Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-02-20

For the Purchase of the Interests Of
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.
ANNAPoLTs, Nd. January %, 1915

ANNAPoLtst VI De- JdIludTy b, ASlz
The following Preambles and Resolutions
having been adopted by the Mayor, Coun-
selor and Aldermen of the City of Annapo-
lis Md. at a meeting held on January 70
1912 Is hereby pubiished for the informrtion
and guidance of all who may be concerned in
its provisions
dermen of the City of Annapolis, already
owning 200 shares of the capital stock Of the
Annapolis Water Company have recently
purchased the States interest t600 shares
of said capital stock, making a total of 800
shares now owned by the city. leaving 429
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 to enable it to furnish
lowest cost consistent with economical and
efficient MANAGEMENT of the affairs of the
company.
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 under the present
changed ownership OF the capital stock
differences of opinion between the city au-
thorittes representing and being chiefly
interested in the water users, and the pri-
vate stockholders who naturally view their
investment In the stock from the standpoint
ofdividend earning and profit to themselves.
And as 1t is desirable that there should be no
conflicting interests in the management of
the Water Company, and as 1t Is also desira-
BILE that the private stockholders 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 dispose of their
stock at a fair price.
RESOLVED, That the Finance Commission,
consisting of the Mayor. the Counselor and
the Treasurer, be and they are hereby au-
thortzed 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 holderss provided the price paid there
for be not more than $500 per share, that
being the highest market price heretofore
paid therefor, or total of 81, SS5 90, and that
the said Finance Commission be and they
are hereby authorized and directed to Dor
row. not exceeding 81. $50 co. at 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-
ICED to be made be In force for Is days from
the 24th day~of January. 1912 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 each stakeholder. submitting
the aforementioned offer.
BY order of the Board,
PHIL. f. PORTER.
i-sS'u City Clerk.