Year: 1871

section of that act, it is provided that
company subject to the provisions Of
this act shall semi annually declare
and make such dividend of the net
profits from their tolls as they may
deem advisable; and when the nett
profits shall amount to q sum equal 10
the capital stock expended as aforesaid,
with six per centum per annum inter
ests thereon, then the tolls which the
Presidentand directors shall be entitled
to demand and receive'on their railroad. !,
shall be fixed and regulated, from time
to time, by the Board Of Public Works.
OF oy such agent or agents as may be
appointed by the Legislature for this
purpose, so as TO make them sufficient
IN their or his estimation, 10 Weld a
nett profit equal to six per centum per
annum on the capital stock expended
in making and completing the rail.
road over and above what may be neces-
sary for the repairs and renewal OF the
same


And to enable the Board OF Pub
lie Works and the Legislature TO deter
mine when the time should arrive that
they might thus take charge OF and ar
range the tariff of charges ofa railroad
company constructed under this Act
the 9th section is as follows:


AT the end OF one year iron the com.
pletion OF the railroad, the President
and Directors shall report TO the Board
Of Public Works a statement, in snch
form as the said Board shall require,
showing the whole amount Of the capi-
tai stock expended in the construction
of the railroad, with the several heads
OF expenditure, the amount Of tolls re-
ceived during each preceding year, and
the net loss or profit on the capital ex.
pended; and at the expiration Of every
period OF three years after the said one
year from the completion Of the rail.
road, they shall return to the said
Board a similar statement, in like form,
showing the amount and kinds Of ex-
penditures and receipts and the net
profits OF each year Of such period, and
for each failure TO make the said re.
turns, the company shall be liable TO
penalty OF one thousand dollars, recoy-
erable on ten days notice in any court
having jurisdiction"


And TO prevent confusion or evasion
as to the true financial condition OF
company subject to this Act the 32d
section provides:


"The company shall not employ
its capital or be engaged in any
transaction or business but such
as may be necessary to the con
struction Of their railroad and
works and their management and
preservation; nor shall they subscribe
to the stock OF any Incorporated com.
pany except for the temporary invest
ment OF surplus funds. 4


Such are the provisions OF the act OF
1887 referred 10 in the Baltimore and
Ohio railroad charter OF 1917. IL 10
confidently believed by many that the
net earnings of this company have long
since cQualed the cost OF the construc'
tion Of their road II this shall be 30
the Board Of Public Works OF our State,
unless the Legislature shall appoint
some other agency to do 80, should now
fix and arrange the tariff Of charges Of
this company. This is a subject OF in.
terest to our people and should be
investigated My understanding is that
this company has not made the returns
required by the twcnty.seventh section,
and my impression is that their excuse
for their failure to do so during fifteen
or twenty years was that the Board OF
Public Works had prescribed no form
in which these returns should be made
We have now an able and efficient
Board OF Public Works, who, il 10
hoped, will prescribe the necessary
forms and call on the company for these
returns. And il il shall not be done
before the meeting oi the next Legisla-
ture, the people should require at the
hands Of their representatives in that
body full and thorough investigation
Of this subject.


In the earlier days OF railroad enter.
prise, their projectors looked 10 the
commercial advantages TO DO derived
from their construction, rather than 10
the profit OF the n'estment 10y way OF
dividends upon the capital stock. But
in these days the order ia reversed, and
the commercial interests inyol lyed are
made secondary 20 remunerative dIyi.
dend And thus jor years past the
commercial interests Of even the city Of
Baltimore, and the agricultural aud
mechanical interests OF our own sec
ton, its trade and travel, have been
groaning, and laboring, and languish.
ing beneath an undue and unnecessary
tariff OF charges imposed by this road,
might be filed TO repletion with usuri.
oIs dividends upon their capital stock


The State Of Virginia in the exercise
Of its right Of eminent domain, in 1857
gave this Company the right 10 make
their road over the land OF our citizens
for the puJEc Jenlf,, and not for private
gain. Under our organic law this right
Of eminent domain il very much re-
.tricted. Private property shall not be
taken for private purposes and when,
therefore, this or any other Railroad
Company shall lose sight Of the public
interest and operate its road with view
10 private interests, the enrichipg and
aggrandizement Of its stockholders, the
object Of its creation has failed, and it,
chartered privileges are abused aud for.
feited Very respectfully,


G. =. LEwB.


BIsaARcE recently told story COZ