Earnings: During seven months of 1929 the net earnings avail- 
able for interest amounted to $853,650, and the interest to 
$462,463—or 1.85 times earned, on a 94% occupancy. 
Price Range: January-May, 1930—88-871%, 
J. C. Penney Building 
(New York City) 
First Mortgage Fee 514% Serial Bonds 
Amount: $3,750,000. 
Dated: May 1, 1925. 
Maturities; May 1, 1928, to 1950. 
Interest: May and November 1st. 
Denominations: $1,000 and $500. 
Taxes: None. 
Redemption: 1% premium for each five-year period or frac- 
tion from call to maturity. 
Trustee: Manufacturers Trust Company. 
Assessed 1930: $4,250,000. 
Security: Fee estate in plot of ground 235 feet on both West 
33rd Street and West 34th Street, between Eighth and 
Ninth Avenues, and a modern 18-story office and ware- 
house building—constructed for the use of J. C. Penney 
Co., Inc. Building leased to the J. C. Penney Co, 
Inc, for twenty-six years at rental sufficient to pay inter- 
est and amortization on bonds, operating expenses, etc, 
patie in effect makes the lessee the guarantor of these 
onds. 
Earnings: J. C. Penney Co. Inc, net income— 
1921 $1,254,634 
1922 3,325,719 
1923 4,490,294 
1924 4,686,572 
1925 7,452,567 
1926 8,918,272 
1927 oiiveiiinienns 8,948,699 
1998 10.588.971 
Park Lane Corporation 
(299 Park Avenue, New York City) 
First Mortgage Leasehold 61% 1943 Sinking Fund Bonds 
Original Amount: $1,750,000-—outstanding $1,630,000. 
Dated: June 1, 1925. 
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