xiv REPORT OF THE COMPTROLLER OF THE TREASURY.

the holders thereof to the exchange, the present Treasurer,
Hon. Thos. J. Shryock, upon whom has devolved almost
the entire labor, has devoted his best energies and finan-
cial ability. His position will be the more appreciated
when it is remembered that of the $2,521,600.00 outstand-
ing of the Exchange Loan of 1889, the entire issue being-
coupon bonds, he has secured all save $12,400.00.

In the above issue of $600,000.00 for the Penitentiary,
Second Hospital for the Insane and Maryland House of
Correction, the State will take the entire issue, for use of
the Sinking Funds and Common Free School Fund, as
follows :

Cash in Sinking Funds September 30th....4497,298 64

Increment accruing January 1,1899 .... 68,514 54 $505,813 18

Less Defence Redemption Loan redeemed................ 47,600 00

Total Funds cash................................... $518,213 18

To be realized from sale of 1181 shares Preferred 6 per.

cent. Baltimore £ Ohio Stock ........................ 88,500 00

Total........................................... $606,713 18

or a sum more than sufficient to absorb the whole issue at
par for a new Sinking Fund and secure for the Common
Free School Fund a safe and reliable investment.

You will notice in the above statements there is no
mention of the $-'300,000.00, as authorized by the Act here-
inbefore recited, for the construction of an armory for the
Fifth Regiment, M. N. G, for the very good reason that
said armory is not yet ready for the money, nor will it be
for some months. Hence it is. the policy of the Treasury
officials not to issue the above loan until actually needed,
at which time the whole issue will be taken for the Sinking
Funds, the State thus taking the entire loan of $900,000.00.

The interest charge upon the above debt $5,655,751.13,
including even the $300,000.00 yet to be issued for the Fifth
Regiment Armory, would be $181,672.53, as against $301,-
049.56 for the year previous, or a difference of $119,377.03.
While this difference is literally correct, yet it may be
somewhat misleading, since of the Interest on the Public
Debt due January 1, 1899, amounting to $150;524.78, $68,-
514.54 thereof comes back into the Treasury to the credit
of the Funds Account by virtue of their holdings of State
stocks. The actual saving of interest, however, is in the
refunding of $1,104,187.00 of the Defence Redemption. Loan
from a 3.65 per cent. to. a 3 per cent, loan, or a saving of
$7,177.21 per annum.

ASSESSMENT AND LEVY OF 1898.

In Statement " K " you will find the assessed value of
property for State purposes amounting to $603,320,096.00,