ed by
an efficient system of exploitation initiated one year before the gates
were opened and vigorously prosecuted until the close of the exposition.

In order to increase the attendance at the exposition, as well as to
increase the revenues of the Exposition Company at certain periods, the
National Commission at different times cheerfully approved the
modifications of the rules proposed by the Exposition Company
authorizing the sale of season tickets, also of special tickets for
limited periods, at reduced rates. Such modifications proposed by the
Exposition Company were in all instances, except one, approved by the
National Commission substantially as proposed; but in one instance the
Commission was impelled from a sense of its duty to the Government to
decline to approve a rule proposed by the company providing for the sale
of special coupon tickets good for 50 admissions to stockholders of the
company only.

It is proper to say that prior to the submission to the Commission of
the proposed rule, or modification of the rules, announcement had been
made in the newspapers of St. Louis that such tickets would be sold by
the company, and, in fact, the sale of the proposed tickets had already
begun.

The following letter contains the proposal of the company to authorize
the sale of such special tickets to stockholders only:

MAY 18, 1904.

DEAR SIR: I am directed by the executive committee of the
Louisiana Purchase Exposition Company to inform the National
Commission that the committee has approved the following
resolution:

_Resolved_, That a ticket, photographic, nontransferable, having
50 coupons good for admission at any time during the World's
Fair shall be sold to stockholders at the rate of $12.50; this
privilege to continue to and including June 15, to be open to
all who shall be stockholders up to and including that day.

I am directed by the executive committee to ask favorable action
upon the resolution by the National Commission.

Respectfully,

WALTER B. STEVENS,
_Secretary._

Mr. JOSEPH FLORY,
_Secretary National Commission._

It was the opinion of the National Commission that the sale of the
proposed tickets to stockholders alone at the reduced price proposed was
in the nature of a dividend or pecuniary benefit in which the United
States Government could not participate, and therefore contrary to law;
and in view of the fa