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wh ne . ee : ae eter eels bene i OY bie i NY 46+2507 . ’ Disbursement December 7, 1949, paid to Pacific Tankers, Inc. by Chock No. 1578, $1,800,000 (representing a mortgage loan to Pacific Tankers, Inc. dated December 7 Deposit Dotcomber 7, 1949, received from Marine Trading, Ince, &5,200,000 (representing proceeds of a mortgage loan givon by USPC to Marine Trading, Inc. on December 7, 1949, which funds were recoived by Marine Trading, Inc. from Motropolitan Life Insurance Company as procceds of a Marino Treding, Inc. bond issue sold to Mctropolitan on the samo date). Disbursements Decembor 7, 191.9, paid to the Netional City Bank of Now York by Check No. 1577, $4,579,679.36 (represent- ing psymcnts on mortgage notes dated as follows: 5-27-49 $2 236 5937.50 3-8-9 833,333.36 ~ of which $9,408.50 was charged against accrued interest account), . December 15, 1949, paid National City Bank by Check No. 1664, $485,000. Flier aie gl The balance in tho account s of the close of business December 15, 1949 was $198,456.33. It therofore follows that tho major source of the funds of tho December 15, 1949 poymcnt on the National City Bank collaternl loan in the esmount of 4485,000 wos the Marine Trad- ing, Inc. mortgago lonn dated December 7, 1949. abled SIO + Ei Mlealeat nben, The only othcr payment to the National City Bank on the collateral loan was May 31, 1949 in the amount of $1,500,000, which was paid,cs eeerired set out, by the Issuance of o mortgage loan dated March 8, 1949 in the amount of $1,500,000. The payment of this mortgage loan wis from normal business operations except the payment of £833, 333.36 on Decumber 7, 1949, which was paid as set out in the December 1949 schedule above. It therefore follows that the major sovrce of the funds to repay this $833,333.36 to National City Bank was also the Marine Treding, Inc. mortgage loan dated December # 1949, sct out in that schedulce