out that,
as the liability of the company as principal under the various
bonds is included in the statement of liabilities, this cash may
practically be regarded as an available asset. In other words,
if the cash is excluded from the assets, the liability falling
on the company under the various bonds should be correspondingly
reduced.

We should be glad to be advised whether there are any further
points in connection with this statement with which you would
desire us to deal, either by letter or in our final report, and
would add that, on hearing from you, we are prepared to send in
the signed report.

We are sending a copy of this letter to the secretary of the
Commission, in case it should not reach you at Portland.

Yours, faithfully,

JONES, CAESAR, DICKINSON, WILMOT &, CO.

Hon. J.M. Thurston
President Louisiana Purchase Exposition Commission,
Portland, Oreg.

STOCK EXCHANGE BUILDING,
St. Louis, June 8, 1905.

GENTLEMEN: We beg to inclose herewith statement of receipts and
disbursements of the Louisiana Purchase Exposition Company from
the date of its incorporation to April 30, 1905, and to report
as follows on the audits which we have from time to time made,
and which together cover the whole of the period above
mentioned. For your convenience we propose to deal in this
report with the accounts for the whole period, and therefore to
repeat some of the comments contained in our previous reports.

Receipts.

Collections on account of sales of capital stock:
The total subscriptions to capital stock, as shown by the
treasurer's record, amount to ................ $5,294,490.00
Of this sum there had been collected, in cash,
to April 30, 1905 ................ $4,821,456.11

In a number of cases where the liability on
subscriptions was disputed, compromises
were effected, and under these compromises
the company waived claims amounting to 48,952.09
------------
4,870,408.20

Which would leave a balance uncollected on
April 30, 1905 of ............................. 424,081.80

We have been furnished with detailed statements of claims in the
hands of attorneys for collection, amounting in t