1867.] OF THE SENATE. 733

lished; but to be affected by the operations of each year and
by circumstances now to be stated.

By reference to the same Report of 1864, it will be seen in
what form the assets of the Company were held and are still
chiefly held. A considerable part of them is for the present
unproductive. For example, the investments of this Compa-
ny in the Parkersburg branch (or Northwestern Va. R. R.,)
shown by a table with that Report to be $4,054,515.25, were
afterwards increased (by a conversion of securities, &c., un-
der an arrangement described in the same Report to -more
than $6,000,000. For the amount, the Baltimore and Ohio
Company holds preferred stock of that Company, on which
no dividends have yet been received, nor from the condition
and necessities of that Company can any such returns be an-
ticipated at an early period.

The Company has found, however, during the last seve-
ral years, that after paying fair dividends to its stockholders,
it would have the means of repairing the injuries done to its
works during the war, of completing unfinished works, of en-
larging its accommodations for traffic, and of assisting in the
establishment of new enterprises designed to augment its fu-
ture revenues, and to enhance the prosperity of the city of
Baltimore and the State of Maryland, as well as of other
communities and States.

Expenditures for such purposes have been in progress from
year to year, and are now in progress, so that it would be
difficult to ascertain that amount of "surplus" has been in
hand at any particular date, and not required for repairs, en-
largements, or other works -more or less necessary to the
principal purposes for which this Company was incorporated.
This view may be illustrated by the following list of works
and enterprises in which the Company is now engaged or has
been during the last two years, or which it is assisting.

1. Repairing or rebuilding shops, bridges and other works
destroyed or injured during the war.

2. Laying second track between Baltimore and Piedmont,
of which as stated in the President's address of December 12,
1866, eighty miles had then been laid since September 30,
1865, besides a large amount of grading and other work east
of Piedmont.

3. The enlargement of tunnels for double track, as stated
in the same address.

4. The construction of a new tunnel 800 feet in length
near the Point of Rocks, in order to straighten the line and
remove the road from the canal. It has also been found ne-
cessary to construct another tunnel west of this one, at Wil-
liam's Point, the work on which has commenced.

5. New and extensive machine shops, foundry, &c., at