X REPORT OF THE COMPTROLLER OF THE TREASURY.

olis, in accordance with the policy indicated in my former report,
in which I stated "a cash balance of $200,000 has been carried
over to take up the remainder of the 'State Building and Improve-
ment Loan/ for a like amount whenever the Treasury officials
may deem it advisable to issue the same." It is worthy of men-
tion, that of this $200,000 issue, $100,000 has been placed to the
credit of its own Sinking Fund, thereby virtually cancelling the
loan to this extent.

The statement also clearly exhibits the amounts and the char-
acter of other investments, together with the cash balance of
$291,924.84. A large portion of this cash balance has been in-
vested since the close of the fiscal year in Baltimore City 3 1/2 per
cent, of 1940, and in the 4 per cent, bonds of the cities of Annap-
olis and Cumberland.

Statement "F" exhibits the entire holdings of stocks held for
the use of the School Fund and Agricultural College, as well as
all holdings to the credit of the various Sinking Funds, the latter
amounting to $1,709,511.84, as will fully appear by reference to
the following statement:

			SINKING	FUNDS
STOCKS AND BONDS
Consolidated Loan of 1899 State Building & Improve- ment Loan..............	$780,387.00 122,200.00	135,000 30,000	$ 49,000 126,000	$11,000 33,000	100,000	$875,387.00 411,200.00
Frederick County 3^ per
Ct..... ................	50,000.00				..........	50,000.00
Laurel 4 per ct. Baltimore City 4 per ct..... Cash ...	41,000.00 40,000.00 252,174.84	11.500	26,200	2,050		41,000.00 40,000.00 291,924.84
TOTALS........	$1,285,761.84	$7&.500	$201,200	$46,050	$100,000	$1,709,511.84

OYSTER FUND.

Statement "H" exhibits the receipts and disbursements on ac-
count of this fund. The balance to its credit September 30, 1900,
was $5,365.74, which added to the receipts of this present fiscal