As an off-set to this debt, the State holds the following Bonds
and Stocks, on which interest or dividends are promptly
paid, to wit:
Stock of the Baltimore and Ohio R. R. Co. .......................
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$ 908,615 70
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Stock in Washington Branch B. & O. R. R. Co..................
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550,000 00
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" Farmers' National Hank of Annapolis. ..................
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46,470 00
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" Baltimore and Fredericktown Tttrnpike Co..... ...
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11,000 00
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' Baltimore and Yorktown Turnpike Company. ......
Bonds of Baltimore and Ohio R. R. Co............................
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2,500 00
366,000 00
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" Northern Central Railway — Mortgage................
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1,500,000 00
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' to Credit of the Sinking Fund..........................
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140,415 84
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Cash to credit of Sinking Fund.......................................
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325 63
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$3,585,327 17
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Balance, after productive Stocks held by the State and the
Sinking Fund are deducted. ...................
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$7,674,280 181
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The Stirling Debt was reduced during the Fiscal Year ended
September 30th, 1879, by Exchanges as follows :
+5 percent. Sterling, chap. 386 of 1838.............................
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$27 777 77
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* Of this sum, $4,432,222.24 is Sterling Debt, on which the interest is payable in London in gold or its equivalent. The aggregate debt of
the State for the Fiscal Year ended September 30th 1878, should have been $11,007,135.12, instead of $10,772,912.90, as stated in the Report
of 1878. This error was caused by deducting 52.700£ Sterling redeemed, (or $234,222.22,) twice from the Sterling Debt, and was discovered
and rectified upon the books of the Treasury Department shortly, the publication of the Report.
+in the redemption on echange of the starting debt, the calcultion being required to be made at the rate of $4.84 per £ as per Section 13,
of Article 94 of the Code, the increase of the Maryland State Loan Debt by exchanges made during the Fiscal Year, amounts to $30,250.00,
although the Sterling Debt seems to be reduced but $27,777.77, the Sterling Debt having been always computed in this statement at the rate
of $4,44 49 per ;
For this balance of $7.67 , the State has as an off set her unproductive stocks, amounting to $25,323,304.22 and $1,393,000.00
due from Accounting Officers and Incorporated Institutions
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