places the matter in an entirely different light. He states in his report that the excess of funded debt of the city over productive assets is $15,720,059.07, and he places the unproductive assets at $14,250,000. Both of these statements are for 1904. They do not agree as to value of assets, nor do they agree as to non-essentials in presenting the case. The City Register states, that his figures are made up for ready use by the financiers and to meet the requirements of the New York law of investment by savings banks, etc.

The real facts as to the city's wealth is more fairly stated when we say that on December 31, 1904, the financial condition was as follows:

The United States Government, through the reports of the Department of Labor, estimates the value of property and other assets of the city according to the last statement above, but neither of these estimates take into consideration the value of our streets and franchises arising therefrom, which are the greatest sources of revenue to all large cities.

There are eighteen National Banks in the City of Baltimore, with a total capitalization of $12,590,700, and a surplus of $6,510,000, and undivided profits amounting to $2,087,039.05, the total deposits at the same time amounting to $70,341,687.05. In addition to these financial institutions, there are twelve Trust Companies and twenty Savings Banks, with deposits running into the millions of dollars.

CITY OF HOMES.

With 107,816 buildings of all kinds, or one building in the city to every five inhabitants, and with water so cheap that its use is under no circumstances limited; with coal for manu

facturing purposes cheaper than in any Atlantic seaboard city, and as cheap for home purposes, many of the disadvantages of other manufacturing centres are easily overcome.

There are 410 churches and 32 hospitals in the city limits.

TRANSPORTATION FACILITIES.

Running out of Baltimore there are thirty-two steamboat and steamship lines and three great trunk lines of railroad, viz: Baltimore & Ohio, Pennsylvania, and the Wabash or Western Maryland system, also direct connection with the Southern Railway, the Atlantic Coast Line and the Seaboard Lines, all of the latter direct to the South and connecting with the innumerable lines radiating through the Southern States.

These methods of transportation reach every portion of the coast line of America and stretch out into the interior of the South, West and East, giving competition to all points, with reasonable rates of transportation.

THE CITY PROPER.

Running from east to west is Baltimore Street, the dividing line between the south and north. It is a populous business street, with magnificent business houses of every description; while Charles Street, running north and south, is the dividing line between the eastern and western part of the city. Charles Street north of Baltimore is essentially a retail street and is the commencement of the ladies' shopping district, which extends west on Lexington to Eutaw, including many of the streets which cross Lexington Street. No other street in the Union, perhaps, on a bright Spring or Fall day will offer such a kaleidoscopic picture of beautiful women and attractive shops as Charles Street, passing the Fidelity Building, the Masonic Temple, Old St. Paul's Church, corner Saratoga and Charles Streets, Y. M. C. A. Building, until you reach the archiepiscopal residence, corner Mulberry and Charles streets, thence north on Charles Street block after block of stately houses, the magnificent Washington's Monument, bounded on one side by the Walter's Art Gallery, on the east by the Peabody Institute; thence past the stately spires of Mt. Vernon Church,

the Stafford Hotel, the Catholic Club, the Baltimore Club, the. Maryland Club, the Arundel Club, the Belvedere Hotel, Albaugh's Theatre, crossing the magnificent boulevard Mt. Royal Avenue to Union Station, taking in a view of the magnificent bridges built across Jones's Falls, until you reach the suburbs of North Baltimore, where again comes into view such institutions as the Women's College, Blind Asylum, Samuel Ready Asylum, etc.

It is almost impossible in taking a northeastern, eastern or western course along the principal thoroughfares to enumerate the many points of interest or the numerous eleemosynary institutions, manufacturing establishments, churches, etc., that come in view, but we can not let pass the stately mass of buildings located and facing North Broadway, running east for several blocks, covering over one-half square mile of territory and known all over the world as the Johns Hopkins Hospital; while toward the west will be found many magnificent churches and institutions of learning, as well as such monuments of industry as the Mt. Clare Shops, the National Enameling Co's. Buildings, Wilkens Hair Factory, Mt. Royal Pumping Station, Academy of Music, Kernan's aggregation of Theatres and Hotels, the new Caswell Hotel, Phoenix Pad Company Buildings, as well as the House of Good Shepherd, and many similar buildings.

Southward the first thing that greets the eye of the visitor from one of the tall office buildings may be considered the historical Federal Hill, the magnificent sweep of harbor from Spring Garden down to North Point Light, including that great hive of industry alluded to elsewhere and known as Sparrow's Point, where some of the largest boats have been built and where the greatest drydocks of the world have been finished for the United States Government. This latter place, while in the County, is so close to the city as to be almost considered a part of it, employing 3,000 hands, with a capitalization of upwards of $1,000,000, and a pay-roll of nearly $1,800,000 per annum. Of course, the capitalization does not represent the whole investment. The accompanying pictures will give some idea of this vast enterprise.