Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1918-01-08
THE w., BRA. STOCK
TAKESABIC JUMP
Lnterurban Line Passing To Control
Of BaItimOreans
SHARES REACH NEW RECORD
common Sells 10 A High cf 26 l-S
With Inquiry Greater Than The
Floating Supply.

With Inquiry Greater Than The
Floating Supply.
A feature OF the stock dealings in
Baltimore during the past week has
been the persistent advance in the
common stock Of the Washington, Bal
timore and Annapolis Electric Line
1t sold up to a high record Of 26 is,
with the inquiry for the shares at all
times greater than the floating supply
One factor to be considered in con-
nection with this company and the
recent favor Of its securities IS that
much Of the stock and other securities
has passed from the control Of the
Cleveland interests who promoted it.
10 strong Baltimore banking concerns
AS is known, the company was con-
ceived in Cleveland by group of
!, capitalists and public utility interests
headed by William r. Bishop. VINO has
been president Of the company since
its organization Baltimore was not
asked for single dollar to build and
operate the line, and so far as is
known. has taken only limited con-
oern in its securities until within the
past few months
Those who have bought into the
company are some of the most re-
sourceful bankers OF the city. They
did not buy for speculation, but as an
Investment, in view of its great posi-
bilities from the establishment Of
Camp Meade and the increase OF trifiic
between Baltimore and Washington
and Annapolis which the line serves
These bankers are not parting with
the stock they own, and il is the fact
that SO much of II is now lodged in
such strong hands, with the excellent
showing OF the company, which has
tended to advance the stock and
bonds
New Entirely Local.
The assertion is made that this cor
poration can no longer be regarded as
a .squatter" but that its control, or
strong voice, in the control, has
passed TO local hands
To explain the remarkable results
the company is now showing, ii is only
necessary TO consider the earnings
statement for the past year as COM
pared with 1916 This is as follows:
Gross earnings. 1916. S972.223; 1917,
$1,5S7,0O0; increase, $6i4,777. Oper-
ating expenses. 1916, $685., $50: 1917.
ss74. 500; increase, $s12,250 Gross
income applicable to bond interest.
1916 $40s,672; 1917. $712,200; in
crease, $3e2.52S Interest on bonds.
1916, s247 $50; 1917, S257 200; in
crease. $3.50 Net income available
for dividends. 1916, s162,322; 1917.
$455,000 increase, $2e2,67S Diyi-
dend on preferred stock 6 per cent,
1916, $S7.Ss5; 1917, sS7.345 Balance
available for common stock, 1916.
S74s977; 1917 $367655; increase.
s29se7s.
From this It is shown that the net
earnings available for interest on the
s4,f4f.o00 first mortgage bonds OUT
standing are about two and three
quarters times the amount required: !:
that the regular s per cent dividend
paid since 1912 on the s1.455.750 pre-
ferred stock is earned over five times.
and that the balance applicable to
dividends on the $3,000,000 common
stock is equal to over u per cent up
ON that issue, upon which total Of 6
per cent was declared during the
year. Surplus earnings for the last
quarter OF the year we're at the rate
OF 26 per cent On the common stock
I Added Much Equipment.
Duriag the year the company added
to its equipment and other physical
! property as follows:
Eight modern high-speed electric
locomotives, built by the Westing-
house Company: s. modernly equip
pd trail cars. These were purchased
in anticipation Of the increased traf-
fc on such favorable terms that their
! present replacement value is con.
| servatively stated to be eight times
| their original cost. Constructed dou.
ble-track line from Naval Academy
Junction to Admiral also constructed
two large passenger stations and Ia.
nearing completion a new freight sta.
tion and a sub-station OF $500 kilo-
watt capacity to furnish the United
States Government with all electric
ity for power. lighting and heating
| purposes at Camp Meade
The approximate cost OF the i'm
proFements and betterments to the
property during 1917 amounts t.
$4,000
A little retrospect Of the compan,
fmay be Of interest at a time when III,
/ bankers and investors here are tax
/ ing a keener interest in its welfare
/ and when the impression that 1t is be
coming a LEGAL utility with all tha
implies is taking a firm hold on thl
| general public The company wa
! formed in 1907 with q maximum cap
italizaxion as follows
First mortgage per cent bonds
/ $. 100000: second mortgage bonds
| 81. 100000: Baltimore Terminal mort
gage bonds, s2.145.000; preferret
stock. S5.Tss. COO: Terminal compan,
stock. 81 800 600; total capitalization
then outstanding, S13.42S. 900
It was. operated as FIRST forme'
from 1907 to 1911, this period repre-
senting the development stage IN it