Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-02-15

For tn Purchase of the Interests Of
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.


Tho following Preambles and Resolutions
having been adopted by the Mayor. Coun-
selor and Aldermen of the City of Annspo-
rs. Md, at u meeting held IN January "a
1918. IS hereby published for the tniormrtion
and guidance OF all vino may be concerned in
it's provisions
WHEREAS The Mayor. Counselor and Al
dermen OF the City OF Annapolis already
own ng 9Ol shares of the capital stock Of the
Annapolis Water Company, have recently
purchased the states interest too shares
Of said capital stock. ma king a total Of 800
shares now owned by the city. leaving 42Q
shares OF said stock held by private owners
And WHEREAS. The principal object the
city had IN acquiring the control OF said
Water Comptny 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
rate OF vat 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-
thrrittes representing ana being chiefly
interested in the water users, and the pri
waite stockholders who naturally view their
Investment in the stock from he stand point
Ofdtvtdend earning and profit to themselves.
And as Il IS disirable that there should be no
conflicting interests in the management Of
the Water Company, and as 1t IS also desira-
BILE that the private stock holders should not
rents or from any other cause their invest
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 Counselo and
the Treasurer. be and they are hereby au-
thOrized and directed to immediately enter
into ana consummRte 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 $500 per share, that
being the highest market price heretofore
paid therefor. or total of 81 SO 90, and that
the said Finance Commission be and they
are hereby authorized and directed TO bor-
row. not exceeding $27.SS5 90, at a rate not
exceeding 8 per cent. Interest. TO be used 10
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-
tied 10 be made be in force for ID days from
c ne 2fth day of January, 1912 and no longer
and that notice be given by advertisement
In the Evening Capital" of Anna polls and
0y such additional notice rs the said Finance
Comm ssion 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. Z. PORTER.
j-Stf City Clerk.