vi REPORT OF THE COMPTROLLER OF THE TREASURY.

said amount is embraced an item of $842,944.75, being a part of
the proceeds of the sale of Bonds authorized under Chapter 228
of the Acts of 1904, known as the "Public Buildings Loan,"
$1,625,000, being the total authorized issue. $825,000 of this
Loan was issued by the Board of Public Works, as your. Excel-
lency is well aware, as a 3 1/2% Coupon Bond, bearing date as of
July 1, 1904, and after due notice thereof, was sold to the high-
est bidders therefor, viz: $10,000 to the New York Clothing House
at $103, and the remaining $815,000, to Wolfe Bros, and Com-
pany, of New York at $102.16 1/2, aggregating the above sum of
$842,944.75, all of which moneys came into the Treasury and was
placed to the credit of the accounts for which they were issued.

Your attention is also called to the account of '' State Tobacco
Warehouses," showing receipts of $57,310.04, an amount largely
in excess of former years. During the disastrous conflagration
that swept the City of Baltimore on February 7 and 8, destroy-
ing $40,000,000 of property, State Tobacco Warehouse No. 2 on
Long Dock was burned, and $44,050 of this $57,310.04 represents
the insurance paid into the State on account of such loss.

Another item showing largely increased revenues, and which
must be characterized as extraordinary only in comparison with
previous years, however, and not for the ones to come, you will
observe in the amounts paid by Collectors and Incorporated
Institutions, For three years past, the State tax rate has been 17
cents on each $100, and for thirteen years prior thereto 17% cents,
but the Legislature of 1904 fixed the levy at 22 1/2 cents, or an
increase of 5 1/2 cents on each $100, therefore the unusual amounts
of $1,298,288.38 from Collectors and $121,057.99 from Incorpor-
ated Institutions becomes very manifest, or an increase over the
year previous of $250,040.83. Next year the tax rate is 23 1/2 cents
on each $100. (Chapter 343 of the Acts of 1904) and annually
thereafter unless changed by the Legislature; hence, it becomes
very manifest that this revenue will be increased in the future,
not only by reason of an increased rate, but also from' a larger
basis of arrearages.

It will therefore be seen that the ordinary receipts into the
Treasury, exclusively of the amounts heretofore mentioned, re-
main about the same as the year previous—in round figures
$3,300,000.00.