REPORT OF THE COMPTROLLER OF THE TREASURY XX

of said bonds, $274,000 of the State Loan of 1912, and $326,000
of the Second Insane Hospital Loan, all of which are now in
the State's deposit boxes.

In Statement "F" will be shown the character and amount
of the investments held by the State in its several sinking funds,
amounting to $6,794,152.67, including the cash balances above
referred to, securities of the very highest grade, State's own
bonds, save and except $333,000, $140,000 of which latter
amount is in Baltimore City stock, while the remainder is in
county and municipal bonds of this State.

STATE DEBT.

The funded debt of the State is shown in Statement "J," the
gross amounting to $16,685,095.63, while the net debt, after
deducting the sinking fund investments and the mortgage of
the Northern Central Railway Company of $1,500,000, is
shown to be $8,390,942.96. Since the close of the fiscal year,
however, the debt has been increased by the sale of bonds, duly
authorized, and for your information I would submit the fol-
lowing statement:

October 1st, Gross Debt............................		$16,685,095 63
State Loan of 1912, 4%
Series "E" ...................................	$4,000 00
Series "F" ...................................	100,000 00
Series "G" ...................................	170,000 00
		274,000 00
Consolidated Loan of 1913, 4%, Series "B"...........		200,000 00
Second Insane Hospital Loan, 4%, Series "B".........		400,000 00
Maryland State Normal School Loan, 4%,, Series "B"		300,000 00
Total December 15th, 1913 .....................		$17,859,095 63

In addition to the above, the last Series "D," of the Public
Highways Loan of 1910, amounting to $250,000, will be sold
on January 6th, 1914, and this will conclude all the loans as
now authorized, save and except the "State Loan of 1914,"
amounting to $817,880.55. This loan is to refund the Consoli-
dated Loan of 1899 of $3,191,095.63, due January 1st, 1914, the
sinking fund of which holds securities and. cash aggregating
$3,209,230.01, or more than sufficient to retire the same.
Rather than sell the securities therein mentioned at a loss,
owing to the great depreciation of values, the Treasury officials
decided to hold said securities and refund for the amount less