A Review of the Corporation's Financial Condition

Each year for perc stock be exchanged for $300 face value of noninterest bearing sinking funds notes, redeemable by luck at 50% of face value in 10 equal annual installments. The directors are confident that the improvements herein before described will assure the corporation of a satisfactory earning power under all conditions in the future. Under modern accounting methods, however, it is unnecessary to incur the slightest risk of loss through adverse business developments of any sort,. Since all these may be provided for in advance by means of a contingency reserve. Special committee has recommended that the corporation create such a contingency reserve in the fairly substantial amount of $1 billion. As previously said, for the annual write down inventory of $1