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1876.] OF THE HOUSE OF DELEGATES. 761
so as to make our market attractive, the use of these piers for
Steamers without charge. Its works have added largely to
the wealth and population of the second city of the State and
the future of Cumberland must depend largely upon the con-
tinued development of the comprehensive and liberal policy
of the company.
The Baltimore and Ohio Co. has other most important re-
lations to the leading interests of Maryland. The City of
Baltimore is a proprietor of its stock to the extent of $3,-
250.000, and from this investment the tax-payers of Balti-
more, now derive, and have for many years received $325-
000 annually.
Of this receipt, four per cent, of the dividends are profits
on the investments, the city paying 6 per ct. and receiving 10,
being $130,000 per year of net gain to its treasury, and di-
rectly for the decrease of the taxation of its citizens. The
chief source of revenue of the Johns Hopkins University, is
from its stock in this work ; that revenue being now $150,-
000 per year. It is perhaps due to the discussion of this sub-
ject to state, that whilst such large profits have accrued to
the State, in consequence of its financial relations with the
Baltimore and Ohio Co., that this Company is believed to
present the single example in the history of the investments
of the State of such gains—all its other investments in rail-
roads and canals, having resulted in large losses, and imposed
heavy burdens upon its tax-payers.
It has been shown that, instead of being a burden, the in-
vestments of the State in the Baltimore and Ohio Company,
have been a source ot'large direct revenue and profit, and its
great works have been universally recognized as of incalcula-
ble general advantage to the State.
Having thus laid before your Honorable Body, the history
of the financial relations of the State with the Baltimore and
Ohio Railroad Company, and the facts connected with the
claim of the State for the one-fifth of the receipts of the pas-
senger fares of the Washington branch ; the Company there-
fore humbly submits to your Honorable Body, whether it
should not be relieved from the payment of the one-fifth of the
whole amount received from the transportation of passengers
on the Washinton branch, from the date when it reduced its
lares to the full extent of the said twenty per cent., alter the
decision of the Superior Court, declaring such an exaction
illegal.
In order to show the honorable and equitable disposition
of the Company upon this entire subject, it solicits your at-
tention to the following statement, which was presented on
its behalf in the Senate of Maryland, on the 25th day of
March 1872.—(See Senate Journal, 1872.)
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