430 JOURNAL OF PROCEEDINGS [Mar. &,

induce cepitalists to inaugurate the enterprise with the expec-
tation of losses, but with the certainly not unworthy object
of securing great beneficial results. It thus made large
losses, but it has the satisfaction to see established extensive
and first class lines of steamships between Baltimore and
leading European and other foreign ports. It has built hotels
on its road because it could induce no individual enterprise
to provide the needed accommodations for the public, and to
make our State and our line attractive in this particular, and
such expenditures whilst resulting in direct pecuniary losses
yet have largely aided the general interests.

After pressing for years upon private enterprise the build-
ing of elevators and tendering land without cost to parties
to erect such structures, it finally built elevators, which are
tending to make the great port of Maryland a leading one
for the export of grain on the Atlantic. It has built steam-
ship piers at large cost in deep water for the purpose of offer-
ing the most economical facilities for the interchange of bu-
siness at our port between all pa its of this country and Eu-
rope, the West Indies and South America, and it furnishes,
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 Majviand. 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 ieceived $.325,-
000 annually.

Of this receipt, four per cent, of the dividends are profits
ou the investments, the city paying 6 per ct and receiving 10,
being $130,000 per year of net gain to its treasury, und di-
lectly lor 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 pei year. It is perhaps due to the discussion of this sub-
ject to state, that whilst Mich 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-