| Show ASPHALT FINANCES i WHICH I FAILED f 1 TO MAKE BOTH ENDS MEET f I Capitalization Capitalisation of ot tho the Insolvent Asphalt Company Com of ot America t Capitalization of ot the Insolvent National N Asphalt company I 1 debt of ot time the th American company Issued In 5 6 per or cent 1 fifty Ot year collateral gold bonds due dime dUI April Apri 1 1949 1349 1 Bonded Donde debt of at the time National Nn company In S 1 per cent regis I terl collateral gold certificates Issued by Jy the time Equitable x Trust company and requiring semiannual payments of ot In Interest Interest 1 terest on July land 1 and January 1 yearly corly I Interest on an bonds now In arrears I I I Interest due next Wednesday ard nd Ird In default I I I 1 Due lue sinking tumid fund account 1 and not available x 1 Fixed bed charges duo due annually 1 Actual available Income of at annually about I Prospective annual deficit i Losses Losse sustained by b Philadelphia investors exclusively 1000 4 jon l rime Tho ho Herald further goes on to say that Cumulative evidences Indicate that the Asphalt Trust frust Is seriously wrecked Despite the time National Asphalt capitalisation lon of ot rind the authorised capitalisation of M 20 00 IJO by b the time Asphalt Company of America Is II now no merged immerged In the time lommon trust both concerns are tire In the hands of ot receivers receiver forced Into that po position by b Inability tn ta me unset mt t Interest due Iut or about to t full fail tAi dun amounting to 10 something wim like ikI 00 From the this papers iMra submitted In the time application for tor n M it 1 ap am appears appal pears that the lime III company Is II confronted at nt pal present with wih no better prospect than U tat that at of ot an annual deficit of ot about tout 1 It I stands to 10 pay Ila ia an annually J HOO In tm Interest 1 und and sinking und fund charges whereas It I professes pr to iril L tc re able ablo to count upon receiving train from time tho earnings Interest amid other pay monte ments of ot Its la subsidiary operating com corn r antes not mint more than thrum yearly early The rime loss will wi undoubtedly tall fall tal bean heaviest hen vI vIet est cit et on Philadelphia stockholders where whore if Jt Is estimated the stockholders will wi bo be bl out ou t of ot pocket packet at least A thorough Investigation In Is now un under under der tier way by J the lime Audit company com pall of at Now New Nol NewYork York which I II is acting In harmony with time the Joint protective committees representing canting time the Ih principal Interests Involved Until that Investigation Is concluded nothing definite cnn can be stated as to the tho concerns ival rosi condition or Its I pros p of successful MICO reorganization and ond The president of at theNn time the NI Na company Jon Jen Francis Vinton Greene ireene a ii I statement yesterday in If which hIl ime hp spoke guardedly of at the time future |
