Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-02-13

For the Purchase of the Interests of
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.
ANNAPoLIs. MD. January %. 1919.

ANNAFoltSs N D., January -, lbl1.
: The following Preambles and Resolutions
having been adopted hy the Mayor Coun-
selor and Aldermen of the city Of Anuapt,
lis Md at b meeting held IN January S2
aud guidance OF All VINO may be concerned in
& It's provisions:
WHEREAS The Mayor Counselor and Al
defmrn of the city of Annapolis, already
own nE POI shares OF the capital stock Of the
Annapolis Water Comrany. have recently
purchased he states interest 600 shares
of said canitai stock. ma king total Of 500
shares now owned by the city, leaving 400
shares of said stock held by private owners
. AND WHEREAS. The principal object the
CITY hau in acquiring the control OF said
water Comp ny was 10 enable n to furnish
consumers Tin" purrst water possible nj the
lowest cost consistent with economical and
company
AID WHEREAS. The private owners of
said stock have been receiving liberal divi-
dends on their invest ment' resulting from
rate OF vat r rcnts-wh tch some consumers
have considered higher than was necessary.
anu rs there may arise I'M or the present
changed ownership OF the capital stock
differences of outnion between the city au-
IN rifles reure- enttnE and being chiefly
interested IN the water users. and the pri
waite stockholders who naturally view their
Investment ia the stock from the standpoint
ofdtVide nj earning and profit to III themselves
AND as IL is desirable that there should be no
conutctipR interests in the management of
the Water Com pauy, and as it rs also desira-
one thAt the private STOCK holders should not
bs maoe 20 eel that by reduction Of water
rents or from any Othr cause their invest
m"nt might become Tess profitable
AND WHEKEAs, The Mayor. Counsellor
and Aldermen desire TO afford the private
stockholders opportunity to dispose OF their
stock ata fair price.
RESOLVED That the Finance Commission
consisting OF the Mayor, the Counselor nj
the Treasurer. be and they are hereby au-
thorlzed and directed to immediately enter
into ana cOusummate negotiations with the
holders OF said private stock with the view
20 purchasing the stock OF said private
stock holders; provided the price paid there
for be not more than $500 per share. that
being the highest market price heretofore
paid therefor. or a total OF S27,SS5 o. and that
the said Finance Commission be and they
are hereby authorized and directed to Dor
rows. not exceeding S27 SIS 90, at a rate not
exceeding Der cent. tereSf. to be used TO
pnV for sutd stock, and be and they are 1
hereby utuorized and directed TO pledge |
ssld >tOclIas collateral security for the said 1
loan.
RESOLVED. That the offer above authori-
ICED 20 be made be In force for Is days from 4
tbe sfth day OF January, lQlsuand no longer.
aNd that notice be given by advertisement /
tn the Evening Capital" Of Annapolis ana II
hF such additional notice as the said Finance
Comni ssiCn may deem advisable and
RESOLVED FURTHEU That the City Clerk /
ct once communicate direct BY registered
letter with each stock holder, submitting 1
tine atorementionedoifer.
By order Of the Board,
PHIL. r. PORTER.
i-23u City Clerk.