DEAR SIR:  We are duly in receipt of your telegram, reading as follows:  “Send statement liabilities Exposition Company to June 1, showing cost of restoring grounds and approximate cost of matters in litigation,” and beg to send you herewith a statement of the estimated financial position of the Louisiana Purchase Exposition Company, made up as at May 3, 1905, which we have just received and which we understand has been approved by the president of the Exposition Company.  In his statement are included the estimated future liabilities of the company, including $200,000 for the restoration of Forest Park, and after providing therefor there appears an estimated surplus of assets of $467,211.45, subject, however, to possible liabilities on suits and claims pending against the Exposition Company.

With regard to the estimate of $200,000 for the restoration of Forest Park, it may be well to mention that the company is under obligation to restore the park without any limit as to cost.  Moreover, the company has given the city of St. Louis two bonds aggregating $650,000, which we understand is 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.  We understand that an effort is now being made to effect a settlement of the company’s liability to the city, but we are of course unable to say whether the estimate of $200,000 now taken into account will eventually prove sufficient or, if not, by how much the estimate will be exceeded.

    With regard to the suits now pending against the Exposition
    Company, it is of course impossible to make any estimate of the
    eventual liability to fall on the company.

We would call your attention to the note made in the statement as regards the cash in trustees’ funds and would point 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.