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