OCR Text |
Show Pan-American Exposition Is a Financial Failure. The Pan-American Exposition company com-pany has $804,000 cash to its credit to be devoted to paying an additional proportion of the first mortgage bonds. Already $1,250,000 of the $2,500,000 first mortgage bonds has been paid. The amount now due on the first mortgage bonds is $446,000. The exposition has nine days more, f it should clear $50,000 a day for the nine days it would have sufficient cash to make the last payment on the first mortgage bonds. If it fails to average a net profit of $50,000 a day there may be a default on a part of the first mortr r B'lond payments. 'i u& H'jtCte b unrr-A mortgage bonds seem to agree that no "paymeuL will be made to them. The stockholders, stock-holders, of course, understand that no payment will be made to them. The unpaid contractors are clamoring clamor-ing to get the 70 per centstill due them on their claims, but thus far they have been unsuccessful. The second mortgage bonds total $500,000. The stock represents $2,100,-000. $2,100,-000. The amount of contractor's claims is not stated exactly at present. |