1929—net available for interest............. 
Interest on bonds, 1929.......... hes 
Times earned ... 
Price Range: January-May, 1930—100-981%. 
$277,192.57 
122,401.67 
29 
48 West 48th Street (Cellini) Building 
} (New York City) 
First Mortgage Fee 6% 1936 Sinking Fund Bond Certificates 
Amount: $1,000,000—outstanding $997,000. 
Dated: April 1, 1926. 
Maturity: April 1, 1936. 
Interest: April and October 1st. 
Denominations: $1,000, $500 and $100. 
Taxes: 2% Federal. 
Redemption: 101 for Sinking Fund—otherwise 102. 
Trustee: Chatham Phenix National Bank and Trust Company. 
Legal for trust funds in New York. 
Appraised: 
Cushman & Wakefield......... 
Assessed 1930: $1,325,000. . 
Security: Fee estate in land 95x100.5, on the south side of 
48th Street, between Fifth and Sixth Avenues—and the 
16-story office and showroom building thereon, known as 
the “Cellini Building.” 
Equity: This issue is followed by a consolidated general mort- 
gage with $180,000 unpaid thereon. 
Earnings: Based on existing leases, with $60,000 vacancy 
allowance, the building earns $101,500 net—with interest 
charges $60.000 and interest and amortization $80.000. 
...  $1500,000 
51 Fifth Avenue Building 
(New York City) 
First Mortgage Fee 1943 Sinking Fund 6% Bond Certificates 
Amount: $1,000,000. 
Dated: October 10, 1928. 
Maturity: October 1, 1943.