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This statement was issued by Willis Wells, vice president of the Olympic committee and chairman of the finance committee:

“The success of the III Olympic Winter Games has surpassed our fondest expectation.

“It is within the province of others to speak of the contribution to international good will and sportsmanship. It is my duty to report on the financial aspects.

“True amateur sports is not operated for money, and this applies to the international Olympics more than to any other branch. From the beginning, we here in Lake Placid knew the gate receipts could never pay more than a fraction of the cost of putting on the Games. We knew we would have to take care of our share of the expense. We looked upon what we would do as an investment in the future of our community and the Adirondack region in general. We are happy today that we accepted this responsibility. How well we discharged it is for others to say.

“We had estimated that the gate receipts would be in the neighborhood of $100,000. Despite inclement weather during parts of the Games, it now appears that the income from the sale of tickets will not be more than $4,000 below this figure.

“To date, the cost of the Games is approximately $1,137,653.13, of which $724,426.45 is for construction expenses, $233,917.20 for administration expense, and $179,310.48 for the conduct and operation of the Games themselves. Our total budgeted income to date is $1,085,185.98, the main items of which are $500,000 from the state of New York, $350,000 from the town of North Elba Park District, of which the village of Lake Placid is the center of population, and an anticipated deficiency appropriation of $100,000 from the state of New York. The town of North Elba Park District’s contribution is in the shape of a bond issue of $200,000 and a temporary loan of $150,000. As the gate receipts were to be applied against this loan, these receipts have not been included in our budgeted income.

“These figures represent a deficit of but $52,467.15 on our books. Approximately half of this amount was caused by inclement weather during the last four weeks, $24,620.10 being the cost of restoring the ski jump, the outdoor stadium and the bob run, practically washed out by rain on two occasions. This deficit is the least of our worries. We have every assurance it will be completely wiped out in short time.

“The greatest expense to our community was the arena, which cost $254,011.59, for which no state funds were used. This expenditure was amply justified during the Olympic Games, and our citizens are proud of their foresight.”

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Closing ceremony

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Due to 30 minutes of overtime periods in the U.S.-Canada hockey game in the arena Saturday, the closing ceremony, which were transferred the last minute to the stadium, were held in one of the worst blizzards in Lake Placid this winter. A crowd of 5,000 people hurried from the arena to see the ceremony but soon thinned out, unable to stand the onslaughts of the biting blasts.