ct that the people of the United States had
contributed through the Government appropriation for the exposition an
amount of money equal to that which had been furnished by the
stockholders of the company it seemed to the Commission that no special
privilege respecting the purchase of tickets should be given such
stockholders that was not given equally to all citizens of the United
States.

This view was especially enforced by the consideration that stockholders
of the company had subscribed for such stock in the belief that the
citizens of the city of St. Louis would reap large local benefits from
the holding of the fair in that city, while it was obvious that the
other citizens of the United States could not in any degree participate
in such benefits.

The Commission, believing that the sale of special coupon tickets at
that time would increase the revenues of the company at a time when such
increase seemed to be especially desirable, submitted to the company a
modification of the proposed rule, as set forth in the following letter:

MAY 19, 1904.

DEAR SIR: I am directed by the National Commission to inform you
that they have had under consideration the resolution contained
in your esteemed favor of 18th instant, reading as follows:

"_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, and
to be open to all who shall be stockholders up to and including
that day."

The Commission respectfully declines to approve the resolution
as presented, but, being in hearty accord with the laudable
purpose of the company to offer inducements tending to insure an
extensive sale of admission tickets before the 15th of June,
approves that feature of the resolution by modifying the same so
as to read as follows:

"There shall be sold to the public up to and including June 15
at $12.50 a photographic, nontransferable ticket with 50 coupons
thereunto attached, each good for one admission to the fair at
any time prior to August 31."

In the judgment of the Commission the use of the tickets
proposed should be restricted by a time limit, inasmuch as a
failure to provide such a restriction would be equivalent to a
reduction of admissions to 25 cents ea