and light guarantee to the main building, and to carry a
superstructure in the future. This property, though separately
 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 reported,
 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, contains
 1,000,000 square feet rentable area, and was completed
in 1927. The fee is owned by the New York Central interest,
 and the lease extends to 1988 (the rentals to 1946
being $300,000 per annum). The New York Central interests
 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