

UNITED STATES OP AMERICA. (MARYLAND.) 



741 



seaboard, with tide-water terminals, gave the 

 city of Baltimore its long-looked-for opportunity 

 to dispose of its controlling interest in the West- 

 ern Maryland Railroad at a reasonable figure. 

 The city had guaranteed the company's bonded 

 indebtedness, and as the road was just beginning 

 to pay its fixed charges, the road's debt to the 

 city had been constantly growing. When it be- 

 came known that a syndicate representing the 

 Wabash interests had put in a bid for the road 

 competition became brisk. The Reading Railroad 

 and other syndicates also put in bids. The bid 

 of the Wabash syndicate of $8,751,370.45 was ac- 

 cepted in preference to the higher bids of its com- 

 petitors, one of which was $10,001,000. The con- 

 tract with the Wabash syndicate requires the pur- 

 chasers to avail themselves of the extensive tide- 

 water franchises of the Western Maryland and 

 build terminals here. 



The syndicate also purchased the interest of 

 Washington County in the road upon the same 

 terms upon which it acquired Baltimore city's in- 

 terests. Since acquiring the Western Maryland 

 the Wabash has bought considerable property 

 along the water-front, and work on the terminals 

 has already been arranged for. 



Prior to purchasing the Western Maryland, the 

 Wabash secured control of the West Virginia 

 Central and Pittsburg Railroad. This is to be 

 connected with the Western Maryland, to give the 

 Wabash a transcontinental road. 



The annual report of the Baltimore and Ohio 

 Railroad shows remarkable results achieved in 

 the reconstruction of that company, the " cradle 

 of railroads," which a few years ago was bank- 

 rupt. The receivers issued enormous blocks of 

 securities to provide for improvements and new 

 equipment. Their equipment purchases aroused 

 opposition from the bondholders and bankers, who 

 misapprehended their acts. Not only were large 

 amounts of securities issued, but the maintenance 

 expenditures of the company were also largely in- 

 creased. In two years the maintenance of \vay 

 and maintenance of equipment expenditures rose 

 from $4,838,000 to $7,655,000, an increase of al- 

 most 55 per cent. In less than five years the Bal- 

 timore and Ohio was almost entirely reconstruct- 

 ed, and from a state of absolute bankruptcy it 

 was placed upon a dividend basis. There were is- 

 sued in the reorganization, for receivers' certifi- 

 cates and reorganization expenses, nearly $42,- 

 000,000 of bonds, $10,000,000 of convertible deben- 

 tures, $24,000,000 preferred stock and $6,000,- 

 000 common stock. About $60,000,000 in cash was 

 realized from the sale of these securities, of which 

 more than $50,000,000 was spent for new 

 equipment and improvements to the roadway. 

 The annual report shows gross earnings for the 

 entire system of $62.215,150. This includes the 

 controlled or affiliated lines, most of which were 

 acquired during the year covered by the report. 

 On the Baltimore and Ohio system proper the 

 gross earnings amounted to $51,178,000. The net 

 income for the twelve months amounted to 

 $9.021,000. 



Commerce. Baltimore largely increased its 

 customs receipts in 1902. as the result of an enor- 

 mous increase in imports: but the exports show a 

 marked decrease. The customs receipts amounted 

 to $4,699,116.63, an increase of $2.829,078.63. 

 compared with the receipts of 1898. The value of 

 the exports was $74.097,708, a decrease of more 

 than $41,000.000 since 1898. In the five years the 

 cost of collecting the revenue fell from IS^y cents 

 to 5i 7 <fa cents on the dollar. The total expense of 

 collecting in 1902 was $271,239.38, and in 1898 

 |250,490.69. 



The following is a summary of the collections 

 of internal revenue in 1902, in comparison with 

 1901: Assessments, penalties, etc., $120.371.80, 

 decrease $770,781.21; fermented liquors, $1,486,- 

 601.30, decrease $444,154.45; distilled spirits, 

 $2,464,889.32, decrease $396,021.17; cigars and 

 cigarettes, $727,808.76, decrease $65,047.76; snuff, 

 $225,009.27, decrease $55,237.84; tobacco, $705.- 

 445.90, decrease $342,971.34; special taxes, $194,- 

 053.49, decrease $24,208.72; oleomargarine, $79,- 

 721.32, increase $9,679.28; adhesive stamps, $99,- 

 729,94, decrease $499,841.49; renovating butter, 

 $681.50, increase $681.50. The collections amount- 

 ed to $6,164,312.60, a decrease of $2,499,434.04, 

 caused principally by the abolishment of the 

 war-revenue taxes. While the collection from 

 fermented liquors, cigars, tobacco, and snuff are 

 less than in the previous year, the actual manu- 

 facture and sale of the articles themselves show 

 a substantial increase over the previous year. 

 The decrease in distilled spirits is occasioned by 

 the closing of one of the largest plants. 



The grain trade was not satisfactory. The 

 previous year's failure of the corn-crop and the 

 shortage of cars after the last corn-crop was ready 

 for movement to the seaboard most seriously af- 

 fected the corn-export trade, although the amount 

 of corn exported in December 3,398,851 bushels 

 was very satisfactory, the quantity exported 

 in the preceding months of the year having been 

 only about 1,000,000 bushels more. 



The exports of bituminous coal, foreign, from 

 Baltimore in 1902 were 245,864 tons, against 403,- 

 505 tons in 1901. 



Industries. The charter records of the Supe- 

 rior Court show that in 1902 196 corporations, 

 with an aggregate capital stock of $14,857,400, 

 were formed in Baltimore for business purposes. 

 Of these, 171, with a total capital stock of $6,073,- 

 900, are for manufacturing and trade. The re- 

 maining 25, with a total capital stock of $8,783,- 

 500, are building associations and land and loan 

 companies. 



In the shirt-making industry of Baltimore, the 

 total product of 1901 was worth about $7,000,000; 

 the value of the product of 1902 will probably 

 reach $10,000,000. 



In the clothing trade the volume of business 

 exceeded that of any previous year, and the num- 

 ber of employees was correspondingly greater. 

 Fully 25,000 persons are employed in this indus- 

 try, with steady work at good wages. The out- 

 put is estimated between $18,000,000 and $20,000,- 

 000. The receipts of Maryland tobacco in this 

 market in 1902 were 34,662 hogsheads, about 3,000 

 hogsheads more than in 1901. The increase was 

 partly caused by unusually heavy receipts of the 

 new crop, estimated at 1,800 hogsheads. 



Immigration. The number of alien immi- 

 grants that arrived at this port in 1902, on whom 

 the tax of $1 each was collected, was 47.605, com- 

 pared with 27,014 in 1901 and 19,158 in 1900. 

 They come from the following covmtries: Aus- 

 tria-Hungary, 32.435; German Empire, 5,057; 

 Italy, 32; Roumania, 29: Russian Empire, 9,820; 

 England, 110; Turkey in Europe. 63: Ireland 

 and Denmark sent 1 each: Norway, 2: Scotland, 

 3: West Indies, 9: Servia. 13: Spain and Switzer- 

 land, 15 each. The number of immigrants that set- 

 tled in Maryland, and the race or people to which 

 they belong, in the year ended Dec. 31, 1902. was: 

 English. 3: Roumanian. 5; German, 793: Hebrew, 

 832; Russian. Hi: Polish, 633: Russniak. 0: Croa- 

 tian and Slavonian. 42: Slovak. 95: Bohemian, 168; 

 Lithuanian, 71; Magyar, 46: total, 2.510. 



Legislative Session. The regular biennial 

 session of the Legislature began on Jan. 1 and con- 



