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 mortgage
 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.