168 



MARYLAND. 



The revenues of the main stem and different 

 branches were as follows : 



Main ftcm ... $li.iv.'.-w 7H 



Washington Branch IDIIIIJ, 



Parkenbarg Branch 948,411 *7 



Central Ohio Division 1,045,447 8* 



Lake Brie Division 777.008 1* 



Wheeling, Pitubnrg A Baltimore Railroad, 47.M4 79 



Newark, Someract & StralUrllle Railroad, 185.3*6 10 



Total for 1878. $IM;:L-,.MI M 



Total for 1878. 18,OK,677 81 



Increase $3,068,864 23 



The liabilities of the company were reduced 

 during the year $453,500 by the payment of 

 the remainder of the second mortgage bonds 

 of the Northwestern Virginia Railroad Com- 

 pany (now the Parkersbnrg Branch Railroad 

 Company), which were guaranteed by the 

 Baltimore & Ohio Railroad Company, and 

 which matured January 1, 1873. The original 

 sum was $1,000,000. The liabilities also show 

 the following increase, viz. : 



Preferred stock, second series, 8 per cent. 



currency $15,10000 



Sterling loan, redeemable In 1008, 1,700,000 



@$4.84 R oId 8,8-28,000 00 



Total $8,843,10000 



The surplus fund of the company, which 

 represents capital derived from earnings in 

 vested in the various branch and connecting 

 roads, and the great improvements which 

 have been continuously constructed on the 

 main line, and which is not represented by 

 stock on bonds, now amounts to $29,034,403. 

 In the autumn of 1872, 700,000, and in Au- 

 gust, 1873, 1,000,000, were negotiated in Lon- 

 don on satisfactory terms. The Metropolitan 

 Branch road, from Point of Rocks to Wash- 

 ington, forty-two miles, was opened for traffic 

 on the 25th of May. 



The decision of the Superior Court of Balti- 

 more, holding that the company were bound 

 to pay the dividends on the State's preferred 

 stock in gold instead of curn-ncy, which the 

 State contended it was entitled to receive up 

 to January 1, 1870, has been reversed by the 

 Court of Appeals. The amount of the judg- 

 ment entered in favor of the State aptinst tin- 

 company was $281,489.89 in gold, with inter- 

 est from March 1, 1872. The Court of Ap- 

 peals declared, in its opinion, tlint "the six 

 per cent, guaranteed dividend was and is pay- 

 able by the company in money generally, and 

 not in gold specifically." 



In the snit by the State against the same 

 company, for the recovery of the one-fifth of 

 the receipts from passenger-travel, the Court 

 of Appeals having decided in favor of tin- E 

 judgment was duly entered in the Superior 

 Court of Baltimore City on December 1, 1871, 

 for $351,290.18, with Interest from that 

 Since then this case has been taken, by writ 

 of error, to the Supreme Court of the United 

 States, where it was pending at the close of 

 the year. 



The year witnessed the completion of the 

 Union Railroad, a work of great magnitude, 



and destined to have an important bearing 

 upon the commercial status of I'.alt im"iv. The 

 road id about seven and a half miles long, and 

 extends from Lower Canton around the east- 

 ern and northeastern sections of Baltimore, 

 and connects with the railroads passing through 

 the city. The cost of the entire work ua- 

 *-'..>"".' ..... . Th,- (Ir.>:it I'nion Tumid OOet 



$1,500,000; it is five-eighths of a mile long, 

 is excavated from fifty to seventy feet 

 and is double-arched. By means of the Union 

 Railroad and its various branches, coal c-aii 

 now be brought direct to deep water for ship- 

 ment, and cars loaded with grain from the 

 \Ve-it can be emptied into elevators. The 

 Western Maryland Railroad was also com- 

 pleted during the year, thus affording now 

 facilities for an immense coal-traffic. 



The Democratic State Convention, for the 

 nomination of a candidate for State Controller, 

 and one for Clerk of the Court of Appeals, was 

 held in Baltimore, August 12th. Levi N. Wool- 

 ford, of Somerset, was nominated for the for- 

 mer position, and James S. Franklin, of An- 

 napolis, was renominated for the latter. The 

 following resolutions were adopted: 



Boohed, That the DcmocraticConservative party 

 of Maryland, in convention assembled, n-utlirm its 

 adhesion to long-established principles of the Democ- 

 racy; it recognizes and supports the \< 

 tutional authority of the Federal Government, but 

 insists upon a strict construction of the Federal Con- 

 stitution os necessary to the preservation of the re- 

 served righto of the States and people ; It op; 

 centralization as the most insidious and dangerous 

 enemy of popular right, ancl will continue to denounce 

 it in every guise in which it may appear ; it !> 

 in the capacity of the people for self-government ; it 

 insists upon equal and exact justice to all men ; it M 

 opposed to monopolies, and will prevent, by 

 means in its power, all special legUUtion for the 

 benefit of particular interests which may IMS injurious 

 or prejudicial to the many, and is pledged to pro- 

 mote, by beneficent and judicious legislation, the 

 prosperity of the whole people. 



JietohUl, That the general departments of our Gov- 

 ernment, legislative, judicial, nnd executive, ore in- 

 dependent in their several species under the Consti- 

 tution, and any attempt by any one of them to usurp 

 authority is destructive of constitutional right, is in 

 defiance of the others, and should be resisted as dan- 

 gerous to civil liberty. 



Saolced, That our tariff laws, a* adjusteil nnd en- 

 forced by the Republican party, arc discrimni 

 and injurious to the masses, and 

 their revision with H vi 



not to tax the community for the benefit of particular 

 interests. 



l, That the wealth of a countrv is mainly 

 derive. 1 from the product nfils labor, an i 

 measure tending to improve its condition nnd pro- 

 mote the ail. t'the laboring cln- 



receive sympathy, and will comman i .' sup- 



port. 



Kftnlcnl, That wo earnestly deprecate the n 

 nnd discriminating laws under which the agricultural 

 interests of the country have suffered, ami we ! 

 pledge the best efforts of the party to obtain for them 

 a redress of their grievance*, nnd equal jn 



Rfjmlrrd, That still mlhering to the policy of pre- 

 serving the public lands for actual settlers, who will 

 improve and till them, we denounce all gifts of such 

 lands by the Government to incorporated com]' 

 as an unscrupulous and dangerous waste of the pub- 



