Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-26
THE PROJECT ABANDONED
Action Taken Today by Those Interested in
National Bonding Company,
Reports Received From Agents Rem
dsred the Incorporation at
This Time InadvisabIe.

At a meeting this morning of the incor-
porators Of the National Bonding Com
pany, the financial organization of which
District Commissioner John r. Wight was
expected to assume the presidency, Il was
decided. after a full discussion OF the mat
ter, to abandon the project. A notice to
those who have subscribed for stock in the
company was, therefore. prepared. notify
ing such subscribers that because of the
present decentralization in rates of such
concerns the incorporators reached the con-
clusion that it is inexpedient to carry the
matter any further. This notice appears in
another column of todays Star.
1t will be recalled that the organization
of the proposed company was first made
public in The Star last summer, when it
was stated that it was proposed to make
the capital of the concern consist of 10000
shares of 500 each, and that subscribers
would be expected to agree to pay in, when
called upon, $50 for each share Of stock
subscribed for by them. so as to provide
for surplus Of 100000. At a meeting in
August of those interested In the enter
prise a committee, consisting of eX-Secre-
tary of the Navy Hilary A. Herbert.
James E. Fitch and John B. Larner was
appointed to take charge of the organiZa
ton and subscription of the company.
The 18th of August notice was given in
the local newspapers of the intention of
the incorporators to apply to the District
Commissioners the 18th OF the following
month for charter under the provisions
of the act of Congress of October l, 1880,
which act provides for the Incorporation in
the District of trust. loan, mortgage and
other like corporations.
object of Proposed Company.
The incorporators mentioned in said no.
uce were some Of the wea, thiest and most
prominent business men OF the District, and
1t was stated that the company was to be
a security, guaranty and indemnity con-
Germ, its object being to carry on, under the
provisions of the above mentioned act, a
security, guaranty and indemnity business,
with its principal office in this city.
On the day mentioned in the notice ap-
pl1cation was made to the District Com
missoners for the charter, and the Com
miSSioners acted faYOrably thereon. Shortly
after that time, it is stated 1t became ap-
parent to those interested in the enterprise
that the stock in it was not being taken as
rapidly as had been hoped and agents were
sent to New York and other large cities for
the purpose Of placing the shares not then
subscribed for. These agents, 1t is under
stood. did not meet with the success antici-
pated and at d meeting of the inCorpOra-
tors about week ago the announcement
was made that unless more encouraging re-
ports were received from the agents the
project would probably be abandoned, for
the present time, at least.
Reasons for Action Taken.
Al lpudy : meeting Oh the
further reports received from the agents
convinced those interested that II would be
inadvisable tC push the matter further at
the present, and it is stated that demora-
uzation in rates in such and like concerns
has been responsible for the failure to place
the stock Of the proposed local company. 1t
is understood TOO, that future prospects ap-
pear no brighter than those now existing,
and for these reasons so it is stated, il was
determined to take the action indicated in
the notice above referred to.
When questioned this afternoon, Com
missioner Wight stated that he did not
care to say anything at all. He added,
however, that while he had expressed his
Willingness to accept the presidency of the
company, he had always explained that he
would not think OF relnquishing his posi-
ton as a member of the board of District
Commissioners until every share of the
stock had been subscribed and paid for
and he had been officially notified that he
had been chosen the president of the
company, and that it was ready for bust
ness.
Further than to make this explanation Of
his position IN the matter MIR. Wight said
he did not care to express himself. Whether
an attempt will be made TO organize the
company later Mr.. Wight said he was I'M
advised.
1t is stated by some Of those who have
been interested in promoting the bonding
company that the project will not be aban-
doned by them, and that steps toward a
new organization will soon be taken.