The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-07-18
TIE BALTIMORE & OHIO
An Interesting Railroad Speech
from President Garrett.

From. the Baltimore American Of July 10.
The regular monthly meeting Of the
Directors Of the Baltimore & Ohio Rail
road Company was held yesterday at
Camden Station. Mr.. John w. Garrett,
the President, presided. There was more
than quorum Of the members present,
and Mr.. Garrett received the congratulate
tions Of all on his safe return to Bali-
more from his trip across the continent,
and on account Of the evident beneficial
results il had on his health. These cour-
tesies over, the usual routine Of business
was transacted, after which the Board
listened with great interest TO a state
ment from President Garrett relative to
his trip OF 1000 miles over the connec-
tons OF the Baltimore & Ohio Railroad
to the Pacific, aud embodying his
views as 10 the lessons that Baltimore bus
incss men and others might learn from his
experience. He stated the prospects for
increased business, in view Of the great
advantages OF the port OF Baltimore, and
its geographical location 10 the cities OF
Chicago, St. Louis, Cincinnati, Louisville,
&c. He called attention to the fact that
the Cincinnati Southern railroad would
be open for one hundred and sixty miles
from Cincinnati to point south OF Dam
vile, Kentucky, by January LIST next,
and that It was expected by the trustees
that the entire line from Cincinnati
through Kentucky TO Chattanooga, Ten
nessee, three hundred and thirty.eight
miles, would be completed by July l.,
1877. The city OF Cincinnati has already
appropriated Sl6,0O0,000 to the construc-
ton Of this work. Mr.. Garrett stated
that he looked especially for large In:
crease ofbusiness between Cincinnati and
Baltimore on account Of the immense ad-
vantages in distance for Cincinnati using
Baltimore as its Atlantic port. The adj
vantage by the Baltimore 4 Ohio road in
distance. MS compared with New York by
the New York Central road to Cincinnati
is three hundred and four miles.
Mr.. Garrett called attention 10 the fact
that the latitude Of San Francisco is37'
Az, Of Washington, Baltimore and Gin
cinnati, 800, OF Louisville SSo, st. Louis
$50, and Of New York 40o, showing the
natural geographical relations Of these
great centres OF business as being with
Baltimore, and not New York. a
But what is the interest Of the city Of
Baltimore in the Baltimore & Ohio Road2
II is $3,250,000 Of stock, on which the
city has for many years received 10 per
cent dividends, making profit directly
in cash, annually, on this investment, be-
yond the interest 1t pays on the bonds
issued in payment for this stock, and
this difference between G and 10 per cent,
viz: per cent, is $4,000 year. But,
besides this, the city owns lis proper
ton OF the surplus fund Of the Balti-
more & Ohio Railroad Company, viz:
OF $S4,O69,T91 9s. This great sum has
been invested in the important and inyal;
liable extensions and Improvements Of
the Baltimore & Ohio road, not only in
Maryland, Virginia and West Virginia,
but In Ohio, Indiana, Illinois and other
States, by which q vast business has been
brought to Baltimore, and through which
the city Of Baltimore has been sustained
and strengthened and made successful in
her rivalry with New York and other
Atlantic States. ,''5 ~
The proportion Of the CITY Of Baltimore
in this great surplus fund, due to her
ownership in the stock OF the
road, is S8,4l9,033, so that, instead
OF the city OF Baltimore having
but $S,250,000 in the Baltimore and
Ohio Road, II really owns Of the capital
the vast sum Of Sll $3.50 ,033, and certainly
II Ia not too much to say, that this surplus
fund promises ultimately to pay as we'll
directly and in all forms as the invest
ment Of the cityi the Western Maryland
Railroad.