Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-02-06
SPECIAL COUNCIL MEETING.
A Session Until Midnight at Which
Water Question is Discussed-The
Resolution Passed.

Resolution Passed.
A special meeting of the Mayor
and City Council was held last night
in the Council Chamber at the CITY
| Assembly Rooms for the purpose OF
consulting with the private stock.
holders who still retain their holdings
in the Annapolis Water Company.
The meeting was a very lengthy one
and full of interest and Importance ia
| taxpayers and consumers of water.
| There was considerable discussion.
The important feature of the meeting
was the passage of a resolution. the
gist of which was referring the mat
ter to board of arbitrators.
This board of arbitrators is to be
| appointed from the City Council and
from private stockholders of the Water
Company. The understanding set forth
in the resolution is that the city is
not to pay more than SO. 33 l-3 for the
stock shares. There was much argu-
ment for and against the proposition
and the meeting did not adjourn until
midnight.
Those present, besides the City
private
stockholders, were Messrs. j. Writ
Kendall, Harry j. Hopkins, Nicholas
H. Green, James NJ. Munroe and
Elihu S. Riley.
The following is the full text of
thu resolution adopted:
Whereas, The Mayor, Counselor and
Aldermen of the City of Annapolis,
now holding a majority of the stock
of the Annapolis Water Company,
is desirous of purchasing all of the
outstanding stock of the said Com
pany and thereby get complete mu-
nicipal ownership thereof: and where
as, the true valuation of the said
stock has never been actually deter
mined on a marketable basis,
Therefore, be it it Resolved, bv the
Mayor, Counselor and Aldermen of the
City of Annapolis that the question
of the valuation of the capital stock
of the Annapolis Water Company be
referred to a board of arbitration to
consist of one arbitrator to be named
by the corporation of Annapolis, and
one by the private stockholders in
said Copmany, who shall determine
the valuation of said stock and re-
port their findings to the corpora
tion of Annapolis. as hereinafter
directed. If said two arbitrators fail
to agree on any point sin reference
to said valuation they may name
third arbitrator, and the decision of
said board of arbitration shall be
binding on the city and on all of the
private stockholders upon the follow
ing express provisions and conditions.
I. That the said board of arbitra-
tors make their Investigations and
their report within fifteen DAYS from
the date of their appointment, and
that the private stockholders appoint
their arbitrator, respectively, within
five days from the date of the pas
sage of this resolution.
2. That each and every one of the
private stockholders shall agree to.
and be bound by, the award of said
arbitrators, but in no event to re-
ceive figure higher than the maxi
mum price as hereinafter prescribed,
and that all of said shareholders pool
their stock, and, on or before Febru-
airy II, 1912, deliver to the Mayor of
Annapolis a legally binding option
thereon upon the terms set forth in
this resolution, said option to be in
force until March Is, 1912, :and
said stock to be duly transferred
and delivered to said corporation of
Annapolis on or before said date
upon proper payment therefor.
8. That the maximum figure which
any of said stockholders shall ask,
or be paid, for their said stock shall
be $S3.33 1-3 per share, even in the
event that said arbitrators should
place a high valuation thereon. If,
however, said arbitrators should place
lower valuation than said figure of
SS3.33 1-3 per share, all of said stock
holders shall be bound by said valua-
alton
a. That all of the private stock
| holders who have heretofore sold their
holdings in the Company to said city,
/ in pursuance of the offer made by the
city's resolution dated January %,
1912. shall be paid on the same basis
as all the stockholders selling under
the provisions of this resolution here
by submitted.
S. That the expenses of the arbitra-
tion herein provided for shall be
borne, respectively, by the corpora
tion of Annapolis for the arbitrator
to be appointed by it, and by the pri.
vate stockholders for their arbitrator
and in the event that a third arbitra
tor should be named, his expense:
shall be divided between the said cor
poration and the said private stock
holders, and all necessary incidenta
expenses to be likewise equally divid
ed.