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