RoJA
248,
Baltimore, Md.,   ^ovembar 3rd,   1910.
Thirty-fifth Meeting.
Present.
Reading  of minutes  dispensed with.
Delegation fro^ Frederick   Co. urging purchase  of Frederick-town & Ermnitsburg  T-urnpikes.
Dr.  Remsen's  views  regarding purcha.ee  of Balto.  <•.. Frederick-town Turnpike.
Dr.   Clark unwilling  to vote  for purchase   of Frederick Turnpike.
Remarks  of Mr.  Shoemaker as to purchase  of Fredericktown Turnpike .
The Regular Semi-monthly Meeting of tha State "Roads Commission waa hald at  its  offices,   Union Trust  Building,   Baltimore,  lid.,   this Thursday,  November 3rd,   1910,   at   10:30 o'clock  A..?*.
Present:     aovirnor  Crothars,   Chairman Tucker,   T>rs.   Rsmsen and Clark,   and T'essrs.   Shoemaker and Hutton.
Tha reading  of  the minutes  of  tha  previous meetings  of the Commission was dispensed vrith.
A delectation from ^redsrick County,  with Mr.   JOB.  TI, Baker, as  spokesman,   appeared bafore  the  Commission,   requesting that  the Baltimore 8c STd da rick town Turnpike,  and the Tsmmittsburg Turnpike ba purchased at  the  respective prices heretofore named,   and that the road bat-.vson Jeffarson and Knoxvilla be built  at  a raasonable cost.
In discussing tha matter of the  p;ir chase  of the "Raltimore and Predoricktovm Turnpike between Baltimore and tha Washington County Lin^,   "nr.  p.amssn   stated  that while  he   considered $100,000
as high a price as ought  to be  asked for this pike,   yet he was willing  to  vote  for   its purchase,   believing  that by condemnation proceedings  tha   Stata  would  not  be  likely to gat   it  at   a lower price under present  circumstances,   and believing further,   that  the estimation of the  value  of the road "by  consideration of  the   stock value   is not  an antirely satisfactory way of getting at  its value.
Dr.   Clark statad that  he  could  not  vote  for  the  purchase of  tha pike,   in viav/ of tha   fact  that   tha price  asked was  too high, and believing  that   through  condemnation proceedings  the  State   would arrive  at a  rasult   that would not  be  as high as  the  price now asked for tha  road.
Mr.   Shoemaker offyrad  tha   following,   regarding  this question:
Total Stock  outstanding 29,355  sharas.     Par value $20. Sold  in 1906  and in February 1908 at l£. Sold March 17,   1908,   at   2. Sold in Novambar,   1908,   as high as 3-1/6. Sold  in May,   1910,   at   2.
Dividends paid for  seventeen years past average \$&t   including several unusually large dividends that are supposed to have  resulted from the  sale of parts of the right-of-way to "Electric Railway Companies, normal dividends being apparently  \%.
On June  4,   1909,   aftar all  reasonable  effort had boon made by the State Roads Commission nto purchase from the Baltimore & Fradoricktown Turnpike  Company its rights,  easements and titla in and over said road-bad as may b« necessary for  the purpose of the  construction thereof as a Stata Highway",  and the Turnpike Company had declared off all negotiations looking to such pur* chase,   the  State Roads Commission unanimously decided to proceed