REPORT OF THE COMPTROLLER OF THE TREASURY. ix

pect of realizing $88,500.00, which sum, if realized, should,
in ray judgment, be invested in a like amount of the new
"Consolidated Loan of 1890," thereby providing a limited
endowment in the State's own stock.
SINKING FUNDS.

The condition of the several Sinking Funds is also ex-
hibited in the same statement. The receipts from all sources,
increment from investments, cash transferred from the
Treasury proper and from the sale of securities held by
said funds aggregate the sum of $945.170.02, as follows :
General Sinking Fund ............................ $26,072 48

Exchange-Loan of 1886............................ 11,395 00

Exchange Loan of 1889.......................... 15,202 10

Defence Redemption Loan...................... 834,901 04

Penitentiary Loan ............................... 47,741 00

Insane Asylum Loan.............................. 9,8(55 00

Total ........................................... $945,176 62

In this amount is included the sale of Baltimore City
Stock of the par value of $501,200.00, being the entire hold-
ings of the State in these securities, save and except those
amounts held by the Common Free School Fund and the
Maryland Agricultural College, said sale netting, clear of
commissions, the sum of $518,075.75, which amount de-
ducted from the grows receipts, would leave the sum of
$427,100.87 as the ordinary receipts during the year from
increment on investments and cash transferred from the
Treasury proper, or a sum greater by $42,033.47 than the
year previous.

During the year there was purchased for the Defence
"Redemption Loan Sinking Fund, stock of its own loan of
the par value of $439,952.00, costing $447,877.98; hence at
the close of the fiscal year, the various Sinking Funds
showed a cash balance as follows :

General Sinking Fund............................ $26,072 48

Exchange Loan of 1886............................ 11,395 00

Exchange Loan of 1889........................... 15,203 10

Defence Redemption Loan........................ 387,023 06

Penitentiary Loan ................................ 47,741 00

Insane Asylum Loan.............................. 9,865 00

Total available cash .......................... $497,298 64

Your attention is respectfully directed to the setting
aside to the credit of the several Sinking Funds, during
the fiscal year, of the sum of $281,000.00, being the amount
transferred from the Treasury proper, or a sum exceeding
that of the year previous by $22,583.23. As you are well
aware, this sum represents the remainder o.f that portion
of the 5 1/4 cents of the 17 3/4 cents tax rate, after the payment
of the interest on the public debt as required by law, which
remainder must be carried to the credit of the Sinking