On June 30, 1938 the Corporation entered into an agreement with certain New York banks providing that, subject to the Corporation having on or before December 15, 1938, funds Which, when added to the amounts to be loaned as provided in the agreement, will be sufficient to provide for the purchase.or retirement of the 4% per cent. Convertible Debentures due January 1, 1939, the banks will agree (a) to extend thei existing loans to the Corporation, in the amount of approximately $9,269,- 000, for a period of five years from January 1, 1939, at 5 per cent. interest, with provision for annual sinking fund commencing October 1, 1939, based on earnings, and (b) to lend to the Corporatio: on similar terms such additional amount, not in excess of approximately $3,309,000, as the Corporation may require to complete arrangements for the payment of the Debentures due January 1, 1939.
At September 14, 1938 the balance of cash set aside (not held in trust) for the acquisition or retirement of the 4% per cent. Convertible Debentures due on January 1. 1930 amounted to $18,533,161 and the amount of such Debentures outstanding in the hands of the public had been reduced to $30,892,800 from the amount of $37,511,100 outstanding on
Text read from the printed page and cleaned; old type leaves the occasional error.