vi REPORT OF THE COMPTROLLER OF THE TREASURY.

In explanation of. the large increase in this item, it maybe
stated, a certificate of Baltimore city stock for $88,800.00, held
for the use of this institution matured April 1, 1900, and such
amount was covered into the Treasury. There was also a
large increase as will be seen from an examination of said state-
ment in the following items, Incorporated Institutions, Gross
Receipts of Corporations, High Liquor License of Baltimore
City and Tax on Insurance Companies. Among the items
showing a decrease are the following: Bonus on Corporations,
Northern Central Railway Company, Military Emergency Fund
and amounts from Collectors.

The decrease in the amount received from the Northern Cen-
tral Railway Company will be found to. be $22,500.00, by
reason of the failure of the Company to pay the regular
quarterly installment amounting to this sum, due the State
July 27, 1900.. Under the act of 1855 an agreement was
entered into between the State of Maryland and the said Rail-
way Company wherein it was stipulated that the Company
should pay to. the State an annuity of $90,000, being at the
rate of 6 per cent, on $1.500,000, the amount due the State,
said Company executing a mortgage to cover such annuity,
with the privilege of extinguishment within ten years from the
date thereof. The said Railway Company had promptly paid
to the State each quarterly installment due thereunder up to
and including the one due April 27. 1900. At that time the
Company tendered payment to the State of the $1,500,000.
The treasury officials believing such tender, if made at all,
should have been made within the ten years prescribed in said
agreement, refused to accept the same, whereupon the Northern
Central Railway Company entered suit to compel the State to
accept the tender offered as extinguishment of the debt. The
contention of the said Railway Company was denied by the
lower court, from which decision an appeal has been entered
by the Company to the Court of Appeals, which will be heard
at the January term of said Court.