End of the Pan-American
The Pan-American Exposition ended
November 2 at midnight, when President John G. Milburn pressed an
electric button and the lights in the electric tower grew dim for
the last time. A corps of buglers standing in the tower sounded
“taps,” and one of the glories of the exposition, the electrical
illumination, passed away, and the exposition was ended, says The
New York Times.
The exposition has not been a financial
success, but the benefits derived from it will be of great value
to the commercial interests of the country. The primary object of
the exposition was to advance the friendly relations and commercial
intercourse between the United States and the other countries of
the two Americas. In this respect it has been a decided success.
The republics of Central and South America, Mexico, and the Dominion
of Canada responded heartily to the suggestion of an all-American
exposition, and sent to Buffalo a collection of exhibits seldom
if ever before equaled.
The financial loss will be in the
neighborhood of $3,000,000. The statement to be issued by the officers
of the exposition setting forth the expenditures and receipts will
be made public some time this month.
The loss will fall upon the holders
of the common stock, the holders of second mortgage bonds, and the
contractors who erected the buildings. Two hundred and ten thousand
shares of common stock were sold at $10 a share. The stock was subscribed
for by the citizens of Buffalo and the Niagara frontier in small
lots of from one share to one hundred, so that this loss of $2,100,000
will not be seriously felt. The first mortgage bonds amounting to
$2,500,000 will be paid in full. An issue of $500,000 second mortgage
bonds is unprovided for, but the revenue from salvage on the buildings
and from other sources will probably cover a part of this indebtedness.
The balance due to contractors is not definitely known, but it is
said that it represents their profits for the work done and no one
will be seriously embarrassed by the loss.
The total number of admissions for
the six months was close to 8,000,000. The great snowstorm of last
April was a severe blow to the exposition, and the formal opening
of the exposition was postponed until May 20. The death of the President
was another blow to the Pan-American. The attendance had been increasing
steadily up to the date of the assassination of President McKinley.
The gates were closed for two days, and when they reopened there
was a drop of 12 per cent in the attendance and no improvement followed.
The government exhibit will be at
once shipped to Charleston.