The Commission is not insensible to the natural desire of the Exposition Company to give some privilege to the stockholders who subscribed to the capital stock of the corporation, but, while appreciating the generous motive of the executive committee, the Commission feels constrained to withhold its approval for the reason that approval thereof would, in the judgment of the Commission, violate the letter and spirit of section 20 of the act of Congress approved March 3, 1901, which, in so far as applicable, reads as follows:
"That there shall be repaid into the Treasury of the United
States the same proportionate amount of the aid given by the
United States as shall be repaid to either the Louisiana
Purchase Exposition Company or the city of St. Louis."
The proposal to give to stockholders of the Exposition Company tickets of admission good until December 1 at half price confers upon the stock a special privilege not contemplated by the act of Congress, and is apparently in the nature of a dividend or pecuniary benefit in which the United States can not participate.
I am also directed by the Commission to say that if, in the opinion of the company, the best interests of the fair would be advanced by making the proposed tickets good for the entire time of the fair the Commission would view such action with favor, providing the price of the ticket should be fixed at $15.
Yours, very respectfully, JOSEPH FLORY, Secretary.
Mr. WALTER B. STEVENS, Secretary Louisiana Purchase Exposition Company, Building.
On May 23, 1904, a conference was held between the National Commission and a committee on conference appointed by the Exposition Company. At such conference the National Commission insisted that the proposed special coupon tickets be sold to the public, while the conferees on the part of the company urged the acceptance of the original rule proposed by said company, limiting the sale of stockholders only. Finally, upon the proposal of the conferees of the company, and in order to reach an agreement, the National Commission assented to a rule whereby the company should be authorized to sell such tickets to its stockholders, also to any person presenting an order from the National Commission therefor, as is set forth in the following copy of the conference agreement:
At a conference between the officers and members of the executive committee of the Exposition Company and members of the National Commission, held at the office of President Francis on Monday, May 23, it was agreed, after a full and free conference, that the disagreement existing between the Exposition Company and the Commission with reference to the sale of 50-coupon, photographic, nontransferable tickets to stockholders of the Exposition Company, at $12.50 each, on or before June 15, such tickets to be good during the period of the fair, was settled by the adoption of the following addition to article 5, to wit:
"That any stockholder of the Exposition Company, or any person presenting an order from the National Commission to the treasurer of the company, may, at any time prior to June 15, purchase for $12.50 one photographic nontransferable ticket with 50 coupons attached, each coupon good for one admission to the fair at any time on or before December 1, 1904."
To which addition to the aforesaid article 5 full assent was
given by the company and the Commission.