1904.] OF THE HOUSE OF DELEGATES. 147

All of the above mentioned companies were ax-
mined by Mr. Clayton C. Hall, C. P. A., whom I ap-
pointed examiner for that purpose, with the exception
of the Maryland Trust Company, which was examined
by Mr. Frank Blacklock, C. P. A., with Mr. Hall's
assistance.

On June 6, 1903, the City Trust & Banking Com-
pany was placed in the hands of receivers as the re-
sult apparently of certain injudicious loans. "On
October 19, 1903, the Union Trust Company and the
Maryland Trust Company were also placed in the
hands of receivers. The embarrassment of the former
proved to be of brief duration, and the Company is
now transacting business. In regard to the latter
Company, its embarrassment appears to have been due
to investments which, while reported to be entirely
sound, have under existing financial conditions, proved
to be not readily convertible. The opinion was ex-
pressed by a committee recently appointed to examine
into the affairs of the Company, that its assets were
more than sufficient to pay all its creditors in full.

Respectfully submitted,

MURRAY VANDIVER,

Treasurer of Maryland.

STATE OF MARYLAND,

TREASURER'S OFEICE,

ANNAPOLIS, January, 1904.
To the General Assembly of Maryland:

As required by section 22 of Article 95 of the Code
of Public General Laws of the State of Maryland, we
beg leave to report that the Treasurer has had re-
corded, and he and the Comptroller have examined
and burned the State coupons that have been paid and
returned to the Treasurer by the agent employed to
pay the interest on the public debt as follows, to-wit: