Evening star., 1923-10-09
W.,B. "a. REPORTED
IN FINE POSITION
Intercity Lines Gross Has
Gained 212 Per Cent in Ten
Years, Survey Shows.

BALTIMORE. Md, October 9.-Con-
fidence in the future of the Washing
ton, Baltimore and Annapolis Rail-
road Company and the Annapolis and
Chesapeake Bay Power Company.
which is controlled by the former, is
more than justified. according to an
optimistic report just issued by the
j. A. w. Iglehart & Co., investment
bankers.
The progress made by the Washing
ton, Baltimore and Annapolis in recent
years, says the baltimore Sun, is
shown by series of charts bearing
on such phases as earnings, gross
revenues and passenger traffic, opera
ting ratio. population growth, etc. 1t
is pointed out that gross earnings Of
the Washington, Baltimore and An
napolis have increased 212 per cent.
from 1919 to 1922, inclusive, or an
annual increase at the rate OF 1872
per cent. The net income, before
cent, in the same period. or an annual
rate of approximately IL per cent
Freight. revenue alone. has increased
399 per cent in the eleven-year period
The physical property of the COM
pany is carried at s14,344.000. or at
against a bonded debt OF $9,22S,000,
including the assumed obligations of
the Short Line, or at the rate of $780,
$40 per mile. Mileage is given as
about 115 miles. Of main line single
track.
Present Status Of Road.
A summary and conclusions of the
survey follow:
1. Physical properties of the Wash
tngton, Baltimore and Annapolis and
of the Annapolis and Chesapeake Bay
Power Company are in good condition.
p There has been for hmany years
sufficient business to necessitate and
support some kind of transportation.
3. There isaa growing demand in
the territory served for electricity for
power and light and that there is con-
siderable undeyeloped territory with
In reach OF the power company which
soon should create market for
4. The Annapolis Short Line rail-
acquisition by the Washington. Bal
timore and Annapolis has placed 1t on
an economical basis.
Camp Meade Incidental.
5. The progress Of the Washington.
Baltimore and Annapolis and its abil-
ity to make adequate earnings is not
dependent on Camp Meade being
maintained as an active Army post.
| s. Sufficient property is represented
In the Annapolis. and Chesapeake Bay
Power Company for security Of it's
bonded debt, and the physical value
of the Washington, Baltimore and
Annapolis is sufficient to secure its
funded debt !
Z. The earnings Of both companies
are sufficient over period OF years
to protect. their interest requirements
s. That both companies are ably
and efficiently managed; that fran
chises are satisfactory, and that rela-
ltions with the public are friendly.
Buys Current FrOm W., b. 4 A.
The Annapolis and Chesapeake Bay
Power Company does not generate
any OF the power that 1t sells. All
current is purchased from the Wash.
ington, Baltimore and Annapolis
which. in turn, buys 1t from the Ben
ming station Of the Potomac Electric
Power Company. This is said to pro.
duce power at cheaper rates than thu
company could produce 1t in a station
off, it's own. The cause Of the only
interruption in service In the last
seventeen years ts reported to have
been eliminated.