viii REPORT or THE COMPTROLLER OF THE TREASURY.

shares of the capital stock of the Easton National Bank of
Maryland of the par value of $26,350, for the benefit of the
schools in the several Counties on the Eastern Shore. Chapter
206 of the Acts of 1910 authorized and directed the Board of
Public Works to sell said stock at public sale after due notice,
provided the same be not sold for less than $50.00 per share.
Under and by virtue of said authority, the Board of Public
Works did accordingly advertise and sell said stock to Mr.
Charles C. Mckerson, at and for the sum of $53.00 per share,
he having submitted the highest bid therefor, viz., |55,862,
tendering in payment thereof, as required by Section 3 of
Article XII of the Constitution, bonds of the State "equal in
amount to the price obtained for the State's said interest," viz

Public Buildings Loan.................................... $30,000.00

State Roads Loan......................................... 14,000.00

Consolidated Loan of 1899................................. 11,862.00

Total........................................... $55,862.00

SINKING FUNDS.

Your attention is respectfully invited to Statements "E" and
"F," the former giving you the operations of the funds account
in detail during the year, while the latter will show the amount
and character of the invested securities of the State. The
operations during the year have been as follows:

Sinking Funds. State Roads Loan.

General Sinking Fund .................................... $5,000.00

Consolidated Loan of 1899................................. 119,000.00

State Building and Improvement Loan..................... 15,000.00

State Loan of 1902........................................ 20,000.00

Public Buildings Loan.................................... 53,000.00

State Roads Loan......................................... 88,000.00

Total.............................................. $300.000.00

From the above statement you will find that the State has
invested for the several sinking funds $300,000.00 of its own
bonds—State roads loan. By reference to Statement "F" you
will observe that the State now holds in its several sinking
funds securities of the very highest value, amounting to $4,721,-
479.72. Of this amount, $4,848,479.72 is invested in State of