Evening capital and Maryland gazette., 1912-02-08
~ OTTO E.
For the Purchase of the Interests of
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.
ANNArOLTs, Nd. January -. 1912.

The following Preambles and Resolutions
having been adopted by the Mayor, Coun-
selor and Aldermen of the City of Anuapo-
lis Nd, at n meeting held on January -
1912 is hereby published for the informrtion
and guidance of ali who may be concerned in
its provisions;
dermen of the City of Annapolis, already
owning 2O1 shares of the capital stock Of the
purchased the States interest ZOO sharesl
Of said capital stock, making total OF 500
shares now owned by the city, leaving 429
shares of said stock held by private owners
Ann WHEREAS, The principal object the
city had in acquiring the control of said
Water Company was to enable 10 TO furnish
consumers the pureSt water possible at the
lowest cost consistent with economical and
efficient management OF the adains of the
company
AND WHEREAS The private owners Of
said stock have been receiving liberal diVi-
dcnds on their Investment, resulting from
rate OF wat rents which some consumers
have considered higher than was necessary,
and ns there may arise unuer the present
changed ownership OF the capital stock
differences of opinion between the city au-
thuTitivs representtnR and being chiefly
interested I'm the water users. and the pri-
Vate stock holders who naturally view their
Investment I'm the stock from the standpoint
OtdiVtdvndsarninEa and profit to themselves.
And as II is disirahle that there should be no
conflicting interests in the management of
the Water Com pany, and as IL is also deSira-
bic that the private stock holders should not
be made to feel that by reduction of water
ment might become less profitable.
AND WHEREAS The Mayor, Counsellor
and Aldermen desire to afford the private
stockholders opportunity to disposeof their
stock alta fair price.
RESOLVED. That the Finance Commission,
consisting of the Mayor, the Counselor ana
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
stock holders; provided the price paid there
for be not more than S60O0 per share, that
betnR the highest market price heretofore
puid therefor, or total of 81, ,SS5 90, and that
the said Finance Commission be and they
are hereby authorized and directed to bor-
row, not exceeding $21.SS5 %, at n rate not
exceeding per cent. interest, 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 authori-
lied TO be made be I'm force for IS days from
the 2fth day of January, 1912 and no longer,
and that notice be given by advertisement
ia the Evening Capital, n of Annapolis. and
~ 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 each stock holder, submitting
the aforementioned offer.
BY order OF the Board,
PHIL. E. PORTER,
i-23tf City Clerk.