The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-15
STOCK GOING RAPIDLY.
A Detailed Description of the Fro
posed Power Building.

Only one week has passed since the stock
subscriptions of the Power Building Com
pany were opened and yet $4,000 worth or
stock had been taken UP to last night and
the first payments on the amount made.
The company has been incorporated with
an authorized capital of 100000 one half of
which will be issued at present and the
balance placed as a bonded Indebtedness
on which there is an assurance that inter-
est at 4 TO Az per cent. may be secured.
The contracts have just been closed for
the purchase of the property at the south
east corner of Washington AMI New Jersey
streets. The lot has a frontage OF III feet
on Washington street and 1875 on New Jer-
sey street. The Little Hotel now on the
real estate will be torn down at once and
work upon the power building will be be-
gun about May 10. An effort will be made
TO have it ready for occupancy Sept. i.
A prospectus is now in the hands or the
printers and will be sent out In a lew
days. 1t will show that there are Lou
manufacturers I'm this city and that less
than 800 own their premises. A full de-
scription of the new building and the ad-
vantages il presents to small manufac-
turers will also appear.
The building will be of brick. eight
stories in height. Power, light, heat
and water will be furnished at an exceed
ingly low price, and 1t is claimed Will save
to such as occupy Ii a large portion OF the
money now expended for rents, insurance.
power, machinery, heat. light. belts, water,
and many other things. In the new plant
it is said that insurance may be had at %
cents per thousand. where now the lowest
rate to manufacturers In Indianapolis is
s1.35 and many are obliged to pay as high
as 81, while many others are unable 10 Sc
cure insurance. It Is also claimed the oc-
cupants of the new plant. on account of
accommodations will be able to save the
now large expense for engineers, m
helpers. elevator conductors. watcnmen,
and drayage. The plant Will be not more
than four blocks from the farthest freight
depot and the L. f. & w. and the Monon
depots are less than a square away.
The first floor OF the building will be
the building will be given first opportunity
to rent the rooms for exhibition purposes.
The eighth floor will be constructed In a
manner similar to a roof garden and will
contain dining rooms, toilet rooms, and
will be for the benefit of the employees or
the concerns. The basement will contain
safety vaults for the storage of valuable
plans and drawings as well as for other
purposes.
1t is thought now the applications for
space will be in excess of the accommoda-
lions offered. though no contracts Will be
made until the completion of the plant IL
is planned to furnish space at about %
cents per square foot. In Philadelphia the
price for similar accommodations Is 40
cents. in Detroit, IS cents, In chicago, %
cents n higher. but IL is claimed that
none of the plants elsewhere Will be
equally desirable for small manufacturers
IL is also said that the small manufac-
turers from out of the city who will come
here with their employees and their families
will increase the city's population from
1000 to 100.
The officers of the concern are:
President-Horace +. Kinney.
First Wee Presidential. NJ. Parry.
Second Vice President-Albert A Barnes.
Secretary and Treasurer-Charles r.
Holloway.
The directors who serve without compen-