000 customers by October 30. At Aquacade rates (40? to 99?; average about 50?) that meant a gross to date of something over $1,500,000 (plus an additional $15,000 a week for plugging some 14 products, from Pepsi-Cola to opera glasses). Billy Rose has an equally remarkable way with costs -about...