Earnings: During seven months of 1929 the net earnings available
 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 fraction
 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 warehouse
 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 interest
 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.

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