Final answer:
Mutual water company stock that is appurtenant to the land means ownership of the stock is tied to land ownership. Such companies were established under royal charter with expectations of profits from gold and agriculture.
Step-by-step explanation:
The stock in a mutual water company that is appurtenant to the land typically means that ownership of the stock is tied directly to the ownership of a specific parcel of land. Initially, these companies were originally established under royal charter. The stockholders and settlers involved with these companies had the expectation of deriving profits from ventures such as mining for gold and cultivating crops. Essentially, the value and the utility of the stock are intrinsically linked to the land, with water rights playing a fundamental role in the agricultural productivity and overall value of the land.