Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-02-03
NOTICE..
For the Purchase OF the Interests of
Private Stockholders in the J..
Annapolis Water Company.
OFFICE OF THE CITY CLERK.
n


The following Preambies and Resolutions
having been adopted by the Mayor. Coun-
seior and Aldermen of the City Of Annap,-
lis. Md at a meeting held IN January y.
1919 Is hereby published for the informrtion
and guidance of all who may be concerned IN
its provisions:
WHEREAS, The Mayor. Counselor and AL
dermen OF the City OF Annapolis, already
own ng 20n shares of the capital stock of the
Annapolis Water Company. have recently
purchased the states interest Zoo shares
OF said capital stock, aklnR n total of S0l
shares now owned by the city, leaving 42s
shares OF said stock held by private owners
AND WHEREAS, The principal object the
city had in acquiring the control OF said
Water Company was 10 enable tt TO furnish
consumers the purest water possible at the
lowest cost consistent with economical and
efficient management OF the affairs OF the
company
AND WHEREAS Tho private owners Of
said stock have been receiving liberal diVi-
dends on their investment, resulting from a
rate OF wat rents which some consumers
have considered higher than was necessary,
and as there may arise IN er the present
differences of opinion between the city au-
thurittts represenung and being chiefly
interested In the water users, and the prt-
vate stockholders who naturally view their
investment in the stock from the standpoint
ofdlvidend earning and profit TO themselves.
And 5 IL is diSiraule that there shou q be- no
conflicting interests in the management OF
the Water Company, and as ~ Is also desira-
bic that the private stock holders should not
be mnde TO ieel that by reduction of water
rents or from any other cause their invest
ment might become less profitable.
AND WHEREAS The Mayor, Counsellor
and Aldermen desire 20 afford the private
stockholders opportunity to dispose OF their
stock att fair price.
RESOLVED. That the Finance Commission,
consisting OF the Mayor the Counselor and
the Treasurer, be and they are hereby au-
thorized and directed to immediately enter
into and consummate negotiations with the
holders of said private stock with the view
to purchasing the stock of said private
ckhoIders; provided the price paid there
for be not more than $500 per share, that
being the highest market price heretofore
paid therefor. or a total of S27,SS5 90. and that
the said Finance Commission be and they
are hereby authorized and directed TO bor-
row not exceeding SS7. $50 90. at n rate not
exceeding 5 per Cent. A. terest, TO be used TO
pay for said stock, and be and they are
hereby authorized and directed TO pledge
said stock as collateral security for the said
loan.
RESOLVED. That the offer above nuthori-
tied TO be made be in force for 10 days from
the s4th day OF January. 1919 and no longer.
and that notice be given by advertisement
in the Evening Capital" of Annapolis and
by such additional notice as the said Finance
Commission may deem advisable and
RESOLVED FURTHER. That the City Clerk
at once communicate direct by registered
letter with zach stockholder, submitting
the aforementioned offer.
BY order of the Board,
PHIL. +. PORTER,
i-23'tf City CLERK.