The Washington times., 1914-03-08

Net income ............. 19,620 1A,1Ol
The company acquired the stock of
the Annapolis Public Utilities Company
a little over a year ago. That company
owned the electric lighting and gas
plants of the Maryland capital and the
railroad company has succeeded to all
its rights. Last year over 100000 was
spent on these properties with the re-
suit that they are now in ,frst-slass
operating condition
The growth of the freight and express
business of the road has been such in
the past year that the company has
doubled its facilities in Baltimore by ac-
uuirin- additional land and erecting an
other freight station in the heart OF the
wholesale district. In Washington the
freight terminal is at Fifteenth and IL
streets northeast.
In a statement to The Times ABOUT
the affairs of the road President George
T. Bishop says: We expect steady;
consistent increase in both gross and
net earnings, and while increases will
not be abnormal, the business OF tne
company will remain unaffected by any
of the causes which at times prove DIS
astrous to electric railways in large
manufacturing districts. While the re-
ports of properties in such districts ire
ouently show large and apparently very
attractive xainss 1t just. as frequently
occurs that through strikes or SHUT
downs of the mills, such advantages arc
The company has si,93s.OOO of per
cent first mortgage bonds outstanding
maturing March /. lsil, interest pay
able March l and September i. ihere
are s3,OOO.O0o of common stock issued
and si.l5,45O, par value Of preferred
stock. The preferred is per CENT;
non-cumulative, and dividends are pald
quarterly, and have been paid ioI IN:
past two years. The Jonds are sun1ect
to redemption at 100 on any IN tntfsa1e III
date. They are now quoted on the bai-
timore Stock EXCHANGE at 81 and s4ts.
The securities are also listed on the
Cleveland Stock Exchange.
The officers Of the company are:
George T, Bishop, Cleveland, president;
F u CHM. Cleveland. vice president;
J. ]. Doyle. Baltimore. general man
ager: George Weems Williams. .talti-
more. secretary, and George A. Crais,
Toledo, treasurer. The directors are
land. and George r. Sheldon. New iork.
New Bank Forming.
| An agreement was reached between
the directors Of the Munsey Trust Com
pany, A. G. Clapham, S. J. Henry. and
James A. Cahill. representing the di-
rectors of the United States Trust Com
pany, and representative oc a syndi-
| cate of out-of-tOwn capitalists yester-
dav afternoon for the sale OF the branch
of the Munsey Trust Company at Tenth
street and Pennsylvania avenue.
| With the conclusion of negotiations in
few days. it is announced today to
be the intention of thosc "ho Will &C
uuire the Tenth street branch hank to
organize a new banking institution.
Preliminary approval Of the nlans has
been given by the Comptroller of the
Currency.
The interests behind the new banking
enterprise have been unwilling 10 dis
close their identity: Justic" Asnlej NJ.
Gould, c. II. Pope. and Wilton j. Lam
bert acted for the Munsey Trust Com
pany in the negotiations.
Negotiations are also in progress Tor
the purchase from the Munsey Trust
Company and the United States Irus'
Company of the branch banks at Four
| teenth and L streets and ut twentieth
street and Pennsylvania avenue.
The new bank at Tenth street ano
Pennsylvania avenue will be nationa
bank with capitalization OF between
800, 900 and $4,000.