The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1875-11-20
Report of the b. Dc 0. Il. Il. Com
11I7l7I.

John W. Garrett, the distinguished President
of the Baltimore and Ohio Railroad Company,
made the ferty-ninth annual report Of that cor
peraton to a meeting of its stockholders at Cam
der Station on Monday Of this week. This re.
port shows that the revenues from the main stem
and all branch roads for the year ending Septem-
Der 30th, 1876, aggregated $l4, 426, 1927. The
expenses of working the road and keeping the
machinery in repair amounted to Sc, lsl, 972.5e,
being an increase OF LII per cent. over the SINH
lar expenses of the year previous. The earnings
of the road as compared with 1874 decreased ST.
179, 176 SO, and compared with 1873 this decrease
was 81, 73S, 664.81. This makes a decrease in
the net profits of $685., 1853 80 for 1874, and
for 1873 1902, 59S.52. The surplus fund Of
the Company amounts to $34, o23, 566.s3. The
entire mortgage Indebtedness is S2S, ZIG, 1874. So.
1t will be seen from this that the surplus fund Of
the road raised from its net earnings amounts to
S., 3O7, 232 rs more than the gross Indebtedness
of the Company. Semi-annual dividends of five
per cent. upon the capital stock were paid on
November lst, 1874, and May LIST, 1875. The
profit and loss account shows an increase over
last year of 81, 1879, 4O6.6S. Notwithstanding the
depression of business the tonnage Of the road
has been continually on the increase. The pas
senger earnings exhibited an increase from ST.,
5ls 522 SO to 81, 6l3, 1924.
During the year the passenger tax which the
Company had refused to pay and which had been
in litigation for several years, amounting to
$424, 229. 80, was paid into the Treasury of the
State of Maryland after the Sapreme Court of the
United States had affirmed the decision of the
Court of Appeals obliging the Company to pay
the tax. This subject occupies a large place in
the report, and it argues that it is not supposed
that the State would insist upon asking for one
fifth of the net earnings of the road from passen-
ger travel while younger railroad corporations
have been chartered without making any such
exactiOns at their hands. 1t is then stated that
it is hoped that the Legislature will take this
view Of the matter. Here is plain iutimation
that there is to be another severe contest in the
Legislature this winter for the repeal of this tax
upon the road Members of the Legislature had
the origin history and operation of this tax Upon
the earnings OF the Company for the benefit of
the taxpayers of the State. Complimentary ref
erence is made to the vast improvements that
have been made by the Company at Locust Point.
The report is lengthy, able and complete.
---a~ n-
GB~The Secretary of the Treasury has issued
a call for the redemption of the fve-twenty
bonds of 1864. This call states that the princi
pal and interest of the designated fve-twenty
bonds will be paid in the city of Washington
after February 10Th, 1876 Unregistered bonds
will amount to S7,44O,3OO, and the registered
bonds $5,345O5O. This is good omen in the
midst of the hard times and the lack of receipts
to the Government Treasury from the various
sources of revenue