“additional rent.” This constitutes this indebtedness a
charge on earnings, and, therefore, prior to these debentures.
 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 restrietive
 clauses, against mortgaging, paying dividends on preferred
 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 controlled
 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, California,
 District of Columbia, Kentucky, Michigan, Maryiand,
 Iowa, Minnesota, New Hampshire, Virginia, Massachusetts,

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.