OF THE 
 
 DIRECTORS 
 
 REPRESENTING THE CITY 
 
 IN THE 
 
 altinior t 
 
 c 
 
 K 
 
 RAIL ROAl) COMPANY 
 
 J 
 
 - t 
 
 TO THE 
 
 Map ani) (Citij Council 
 
 OF BALTIMORE. 
 
 -«- V - 4 - 
 
 BALTIMORE: 
 
 PRINTED BY JAMES LUCAS & SON, 
 
 % “STEAM PRESS.” 
 
 Corner of Culvert street and Lovely Lane 
 
 1855. 
 
REPORT. 
 
 To the Committee of Ways and Means 
 
 of the City Council of Baltimore : 
 
 Gentlemen : 
 
 The Directors of the Baltimore and Ohio Bail Boad 
 Company, on the part of the City of Baltimore, have the 
 honor to acknowledge the receipt of a note dated the 17 th 
 ult., propounding certain inquiries, touching the condition 
 and prospects of the Baltimore and Ohio Bail Boad Com¬ 
 pany. 
 
 In making these inquiries you have doubtless been 
 prompted by a proper appreciation of the magnitude and 
 importance of this great enterprise, not only as a means 
 to relieve the city from the heavy debt incurred to aid in 
 its completion, but also as the instrument to build up a 
 trade upon which rests the future hopes of Baltimore. 
 
 Sharing in common with our fellow-citizens, the deep 
 solicitude felt for its success, and sensible of the responsi¬ 
 bilities arising from a participation in its direction, we 
 have at all times endeavored to discharge our duties so as 
 to promote the interest of all parties, and not disappoint 
 the hopes of our friends. 
 
 In the statements of accounts herein submitted, nothing 
 has been left to conjecture—save and except the estimates 
 of earnings for time to come, and they are based upon the 
 actual results of previous years—but all is the result of a 
 
 ^ 2 . 52 , 02 . 
 
4 
 
 patient and rigid examination of accounts, derived from 
 statements and data furnished by the President, Treasurer 
 and Auditor of the Company, who have at all times 
 shown themselves most willing to offer every aid and 
 facility in obtaining full information and particulars. 
 
 In the Baltimore and Ohio Kail Road Company, you 
 hold 35,882 shares of its stock, amounting to $3,588,200; 
 and in addition to this large subscription to the capital 
 stock of the company, you have recently granted to it 
 a loan of your bonds to the amount of $5,000,000. Be¬ 
 sides the large interest in this company, you have also 
 endorsed the. bonds of the North-Western Virginia Rail 
 Road Company to the amount of $1,500,000, in which 
 you are responsible for principal and interest. 
 
 This last mentioned road may justly he regarded as 
 part and parcel of the Baltimore and Ohio Rail Road, 
 and can only he maintained by its favor and success. 
 The aggregate sum which you have thus invested, and for 
 which you are answerable, by endorsements, is $10,088,200. 
 
 The annual interest is as follows : 
 
 Stock in the Baltimore and Ohio Rail Road Co.$215,292 
 
 Bonds loaned to w u “• . 300,000 
 
 Endorsement on Bonds of N. W. Va. R. R. Co. 90,000 
 
 Total amount interest,. $605,292 
 
 The Directors of the Baltimore and Ohio Rail Road 
 Company, on the part of the private stockholders, desire 
 you to retire from a participation in the direction and 
 management of its affairs, and in their private capacity 
 have offered to purchase your stock by the payment of an 
 annuity in perpetuity of $143,528, leaving a permanent 
 annual deficit on account of interest on the stock of 
 $71,764, to he provided for by taxation; and, if by mis¬ 
 management, these companies should fail to meet their 
 engagements, then the annual sum to he provided by the 
 
 • i 
 I 
 
5 
 
 city would be $605,292. The sale of your stock ivill not 
 release you from your responsibilities for the interest and 
 principal of the bonds. 
 
 Of the financial condition of the North-Western Vir¬ 
 ginia Rail Road Company, we are not advised; and, not 
 being charged with any participation in its affairs, we 
 forebare to make inquiry or speak of its condition. Of 
 the Baltimore and Ohio Rail Road Company, we think we 
 may safely say it is passed its ordeal; and, if the same 
 prudent councils and administrations which now direct 
 its affairs, should still prevail, no fears of future success 
 need be entertained. On the contrary, we are firmty per¬ 
 suaded, that the hope so long deferred, will speedily be 
 realized, not only in the regular payment of cash divi¬ 
 dends, but in a large accession of profitable trade. By a 
 reference to the following statements, the present con¬ 
 dition of the company may be seen at a glance. 
 
 Some estimates of the future are also furnished, the 
 accuracy of which we believe may be depended on, as they 
 are based upon the actual results of the past. 
 
 (Account A.) 
 
 General Liabilities. 
 
 Stock 30,000 shares State of Maryland, pre¬ 
 ferred, .$3,000,000 
 
 u 6,855 do. unpreferred,.685,500 
 
 “ 53,265 do. individuals,.5,3*26,500 
 
 “ 35,882 do. City of Balt.3,588,200 
 
 w 5,000 do. City of Wheeling,.. .500,000 
 
 187,02 do. Scrip not funded, .... 18,702 
 
 $13,118,902 
 

 # 
 
 6 
 
 FUNDED DEBT. 4 
 
 Loans secured by Bond and Mortgage. 
 
 No. 1,6 per cent., due 1854, balance out¬ 
 standing,.$386,053 97 
 
 u 2, 6 per cent, due 1867,.1,000,000 00 
 
 “ 3, do. 1856,’7, ’8, ’9 
 and 60, in five equal instal¬ 
 ments of $133,333 331, each. 566,666 67 
 4 ‘ 4, 6 per cent, coupon bonds due 
 
 1875.1,128,500 00 
 
 u 5, do. do. due 1880, ...700,000 00 
 
 “ 6, do. do. due 1885,. .2,500,000 00 
 
 “ 7, The portion of the five mil¬ 
 lion loan rec’d from the City, 2,800,000 00 
 
 $9,081,220 64 
 
 Less amount, the payment of which 
 is provided for in the estimates 
 now presented for the year end¬ 
 ing April 1, 1856,.499,387 30 
 
 - 8,581,833 34 
 
 Floating debt, (including that part of the bonded 
 
 debt which is to be liquidated this year,) the 
 outstanding balance of No. 1 bonds deducted 
 from the funded debt for payment in the current 
 
 year,.$386,053 97 
 
 The first instalment of 
 
 No. 3 bonds do_113,333 33 
 
 -$499,387 30 
 
 Winans, on contract for 30 engines, .. 156,000 00 
 Contingencies, in the shape of final 
 settlements of old contractors’ 
 debts, new work, &c., estimated. . .200,000 00 
 
 Bills payable.1,372,438 74 
 
 - 2,227,826 04 
 
 $23,928,561 38 
 
 . 
 
7 
 
 (Account B.) 
 
 Liabilities to be provided for in the year , from 1st April 
 1855 to 1st. April 1856. 
 
 The entire floating debt, including a portion of the 
 
 bonded debt, as stated in account A,.$2,227,826 04 
 
 Working expenses, including repairs, estimated at 
 60 per cent, of the gross receipts,. $2,400,000 00 
 Less for materials on hand, to be used 
 in repairs, the cost of which is in¬ 
 cluded in u bills payable,”. 250,000 00 
 
 - 2,150,000 00 
 
 Payable to the Washington Branch for capitation 
 
 tax, dividends and surplus,. 150,000 00 
 
 All interest and ground rents,. 840,000 00 
 
 $5,367,826 04 
 
 Ways and Means. 
 
 City bonds remaining unsold out of the 
 
 $2,800,000 received heretofore,... .$558,056 00 
 Reimbursement out of the city loan yet 
 to be received for expenditure in ad¬ 
 vance, on second track and tunnels,.. 543,700 65 
 N. W. Va. R. R. bonds and bills re¬ 
 ceivable on hand,.226,250 00 
 
 Gross earnings of the Company for the 
 year ending 1st April, 1856, estimated 
 at the same sum as received for the 
 corresponding months last year,. .. .4,000,000 00 
 
 Cash in bank on 31st March,.197,776 65 
 
 - 5,525,783 30 
 
 Surplus,. $157,957 26 
 
 Unavailable Assets. 
 
 Loan to Central Ohio Rail Road,.$400,000 
 
 Stock in the Pittsburg and Connelsville 
 
 Rail Road Company,.35,000 
 
 Stock in the Washington Branch Rail 
 
 Road,.1,016,800 
 
 Sinking fund,.20,000 
 
 $1,471,800 
 
* 
 
 8 
 
 (Account C.) 
 
 Table showing on tvhat account interest is payable and 
 
 the amount. 
 
 Interest on State preferred stock,.... $3,000,000 00 
 
 u No. 1 Bonds, balance,.386,053 97 
 
 “ No. 2 “ ..1,000,000 00 
 
 “ No. 3 “ 566,666 661 
 
 “ No. 4 “ 1,128,500 00 
 
 “ No. 5 “ 700,000 00 
 
 “ No. 6 “ ....2,500,000 00 
 
 u portion of City loan rec’d, 2,800,000 00 
 “ do to be reimbursed 
 
 $180,000 00 
 23,163 24 
 60,000 00 
 34,000 00 
 67,710 00 
 42,000 00 
 150,000 00 
 168,000 00 
 
 for expenditure on second 
 
 track and tunnels,.543,700 00 32,622 00 
 
 tt Floating- debt, average,. ... 1,372,438 74 57,504 76 
 
 Ground rents,. 25,000 00 
 
 Total interest,. $840,000 00 
 
 (Account E.) 
 
 Five Million Loan granted by the City to aid in fund¬ 
 ing Floating Debts , Arching Tunnels , and constructing 
 Second Track. 
 
 The amount received from the City has been applied as follows : 
 Deposited with the City Register 10 per cent, for a 
 
 sinking fund, as provided by ordinance, $280,000 00 
 
 For funding floating debt,.2,000,000 00 
 
 For second track,.520,000 00 
 
 -$2,800,00 
 
 The amount to be received from the City to be 
 applied as follows: 
 
 For sinking fund,.$220,000 00 
 
 Reimbursement of sum expended on 
 
 second track and tunnels, in advance,.. .543,700 65 
 
 For second track and tunnels, to be con- 
 
 structed from time to time, as the 
 
 wants of the Company mav require,.. 1,436,299 35 
 
 - 2,200,000 
 
 $5,000,000 
 
 $2,800,000 
 
 . 2 , 200,000 
 
 Amount received from the City 
 a yet to be received,... . 
 
 $5,000,000 
 
9 
 
 (Account F.) 
 
 Second Track and Tunnels. 
 
 There has been expended upon second track out of 
 the earnings of the Company, in advance of the 
 
 aid from the city,. $967,413 73 
 
 And upon the tunnels,. 96,286 92 
 
 $1,063,700 65 
 
 Deduct amount set apart for second track out of the 
 $2,800,000 received,. 520,000 00 
 
 This amount to be reimbursed out of city loan,... . $543,700 65 
 
 (Account G.) 
 
 Amount of Floating Debt , reported to City Councils in 
 
 November , 1853. 
 
 Balance of bonds No. 1,. $712,468 72 
 
 Loans on call,.$38S,710 06 
 
 Bills payable,.1,974,999 83 
 
 Amount due contractors,.19,382 66 
 
 -- 2,383,092 55 
 
 Contracts for machinery, to be completed,. 178,694 17 
 
 Final estimates, adjusted since September 30th,... . 56,367 38 
 
 Cash borrowed under personal security of Directors, 240,000 00 
 
 $3,570,622 82 
 
 Less $878,500, loan of No. 6, on hand, valued at $80, 702,800 00 
 
 Amount as reported,.$2,867,822 82 
 
 If to this be added the contract for 30 engines from 
 
 Ross Winans, payable monthly,. 348,000 00 
 
 $3,215,822 82 
 
 And in consequence of delay in the loan from the 
 City, the Directors were obliged to make a nego¬ 
 tiation, which was approved by the Board, for a 
 purchase, on a liberal credit, of N. W. Va. R. R. 
 bonds, to be used as collateral security for a loan 
 to meet maturing old engagements for machinery, 
 
 650,000 00 
 
 2 
 
 $3,865,822 82 
 
10 
 
 Of this floating indebtedness, on 1st January, 
 
 3854, there remains on 1st April, 1855: 
 
 Bills payable,.$1,372,438 74 
 
 Winans’ engines,.156,000 00 
 
 Bonds No. 1,.386,053 97 
 
 -1,914,492 71 
 
 Showing the indebtedness to have been reduced,.. .$1,951,330 11 
 
 (Account H.) 
 
 A Table showing the sum required to be appropriated each 
 year to pay the principal of the folloiuing debts , as they 
 may mature , beginning with 1855, and so continuing. 
 
 In the calculation upon which this is based, the interest on the 
 debt is assumed to be paid without recourse to the fund. 
 
 January 1, 1855, No. 2 bonds 
 
 i, payable 1867—12 years, 
 
 $1,000,000 
 
 $58,950 
 
 “ “ No. 4 “ 
 
 “ 1875—20 “ 
 
 1,128,500 
 
 30,480 
 
 11 “ No. 5 “ 
 
 “ 1880—25 “ 
 
 700,000 
 
 12,500 
 
 “ “ No. 6 “ 
 
 1885—30 “ 
 
 2,500,000 
 
 31,535 
 
 Annual amount to be paid : 
 
 
 • 
 
 From January 1st, 1855, 
 
 to January 1st, 1867—12 
 
 years, $133 465 
 
 “ “ 1867, 
 
 “ 1875— 8 
 
 U 
 
 74,515 
 
 “ “ 1875, 
 
 “ 1880— 5 
 
 u 
 
 44,035 
 
 “ “ 1880, 
 
 “ 1885— 5 
 
 i c 
 
 31,535 
 
 Bonds Nos. 1 and 3 being provided for, and al^o the five million 
 loan, no calculations are here made for them. 
 
 j 
 
 % 
 
 * 
 
11 
 
 (Account D.) 
 
 An exhibit of receipts for the years mentioned in the Ta¬ 
 ble, ending with the year 1854; and also an estimate for 
 the six succeeding years, ending with the year 1860. 
 
 
 Gross receipts 
 for 5 years end¬ 
 ing 30th Sept , 
 1854, also an es¬ 
 timate for six 
 years, ending 
 30th Sept., 1860. 
 
 Working expen¬ 
 ses including re- 
 pairs, estimated 
 at60percent, of 
 gross receipts. 
 
 . 
 
 Net profits after 
 deducting work¬ 
 ing expenses 
 and repairs. 
 
 Annual in¬ 
 crease. 
 
 J 
 
 Decrease. 
 
 1850 
 
 $1,343,805.2; 
 1.349,222. ;5 
 
 ■ | 
 
 
 $102,599.82 
 
 5,4i;.48 
 
 
 1851 
 
 
 
 
 1852 
 
 1,325,563.65 
 
 2,033,419.80 
 
 
 
 $23,659.10 
 
 1853 
 
 
 
 ;o;,856.i5 
 
 1854 
 
 3,645,609.43 
 
 
 
 1,612,189.63 
 
 354,390.5; 
 
 400,000.00 
 
 440,000.00 
 
 484,000.00 
 
 532,400.00 
 
 585,640.00 
 
 
 1855 
 
 1856 
 185; 
 
 1858 
 
 1859 
 
 1860 
 
 4,000,000.00 
 4,400,000.00 
 4.840.000.00 
 5' 324', 000.00 
 5,856,400.00 
 6,442,040.00 
 
 $2,400,000.00 
 
 2,640,000.00 
 
 2,904,000,00 
 
 3,194,400.00 
 
 3,543,840.00 
 
 3,865,224.00 
 
 1 
 
 $1,600,000.00 
 i,;6o,ooo.oo 
 
 1,936,000.00 
 2,129,600.00 
 2,342,560.00 
 2, 516, 816.00 
 
 
 Average actual increase of receipts for five years, ending with 
 1854, thirty-three per cent. 
 
 The estimated average increase of receipts for six years, ending 
 with 1860, ten per cent. 
 
 It will be seen from the above statement that the aver¬ 
 age increase in the receipts of the company for the five 
 years ending with 1854, is thirty-three per cent, per 
 annum. We consider it safe for the six years next suc¬ 
 ceeding, ending with 1860, to rate the annual increase at 
 ten per cent., and have therefore assumed that sum as the 
 basis of the calculation. 
 
 The capital of the company, stock, funded and floating 
 debt, all told, is $23,928,561.38. Assuming in addition 
 the balance of the five million loan now in the hands 
 of the city, the entire capital employed will then be 
 in round numbers, $26,000,000, the annual interest upon 
 
12 
 
 which is $1,560,000. The final result may be briefly 
 stated thus: 
 
 Twelve months interest on total in¬ 
 vestment,.$1,560,000 00 f 
 
 Add annual instalment No. 3 bonds,.. 113,333 33 
 
 -$1,673,333 33 
 
 Average annual gross receipts,. .. .$5,143,740 00 
 
 Less 60 per cent., working expenses, 3,086,244 00 
 
 -2,057,496 00 
 
 Surplus for contingencies,. $384,162 67 
 
 We cannot doubt the full realization of the estimates of 
 increase in the trade, even though no new avenues should 
 be opened; but we are led to increased confidence from the 
 fact that the North-Western Virginia Kail Road will, from 
 efforts now made in its behalf, within a short time make its 
 connexion with this Road, and be in successful operation. 
 
 It makes its connexion with the Baltimore and Ohio 
 Railroad at Grafton, and strikes the Ohio River 188 miles; 
 below Pittsburg, and half that distance below Wheeling, 
 offering in connexion with our road the most convenient 
 and the shortest outlet for a large portion of the trade of 
 the Muskingum Valley. 
 
 This valley comprehends in all, fifteen counties of Ohio, 
 containing 7,000 square miles, or about four and a half 
 millions of acres. Its population in 1850 was 443,987, 
 considerably out-numbering the entire white population 
 of Maryland, including the city of Baltimore, being sixty- 
 three to the square mile, exceeding the density of New 
 England, and nearly equal to that of New York. 
 
 As a grain growing region this district is unsurpassed 
 by any in the United States, as is shown by the tables of 
 the assessors of 1850. The wheat raised in this district, 
 as therein stated, is 11,072,784 bushels, and the quantity ^ 
 
 of corn was somewhat greater. The opening of this fruit¬ 
 ful region, and the completion of the Pittsburg and Con- 
 nelsville Rail Road, connecting with us at Cumberland. 
 
must greatly increase the trade and travel on our road; 
 foreshadowing an early day when all that part of the 
 road, east of their connexions, must he supplied with a 
 second track. 
 
 The future alone can determine what amount, if any, 
 additional second_track will be required west of the point 
 of connexion with the North-Western Virginia Rail Road. 
 The portions already laid at different points along the 
 entire road are given in detail on the diagram herewith 
 submitted, amounting to 88i miles. A large proportion of 
 the recent loan from the city ruas granted for the second 
 track , and, should he most religiously confined, to the objects 
 of the grant . 
 
 The tunnels are being arched, and those from which 
 danger was most apprehended, are now being secured. 
 
 The Road-way and Machinery are in excellent condition, 
 and the rolling power ample. 
 
 The several departments are working with much suc¬ 
 cess and harmony, and in point of efficiency are not ex¬ 
 celled by those of any other road. 
 
 Much of the success and favorable condition of the com¬ 
 pany, may be justly attributed to the zeal and ability of 
 its chief officer, who has, at all times, shown himself equal 
 to the task and worthy of the trust. 
 
 A list of u Bills Payable” and the “ Pay Roll” embody¬ 
 ing in detail, much interesting information, are herewith 
 presented. They are sufficiently explicit in themselves, 
 and therefore need no note or comment.” 
 
 And now when there are some prospects of our long de¬ 
 ferred hopes being realized, we may well pause before par¬ 
 ting (for an inadequate consideration) with the heavy in¬ 
 terest which we have at stake. It is true that the sole ob¬ 
 ject, which the city had in view, in making this invest¬ 
 ment, could not have been the mere profit of a partner in 
 the enterprize. It would be unwise and contrary to expe¬ 
 rience to suppose that her legislators had no higher aim 
 than the anticipated dividends. We were then, as we are 
 
14 
 
 yet, in the midst of a progressive age. Of a family, every 
 member of which was pressing with irrepressible ardour 
 and indomitable perseverance for the rich prize of the 
 western trade. Our natural geographical position, placing 
 us nearer to the great West than any other seaboard city, 
 had under the old regime of turnpike roads, and Conestoga 
 wagons, given us an advantage, which we were extremely 
 reluctant to yield; and, the almost fierce rivalry which we 
 have since had to encounter, lias made progress but a mea¬ 
 sure of necessity. The welfare of our people, the future 
 interests of our fellow citizens of every class, are largely 
 dependent upon the road maintaining at least, its present 
 relative position. 
 
 And yet we cannot so far forget the history of the past, 
 as to admit that the matter of profits was not one of the 
 elements which entered into the calculations of the Oity^ 
 Councils, when this road was projected and the city was 
 induced to become so heavy a stockholder. It was a lead¬ 
 ing argument made use of by its friends, and perhaps it 
 had more than its proper weight in an excited and anxious 
 community. Any hopes, however that may have been en- 
 dulged in, as to early returns, were doomed to disappoint¬ 
 ment. The work lingered through a series of years, cal¬ 
 ling for aid from time to time ; first from one quarter, then 
 from another; the city of Baltimore and State of Mary¬ 
 land, being through all its troubles, its most reliable and 
 constant friends. 
 
 And now some twenty-nine years having elapsed since 
 we first engaged in this enterprise, it well becomes us to 
 enquire where we stand, and how far we are justified in 
 parting with our participation in the control of a work, 
 capable of exerting for good or evil, so important an in¬ 
 fluence upon the prospects of our city and State. 
 
 With a view to place our position in a more under¬ 
 standable light, we have prepared a table (marked A,) to 
 
15 
 
 show the entire liabilities of the Company—dividing them 
 into three classes, 
 
 First ,—the Stock Debt. 
 
 Second ,—the Bonded Debt. 
 
 Third ,—the Floating Debt. 
 
 Of the stock debt 30,000 shares par value $3,000,000 be¬ 
 longs to the State of Maryland, and is prefered. It therefore 
 more properly belongs to the bonded debt, as the interest 
 has to be provided for it the same as on the bonds. 
 
 The table B of the estimate earnings of the road, for 
 the ensuing year, based upon the experience of the past 
 year, together with an estimate of its receipts from all 
 quarters, is introduced to show the reasonable expecta¬ 
 tion that may be entertained of the ability of the Compa¬ 
 ny to pay by the 1st of April next cdl its expenses ; cdl its 
 interest and ground rent; all its floating debt; cdl the 
 balance of bonds No. 1, now due, and the only portion of 
 its bonded debt, that will fall due in the interval, and still 
 leave a surplus of $157,957.26, applicable to whatever pur¬ 
 pose the directors may deem it expedient to appropriate it. 
 
 Thus it will be seen that notwithstanding the wide¬ 
 spread commercial distress of the country, not only has 
 the company passed from under the cloud which cast a 
 shadow upon its credit and seemed to shake the confidence 
 of its friends, but it has been, by a well matured and a 
 faithfully administered policy, steadily increasing its rev¬ 
 enue, and carving out a position among the successful en¬ 
 terprises of the age, which must be as gratifying to those 
 interested in its success, as it is creditable to those charged 
 with its management. 
 
 The wisdom of the policy of withholding dividends at a 
 time when the company was pressed by a large floating- 
 debt and its credit impaired, is already fully vindicated; 
 and the expectations of regular cash dividends thereby 
 placed, we may hope beyond a peradventure. 
 
 4 
 
16 
 
 The table C is intended to show that every liability for 
 interest and ground rent, of whatever description, for 
 which the company on its own account is responsible 
 (and not otherwise provided for,) is comprehended in the 
 table B. 
 
 The table D is necessarily hypothetical in its character, 
 and only such consideration as is due to estimates of a like 
 nature, is expected to he accorded to it. The basis of an 
 increase of ten per cent, per annum, is however, so far be¬ 
 low the ratio indicated by the actual experience of the past 
 five years, that we can scarcely he thought to have in¬ 
 dulged in over sanguine views in adopting it. 
 
 The tables E and F will show the disposition of the five 
 million loan from the city, and the amount expended for 
 second track and tunnels. 
 
 Table G- shows the amount of floating debt in Novem¬ 
 ber, 1853, the time when application was made to the city 
 for aid, and the amount since reduced. 
 
 The table H will show what sum per annum is set 
 apart as a sinking fund, and compounded at six per cent, 
 per annum would he sufficient to cancel every debt of the 
 company as it may mature ; a sum which the councils will 
 perceive is entirely within the ability of the company 
 annually to appropriate. 
 
 It will thus he seen that this large investment of the 
 city is not in the precarious condition which the fears of 
 many of us have foreshadowed. 
 
 That under the most moderate estimates, based upon 
 actual experience, it will pay a reasonable profit to every 
 interest involved, and leave an annual surplus sufficient 
 eventually to cancel its whole indebtedness. 
 
 In conclusion, permit us to say, having no private in¬ 
 terest to advance, or unworthy feelings to indulge, we have 
 sought to place the true state and condition of the com- 
 
w 
 
 17 
 
 pany before you, without stain or color, and sufficiently 
 comprehensive to cover the information desired, so that 
 your action upon the proposition now pending before you, 
 may be the result of an enlightened judgment. 
 
 We are, gentlemen, 
 
 Very respectfully, 
 
 Your obedient servants, 
 
 John H. Barnes, John Dukeiiart, 
 
 C. 13. Hinks, James II. Cook, 
 
 John H. T. Jerome, James C. Buck, 
 
 William Adreon, G-. W. Herring, 
 
 John T. Mitchell, 
 
 Directors of the Baltimore and Ohio Bail Road Co. 
 
 ON THE PART OF THE CITY OF BALTIMORE- 
 
 Baltimore, May 10th, 1855. 
 
 Treasurer s Office , Baltimore and Ohio Railroad Company , 
 
 Baltimore, 10th Maj', 1855. 
 
 The accounts A, B and C, on pages 5, 6, 7 and 8, having 
 heen submitted to me, I have examined and found them 
 correct. 
 
 J. I. Atkinson, Treasurer 
 
 of the Baltimore and Ohio Railroad Company. 
 
 3 
 
p 
 

 I 
 
 LIBRARY 
 OF THE 
 
 UNIVERSITY of ILLINOIS 
 
 
 
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