Word: yorke
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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...
...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 was a fair the size of the Century of Progress. But with the Magnificent Whalen in the driver's seat and a flashy theme, "Building the World of Tomorrow," the budget mushroomed threefold...
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...
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...
...Apiece. Century of Progress visitors spent an estimated $45 apiece. A FORTUNE survey found that 25% of U. S. families expect to attend the New York fair and President Whalen estimated that each visitor would spend $56 apiece, a reasonable estimate since Manhattan's nightlife and Manhattan's shops provide more chances to spend money than Chicago's. All told, he foresees a billion dollars worth of business for New York City, which is supposed to swell to $10,000,000,000 before it has spent its force. The fair estimates that the billion will be spent...