I regret that it is not in my power to furnish to-day a list
of the stockholders, and the amount or number of shares sub-
scribed by each, as the books of the Company are at my
home in Prince George's county. But if the General Assem-
bly require or desire such list, I will cheerfully obtain and
present it. The Baltimore & Potomac Rail Road Company
courts any and every investigation, and so long as I am its
President its administration shall at all times be fairly open
to any inquiries of the Legislature of Maryland.

But without being able to give the list of the names of the
subscribers and the number of shares subscribed by each
without occasioning more delay than I wish, I can say that
there are about five hundred and fifty subscribers, all residents
of Baltimore city and the counties of Anne Arundel, Prince
George's, Charles, Calvert and St. Mary's, the larger
number of the subscribers being residents of those
counties and farmers directly and largely interested in the
construction of the road, that the number of shares sub-
scribed to by them amounts in the total to about two thou-
sand, and in the aggregate sum to about one hundred thou-
sand dollars. This, of course, falls very far short of the
capital necessary to build and equip the Road, and our people
are left in such a condition by the war, that they are now
less than ever able to raise it; but it will be observed by the
contract that we were very fortunate in negotiating with the
contractors to pay them in the bonds and stock of the Com-
pany.

This is a very strong reason why the General Assembly
should in no way interfere with our charter, and thus cause
a loss to the Company of the contract.

The amount paid on each share (of $50) so subscribed to
this date is eight dollars by those who have paid the last in-
stalment called in of one dollar per share.

The pecuniary condition of the people of Southern Mary-
land, where nearly all our stockholders reside, is such that
the Directors of the Baltimore and Potomac Railroad, mind-
ful of their condition and interests, call in only such small
instalments' as are absolutely necessary to defray unavoidable
expenses.

The contractors have commenced the work on said Road at
a point near the crossing of the Annapolis and Elk Ridge
Railroad, and have, notwithstanding the unusually inclem-
ent weather, rapidly progressed with the grading to the Pa-
tuxent River, a distance of five miles. The grading of these
five miles is nearly completed, although commenced scarcely
forty days ago, the right of way on these five miles secured,
paid for and deeded to the Company; the main stem and
branch to Washington both surveyed, and the force of hands
employed is such, and the capital provided that I can asure
the entire road promises an early completion.

Nothing, it appears to me now, but a violation of the