Evening capital and Maryland gazette., 1912-01-29
ne TIC &.
For the Purchase OF the Interests OF
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.


The following Preambles and Resolutions
having been adopted by the Mayor, Coun-
seNoT and Aldermen Of the City Of Annapn-
us, Nd at meeting held On January Y.
1918 is hereby published for the informrtion
and guidance OF al who may be concerned in
its tsprovisions
WHEREAs. The Mayor. Counselor and Al
dermen of the City of Annapolis, already
own ng 2Ol shares OF the capital stock of the
Anna polls Water Company. have recently
purchased the states interest Goo shares
OF said capital stock. making total of 800
shares now owned by the city, leaving 420
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
consumers the purest water possible at the
lowest cost consistent with economical and
efficient management OF the affairs OF the
company
AND WHEREAS The 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 un er the present
changed ownership OF the capital stock
differences OF opinion between the city au-
thorities representing and being chiefly
interested I'm the water users, and the pri-
Vate stockholders who naturally view their
investment in the stock from the stand point
ofdivtdend earning and profit to themselves.
And ms it is disirnhle that there should be no
conflicting interests in the management of
the Water Company, and as IL is also desira-
BILE that the private stock holders should not
DE maze 10 Ieti LnAt DN reduction OF water
rents or from any other csuse their invest
ment might become less profitable.
AND WHEREAS, The Mayor, Counsellor
and Aldermen desire 10 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 a nd
the Treasurer be and they are hereby au-
thorlzed 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
stockholders: provided the price paid there.
| for be not more than SG5.00 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 S27 $50 90. at a rate not
| exceeding per cent. Interest, to be used &c
pay for said stock, and be and they are
/ hereby authorized and directed to pledge
| said stock as collateral security for the said
4 loan.
| RESOLVED. That the offer above authori
| ized 10 be made be In force for l5 days from
| and that notice be given 10y 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
| Mt once communicate direct by registered
/ letter with each stakeholder submitting
| the aforementioned offer.
by order OF the Board.
PHIL e. PORTER,
t-23tf City Clerk.