years to Cheney Brothers, silk manufacturers. Rentable 
area 192,437 square feet. 
Earnings 1928: 
Gross income .......... erreeeearaanas 
Operating expenses, taxes, insurance....... 
NOt oreeenereenrnerenasarnsnssneneaessese 304,476.35 
Interest $2,235,300 1st 612% as of 12-31-28 $145,294.50 
Price Range: January-May. 1930—94--94. 
Ludwig Bauman Brooklyn Building 
(Brooklyn, New York) 
First Mortgage Fee 6% 1942 Sinking Fund Gold Bonds. 
Amount: $1,600,000. 
Dated: August 15, 1927. 
Maturity: August 15, 1942. 
Interest: February and August 15th, 
Denominations: $1,000, $500 and $100. 
Taxes: 2% Federal—Penn., Conn, Maryland, D. C., Mass. 
Redemption: For sinking fund at 101—otherwise 103 to 1932; 
then 102 to 1937; thereafter 101%. 
Trustee: Straus National Bank and Trust Company. 
Appraised: American Appraisal Company, $2.212.000. 
Assessed 1930: $1,640,000. 
Security: Fee estate in land fronting entire block on Hoyt 
Street between Livingston and Schermerhorn Streets, 
Brooklyn, New York, and the 10-story commercial building 
erected thereon, opened for business in 1928. The entire 
building is leased to Ludwig Bauman & Company at a net 
annual rental of $168,000 plus all repairs, operating charges, 
taxes, etc, making it a net lease. 
Earnings: The lessee, Ludwig Bauman & Co. and ‘predecessor 
partnership, has been in the furniture and house furnishing 
business in New York since 1858, and operates a chain of 
stores. The obligor on these bonds, Elbeco Realty Co, is a 
wholly owned subsidiary of the lessee. The income of the 
leccee ig as follows: 
1924 
1095 
ir eae 
Net 
$425,976 
347,814 
JL