Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1912-01-26
~ OTTO e.
For the Purchase of the Interests Of
Private Stockholders in the
Annapolis Water Company.
OFFICE OF THE CITY CLERK.
A~rE.pnr - An Touuarv - Il


The following Preambles and Resolutions
having heen adopted by the Mayor. Coun-
srloT and Aldermen of the City of Annapn-
is. Md at a meeting held IN January y.
1919. T. hereby published for thu informrtion
and guidance OF all who may be concerned In
its provisions
WHEREAS. The Mayor Counselor and Al
dermrn OF the City OF Annapolis, ALREADY
own nR 2On shares of the capital stock of the
Annapolis Water Company. hav- recently
purchased the states Interest tt00 sharesl
OF said capital stock, making total of 500
shares now owned by the city, leaving 429
shares OF said stock held by private owners
AND WHEREAS. The principal object the
city had I'm acquiring the control OF said
Water Conn ny was TO enable IL to furnish
lowest cost con ,istent 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 wat rents which some consumers
have considered higher than was necessary,
and ms there may arise un err the present
changed ownership OF the capital stock
differences of opinion between the city Ru-
tn, rites repres entinR and being chiefly
interested in the water users. and the pri-
waite stockholders who naturally view their
Investments the stock from the standpoint
ofdivide nd earning and profit to themselves.
And as IL is disiraule that there shou q be no
conflicting interests in the management OF
the Water Company, ana rs IL IS also deslra-
bic that the private stock holders should not
be made to EEL that by reduction of water
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
stock holders opportunity to dispose of their
stock alta fair price.
RESOLVED. That the Finance Commission,
consi- ting of the Mayor. the Counselor ana
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
stock holders; provided the price paid there
for he not more than $500 per share that
being the highest market price heretofore
paid therefor a total nf 81, SS5 90, and that
the said Finance Commission be and they
are hereby authorized and directed To bor-
row. not exceeding S27.SS 40. at a rate not
exceeding per cent. 4 teresf, 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-
| tied TO toe made Toe in force for IS days from
| the cath day OF January, 1912 and no longer.
and that notice be given by advertisement
in the Evening Capital" OF Annapolis and
b. such additional notice rs the laid Finance
Commission may deem advisable and
RESOLVED FURTHER. That the City Clerk
at once communicate direct by registered
letter with zach stock holder, submitting
the aforementioned offer.
By order OF the Board.
PHIL. Il. PORTER.
j-23tf city Clerk.