Redemption: For sinking fund at 105—as a whole, 103 to 1930-—
102 to 1935—101 thereafter.
Trustee: Chatham Phenix National Bank and Trust Company.

Appraised:
W. Albert Pease, Jr., William Kennelly, Inc.
and S. Osgood Pell & Co.vvvvvvevennnnn.
Prior Lien, 20-yr. 1st Mortgage to N. Y. Life,
516% first ten years, 5% balance..........

$11,400,000
4,700,000
$6,700,000

Equity ............
Assessed 1930:
Land .......covvinnivnnnn.. $3,500,000
Land and Building........ veee. 1,500,000
Security: Equity as above, in entire block front on west side
of Madison Avenue between 35th and 36th Streets, Manhattan,
 area 41,000 sq. ft. and the 25-story building, of
8,000,000 cubic ft, with 596,090 sq. ft. of rentable area,
completed March 1, 1926—present occupancy 98%—Marshall
Field & Company has a lease for space for 21 years, and
Stehli Silks Corporation for 20 years—these two leases returning
 interest charges on the first mortgage, leaving the
rentals from the balance (80%) applicable to these bonds.
Earnings:

Total net.........
Interest 1st Mtge...

1927
$549,516.06
269 500.00

1928
$682,434.96
264.000.00

1929
$609,806
258’ E00

Available for above
issue ...........
Requirements for
7a 1940

280,016.06

418,434.96

432.306

116,536.00

111.664.00

109.515

Times interest
earned ......... 2.40 3.75
Range:. .Jan. to May, 1930—High, 94: low, 94.

2 Q

The Stratford
(New York City)

First Mortgage 6% Participating Certificates
Amount: $600,000; matured, $15,000; outstanding, $585,000.
Dated: April 1, 1928.

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