MICHIGAN STATE AGRICULTURAL SOCIETY 437 



PRESIDENT'S ADDRESS. 



Gentlemen of the Executive Committee of the State Agricultural Society: 



A year has passed since the last annual meeting of this committee, a 

 year filled with events of great importance not only to our own country, 

 "but to the whole world. Geographical boundaries have been changed. 

 The prowess of the American armies both by land and sea has been 

 demonstrated. The flag of this nation with its glorious stars and stripes, 

 emblems of enlightenment and humanity, is floating in every clime, and 

 by every civilized nation it is treated with greater respect than ever 

 before. " The industries of our whole country are in a prosperous condi- 

 tion and still expanding. The murmurs of discontent and distress of the 

 past few years are hushed. Confidence in all kinds of business has been 

 restored. Capital is seeking investment, and the laborer willing to work 

 no longer seeks in vain for employment. The prospects for the future 

 are encouraging. 



With these pleasant and satisfactory assurances I greet you. The 

 Michigan State Agricultural Society is not an exception in the enjoyment 

 of this long-looked-for prosperity. The fair of 1808 from every stand- 

 point was a success. The exhibitions in all departments did credit to 

 the exhibitors. The order maintained throughout the week was excel- 

 lent. The money received was sufficient to pay the expenses of the 

 year, with a surplus sufficient to adjust some outstanding indebtedness. 



The Society is to be congratulated upon the fact that it is nearly out 

 of debt. It has been well known that for six or eight years past the 

 Society has been badly handicapped by a heavy debt; at times standing 

 on the verge of bankruptcy and dissolution. After locating the fair 

 permenently in Lansing it was found that the buildings and grounds 

 were inadequate for the purpose of a state fair. The grounds had to be 

 graded, buildings erected, and other improvements made. For these 

 expenditures a heavy debt was contracted. The fair of 1892, on account 

 of rain, was a lamentable failure financially. In 1893 the total indebted- 

 ness was about |25,000. No fair was held in 1893 on account of the 

 Columbian Exposition held that year in Chicago. In 1894 a fair was held 

 in Detroit; enough money was received to pay expenses, .30 per cent of 

 the premiums of 1892, insurance, interest on debt, and a small amount 

 of other indebtedness. 



With this indebtedness upon the Society it came to Grand Rapids. 

 Its fairs have met with varying success; the first year paying expenses 

 and a little more. The second fair did not pay out, and a call on the 

 guarantee fund was made amounting to nearly .f2,0()0. The third fair 

 paid expenses. The fair of 1898 paid expenses and had a surplus as be- 

 fore stated. Within the past two years, by agreement between the 

 Society and its heaviest creditors (three banks in Lansing), the Society 

 amicably adjusted those debts by deeding to said banks all its right and 

 title in the grounds occupied while holding fairs in the city of Lansing. 

 Other debts have been liquidated as fast as possible, and as said before 

 the Society is nearly out of debt, with a bright prospect before it for 

 future usefulness. 



This in brief is the present and past situation financially of the Society 



