The age-herald., 1899-05-02
WATER WORKS DEAL
 A GREAT SURPRISE Majority Stockholders Sold at
 $88 Per Share. PROTECTED THE MINORITY Agreement By Which They Gan Dis pose of Their Holdings At the
 Same Price-Payments to be
 Made By May 27.
PROTECTED THE MINORITY

The closing of the deal for the Birming ham Water Works, as told exclusively in Sundays Age-Herald, was quite a surprise to the people of Birmingham.
 The American Water Works and Guar antee company of PittsbuI'g, the purchas- ers have already deposited 10 per cent. of the amount agreed upon with the Hanover National bank of New York city. One half of the balance of the purchase price is to be paid on May 12th, and the remainder on May 27th.
 The purchasing company assumes the bonds of the Birmingham Water Works company. and paid SS cents on the dollar, less the compensation of the depository of 26- cents a share, for the stock.
 The sale was effected by w. s. Kuhn general manager of the Pittsburg company By quiet manipulation he secured control of majority of the stock, which was held by James T. Woodward of New York, Josiah Morris & Co.,, r. M Billing and pr. Benj. J. Baldwin of Montgomery. Before transferring the stock an agreement was made by which the minority stockholders could dispose of their stock at the same price received by the majority.
 Letter to Minority stockholders
 The above named majority stockholders have issued the following letter to those in the minority who have not yet disposed of their stock:
 Birmingham, Ala, April 20, 1899.
 We beg to advise you that we have en- tered into agreement with the Ameri- can Water Works and Guarantee company, of Pittsburg Pa, to sell to it our entire personal holdings of shares of the Brming- ham Water Works company of Birming- I ham, Ala, also those We control, aggre- gating in all over three thousand shares, being a majority of the stock of said com ,pany at the rate of sSS per share and have also provided in the agreement that the stock of the minority holders, if they wish to sell, is to be paid for at the same price If surrendered within thirty days from April 27 1899. The said price of $sS per share is to be subject to a charge by the depository of the stock of twenty-five cents per share, so that the net price to the seller will be $S7.75 per share.
 s,s t."iThe American Water Works and Guar antee company has deposited with the Hanover National bank, of the city of New York; $10 per share the entire capital stock of the Birmingham Water Works company, viz.: $50,000 as a payment upon sand stock, and agrees to pay one-half of the balance of the purchase price on May 12, 1899, and final payment of the balance on May 27, 1899. The stock shall be deliver ed and remain on deposit at the Hanover National bank, of the city of New York, until paid for as above described, and said stock shall be delivered by said bank to the American Water Works and Guarantee company, whenever the purchase price of the same shall have been fully paid as above described.
 Tt is further agreed that, in the event of the American Water Works and Guar antee company not completing the pay ments for such stock as may have been deposited under this agreement, the stock so deposited shall be returned to the par ties who have deposited same, the owners thereof retaining the $10 per share paid thereon at the time the stock was so de- posted, less the deposltory's compensa- tion.,
 Should any stockhoder so desire the stock can be deposited in the First Nation al bank, of Birmingham, Ala, under the terms and conditions of the agreement, with the understanding that said bank shall act as the collecting agent for all such stock so deposited, and shall forth with forward such stock to the Hanover National bank, of the city of New York, under the terms of said agreement.
 "In forwarding the stock to the Hanover National bank, of the city of New York, or the First National bank, of Birming- ham, Ala, the party in whose name the stock stands must endorse the certificate precisely as the name appears on the face thereof, and such endorsement must be witnessed by a notary public, who shall affix his seal. Revenue stamps at the rate of 2 cents per hundred dollars par value of the stock should be placed on the back of the certificate, also a twenty-five cent revenue stamp for the attorney
 
 NOW A DEANTTT TIaJTcT