Word: consol
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...sold at $25 each. Convertible into stock at fixed intervals, the debentures carry no lien but Sunray Oil covenants not to create any mortgage, pledge or lien upon its shares unless the new debenture shares are equally secured. In having no fixed maturity, the new issue is like a consol or certain British "debenture shares." Where the new issue is unique is in Sunray's contract to set aside a sinking fund of 10% of its monthly gross sales. With this sinking fund the company's trustee each month must buy debenture shares in the open market...
...since his Administration took office. High points: 1) with completion of its present program, the Treasury will have refunded in two years no less than $8,000,000,000 of Wartime loans, and retired, largely from its so-called "gold profit," another $674,000,000 of Panama Canal and Consol bonds; 2) saving in debt service will be $100,000,000 yearly; 3) though the national debt has risen to $28,800,000,000 in the last two years, present interest costs of $800,000,000 annually are actually less than in 1925 when the debt...