“additional rent.” This constitutes this indebtedness a 
charge on earnings, and, therefore, prior to these deben- 
tures. Obligor has repaid $630,000 of this indebtedness and 
on October 1, 1930, will pay an additional $150,000, thus 
reducing the only indebtedness ahead of these debentures, 
to $2,220,000, 
The indenture creating these debentures contains restrie- 
tive clauses, against mortgaging, paying dividends on pre- 
ferred stock unless after such payment current assets equal 
twice current liabilities; against reduction or retirement of 
stock; against assigning leasehold, etc., the effect of which 
is to hold its property as security for these debentures, 
subject to liens which are being annually amortized, thus 
strengthening the mortgage of these debentures on the 
Company's earnings. 
Earnings: The obligor, New York United Hotels, Inc., is con- 
trolled by United Hotels of America, Inc. 
Available for 
fixed charges Fixed charges Times earned 
$568,254 $371,407 1.53 
552,309 366,622 1.51 
668,637 356.177 1.88 
Russek’s Fifth Avenue Building 
(New York City) 
1st Mortgage Leasehold 1944 Sinking Fund 6% Gold Loan 
Amount: $1,500,000. 
Dated: January 1, 1928. 
Maturity: January 1, 1944, 
Interest: January and July 1st. 
Denominations: $1,000 and $500. 
Taxes: 2% Federal—Pennsylvania, Connecticut, Kansas, Cali- 
fornia, District of Columbia, Kentucky, Michigan, Mary- 
iand, Iowa, Minnesota, New Hampshire, Virginia, Massa- 
chusetts, 
Redemption: 103 to 1933; then 102 to 1938; then 101 to 1943; 
thereafter par. 
Trustee: New York Trust Company. 
Appraised: Chas. ¥. Noyes & Company, $2,560,000.