Word: whalen
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Loudest boast of dressy, horsy Grover Whalen was what the Fair would do for New York City. He talked about a billion dollars worth of business to be split between the Fair and the city. A good guesstimate last week was that the Fair had brought not more than $100,000,000 of extra spending to the city. The available facts...
...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...
...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...
Unable to pull his top-heavy Fair out of the red this year, Grover Whalen is faced with the problem of running it a second year. But there he will tangle with the League of Nations. In 1928, under the League's friendly wing, 22 foreign nations formed the Bureau of International Exhibitions. Under its rule signatories cannot participate in any fair longer than six months. That would mean curtains for next year's World of Tomorrow, because, if the nations which erected buildings tear them down, there will be ugly gaps in the Fair's landscape...
Whether the 22 foreign nations who put up their own pavilions* will return next year (if Whalen can raise the money) remains to be seen. At present they are angry because: 1) they have spent $55,000,000 to date; 2) they have exceeded their budgets; 3) overtime payments to labor cost them $5,000,000 they hadn't figured on (the Fair's figure: $1,000,000); 4) trucking charges have been exorbitant; 5) Grover Whalen and Washington have ignored their protests (they were warned in advance that they would have to employ U. S. labor, that...