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 principal
 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

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