1874.] OF THE SENATE. 353

Company, in derogation of its contract with the city, and in
utter disregard of law, neglected and refused to pay the afore-
said Park tax, and is now largely in arrears to the city there-
for; the amount reaching the sum of seventy-five thousand
dollars ($75,000.00) and upward, exclusive of the penalties
to which it is liable for its default therein; yet in the face of
such liability, it has recently declared a dividend to its stock-
holders, in violation of the legal rights of the city; and

Whereas, The said Baltimore City Passenger Railway com-
plains of the burden of said taxation, and alleges as the re-
sult thereof, that it has been unable to pay a greater divi-
dend than an average one of four and a-half per centum per
annum, upon the Company's capital, in the whole time of its
operations, when, in point of fact, it is generally believed
that the condition of the Company is attributable more to the
incompetency of its management, and the improvident con-
duct of its affairs, than to the onerous taxation complained of.
If the said road had been properly managed, it is believed, it
would not only have been enabled to declare larger dividends,
but to have met promptly all its obligations to the city, as
provided by law. The Company now wish to repair and re-
place its equipment, and by the abatement of said tax, to
largely increase the dividends of its stockholders, and advance
the price of its stock, which indicates a design to carry through
a scheme for their own benefit, to the detriment of the city,
and at the expense of our taxpayers; and

Whereas, The Public Park Stock, to the amount of five
hundred and fifty-five thousand five hundred and sixty-six
dollars and twenty-five cents ($555,566.25,) issued in pursu-
ance of the provisions of the law hereinbefore referred to, is
held by those who have a right to demand the protection of
the city against any legislation that would in the slightest
degree impair its value, or render the said stockholders less
certain of the payment of the interest thereupon, and of the
final redemption of said stock; therefore—

Be it Resolved by both Branches of the City Council of Bal-
timore, That the Senators and Delegates of the city in the
General Assembly of Maryland, be and they are hereby earn-
estly requested to use their best efforts to defeat the unjust
and unconstitutional legislation sought to be enacted by the
said Baltimore City Passenger Railway Company, and pre-
vent any alteration of the existing laws upon the subject, in
order that the pledged faith of the city may not be violated
by the impairment of the value of the Public Park Stock,
and that our great interests in the Parks, so pre-eminently
an honor to our city, should be sacredly preserved.

Resolved, That a committee of three from each Branch of
the City Council of Baltimore, be appointed to proceed imme-

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