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. _& meeting we might ag well give them a negative answer. While he was in Californie ‘he Trade Press asked the Chairman for the names 6f the pictures mt he refused to give them.
Ce aires stated that on Friday afternoon he went to see Alex Ardrey and George Yousling at Bankers Trust Company and he came away from there for the first ‘ine in a long time encouraged. He explained to them that Sol Lesser told him that he had a finance company with Lou Lurie with $1,500,000 of paid in capital and $3,000,000 of revolving fimd credit and he wanted the Chairman to operate this fund as a finance company. The Chairman explained that he would not do thig but-if-a.proposition ceme along that looked attractive he would get in touch with Mr. Lesser. Mr. Ardrey then wanted to know if he could investigate the Lesser proposition and the Chairman stated that he could. Mr. Ardrey asked if Cagney could get a second money loam through Lesser and the Chairman stated that he did not believe that Cagney needed a second money loan tt if he did he thought it would be a highly desirable proposition.
The Chairman then told the board that if we expected Bankers Trust Company to go along with us we would have to do certain things right away. He stated that all of these banks would lixe us to have some man who can and will cive then up-to-date information, one who thinks along banking lines to provide them with the type of information they want. The Chairman stated that he talked about this at the coast and said ae we would be happy to do it. He said that he felt that the members of the board wulg approve the employment of such a man.
The Chairman stated that Mr. Ardrey inquired about our cash position and he informed him that it was nil but that we were going to correct that. The Chairman pointed out the pictures which would be delivered in the near future indicate a negative cost of:#23,000,000 and Mr. Ardrey figured that that was a 57 weeks supply if we got no more product and unless we had on assured supply of second money this is all the product we are going to get. The Chairman countered.
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that there had never been a contimous supply of second money in this business