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Mm Goer NY 46-2507 Date Amount Cheek No. or Other Method of Payment USPC letter to National City Bank, February 28, 1950. Debit memorandum was dated March 1, 1950. This was paid in fonmnerttian wit writing of a naw nota reducing the collateral loans from $4,500,000 to $4,400,000. | 12-15-49 $ 485,000 Check No. 1664 5-31-9 21,500,000 Paid by transferring same to mor tgage loan account end issuance mortgage loan dated March 8, 1949 in the amount of © fy EAN ANN whirh aan une nnitad aa Woes eV sv ys Da hd ed ee ie ad follows: j 11+9-49 83,333.33 12-7-9 833,333.36 The balance in USPC's regulcr checking account at the National City Sank on September 12, 1951, according to the cash receipts and disbursement records of USPC, was $39,392.23. These records reflect tnat the only other reecipt*of September 12, 1951 was $10,022,222.22, which was received from Metropolitan Life In- _.- surance Company, of which ten million dollars represented the pro~- cecds of a bond issue sold by USPC to the Metropolitan Life In- surance Company under Preferred Ship Mortgage and Indenture dated Scptember 1, 1951. These rocords reflect that on September 12, 1951, the National City Bank collateral loan was fully paid by USPC Cheek No. 3795_in the amount ef $5,550,000. ._It therefore follows — that the source of the funds to make this payment was proceeds of the bond issuc sold to Metropolitan Life Insurance Company. _ -3- bere - _ =- egy Sg ir SS PP SS ™ = a * : . , * . . " «i = 37 a - i a . Lt T. .- ; oat REE EP Oe EEO ey 8