Source: New York Times
Source type: newspaper
Document type: article
Document title: “End of the Pan-American”
City of publication: New York, New York
Date of publication: 3 November 1901
Volume number: 51
Issue number: 16169
|“End of the Pan-American.” New York Times 3 Nov. 1901 v51n16169: p. 12.|
|Pan-American Exposition (financial outcome); Pan-American Exposition (impact of assassination).|
|William McKinley; John G. Milburn.|
End of the Pan-American
BUFFALO, Nov. 2.—The Pan-American
Exposition ended to-night 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 bugles standing in the tower sounded “taps,” and one of the
glories of the exposition, the electrical illumination, passed away, and the
exposition was ended.
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 was 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 snow storm 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.