428 JOURNAL OF PROCEEDINGS [Mar. 9,

Ohio Railroad Company for this subscription, and the receipts
of cash into the Treasury against the same. It will be noted
that this five per cent, bond for five hundred thousand dol-
lars was redeemed for $489,329.12 being $10,670.88 below
par. It will be noted that the interest account being made
at the actual amount paid by the Srate on the twenty-five
years bond to the date of its maturity, and since that period
at six per cent, on the capital thus invested that the actual
forfeit on this investment of five hundred thousand dollars
($500,000,) and the bonus charged for the use of twenty-seven
miles of the territory of the State to perfect the line between
Baltimore and Washington has amounted to $7,981,522.80.

Second, the subscription for three million preferred stock
which was taken by the Baltimore & Ohio Railroad Company
in sterling 5 per cent, bonds. These bonds were sold by the
Company at a loss, as compared with the price at which they
were taken from the State, of $134,356.78.

It is a subject, striking and conspicuous in the history of
the Company, that whilst the State of Maryland in all the

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 vear,
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 the $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-
scriptioo to that date, including $46,854.21 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, 1835, 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

account of $885,323.73.