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REPORT OF THE COMPTROLLER OF THE TREASURY. xiii
ceeded the loan by the handsome sum of $825,020.11, for
the reason of its large holdings of State stocks, viz. : Ex-
change Loans of 1886, $980,032.00 ; 1889, $309,800.00, and
1891, $558,552.05, amounting to $1,908,984.05, nearly all of
which was not clue. The State, however, holds in its
various Sinking Funds of this loan, $1,848,213.00, and since
the loan amounts to $3,000,000.00, there was still outstand-
ing September 30th, $1,151,787.00 to be refunded. The
Treasury officials seeing it was necessary to exchange a
part of this loan, deemed it wise to extend the refunding
of the entire debt, if possible, although not due, in order
that the large holdings of the State's own stock in the
Sinking Funds should be cancelled, and thereby consoli-
date the four old loans and the new one into " The Consol-
idated Loan of 1899." Hence the passage of the Act.
The following table will be found interesting:
DEBT STATEMENT JANUARY 1, 1890.
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Amounts of
Loans.
|
Owned by
State.
|
Outstand-
ing;, to be Re-
funded.
|
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Defence Redemption Loan . . $8,000,000 00
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$1,848,213 00
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$1,151,787 0.0
|
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Exchange Loan of 1886...... 1,898,829 10
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1,106,949 40
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791,879 70
|
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" " 1889......" 3,079,400 00
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557,800 00
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2,521.600 00
|
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" " 1891...... 706.757 14
|
654,227 71
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52,529 43.
|
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Totals ................. . $8,684,980 24
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$4,167,190 11
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$4,517,796 13
|
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Less Defence Red'pt'n Loan unexchanged.
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$47,600 00
|
|
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" Exchange Loan of 1889 "
|
12,400 00
|
|
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" Exchange Loan of 1891 "
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2,045 00
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62,045 00
|
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Total of old debt to be refunded ........
|
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$4,455,751 13
|
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Plus new Loan for Penitentiary...........
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$300,000 00
|
|
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" " " " Insane Asylum......
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220,000 00
|
|
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" " " " Md. House of Correction
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80,000 00
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$600,000 00
|
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Total " Consolidated Loan of 1899 ".....
|
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$5,055,751 13
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3 50 per cent. Penitentiary Loan of 1896
|
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500,000 00
|
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8 50 per cent. Insane Asylum Loan of 1896
|
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100,000 00
|
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Exchange Loan of 1889 unexchanged......
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12,400 00
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" " 1891 " .......
|
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2,045 00
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Total Funded Debt January 1, 1899.....
|
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$5,070,196 13
|
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OFFSET.
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Northern Central Railway, Mortgage.....
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$1,500,000 00
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|
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Stock Farmers' National Bank, Annapolis
|
46,470 00
|
|
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" Annapolis Water Company .........
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30,000 00
|
|
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" Balto. & Fredericktown Turnpike Co-
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11,000 00
|
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Cash in Sinking Funds....................
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518,213 18
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2,105,683 18
|
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Net debt of the State January 1, 1899. . .
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$3,564,512 95
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In the execution of the intricacies of the above Act of
1898, in locating these bonds and securing the consent of
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