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1876.] OF THE HOUSE OF DELEGATES. 759
early and protracted struggles of the Company, received 6
per cent, out of the gross profits, namely, $180,000 00 per
year on its $3,000,000.00 preferred stock, the private stock-
holders, during 25 years, from 1831 to 1856, received in cash
but three-eighths of 1 per cent , up to 3 per cent, per year,
being but 19.6-10 per cent, for the whole 25 years, and mak-
ing but 78-100 of 1 per cent, per year, for that long period
on their investment. In addition to the average cash divi-
dend of 78 100 of 1 per cent, as stated, there were bond and
stock dividends averaging 1.36-100 per cent., which make
the total dividend to the stockholders in cash, bonds and
stock, for the period of 25 years, from 1831 to 1856, an aver-
age of 2.14-100 per cent, per year. The account of tha $3,-
000,000.00 preferred stock is also appended to 1st July, 1865.
It will be seen that the State received $2,916,037.91, and that
with the gold premiums embraced to that date, this amount
paid the entire interest from the period of the original sub-
scription to that date, including $16,854.21 of taxes on the
sterling loan paid to the State, except $289,529.65.
Third, the State of Maryland subscribed and paid in instal-
ments from July 15th, 1828, to February 10th, 18.J5, for
$500,000 of the common stock of this Company. A separate
account of this investment is also herewith submitted, show-
ing the actual dividends received in cash and stock, and the
premiums realized by the State on the sales of the said origi-
nal stock, and the stock received for dividends. It will be
seen that the result shows a net profit to the State, on this
aocount of $885,323.73.
Thus presenting all the financial transactions of the State
of Maryland with the Baltimore and Ohio Railroad Compa-
ny, it is shown that a clear aggregate net gain to the State,
embracing every transaction connected with the Company, as
per the summary annexed amounts to the vast sum of $8,-
577,316.88.
And thus it is conclusively shown that instead of the Balti-
more and Ohio Railroad having proven a burden and a loss
to the tax-payers of the State, it has directly contributed to
their relief $8,577,316.88.
The managers of the Baltimore and Ohio Company having
labored always with comprehensive views, embracing the
general good of our people, point with pride to results which
they believe to be unparalleled financially by any internal im-
provement connected with any of our sisterhood of States, or
with any Government in Europe. They have labored with
unswerving fidelity to build up the interest and advance the
honor, dignity and power of the State of Maryland, and the
prosperity and progress of its chief commercial city, as the
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