18,800 square feet with 430 feet street frontage. Building 
is thirteen stories, rising to seventeen stories on back part, 
and has 192,000 square feet of rentable area. Ztna Life 
Insurance Company leases approximately 60% of the net 
rentable area, and the lease extends beyond the term of 
this loan, and has assumed leases of other tenants aggre- 
gating over 10% of balance. 
Earnings: Year 1928— 
Net income available for interest.............. 
Interest on $2,428,500 534% outstanding Decemni~ 
ber 31, 1928...... .. 
April to December, 1926, interest earned....... 
1927, interest earned............n... 
1928, interest earned..... 
1929, not available 
$286,735.13 
139,638.75 
1.45 times 
1.67 times 
2.06 times 
Fuller Building 
(New York City) 
15-Year 6% 1944 Sinking Fund Debentures 
Amount: $3,000,000. 
Dated: January 1, 1929. 
Maturity: January 1, 1944, 
Interest: January and July 1st. 
Denominations: $1,000 and $500. 
Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, 
Kentucky, California, District of Columbia, Massachusetts. 
Redemption: 105 to 1932; then 104 to 1935; then 103 to 1938; 
then 102 to 1941—thereafter 101. 
Trustee: National City Bank. 
Guaranteed: By United States Realty & Improvement Com- 
pany. 
Obligor owns the property in Manhattan, New York City, 
known as the Fuller Building, a 40-story office building at 
the northeast corner of 57th Street and Madison Avenue, 
on which there is a bonded indebtedness of $5,000,000 5ls 
due in 1949. 
These debentures are not secured by lien—but are protected 
by restrictive covenants in the indenture which insures the 
application of earnings to these debentures. The debenture, 
15