Mercantile American Realty Company 
(San Francisco Area) 
First Mortgage 1951 Sinking Fund 5% Bonds 
Amount: $10,000,000; reserved, $3,000,000; outstanding, $7,- 
000,000. 
Dated: October 1, 1926. 
Maturity: October 1, 1951. 
Interest: April and October 1st. 
Denominations: $1,000 and $500. 
Taxes: 2% Federal. 
Redemption: For sinking fund at 101l—otherwise at 102%. 
mee American Trust Company, San Francisco, and Charles 
R. Blvth. 
Appraised: $13,000,000. 
Security: Approximately 50 parcels of real estate in San Fran- 
cisco, Oakland, Berkeley; Alameda, Emeryville, San Lean- 
dro, Richmond, Pittsburg, San Jose, Santa Clara, Santa 
Rose, Petaluma, Palo Alto, Burlingame, Newman, Martinez 
—all improved with buildings wholly or principally occu- 
pied by American Trust Company, to whom the properties 
are leased for 25 years at a rental sufficient to pay oper- 
ating expenses and taxes, and $800,000 per annum in addi- 
tion thereto. Out of this sum is met the bond interest and 
sinking fund, and then dividends on preferred stock. As 
the maximum interest charges on the $7,000,000 outstanding 
is $350,000, the fixed rental is over twice assured. 
Control: The obligor, Mercantile American Realty Company, 
is owned by American National Company, which is in turn 
owned by the stockholders of American Trust Company, 
the lessee. American Trust Company operates over 95 
banking offices, and its 1929 reported capital and surplus 
amounted to approximately $21.000.000. 
11 West 42nd Street Building 
(New York City) 
First Mortgage Leasehold Sinking Fund Gold 6%% 
Amount: $6,500,000; outstanding, $6,135,000. 
Dated: November 1, 1925. 
Maturity: November 1, 1945. 
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