It will of course be understood that the maintenance of the separate funds would become a matter of practical importance only in the event of the funds of the company proving insufficient to meet its liabilities, a condition which is not now deemed likely to arise.

    General Financial Condition of the Company.

We have been furnished by the president of the Exposition Company with a statement of the estimated assets and liabilities of the company on May 3, 1905, a copy of which we append hereto.  From this statement it will be seen that, subject to whatever liability may eventually result in respect of suits and disputed claims now pending against the company, it is estimated that the assets will exceed the liabilities by $467,211.45.

In arriving at this figure, the liability of the company in respect of the restoration of Forest Park is estimated at $200,000.  In this connection it may be well to point out that the company is under obligation to restore the park without any limit as to cost, and has, moreover, given the city of St. Louis two bonds aggregating $650,000, being the amount of an estimate made on behalf of the city of the probable cost of restoration.  Of the bonds given, one is for $100,000, secured by guarantee of certain directors of the Exposition Company, and the second for $550,000, secured as to $100,000 by personal guarantees and as to the balance by a mortgage on the Art Building.

Legislation is now pending looking to the acceptance by the city of a fixed sum in settlement of the company’s liability and the carrying out of the work of restoration by the city itself, but it is not, of course, possible to say at the present time whether the estimate of $200,000 now taken into account will eventually prove sufficient.

    It is not at present possible to estimate the liability on suits
    and claims pending.

    In conclusion, we would state that every facility was extended
    to us by the officials of the company in the course of our
    audits.

    Yours, faithfully, Jones, Caesar, DICKINSON, WILMOT & Co.

    LOUISIANA PURCHASE EXPOSITION COMMISSION, Washington, D.C.

Statement of receipts and disbursements from the incorporation of the company to April 30, 1906 (inclusive).

RECEIPTS.

Capital liabilities: 
  Collections on account of sales of
    capital stock ........................... $4,821,456.11
  Proceeds of sale of city of St. Louis
    bonds .................................... 5,000,050.00
  United States Government aid ............... 4,752,968.45
                                               ------------ $14,574,474.56