STATISTICAL MANUAL Covering Real Estate Bond Issues admitted to trading on Tome on fe Aah k © og . JR 12 East 41st Street Fxomancr New York A /, 0 STATISTIC. "TANUAL Covering Real Estate Bond Issues admitted 16 trading All matter herein is carefully compiled from sources deemed reliable, but we do not assume responsibility. NEW YORK REAL ESTATE SECURITIES EXCHANGE 12 East 41st Street :: New York I! Copyright July, 1930, hv New York Real Estate Securities Exchange, Inc. New York Real Estate Securities Exchange The object of this booklet is to collate and publish statistics regarding real estate bonds and mortgages and earnings on the properties against which such sécurities have been issued. The data we have been able to collect may be incomplete and per- haps contain some errors. However, it in nowise attempts to judge the merits of any security but merely states the facts in so far as industrious research has been able to reveal them. In certain respects transfers of properties have hampered the procuring of reliable information. Where a property has changed hands after a mortgage is given, the maker of the bond and the new owner of the property may have conflicting ends to serve in either giving or withholding data. Appraised values are given where same are available and wherever the name of the appraiser has been furnished it has been set forth. Earnings: The ability of a given building to earn sufficient income to meet the interest and carrying charges and set up a reserve fund, or amortize the outstanding indebtedness to offset the depreciation of the building, is reflective of the calibre of the security. These facts we have sought to procure in each case. In some instances both the property owner and the un- derwriting house refused the data. Certain issues are noted as “Legal for the Investment of Trust Funds in the State of New York.” Whether a security is, or is not, a legal investment for trust funds, depends on four fac- tors which can positively be stated yes or no, and one factor which is not a fixed one, but rather one of opinion, namely, value. That is, the loan cannot be more than 662-3s of the value of the property mortgaged. Underwriters and obligors of bonds attempt to establish this factor by basing value on appraisals. Appraisals are worthy or not, dependent upon the acumen, judgment, reliability and experience of the appraiser. Attorneys, however, in each of these cases, have rendered a legal opinion, based on the law, the known facts, and the appraisal, that in their opinion these issues are legal for the investment of trust funds. These opinions of validity are on deposit with the Trustee in each case where any inquirer rely- Ing on them may examine them. We set forth this fact, and the basis upon which it rests, each to interpret, accept or chal- lenge, asi he sees fit. The purpose of the Exchange in issuing this booklet is to place before the investing public facts which may enable them to know more intimately the set-up of the securities in which they may be interested. It has no other object to serve. It advocates no one’s securities. It judges none. It offers to ac- cept for publication any pertinent facts which the sponsors of these securities may furnish, : The investing public who have contributed the capital to these vast enterprises are entitled to know these facts. While the Exchange cannot assume responsibility for the completeness or accuracy of the data at its disposal it will be pleased to make any revisions that may be in order if brought to its attention. New York City, June 15, 1930. Squibb Building (New York City) First Leasehold 1944 Sinking Fund 6%% Bond Certificates Amount: $4,500,000. Dated: July 1, 1929. Maturity: July 1, 1944. Interest: January and July 1. Denominations: $1,000, $500 and $100. Taxes: 2% Federal--Minn.,, Montana, Penn,, Conn.,, Vermont, Calif, Oklahoma, Maryland, Dis. of Col, Mich., Colo., Kas. Ky., Wyoming, Nebraska, Virginia, New Hampshire, Mass. Redemption: For Sinking Fund 101—otherwise 102. Trustee: Straus National Bank & Trust Company. Appraised: Kenneth Slawson Hobbs, Inc., $6,800,000. Assessed 1930: Land, $4,200,000; building not completed. Security: Leasehold estates in plot of ground on the southeast corner of 58th Street & 5th Avenue, 118914” x 200’, irregu- lar, area 21,929 square feet—subleased by Obligor from an original lessee. Lease expires in 1950, with two 21-year renewals, ground rental, after 1932, to maturity of bonds, is $295,000 per annum, Option to original lessee to purchase fee, after May, 1939, at an appraised value, but not less than $4,915,000. Frederick Brown, president of original Lessee, guarantees to sub-lessee (Obligor on these certifi- cates) performance of all the terms and provisions of the original lease, including purchase of fee. The site is im- proved with a 32-story stores, office and showroom build- ing, completed within last few weeks. Building opened May 1, 1930. Property well situated, and rentals to date are approximately 50%, in addition to pending leases. Allerton New York Corporation First Fee 5%% 1947 S. F. Bond Certificates Amount: $4,250,000; retired, $116,500: outstanding, $4.133.500. Dated: January 1, 1927. Maturity: January 1, 1947. Interest: January and July 1st. Denceminations: $1,000 and $500. Taxes: 2% Federal—Minn., Penn., Conn., Kas, Calif, Md, Ky., D. of C., Mich., Va., Mass. Redemption: 103 to 1931; then 102 to 1939; then 101 to 1946; thereafter at par. Trustee: New York Trust Company. Legal for the Investment of Trust Funds in New York.* Appraised: Chas F. Noyes & Company, $7,135,000. Assessed 1930: Land and buildings, 3 parcels, $5,090,000. Security: (1) Plot 98.9x125, southeast corner Madison and 38th, 17-story hotel and fraternity bldg., (2) 70 ft. frontage on 39th St., just east of Lexington, depth 98.9, 17-story 2- basement hotel, 392 rooms, (3) 70 x 75.5 plot on southwest corner Lexington and 57th St, 17-story hotel, 450 rooms, (1) and (3) completed in 1923, (2) completed in 1918. Earnings: 1925 1926 1927 1928 1929 Net $520,309 115,275 oN OQL Fixed charges $255,215 232.320 269,803 292°270 1.63 2.28 1.74 29 Guaranteed: Principal and interest on this issue are guaran- teed by the Allerton Corporation, the parent Company. Broadway Motors Building (General Motors) (New York City) First Mortgage Leasehold 1948 Sinking Fund 6% Bonds Amount: $6,000,000. outstanding $5,917,500. Dated: February 1, 1926. Maturity: February 1, 1948. interest: February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn. Kas, Calif, Md, Ky, Dist. Col.,, Mich., Va., Mass. Redemption: 104 to 1931; then 103 to 1935: then 102 to 1940; thereafter 101, Trustee: Bankers Trust Company, New York. Assessed 1930: Land, $3,900,000; land and building, $8,900,000. Appraised: Leasehold, Cushman & Wakefield, Inc.; building, McKim, Mead & White, total in excess of $10,390,000. Security: Leasehold estate to 2004, at a fixed rental to 1962, with two renewals of 21 years each, in the plot of ground one entire block, bounded by 57th Street, 58th Street, Eighth Avenue and Broadway-——total ground area 32,360 sq. ft., and the 25-story office building thereon erected. Build- ing has a total street frontage of 739 feet, and a net rentable area of 520,745 square feet. Earnings: The upper 13 floors of this building are under a long-term lease to General Motors Corporation for a period extending beyond the maturity of these bonds, at an annual rental of $700,000. Prior Lien: The fee estate is mortgaged for $2,050,000 but General Motors Corporation covenants in its lease that in event of the foreclosure of the fee mortgage, it will pur- chase in the fee and hold the leasehold estate intact for the benefit of these bonds. Note: 1928 gross income was reported as $1,461,000, and net as equivalent to more than twice the interest requirements on the $5,917,500 6s then outstanding—on a basis of a 90% occupancy. Price range, January to Mav, 1930—98-97. 42nd and Lexington Avenue (Chanin) Office Building (New York City) First Leasehold 64% 1945 Sinking Fund Bonds Amount: $6,500,000. Dated: September 15, 1927. Maturity: September 1, 1945. Interest: March and September 1. Denominations: $1000, $500 and $100. Taxes: 2% Federal—Minn., Calif.. Conn., Penn., Vt, Md, D.C, Kan., Ky., Mass. Redemption: Sinking Fund 101—otherwise 10215 to 1933: 102 to 1939, thereafter 101. Trustee: Straus National Bank & Trust Company. Appraised: Cushman & Wakefield, Ine. $11,200,000, Coats & Burchard Co., $12,382,750, Assessed, 1930: Land at $4,600,000. Land & Building, $11,000,000. Security: Leasehold estate from Manhattan Storage & Ware- house Company for 21 years with four additional renewals of 21 years each: average annual present rental $315,000. Plot covers entire east side block front on Lexington Avenue between 42nd and 41st Streets, with 175 feet frontage on 41st Street and 125 feet frontage on 42nd Street—29,625 square feet—and the 56-story office building, with entrances on three streets, and 645,000 square feet of rentable area. Junior Liens: These bonds are followed (1) by $3,000,000 Gen- eral 6%s, due in 1945; and (2) a blanket mortgage covering this and other parcels, due in 1940, the release price on this parcel being $3,500,000. Earnings: These bonds are the obligation of Combined Operat- ing Corporation, controlled by the Chanin interests. No information on earnings available. Broadway and 41st Street Building (New York City) Leasehold Mortgage 6%% 1944 Sinking Fund Bonds. Amount: $4,500,000. Dated: April 1, 1929. Maturity: April 1, 1944. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Minn.,, Montana, Pennsylvania, Connecti- cut, Vermont, California, Oklahoma, Maryland, West Vir- ginia, District of Columbia, Michigan, Colorado, Kansas, Kentucky, Nebraska, Wyoming, Virginia, Jowa, New Hamp- shire, Mass. Trustee: Straus National Bank and Trust Company. Redemption: 103—for sinking fund, 101. Appraised: May, 1929, Kenneth Slawson Hobbs, Inc., $6,750,000. Spear & Company....... coven. $6,750,000 Assessed 1930: Land, $3,150,000; b+iliins not completed. Prior Lien: Fee estate is subject to a Mortgage for $1,000,000 due June 1, 1930 at 5% held by Mutual Life Insurance Company. Security: Leasehold estate in plot of land occupying entire block front on the south side of West 41st Street between Broadway and Seventh Avenue, 92’4” on Broadway, 15710" on West 41st Street, and 1186” on Seventh Avenue—area 18,222 square feet—building 33-story and 3-story tower. Lease extends to 1955, net annual ground rent $125,000, with three renewal options of 21 years each on 6% valuation rental, is subject to a fee-mortgage of $1,000,000 and re- newals or substitutions not exceeding $1,250,000 principal 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: out- standing, $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 pur- pose 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 aggre- gate 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. Maturities: 1928 to 1939. Interest: May and November 1st. Taxes: 2% Federal, any State tax up to 5 mills, and Mass. 6%. Redemption: 103. Trustee: Chase National Bank of New York. Legal for Trust Funds in New York. Appraised: Land and building by Douglas L. Elliman & Co, Inc, $5,560,000. Assessed 1930: $3,750,000. Security: Fee estate in land at the northwest corner of Park Avenue and 56th Street, 67 x 185—15,277 square feet, and the 20-story hotel and apartment building erected thereon, completed March 1. 1927. Earnings: January 1, 1929, to November 1, 1929—gross INCOME +viviivivarnnreesnisionnneannenees Expenses, operating, taxes, insurance...... $753,474.04 296,099.16 457,374.88 184,770 94 Net ........ Interest charges on bonds......... Times earned ..... Hotel Pierre {New York City) First Mortgage Leasehold 1949 Sinking Fund 6%% Bonds. Amount: $6,500,000. Dated: April 1, 1929. Maturity: April 1, 1949, Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Minn,, Montana, Penn,, Conn., Vt.:, Calif., Okla, Maryland, West Va, D. C,, Mich, Colo, Kas, Ky, Wyoming, Nebraska, Virginia, Iowa, New Hampshire, Mass. Redemption: For sinking Fund 101—otherwise 103. Trustee: Straus National Bank and Trust Company. Appraised: Pease & Elliman, Inc......... teen. $11,000,000 Cushman & Wakefield, Inc........ = ...... 11,060,000 Assessed 1930: Land, $2,800,000; building not completed. ro Security: Leasehold estate in plot on the southeast corner of Fifth Avenue and 61st Street, 100 x 270, lease extending to 1950 with two renewal options of 20 years each—ground rent on sliding scale, the average during the bond term being $322,619.05. On this site is the new 4l-story Hotel Pierre, with 738 guest rooms, and other public space. Earnings: The building is about completed, so that no earning statement will be available for at least a year. The manage- ment is experienced, high-grade and bespeaks successful operation. Price Range: January-May, 1930—97-97. Fox Office Building (New York City) First Mortgage Fee 1942 Sinking Fund 6% Bonds. Amount: $1,700,000. Dated: January 1, 1927. Maturity: January 1, 1942. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Conn., Penn., Maryland, Mass. Redemption: 103 to 1930; then 10214 to 1933; then 102 to 1936; 101% to 1939; 101 to 1941; par thereafter. Trustee: Guaranty Trust Company. Assessed 1930: $940,000. Appraised: $1,853,474. Security: Fee estate in land fronting on Tenth Avenue be- tween 55th and 56th Streets, 200 feet on Tenth Avenue, south frontage on 55th Street 275 feet, and north frontage on 56th Street 293 feet—three-story concrete building used for laboratories, offices, studios. etc. 133,500 square feet of Hoor space. Earnings: Building leased to Fox Film Corporation for three years beyond bond term, at net annual rental of $300,000 plus taxes, operating expense, etc. The bond interest amounts to $152,236. Fox Film Corporation owns the stock of the obligor, Fox Film Realty Corporation, and its earnings are reported in Standard Statistics, as averaging $3,040,773 per annum for last seven wvears. The Roosevelt (New York City) (New York United Hotels, Inc.) Twenty-Year 6% 1947 Sinking Fund Debentures Amount: $5,500,000 ($241,000 retired), $5,259,000 outstanding. Dated: February 1, 1927. Maturity: February 1, 1947. Interest; February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Massachusetts. Redemption: 105 to 1932; then 104 to 1937; then 103 to 1942; then 102 to 1945; thereafter 101. Trustee: Central Hanover Bank and Trust Co. Stock warrants: Each $1,000 carries right to purchase before Feb. 1, 1932, 10 shares of no-par Class A stock, 2 shares at $40; 2 at $45; 2 at $50, 2 at $55 and 2 at $60—$500 in same ratio. Assessed 1930: Tand ......o0n.n $5,250,000 Land and building .......ooovee 0 eaeines 11,050,000 Appraised: 1927—Brown, Wheelock: Harris, Vought & Co, INC. eee treet ee eran ene seaneeaneeeans $9,500,000 Prior lien on fee reduced to... 1,950.000 Property: The Obligor owns the leasehold estate in plot of ground one entire city block square, in the Grand Central district, bounded by Madison Avenue, Vanderbilt Avenue, 46th Street and 47th Street: and the 21-story hotel erected thereon. New York Central interests own the fee, and the lease runs to 1943 with the right to two 2l-year renewal periods, subject to lessor’s right, at end of first renewal, to purchase the building at its then value. The ground rental amounts to $280,000 annually. The fee estate is subject to a mort- gage originally $3,000,000, the proceeds of which Lessee advanced to Obligor as part of the cost of constructing the building. This mortgage is the debt of the New York Central interests, not the Obligor. The New York Central interests have reduced this mortgage to its present amount of $1,950,000. The advance to Obligor is to be repaid dur- ing the first 21-year term, and is defined in the lease as “additional rent.” This constitutes this indebtedness a charge on earnings, and, therefore, prior to these deben- tures. 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 restrie- tive clauses, against mortgaging, paying dividends on pre- ferred 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 con- trolled 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, Cali- fornia, District of Columbia, Kentucky, Michigan, Mary- iand, Iowa, Minnesota, New Hampshire, Virginia, Massa- chusetts, 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. Assessed 1930: "LANE, wc 5 25 prwgemes « $3,425,000 Lands and buildings .......ce0veen. ... 4,100,000 Security: Leasehold estate in the property at the southwest corner of Fifth Avenue and 36th Street, 95x166, and two adjoining buildings, each eight stories and two basements— one leased to Russek’s Fifth Avenue, Inc. ladies’ apparel, and the other to Wise Shoe Store—both leases running be- yond bond term. Earnings: Each lease is on a net rental—that is, the lessor pays the operating expenses, taxes, etc. The Russek lease rental is $250,000 and the Wise Shoe Store, $100,000. Net earnings for 1926 were $205,981.82 1927 215,041,32 1928 231,216.00 1929 239,550.00 Maximum bond interest—$90,000 Varick Street Station ‘New York City Postoffice) 1st Mortgage Fee Sinking Fund 6% Bonds Amount: - $3,000,000 ($1,000,000 reserved; $183,500 retired; out- standing $1,816,500. Dated: August 1, 1924. Maturity: August 1, 1941. Interest: February and August 1st. Denominations: $1,000, $500 and $100. Taxes: Federal 2%. Redemption: 102 to 1939: 101 to 1941—or as a whole—after 1928 at par. Trustee: Irving Trust Company. Assessed 1930: $1,700,000. Appraised: Wm. Kennelly, Inc, and Fenimore C. Goode, at over—$3,000,000. Security: Fee estate in land, area 163,000 square feet, and the four-story building located at 34 to 50 Varick Street, New York City, used for postal purposes. Earnings: The building is leased to the United States Govern- ment for a term extending beyond the maturity of the bonds, at an annual rental of $300,000. The operating cost during 1928 amounted to $56,323, and while this expense in may vary, the net rentals seem ample to meet the interest and amortization charges on these bonds, and the stability of the lessee entitled them to good investment position. Textile Building (New York City) First Mortgage Fee 6% 1958 Sinking Fund Gold Loan Amount: $7,350,000. Dated: November 1, 1928. Maturity: November 1, 1958. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—also District of Columbia and any State tax not exceeding 5 mills, and Massachusetts 6% income tax. Redemption: 105 to 1931; 104 to 1934; 103 to 1938; 102 to 1943; 101% to 1948; 101 to 1953—thereafter par. Trustee: New York Trust Company. Legal for Trust Funds in New York. Appraised: $11,500,000. Assessed 1930: $6,500,000. Security: Fee estate in land located on the east side of Fifth Avenue between 30th Street and 31st Street, Fifth Avenue frontage, 197 feet; 30th Street frontage, 164 feet; 31st Street frontage, 200 feet—and the sixteen-story office and mercan- tile building erected thereon completed in 1921. Junior lien: These bonds are followed by the lien of $2,400,000 General Mortgage 7s, due in 1948. Earnings: Year 1923 1924 1925 1926 1927 1928 Available for bond interest $786,038 801,688 855,177 861,388 875,056 883,174 Price Range: January-May, 1930—93545-90. 11 Station “F” (New York City Postoffice) First Mortgage 5%% 1947 Sinking Fund Bonds Amount: $550,000. Dated: February 1, 1927. Maturity: February 1, 1947. Interest: February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, California, Kansas, Maryland, Kentucky, Michigan, District of Colum- bia, Virginia, Iowa, New Hampshire, Massachusetts. Redemption: 102 to 1932; thereafter 101. : Trustee: New York Trust Company. Appraised: F. J. Bachelder & Co., Inc.—$944,000. Assessed 1930: $650,000. Security: Fee estate in land 160x983; at 221-229 East 34th Street, and the three-story mail~handling depot or building erected thereon. Earnings: Property leased to United States Government for a term extending beyond the maturity of the bonds, at an- nual rental of $55,250, with the option to the Government to purchase at certain prices at different dates during the lease, all bonds to be redeemed in event of purchase. The net available for interest is at least 1.75 times fixed charges, and considering the stability of the lessor, these bonds have good investment quality. Barc-Ray Holding Corporation (New York City) 5-Year Guaranteed 61% Collateral Trust Bonds Amount: $3,000,000. Dated: July 15, 1929. Maturity: July 15, 1934. Interest: January and July 15th. Denominations: $1,000 and $500. Taxes: 2% Federal—Minnesota, Montana, Pennsylvania, Con- necticut, Vermont, California, Oklahoma, Maryland, District of Columbia, Michigan, Colorado, Kansas, Kentucky, Wy- 2 oming, Nebraska, Virginia, Iowa, New Hampshire, Massa- chusetts. Redemption: For release purposes 101; redemption 103. Trustee: Straus National Bank & Trust Company. Guaranteed: Unconditionally by Frederick Brown. Prior Deposited Property Liens Appraisal Equity Collateral 480 Park Avenue, Manhattan ....... $4,600,000 $7,700,000 $3,100,000 $863,000 42 Broadway ....... 5,500,000 7,500,000 2,000,060 980,000 N. E. Cor. 5th Ave. and 36th St. ...... 1,472,000 3,000,000 1,528,000 818,000 Madison Ave. and 37th St. ... 1,455,750 3,855,750 2,400,000 1,400,000 4.061,000 Cw The Obligor deposits with the Trustee four mortgages total- ing $4,061,000 on land in Manhattan valued at $22,055,750 against which there are liens prior to the deposited collateral amounting to $13,027,750. The president of Obligor, Frederick Brown, a prominent and extensive operator in Manhattan properties, guarantees the bonds. The properties are all well ocated. 55 Fifth Avenue Building (New York City) First Mortgage 1944 Sinking Fund Gold Loan 6% Amount: $2,000,000; outstanding $1,778,000. Dated: November 1, 1924. Maturity: November 1, 1944. Interest: May and November Ist. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Md., Mass. Redemption: 103 to 1934; then 102 to 1939; 101 thereafter. Trustee: Manufacturers Trust Co. Legal for investment of trust funds in New York. Appraised: Fenimore C. Goode Co., Inc, $3,185,000; Wm. Ken- nelly, Inc, $3,125,000. Assessed, 1930: $2,125,000. Security: Fee estate in land at the northeast corner of Fifth Avenue and 12th Street, 18,312 square feet and the 18-story office and store building erected thereon. Building contains about 300,000 square feet of floor space. Earnings: The property subject to this mortgage is owned by the Midburn Realty Corporation, 52 William Street, New York City. We are advised that 17 of the eighteen floors are rented to reliable tenants in the publishing and in- surance business, all long-term leases. Since date of mortgage $222,000 principal has been retired. The net earn- ings for 1929 amounted to $192,130; interest charges $105,- 843, or 1.8 times earned. Woodbridge Building (100 William Street, New York City) First Mortgage 534% 1941 Sinking Fund Gold Loan Original amount: $2,500,000—outstanding $2,436,000. Dated: April 1, 1926. Interest: April and October 1st. Denominations: $1,000 and $500. Redemption: 103 to April 1, 1930; then 102 to April 1, 1935; then 101 to April 1, 1940—thereafter at par. Taxes: 2% Federal—Pennsylvania, Connecticut, Kansas, Cali- fornia, Maryland, Kentucky, District of Columbia, Michi- gan, Virginia, Massachusetts. Trustee: New York Trust Company. Legal for Trust Funds in New York. Appraised: Land by Brown Wheelock. Harris Vought & Co, Inc. viii i iii Building, Clinton & Russell, Architects...... $1,865,000 2,450,000 $4,315,000 Assessed 1930: $2,600,000. Security: 100 William Street Corporation owns the fee estate in the plot of ground fronting 121.7 feet on William Street, 145 feet on John Street and 163.7 feet on Platt Street— «4g 18,800 square feet with 430 feet street frontage. Building is thirteen stories, rising to seventeen stories on back part, and has 192,000 square feet of rentable area. Ztna Life Insurance Company leases approximately 60% of the net rentable area, and the lease extends beyond the term of this loan, and has assumed leases of other tenants aggre- gating over 10% of balance. Earnings: Year 1928— Net income available for interest.............. Interest on $2,428,500 534% outstanding Decemni~ ber 31, 1928...... .. April to December, 1926, interest earned....... 1927, interest earned............n... 1928, interest earned..... 1929, not available $286,735.13 139,638.75 1.45 times 1.67 times 2.06 times Fuller Building (New York City) 15-Year 6% 1944 Sinking Fund Debentures Amount: $3,000,000. Dated: January 1, 1929. Maturity: January 1, 1944, Interest: January and July 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, Kentucky, California, District of Columbia, Massachusetts. Redemption: 105 to 1932; then 104 to 1935; then 103 to 1938; then 102 to 1941—thereafter 101. Trustee: National City Bank. Guaranteed: By United States Realty & Improvement Com- pany. Obligor owns the property in Manhattan, New York City, known as the Fuller Building, a 40-story office building at the northeast corner of 57th Street and Madison Avenue, on which there is a bonded indebtedness of $5,000,000 5ls due in 1949. These debentures are not secured by lien—but are protected by restrictive covenants in the indenture which insures the application of earnings to these debentures. The debenture, 15 however, is judged by the stability and earnings of the guar- antor—United States Realty & Improvement Company which are as follows: 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 $897,092 2.487.803 2.704,650 3.335,691 3,365,569 4,224,089 5.421.939 5,522,095 5,516,303 5.666.184 Chrysler Building (New York City) First Mortgage Leasehold 1948 Sinking Fund 6% Bonds Amount: $7,500,000. Dated: October 1, 1928. Maturity: October 1, 1948. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Minnesota, Pennsylvania, California, Connecticut, Vermont, Maryland, District of Columbia, Colorado, Nebraska, Kansas, Kentucky, Virginia, Iowa, New Hampshire and Massachusetts. Trustee: Central Hanover Bank & Trust Company. Appraised: Cushman & Wakefield, Inc. ................ $13,780,000 Brown, Wheelock, Harris, Vought & Co., Inc. 13,000,000 Security: Leasehold estate extending to 1953 with two 21-year renewal privileges, leased from Cooper Union, fee unen- cumbered, average annual rental $267,000, in plot of ground with entire block frontage on east side of Lexington Ave- nue between 42nd and 43rd Streets, area 37,555 square feet, 20010” frontage on Lexington Avenue, 205 ft. frontage on 43rd Street, and 1672” frontage on 42nd Street. Site is improved with the world’s tallest building, sixty-eight stories and tower, with subway entrance in building. Record: Building will not be completed for several weeks, but present rentals are approximately 65%. Price Range: January-May, 1930—951-9514. Central Zone Building (New. York City) First Mortgage Fee 1941 Sinking Fund 6% Certificates Amount: $2,000,000. Dated: February 15, 1929. Maturity: February 15, 1941. Interest: February and August 15th. Denominations: $1,000, $500 and $100. Taxes: 29, Federal—Pennsylvania, Connecticut, California, Vermont, Maryland, District of Columbia, Virginia, Colo- rado, Nebraska, Kentucky, Kansas, Minnesota, Iowa, Massa-~ chusetts and New Hampshire. Redemption: For sinking fund 101, otherwise 103 to 1934: then 102 to 1939; then 10115. Trustee: Straus National Bank & Trust Company. Legal for Trust Funds in New York. Appraised: Cushman & Wakefield, Inc. ........ ....... 3,000,000 Kenneth Slawson Hobbs, Inc. ............... 3,025,000 Assessed 1930: Land $300,000; building not completed. Security: Fee estate in plot of ground running through a city block having a street frontage of 125 feet on north side of 45th Street and a street frontage of 100 feet on the south side of 46th Street, between First and Second Avenues, area 22,593 square feet—and the twenty-four- story loft and office building about completed thereon. Record: Building completed February 1, 1930, approximate rental 50% in addition to pending leases. Lincoln Building (New York City) First Mortgage 5%% 1953 Sinking Fund Gold Loan Amount: $16,000,000. Dated: June 1, 1928. Maturity: June 1, 1953. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, Michigan, California, District of Columbia, Massachusetts. Redemption: 103 to 1938; then 104 1938-1943; 103 1943-1948; 102 in 1948; thereafter par. Trustee: Chase National Bank of New York. Legal for Trust Funds in New York. 17 Appraised: Chas. F. Noyes & CO. ..oovvvnvenrenen..o. $25,869,000 Assessed 1930: Land $8,000,000; building not completed. Security: Fee estate in an area of 42,051 square feet, fronting 18114 feet on 42nd Street, 17934 feet on 4lst Street, and 49.75 feet on Madison Avenue, in New York City, and the 52-story office building completed in 1930, with 915,000 square feet of rentable area. Equity: These certificates are followed in lien by $5,500,000 616% debentures due in 1948, and $1,600,000 6% purchase money notes due in 1935. Record: Building opened March 1, 1930. Price Range: January-May 1930—9614-91 Postum Building (New York City) First Mortgage Leasehold 1943 Sinking Fund Gold 6%% Amount: $3,000,000—outstanding $2,664,000. Dated: October 25, 1923. Maturity: November 1, 1943. Interest: May and November 1. Denominations: $1,000, $500 and $100. Taxes: 2% Federal--Pennsylvania 4 mills. Redemption: 105 to November 1, 1933; 104 to November 1, 1938; thereafter at 103. Trustee: New York Trust Co., New York. Appraised: Douglas L. Elliman & Co., Inc, and Cush- man & Wakefield, InC......evveveere..... $5,600,000 Assessed 1930: Land $2,450,000; land and building, $6,400,000. Security: Leasehold estate extending to 1944 with two 21- year renewal options from the New York Central interests, in the plot of ground extending 200 feet along the west side of Park Avenue between 46th and 47th Streets, and lying between Park Avenue and Vanderbilt Avenue, im- proved with a 20-story stores and office building. Ground rental during first 21-year term is $110,000 per annum. No mortgage can be placed on the fee. Building well situated in the Grand Central district. Earnings: 1929—Net available for interest.............. Interest charges on this issue.......... Times earned .......coeeerernensanns Price Range: January-May, 1930—9716-97%. | § Wadsworth Building (44-48 Cedar Street, New York City) First Mortgage 6% 1953 Sinking Fund Gold Loan Original amount: $3,250,000—outstanding $3,168,500. Dated: August 1, 1924. Maturity: August 1, 1953. Interest: April and October 1st. Denominations: $1,000 and $500. Redemption: As a whole at 101—for sinking fund 103 to 1930; then 102 to 1940; then 101 to 1952. Taxes: 2% Federal—Pennsylvania, Connecticut, California, Maryland, Kentucky, District of Columbia, Michigan, Vir- ginia and Massachusetts. Trustee: United States Mortgage & Trust Co. Legal for trust funds in New York. Assessed 1930: $3,800,000. Appraised: William Kennelly, Inc, and S. Osgood Pell & Co. in excess of $5,175,000. Security: Cedar-William Street Corporation owns the fee estate in the plot of ground at the southwest corner of Cedar and William Streets, in the heart of the financial district, 167.3 feet on Cedar Street and 80.2 feet on William Street, total area 12625 square feet, and the 18-story modern office building erected thereon, with a basement entrance to the subway. The building has a rentable area of 142,866 square feet. Earnings: Year ended December 31, 1928— Cros COMI -vonvesiarsssmuniniissmsinis Taxes, operating expenses and insurance. . Interest requirements Times earned .. $317,595.22 192,210.00 1a Fuller Building (New York City) First Mortgage 1949 Sinking Fund 5%% Gold Loan Amount: $5,000,000. Dated: January 1, 1929, Maturity: January 1, 1949. Interest: January and July 1st. 1Q Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, District of Columbia, Kentucky, California, Massachusetts. Redemption: 105 to 1932; then 104 to 1935; then 103 to 1939; then 102 to 1944; 101 thereafter. Trustee: National City Bank. Legal for Trust Funds in New York. Appraised: Geo. R. Read & Co. ... Assessed 1930: $5,000,000. Security: Fee estate in land at the northeast corner of 5th Street and Madison Avenue, 150x74, 12,910 square feet area, and a forty-story office building erected thereon, but recently completed, known as the “Fuller Building.” Junior Lien: These certificates are followed in lien by $3.000,- 000 6% debentures, due in 1944. Note: ‘This building is only recently completed, and is not yet in full operation. It is owned by G. A. F. Realty Corporation, a subsidiary of United States Realty & Im-~ provement Company. For the net earnings of this company, we refer you to page 16. Savoy Plaza Realty Extension (New York City) First Mortgage 5%% 1945 Sinking Fund Bonds Amount: $4,000,000. Dated: February 1, 1928. Maturity: December 1, 1945. Interest: June and December lst. Denominations: $1,000 and $500. Taxes: 2% Federal--Pennsylvania, California, Maryland, Massachusetts. Redemption: On or before December 1, 1930, at 104; thereafter 149% less for each successive year. Trustee: Empire Trust Company. Security: The fee estate in a plot of ground fronting 125 feet on 58th Street and 125 feet on 59th Street, running through the entire block (200 deep) adjoining the plot fronting on Fifth Avenue, the mortgage plot being improved with a six-story building which is part of the operating unit of the main hotel. so constructed presently to form an air 0 and light guarantee to the main building, and to carry a superstructure in the future. This property, though sepa- rately mortgaged, is in fact part of the Savoy-Plaza unit, and the security should be so viewed. Record: The earnings of this property are not separately re- ported, but are incorporated in the earnings of the parent company, United States Realty & Improvement Company. (See page 16.) Graybar Building (New York City) First Mortgage 5% Leasehold Series A 1946 Sinking Fund Bonds Amount: $10,500,000. Dated: June 1, 1928. Maturity: June 1, 1946. Interest: June and December Ist. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, California and Massachusetts. Redemption: 103 to 1933; then 102 to 1938; then 101 to 1943; thereafter par. Trustee: Chase National Bank, New York. Appraised: Horace S. Ely & Company.... Assessed 1930: Land ....... $5,900,000 Land and building .............- ........ 16,700,000 Security: Leasehold estate, 68,200 square feet area, entire block frontage on the west side of Lexington Avenue, between 43rd and 44th Streets, and the 30-story office building erected thereon. The building has a direct entrance into the Grand Central Terminal and the subway stations, con- tains 1,000,000 square feet rentable area, and was completed in 1927. The fee is owned by the New York Central in- terest, and the lease extends to 1988 (the rentals to 1946 being $300,000 per annum). The New York Central inter- ests then have an option to purchase the building at its then value, or grant two more 21-year renewals of the lease on a 5% valuation rental. Equity: These bonds are followed by an issue of $1,500,000 51,9 Series B bonds, of which $240,000 have been paid off to June 2, 1929. 21 Earnings: During seven months of 1929 the net earnings avail- able for interest amounted to $853,650, and the interest to $462,463—or 1.85 times earned, on a 94% occupancy. Price Range: January-May, 1930—88-871%, J. C. Penney Building (New York City) First Mortgage Fee 514% Serial Bonds Amount: $3,750,000. Dated: May 1, 1925. Maturities; May 1, 1928, to 1950. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: None. Redemption: 1% premium for each five-year period or frac- tion from call to maturity. Trustee: Manufacturers Trust Company. Assessed 1930: $4,250,000. Security: Fee estate in plot of ground 235 feet on both West 33rd Street and West 34th Street, between Eighth and Ninth Avenues, and a modern 18-story office and ware- house building—constructed for the use of J. C. Penney Co., Inc. Building leased to the J. C. Penney Co, Inc, for twenty-six years at rental sufficient to pay inter- est and amortization on bonds, operating expenses, etc, patie in effect makes the lessee the guarantor of these onds. Earnings: J. C. Penney Co. Inc, net income— 1921 $1,254,634 1922 3,325,719 1923 4,490,294 1924 4,686,572 1925 7,452,567 1926 8,918,272 1927 oiiveiiinienns 8,948,699 1998 10.588.971 Park Lane Corporation (299 Park Avenue, New York City) First Mortgage Leasehold 61% 1943 Sinking Fund Bonds Original Amount: $1,750,000-—outstanding $1,630,000. Dated: June 1, 1925. 79 Interest: June and December 1. Denominations: $1,000, $500 and $100. Redemption: 103 to June 1, 1930; 102 to June 1, 1935; 101 thereafter. For Sinking Fund at 105. Taxes: 2% Federal—Pennsylvania and Connecticut 4 mills, Massachusetts 6%. . Trustee: Chatham Phenix National Bank & Trust Company. Appraised: Cost of producing building and equipment appraised by Dwight P. Robinson & Co., Ing, af wissvemman sisipn. we Wolions § Mortgaged property appraised by W. Albert Pease, Jr, at ....... Assessed 1930: Land ...e.vovnnn.. $2,400,000 Land and building ......... , cee. 5,350,000 Becurity: Park Lane Corporation owns the leasehold estate which extends, with renewal privileges, to 1964, with a con- ditional right to a further term of twenty-one years or to have the building purchased by the Lessor, in the 30,000 square feet of ground extending the entire east side of the block front on Park Avenue (200 feet) and Park Lane (a private right-of-way) and 150 feet along 48th and 49th Streets—also the 13-story high-type residential hotel com- pleted in the fall of 1924. The fee is owned by the New York Central interests, and is subject to a $2,000,000 mort- gage, which is not the obligation of Park Lane Corpora- tion, however, but of the New York Central interests. Earning record: For nine months ending September 30, 1929— GroSS TEVENUE ...cevvverennaennsananna.. $1,178183.61 Operating expenses including real estate taxes. administrative expenses. etc. ... 790,635.67 Operating income .... Rentals. ete. .. © $387,547.94 175041 67 Available for interest, before depreci- ation and Federal tax............. Interest requirements on first mortgage hous commnniiysven Times interest is earned. $215.506.27 80,792.82 9 Eq Price Range: Januarv-May, 1930—88-8515. D9) Chesebrough Buildings (New York City) First Mortgage 6% 1948 Sinking Fund Gold Loan Amount: $3,500,000—retired $171,000; outstanding Dated: October 1, 1923. Maturity: October 1, 1948. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal Redemption: 105 to 1933; then 102% to 1943; then 12% less each year thereafter. Trustee: Central Hanover Bank & Trust Company. Legal for Trust Funds in New York. Appraised: Joseph P. Day, Inc. ...... Chas. F. Noyes Co. .... Assessed 1930: $3,791,000. Security: 1—Battery Park Building, 21 to 24 State Street, land 14,630 square feet and 12-story office building. Maritime Building, 8-10 Bridge Street, 13,483 square feet and the 1l-story office building thereon erected. Maritime Annex Buildings—19-23 Pearl Street and 22-24 Whitehall Street and the four- and five-story office buildings thereon erected—land area 8,271 square feet, rentable area 29,000 square feet. .Chesebrough Building, 9-17 State Street; 10-1215 Pearl Street; land 17,532 square feet; 1l-story office build- ing, 95,860 square feet rentable area. The obligor on these bonds (Chesebrough Building Com- pany) is a subsidiary of City Service Company, and all the properties are on the lower end of Manhattan, some facing Battery Park. Earnings: ~ Available Fixed for interest charges 1923 $602,326 $210.000 1924 568,330 210,000 1925 *R7,525 210,000 1926 13,790 215,642 1927 25.959 213,028 1928 585,118 223,627 1929 539,806 201,240 Price Range: January-May, 1930—101-96%%. 24 Times earned 2.87 3.18 3.17 3.13 3.36 2.62 268 Professional Center Building (New York City) First Mortgage Leasehold Sinking Fund Gold 7% Amount: $1,000,000. Dated: July 1, 1927. Maturity: July 1, 1947. Interest: January and July 1st. Denominations: $1,000, $500 and Taxes: 2% Federal—District of come and any State taxes. Redemption: 105 to 1937; decreasing 4% each year thereafter. Trustee: Fulton Trust Co. of New York. Appraised: Horace S. Ely & Co. ..... Fred T. Ley, completed building... Assessed 1930: Land ..oopvsnnminns $1,300,000 Land and building ...... ceeeee. 2,400,000 Security: Leasehold estate extending twenty-one years from May, 1927, with two 21-year renewal privileges, covering the ground at the northeast corner of Sixth Avenue and 57th Street, and the 18-story professional and store building erected thereon, completed in May, 1928. Earnings: Building about 60% rented, present signed leases total $300,000 and income therefrom is sufficient to cover bond interest. Building now owned by Champion Securi- ties Corporation, which represents minority stock of A-C Spark Plug Company, which is in turn controlled by General Motors. New York Athletic Club (New York City) First and General Mortgage 1948 Sinking Fund 6% Bonds Amount: $6,250,000 ($1,250,000 retired by release of parcel)— $5,000,000 outstanding. Dated: October 1, 1926. Maturity: October 1, 1946. Interest: April and October 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pennsylvania 4 mills, Massachusetts 6% income. D5 Redemption: For sinking fund at 101; otherwise at 1025. Trustee: Walter S. Klee. Appraised: New Clubhouse .......... Travers Island properties......... Furniture and Furnishings $7,250,000 1,022,366 750.000 Total of properties now under mortgage. . Assessed 1930: Manhattan Parcel ........oeeececereeeerees $5,250,000 Security: (1) Fee estate in entire block front on the east side of Seventh Avenue, between 58th and 59th Streets, 200.10 on Seventh and 100 feet on 59th, across from Central Park, and the new 22-story clubhouse erected thereon in 1929, completely furnished. (2) Fee estate in the so-called Travers Island ground and country club located in Pelham, Westchester County, New York, covering about 17 acres of ground with riparian rights. This parcel, however, is to be released when the bonded indebtedness is reduced to $4,000,000. Note: The mortgage originally covered the equity in the old clubhouse site at 6th Avenue and 59th Street, which made the mortgage to that extent a general or second mortgage. This parcel has now been released, and bonds to the extent of $1,250,000 representing its release value have been re- deemed, thus making the existing mortgage a first mort- gage. Equity: These bonds are followed in lien by $1,000,000 Second Mortgage Ts, due in 1938. Earnings: The Club is a fraternal organization, in existence 62 years, with a total of 8,013 members. Its net earnings in 1928 amounted to $392,358. Its 1929 earnings are as follows: Net $401,887. Interest on these bonds outstanding $360,494. ¥ The Club purchased $51,500 of the outstanding bonds. Price Range: January-May, 1930—99-97%4. $9.022.366 Roxy Theatre (New York City) First Mortgage Fee 6%% Bonds. Amount: $4,250,000—retired $263,000; outstanding $3,987,000. Dated: October 29, 1925. iq Maturities: October 20, 1928 to 1940. Interest: April and October 20th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Maryland, Dist. Columbia, Virginia, Massachusetts. Redemption: 105 to 1930; then 104 to 1935; then 103 to 1940. Trustee: Straus National Bank and Trust Company. Appraised: Cushman & Wakefield, Inc....... W. Albert Pease, Jr......... Assessed 1930: $4,550,000. Security: Fee estate in ground 290-ft. frontage on 50th Street through to 190-ft. frontage on 51st Street, and a 6,000-seat super movie theatre under the management of “Roxy,” with an entrance from 7th Avenue through the Manger Hotel Building (lobby is a lease). Junior Liens: 5-yr. 64% Sinking Fund Notes $2,050.000 now outstanding. Earnings: Theatre opened in March, 1927. The 1928 net was $607,677. Statement of October 25, 1929, shows earned sur- plus, $915,004.55 and current assets, $1,404,137.92. Price Range: Januarv-May, 1930—983/4--96. Broadway Barclay Office (Transportation) Building (Southwest Corner Broadway and Barclay, New York City) First Mortgage 1941 Sinking Fund 6% Bonds Amount: $6,750,000—outstanding $6,635,000. Dated: February 1, 1926. Maturity: February 1, 1941. Interest: February and August 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Calif,, Conn,, Penn.. Vi., Maryland, D. of C., Kas., Ky., Mich., Mass. Redemption: 103—for Sinking Fund at 101. Trustee: Straus National Bank and Trust Company. Appraised: Pease & Elliman, Inc, land. Fred T. Ley & Co., building. $2,500,000 6.619,000 $9.119.000 3 Assessed 1930: $6,750,000. Security: Fee estate in the plot of ground 100x163 on the southwest corner of Broadway and Barclay, directly across from the Woolworth Building and from the City Hall Square, in the heart of the business downtown district, and the 42-story office building erected thereon, completed in 1928 known as “Transportation Building.” Earnings: Building has been in operation less than two years. $115,000 in principal amount has been paid off—1929 income was as follows: GroSS voveerreen-cnn-- Operation, ete. ..... Ins. taxes. reserves. . $979,764 448,713 531,051 405.000 Interest on bonds.............. Price Range: January-May, 1930—100-95, Belmont Building (Southeast Corner Madison Ave. and 34th St., New York City) First Mortgage 20-Year 6%% 1944 Sinking Fund Certificates. Original Amount: $2,400,000—outstanding $2,182,500. Dated: August 1, 1924. Interest: February and August 1st. Denominations: $1,000, $500 and $100. Redemption: At par on 60 days’ notice. Sinking Fund: Now $200,000 per annum. . Taxes: 2% Federal-—Penn. and Conn. 4 mills, Md. 4% mills, Mass. 6%. Leeal for trust funds in New York. Appraised: Fenimore C. Goode Co. Inc, William Kennelly, Inc, and W. Albert Pease, Jr.. $3,660,000. Assessed 1930: $2,690,000. Security: The property, owned in fee, is located at the south- east corner of Madison Avenue and 34th Street, New York City, the plot being 153.2 feet on 34th by 49.5 feet on Madison, the center portion extending to a 25-foot frontage on 33rd Street—area 12,658 square feet—and a new 17-story and two-basement office and display room building, the first three floors and basement of which is leased for 20 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 1926 1927 1928 1929 Net $376,449 563,179 Ti3 ..T4 As the maximum interest on this issue is $96,000—the $168,000 in effect guaranteed by the lessee, is more than ample to meet all interest and amortization under these bonds, and the stability of the lessee gives the bonds a good investment position. Savoy-Plaza (New York City) 10-Year 5%% 1938 Sinking Fund Debentures. Amount: $7,000,000. Dated: February 1, 1928. Maturity: February 1, 1938. Interest: February 1 and August 1. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Calif, Maryland, Mass. Redemption: 10215 to 1932, thereafter 14% less for each suc- ceeding year. Trustee; National City Bank. Capitalization: First Mortgage Fee and Leasehold 20-year 6s Dec. 1, 1945... cv veveiininnnnnrenen.....$10,500,000 Realty Extension First Mortgage 5% Gold Loan due 12-1-45................. even... 4,000,000 Ten-year 5%%% 1938 Sinking Fund Deben- tures (this issue)......................... 17,000,000 Property: The Obligor owns the land, fee and leasehold, 55,000 square feet, on the east side of Fifth Avenue, between 58th and 59th Streets, New York City, (1) plot fronting on the Avenue 200x150x150 being improved with a 29-story hotel and (2) the contiguous plot in rear, running parallel to the main plot 125x125x200, from 58th to 59th Streets (through center of block) being improved with a 6-story addition to the main building. Security: The Savoy-Plaza Corporation, owner of the proper- ties and obligor on these debentures, is a subsidiary of United States Realty and Improvement Company. This latter company, and the Childs Company (corporate owners 2() of the Childs system of dining-rooms and restaurants) have contracted to purchase Obligor’s preferred stocks and pay therefor amounts equal to the amounts Obligor may re- quire from time to time to meet the maturing interest and sinking fund requirements of these debentures in event Obligor fails to pay them from its own resources. Later the Childs interests were purchased by U. S. Realty and Improvement Company, and the total obligation of the stock purchase agreement was assumed by United: States Realty and Improvement Company, thus making these debentures in effect guaranteed by it. Earnings: See net of United States Realty and Improvement Company, page 16. Price Range: January-May, 1930—91-8714. Savoy-Plaza Corporation (New York City) First Mortgage Fee and Leasehold 1945 Sinking Fund 6s Amount: $10,500,000. Dated: December 1, 1925. Maturity: December 1, 1945. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2% Federal-—Penn.,, Conn., Md., Calif, Ky., Va, Mass. Redemption: 105 to Dec. 1, 1926, then %% less for each suc- ceeding year. Trustee: Equitable Trust Company of New York. Appraised: Albert B. Ashforth, Inec.... Pease & Elliman...... Assessed 1930: Land .......... $ 8,500,000 Land and building .............oc0vevea... 17,200,000 Security: 45,000 sq. {eet in fee, and 10,000 sq. feet in leasehold, in the plot of ground on the east side of Fifth Avenue between 58th and 59th Streets, across from Central Park— 55,000 sq. feet in all, and the new 29-story Savoy-Plaza Hotel erected thereon, fronting 200 feet on Fifth Avenue, 150 feet on 58th Street and 150 feet on 59th Street—the hotel contains 982 guest rooms. The Savoy-Plaza Corporation is controlled through stock 21 ownership by United States Realty and Improvement Com- pany, and its earnings are not reported separately from the parent company. Junior Lien: Following these bonds are $7,000,000 10~-yr. 514% debentures. For net earnings of parent company, U. 8S. Realty and Improve- ment Company, see page 16. Price Range: January-May, 1930—97-9234. Saks Realty Corporation (New York City) Leasehold Mortgage Serial 6% Bonds Amount: $6,500,000—outstanding 1-31-30 $6,050,000. Dated: April 1, 1926. Maturity: April 1, 1927 to 1946. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn. and mills, Mass 6%. Redemption: ¥ of 1% for each unexpired year or fraction. Trustee—Chase National Bank. New York. Conn. 4 mills, Maryland 415% Appraised: Brown, Wheelock, Harris Vought & Co., $10,000,000. Assessed 1930: Land ..oa0iqinmvens .. $ 87100,000 Land and building ............c.vvveenne.. 10,900,000 Security: Leasehold estate (except for 42-foot frontage owned in fee) in the plot of ground with entire block frontage on Fifth Avenue, 200 feet with an average depth of 204 feet, from 49th Street to 50th Street, and the 10-story department store erected thereon, containing 231.691 sa. feet of selling space, completed in 1924. The lease, with renewal privileges, extends to 2027, and the fee is mortgaged for $1,757,856 and can be increased to two- thirds of the appraised value of the land. The rental under the lease is $300,000. The whole property is leased by Saks Realty Corporation to Gimbel Bros, Inc., at an annual rental of $1,100,000 plus taxes, operating expenses, ground rents, etc, which is in effect a guarantee by Gimbel Bros., Inc, of these bonds. The capital and surplus of Gimbel Bros. Inc. for 1929, is given by Moody as $48,316,237. Prudence-Bonds Corporation Prudence First Mortgage Guaranteed 5%% Participating Certificates Legal for trust funds in the state of New York. These certificates are issued by Prudence-Bonds Corporation and evidence the participation or ownership in bonds and mortgages constituting first liens against specific parcels of real estate, the owner being entitled (1) to his share in the mortgage lien on the particular property, and (2) to the guaranty of the principal and interest of the certificate by The Prudence Company, Inc. The Prudence Company, Inc., incorporated in New York in 1919, operates, under the supervision of the New York Banking Department, the business of financing real estate, purchasing first mortgages, building loans, ete. lieu of the earnings of the particular properties, the com- parative balance sheet of the guarantor for 1927 and 1928 is given. Its 1929 capital and surplus are $17,181,775. Assets: Cash ..... . eran Prudence Bonds, ctfs., etc.... Mortgages ......... Accrued interest.............. Marketable securities......... Dther assets Ce Liabilities: Preferred stock Common stock Bonded debt ............... Interim certificates, ete....... Due bank ................ Unpresented coupons....... Accounts payable.... Tax reserve .......-. ..oves. Advance payments .......... Reserve for interest.......... Surplus . 1928 $3,887,238 9,011,787 20,858,946 2,892,919 2,613,527 2.445.239 $41,709,656 5,000,000 5,000,000 14,600,000 1,675,150 4,000,000 144,488 140,356 TAT 2,284,612 1,807,238" 6.3007 $41,709,656 1927 $10,677,586 2,662,022 17,549,145 2,073,338 2,332,491 691.962 $35,986,544 5,000,000 5,000,000 14,800,000 2399 566 352,336 301,725 650,313 1,165,017 1,369,033 5.025.554 $35,986,544 4 Some of the properties in Manhattan, New York City, against which these certificates are issued, are: 45 Park Avenue Apartment Building. 77 Park Avenue Apartment Building. 107 West 86th Street Apartment Building. 360 Central Park West Apartment Building. 461 8th Avenue (Printing Crafts Building). 655 Park Avenue Apartment Building. 1070 Park Avenue Apartment Building. 1111 Park Avenue Apartment Building. 1230 Park Avenue Apartment Building. The Bolivar (NE. cor. 83rd and Central Park West) Apart- ment Building. The Dryden (150 East 39th St.) Apartment Hotel. Hotel Manger (7th Ave, 50th to 51st St.). Olcott Apt. Bldg, 27 West 72nd Street. Park Rovale Apts., 23 West 73rd Street. Hotel Lexington (New York City) First Mortgage Fee 6% 1943 Sinking Bond Certificates Amount: $3,900,000 Series A. Dated: May 1, 1928. Maturity: November 1, 1943. Interest: May 1st, November 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn. Vt, Maryland, D. C,, Va, N. H. and Mass. Redemption: For Sinking Fund at 101—otherwise 102. Trustee: Manufacturers Trust Company. Legal for the Investment of Trust Funds in New York. Fund Series A Appraised: Pease & Elliman, Inc.......... Cushman & Wakefield, Inc........... Assessed 1930: Both parcels, $4,475,000. Security: Fee estate in land 174.6 x 100.5—on the southeast corner of Lexington Avenue and 48th Street, New York City, on which is erected a 25-story hotel completed in 1930, and an adjoining parcel at 129 East 47th Street, 20 x 100.5. Junior liens: These certificates are followed by (1) $600,000 Series B issued under the same indenture, junior in lien— and (2) by $650,000 7% general Mortgage Bonds. Earnings: The property was only recently opened, and no earnings will be available for at least a year. It is over 95% occupied, however, and under a sound management. Price Range: January-Mayv, 1930—9615-95, Loew's Theatre and Realty Corp. First Lien 6% 1947 Sinking Fund Bonds (Fees, Leaseholds, Collateral) Amount: $10,500,000; retired, $125,000; outstanding, $10,375,000. Dated: March 15, 1927. Maturity: March 15, 1947. Interest: March and September 15th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Calif., Conn., Penn... Md, Mich, D. C, Iowa, Minn., Mass. Redemption: 103 to 1932; 102 to 1942; 101 to 1946—then par. Trustee: Equitable Trust Company. Appraised: Fee estates ...... Leaseholds ............ Buildings and equipment.................... First mortgages (at two-thirds apbraised value of property)..... Stock pledged ..... Security: Fees— Loew's Canal Theatre Building, New York City. Loew's 8th and 9th St. Theatre, Brooklyn, New York. Loew's New Rochelle Theatre, New Rochelle, New York. Loew's Syracuse (N. Y.) Theatre. Loew's Theatre and Office Building, Richmond, Va. Leaseholds: Loew's Theatre, Providence, R. L Loew’s Theatre, Canton, Ohio. Loew's Palace Theatre, Memphis, Tenn, First Mortgages: Amounting to $3,110,000 on buildings owned in part by Loew's, three in New York and vicinity. one in Memphis. IN Earnings: Loew's Theatre and Realty Corporation is a wholly owned subsidiary of Loew's, Inc. So far the earnings of these properties are not reported separately, but are part of the earnings of Loew's, Inc. Standard Building Corp. (Albany, N. Y.) First Mortgage Sinking Fund 6% Gold Loan Certificates Amount: $2,150,000; outstanding, $2,139,000. Dated: April 1, 1927. Maturity: Oct. 1, 1948. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Minn., Pa, Conn., Kansas, Calif, Md, Ky. D. of C., Mich., Va., Mass. Redemption: 103 to 1932; then 102 to 1937; thereafter at 101. Trustee: Irving Trust Co., New York. Legal for Trust Funds in New York. Appraised: (Appraiser not named), $3,275,000. Security: Fee estate in land, and the 12-story office building erected thereon, located at State (67 ft.) Street, Lodge Street (246 ft), and Howard Street (69 ft.) in Albany, New York—net rentable area of building 163,400 sq. ft. Earnings: Standard Oil Company of New York leases the upper six floors and part of basement (80,740 sq. ft.) for a period extending beyond maturity of these bonds, at an annual rental of $206,000—the earnings from this half of the space being sufficient to meet all interest requirements oh entire issue. Dodge Building (53 Park Place, New York City) First Mortgage Fee 20-Year Sinking Fund 6%% Bonds Amount: $1,200,000; outstanding, $1,069,500 1-31-30. Dated: July 1, 1923. Maturity: July 1, 1943. Interest: January and July 1st. Denominations: $1,000, $500 and $100. 8 Taxes: 2% Federal. Redemption: 105 to 1933; then 103 to 1938; thereafter 101. Trustee: Equitable Trust Company. Legal for investment of Trust Funds in New York. Appraised: $1,819,568. Assessed 1930: $1,150,000. Security: Fee estate in land at West Broadway, Park Place and Murray Street, New York City, with frontages of 16411” on West Broadway; 724” on Park Place, and 50 feet on Murray Street—total area 10,000 sq. feet—and the 12-story office building completed in 1922, with 114,750 sq. feet of rentable area. Earnings: For year 1929: Net INCOME + vvvrirereereaneneneeseennnnns.. $138,254.01 Interest on 614s outstanding , 69,517.50 The Barbizon (New York City) First Mortgage Fee 6% Bonds Amount: $3,000,000; outstanding $2,907,500 4-30-30. Dated: October 15, 1927. Maturity: Semi-annually Apr. and Oct. 15, 1929-1939. Interest: April and October 15th. Denominations: $1,000 and $500. Taxes: 2% Federal—Any State tax up to 5 mills, Mass. 6% income tax. Redemption: 102. Trustee: Chase National Bank, New York. Legal for Trust Funds in New York. Appraised: Land, Chas. F. Noyes Company.. Building, Starrett Bros...... Furniture and fixtures Cv... $1,100,000 . 8,421,700 275 000 $4 796.700 Assessed 1930: $2,850,000. Security: Fee estate in land located at the southeast corner of Lexington Avenue and 63rd Street, 13,250 square feet, and 7 bs 22-story club residence erected thereon completed spring of 1929. Earnings: Actual net earnings for 10 months of 1929.. $302,862.94 Interest on bonds ..ovvevvernennes . 139,025.00 The Barclay (New York City) 1945 Sinking Fund Leasehold Convertible 672% Bonds Amount: $1,200,000. Dated: June 1, 1925. Maturity: June 1, 1945. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: Federal 2%—Penn., Conn., Maryland, D. C., Mass. Redemption: 105 to 1935; then 104 to 1940; thereafter 103. Convertible: Into Series B common stock 2 shares for each $100 of bonds. Trustee: New York Trust Company. Appraised: Leasehold by Brown, Wheelock, Harris, Vought & Co....ovvvennn Cost of Building ... Prior Lien on Fee estate, for money advanced toward cost of Bldg... 7,600,000 2,500,000 $5,600,000 Equity for this issue.... Assessed 1930: Land convqssopsne $2,850,000 Land and building ...... vee... 6,500,000 Security: Leasehold estate in ground west side of Lexington Avenue, entire block frontage from 48th to 49th Street, 20010” on Lexington, and 205 feet each on 48th and 49th Streets (certain planes underground excepted fpr train run- ways, etc.) fee owned by New York Central interests. On this site there is built a 14-story residential hotel, “The Barclay,” completed in 1926. The lease extends to 1946, RQ with two 21-year renewal options, or at option to New York Central to buy the building at expiration of 1st renewal. The New York Central interests mortgaged the fee for $2,500,000 which it advanced toward the cost of the building, this sum being repaid as additional rental under the lease. Junior Lien: This bond issue is followed in lien by $1,200,000 7% gold notes due in 1940. Its stock consists of: Series A common .................. 48,000 shares Series B into which these bonds are convertible o.oo evi ire. 24.000 shares Earnings: Actual earnings 1927—available for interest.... $294,894 Interest charges on these bonds, same period.. 78,000 3.78 times American Woman's Realty Corporation (American Women’s Association Clubhouse, New York City) 25-Year Sinking Fund Mortgage 61% due December, 1952. Amount: $1,500,000 ($602,000 repurchased and held in Treas- ury); outstanding $398,000. Dated: December 1, 1927. Maturity: December 1, 1952. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2% Federal--Penn., Conn., Kas., Calif, Maryland, Iowa, Ky., D. C, Mich,, Va., Mass. Redemption: After June 1, 1930, at 10212. Trustee: Equitable Trust Company. Stock Purchase warrants: 10 shares for each $1,000—at $50 per share to 1929, increasing $1 per share each year up to $58 in 1937. Appraised: Joseph P. Day, Inc., and Pease & Elliman.... Prior Lien 5% to 5% mortgage due in 1942, Metropolitan Life .. Equity in this issue Assessed 1930: $5,100,000. $6,510,750 3,400,000 $3,110,750 HE Security: Fee estate in plot running through entire city block, with a frontage of 155 feet on north side of West 57th Street, to a frontage of 135 feet on the south side of West 58th Street—and the 26-story hotel and clubhouse erected thereon, completed in 1929. Lease: The building is leased by American Woman's Associa- tion, Inc., for 25 years at an annual rental of $600,000 plus one-half association’s annual net profits from operation of building. Note: This building has not been in operation a full year as yet, but has a present occupancy of 88%, and a substantial working capital and cash reserves. One Park Avenue Building {New York City) First Mortgage Fee 6% Serial Bonds Amount: $5,750,000; outstanding, $5,433,000. Date: November 6, 1924, Maturities: November 6, 1927 to 1939. Interest: May 6th and November 6th. Denominations: $1,000 and $500. Taxes: 2% Federal. Redemption: 102. Trustee: Straus National Bank and Trust Company. Appraised: Horace S. Ely & Company. $7.500.000. Assessed 1930: $6,350,000. Security: Fee estate in land with entire east side frontage on Park Avenue, between 32nd Street and 33rd Street, extend- ing back on side streets to middle of block, ground area 45,000 square feet—and the 17-story office. stores and loft building completed in 1926. Earnings: Issue has been reduced $307,000 in principal amount, and data furnished show occupancy of 613,955 square feet out of a total area of 656,869—with a rent roll of approxi-~ mately $1,200,000 against which interest and amortization charges approximate $460,000. Price Range: January-May, 1930—98-96. {0 One West 57th Street Properties (New York City) Five-Year General Mortgage 6% S. F. Guaranteed Bonds. Amount: $3,000,000. Dated: December 1, 1928. Maturity: December 1, 1933. Interest: June and December 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Calif.,, Conn., Vt, Maryland, D. C, Colo., Neb., Kas., Ky., Va.. Iowa, Minn.. N. H., Mass. Redemption: 101. Trustee: Straus National Bank and Trust Company. Guaranteed: Principal and Interest unconditionally guaranteed bv Frederick Brown. New York City: I. West side 5th Avenue, 57th to 58th Streets 2. N. E. corner 5th Avenue and 52nd Street ~. 145-147 East 57th Street 8th Avenue and 35th Street, S. E. corner 54 East 59th Street, 25x100.5 S. FE. corner 9th Avenue and 58th Street Parcel Appraised Value $11,000,000 2,675,000 900,000 100,000 200,006 400.000 Prior Lien $6,000,000 1.400,000 510,000 700.000 L. 2, 3 | Equity $5,000,000 1,275,000 390,000 400,000 200,000 A00 000 $16,275,000 $8,610,000 Earnings from above properties ......... Interest on First Mortgages . $7,665,000 $1,064,750 412.500 Amount available for interest on this issue Maximum interest .. Price Range: January-May, 1930—98-98. © $652,250 180,000 41 Fifth Avenue and 28th Street Building (New York City) First Mortgage 6%% 1945 Sinking Fund Certificates Amount: $2,000,000—outstanding $1,900,000. September 30, 1929, Dated: November 25, 1925. Maturity: November 15, 1945. Interest: May and November 15th. Denominations: $1,000, $500 and $100. Redemption: 103 to November 15, 1935; then 102 to November 15, 1939; 101 thereafter to November 15, 1943—then par. Sinking Fund: $50,000 annually commencing May 15, 1928. Legal for trust funds in New York. Appraised: Land appraised by Brown, Wheelock, Harris, Vought & Co, Inc. ....oovve einaveanns Land and building, Charles F. Noyes & COTAPATIY +2 svarma sss staves serves vos Land and building, Thoens & Flaunlacher, Assessed 1939: $2,200,000. Security: The 5th Avenue and 28th Street Realty Co. Inc, owns the fee estate in the land on the southeast corner of Fifth Avenue and 28th Street, New York City, fronting 86.10 feet on Fifth Avenue and 125 feet on 28th Street, irregular depth, containing approximately 11,100 square feet, and a modern 24-story office and loft building thereon completed in 1927, 225,000 square feet of rentable area. Earning Record: Wel Tenials suvisnrrrsisms rusrernn Operating expenses, real estate taxes. ete. .. 1929 ¢ 393.958 132.830 261,128 1,900,000 Interest requirements—itimes earned 2.11 Net available for interest, deprecia- tion and Federal taxes .......... First mortgage 6%s outstanding September 30 . i ierenee 1928 ¢& 320365 132.6'79 197.286 1,950,000 158 Price Range: January-May, 1930—96%2-90. 4 Two Park Avenue Building (New York City) First Mortgage Fee 1941 Sinking Fund Gold 6% Amount: $6,500,000—outstanding $6,435,000. Dated: December 15, 1926. Maturity: December 15, 1941. Interest: June and December 15th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Kansas, Minn., Calif, Conn., Pa, Vt, Md, D. of C.,, Mich,, Va, N. H., Mass. Redemption: For Sinking Fund at 101; otherwise redeemable at 102%. Trustee: Straus National Bank & Trust Co. Assessed 1930: $8,350,000. Appraised: Horace S. Ely & Co. ....... $9,000,000 S. W. Straus & Co. ..... .... vee... 8,887,096 Security: Fee estate in 40,487 square feet, 197,x205x205, ex- tending entire west side block front on Park Avenue, be- tween 32nd and 33rd Streets, Manhattan, and the 25-story office and loft building erected thereon, completed in May, 1929. Junior Lien: These bonds are followed in lien by $2,500,000 Second Mortgage 6% 1939 Bonds. Earnings: 1929 net, available for bond interest........ Interest on this issue...... Times earned ..... Price Range: January-May, 1930-—9914-9615, Fifth Avenue and 29th Street Building (New York City) First Mortgage 6% 1948 Sinking Fund Certificates Amount: $3,250,000. Dated: February 1, 1928. Maturity: February 1, 1948. Interest: February and August Ist. qn Denominations: $1,000, $500 and $100. Redemption: 104 to February 1, 1935; then 103 to February 1, 1938; then 102 to February 1, 1941; then 101 to February 1, 1944—then par. Sinking Fund: Semi-annual—to retire $97,500 per annum com- mencing August 1, 1930. Legal for trust funds in New York. Appraisal: By Chas. F. Noyes & Co, Inc. ....... By Adams & Co, Inc. ....... Assessed 1930: $3,650,000. Security: Fifth Avenue and 29th Street Corporation is the owner in fee of the plot of ground at the southeast corner of Fifth Avenue and 29th Street, New York City, 98.9 on Fifth Avenue by 160.6 feet on 29th Street, containing 15,850 square feet—on which is erected a modern 25-story store, show-room and office building, 4,633,000 cubic feet, with 297,000 square feet of net rentable area—completed in 1929. Earnings: Actual rents as of October 1, 1929............ Expenses, including taxes and operating...... $398,775 157,500 $241,275 Bond interest ........... . ce... 195,000 Note: During this period the building was not under full operation. Price Range: Januarv-Mav, 1930—88-801%. Fifth Avenue and Fifty-fifth Street Building (New York City) First Mortgage Leasehold 1945 Sinking Fund 6%% Bonds Amount: $1,800,000—retired $120,000, outstanding $1,680,000. Dated: June 1, 1926. Maturity: December 1, 1945. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2%—Penn., Conn., Maryland, Mass. Redemption: 105 to 1931; then 104 to 1936: 103 to 1941; 102 to 1943; 101 to 1945. Trustee: Chatham Phenix National Bank & Trust Company. Appraised: Harris Vought & Co, ..- Geo. R. Read & Co. ... .... Horace S. Ely & Co. .. .... -.. Assessed 1930: Land ......... $4,100,000 Land and building ..... ~... $6,100,000 Security: Leasehold estate in approximately 18,000 square feet of land at the northeast corner of Fifth Avenue and 55th Street, New York City, 120x150, and the 14-story office and commercial building erected thereon. Lease extends to 1946 with two 21-year renewal privileges, average annual rental during bond term, $181,753. Earnings: Building 100% rented, comparatively long-term leases. 1929 net earnings available for interest....... Interest charges on this issue during said period a 4 bP BA BB 4 & Times earned . Price Range: January-May, 1930-97-95 42 Broadway Building (New York City) First Mortgage Fee 6% Sinking Fund Bond Certificates Amount: $4,000,000—retired February 14, 1929, $500,000; out- standing $3,500,000. Dated: January 1, 1924, Maturity: January 1, 1939. } Interest: January and July 1st. Denominations: $1,000. Taxes: 2% Federal. . Redemption: 10134 to 1934; then 101 to 1937; 100% to 1938— thereafter par. Trustee: Central Hanover Bank & Trust Company. Legal for Trust Funds in New York. Assessed 1930: $6.000.000. Appraised: Chas. F. Noyes & Co. ..... Joseph P. Day, Inc. .. sseneane $6,000,000 6.025.000 q5 Security: Fee estate. in ground fronting 116 feet 31% inches on Broadway and 115 feet 7 inches on New Street, extend- ing through entire block, and a 21-story and two-basement building, with a rentable area of 283,000 square feet, in the center of the financial district. Earnings: 1924 1925 1926 1927 1092 Available for fixed charges $380,996 414,035 373,420 385,592 359.918 Fixed charges $236,865 252,882 242,057 237,743 235.829 Times earned 1.60 1.64 1.54 1.62 153 Price Range: January~-May, 1930—100-100. 43 Exchange Place Building (New York City) First Mortgage Fee Sinking Fund 6% Amount: $2,500,000—outstanding $1,990,000. Dated: March 1, 1923. Maturity: March 1, 1938. Interest: March and September 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—-Pa., Conn. Redemption: 105 to 1933—thereafter 1% less each year. Trustee: Central Hanover Bank & Trust Co. New York. Assessed 1930: $3,500.000. Appraised: Geo. R. Read & Co. $3,400,000 Joseph P. Day, Inc. 3,550,000 Chas. F. Noyes Co. ......... we... 3,800,000 Security: Fee estate in 9,500 square feet of land at 43-45-47-49 Exchange Place, New York City, and the 25-story brick office building erected thereon. Property situated in the center of the downtown financial district. Net rentable area of building, 135,000 square feet. Equity: These bonds are followed in lien by $650,000 second mortgage bonds. Barings Lies years—all interest paid, and $510,000 principal paid off. 16 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. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal--Penn.. Conn., Vt, Md, D. of C, Va, N. H,, Mass. Redemption: Sinking Fund 101—otherwise 102. Trustee: Chatham Phenix National Bank & Trust Company. Legal for investment of trust funds in New York. Appraised: 1928 Kenneth Slawson Hobbs, Inc. .............. J. Irving Walsh ........... Assessed 1930: $1,300,000. Security: Fee estate in land at the southeast corner Fifth Avenue and 12th Street, 68x125, 8,500 square feet, and 16- story apartment building and penthouse erected thereon, completed in October, 1929. Penthouse apartment occupied by former Governor Alfred E. Smith. Earnings: Building under operation only six months—present rentals, $200,740; vacancies, $38,900; six months net, $169,- 373; interest six months, $30,000. Equity: This issue is followed by $150,000 614% general mort- gage bonds. 60 Broad Street Building (New York City) First Mortgage Fee 6% Bond Participating Certificates Amount: $1,195,000—outstanding $1,131,350. Dated: February 1, 1927. Maturity: February 1st, in years 1929 to 1939, inclusive. Interest: February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal and any State up to 5 mills, Mass., 6%. Redemption: 103. Trustee: Chase National Bank of New York. Legal for trust funds in New York. Assessed 1930: $1,700,000. Security: Fee estate in land 47x100 at 60 Broad Street, be- tween Beaver and Exchange Place, in the heart of the 40 downtown financial district, Manhattan, and the 21-story office building erected thereon. Earnings: All interest paid in prior years, and $63,650 of principal paid off. 1929, Net available for fixed charges....... Interest on funded debt....... ... $140,452.33 70.215.00 Times earned .. 29 60 Broadway Building (New York City) Ten~Year 7% 1934 Sinking Fund Gold Notes Amount: Original $1.000.000—outstanding December 31, 1928, $869,000. Dated: October 1, 1924, Maturity: October 1, 1934, Interest: April and October 1st. Denominations: $1,000, $500 and $100. Redemption: At 110 on 30 days’ notice. Taxes: Federal 2%—Penn. and Conn., 4 mills; Mass., 6%. Trustee: Equitable Trust Company, New York. Appraised: . Joseph P. Day, Inc, and McKim. Mead & White ..iiviiiriiiiiriniinnnnnnnnss First mortgage due in 1954 5% ........ $5,554,965 2'900.000 Equity back of gold notes..... Assessed 1930: $3,950,000. . Security: 60 Broadway Building Corporation owns the fee estate in the plot of ground bounded by Broadway, Ex- change Place and New Street, in the financial district, across New Street from the Stock Exchange. The plot has 9,000 square feet, and erected thereon is a 23-story office building. The property is subject to a first mortgage in the sum of $2,900,000 5% due in 1954. Earnings: Interest earned in 1925 1926 1927 1928 1929 $5 654.965 1.23 114 114 118 215 times {{ 61 Broadway Building (New York City) First Mortgage 5%% 1950 Sinking Fund Gold Loan Amount: $9,500,000—retired $452,000; outstanding $9,048,000. Dated: October 1, 1925. Maturity: October 1, 1950. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Kas., Calif, Md, Xy., D. of C., Mich., Va., Mass. Redemption: 103 to 1935; then 102 to 1940—thereafter 101. Trustee: New York Trust Company. Legal for trust funds in New York. Assessed 1930: $11,300,000. Appraised: Land, Geo. R. Read & Co. ....vvvveirnnnn. Building, McKim, Mead & White...... .. $4,900,000 11.179.736 $16,079,736 Security: Fee estate in plot extending 105 feet on Broadway, 202 feet on Exchange Alley, 111 feet on Trinity Place, and 209 feet on north line—area 22,200 square feet—and the 32-story office building erected thereon, in the center of the downtown financial district of Manhattan. . Equity: This issue is followed by the lien of $2,748,000 General 7% bonds due in 1945. Earnings: Available for interest 21,298,735 1,294,398 1,294,931 vee... 1304815 Price Range: Januarv-Mayv. 1930—96156-93. 80 Fifth Avenue Building (New York City) First Mortgage Fee 6% Bonds Amount: $1,000,000—outstanding $896,400 January 1, 1930. Dated: June 1, 1925. a) Maturity: June 1, #240. Interest: June and December Ist. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Calif, Ky. D. of C., Mich, . Va, Mass. Redemption: 103 to 1930; then 102 to 1935, and 101 thereafter. Trustee: New York Trust Company, New York. Legal for trust funds in New York. Appraised: 1927 by J. Romaine Brown Co. ............. W. Albert Pease, Jr. ......oouv...s Assessed 1930: $1,400,000. Security: Fee estate in land on the southwest corner of 14th Street and Fifth Avenue (7,800 square feet) and the 16- story office building erected thereon. Earnings: 1926 1927 ....... 1928 ........ 192g Net $129,076 116,279 105,267 93.897.53 Bond interest $60,000 57,720 55,710 53.784 Times earned 2.15 2.01 1.89 1.77 111 John Street Building (New York City) First Mortgage Fee 6% 1948 Sinking Fund Bond Certificates Original amount: $2,500,000. Dated: August 1, 1928, Maturity: August 1, 1948. Interest: February and August lst. Denominations: $1,000 and $500. Redemption: 103 to August 1, 1935; 102 to August 1, 1941; then 101 to February 1, 1948. Sinking Fund: Beginning June 1, 1930. Trustee:’ Central Hanover Bank & Trust Company. Legal for trust funds in New York. i Assessed 1930: $3,900,000. Appraised: Geo. R. Read & Co. and Chas. F. Noyes Company, Inc.,, at not less than.......... $4,000,000 Junior Lien: $375,000 7% General Mortgage Bonds. Security: Fee estate in the plot of ground with an entire block front on John Street between Cliff and Pearl—192 feet front- age on John Street, 113 feet on Cliff Street, 55 feet on Pearl Street, and 196 feet rear and a 26-story modern office building, ground area 16,115 square feet. Building is in center of insurance district, and in Septem- ber, 1929, was over 90% rented, though completed in April. Present rentals (February 21, 1930)......... $665,000 Vacancies (February 21, 1930)...........uu.. 9,500 Excess of present rentals over interest and amortization ...... $495.000 Price Range: January-May, 1930—9612-94. 301 East 38th Street Building (New York City) First Mortgage Fee 1939 Sinking Fund 6% Bond Certificates Amount: $850,000. Dated: July 11, 1929. interest: January and July Ist. Maturity: July 1, 1939. Denominations: $1,000 and $500. Taxes: 2% Federal-—Minnesota, Montana, Pennsylvania, Con- necticut, Vermont, California, Oklahoma, Maryland, West Virginia, District of Columbia, Michigan, Colorado, Kansas, Kentucky, Wyoming, Nebraska, Virginia. Iowa, New Hamp- shire and Massachusetts. Redemption: For Sinking Fund 101; otherwise 102, Trustee: Straus National Bank & Trust Company. Legal for the investment of trust funds in New York. Appraised: Slawson & Hobbs................... Mark Rafalsky & Company... Assessed 1930: $1,100,000. $1,320,000 1.395.000 10 Security: Fee estate in land fronting 100 feet on East 38th Street, depth 98'9”, L-ing onto Second Avenue, and the 16- story apartment building erected thereon—in the Grand Central District. Note: Building opened October, 1929, and is 70% rented. 522 West End Avenue Apartment Bldg. (New York City) First Mortgage Fee 6% Serial Bond Certificates Amount: $675,000—outstanding $478,500. Dated: July 30, 1924, Maturities: July 30, 1927 to 1936. Interest: January and July 30th. Denominations: $1,000, $500, and in 1936 maturity $100s. Taxes: 2% Federal. Redemption: 1025. Teugtos, Central Hanover Bank & Trust Company of New ork. Legal for the investment of Trust Funds in New York. Appraised: Nassoit & Lanning.......... Slawson & Hobbs, Inc. ....... Assessed 1930: | $890,000. Security: Fee estate in 75-foot frontage on the east side of West End Avenue (27 feet north of 85th Street) by 100 feet deep—area 7,500 square feet—and the 15-story apart- ment building erected thereon. Earnings: Average net income for past three years approxi- mately $70,000 per annum. Indebtedness reduced $23,500. 1929, Net available for bond interest.......... $76,150 Interest on funded debt.............. 38,150 199 ease Millinery Center Building (Northeast Corner Seventh Avenue and 38th Street, New York City) First Mortgage Leasehold 7% 1944 Sinking Fund Bonds Original amount: $2,000,000—outstanding $1,615,000. Dated: June 1, 1924. 20 Maturity: June 1, 1944. Interest: June and December lst. Denominations: $1,000, $500 and $100. Redemption: 105 to June 1, 1934—thereafter decreasing %% each year. ] Sinking Fund: $110,000 per annum commencing June 1, 1926. Trustee: Equitable Trust Company of New York. Assessed 1930: Land .....covcvvunnn Land and building ...... Appraised: Joseph P. Day & Co. ......... $3,670,771 Fenimore C. Goode CO. vvvvverivrenesneens. 3,347,500 Security: Millinery Center Building Corporation owns the leasehold estate (21 years from May 1, 1924, with right to two renewals of 21 years each—ground rental $50,000 to May 1, 1926, and $100,000 for next 19 years) in the plot of ground 19,800 square feet at the northeast corner of Seventh Avenue and 38th Street, and a modern office and loft building completed in January, 1926, having a cubical content of 5,560,000 feet and 350,000 square feet rentable area. The cost of the building, as certified by the Cor- poration to the Trustee (Equitable Trust Company), was $3,614,764. Earning Record: Net rentals available for interest, depreciation, and Federal taxes.. Interest earned on 7% bonds ..... First amount outstanding... ...... $ 452,142 § 447,779 400 3.70 1615000 1,725,000 Price Range: January-May, 1930—99-97 Harriman Building (39 Broadway, New York City) First Mortgage Fee 1951 Sinking Fund 6% Loan Amount: $5,450,000—outstanding July 31, 1929," $5,281,000. Dated: November 1, 1926. Maturity: November 1, 1951. Interest: May and November lst. Denominations: $1,000 and $500. =A Taxes: 2% Federal—Penn., Conn. Maryland, D. of C, Ky., Mass. Redemption: 105 to 1927; then 1% less for each succeeding year up to 1947—thereafter par. Trustee: American Trust Company. Legal for trust funds in New York. Assessed 1930: $6,900,000. - Appraised: Pease & Elliman, Inc.......... co... $8,400,000 Chas. F. Noyes Company.......... veel. 8,442500 Security: Fee estate in 17,150 square feet of land, frontage of 89 feet on Broadway, extending back 190 feet to Trinity Place—and the 36-story office building erected thereon, with 330,000 square feet of rentable area. Location is in the center of the Manhattan financial district. - In the fall of 1929 this property was purchased by the Fred F. French interests, who report Annual rentals for last year................ $1,395,000 Operating, taxes and rental expenses....... 585,000 Net for interest....... Interest on these bonds. $810,000 313.170 Price Range: January-May, 1930—100-98%4. Trinity Buildings (New York City) First Mortgage Fee 5%% 1939 Sinking Fund Bonds Amount: $7,000,000; retired, $2,315,500; outstanding, 4-15-30, $4,684,500. Dated: June 1, 1919. Maturity: June 1, 1939. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2% Federal. Redemption: 102 to 1934—thereafter 101. Trustee: Guaranty Trust Company. Legal for trust funds in New York. Be Appraised ....... veevee. $16,000,000 Assessed for tax purposes in 1930 ......... 14,300,000 Security: Fee estate in the ground bounded by Broadway, Trinity Churchyard, Trinity Place, Cedar Street, with Thames Street intersecting. On this property the two build- ings, 111 Broadway, and 115 Broadway, are erected—both 21-story high-type office buildings, in the very heart of Manhattan’s downtown financial district. Guarantor: The buildings are owned, and the bonds are the obligations of, Trinity Buildings Corporation, controlled through stock ownership by United States Realty and Im- provement Company, which latter corporation guarantees this issue of bonds. Earnings: The earnings of these buildings are not reported separately, but are part of the earnings of the guarantor, United States Realty & Improvement Company, which are as follows: Net income $897,092 2,487,803 2,704,650 3,335,691 3,365,569 4,224 089 5,421,939 5,522,095 5,516,303 ~. 5,666,184 Price Range: January-May, 1930—10015-100%. a aes 100 West 55th Street Building (New York City) First Mortgage Fee 1940 Sinking Fund 6%% Bonds Amount: $1,400,000; retired, $125,000; outstanding, $1,275.000. Dated: January 15, 1925. Maturity: January 15, 1940. Interest: January and July 15th. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., D. C., Mass. Redemption: 104 to 1930; then 103% to 1935; thereafter 103. Trustee: Metropolitan Trust Company. Assessed 1930: $1,875,000. . Appraised: J. Romaine Brown & Co., $2,260,000. Security: Fee estate in approximately 10,000 square feet of land at the southwest corner of Sixth Avenue and 55th Street, 100x100—and the 15-story apartment building erected thereon. Earnings: Due to the foreclosure of a junior lien and the re- ceivership incident thereto, a report of earnings would not fairly represent the full earning power of this property. The information furnished from reliable sources indicate that the property is now in strong hands, and all moneys due under the mortgage securing these bonds have been promptly met. Further data not available. 50 Broadway Building (New York City) First Mortgage 6% 1946 Sinking Fund Gold Loan Amount: $4,500,000; retired, $108,000; outstanding 10-14-29, $4,392,000. Dated: March 1, 1926. Maturity: March 1, 1946. Interest: March and September 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn, Conn, Kas., Calif, Md, Ky., D. C, Mich., Va., Mass. Redemption: 103 to 1936; then 102 to 1940; thereafter 101. Trustee: New York Trust Company. Legal for Trust Funds in New York. Assessed 1930: $6,000,000. Appraised: Land, Geo. R. Read & Co.; Building, McKim, Mead & White. Total $7,300,000. Security: Fee estate in plot at No. 50 Broadway, just south of Exchange Place, extending through entire block to New Street—and the 35-story bank and office building erected thereon. Property very well located in downtown financial district, and earnings good. Record: 1929, net earnings available, for interest $338,737; in- terest $132,195—2.56 times earned. Price Range: January-May, 1930—9914-9814. Br 165 Broadway Building (New York City) First "Mortgage Fee 5%% Sinking Fund 1951 Gold Loan Amount: $9,500,000; retired, $207,000; outstanding 2-1-29, $9,- 293,000. Dated: August 1, 1926. Maturity: August 1, 1951. Interest: February and August 1st. Denominations: $1,000 and $500. . Taxes: 2% Federal—Penn., Conn., Calif, Kas, Maryland, Dist. of Columbia, Ky., Mich., Iowa, Mass. . Redemption: 103 to 1931; then 102 to 1941: then par. As a whole, at 101. Trustee: New York Trust Co. Legal for Trust Funds in New York. Appraised: Land, Geo. R. Read & Co.......... Building, McKim, Mead & White............ $5,500,000 10,580,007 $16.080.007 Assessed 1930: $10,400,000. Security: Fee estate in 26,800 square feet of land fronting on Broadway, Cortland, and Church Streets, in the heart of the downtown financial district, and the 32-story office building thereon, with 470,000 sq. feet of net rentable area and also a plot adjoining at No. 9 Church Street, containing 3,440 sq. feet and improved with a five-story office ‘building. Equity: These bonds are followed by $1,792,000 General 7% Bonds due in 1941. ] Earnings: Available for bond interest before Federal taxes: 1926 . $1,075,948 1927 1,075,002 1928 1,019,124 1992G gR7.624 * * Apparent decline in 1929 due to alterations for Chemical Bank and Trust Company. in new quarters Price Range: January-May, 1930—93-881%, 1 Munson Building (New York City) First Mortgage Fee 15-Year 614% Sinking Fund 1939 Loan Amount: $4,000,000; outstanding, $3,385,000. Dated: May 1, 1924. Maturity: May 1, 1939. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Maryland, Mass, D. C. Redemption: 105 to 1934—thereaiter 1% less each succeeding year. Legal for the Investment of Trust Funds in New York. Assessed 1930: $4,300,000. Appraised: . Joseph P. Day, Inc......... ~v... $6,010,000 Wm, Kennelly & Co, Inc.......... ........ 6,075,800 Security: Fee estate in 12,160 sq. ft. of land, and the 25-story building erected thereon, at 67 Wall Street, known as the Munson Building—well located in the Wall Street district of downtown Manhattan. Guarantor: These bonds are guaranteed by Munson Steamship Lines, which controls the Obligor through stock ownership. Earnings: The earnings of the building are consolidated with the earnings of the guarantor, whose balance sheet as of June 30, 1928, shows capital and surplus of $9,683,782. Price Range: January-May, 1930—97146-97%. Equitable Office Building (New York City) 35-Year Sinking Fund 1952 5% Debentures Amount: $10,500,000; retired, $1,957,000; outstanding, $8,537,000. Dated: September 1, 1917, Maturity: May 1, 1952. Interest: May and November 1st. Denominations; $1,000. Taxes: None. Redemption: At par. Trustee: Empire Trust Company. BG Assessed 1930: $31,750,000. Value (as carried in April 30, 1929, balance sheet, less depreciation).................. $33,172,553 First Mortgage; Equitable Life............. 19,371,881 Equity ....... 2 ceenee... $14,800,672 Security: Fee estate subject to the above first mortgage, in the entire block of land bounded by Broadway, Cedar, Nassau and Pine Streets, and the 40-story office building known as “120 Broadway” —the world’s largest office build- ing. Earnings: 1927 1928 1929 A Bat SP 4 UE BEA Se Available for interest - Interest $2,959,470 $1,327,005 3,150,574 1,312,383 3.336.140 1.295.332 Times earned 2.23 2.40 260 Price Range: January-May, 1930—92-8734. The Alden (New York City) First Fee 6s—Serial Amount: $3,000,000; outstanding 7-1-30, $2,807,500. Dated: January 1, 1926. Maturities: Jan. and July 1, 1930 to 1941. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal. Redemption: 103 to Jan.. 1931; then 102% to Jan., 1936; there- after 102. Trustee: Chatham Phenix National Bank and Trust Company. Legal for Trust Funds in New York. Assessed 1930: $3,250,000. Appraised: Pease & Elliman, Inc., $4,500,000. Security: Fee estate in land at the northwest corner of 82nd Street and Central Park West, 175 ft. frontage on Central Park West by 152.2 on 82nd Street, and the 15-story apart- ment building. erected thereon. The property is owned by a subsidiary of Bing & Bing, Inc. Earnings: Bing & Bing, Inc, do not report the earnings of their buildings separately. The consolidated income of the parent company is as follows: 1929 1928 Total income...... $4,006,573 $4,267,026 Expenses ......... 495,004 1,235,684 Depreciation ...... 11,0942 1,308,634 Balance ...... $2,417,523 $1,722,708 Price Range: January-May, 1930—9814-95. The Dorset (New York City) First Fee Serial 6s Amount: $2,750,000; outstanding 7-1-30, $2,602,500. Dated: May 1, 1926. Maturities: January and July 1, 1930 to 1941. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal-—Penn. and Mass. Redemption: 103 to July, 1931: then 102% to July, 1936; there- after 102. Trustee: Nicholas Roberts. Assessed 1930: $3,050,000. Appraised: Pease & Elliman, Inc, $3,825,000. Property: Fee estate in plot 194 feet 7% inches by 100 feet 5 inches, on the south side of 54th Street, between 5th and 6th Avenues, and the 18-story apartment hotel erected thereon. Earnings: This property is owned by a subsidiary of Bing & Bing, Inc. Iis earnings are consclidated in the income account of Bing & Bing, Inc., which is reported above. Price Range: January-May, 1930-97-96. Hotel St. George (Brooklyn, N. Y.) First Fee 5%% Bond Certificates—Series A Amount: $8,000,000. Date: November 1, 1928. Maturities: May and November 1, 1932 to 1943, iy Interest: May and November 1st. Denominations: $1,000, $500 and $100. Taxes: Fedo 2%——Any state and/or Dist of Columbia, up to 5 mills. Redemption: 105 to Nov., 1931; then 102% to Nov. 1, 1933; then 101% to Now., 1938; 101 to 1942. Trustee: Chase National Bank. Legal for Trust Funds in New York. Assessed 1930: Land .....coiviiiines einnnnn. coven. $2,440,000 Land and building (old part) .............. 7,500,000 New addition not completed or included in assessment. Appraised: David Porter, Inc, Brooklyn, $12,230,750. Security: Fee estate in entire block bounded by Clark, Henry, Pineapple and Hicks Streets, in Brooklyn, and the existing hotel and the 25-story addition thereon, completed in 1930, Equity: These certificates are followed in lien by $500,000 614% Series B certificates. Earnings: This property is owned by a subsidiary of Bing & Bing, Inc. Its earnings are consolidated in the income of the parent company, which are reported on page 61. Note: The Hotel St. George, new addition, has not yet come into full earning power, it having been but recently opened. Larrabee Building (Chicago) First Mortgage 5%% 1954 Sinking Fund Bonds Amount: $2,000,000; $20,000 redeemed; outstanding $1,980,000. Dated: February 1, 1929. Maturity: February 1, 1954. Interest: February and August 1st. Denominations: $1,000 and $500. Taxes: Federal 2%—Minn., Ky., Towa, California, Missouri and Wisconsin. Redemption: For sinking fund at par—otherwise 102%; to 1934; 102 to 1939; 101% to 1953; then par. Trustee: First Trust and Savings Bank, Chicago. Security: Fee estate in land 59,644 sq. ft., at the corner of Chicago Avenue and Roberts Street, adjacent to the Chi- cago River, and the 8-story warehouse, administration offices and retail store occupied by Montgomery Ward & Co., who have contracted to buy the building and pay there- for in 50 semi-annual payments which coincide with the interest and sinking fund requirements on these bonds. This in effect makes the Montgomery Ward & Co. a guar- antor of these bonds. The earnings and rating of Montgomery Ward & Co. are reported in all statistical manuals. Their 1928 gross sales were $232.000.000. Chicago Evening Post Building (Chicago) First Mortgage Leasehold 6% 1947 Sinking Fund Bonds Amount: $1,800,000. Dated: July 1, 1927. Maturity: July 1, 1947. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Mass., Mich. Redemption: 103 to July, 1932; then 102 to July, 1937; there- after 101. Trustee: Central Trust Company of Illinois, Chicago. Appraised: Farnham-Kuhn Company and Paschen Bros. at $3,049,333. Security: Leasehold estate in land at the southeast corner of Wacker Drive and Fork Avenue, three-street frontage, 60x 150x60—and the 19-story office building, which also houses the printing equipment and newspaper plant of the Chicago Evening Post. The lease is a 99-yr. term, and the average rental during the bond-term is $31,750. Earnings: Property leased for 25 years to Chicago Evening Post Company, at a net rental of $216,000—which is twice the maximum interest charges, and 1.44 times interest plus amortization, Beginning July 31, 1931. $150.000 per annum of principal is amortized. Chicago Evening Post has been in the business of publish- ing an evening newspaper in Chicago since 1890, and its standing is so well known no comment is made. na 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. (4g Interest: May and November 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Calif, Md, D. of C, Ky, Mich., Va., Mass. Redemption: 105 to 1930; then 104 to 1935; thereafter 103 to 1940; thereafter 101. Trustee: Manufacturers Trust Co., New York. Guarantee: Principal, interest and sinking fund by Walter J. Salmon until indebtedness is reduced to $4.500.000. Appraised: Brown, Wheelock, Harris Vought & Co., Inc. $11,000,000 Assessed 1930: and cconvonmiiress $5,900,000 Land and building......................... 11,300,000 Security: Leasehold estate in plot of ground running through entire block, from a frontage of 191.8 feet on 42nd Street, 200.10 feet to a frontage of 150 feet on 43rd Street; and a 30-story retail store and office building erected thereon. Present ground rental $5.58 square foot. Present lease with renewals, extend to 1982. Earnings: This building was opened late in the fall of 1927, and during 1927 and 1928, the principal indebtedness was amortized $205,000. In 1929, it was under operation 90%, and its record is: Earnings available for interest.............. Interest charges same period. Times earned............... Amount amortized in 1929... . Price Range: January-May, 1930—09-9114. Sea TR 2.8 £160.060 Dallas Post Office (Dallas, Texas) First Mortgage 6% 1935 Sinking Fund Bonds Amount: $560,000. Dated: September 15, 1925, Maturity: September 15, 1935. Interest: March and September 15th. Denominations: $1,000 and $500. Taxes: 2% Federal-—Penn., Conn., Maryland, D. C., Mass. Redemption: 102 to September, 1931; thereafter 101. R5 Trustee: The Foreman Trust and Savings Bank, Chicago, John W. Bissell, co~trustee. Security: Entire city block in Dallas, two blocks from Union Depot, facing on four streets, and the building thereon, 80,~ 000 sq. ft. floor space, 4,000 sq. ft. basement space, used for the centralization and distribution of parcel post mail Earnings: Leased to United States government for a term ex- tending beyond bond-term at an annual rental of $59,900— and of this sum $48,000 is paid to the Trustee to meet in- terest and sinking fund on these bonds—maximum interest $33,600. Government also pays for heat, light, water and maintenance of conveyor, thus reducing operating expense to a minimum. Boston Postal Service Station (Boston) First Mortgage 10-Year 5%% 1938 Sinking Fund Bonds Amount: $650,000. Dated: July 2, 1928. Maturity: July 1, 1938. Interest: January and July 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—All State taxes up to % of 1%—D. C. 5 mills, Mass income 6%. Redemption: 101. Trustee: Old Colony Trust Company, Boston. Appraised: Land by Henderson & Ross at.............. $289,413 Land by Arthur J. Pearce, Jr............... 267,975 Building, Burtis Brown.........c.co0vvevenn. 743,000 Building, Bernard Miller......... 764,000 Lowest total appraisal... . vere wumsiess LOIOSTB Security: Fee in southeast corner Ipswich Street near Boylston, Back Bay district, and 3-story building—total 127,000 sq. ft. floor space, equipped with ramps—storage space for Post Office motors and vehicles, and service station. Earnings: Entire building leased to U. S. Government for period extending beyond bond-maturity, at annual rental of $72,240. Maximum bond interest $37,750. ot Boston Parcel Post Station (Boston) First Mortgage 5%% 1935 Sinking Fund Bonds Amount: $1,250,000. Dated: January 1, 1928. Due: October 1, 1935. Interest: April and October 1st. Denomination: $1,000, $500 and $100. Taxes: 2% Federal—Calif., Conn., D. C.,, Iowa, Kas., Ky., Mary- land, Mass., Mich., Penn., Va. Redemption: 102 to Oct., 1931; thereafter 101. Trustee: The Chemical National Bank of New York. Appraised: F. J. Bachelder & Co. substantially in excess of $1,250,000. Security: Fee estate in plot approximately 40,000 square feet— half a city block, bounded on three sides by Burlington Avenue, Boston and Albany R. R. right-of-way, and Over- land Street, served with special sidings, and facilities for handling U. S. parcel post mail, in the full five-story building, with loading platform and basement. Earnings: Property leased to U. S. Government for term be- yond bond-maturity, at annual rental of $129,000. Maximum interest charges $73,750. The Oliver Cromwell (New York City) First Fee 6% Serial Bond Certificates Amount: $1,800,000; retired, $15,000; outstanding, $1,785,000. Dated: November 15, 1927. Maturities: On November 15th in the years 1930 to 1939. Interest: May and November 15th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn. Vt., Md., D. of C, Va., New Hampshire, Massachusetts. Redemption: 102 to 1933; thereafter 10135. Trustee: Central Union Trust Company of New York. nee Appraised: Slawson & Hobbs............... $2,500,000 Fredk. Zittel & Sons, Inc......... 2,600,000 Assessed 1930 .......ovviiiiierinitoreaeaes 2,250,000 Security: Fee estate in land fronting 100 feet on West 72nd Street, depth 102.2, west of Central Park, 10,216 square feet, and the 32-story apartment building erected thereon. Earnings: About 90% rented (May, 1930), full rental schedule .......cciiiiiiiiiiiiniinnenenens Operating expenses including taxes.......... * 4 ® % % 8 * Ww Net income, approximately.................. First mortgage interest.. .. 229,146 107.100 Court and Remsen Streets Office Building (Brooklyn, N. Y.) First Mortgage 1940 Sinking Fund 6% Bonds Amount: $3,500,000; retired, $144,000; outstanding, $3,356,000. Dated: April 28, 1925. Maturity: April 28, 1940. Interest: April and October 28th. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Maryland; Dist. of Colum- bia, Virginia, N. H. and Mass. Redemption: Sinking fund 101; otherwise 103 to 1936; then 102 thereafter. Trustee: William R. Gillespie. Appraised: Joseph M. May........ .. $4,800,000 John F. James & Sons......... 5,043,863 Assessed 1930 land and building............. 3,750,000 Security: Fee estate in plot 100x137.6—at the northwest corner of Court and Remsen Streets in Brooklyn, facing Borough Hall Park, with subway and all transportation facilities. and the 28-story office building erected thereon. Junior Lien: These bonds are followed in lien by a blanket mortgage on this and several other parcels of property owned by the Bricken Properties Corporation, 6%% due in 1946, the release price of this parcel being fixed at $1,250,000. nY Earnings: Net earnings avail- Interest Times Amount Year able for interest Charges Earned Amortized 1928 . . $408,221.24 $210,000 1.94 None 1929 . 423,140.35 207,200 2.04 $70,000 New York Title and Mortgage Company 5%% Guaranteed First Mortgage Certificates These certificates are issued by New York Title and Mortgage Company, and evidence ownership of participation or share in bonds and mortgages constituting first liens against specific parcels of real estate. In addition to the real estate pledged, these certificates are guaranteed by New York Title and Mortgage Company. In lieu of the earnings of any particular property, we give the net profit of the guarantor for— JIT cevivninsavnnanananseses $8,027,861 1928 .... Cee... 6,828,073 1929 ...oiiiiiiiieiiiiee... 6,486,755 and capital, surplus and undivided profits as reported in 1929, $63,249,681. Legal for Trust Funds in New York. Some properties against which these certificates are issued are: Manhattan, N. ¥. City Interest Maturity 104-110 West 86th St. Apr. and Oct. 1st 1934 144-150 West 86th St. Apr. and Oct. 1st 1934 Piccadilly Hotel, 227 W. 45th St. Jan. and July 1st 1938 307-317 West 38th St. Feb. and Aug. 1st 1932 307-313 East 72nd St. Apr. and Oct. 1st 1934 340 Riverside Drive Apr. and Oct. 1st 1936 350 Central Park West Apr, and Oct. 1st 1938 825 West End Avenue Apr. and Oct. 1st 1933 975 Park Avenue Apr. and Oct. 1st 1934 330-342 West 38th St. Mar. and Sept. 1st 1934 Hotel Governor Clinton (New York City) First Mortgage Fee Series A 1948 Sinking Fund Gold 6% Amount: $5,000,000. Dated: April 16, 1928. 2(Q Maturity: April 15, 1948. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pa., Conn., Md., Mich., Calif, Mass. Redemption: For sinking fund at 101 to 1943; then 10015 to 1947; otherwise at 105 to 1933; 1021: to 1938; 102 to 1943; 100% to 1947. Trustee: Central Hanover Bank and Trust Co., of New York. Assessed 1930, land and building.......... $6,500,000 Security: Fee estate in land 88 x 200 at the southeast corner of Seventh Avenue and 31st Street, and the 3l-story hotel building recently completed thereon. Equity: These bonds are followed in lien by $1,500,000 Series B 6%% due in 1943, created by the same indenture, but subordinated to Series A bonds. Building formally opened in fall of 1929 and earnings not yet reported. Range from Jan. to May, 1930: High, 86; low, 86. 18-20 East 41st Street Building (New York City) First Mortgage Fee 15-Year 1940 Sinking Fund 6% Certificates Amount: $1,200,000; retired, $55,900; outstanding, $1,144,100 (6-30-29). Dated: June 1, 1925. Maturity: June 1, 1940. Interest: June and December 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Calif., Md, Ky., D. C,, Mich,, Va., Mass. Redemption: 103 1st 5 years; 102 2nd 5 years; thereafter 101. Trustee: Manufactuers Trust Company. Legal for Investment of Trust Funds in New York. Appraised: . J. Romaine Brown & Co........ $1,825,000 W. Albert Pease, Jr.... 1,800,000 Assessed 1930 ...... . .. ... 1,125,000 Security: Plot of ground 50x99.234 sq. ft, owned in fee, at Nos. 18 and 20 East 41st Street, and the 20-story office - building erected thereon with a rentable area of 69,217 sq. ft.—in the Grand Central district, about one block from “World’s busiest Center” —42nd and 5th Avenue. Earnings: 1927 1928 1099 Available for interest Interest $121,763 $70,662 117,686 70,086 110.340 683.646 Times earned 1.72 1.68 1.61 Price Range: January-May, 1930—95-921/ Lefcourt-State Building (New York City) First Mortgage Leasehold 611% Bonds Amount: $1,800,000; outstanding, $1,745.000. Dated: April 25, 1927. Maturities: Semi-annually April and October 25, 1929-1943. Interest: April and October 25th. Denominations: $1,000 and $500 ($100 in 1943 maturity only). Taxes: 2% Federal—Penn., Conn., Vt. Maryland, D. C., Va. N. H.,, Mass. Redemption: 104 to 1932; then 103 to 1937; thereafter 102. Trustee: Straus National Bank and Trust Company. Appraised: American Appraisal Company... Spear & Company........ Assessed 1930: Land oioivnvovins. on $1,900,000 Land and building........ . Cee eeeee.. 4,540,000 Security: Leasehold estate in land at the northwest corner of Broadway and 37th Street 104 x 195'10%"”—and the 24-story office and loft building erected ther¢on. Lease runs for 85 years from 1926, at present rentals of $155,000 to 1948. No lien prior to this bond issue can be placed on the fee or the leasehold. This leasehold is regarded as having a value in excess of $1,000,000 according to recent appraisals made on the sale of the fee. Earnings: This property is owned by 1375-1383 Broadway Cor- poration, a wholly owned subsidiary of A. E. Lefcourt = Realty Holdings. The earnings of the building are con- solidated with the earnings of the other Lefcourt proper- ties. Earnings of this separate building are withheld. Price Range: January-May, 1930—9714-9615. Lefcourt-Manhattan Building (New York City) First Mortgage Fee 534% Serial Bonds Amount: $3,200,000; outstanding, $3,089,000. Dated: June 14, 1926. Maturities: Semi-annual June and December 14, 1928-1941, Interest: June and December 14th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Maryland, Mass. Redemption: 104 to 1931; then 103 to 1935; thereafter 102. Trustee: Straus National Bank and Trust Company. Appraised: $4,225,000. Assessed 1930: $3,800,000. Security: Fee estate in land 76'10%” x 16114’ on the northeast corner of Broadway and 39th Street, New York City, and the 23-story building with a 3-story tower completed in 1927. Earnings: The property is owned by 1412 Broadway, Inc, a wholly owned subsidiary of the A. E. Lefcourt Realty Hold- ings. The earnings of the building are consolidated with the earnings of the other Lefcourt properties. Request was made for the earning record on this separate building, but the information was withheld. Montague-Court Office Building (Brooklyn, N. Y.) First Mortgage Leasehold Gold 6%s Amount: $2,000,000; outstanding, $1,840,000. Dated: Jan. 15, 1926. Maturity: January and July 15, 1928-1945, 79 Interest: January and July 15th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Vt, Md., Calif, D. of C., Ky, Mich., Va.,, N. H,, Mass. Redemption: 105 to 1936; thereafter 102. Trustee: Anglo-South American Trust Co., New York. Appraised: John F. James & Sons...... Joseph M. May......... Assessed 1930: Land .. Cr retreeaeeeeean eee... $1,885,000 Land and building.......... veneers. 3,750,000 Security: Leasehold estate in 12,500 square feet of land lo- cated at the southwest corner of Court and Montague Streets, Brooklyn, and the 35-story office building erected thereon; ground area 12,500 square feet; rentable area of building 232,000 square feet. Earnings: These bonds are the obligation of the Court and Montague Street Realty Corporation (Mr. Seel Singer, Presi- dent) who declines to furnish earning data. Vanderbilt Avenue Building (New York City) First Mortgage Leasehold 1944 Sinking Fund 6%% Bonds Amount: $2,000,000; outstanding (5-1-30), $1,608,500. Dated: January 15, 1924, Maturity: January 15, 1944, Interest: January and July 15th. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., and Connecticut, 4 mills. Redemption: 105 to 1928; then 104 to 1932; then 103 to 1936; 102 to 1940; 101 to 1943, then par. Trustee: Chase National Bank, New, York. Appraised: $3,500,000. Assessed 17° Land ............ .. $2,550,000 Land and building ............... ....... 3,800,000 Security: Leasehold estate extending to 1966 (with a 21-yr. renewal option) in ground on the west side of Vanderbilt Avenue from 42nd to 43rd Street, area 10,250 sq. ft., and the 3 17-story store and office building thereon erected. The fee is owned by the New York Central interests. The earnings of the building since 1926 are as follows: Year 1926 .. 1927 . 1928 .. 1929 .. Net income $126,100 153,448 185,970 172.809 Interest $120,159 117,691 112,436 107.205 Times earned 1.05 1.30 1.64 1.61 Hotel Victoria (New York City) First Mortgage Serial 6% Bond Certificates Amount: $2,250,000. Dated: July 1, 1928. Maturity: 1930 to 1943. Interest: January 1st and July lst. Denominations: $1,000, $500 and $100. Taxes: 2% Federal-—Any State tax up to 5 mills—Mass in- come 6%. Redemption: 103 to 1933; then 102 to 1938; then 101% to 1942; thereafter par. Trustee: Chase National Bank. Legal for Trust Funds in New York. Apprised: Charles F. Noyes & Co. .... Assessed 1930: Land ............. $ 700,000 Land and building ...............covveeee. 2,025,000 Security: Fee estate in land located at the northeast corner of 7th Avenue and 51st Street, New York City, 75.5 by 123.8—and a 22-story hotel completed in 1929, Earnings: Building leased for 21 years to Senate Hotel Co., Inc., a subsidiary of Meister Builders, Inc., at a net annual rental of $260,000, plus operating expenses, maintenance, taxes, etc. Maximum interest charges, $135,000. The building was completed in 1929, and the operating company reports earnings of $400,964.44 covering the first year’s operations, of which $179,066.67 was paid to the Obligor of these bonds, and fully covered the interest and sinking fund charges. Ta Bryant Park Building (New York City) First Mortgage Leasehold Sinking Fund 6%% Bonds Amount: $3,000,000. Dated: July 1, 1925. Maturity: July 1, 1945. Interest: January and July 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn. Conn., Maryland, Massachusetts. Redemption: 105 to 1930; then 104 to 1935: then 103 to 1940; then 101 to 1945. . Trustee: Central Hanover Bank & Trust Company. Appraised: Leasehold by George R. Read & Co. ...... $4,650,000 Enlarged building ...........ccovviineei... 2,650,000 Security: Leasehold Estate extending to 1946 at an annual rental of not more than $150,000, with a 20-year renewal privilege, in the land at the northeast corner of 42nd Street and Sixth Avenue, area 20,800 sq. ft., and the 15-story office and store building thereon, with a frontage of 208 feet on 42nd Street and 100 feet on Sixth Avenue. Earnings: Available for Times Year fixed charges Fixed charges earned 1926 “138,874 $204,626 0.68 1927 137,149 206,534 0.62 1928 226,408 183,722 1.77 1929 .......... 491,000 199,000 2.47 Note: The 1926 and 1927 earnings do not reflect the earning power of the present structure—to which nine stories were added in 1927, and much of the existing six floors were altered, making it much more suitable for rental demands. Lord’s Court Building (New York City) First Mortgage 5%% 1942 Sinking Fund Gold Loan Amount: $2,500,000; outstanding, $2,449,500. Dated: June 1. 1926. 75 Maturity: December 1, 1942. Interest: June and December 1st. Denominations: $1,000 and $500. Taxes: 2% Federal-—Penn., Conn., Calif,, Kas., Maryland, Mich., Ky., D. C, Va, Mass. Redemption: 103 to 1930; then 102 to 1935; then 101 to 1942. As a whole at 101. Trustee: New York Trust Company. Legal for Trust Funds in New York. Appraised: Ground by Geo. R. Read & Co... Building by H. Craig Severance..... $2,183,000 2.300,000 Total .covesser $4,483,000 Assessed 1930.............. Lo eee... $2,900,000 Security: Fee estate in 14,554 sq. ft. of land at the southwest corner of Exchange Place and William St, 107x70, and a 20-story office building erected thereon, with a rentable area of 200,000 sq. ft. Junior: These bonds are followed in lien by $650,000 7% gen- erals, due in 1941. Earnings: Year 1925 1926 1927 1928 1929 Net available for interest $290,399 291,251 257,583 279,199 344 367 Tyler Building (17-23 John Street, New York City) First Mortgage Fee 6% 1953 Sinking Fund Bonds Amount: $1,400,000; outstanding, $1,362,500. Dated: October 1, 1925. Maturity: October 1, 1953. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn. Kas., Calif, Md, Ky, D. C, Mich., Va., Mass. 16 Redemption: As a whole at 101—for Sinking Fund 103 to 1930— 102 to 1940—thereafter 101. Sinking Fund: Commenced December 1, 1926. Trustee: New York Trust Company. Legal for Trust Funds in New York. Appraised: Joseph P. Day, Inc., and Chas F. Noyes Co.... $2,130,000 Assessed 1930 ...cvirinririinirnnaereneeasess 1,300,000 Security: Fee in plot extending approximately midway between Broadway and Nassau street, in the heart of the financial district, with 77.5 ft. frontage on John Street (Nos. 17 to 23) 1354 ft. deep—area 10,490 sq. ft.—and the 15-story and basement modern fireproof office building erected thereon, having a rentable area of approximately 89,243 sq. ft. Earnings: Net income.......coevveeineennnn Interest on bonds............ Times earned 1928 $102,327.66 81,750.00 18 1929 $129,937 81.291 18 10 East 40th Street Building (New York City) First Mortgage Gold Serial 6% Bond Certificates Amount: $5,500,000. Dated: Jan. 1, 1928. Maturities: Semi-annually Jan. and July 1, 1931-1940. Interest: January and July 1st. Denominaticns: $1,000 and $500. Taxes: 2% Federal—-D. of C. and any State tax up to 5 mills. Redemption: 1933 at 102; thereafter at 101. Trustee: Chase National Bank, New York. Legal for Trust Funds in New York. Appraised: W. Albert Pease, Jr....... cov... $8,250,000 Assessed 1930 «vr rerieriinrensnaeeneeaasss 9,575,000 Security: Fee estate in approximately 15,000 sq. ft. of land run- ning through city block at depth of 197% ft. with a street frontage. of 74 ft. on East 40th Street and 75 ft. frontage on East 39th Street between Madison and 5th Avenues, New oy York City—and the 44-story office and store building erected thereon. Building contains 250,000 sg. ft. rentable area— first six floors of which are leased to Arnold Constable & Co. until 1957. Earnings: These bonds are the obligation of 10 East 40th Street Corporation, a subsidiary of Houston Properties Corporation, who decline to furnish earnings. Price Range: Jan.-May, 1930—95-85. 610 Park Avenue Building (New York City) First Mortgage 6% Sinking Fund Gold Certificates Amount: $2,600,000. Dated: July 1, 1925. Maturity: July 1, 1940. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal. Redemption: For sinking fund 101; otherwise 104 to 1930; then 103 to 1935; thereafter 102. Trustee: Chatham Phenix National Bank and Trust Co. Legal for Trust Funds in New York. Appraised: Pease & Elliman, Inc......... $3,952,000 Wm. B. May Co............ 4,023,500 Assessed 1930 ......... ene a aaneess. 3,050,000 Security: Fee estate in land situated at the southwest corner of Park Avenue and 65th Street, 75 x 160, and the 15-story hotel erected thereon, known as “The Mayfair.” Earnings: These bonds are the obligation of 60 East 65th St. Corp., a subsidiary of the Houston Properties Corporation, who decline tc furnish earnings. Price Range: Jan.-Mayv, 1930—100-95. New Weston Hotel Annex (New York City) First Mortgage Fee 1940 Sinking Fund 6% Bonds Amount: $1,350,000; outstanding Oct. 11, 1929, $1,298,000. Dated: October 13, 1926. "Q Maturity: October 10, 1940. Interest: April and October 10th. Denominations: $1,000 and $500. Taxes: 2% Federal—Pennsylvania, Connecticut, Vermont, Maryland, District of Columbia, Virginia, New Hampshire, Massachusetts. Redemption: For Sinking Fund at 101—otherwise 103 to 1931; then 102% to 1936; then 102. Trustee: Straus National Bank and Trust Company. Appraised: Douglas L. Elliman & Co..........evuevve.... $1,800,000 8. W. Straus & Co......u 1,852,000 Assessed 1930 ......iiivenr Lt Le...s La... 1,520,000 Security: Fee estate in land on the south side of East 50th Street between Park and Madison and the 21-story apart- ment hotel erected thereon, connected in rear to two 5-story hotel buildings fronting on 49th Street (old New Weston Hotel), all three buildings being now operated as a unit under the Knott Hotels Corporation management. Earnings: Data not available. Price Range: Jan.-May, 1930—97-97. 65 Fast 96th Street Apartment Building (New York City) First Mortgage Fee Serial 612% Bond Certificates Amount: $900,000; outstanding, $814,500. Dated: Dec. 1, 1924, Maturity: Dec 1, 1926-1936. Interest: June and December 1st. Denominations: $1,000, $500 and $100. Taxes: 4% Federal—Pa., Conn., Md., Mass., D. of C. Redemption: 102. Trustee: American Trust Co.,, New York. Legal for Trust Funds in New York. Appraised: Wm. Kennelly Inc, $1,385.000 Assessed 1930: $1,125,000. Security: Fee estate in land on the north side of 96th Street, 100 feet west of Park Avenue, and the 15-story apartment building thereon erected, completed in 1925. 70 Earnings: The owner of the building does not give out data on earnings, but the deposits of principal and interest have always been promptly made, and $85,500 of principal amortized. The building is 100% rented at this time. Insurance Center Building (New York City) General Mortgage 61% Bonds with Stock Amount: $1,600,000; retired, $136,000; outstanding, $1,464,000. Dated: April 1, 1928. Maturity: April 1, 1943. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn,, Conn., Maryland, Ky., Va, D. of C, Mass. Redemption: Par. Trustee: Equitable Trust Company, New York. Stock Bonus: Each $1000 bond when issued carried a bonus of 8 shares of common stock. Appraised May, 1928: Pease & Elliman Inc..ovvvvvvernnvnnenen.... $3,500,000 Prior Lien, 5-yr. 5% to Central Union Trust Co. 1,800,000 Equity .......... 1,700,000 Assessed 1930 ..oiiiiiiiiieaeenes eeeees 2,400,000 Security: Subject to above 1st mortgage, fee estate in land at No. 80 John Street, corner of Gold, 94-ft. frontage on John Street, 119.4 ft. frontage on Gold Street, 86.3 ft. frontage on Platt Street—and 25-story office building erected thereon— in the center of the downtown financial district. Record: Building came into full earning power in May, 1929. Since then, $136,000 in principal amount of these bonds have been retired. Price Range: Jan.-May, 1930—97-92, 134 Waverly Place Apartments (New York City) First Mortgage Fee Sinking Fund 534% Bond Certificates Amount: $650,000. - Dated: April 16, 1928. RM Maturity: April 1, 1943. Interest: April and October 1st. Denominations: $1,000, $500 and $100. Taxes:' 2% Federal—Pa., Conn., Vt, Md, D. of C, Va, N. H,, Mass. Redemption: For sinking fund 101-—otherwise 102. - Trustee: Central Hanover Bank and Trust Co., New York. Legal for Trust Funds in New York. Appraised: Slawson & Hobbs. ............. $1,000,000 J. Irving Walsh............. 1,000,000 Assessed 1930 ...oiiiiiiiiiiiiii eae 775,000 Security: Fee estate in land 102% x 67, and the 16-story apart- ment building erected thereon at the southwest corner of Waverly Place and Sixth Avenue, New York City. Earnings: Information requested, but withheld by the owners and the underwriters. Liggett Building (Northeast Corner 42nd St. and Madison Ave., New York City) First Mortgage Leasehold 1952 Sinking Fund 5%% Bonds Amount: $4,000,000; outstanding 10-17-29, $3,836,000. Dated: August 1, 1927. Maturity: August 1, 1952. Interest: February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal. Redemption: As a whole at 105; for sinking fund 105 to 1938; 103 to 1948; 102 thereafter. Trustee: Chase National Bank, New York. Assessed 1930: Land, $5,150,000; Land and Building, $8,550,000. Security: Leasehold estate in the land 147 x 134 on the north- east corner of Madison Avenue and 42nd Street, New York City, and the 22-story office and store building erected thereon. The lease expires in 1941, but has a renewal privilege for two terms of 21 years each. at a rental of 5% appraised value of ground. Earnings: The building has been sub-leased to the Louis K. Liggett Company, who owns all the stock of the building 2] company, and which is in turn controlled by United Drug Company.” The Louis K. Liggett Company must renew lease and pay rentals sufficient to meet interest and prin- cipal on these bonds, which agreement is in effect a guaranty. The earnings of the Louis XK. Liggett Company are therefore the test of security, and are as follows: Net earnings $2,273,115 2,468,021 2.376.730 2,652,980 3,068,862 1922 1923 1924 1925 Consolidated in 1928 with Drug Incorporated 1928, consolidated net before dividends.......$12,022,086 1929, consolidated net before dividends....... 17,021,020 Price Range: Jan.-May, 1930—~9214-9215, Broadway and 38th Street Building (New York City) First Mortgage Leasehold 7% Sinking Fund Bonds Amount: $2,000,000; retired, $385,000; outstanding 12-31-29, $1,615,000. Dated: January 1, 1925. Maturity: January 1, 1945. Interest dates: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: Federal 29% —Penn., Conn., Maryland, Dist. of Columbia, Mich., Mass. Redemption: 105 to Jan. 1, 1935; premium decreases %% each year thereafter. Trustee: American Trust Company, New York. Cost of Building, certified by owner to Trustee $3,399,605 1930 assessed valuation: Land ......ccvueen. coves. $1,905,000 Land and Building ......ccoviiiveenerecne.. 4,540,000 Security: Leasehold estate in 19,000 square feet of ground at the southwest corner of Broadway and 38th Street, and the 23-story office and loft building erected thereon, completed I in 1926. Building has 345,600 square feet rentable area. The lease runs for 21 years from 1924, with right of two 21-yr. renewals. Present ground rental during first term is $115,000 per annum. Earnings: Net available for interest depreci- ation Fed. taxes..........c.ou.... Ist Mtg. 7% bonds outstanding, in- terest . 1929 1928 $418,537 .. 113,050 120,108 Times earned ....... .... ........ 3.70 -3.39 Amount of bonds outstanding Dec. 31st .. ..$1,615,000 $1,715,833 Price Range: Jan.-May, 1930-—100-97. Park-Murray Office Building (New York City) First Mortgage Serial Gold 6%% Amount: $2,100,000; outstanding, $2,060,000. Dated: August 15, 1926. Maturity: Feb. 15, 1930-Aug. 15, 1941, Interest: February and August 15th. Denoniinations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Md, D. of C, Va., Mass. Redemption: 102, Trustee: Guaranty Trust Co. of New York. Appraised: Thoens & Flaunlacher......... $3,202,332 J. Romaine Brown Co............ 3,250,000 Assessed 1930 ...... .. .. ceiiiiiveeees.e. 2,375,000 Security: Fee estate in land fronting 86 ft. 634 in. on Nos. 9 to 15 Park Place, and 75 ft. 2% in. on Nos. 8 to 12 Murray Street (depth 151 ft. 8 in.) and the 18-story office building erected thereon. Earnings: Year 1928 ....... 1929 ....... Net available for interest $157,966.38 295.126.71 Interest Times Charges Earned $136,500 1.15 eens 136.500 1.65 $36,666.63 Amount Amortized ? 170 Broadway Building (New York City) First Mortgage Leasehold 1949 Sinking Fund 6%% Bonds Amount: $1,300,000; retired, $123,500; outstanding, $1,176,500. Dated: May 1, 1925. Maturity: May 1, 1949. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn. Conn. Calif, Kas., Mich, Mary- land, Ky., D. C., Va., Mass. Redemption: 103 to 1930; then 102 to 1935; then 101 to 1948. Trustee: Manufacturers Trust Company. Appraised: Leasehold, $2,500,000. Prior Lien: (7). Assessed 1930: Land, $2,100,000; land and building, $3,000,000. Security: Leasehold estate in land at the southeast corner of Broadway and Maiden Lane, 76.7 x 110.1—8,935 square feet area, and the 18-story office building erected thereon. Lease extends to 2009 and present rentals are $100,000 annually to end of term. Earnings: Year 1926 .. 1927 .. 1928 .. 1990 Available for interest $155,147 140,494 105,521 108.184 Interest $82,961 81,239 79,318 77.368 Times earned 1.87 1.73 1.35 1.439 200 Madison Avenue Building (New York City) Second Mortgage Fee 1940 Sinking Fund 7% Bonds Amount: $1,750,000; outstanding, $1,564,500. Dated: March 1, 1925. Maturity: March 1, 1940. Interest: March and September 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn. and Conn. 4 mills, Mass. 6%. Redemption: For sinking fund at 105—as a whole, 103 to 1930-— 102 to 1935—101 thereafter. Trustee: Chatham Phenix National Bank and Trust Company. Appraised: W. Albert Pease, Jr., William Kennelly, Inc. and S. Osgood Pell & Co.vvvvvvevennnnn. Prior Lien, 20-yr. 1st Mortgage to N. Y. Life, 516% first ten years, 5% balance.......... $11,400,000 4,700,000 $6,700,000 Equity ............ Assessed 1930: Land .......covvinnivnnnn.. $3,500,000 Land and Building........ veee. 1,500,000 Security: Equity as above, in entire block front on west side of Madison Avenue between 35th and 36th Streets, Man- hattan, area 41,000 sq. ft. and the 25-story building, of 8,000,000 cubic ft, with 596,090 sq. ft. of rentable area, completed March 1, 1926—present occupancy 98%—Marshall Field & Company has a lease for space for 21 years, and Stehli Silks Corporation for 20 years—these two leases re- turning interest charges on the first mortgage, leaving the rentals from the balance (80%) applicable to these bonds. Earnings: Total net......... Interest 1st Mtge... 1927 $549,516.06 269 500.00 1928 $682,434.96 264.000.00 1929 $609,806 258’ E00 Available for above issue ........... Requirements for 7a 1940 280,016.06 418,434.96 432.306 116,536.00 111.664.00 109.515 Times interest earned ......... 2.40 3.75 Range:. .Jan. to May, 1930—High, 94: low, 94. 2 Q The Stratford (New York City) First Mortgage 6% Participating Certificates Amount: $600,000; matured, $15,000; outstanding, $585,000. Dated: April 1, 1928. 25 Maturity: April 1, 1930 to 1940. Interest: April and October 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Any state income up to 6%; personal property up to 5 mills, Redemption: After April 1, 1931, 102%; after April 1, 1933, 102. Trustee: International Germanic Trust Company, New York. Legal for Trust Funds in New York. Appraised (1928) A. V. Amy & Co... ceneee.. $1,089,000 Assessed 1930: Land and Building .................. 725,000 Security: Fee estate in land fronting 97.6 inches on the north side of West 70th Street, depth 100 feet—10-story residential club hotel erected thereon." Earnings: 1929 net income available for interest and amortization .......... dessin Interest and amortization......... Cees Price Range: Jan.-Mavy, 1930-—91-91, The Pennsylvania Building (New York City) First Mortgage Fee Sinking Fund Gold 6% Amount: $4,000,000; outstanding, $3,640,000. Dated: May 1, 1924. Maturity: May 1, 1939. Interest: May and November 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Mass. Redemption: 103 to May 1, 1929-102 to May 1, 1934; there- after 101. Trustee: American Trust Co., New York. Appraised: Joseph P. Day, Inc.,, and Fenimore C. Goode Con «onvnnn $6,250,000 Assessed 1930 ....... ... ....vv. Lo ..... 5,650,000 Security: Fee estate in plot of ground with a frontage of 154 feet on 34th Street, opposite Long Island R. R. station entrance to the Pennsylvania Station. The land extends through the entire city block to a frontage of 75 feet on iy 35th Street, and is improved with a 22-story loft building. Earnings: From the completion of the building until June, 1929, all interest has been promptly paid, and $360,000 of principal retired. The fiscal year will not end in time for the last year’s earnings to be printed, but they are said to be more than twice the interest charges. Price Range: Jan.-May, 1930—96-8514. Kenmore Hall (New York City) Guaranteed First Mortgage 6% Amount: $875,000; outstanding, $845,500. Dated: July 1, 1927. Maturity: July 1, 1929 to 1938. Interest: January and July 1st. Denomination: *$1,000, $500 and $100. Taxes: 2% Federal-—Any state or District of Columbia per- sonal property tax up to 5 mills, or income tax up to 6%. Redemption: July 1, 1933 to 1936, 104—thereafter 103. Trustee: Bank of the United States, New York. Legal for Trust Funds in New York. Appraised: Fredk. Fox & Co.o..ovvvvvenininnnen oven. $1,593,500 Gaines Van Nostrand & Morrison, Inc....... 1,600,000 Trend Realty Company, Inc................ . 1494277 Assessed 1930, Land and Building.......... 1,000,000 Security: Fee estate in land 78x 9834 on north side of East 23rd Street, east of Lexington, and the 22-story residential club hotel erected thereon completed in fall of 1928. Earnings: 1829 net available for interest and amortization $176,300 Interest and amortization... . te... 8301250 Lefcourt Empire Building (New York City) First Fee 534% Serial Bonds Amount: $800,000; retired, $28,500; outstanding, $771,500. Dated: June 15, 1928. 27 Maturities: June and December 15, 1928 to 1941. Interest: June and December 15th. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Maryland, Massachusetts. Redemption: 104 to June 1931; then 103 to June 1936; then 102. Trustee: Straus National Bank and Trust Company. Appraised: (Appraiser not named) at $1,100,000. Assessed, 1930: Land and building at $885,000. Security: Fee estate in plot 503% x 100 on the west side of Sixth Avenue (street numbers 625 to 627), between 36th and 37th Streets, in the millinery district of Manhattan—and the 20- story building which houses that industry and kindred lines. Earnings: These bonds are the obligation of Felcourt Realty Corporation, a wholly owned subsidiary of A. E. Lefcourt Realty Holdings. The earnings of the property are con- solidated with the earnings of other properties in the hold- ing company’s statement. They decline to fueknish the sepa- rate earnings of this property. 30 East 40th Street Building {New York City) First Fee 6% Bond Certificates Amount: $800,000; retired, $87,500; outstanding, $712,580. Dated: 1926. Maturities: April 25, 1927 to 1936. Interest: April and October 25th. Denominations: $1,000 and $500. Taxes: 4% Federal. Trustee: Central Hanover Bank and Trust Company. Legal for Trust Funds in New York. Appraised: (Appraiser not named), $1,200,000. Assessed, 1930: Land and Building, $1,100,000. Security: Fee estate in land 75x 98.9 (about 150 feet east of Madison Avenue) on the south side of 40th Street, 7406 square feet, and the 12~-story physicians’ and dentists’ office building erected thereon. } Earnings: These bonds are the obligation of Thirty East For- tieth Street, Inc, a wholly owned subsidiary of the Fred T. Ley interests. RR Net available for interest....... Interest charges ............... Times earned 1929 $152,195 45,540 9 1930 $150,254 44,190 a2 51 West 86th St. Apts. (New York City) Guaranteed 6% First Mortgage Series A Loan Amount: = $650,000; matured, $19,500; outstanding, $630,500. Dated: March 1, 1927. Maturity: September 1, 1929 to 1939. Interest: March and September 1st. Denominations: $10,000, $1,000, $500 and $100. Taxes: 2% Federal—Any state up to 6% income, and any state personal property tax up to 5 mills. Redemption: 103 to Sept., 1930; 102 thereafter. Trustee: Central Mercantile Bank and Trust Company. Legal for Trust Funds in New York. Appraised: J. Romaine Brown Co..... Trend Realty Co., Inc........ Assessed 1930: Land and Building...........cccoovueeie... 885,000 Security: Fee estate in plot 676” x 100'8"” on the north side of West 86th Street between Central Park West and Colum- bus Avenue—and 16-story apartment building erected thereon. Equity: These certificates are followed in lien by Series B $200,000. Guarantee: Principal and interest insured by Maryland Cas- ualty Company, whose resources are stated as over 40 millions. Earnings: Statement of earnings withheld. Bar Building and Annex (White Plains, N. Y.) First Mortgage Guaranteed 6% Serial Gold Loan Amount: $550,000; retired, $53,500; outstanding, $496,500. Dated: November 1, 1925, 0 Maturity: November 1, 1927 to 1936. Interest: May and November 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Maryland, D. C., Mass. Redemption: (?). Trustee: Manufacturers Trust Company. Legal for Investment of Trust Funds in New York. Appraised: William Kennelly, Inc............. coves. $975,000 R. E. L. Howe, Jr...... ve... 990,000 Security: Fee estate in land located at Main and Court Streets, White Plains, New York, and the 10-story office building and 3-story annex completed in 1927. White Plains is the county seat of Westchester County, the suburban district of New York City. Guaranty: Payment guaranteed by (1) Maryland Casualty Company; (2) Metropolitan Casualty Insurance Company and (3) Massachusetts Bonding and Insurance Company. Earnings: 1929: Net available for interest, ete........... Interest charges ......... Times earned .. 28 George Washington Hotel (New York City) First Mortgage 6% 1944 Sinking Fund Gold Loan Amount: $1,650,000. Dated: March 1, 1929. Maturity: Sept. 1, 1944. Interest: March and September 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—D. of C. Redemption: 102 after March 1, 1931. Tagen Chatham Phenix National Bank and Trust Co., New York. Legal for Trust Funds in New York. Appraised: Gaines Van Nostrand, etc....... Potter Hamilton & Butler.... David H. Knott.... $2,790,000 2,775,000 2.765.000 MN Assessed 1930: Lood covviecivnss sees 350,000 Land and Building.............. .......... 1,350,000 Guaranty: By the Club Hotel Corp. and Empire Bond and Mortgage Corp., New York. Security: Owner of Fee is Roman Catholic Church of the Sacred Heart of Jesus and Mary. The lessee is Club Hotel Corporation. Both join in the mortgage pledging the two estates as security for these bonds. The land fronts on the entire block from east side of Lexington from 23rd to 24th Streets 197.6 x 50—and is improved with a 16-story resi- dential hotel. Earnings: The building has been in actual operation only one quarter, and based on this quarter, the 1930 earnings are: Available for interest charges................. $244,026 Interest charges ....... vere. 99,000 Film Center Building (New York City) First Mortgage Sinking Fund 6% Gold Bond Certificates Amount: $1,900,000. Dated: April 23, 1928. Maturity: April 1, 1943. Interest: April and October 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Vt, Md, D. of C, Va, N. H, Mass. Redemption: As a whole at 102%; for sinking fund at 101. Trustee: Ceniral Hanover Bank and Trust Co., New York. Legal for Trust Funds in New York. Appraised: Cushman & Wakefield, Inc., $2,850,000. Assessed 1930: $2,000,000. Security: Fee estate in plot fronting on the east side of 9th Avenue between 44th and 45th Streets, Manhattan, and the 13-story film warehouse building erected thereon. Earnings: 1929: Net available for interest.... Interest .. $143,257.10 104.500.00 1.33 Times earned ........ seaenes 31 National Tower Building (New York City) First Mortgage Fee and Leasehold Sinking Fund Gold 614% Amount: $2,000,000; outstanding, $1,500,000. Dated: Oct. 1, 1924. Maturity: October 1, 1944, Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn. 4 mills. Redemption: 104 to 1927; then 103% to 1930; less ¥4% for each year thereafter. Trustee: Empire Trust Company, New York. Guarantee: Principal and interest guaranteed by endorsement by R. Sadowsky, Inc. Appraised: Brown, Wheelock, Harris Vought & Co.. Inc. $3,000,000 Albert B. Ashforth............ 3,500,000 Assessed 1930: Land .....onvhuiiis. 2,455,000 Land and Building..........cccovvevnean.... 4,400,000 Security: Land and building owned in Fee (20-story addition), and leasehold estate in the land and building (12 stories) located at 37th Street and Broadway, fronting 130 feet on Broadway, 154 feet on 37th Street and 100 feet in the central part of 38th Street. The easterly 100 feet of the property extends from 37th to 38th Streets, approximately 197 feet. Earnings: Information on earnings withheld. Allerton Fifty-fifth Street Corporation {Northeast Corner Madison Ave. and 55th St, New York City) First Fee 5%% 1945 Sinking Fund Loan Amount: $1,300,000; outstanding (12-31-28), $1,185,000. Date: February 1, 1925. Maturity: February 1, 1945. Interest: February and August 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn,, Conn., Ky., Mich., Va., Mass. Redemption: In whole at 101—for sinking fund 103 to 1930; then 102 to 1940: thereafter 101. ' V. Trustee: New York Trust Company. Legal for Trust Funds in New York. — Appraised: Land by Cushman & Wakefield, Inc, Building by Dwight P. Robinson & Co. and land and building by Fenimore C. Goode, in excess of $2,200,000. Assessed 1930: $1,800,000. Guarantee: The Allerton Corporation guarantees the payment of these bonds. Security: Fee estate in plot of ground at the northeast corner of Madison Avenue and 55th Street, 75.4 x 100, 7,541 square feet, and the 17-story-and-basement men’s hotel erected thereon. i Earnings: First full year of operation, 1928, showed net earn- ings of $183,650, and fixed charges (interest and amortiza- tion) amounted to $81,391—being earned 2.26 times. Earn- ings for 1929 are not yet reported. Trinity Court Building (New York City) First Mortage Fee 6% Serial’ Certificates Amount: $1,600,000; retired, $16,000; outstanding, $1,575,750. Dated: March 1, 1926. Maturities: 1929 to 1941-—Final March 1, 1941. Interest: March and September 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., R. I, Conn, Maryland, Ky., Mass, Redemption: 104 to 1931; then 103 to 1936: then 102 to 1939; thereafter 101. Trustee: Guarantee Trust Company of New York. Legal for Trust Funds in New York. Appraised: Cross & Brown.... Ames & Co. ...cvviiieinnnen Assessed 1930: $1,700,000. 3 Security: Fee estate in land at 70 to 76 Trinity Place, New York City, extending back to Greenwich Street, and the JA office building erected thereon, graded from 18 stories fronting on Greenwich Street to 24 stories on the Trinity Place side. Earnings: 1928 1929 Net available for interest...... $173,100.80 $279,348.69 Interest first mortgage......... 96,000.00 96,000.00 Amortization ................. None 16,000.00 Price Range: Jan.-May., 1930—H. 87--L. 87. Park Chambers (New York City) First Mortgage Fee 6% Serial Bonds Amount: $800,000; retired, $168,000; outstanding, Dated: April 25, 1923. Maturity: June 1st, 1925 to 1938. Interest: June and December 1st. Taxes: Federal 4%—Penn., Conn., Maryland, Massachusetts. Redemption: 105. Trustee: Irving Bank Columbia Trust Company. Appraised: Land by Brown, Wheelock. Harris Vought & Cor viii Building, Donn Barber. . $430,000 990.000 Total appraisal ........covveenn .. Assessed 1930: $1,700,000. Security: Fee estate in land on the southeast corner 58th Street and 6th Avenue and the 17-story apartment building erected thereon. Earnings: This property is under a net lease which pays a rental of $160,000 per annum, and the present interest re- quirements amount to $37.920. $1,490,000 79 Madison Avenue Building (New York City) First Mortgage 6% Bond Certificates Amount: $1,900,000; outstanding, $1,822,000. Dated: Sept. 15, 1925. Maturity: Mar. 15, 1929 to 1940-—Final maturity, Sept. 15, 1940. Interest: March and September 15th. Denominations: $1,000, $500 and $100. Taxes: 4% Federal—Pa., R. I., Conn., Md., Mass. Redemption: 104 to 1930; then 103 to 1935: then 102 to 1938; thereafter 101. Trustee: American Trust Co., New York, Assessed 1930: $2,000,000. Appraised: Ames & Co. vo... $2,800,000 David H. Knott........ eee. 2,950,000 Security: Fee estate in land having a frontage of 98.75 feet on Madison Avenue extending back on 28th Street 150 feet— and the 16-story office and mercantile building erected thereon. Earnings: 1928 net available for interest........ Interest charges Times oarned ...ovmemvrir. pr wnrsess rrmvees 1929 earnings not vet reported, but rentals are Fox New Academy of Music (New York City) First Mortgage Leasehold Gold 6%% Amount: $1,100,000; outstanding, $1,001,000. Dated: Sept. 1, 1926. Maturities: 1928 to 1941. Interest: March and September 1st. Denominations: $1,000. Taxes: 2% Federal—Pa., Conn., Md., D. of C., Mich, Ky., Va, Mass. Redemption: 103 to 1931; then 102 fo 1936; thereafter 101. Trustee: New York Trust Co.. New York. Appraised: Brown, Wheelock, Harris Vought & Co..... $1,800,000 Chas. F. Noyes & Co..oovvvieniennneenne... 2015300 Assessed 1930: Land, $685,000; land and building, $1,210,000. Security: Leasehold estates in land 14534 x 206% at No. 126- 138 East 14th Street, running through to a street frontage at 193-135 Fast 13th Street with stores and business space 1 of 21,218 square feet, and a theatre with 3,600-seat capacity erected thereon. Lease extends to 1958; ground rental, $52,000. Property faces Union Square, is served by a cross- town subway, and is well situated. Earnings: Leased to Fox Theatres Corporation for term ex- tending beyond term of bonds, at an annual rental of more than sufficient to cover annual interest and principal charges under mortgage. 1929 Net available for interest, ete.......... $130,381 Interest on $1.001.000 616S.....c0vevennes 65,065 Times earned .....- 2. AmOTtization ...eve seeeeriniraneaenaes $54,500 Guarantee: Guaranteed as to principal and interest by the Rankers Bond & Mortgage Co. Wellston Apartments (New York City) First Mortgage 6% Serial Bonds Amount: $1,650,000; outstanding, $1,554,000. Dated: September 25, 1924. Maturities: September 25, 1927 to 1936. Interest: March and September 25th. Denominations: $1,000 and $500. Taxes: 2% Federal--Penn., Conn., Maryland, Mass. Redemption: 102. Trustee: Nicholas Roberts. Appraised: $2,478,270. Security: Fee estate in (1) plot at the northeast corner of Amsterdam Avenue and 75th Street 102.2x120,—and (2) plot 59 feet frontage on the south side of 76th Street (61 feet east of Amsterdam) extending back a depth of 102.2— a total area of 18,288 square feet. Each plot is improved with a 15-story apartment building, operated as a unit. Earnings: Year 1926 1927 1928 . 1929 Net income for Interest $328,818.20 338,843.91 323,393.99 217.090.27 Interest charges $99,000 08.6210 ~14ue ~40 Times earneq 3.32 3.43 3.32 3.34 Amortized 3 6,166.67 24,833.33 38,333.33 40,833.33 8 18 Gramercy Park South (New York City) First Mortgage Fee Serial Gold 6% Amount: $750,000; outstanding, $731,000. Dated: October 1, 1926. Maturity: 1929 to 1938. Interest: April and October 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Pa.. Conn., Vt., Md,, D. of C,, Va., N. H., Mass. Redemption: 104 to 1930; then 103 to 1934; thereafter at 102. Trustee: Straus National Bank & Trust Co. Assessed 1930: $875,000. Security: Fee estate in land comprising 6,360 square feet in area, at the southwest corner of Irving Place and Gramercy Park South, New York City, and the 17-story club residence erected thereon—facing Gramercy Square. : Earnings: This property is leased under a net lease of $120,000 per annum and is well rented. The maximum interest re- quirements at this time are $43,860. Price Range: Jan.-May, 1930—97-97. Herald Square Building (New York City) First Mortgage Leasehold 1948 Sinking Fund 6% Bonds Amount: $2,500,000; outstanding, 5~1-30, $2,467,000. Dated: May 1, 1928. Maturity: May 1, 1948. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—certain state taxes. Redemption: 105 to 1931; then 103 to 1937; then 102 to 1943, thereafter 101. Trustee: New York Trust Company. Appraised: Cushman & Wakefield, Inc, and Pease & Elliman. Inc. .. .... $4,100,000 07 Assessed 1930: Land, $2,940,000; Land and Building.......... 4,400,000 Security: Leasehold estate in ground located at Herald Square, New York City, fronting 212 feet on Broadway, 197 feet on 6th Avenue, 60 feet on 35th Street, and 136 feet on 36th Street, area 20,000 square feet—24-story office and sales- room building erected on the north portion, and a three- story building on the south portion, connected and operated as a single structure. Earnings: Rogers Peet & Company lease 10,686 square feet of floor space on the ground floor at an annual rental of $150,000 to 1933, with renewal privilege. Present rentals (25% vacancies)............ $554,000 Operation, ground rent, taxes. . . 349,000 Net applicable to bond interest... ........ .. Interest on outstanding bonds............... Price Range: Jan.~Mav, 1930-—7316-70. 205,000 148.020 Times Square-—46th Street Building (New York City) 1st Mortgage Leasehold Sinking Fund Gold 6% Amount: $2,400,000; outstanding, $2,355,500. Dated: April 1, 1928. Maturity: April 1, 1953. Interest: April and October 1st, Denominations: $1,000 and $500. Taxes: 2% Federal. Refunds certain state taxes, D. of C. taxes, ete. Redemption: To April 1, 1933, at 104; to April 1, 1938, at 103; April 1, 1948, at 102; to Oct. 1, 1952, at 101. Trustee: Interstate Trust Co.. New York. Guarantee: Guaranteed unconditionally as to principal, interest and sinking fund by Bethlehem Properties, Inc., by endorse- ment. Appraised: American Appraisal Co., $3,660,000. Assessed 1930: Land, $1,600,000; land and building, $3,050,000. Security: Leasehold estate in ground L-ing around the corner of Broadway and 46th Street, fronting 60 feet on Broadway, 4 24 180 feet deep, and a frontage of 100 feet on 46th Street— and the 16-story office building erected thereon in 1925. Record: Obligor, 1556 Broadway Corporation, is a wholly owned subsidiary of Bethlehem Properties, Inc, who guar- antees the payment of the principal and interest of these bonds. Personnel, Floyd deL. Brown, David Goodnow and George R. Coughlin. Earning data withheld. Butler Hall (New York City) 1st Mortgage Fee 6% Serial Bonds Amount: $1,500,000; outstanding $1,393,500. Dated: Jan. 9, 1925. Maturity: Jan. 15, 1939. Interest: January and July 15th. Denominations: $1,000, $500 and $100. Taxes: 29% Federal, Pa, Conn., Md., D. of C., Va. Redemption: 104, 1930; then 103, 1935; thereafter at 102. Trustee: Nicholas Roberts. Appraised: (Appraiser not named), $2,100,000, Assessed 1930: $1,700,000. Security: Fee estate in 17,500 sq. ft. of land located at Morn- ingside Drive and 119th Street, New York City, and the 15-story apartment building erected thereon. This building is in the Columbia University. section, and is one of the few properties in that district not owned by Columbia. Ba In prior years. all interest paid and principal reduced 106,500. 1929, net available for interest, etc........ Interest on above bonds .. Times earned .......covviiiiiriennininnnns Amount of principal amortized .... ol. 52nd and Madison Avenue Office Building (New York City) 1st Leasehold Mortgage Sinking Fund Gold 6% Amount: $1,350,000. Dated: Nov. 1, 1928. JG Maturity: Nov. 1, 1947. Interest: May and Nov. 1st. Denominations: $1,000 and $500. Taxes: 2% Federal, Minn., Pa.,, Calif, Conn., Vermont, Md, D. of C, Colo.,, Neb., Kansas, Ky., Va., Jowa, New Hamp- shire, Mass. Redemption: For sinking fund 101; otherwise 103. Trustee: Straus National Bank & Trust Co. of New York. Assessed 1930: Land $1,200,000; land and building, $2,850,000. Appraisal: 1928, Brown, Wheelock, Harris, Vought & Co., Inc, $2,225,000. Prior mortgage on fee due in 1939, $750,000. Security: Leasehold’ estate in land located on the southeast corner of Madison Avenue and 52nd Street, Manhattan, New York City, 100.5x124.6—and the 24-story office building erected thereon. Lease is for 99 years from July 1, 1928— annual rental to 1933 of $90,000, and at $100,000 annually thereafter. ‘The fee estate is subject to a mortgage for $750,000 which is due in 1939. Earnings: These bonds are the obligation of Madison 52nd Corp, a subsidiary of the John H. Carpenter interests. Ine formation on earnings withheld. 320 East 57th Street Apartment Building (New York City) 1st Mortgage Fee Sinking Fund Gold 6% Amount: $925,000, Dated: Sept. 15, 1926. Maturity: Sept. 15, 1936. Interest: March and September 15th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal. Redemption: For sinking fund at 101; otherwise at 102. Trustee: Straus National Bank & Trust Co. Appraised: Wm. B. May & Co., $1,310,000. Assessed 1930: $1,200,000. Security: Fee estate in land 95x100 at No. 320 East 57th Street, New York City, and the 15-story apartment building erected thereon. This building is in the so-called “Sutton Colony” near the East River, and is well located. no Earnings: These bonds are the obligation of 57th St. Apart- ments, Inc, a subsidiary of the Crystal & Crystal interests. Earning data withheld. Sutton Place Apartments (New York City) 1st Mortgage Fee 534% Certificates Amount: $950,000. Dated: July 1, 1927. Maturity: Semi-annually, January-July, 1934-1937. Interest: January and July 1st. Denominations: $1,000 and $500. Taxes: 2% Federal Redemption: 102 to 1932; 101 to 1937. Trustee: Chatham Phenix National Bank & Trust Co., New York. Legal for trust funds in New York. Appraised: Horace S. Ely & Co., $1,425,000; Wm. B. May Co, $1,605,795. Assessed 1930: $1,475,000. Security: Fee estate in approximately 11,700 square feet of land located at Nos. 419 to 429 East 57th Street, in the so- called “Sutton Colony,” and the 15-story apartment build- ing erected thereon. Junior Lien: These bonds are followed in lien by $200,000 gen- eral 534% bonds maturing in 1934. sEarnings: These bonds are the obligation of Sutton Place Apartments, Inc, a subsidiary of the Crystal & Crystal in- terests. Earning data withheld. The Lombardy (New York City) First Mortgage Fee Sinking Fund 6% Gold Bond Certificates Amount: $2,600,000. Dated: Nov. 15, 1927. Maturity: Nov. 15, 1942, Interest: May and Nov. 15th. Denominations: $1,000, $500 and $100. 101 Taxes: 2% Federal—Pa., Conn. Vt, Md,, D. of C., Va, N. H, Mass. Redemption: For Sinking Fund at 101—otherwise at 102 to 1934 and 101 thereafter. Trustee: Central Hanover Bank and Trust Co., New York. Appraised: Wm. B. May & Co........ S. W. Straus & Co... Assessed: 1930 . $3,825,000 3,730,750 2 900.000 Security: Fee estate in ground located on the north side of 55th Street, 90 feet east of Park Avenue, 160 x 100.5, and the 22-story hotel erected thereon. Property now owned by Apperson Realty Corporation, a so-called “Hearst” prop- erty. Earnings: No earning data given out. 103 East 57th Street Building (Ritz Tower) (New York City) First Mortgage Fee 6% Serial Bonds Amount: $4,000,000; outstanding, $3,744,000. Dated: Nov. 10, 1924. Maturity: 1927-1941. Interest: May and Nov. 10th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Pa., Conn., Md., D. of C., Va. Redemption: 102. Trustee: Nicholas Roberts. Assessed: 1930 .......... ceiseraereraan. $4,700,000 Security: Fee estate in plot of ground 10,247 sq. ft. in area, located on the north side of East 57th Street, and the 30- story apartment hotel erected thereon, street numbers 103- 113 East 57th Street, known as Ritz Towers. The property adjoining on both east and west, is under control, through lease or ownership, and easements of light and air are thereby protected to this property. Property now owned by the William Randolph Hearst interests. Earnings: No earning data given out. 102 Hearst-Brisbane Properties (New York City) First Mortgage Fee and Leasehold Serial 6% Amount: $7,000,000; outstanding, $6,649,500. Dated: June 12, 1925. Maturity: 1929-1942, Interest: June and December 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal-—Pa., Conn., Md., D. of C., Va., Mass. Redemption: 104 to 1928; then 103 to 1935; thereafter 102, Trustee: Walter S. Klee. Guarantee: Principal and interest guaranteed by William Ran- dolph Hearst. Appraised: Joseph A. Rauschkolb—Land............... Fred T. Levy & Co.. Inc.. for Buildings .... $3,000,000 6.400.000 Total .o.onvimsiisrsrvmmrgrisssununsssss 39A00,000 Assessed: 1930, Land and Buildings ........ 6,900,000 Land under Leasehold assessed at ........ 390,000 Security: 1—20-story office and stores building at 5 East 57th Street, leasehold. 2—5-story building running through block, No. 9 East 57th Street and 14 East 58th Street—owned in fee. 3—18-story office building on land owned in fee at No. 20 East 57th Street. : 4—Warwick Hotel, 20-stories, on northeast corner 54th Street and Sixth Avenue, owned in fee. 5—Ziegfeld Theatre, northwest corner 54th Street and Sixth Avenue, New York City—owned in fee, leased to Ziegfeld. Four of these buildings are new, having been completed about 1927. All are on well located parcels of land. Earnings: No earning data available. International Commerce Building (New York City) First Mortgage 20-Year 1943 Sinking Fund 6%% Gold Loan Amount: $1,150,000 (retired, $103,100); outstanding, $1,046,900. Dated: November 1, 1923, ’ Maturity: November 1, 1943. [32 Interest: May and November 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn., Mass. Redemption: 103 to 1933; thereafter 101. Trustee: Equitable Trust Company. Appraised: $1,800,000. Assessed: 1930, $1,260,000. Security: Fee estate in land 139.6 feet on Moore Street; 75.2 feet on Water Street; and 63.1 feet on Front Street, New York City, and the 16-story office and commercial building erected thereon. in the Battery Park section of lower Man- hattan. Farnings: Available Times Year for Interest Interest Earned 1925 $130,403 $72,250 1.80 1926 113,371 70,993 1.60 1927 oo ieee... 114132 69,576 1.64 Property was sold in fall of 1929 to the Winter Holding Cor- poration, and figures for 1928 and 1929 were not published by the former owner. The new management is capable, and the building well rented. 315 West 86th Street Apartments (New York City) First Mortgage Gold 6% Bonds Amount: $850,000; outstanding, $824,000. Dated: Jan. 11, 1927. Maturity: Semi-annually, on Jan. 11, 1929-1937. Interest: January and July llth. Denominations: $1,000 and $500; and $100 in 1937 maturity only. Redemption: 101% and interest. Taxes: 2% Federal—Pa., Conn., Vt, Mich, D. of C., Mass. Brugtee; Chatham Phenix National Bank and Trust of New York Appraised: (Not named), $1,220,000. Assessed: 1930, $905,000. Security: Fee estate in land 87x 100.8%, at Nos. 313 to 321 West 86th Street, between West End Avenue and Riverside Drive—and the 15-story apartment building erected thereon. 104 Karnings: 1928 1929 Net income available for interest, etc. $75,062.64 $75,062.64 Interest charges .........coeeenees... 51,000.00 51,000.00 Times earned 1.47 1.47 Amortization 7,083.34 17,416.68 Lincoln Hotel Properties (New York City) First Fee 6%% 1941 Sinking Fund Amount: $7,500,000; $1,500,000 outstanding—(Lincoln Hotel re- leased July 1, 1929 and $6,000,000 redeemed). Dated: July 1, 1926. Maturity: July 1, 1941. Interest: January and July 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Kan., Minn., Calif, Conn., Penn, Vt., Md, D. of C, Ky., Mich., Va., Iowa, Mass. and New Hampshire. Redemption: For Sinking Fund 101—otherwise 103 to July 1, 1931; then 102% to 1936; thereafter at 102, Trustee: Straus National Bank and Trust Company. Assessed: 1930, total land and buildings, $1,815,000. Security—Fee estates in three theatre buildings as follows: 1—Majestic Theatre, 140 ft. frontage on West 44th Street between Broadway and 8th Avenue, 1717-seat capacity. 2—Masque, 60 ft. frontage on West 45th Street, 789-seat capacity. 3—Royale, 90-ft. frontage on West 45th Street, 1156-seat capacity, each theatre having a release privilege at a price fixed in the mortgage. All these theatres are now owned or controlled by the Shubert interests. Earnings: The Shubert Theatre Corporation is operated as a system, and the different theatres in the group are operated as best serves the ends of the system as a whole. There- fore, the earnings of any particular theatre is not a test of its earning capacity, but merely the use to which the system deems best to put it at any particular time. The operating profits of the Shubert system as reported in Moody's, averages over $2,300,000 per annum for the last six years, and its capital and surplus as of December 31, 1928. is revorted as $11,237,469. TI 57th Street and Madison Avenue Office Building (New York City) Leasehold Mortgage Serial 6% Gold Bonds Amount: $1,250,000; outstanding 1-26-30, $1,122.500. Date: January 30, 1925. Maturity: 1926-1940. Interest: January and July 26th. Denominations: $1,000, $500 and in 1940 maturity $100. Taxes: 2% Federal—Penn., Conn., Maryland, Dist. Columbia, Virginia, Mass. and New Hampshire. Redemption: To 1930 at 4%—then at 103 to 1935—thereafter at 102. Irustee: Nicholas Roberts. Appraised: Douglas L. Elliman & Company, $2,000,000. Prior Lien of $70,000 on small parcel of the land under the mortgage. Assessed: 1930, Land, $1,125,000; Land and Building, $2,125,000. Security: Leasehold estate in 6,600 sq. ft. of land at the south- west corner of 57th Street and Madison Avenue, New York City, and the 20-story office building erected thereon. Note: The Obligor of these bonds, 578 Madison Avenue Cor- poration, is a wholly owned subsidiary of the Fred T. Ley Interests. Earnings: 1928 ...... 1929 ....... 1920 Net available for Interest interest, etc. Charges $99,400 $75,000 101,895 72,600 123.068 70.050 Times Earned Amortization 1.32 $40,000 1.41 42 500 1.75 45.000 Westinghouse Building (New York City) First Mortgage Fee and Leasehold Serial 6% Bonds Amount: $4,500,000; outstanding April 1, 1930, $3,865,500. Date: February 27, 1923. Maturity: 1926-1939. Interest: April and October 1st. Denominations: $1,000, $500 and in 1939 maturity $100. Taxes: 29% Federal (3+, Redemption: 10215, Trustee: Walter S. Klee. Appraised: $5,800,000. Assessed: 1930, $5,600,000. Security: First mortgage on land owned in fee, and also lease- hold estate, in property located at the northeast corner of Broadway and Liberty Streets in the downtown financial district of Manhattan—and the 23-story office building erected thereon, the 12 upper floors of which are leased to the Westinghouse Electric and Manufacturing Company af an annual rental which exceeds the interest on the bond issue. Note: The Obligor on these bonds is 150 Broadway Corpora- tion, a wholly owned subsidiary of the Fred T. Ley inter- ests. Earnings: 1927 1928 1929 1930 Net available for fixed charge= $493,630 “a4 675 24,008 J mee Interest “harges 263,250 “SR.080 0 Amortization $119,500 126,500 134,000 142.000 7 Bast 44th Street Building (Hale Bldg.) (New York City) Leasehold 6%% Serial Bonds Amount: $750,000. Dated: September 1, 1926. Maturity: 1932-1941. Interest: March and September 1st. Denominations: $1,000 and $500. Taxes: 2% Federal—Penn., Conn., Vt., Maryland, District of Columbia, Va., New Hampshire, Mass. Redemption: 104 to 1931: then 103 to 1936—thereafter 102. Prior Lien: The fee estate is mortgaged for $230,000. Assessed: 1930, Land, $835,000; Land and Building, $1,775,000. Security: Leasehold estate in land 81x 100'5” at Nos. 7 to 11 East 44th Street, in Manhattan, New York City, and the 18- story office building erected thereon. Lease extends to 1942, and is renewable for 21 years additional. Rentals under lease range from $35,000 to $50,000 per annum. 107 Note: The obligor on these bonds is 11 East 44th Street Build- ing Corp. a wholly owned subsidiary of the Fred T. Ley interests. Earnings: 1928 1929 1930 Net income available Interest for interest Charges $92,190 $48,750 106,580 48,750 136.615 48.750 Times Earned 1.91 2.19 281 514 West End Avenue (New York City) First Mortgage Fee Serial Gold 6%% Bonds Amount: $525,000. Outstanding: $478,500. Dated: October 1, 1923. Maturities: 1927-1935. Interest: April and October 1. Denominations: $1000 and $500 and $100. Taxes: 2% Federal. Redemption: 10214 and interest. Trustee: Walter S. Kee. Appraised: $751,875. Assessed, 1930: $700,000. Security: Fee estate in 4974 square feet of land fronting 62 feet on West End Avenue and 80 feet on West 85th Street —improved with a 15-story fireproof apartment building arranged in 4- and 5-room suites. Earnings: No data on earnings available. Carnegie Plaza Apartment Building (New York City) First Mortgage Fee Serial 6% Bonds Amount: $960,000; outstanding $890,500. Dated: May 18, 1925. Maturity: May 1, 1928-1937. Interest: May and November 1st. Denominations: $1,000 and $500. Taxes: 2% Federal. Redemption: 103 to 1933; thereafter 102. Trustee: Walter 8S. Klee. 3 Appraised: Pease & Elliman, Inc. $1,352,700. Assesses, 1930: $1,350,000. Security: Fee estate in land located at the southeast corner of 56th Street and 7th Avenue, New York City, and the 15- story apartment building erected thereon. The lien is created by the joint mortgage of the lessee and the fee owner. Land fronts 75.5 feet on 7th Avenue and 100 feet on 56th Street. Earnings: These bonds are the obligation of 162 West 56th Street Corporation, who owned the lease on the premises. The fee-owner (M. & F. Holding Corporation) mortgaged the fee to secure the lessee’s bonds. Since then the fee estate, subject to the above mortgage, has been acquired by the Wm. Backer and Samuel Levy interests. Data on earnings withheld. Sherry Netherland Hotel (New York City) First Mortgage 53% Series A 1948 Sinking Fund Certificates Amount: $6,000,000. Dated: May 15, 1928. Maturity: May 15, 1948. Interest: May and November 15th, Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn. Calif, Md, D. of C, Vi, Va., N. H, Mass. Redemption: For Sinking Fund 101; otherwise 102. Trustee: Manufacturers Trust Company. Legal for Investment of Trust Funds in New York. Appraised: Douglas Gibbons & Co., $9,040,000; Fred’k Zittell & Sons, $9,050,000. Assessed, 1930: $6,450,000. Security: Fee estate in 12,500 square feet of land on the north- eas} corner of 59th Street and Fifth Avenue 100 x 125, and a 37-story hotel erected thereon, said hotel being under the Boomer-duPont management. Equity: This issue is superior to the lien of $1,000,000 Series B certificates issued under the same indenture bearing 6%%. Earnings: These bonds are the obligation of 59 Street & Fifth Avenue Corporation, which is under the control of Fred- erick Brown, 565 5th Avenue, New York City. Information on earnings withheld. [Ce 9 2-8 West 46th Street Building. (New York City) : First Fee 6% Serial Bonds Amount: $1,200,000; retired $113,500; outstanding $1,086,500. Dated: August 23, 1923. Maturities: August 15, 1924, to 1938, Interest: February and August 15th. Denominations: $1,000 and $500. Taxes: 2% Federal. Trustee: Nicholas Roberts. Appraised (appraiser not named): $1,800,000. Assessed, 1930: Land and building, $1,425,000. Security: Fee estate in plot 100 x 100.5, on the south side of 46th Street (about 100 feet from Fifth Avenue). and the 16-story office and store building erected thereon. Earnings: These bonds are the obligation of Fifth Avenue & Forty-sixth Street Corporation, owned and controlled by Luigi Gerbino, 56 West 45th Street, New York City. In- formation on earnings withheld. 616 Madison Avenue Apartment Hotel (New York City) First Mortgage 6129, Serial Bonds Amount: $3,100,000; matured $215,000; outstanding $2,885,000. Dated: October 1, 1923. Maturities: October 1, 1927, to 1938. Interest: April and October 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal. Redemption: 10215, Trustee: Nicholas Roberts. Appraised (appraiser not named): $4,136,500. Assessed, 1930: Land and building, $3,575,000. Security: Fee estate in plot 100.5 x 145—14,500 square feet at the northwest corner of Madison Avenue and 58th Street, and the l14-story apartment hotel erected thereon. 114 Earnings: These bonds are the obligation of The Madison Cor- poration, and the property is controlled by the Jerome C. and Mortimer G. Mayer interests. Information on earnings withheld. } The Berkshire (New York City) First Mortgage 6% Building and Leasehold Bonds Amount: $1,350,000; matured $111,000; outstanding $1,239,000. Dated: January 1, 1926. Maturity: January 1st and July 1st, 1928, to 1941. Interest: January and July 1st. . Denominations: $1,000, $500 and $100. Taxes: 2% Federal—all state taxes up to 5 mills. Redemption: 103. Trustee: Central Union Trust Company, New York. Appraised: J. Romaine Brown & Co. and Joseph A. Rausch- kolb, $2,505,000. Assessed, 1930: Land, $1,150,000; land and building, $2,525,000. Security: Leasehold estate in plot 95 x 100 on the northwest corner Madison and 52nd Street, held under 21-year lease with two 21-year renewal privileges; and 20-story hotel— 320 guest rooms. Earnings: These bonds are the obligation of Hotel Properties, Inc. At the time the issue was sold, half of the stock of obligor was owned by Schulte Real Estate Co., Inc, and half by William Backer and Samuel Levy, 295 5th Avenue, New York City. Information on earnings withheld. 277 Park Avenue Apartment Building (New York City) First Leasehold 6%% Serial Bonds Amount: $5,000,000; matured $668,500; outstanding $4,331,500. Dated: August 14, 1923. Maturity: August 1, 1926, to 1942. Interest: February and August 1st. Denominations: $1,000, $500 and $100. Taxes: 2% Federal. 11 Redemption: 10922 in 1924, %% less each succeeding year; minimum 102, Trustee: Nicholas Roberts. Appraised (appraiser not named): $7,150,000. Assessed, 1930: Land, $5,800,000; land and building, $10,600,000. Security: Leasehold estate under a lease from the New York Central interests, 21-year term with two 21-year renewal privileges; average annual rental first term $200,000; plot one city block bounded by Park, Lexington, 47th and 48th Streets, Manhattan; 12- and 13-story apartment building erected thereon—324 apartments, 2 to 7 rooms, in Grand Central district. Earnings: The principal indebtedness has been reduced $668,500 since the building was opened in 1925, and is approximately 100% rented. Due to illness of auditor, actual figures will he furnished later. 65 West 39th Street Building (New York City) First Mortgage Sinking Fund Gold 6% Amount: $2,200,000; outstanding $2,086,500. Dated: April 27, 1925. Maturity: April 27, 1937. Interest: April and October 27th. Denominations: $1,000, $500 and $100. Taxes: 2% Federal—Penn., Conn, N. H.; on specific bonds Mass. 6%. | Redemption: For Sinking Fund 101; otherwise 104 to 1929; then 103 to 1931; thereafter at 102. Trustee: Wm. R. Gillespie. Appraised: $3,150,000—appraiser not named. Assessed, 1930: $2,400,000. Security: Fee estate in land 98.9 x 100 located at the north- east corner of 35th Street and Sixth Avenue, in New York City, and the 23-story mercantile building erected thereon. Earnings: Year 1927 . ... 1928 ........ 1929 .. .... Net available for interest $285,039 239,692 245.289 Interest charges $139,072 132,356 131.427 Times earned 2.05 1.81 1.87 Amount amortized $41,250 57,625 61,125 15) Real Estate Board Building (New York City) Second Mortgage 7% Fee Amount: $600,000. Dated: January 1, 1926. Maturity: January 2, 1946. Interest: January and July 1st. Denominations: $100, $500 and $1,000. Trustee: Title Guarantee & Trust Co. Prior Lien: Mortgage due in 1931, 5% ..... Assessed, 1930: Land and building ............ _......... $1,350,000 Security: Fee estate in plot of ground having a 62.6 foot front- age on East 41st Street, and depth of 100 feet, and the 16- story office building erected thereon known as No. 12 East 41st Street, which houses the Real Estate Board of New York, and the New York Real Estate Securities Exchange. Earnings: 1929 rentals ........ sis . Operating expenses, and taxes exclusive of depreciation and income tax teen 110.679.38 $109,634.69 42,500.00 Net available for interest on above bonds .. $67,134.69 7% on bonds outstanding ...... — 42,000.00 Times earned .. 1.65 Beaux-Arts Apartments, Incorporated (Affiliated with United States Realty & Improvement Co.) Incorporated: In New York in February, 1929, to own and op- erate two sites on East 44th Street between First and Sec- ond Avenues and have erected thereon two apartment buildings. Funded Debt: None. Capital Stock: $6 Cumulative First Pfd.,, no par.. $6 Second Preferred, no par...... Common Stock ... ieee Authorized Outstanding 39,375 sh. 39,375 sh. 17,500 sh, 13,125 sh, 100.000 sh. 100.000 sh. 17} Transfer Agent: National City Bank, New York. Registrar: The Farmers’ Loan & Trust Co., New York. : Stock Provisions: First Pfd. stock has preference as to assets and dividends and in voluntary liquidation is entitled to $102.50 per share and $100 per share, if involuntary, plus accumulated unpaid dividends. Second Pfd. stock is entitled to dividends at rate of $6 a share per annum, cumulative. from Feb. 1, 1930, and in liquidation or upon redemption to $100 per share and ac- cumulated unpaid dividends, subject to the prior rights of the First Pfd. stock. Dividends: On First Pfd. stock initial dividend of $1.25 a share was paid May 1, 1929, covering period from date of issue to date of payment. Regular quarterly dividends of $1.50 per share were paid Aug. 1, 1929, and are being maintained. No dividends have been declared or paid on Second Pfd. stock to May 1, 1930. Kent Garage Investing Company (Common Stock) Incorporated: October, 1928, in Delaware to acquire the assets and business of a company of the same name organized in New York in 1926. Company owns and/or operates a chain of automatic garages. The company has garages in opera- tion, under construction or to be started in the near future, through the following partly or wholly owned subsidiaries. Kent Automatic Parking Garage, Inc. Kent Newark Garage, Inc. Kent Columbus Circle Garage, Inc. Kent Tth Avenue Garage, Inc. Kent 42nd Street Garage. The company owns all of the stock of Kent Engineers, Inc., which handles the architectural, engineering, and con- struction work for the Kent Garage Companies, Kent Engi~- neers Inc, also manufacturers and installs Kent Electric Parking Equipment for their own and other garages. The company also owns a number of valuable patents, and pending patent applications, in the United States and foreign countries on Kent Automatic Garages and Kent Electric Parking. Funded Debt: None. 114 Capital Stock: Authorized Outstanding ($100) 7% Cum. Pfd. .............. 10,000,000 2,500,000 No par Common Stock—1,200,000—A 1,000,000 sh. 100,000 B 200,000 sh. 105,000 Stock Provisions: Preferred stock has preference as to cumula- ve dividends of 7% per annum. Redeemable at $105 per share. Class A Stock: After payment of dividends on preferred stock Class A stock is entitled to cumulative dividends of $2 per share per annum in cash or the equivalent in stock from the date of issuance, in preference to Class B stock. There- after Class A stock shall receive in addition one-half of the aggregate of the distributed profits and the remaining one- half shall go to Class B stock. Class A stock is non-voting except in the event of non-payment of six quarterly divi- dends and in that case has voting power equal to the voting power of preferred stock (if entitled to vote) and/or Class B stock together as a class. Class A stock is entitled on dissolution, liquidation or winding up of the company to accrued unpaid dividends and thereafter to share, share and share alike, with Class B stock in distribution of the re- maining net assets. Transfer Agent: Guaranty Trust Co., N. Y. Regstrar: Company’s Office. Dividends: Initial dividend on preferred stock at rate of 7% from date of issuance to Sept. 30, 1929, paid October 1, 1929. Regular dividend payable quarterly Jan. 1, ete. No divi- dends have been declared or paid on common. Admitted to Trading: April 1, 1930. Market: High Low 2614 925 Management Officers: M. A. Kent, Pres.; G. N. Manison, Vice~-Pres.; Willis D. Porter, Secretary and Treasurer. Directors: M. A. Kent, G. N. Manison, H. M. Vale, Alfred Ely, Willis D. Porter, Frank B. Rogers. Annual Meeting: Third Tuesday in February. Fiscal year ends Dec. 31. Office: 350 Madison Ave.. N. Y. 115 8. W. Straus Investing Corp. 565 Fifth Ave, N. Y. | Incorporated: Jan. 11, 1929, in Delaware, for the purpose of making short term loans to finance building construction pending the placing of permanent loans, also to make loans on real estate and buy, sell and deal in all kinds of securi- ties. The investments and operations of the corporation are managed by Straus Management Corporation which re- ceives 20% of the annual net profits, after payment of preferred dividends. Funded Debt: None. Capital! Stock: Authorized Outstanding 8% Cum. Pfd. $50 par .......... $10,000,000 $10,000,000 Common no pPar........eeeeeves 600,000 600,000 55% of common owned by S. W. Straus & Co. Stock Provisions: Preferred stock has preference as to assets and to dividends of 6%. Transfer Agents: Straus National Bank & Trust Co. Registrar: Equitable Trust Co., New York. Dividends: On the preferred stock $3 per share quarterly Feb. June, Sept.. Dec. Financial Statement Income Account 11 months ended Gross Income ........00h0e.n Operating Expense .......... Operating Income .......... Federal Taxes .. Net Income |... rE EE EEE EEE EEE Dec. 31, 1929. $962,862 145,367 817,495 81,087 nae’ 108 Management Officers: S. W. Straus, Chmn.; N. Roberts, Pres.; W. S. Klee, S. H. Kahn, J. L. Laun, H. R. Amott, Vice-Pres.; N. R. Jones, Sec’y; W. C. Clark, Treas; H. N. Gottlieb, K. F. Clark, R. E. Kerner, Asst. Sec’y. Directors: H. R, Amott, W. C. Clark, N. R. Jones, S. H. Kahn, W. S. Klee, J. L. Laun, J. Leitner, E. L. Love, N. Roberts, W. Stabler, S. W. Straus. C. C. Irwin, K. F. Clark, F. D. Higson. Fred F. French Company Incorporated: Under New York laws, 1911, for the purpose of constructing buildings for profit. Various affiliated com- 18 panies have been organized, including the Fred F. French Management Co., which supervises the management of the buildings constructed. The Fred F. French Investing Com- pany, Inc, which underwrites the securities of the French separate owning companies, the latter being distinct and separate corporations of each building project, also Fred F. French Operators Inc, a subsidiary of the underwriting company. Fred F. French Operators Inc. (Controlled by Fred F. French Investing Co., Inc.) Incorporated: Under laws of New York, 1928, to buy, sell, op-~ erate real estate properties, to deal in mortgages and to buy and sell securities. In Dec. 1929, the company pur- chased the Hippodrome occupying the block front on the east side of Sixth Avenue between 43rd and 44th Streets, New York City, for approximately $7,500,000, and announce they will build an 83-story building thereon. Funded Debt: None. Capital Stock: Authorized Outstanding Preferred $100 par ........ $50,000,000 $15,000,000 Common no par............ 500,000 sh. 150,000 sh, Offered in 1929 by Fred F. French Investing Co. Inc, New York, in units of three common shares and ten preferred shares at $1.075 per unit. Management Officers: Fred F. French, Pres. and Chmn,; P. P. Edson, G. A. Walker, Rodney Dean, V., Pres; C. T. McFarlane, Treas. and Comp.; S. G. Walton, Sec’y. Directors: I. S. Broun, P. P. Edson, Fred F. French, C. IL. Goodlove, C. T. McFarland. J. A. Olsen, G. A. Walker, H. W. Schaefer. Annual Meeting: Last Wednesday in October. Office: 551 Fifth Avenue. New York City. American Woman's Realty Corporation Incorporated: May, 1924, for the purpose of owning and leasing a residential Club House at 353 West 57th Street, New York City. Club House opened in April, 1929, and leased to American Woman’s Association for period of 25 years at annual rental of $600,000 plus all operating expenses. 117 Funded Debt: First Mortgage Metropolitan Life 514% $3,400,000 25-year Sinking Fund Bonds .............. 61% * 898,000 Capital Stock: : Authorized yOutstanding $100 par 7% Non. Cum. Pfd....... $2,000,000 $1,455,400 $50 par Common. ............... *3,000,000 1,575,050 * 1500 shares held against exercise of stock purchase warrants. + Does not include 30,700 preferred and 1,050 common stock subscribed, but not issued. Transfer Agent: Company’s Office. Registrar: Company’s Office. Earnings: First fiscal year to Dec. 31, 1929—10 months: Gross Income ........... $850,227.57 Less Operating Expenses . 565,041.14 Taxes, Int. and Ins.. ete. .. 286,186.43 963.045 93 Net Profits from operations before depreciation on Buildings ........... Depreciation on Buildings 24,143.50 146,567.97 Net Loss on Operations . 199.424.47 Other Non-Operating Income: Forfeited Deposits ........... CREE se Profit on Sale of 23rd St. Property and Interest on Call Loans 1,473.09 78,626.27 Total Non-Operating Income........ 80,099.36 $42 3925 11 Net Loss for the Period .. There has been purchased out of available cash (result- ing from economies in lower building costs) $602,000 of its $1,500,000 twenty-five-year 61%% sinking fund, mortgage bonds for $505,680 or in the first 10 months’ operations, bonds equivalent to an amount required to be retired over the next nine years. In addition to the surplus created by this transaction a saving of interest charges of about $25.000 per annum has been effected. Management Officers: B. F. Castle, Pres.; Miss Anne Morgan, F. M. Warburg, Vice-Pres.; A, W. Loasby, Treas.; F. Morse Hubbard, Sec’y; Miss Mary La Dame, Asst. Sec’'y and Asst. Treas. 118 Directors: B. F. Castle, Miss Anne Morgan, F. M. Warburg, F M. Hubbard, A. W. Loasby, Miss Mary La Dame, A. S. Amer, W. D. Baldwin, C. E. Bockus, M. Friedsam, J. M. Gerard, D. Guggenheim, H. C. Hale, J. H. Harding, C. R. Holmes, D. Houston, J. R. Lee, ¥. J. Lisman, J. A. Morris, C. H. Sabin, W. K. Vanderbilt, B. L. Winchell, Miss Maude K. Wetmore. City & Suburban Homes Company Incorporated: July, 1896, to acquire real estate and construct and operate model tenement buildings. Company owns several large tenement properties accommodating over 12,000 people in New York and Brooklyn. New Property: In February, 1930, acquired property known as Celtic Park, which comprises an area of more than two city blocks bounded by Anabel and Gould Avenues, 42d 2 Ah Streets. in the Thomson Hill section of Queens, New ork. Funded Debt: None. Capital Stock: Par $10: $6,000,000 authorized; $4,255,690 out- standing. Dividends: Have been paid on stock since 1898. Present rate 60 cents annually, payable June and December 4th. Transfer Agent: Chemical Bank & Trust Co.. N. Y. Office: 578 Madison Avenue. Price Range: Year 1929 1928 1927 1926 1925 High 10 9% 914 a Low 814 8 8 3 73/ - Management Officers: R. Fulton Cutting, Chmn.; C. H. Holmes, Pres.; Adrian Iselin, Vice-Pres.; Wm. C. Schmidt, Treas.; C. S. Brown, Jr., Sec’y; J. A. Cahill, Asst. Treas. and Asst. to Pres; T. J. Grogan, Asst. Sec’y. Directors: R. Fulton Cutting, Reginald Auchinloss, J. S. Auer- bach, Chas. S. Brown, Jr.; C. H. Holmes, Adrian Iselin, S. A. Lewisohn, Vincent Astor, G. G. Masin, C. E. Sampson, F. L. Slade, A. Van Sinderen, Bradley Martin, W. C Schmidt. Mrs. E. McCagg. Index Page 40 41 43 110 47 a 44 107 rid n 1 Park Ave. 1st 6s ...... 1 West 57th St. General 6s .. 2 Park Ave, 1st 65 ....o0c0 consnes 9.8 West 46th St. Bldg. 1st 6s ..... 5th Ave. & 28th St. Bldg. 1st 614s ..... 5th Ave. & 29th St. Bldg. Ist 6s ........- 5th Ave. & 55th St. Bldg. 1st Leasehold 6%s .. 7 East 44th St. Bldg. Leasehold 6%s 10 East 40th St. Bldg. 1st 6s .... ‘1 West 42nd St. Leasehold 6%s } Gramercy Park South 1st 6s 3-20 East 41st St. Bldg. 1st 6s . } East 40th St. Bldg. 1st 6s . che FE ¢% Broadway Bldg. 1st 6s ... . bd RE § —— 49nd & Lexington Bldg. (Chanin) 1st Leasehold [1 %/7- /? Exchange Place Bldg. 1st 6s . I Park Ave. (Prudence) lst 5s ... ! West 48th St. Bldg. (Cellini) 1st 6s ...... 5) Broadway Bldg. 1st 6s ......._. Ll Fifth Ave. Apt. Bldg. 1st 6s . 51 West 86th St. Ist 65 ....covervirannisneiinnnec. 52nd & Madison Ave. Bldg. 1st Leasehold 6s .. 55 5th Avenue Bldg. 1st 5s ....... ees eeraeiie asamenan 27th & Madison Ave. Office Bldg. 1st Leasehold 6s ......... 0 Broad St. Bldg. ist 6s ....... + § GEER EE 9 Broadway Bldg. General Ts ... . Broadway Bldg. 1st 5s .. 3 West 39th St. Bldg. 1st 6s ..... v5 East 96th St. Apt. Bldg. 1st ls 77 Park Ave, (Prudence) lst 5%s . 79 Madison Ave. Bldg. 1st 6s 80 5th Ave. Bldg. 1st 6s . 100 West 55th St. 1st 6%s ...... ... 103 East 57th St. (Ritz Tower) Ist 65 .........c00en. 104-110 West 86th St. Ist 5%s (New York T.&M.) 107 West 86th St. 1st 5%s (Prudence) 111 John St. Bldg. 1st 6s 134 Waverly Place Ist 534s .....ocevo cei ienane 144-150 West 86th St. 1st 5%s (New York T.&M.) . 165 Broadway 1st 5%s . - gy 921 4 ¢ 2 47 [ZX Fx ¢ ic i ‘ oJ 112 ERLE] 102 £3 4 51 «on C 5 {70 Broadway Bldg. 1st Leasehold 61s ... 200 Madison Ave. 20d TS vvvvverenrnnennn.. 277 Park Ave. Apt. Bldg. 1st Leasehold 6s ...... 301 East 38th St. Apt. Bldg. 1st 6s ..... 215 West 86th St. Apts. 1st 6s ... 320 East 57th St. Apt. 1st 6s .. _. 0 Riverside Drive 1st 5%s (New York T.&M.) ........... 360 Central Park West 1st 5%s (Prudence) ..... 161 8th Ave. (Printing Crafts) 1st 5l%s (Prudence) ......... 514 West End Ave. Apt. 1st 6s ..... 522 West End Apt. 1st 6s ..... 610 Park Ave. (Mayfair) 1st 6s ........ 516 Madison Ave. Apt. Hotel 1st 6s ... 855 Park Avenue Ist 5%s (Prudence) .... 1070 Park Ave. Apt. Ist 5s (Prudence) .. 1111 Park Ave. Apts. 1st 5%s (Prudence) .. 1230 Park Ave. Apts. 1st 516s (Prudence) Alden 1st 6s ....... Allerton 55th St. 1st 5%s ...... Allerton New York 1st 5%s ............ American Woman's Rlty. General 6%s .. Barbizon 1st 6s ........... LT HT Barc-Ray Holding Corporation Collateral 6%s.... dar Bldg. & Annex 1st 6s ... Barclay Leasehold 6s . 3elmont Bldg, 1st 6l%s .... 3erkshire 1st Leasehold 6s .. Jolivar 1st 51%s (Prudence) loston Parcel Post 1st 5s .. 3oston Postal Service Ist 5%s . jroadway Barclay 1st 6s ... Broadway & 38th 1st Leasehold Aroadway & 4lst Leasehold 1st “roadway (General) Motors 1st ‘ryant Park 1st Leasehold 6%s “utler Hall 1st 6s ....... “arnegie Plaza 1st 6s . “entral Zone 1st 6s ...... -hesebrough Bldg. Ist 6s ............... ‘nicago Evening Post 1st Leasehold 6s ... chrysler 1st Leasehold 6s ...... Court & Remsen Sts. 1st 6s ... Dallas Post Office 1st 6s Dodge Bldg. 1st 6s .. Dorset 1st 6s ... Drake Ist 65 .....ccovvvnvennn..... Dryden 1st 5s (Prudence) ............ Equitable Bldg. Debentures 5s ..... Film Center Bldg. 1st 6S ...vevreernrrnrrenrrnarnnn. ‘e Fox New Academy of Music 1st Leasehold 6s .. 1922 Page . 84 84 1 2 a t & 7 [1 24 60 92 29 r * 9° 1r £ RY 75 £1) 10 or Ts A 1 ng Fox Office Bldg. 1st 6s .... Fuller Bldg. Debentures 6s ... Fuller Bldg. 1st 5s ... George Washington 1st 6s ...... Graybar 1st Leasehold 5s .. Farriman 1st 6s ......... wa Jearst-Brisbane Ist Fee & Lshld. 6s ... tlerald Square 1st Leasehold 6s .. Hotel Governor Clinton 1st 6s . Hotel Lexington 1st 6s ...... . Hotel Pierre 1st Leasehold 6s . Hotel St. George 1st 534s .. Hotel Victoria 1st 6s ... Insurance Center General 6%s ...... International Commerce Bldg. 1st 6ls . Kenmore Hall 1st 6s ..... Larrabee Bldg. 1st 5s .. Lefcourt Empire 1st 53s ... Lefcourt-Manhattan 1st 53%s .... Lefcourt-State 1st Leasehold Ais . Liggett Bldg. 1st Leasehold 5%s . Lincoln Bldg. 1st 5%s .... Lincoln Hotel Properties Ist 6s ......... Loew’s Theatre & Rlty. Fee & Lghid. 6s .. Lombardy 1st 6s ....... Lord's Court Bldg. 1st 5%s ...... Ludwig Bauman Brooklyn Bldg. 1st 6s . Manger Hotel 1st 5%s (Prudence) .. Mercantile American Realty 1st 5s .... ... Millinery Center Bldg. 1st Leasehold 7S ....ouvoee vo ovvvunnnnns Montague-Court Office Bldg. 1st Leasehold 6148 ............... Munson Bldg. 1st 6%s ........-..... > wait 4 National Tower 1st Fee & Lshld. 61s .. Ceeeeea New York Athletic Club Ist 6S ....000e. Leven... oid New York Title & Mortgage Gtd. 1st Mtg. Ctfs. 5148 ....ovun.. New Weston Annex 1st 6s ,.. Olcott 1st 514s (Prudence) Oliver Cromwell 1st 6s . Park Chambers Ist 6s ......... Park Lane 1st Leasehold 6%s .. Park-Murray Ist 6%s ...... Park Royale 1st 51s (Prudence) Pennsylvania Bldg. 1st 6s .. Penney (J. C.) Bldg. 1st 5%s ...... Postum Bldg. 1st Leasehold 614s ........ Professional Center Bldg. 1st Leasehold 7s Prudence 1st 5%s Mtg. Ctfs. ... Real Estate Board Bldg. 2nd Ts ... Roosevelt Leasehold Debentures 6s Roxy Theatre 1st 6%s ............. Russek’s 5th Ave. 1st Lens 35 Page 7 15 10 va 1 i ¢ 10 105 10} 7 11 8 26 q NN Saks Rlty. Leasehold 6s ..... Savoy-Plaza 1st Fee & Leasehold us ...- Savoy-Plaza Rlty. Extnsn. 1st 5%s .. Savoy-Plaza 5%% Debentures .... Sherry Netherland 1st 53s .. Squibb Bldg. 1st Leasehold 6%s ... Standard Bldg. Ist 6s .....- Station ¥ 1st 5s .......-. Stratford 1st 6s ... Sutton Place Apts. 1st 5%4s ........- Textile Bldg. 1st 65 ...ccovv. Luue.® Times Sq.-46th St. Bldg. 1st Leasehold 68 ....cvvevrrvennnennnnn. Trinity Bldgs. 1st 5%s ... Trinity Court lst 6s . Tyler Bldg, 1st 6s .. . United Post Office 1st 5%s .......- Vanderbilt Bldg. 1st Leasehold 6s . Varick St. Station 1st 6s ...... Wadsworth Bldg. 1st 6s .. . Westinghouse 1st Fee & Lshld. 68 «..coviiviieiiiiieiinnnenes. Wellston 1st 6s ..........- Woodbridge Bldg. 1st 534s .- Fags I vo 109 36 12 4 16 ETE EEEEEEEETY r * PRINTED BY A. N., BARNETT (0., NEW YORK CITY SF.Ciy Ee Gr J i RS 3 nll infil hin Ina HH) J ba 206306747485 Pe 5 C ¥ 7 - 5 @ 5 frm Ed y ( NG 5 MN NC 0 Ww » om ND - Central Zone Building (New York City) Mortgage Fee 1941 Sinking Fund 6% Certificates 1 $2,000,000. February 15, 1929. iy: February 15, 1941. i: February and August 15th. nations: $1,000, $500 and $100. 18 2% Federal—Pennsylvania, Connecticut, California, rmont, Maryland, District of Columbia, Virginia, Colo- lo, Nebraska, Kentucky, Kansas, Minnesota, Iowa, Massa setts and New Hampshire. ption: For sinking fund 101, otherwise 103 to 1934; then } to 1939; then 10115. b: Straus National Bank & Trust Company. 2 for Trust Funds in New York. sed: shman & Wakefield, Inc. ........ ...... 3,000,000 mneth Slawson Hobbs, Inc. ,.............. 3,025000 ed 1930: Land $300,000; building not completed. ty: Fee estate in plot of ground running through a city ick having a street frontage of 125 feet on north side 45th Street and a street frontage of 100 feet on the ath side of 46th Street, between First and Second '‘enues, area 22,593 square feet—and the twenty-four- iry loft and office building about completed thereon, I: Building completed February 1, 1930, approximate ‘atal 50% in addition to pending leases. 8 3 a 52 Lincoln Building (New York City) irst Mortgage 5%% 1953 Sinking Fund Gold Loan nt: $16,000,000. { June 1, 1928. ity: June 1, 1953. 2 '%st: June and December 1st. ainations: $1,000 and $500. ! 2% Federal—Pennsylvania, Connecticut, Maryland, ichigan, California, District of Columbia, Massachusetts. iption: 103 to 1938; then 104 1938-1943; 103 1943-1948: 102 1948; thereafter par. te: Chase National Bank of New York. agal for Trust Funds in New York. ew 17 = = OD {oe oO CD)