Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-21
COMMITTEE TO DECIDE
MR.. McLEAN'S PROPOSAL TO saw
INGs AND TRUST COMPANY.
Offer to Purchase Additional Issue Of
Stock and to Later Buy Pres
emit Holdings.

NO final action has been taken by the d.
rectors of the National Safe Deposit, Saw
lngs and Trust Company In regard to the
proposition made by Mr. John r. Mclean.
This matter has been referred by the board
or directors elected last Monday to COM
mittee, which Is to report at some future
meeting.
Mr.. McLean's proposition involved two
features. The first was the offer to buy the
entire proposed additional issue Of stock,
amounting to 10000 shares, at $500 share,
which, Mr.. Mclean stated, was the book
value taking the building at the company's
valuation. Second, Mr.. Mclean offered to buy
at any time within year from the date of the
increase of the stock, the holdings of any
present stockholder who might wish to dis
pose of the stock at S16O per share, which
was at that date higher than the last re-
corded sale of the stock. .-.
1t was further stated by Mr.. Mclean
that this offer was made to the sharehold-
derS for their action and submitted to them
through their board Of directors thus rec
ogniZirg that If any action was taken it
must be by the shareholders, to whom Mr.
Mclean requested that the proposition be
sent.
Makes Another Offer.
further detail Of the proposition was
an offer made by Mr.. Mclean, in the event
the entire proposition was accepted by the
shareholders. to assign to the company the
lease and option he now holds on the prop
erty at the northwest corner of Pennsylva-
MIA avenue and 18th street. the site Of the
old Riggs Bank building. On this site It
was contemplated a new building for the
company was to be erected.
There seems to be an impression, based
mainly on the result Of the recent annual
election, when changes were made in tho
board of directors, that the action Of the
board will not be favorable to the plan
submitted by MT. Mclean. It has not been
determined. it is understood. whether or
not it will be submitted to the shareholders
as suggested by Mr.. Mclean. OF whether it
will be laid before them with a recommen-
dation from the directors that 1t be not &C
cepted. 1t Is stated, however, that even II
Mr.. McLean's proposition IL finally rejected
the plan which has been formed by Mr. Nc.
Lean and those associated with him to or.
ganiZe new trust company under the laws
Of the District will be carried out
preliminary sketch Of the proposed
home Of the new concern has been prepared.
1t is contemplated to erect on the site now
occupied by the old Riggs Bank building q
structure that will correspond In design
with that OF the present building occupied
by the Riggs National Bank, which 1t will
adjoin on the east. The new building will
therefore be one story in height. built Of
granite. and with lofty, pillared entrance
on the 18th street front similar in design
with the entrance to the Riggs Bank. There
will also be an entrance from the avenue.
Mr.. w. Riley Decide is mentioned as the
president of the new concern.
1t is not stated what the capital will be-
but under the laws it cannot be less than
81 .O0O.OOO