San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-12-04

NEW YORK, Dec. 4.-Fifteen mil
lion dollars of 8 IA per cent bonds
have just been undcrwritten by s. w.
Straus and company for the immediate
improvement of three large properties
in Manhattan and one in The Bronx,
New York.
Three newspaper plants will result
from the loan, made through the New
York Evening Journal, Inc, to Mr.,
Hearst by s. w. Straus and company.
The loan is secured by the capital
stock of the Evening Journal, Inc, the
total assets of which are approx.
mately s27.0OO,O00 Additional Sc
curity is Mr.. Hesst's unconditional
guarantee of the payment of the in
terest and principal Of the bonds.
This loan, largest among the many
big financial transactions involving
New York property closed in recent
years, was arranged for the improve
ment of and also to reimburse the
Evening Journal company for capital
expended in the purchase of the Ro-
chester Journal and Post Express, the
Rochester American and Syracuse
Journal and the Syracuse American.
BY the terms of the loan, $1,000, 900
worth of bonds are to be retired annu-
ally by monthly payments, which are
to begin December /, 1926.
FOUR BUILDINGS. =
The new financing visualizes four
buildings which will rank high among
numerous striking structural devel.
opments now being made in this city
and assure employment for thousands
of mechanics and skilled workers. The
largest is to be seyen-story structure
covering one-quarter Of the Kay block,
bounded by Eleventh and Twelfth
avenues, Fifty-fourth and Fifty-fifth
streets, just north of Dewitt Clinton
park. This building, with q base of
200 by 200 feet is 80 planned that it
can be extended, as required, over
the entire block, all of which Mr..
Hearst controls. 1t will house the
New York American and the Interna-
tional Magazine company, printers of
the International, Good Housekeeping
Cosmopolitan, Harpcr's Bazaar and
Motor Boating.
FOURSTORY PLANT.
The next largest unit is a four-story
plant for the manufacture, printing
and distribution of the New York
Evening Journal, downtown. This
will cover the larger portion of the
block between South and Water
streets, Market and Catherine Slip,
few blocks from the Brooklyn and
Manhattan bridges.
The third unit will be two-story
building with foundation to carry sew
eral additional floors. This will cover
frontage of al feet on 149th
street, f15 ON Mott avenue and 1877
feet on Walton avenue, the hub of
Bronx Borough. This improvement
is for the printing and distribution
of the Harlem and Bronx editions of
the journal and the American.
For the Columbus Circle section,
which is growing rapidly as n bust
ness and amusement center, along the
lines of Times Square, is planned the
fourth unit. This is to be two
story taxpayer with stores and of
fees and an auditorium with $500
seats. 1t will cover the west block of
Eighth avenue, between 56th and
57th streets, plot 200 by POI feet
alongside the west side branch of the
Y. NJ. c. A.
INCREASE INCOME.
The entire issue os $4,000, 900 at
6 IA per cent, will be publicly Of
fered in few days by s. W. Straus
and Company, in cooperation with q
group of bond houses. The bond
handlers have been appraised of the
fact that the average net annual
earnings Of the New York Evening
Journal, over the last five years, as
shown by the audit of Peat, Maverick,
Mitchell and Company, were $1,S07,-
464 before federal taxes. This income
will be increased by S960,O10 a year