Evening capital and Maryland gazette., 1912-02-02
~ TIC &.
For the Purchase OF the Interests of
Private Stockholders in the
Annapolis Water Company.
oFFIcE oF rHE cITY cLERK.


The following PTeambles- and Resolutions
having been adopted by the Mayor. Coun-
selor and Aldermen ofsthe City OF Annap,-
lis. Nd, at "a meeting held on January ~
1912. Is hereby published for the informrtion
and guidance of all who may be concerned In
it's provisions
WHEREAS. The Mayor. Counselor and Al
dermen OF the City OF Annapolis, already
own nr 900 shares of the capital stock OF the
Annapolis Water company, hays recently
purchased the states interest leOO shares
Of said capital stock, making total OF 500
shares now owned by the city, leaving 42s
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 II TO furnish
consumers the purest water possible at the
lowest cost consistent with economical ana
efficient management of the affairs OF the
company
AND WHEREAS. The private owners Of
said stock have been receiving liberal divi-
dcnds on their investment, resulting from
rate OF wat rents which some consumers
have considered higher than was necessary,
aud as there may arise under the present
changed ownership OF the capital stock
differences of opinion between the city au-
thurities Tepres enttng and being chiehy
interested in the water users, and the pri-
vate stockholders who naturally view their
investment in the stock from the standpoint
ofdividend 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 it is also desira-
bic that the private stock holders should not
rents or from any other cause their invest
ment might beconleless profitable.
AND WHEREAS, The Mayor. Counsellor
and Aldermen desire to afford the private
stockholders opportunity to dispose of their
stock alta fair price.
RESOLVED, That the Finance Commission,
consisting of the Mayor, the Counselor and
the Treasurer. be and they are hereby au-
thorized 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 be not more than $1,000 per share, that
being the highest market price heretofore
paid therefor or total of S91SS5 90, and that
the said Finance Commission be and they
are hereby authorized and directed TO bor-
row. not exceeding S27,SS5 co. at a rate not
exceeding per cent. tutereSt, TO be used to
pay for said stock, and be and they are
herebv authorized and directed to pledge
said stock as collateral security for the said
loan.
RESOLVED. That the offer above authori
ized TO be made be In force for 10 days from
the 24th day of January. 1912 and no longer
and that notice be given by advertisement
in the Evening Capital of Annapolis, and
hy such additional notice as the said Finance
Commission may deem advisable and
RESOLVED FURTHER. That the City Clerk
at once communicate direct by registered
letter with each stock holder, submitting
the aforementioned offer.
BY order OF tho Board,
PHIL. Il. PORTER.
I-23'tf City Clerk