Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-07-23
BUlL1fAa PURCHASED
AMERICAN NATIONAL BANK Sc
CURES A NEW HOME
~ I -
Capital steck tWre Doubled - Terms
Upon Which the New Shares
- Will Be issued. r,

This morning Judge Gould signed an Or
der approving fhes purchase by the Amerf-
can Natio0al Bank of the Sun building.
1917 F street northwest. The price agreed
upon and accepted by the heirs Of the Abel
estate Is $4,000. 1t is proposed to expend
in improvements the sum of $4,000. and in
the course OF the aext ten days 1t Is intend
ed by the new owners to make the payment
on the property and to begin the chaoges
and improvements which are deemed nee
esssary In order to prepare the building Tor
the use Of the bank ~ .,~r '.A
The proposed improvements include a
change of, the main entrance which Is now
in the cent.z of the. front, to- the west end
? OF the front. The removal of the mezza nine
floor will pravids a banking roon occupy
ing the entire width and depth OF the
building. with, the exception Of ten feet.
which is to be devoted to, the public hall
and the space occupied by the elevator
The height Of the ceiling of the banking
room will be twenty-eight feet. and there
Will be a lobby in the center which Will be
twenty-three byt forty-two feet
The depth of the building is 14S feet. The
work Of remodeling will be begun as soon
as possible, there being only two tenants
In the portion of the building which Is to
be changed, one being the Washington Of
nee OF the Baltimore Sun and the other
the banking Office Of Lewis Johnson & Co.
Inc former will secure a location else
where. while the latter is erecting build
ing for their use on the lot adjoining on
the west of the Sun building.
In order to provide the money for the pur-
chase of this property 1t is proposed to IN
crease the capital stock Of the American
National Bank from $3.50. 600 tdA$I0O, 600. and
the stockholders will be asked to approve
a plan which has been devised by the d.
rectors for the placing Of the new stock.
Each stockholder win be asked to subscribe
oh ha sno
amounting to-. $500 shares to which as a
stockholder he is entitled. The price to be
paie for the new stock by the stockholders
Is $122-5O per share.
In making this Esubscription the stock
holders agree thatthey will sell ba ok to a
COMMITTEES of the stockholders named for
the purpose one-half Of the amount OF
stock assigned E o he e S.
share. It Is to bes further agreed that the
committee are: 10 dispose Of the stock for
the best interests OF the bank =
The selling ptaceais to be. $3.50 per share.
1t is the purpose to place the 1 $50 shares
of stock whichsbys the action Of the stock
holders will be made available for sale, in
such manners as to add to the standing
and the influence pf the bank and in this
persons will beaorpAs Identified with the in
stftution who will prove to be Of great ad-
vantage to it. The premiums which will
be paid on the new stock. amounting to
$4,000 will be. added to the present sur
plus fund and undivided profits which will
make a total surplus fund of about $4,000.
The actieB. of, the board of directors in
purchasingHt htsa property is believed to
be based on good business considerations.
as the rentals for the upper 1oors the
building baing eight stories. in height
Will yield more than 6 per cent net upon
the total amount Invested in the purchase
and improEemeutrof the property. In ad-
dition to THIS return upon the money the
bank will have home of its own free of
rent. .. t,-