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owing to the diligence of the present Treasurer was found to possess the value above shown. It was deemed advisable by the Treasury officials that such moneys should be placed to the credit of the Common Free School Fund. Accordingly an order was passed by the Board of Public Works and this sum is now invested at par in the Consolidated Loan of 1899, as well as the $9,125.00 to the credit of Carroll, Frederick and Washington counties, making an investment of the very highest order.

The $118,100.00 of the B. & (). 6 per cent. preferred stock held by the State since 1878 for the use of the Common Free School Fund, and upon. which dividends have been passed, was not sold during the year as contemplated, a satisfactory bid not being received therefor. Under the reorganization of the said company it was determined to accept an equal number of shares of the new certificates of said company in lieu of the cash value of $75.00, and by paying an assessment of $200 per share the company guaranteed the cash value thereof at $77.00. This stock the State now owns and deems advisable to hold for the present.

SINKING FUNDS-('ASH AND STOOK ACCOUNT.

Statement “ E" also exhibits the condition of the several Sinking Funds at the close of the fiscal year, in which is shown many changes. By virtue of the maturity and redemption of the Defence Redemption Loan, January 1, 1899, and the issue on that date of the Consolidated Loan of 1899, Chapter 219, of 1898, several of the Sinking Funds have been wiped out, since their loans were either liquidated or consolidated, while the amounts standing to the credit of those funds were transferred to the Consolidated Loan of 1899 Sinking Fund, viz. : Exchange Loan of 1886, Exchange Loan of 1889 and the Detence Redemption Loan.

The total receipts during the year, including the balances from the year previous, aggregate the large sum of $974,813.18, viz. : General .......

$13,338 18 Exchange Loan of 1886....

12,092 50 Exchange Loan of 1889 ..

17,640 65 Defence Redemption Loan...

443,562 31 Penitentiary Loan......

114,735 00 Insane Asylum Loan .....

34,165 00 Consolidated Loan of 1899..........

319,279 54

Total...

$974,813 18 Deduct balances September 30, 1898. ............... 497,298 64

Actual receipts during year ........

.. $477,514 54 Of this sum only $77,314.54 is increment from investments, liquidated, however, January 1, 1899, by the .

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retirement of the securities then held, while the unprecedentedly large sum of $100,000.00, the largest by far in the history of the State, was cash transferrred from the Treasury, an amount far in excess of the requirements necessary to maintain the integrity of the Sinking Funds, but permissible by reason of large collections.

Permit me again to refer to my former report :

"The above large wujuvested balance of $ 197,298.64 may at first blush occasion some surprise, but the wisdom of the Treasury officials in thus carrying this large balance is very appareut upon a closer examination of the situation. This balance could not be used to liquidate so much of the Defence Redemption Loan maturing January 1, 1899, inasmuch as the holders of said load had the option, under Chapter 219 of the Acts of 1898, to exchange sach holdings for the new issue of the Consolidated Loan of 1899,' ixtlied under said Act-a privilege accepted by $1,104,187.00 out of $1,151,787.00 outstanding-leaving only $47,600.00 of said loan to be retired at maturity.

Had the Treasury oflicials gone into the market to purchase safe and reliable securities to this extent, a very beavy premium, likewise a commission, would necessarily have been paid, but inasmuch as the State on the first day of January, 1899, only a few days distant, will issue a new loan, as authorized by the Art above referred to, to be known as the Consolidated Lord of 1999,' not only to refund the outstanding debt of the State, but to issue for new improvements to the extent of $900,000.00, viz. :

Maryland Penitentiary, completion of.............$300,000 00
Army Fifth Regiment, Infantry .........

0.000 00
Second Hospital for Iusane, additional buildings.. 220,000 00

House of Correction, new buildings ............... 80,000.00 it was deemed the part of wisdom to retain chis balance and invest every dollar that may be to the credit of its Siuking Funds on that date in this new loan, virtually retiring the State debr to that extent."

This policy has therefore been pursued, and by taking the balance of $497,298.64 brought down from the last fiscal year, together with the increment accruing to the various Sinking Funds, January 1, 1899, and cash transferred from the Treasury proper during the fiscal year, the Treasury officials were enabled to take for the following Sinking Funds the entire amount of the new loan issued for completion of the Penitentiary, Second Hospital for the Insane and the House of Correction, aggregating $600,000.00, besides placing to the credit of those funds the following cash, as will fully appear in Statement “F.":

Stock. (ash. Consolidated Loan of 1899 ............ $505,000 00 $287,575 00 Penitentiary Loan .................... 35,000 00 8 ,338 18 General ............................... 49,000 00 6 5,785 00 Insane Asylum Loan.................. 11,000 00 13,165 00

Totals............................. $600,000 00 $374,813 18

This amount of cash was brought down in order to take up the $300,000.00 of that portion of the Consolidated Loan of 1899 for the Fifth Regiment Armory whenever the same should be issued. A site for said armory has recently been secured, costiug $125,000.00, leaving $175,000 00 for the erection of a building. Consequently the remaining part of this loan has been issued as of January, 1900, the whole being taken by the State as follows:

Schools in sundry counties

..........$ 9,125 00
Commou Free School Fund...
Consolidated Loan of 1899, Sinking Fund ......... 275,387 00

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15,488 00

Loan of 1899, Sinking

Total .......................................... $300,000 00

Hence the condition of the Sinking Funds January 1, 1900, including increment accruing that day, will be ::

Stock.
Consolidated Loan of 1899 ............ $780,387 00
Penitentiary Loan .......

35,000 00 G eneral................ ..............

49,000 00 Insane Asylum Loan.

11,000 00

(ash.
$19,763 00

8,863 18
66,470 00
13,330 00

Totals.

..... $875,387 00

$108,426 18

Therefore, the Treasury officials have taken the entire issue of $900,000.00 of the Consolidated Loan of 1899 for its Sinking Funds and schools, without one cent of cost for premium or commissions, besides placing to the credit of those funds the large balance as above shown of $108,126.18.

OYSTER FUND).

In Statement “H” is shown the apparent, although not true condition of the Oyster Fund.

The receipts, including balance brought down, aggre. gate $59,733.80, while the disbursements are shown to be $55,444.09, leaving a balance of $1,289.71 on hand September 30, 1899-a sum immediately wiped out in the beginning of the fiscal year 1900. Besides this, bills unpaid, for salaries and expenses brought over from last year, amounting to $35,000.00, were paid from the revenues accruing since October 1, 1899, extinguishing almost to the cent the entire revenues received to January 1, 1900, leaving nearly the entire salaries and expenses of the force since October 1, 1899, unpaid--a most deplorable condition. The ordinary receipts and disbursements of this fund for several years past is as follows:

1890..
1891
1892..
1893.
1894.
1895.
*1896.... .
1897.......
1898.......
1899.......

Receipts. Disbursements. .$58,178 67 $70,955 91

52,260 33 73,645 81
· 46,652 83 79,665 11

48,437 12 91,302 03
48,271 69 56,422 25
64,994 09 61,410 42
64,244 02 67,340 86
67,270 733 166,761 97
57,718 58 55,083 92
56,590 38 5.5,444 09

The balance to the credit of this fund September 30, 1890), was $101,106.24. Notwithstanding this large balance but diminished revenue for the next few years, as well as increased disbursements, the fund on the 30th of September, 1894, showed an overpayment of $1,306.99, at which time its embarrassment really began During the next two years the revenues were not sufficient for its maintenance by the sum of $15,000.00, the members of the Board of Public Works, in the meantime, loaning their individual credit to pay the officers of the force, until the revenues of the next year became available to retire such liability. This course has been pursued by the present administration, as being, under the circumstances, the only practical inethod, hoping the revenues in the future might, under Chapter 418, 1896, be sufficient to make it self-supporting. This hope has noi been realized. On the contrary, each year has shown, with one exception, smaller receipts, with every indication that the present season, 1899-1900, will yield a much smaller return. The Legislature of 1896, Chapter 346, sought to aid this fund, but only yielded a Jemporary relief-borrowing froin one year to be paid back from the next. It should have made a direct appropriation.

The cost and expenses of the force must and have increased with each succeeding year, by reason of extra cost in the maintenance and equipment of old boats, until the deficit of six years has become such a burden that you must come to its rescue or the force must be disbanded and the great oyster industry of the State completely annihilated. Permit me again to refer to my former Report :

“The last Legislature was appealed to in vain, and unless the next one takes hold of this matter intelligently and heroically, both our oyster industry and navy will suler materially for lack of such assistance. Indeed, this industry is the main support of many thousand citizens of this state, and it is, in my judgment, the duty of the Legislature of 1900 to come to the assistance of the State Fishery Force, by making an appropriation sufficient to relieve it of its pres. ent embarrassinent."

* Including $15,000.00 borrowed from Treasury, Chapter 346, 1876, + $18,000.00 borrowed from Treasury, Chapter 316, 1806, repaid.

This important question is for you to determine, and I plead with you to treat it fairly and liberally.

ASSETS.

In Statement “I” will be found the productive and unproductive assets of the State. While the stock of the Washington Branch of the Baltimore & Ohio Railroad Company has paid no dividend since 1896, yet the value of the stock warrants the same in being carried among its productive assets.

STATE DEBT.

The total funded debt of the State as of September 30, 1899, is plainly shown in Statement “J," aggregating $5,709,326.13, as against $9,284,986.24 for the year previous. In order to properly undersjand this difference, reference must be had to my former report and Chapter 219 of the Acts of 1898. Said statute provided for the refunding and consolidation of the entire State debt of $9,284,986.24, except $600,000.00 of Maryland 31s, 1911, issued under Chapters 164 and 166, 1896, as well as the issuance of a new loan of $900,000.00 for the Penitentiary, Second Hospital for Insane, House of Correction and Fifth Regiment Armory before mentioned. Much of this debt was not due ; but inasmuch as the Defence Redemption Loan of $3,000,000.00 maturing January 1, 1899, could not be liquidated, although its Sinking Fund exceeded the loan by $825,020.11 by virtue of its large holdings of the following State stocks : Exchange Loans of 1886, 5980,632.00; 1889, $369,800.00, and 1891, $558,552.05, amounting to $1,908,981.05, nearly all of which was not due, the Treasury officials, as well as the Legislature of 1898, deemed it the part of . good financiering to refund the entire debt, thereby cancelling the large holdings of the State's own stock in the Sinking Funds, amounting to $1,167,190.11, and consoli. dating the four old loans, as well as the new one, into "the Consolidated Loan of 18:19." Notwithstanding the intricacy and labor of this trust, with its many details, in locaiing $2,521,600.00 coupon bonds, save $7,400 00 and all other work incidental to the refunding and issuance of such a large amount, the same has been successfully ac. complished at the small cost for engraving certificates, ad. vertisements, etc., of $2,500.00, the sum appropriated being $10,000.00. Upon the present Treasurer, Hon. Thomas J. Shryock, this work largely devolved, and it is to his skill and financial ability the same was brought to a successful consummation.

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