REAL ESTATL
-
UNITED EXCHANGE BUILDING, Inc., Seattle, Washington
COXTROL: By United Pacific Realty & Investment Corp., a subsidiary of United
National Corp.
HISTORY: Incorporated under laws of Washington in 1928.
PROPERTY: A 23-story office building, completed in 1930, occupying area
fronting 60 feet on Second Avenue, 235 feet on Marion St, and 120 feet on First
Ave., in the center of the Seattle financial district. The building contains 4,300.-000
cubic feet and a net rentable area of approximately 206,600 square feet.
The land is owned in fee.
The building is the home of the Seattle Stock Exchange, Seattle Curb Exchange,
Seattle Merchants Exchange, Seattle Grain Exchange and Seattle Wholesale
Butter. Egg. Cheese and Poultry Exchange.
¥*UNDED DEBT, As of Dee. 31. 1929
Rate Dated Due
ist Mtge. Gold Bonds.......... 6% 12-31-28 12-31-48
Gen. Mtge. S. F. Bonds.......6%% 12-31-28 12-31-43
Subordinated Mortgage ........6%% 12-31-28 12-31-43
Authorized
$1,900,000
$600,000
£400,000
Outstanding
$1,900,000
$600,000
$250,000
1.
2.
3.
i. FIRST MORTGAGE 6% SINKING FUND GOLD BONDS
Interest Payable: June 30 and Dec.
31, at National Bank of Commerce, Seattle,
or Continental National Bank &
Trust Co., Chicago.
Trustee: The National Bank
merce, Seattle.
Registerable: As to principal.
Denominations: Coupon $1,000, $500
and $100.
Callable: As a whole, or in part, on
any interest payment date at 103 on or
before Dec. 31, 1933; at 102 on or before
Dec. 31, 1938; at 101% on or before
Dec. 31, 1943. and at 101 thereafter.
Sinking Fund: A sinking fund provides
for the retirement of an aggregate
principal amount of $303.000 prior
to maturity
Tax Status: Interest payable without
deduction for Federal income tax
not in excess of 29%, and certain state
taxes refunded in Calif.,, Mich, Minn.
and Iowa.
Security: First closed mortgage on
land owned in fee and the Exchange
3uilding erected thereon.
Legal Opinion by: Messrs. Peters &
Powell, Seattle, and Messrs. Sonnensrhein,
Berkson, Lautmann & Levinson,
“hicago, and George Harroun, Esq.:.
Seattle.
Offered by: Laurence Stern & Co.,
New York, and Drumheller, Ehrlichman
& White, Seattle, Dec., 1928, at 99.
Listed on: Seattle Stock Exchange.
Price Range: 1929. high 983, low 93.
2. GENERAL MORTGAGE 6v%%
Interest Payable: June 30 and Dec.
31, at office of trustee.
Trustee: Seattle Trust Co.
Registerable: As to principal only.
Denominations: $1,000 and $500.
Callable: As a whole or in part, on
any interest date at 103 on or before
Dec. 31, 1933; thereafter at 102 on or
before Dec. 31, 1938; thereafter prior
to maturity at 101%.
Sinking Fund: Commencing Dec. 31,
1932, sufficient to retire, by purchase
or redemption, $300,000 aggregate principal
amount prior to maturity.
Tax Status: Interest payable without
deduction for normal Federal income
tax not in excess of 29%, and certain
state taxes refunded in Calif,
Mich., Iowa and Minn.
Security: These bonds are the direct
nINKING FUND GOLD BONDS
sbligation of United Exchange Buildng,
Inc. secured by a general mortzage
on land owned in fee and building,
subject to a first mortgage of
$1.900,000.
Legal Opinion: By Messrs. Sonnenichein,
Berkson, Lautman & Levinson,
Thicago, and Messrs. Peters & Powell,
Seattle, for the bankers, and of Geo.
Harroun, Esq., for the borrowing corporation.
Offered by: Drumheller, Ehrlichman
& White, Bond & Goodwin & Tucker,
inc, Marine National Co. Fgrris &
Hardgrove, Seattle Title Trust Co.,
Smith, Strout & Eddy, lnc, Thos. B.
Greening & Co.. Murphey. Favre & Co.,
at 95%.
Listed on: Seattle Stock Exchange.
Price Range: 1929. high 95, low 80.
2. SUBORDINATED GENERAL MORTGAGE 6%% GOLD BONDS
Interest Payable: June 30 and Dec. or before Dec. 31, 1943.
31, at trustee's office. Tax Status: Company pays normal
Trustee: Seattle Trust Co. Federal income tax yp to 2%.
Callable: On any interest date at Security: General mortgage on the
103 on or before Dec. 31, 1933; at 102 property, subject to First Mortgage
non or before Dec. 31. 1938: at 101% on and General Mortgage
