Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-18
INCREASES ITS STOCK
American Security and Trust
Company
STOCKHOLDERS MEET
ACTION TAKEN TODAY PRACTI-
CALLY UNANIMOUS.
Surplus to Be Largely Increased
Plans for a New Building - No
Change in Management.

A meeting of the stockholders of the
American Security and Trust Company was
held today n the offices of the company,
1405 G street. A vote was taken on the
proposition submitted weeks ago
through the board of directors relative to
the increase of the capital stock from ST.
250, 900 to S3,OO0OO0 and the increase of the
surplus from 5000 900 to 81, 800 600. The vote
that was cast was practically unanimous in
favor OF the adoption of the plan. as all the
shares of stock, amounting to 125 900, were
voted in the affirmative, with the exception
of forty shares The latter were not voted
at all, as the owner is now in Manila and
has not yet been heard from. The result
of this vote Of the stockholders was looked
upon as indicating that in recommending
the adoption of this course the president of
the company, Mr. Charles j. Bell and the
directors have acted with the best interests
of the company in view. In thus doubling
the stock of the company and making a
still larger addition to it's surplus the stock
holders look forward to an enlargement of
the facilities of the company and its sphere
of operation.
The New Holders.
The offer to take 1900 shares of the
new issue was made by John r. Mclean.
c. c. Glover. Gen. T. Dunlop and Henry
Hurt, representing those who have large
holdings in the Riggs National B:.nk and
the City National Bank of New York city.
The purchasers agree to take this stock
at par, aggregating I.J0o,Oo0. They will
also pay a premium of $50 per share,
amounting to $500 900, which will pass into
the treasury of the company to be added
to it's surplus fund. AS the surplus is now
100000 the increase will be to $.JGO,03o
The $500 shares of the stock remaining
of the new issue of Il 500 will be sold 10
the stockholders at the basis of
share of new stock to every five of old,
which is equivalent to a dividend of 20 per
cent.
The Old Riggs Bank Property.
Another feature of the plan which vas
adopted today by the stockholders was the
acceptance of an option held by Mr.. Me-
Lean on the old Riggs Bank property, at
the northwest corner of Pennsylvania ave-
nue. and 10Th street. The ground has d
frontage of 53 feet on Pennsylvania ave-
nue. and extends back 1873 feet. AT any
time within five years it can be purchased
for 100000 Up to the end of the period
of the option, which is fifteen years, the
purchase price IS $4,000. This option viii
be transferred To the American Security
and Trust Company and the board of dl-
rectors given authority to proceed with
the erection of building suitable for the
use of the company on this site. The pres
ent office building, together with the ad
joining property at the northwest corner
of 14th and G streets, which the company
now controls through an option, is to be
sold
Board of Directors Meet.
After the meeting of the stockholders to-
day meeting of the board of directors was
held, when the necessary arrangements
were made to carry out the will of the
stockholders relative to the proposed
change. 1t was directed that the new stock
was to be paid for in four equal INSTALL
ments, beginning June /. The other pay
ments will be due July II, October Il and
December 81. Plans for the new building
are being prepared by two firms of archi-
tects. York & Sawyer of New York city and
Hill & Kendall of this city. The former
were the architects of the Riggs Bank
building, and the latter designed the Wash
ington Loan and Trust Company building
and other well-known structures in this
city. At that time Mr.. james G.. Hill. the
senior partner, had not formed a partner
ship with Mr.. Kendall. who has been with
him for number of years past
When the result of this competition is
known, the erection of the new building,
which is to be designed exclusively for the
business of the company and will be one
story in height is to be begun. 1t is to be
built in the best style and will be notable
addition to the business structures of the
city. There is to be change in the man
agement of the American Security and
Trust Company. Mr.. Charles j. Bell, the
president, through whose Judgment and
ability this change was brought about in
a manner satisfactory to all interests, is to
remain at the head of the company. All
the officers will be the same. At some fu-
ture meeting new members will be added
to the board of directors to represent the
powerful interests which have thus become
identified with the American Security and
Trust Company.