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 income
 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.

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