amount, provided interest and amortization on any such
fee mortgage shall not exceed $125,000.
Earnings: This building was opened in Feb., 1930, and based
on best information obtainable is now 80% rented.
Price Range: January-May, 1930—9614-9615.

United Post Office
(Several Large Cities)
First Mortage Fee 5%% 1935 Sinking Fund Bonds.
Amount: $6,000,000; reserved, $800,000; retired, $333,500: outstanding,
 $4,966,500.
Dated: February 15, 1927.
Maturity: February 15, 1935.
Interest: February and August 15th.
Denominations: $1,000 and $500.
Taxes: 2% Federal—Any State, D. C. or Mass. income not
exceeding 5 mills.
Redemption: 102 to 1931; thereafter at 101.
Trustee: Irving Trust Company, New York.

Appraisal: Geo. T. Wheldon, Vice-Chairman Indianapolis Real
Estate Board Appraisal Committee, and T. F. MacFarlane,
of Detroit Real Estate Board, $7,228,525.
Security: Fee estates and buildings constructed for the purpose
 of handling United States mails, 20 properties in all;
five in Detroit, Michigan; four in Indianapolis, Indiana;
three in Chicago; two in St. Louis; one in Boston; one in
Buffalo; one in Atlantic City; one in Cleveland; one in
Kansas City; one in Dayton, Ohio. Also, stocks of some
of the owner-corporations are pledged.
Earnings: These properties are all leased to the United States
government, and $420,000 of the rentals is paid to the
Trustee for interest and sinking fund purposes. The aggregate
 rentals are $493,000, in addition to rentals of approxi~
mately $77,000 from other tenants.
Present rentals, $570,000; present bond interest, $267,676.

The Drake

(Northwest Corner Park Ave. and 56th St, New York City)
First Mortgage Serial 6% Gold Loan Certificates
Original Amount: $3,750,000; outstanding, $3,593,000.
Date: Mav 1, 1927.