HERBERT R. O'CONOR, GOVERNOR. 207

common stock of The Baltimore and Annapolis Railroad
Company in exchange therefor, to the end that the present
mortgage indebtedness of the said The Baltimore and An-
napolis Railroad Company should be reduced from approxi-
mately $2, 000, 000. 00 to approximately $350, 000. 00; and

WHEREAS, Notwithstanding such sacrifices and losses on
the part of said First and Second Mortgage Bondholders,
and notwithstanding also the most careful and economical
operation consistent with safety of the said The Baltimore
and Annapolis Railroad Company, the revenues of the Rail-
road Company, after the payment of operating expenses,
interest on the indebtedness above mentioned and after
proper allowance for depreciation and for State, county
and city taxes if paid, show a deficit of $26, 673. 06 from
August 21, 1935, to December 31, 1938; and

WHEREAS, It is of the utmost importance for the welfare
of the State, and particularly the communities served by
said The Baltimore and Annapolis Railroad Company, that
the operation of said Railroad be continued; and

WHEREAS, It is, in the Judgment of the General Assembly
of Maryland, a wise and sound public policy to encourage
the continued operation of said Railroad by the exemption
herein provided.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the railroad property of The Baltimore and
Annapolis Railroad Company, or so much thereof as may
be used for railroad purposes by said Company, its succes-
sors and assigns, be exempt from all State taxes and
charges, including contributions to the cause of the con-
struction of railroad crossings, made or to be made under
the authority of the State Roads Commission, and from all
county and city taxes and charges in the nature of a tax for
the years during which the property is so used, but not ex-
ceeding four (4) years, beginning January 1, 1940.

Approved May 11, 1939.

CHAPTER 131.
(House Bill 37)

AN ACT to repeal Section 231A of Article 16 of the Anno-
tated Code of Maryland (1935 Supplement), title "Chan-
cery", sub-title "Pleadings, Practice and Process", as said