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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 :
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Stock of the Baltimore and Ohio R. R. Co. .........................
Stock in Washington Branch B. & O. R. R. Co..................
Farmers' National Bank of Annapolis...................
Baltimore and Fredericktown Turnpike Co........
Baltimore and Yorktowa Turnpike Company. ......
Bone of Baltimore and Ohio R. R. Co............................
Northern Central Railway-- Mortgage..................
to Credit of the Sinking Funds............................
Cash to credit of Sinking Funds........................................
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$ 968,615 70
550,000 00
46,470 00
11,000 00
2,500 00
366,000 00
1, 590, 000 00
195,300 00
9,557 23
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$3,649,442 93
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Balance, after productive Stocks held by the State and the
Sinking Funds are deducted.....................................
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.................
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$7,627,667 76
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The Sterling Debt was reduced during the Fiscal Year ended
September 30th, 1880, by conversion and exchange, as
follows :
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t5 per cent. Sterling, chap. 386 of 1838.............................
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$196,666 66
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* Of this sum, $4,235,555.58 is Sterling Debt, on which the interest is payable in London in gold or its equivalent.
t In the redemption, conversion or exchange of the Sterling Debt, the calculation being required to be made at the rate of $4.84 per £ sterling
as per Section 13, of Article 94 of the Code the increase of the Maryland State Loan by exchanges, and Sterling converted into currency,
as per Ch. 41, of 1847,during the Fiscal Year, amounts to $214,170.80, although the Sterling Debt seems to be reduced hut $196,666.66, the
Sterling Debt having been always computed in this statement at the rate of $4,44 4-9 per £ sterling.
For this balance of $7,627,667.76, the State has as an off-set her unproductive stocks, amounting to $25,726,051.34 and $1,315,000.00
due from Accounting Officers and Incorporated Institutions.
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