Cash Balances.

Certificates of deposit have been produced to us, and we have
been furnished with a certificate from the bank as to the
balance on current account.

The cash immediately available for the general purposes of the
company amounts to $668,754.36, the remaining $182,846.41 being
deposited in a special account to secure the sureties under
various bonds given on behalf of the company.

Of this total of $182,846.41, the sum of $120,768.18 is derived
from Pike rentals, as hereinbefore explained. The balance of
$62,078.23 consists of receipts of the music bureau, which were
originally paid into a separate fund because of a difference
between the bureau of music and the division of concessions as
to the policy in operating Festival Hall. Subsequently the
president recommended that this fund be added to the fund held
for the protection of the sureties, in accordance with the
authority granted to the executive committee by the board of
directors to make such provision as might be deemed advisable to
protect these sureties, and the president informs us that this
suggestion was approved by the executive committee.

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 probabl