The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-01-12
FINANCES OF MARYLAND
The Comptroller of the Treasury
Submits His Report.
Receipts and disbursements for the
Fiscal Year Ended September 80,
13OO-DetsiIed Statements Con-
corning Certain Features of the
Public Funds-Debt of the State.

OF Maryland, has submitted to the Gov
ernor his annual report for the fiscal
year ended September 80. 1900.
The amount received into the treasury
proper. from all sources. during the fiscal
year was S3.622. 1892 This, together
with the amount of S707, S26 in the treas
ury proper September 80. 1899, and $685.
326.SO to the credit Of the funds ac-
count, viii make the total 81, $50, 1862
The decrease in the amount received
from the Northern Central Railway Com
pany will be found to be $50. 580 by reason
of the failure of the company to pay the
regular quarterly instaIlment, amounting
to this sum, due the State July q, 1900.
Under the act of 1855 an agreement was
entered into between the State of Mary
land and the said railway company
wherein it was stipulated that the com
pany should pay to the State an annuity
of $50 000, being at the rate Of per cent
on 81 100000. the amount due the State.
said company executing a mortgage to
cover such annuity. with the privilege
OF extinguishInent within ten years from
the date thereof The said railway COM
pany had promptly paid TO the State
each quarterly installment due there
under up TO and including the one due
April q, 1900. At that time the company
rendered payment 10 the State of the
S1,00O,0 O0- The treasury officials beliey-
ing such tender, if made at all. should
nave been made within the ten years pre-
scTlDed III said agreement. refused TO ac-
cept the same, whereupon the Northern
Central Railway Company entered suit 10
compel the State TO accept the tender Of
tered as extinguishment OF the debt. The
contention Of the railway company was
denied by the lower court, from which an
appeal has been entered by the company
10 the Court OF Appeals which Will be
heard at the January term of The court.
The acts authorized disbursements ag-
gregating S3,480, 1926. being 1853, 1881
less than that of the previous year, not
wIthstanding the fact Of the payment of
the expenses Of the General Assembly of
1900 and the special appropriations made
thereby. This decrease. however, is large
" accounted for by the fact that during
the fiscal year 1899 there was paid to the
Consolidated loan Of 1899" 1922, 1914, be
ing the proceeds Of the bonds issued. while
during the present fiscal year the payment
TO this account and-the State building
and Improvement loan aggregated $3IT.-
640.07, making a difference of $204, 939-O7-
The receipts of the free school fund ag-
grega ted S97.873-55, while the disburse-
nents are shown to be S9l ,546.75, leaving
present administration the Sis 100 OF the
6 per cent stock Of the Baltimore and Ohio
Railroad Company held for the use Of this
fund was exchanged fcr new stock in the
same company, consisting of $4,000 Of the
preferred and $SS.500 Of the common stock
Capter 607 of the acts Of 1900 authorized
the issue of a loan, called the State
building and improvement loan" to the
amount of 100000 for the following pur-
poses. namely:
Completion Of the Maryland Peniten-
tiary, $4,000; State buildings az Annapo-
lis, $3.50 Geo; Completion o. Springfield
State Hospital $60.o00.
AS the entire loan was not needed, the
treasury officials deemed it advisable not
to issue the entire amount, but only a
part thereof; hence they advertised $780,
900 OF said loan, but rejected all bids and
took the amount for the sinking fund and
the Agricultural College
The various sinking funds hold 81 GS6. 587
OF the States own bonds, together with
$500. 600 in cash, which is an Offset 10 tle
State debt and presents a gratifying ex-
hibit.
The balance to the credit of the oyster
fund September 30, 1888 was 81 .2S9- II
which, added to the receipts during the
fiscal year. aggregates $ST,349.61. while
the disbursements are shown TO be ssh
985-87. leaving balance Of s.. 1914 on
September 80, 1900.
deficit which has been carried from
year to year. as forme-, reports from this
office viii show. amounted al the close of /
the fiscal year of 1888 to about $40 600. In !
order to provide for this deficiency and
start the oyster navy upon a new basis |
the Legislature of 1900 made direct ap-
preparation from the general treasury. IN /
der chapter 50, Of $35, COO A new oyster /
a Cd Of -.
under chapter $50 which, it IS expected !
will meet the demnds OF the oyster navy. |
The Law having gone into operation so |
recently. IL is impossible a present 10 |
say whether this expectation will be fully !
realized, but there is reason 10 believe /
that it viii.
An iteInized report OF the States capital 1
and credits as of September 80. 1900 is /
fully shown The $3.50 coo stock Of the
Washington Branch of the Baltimore and /
Ohio Railroad Company is stIH continued /
IN the productive column. notWithstand-
ing the fact that dividends On such stock
have not been paid for the past four years.
BY virtue Of joint resolution No. 10. OF /
1890, the Attorney General Is authorized
and directed forthwith 10 take sch pro
ceed'rgs as shall be adequate and proper
for tb- fullest assertion and protection Of /
all the rights of the State of MARYLAND in
respect TO its ownership in the stock Of
the Washington branch of the Baltimore
and Ohio Railroad Company" Under this
authority the Attorney General has al
ready taken steps 10 carry out the proyis-
ions Of the said joint resolution.
The funded debt Of the STATE at the close
OF the fiscal year was Sc. 30g S26.13 or an
increase OF $500 GOO This increase is ac-
counted for in the issuance, January / |
1900. of the remsining 1896 600 of the
consolidated loan Of 1899" for the com
pletiOn Of the Fifth Regiment Armorv. to-
gether with the issuance July I. 1900. Of
4 part Of the State building and improve
ment loan" amounting to $500 GEO. As an |
Offset to this interest bearing debt the
State holds bonds, stocks, and cash ag-
gFegating SO 424- 057 leaving the net debt
Of the State December so, 1900, s.. $50
26913
1t viii be seen by this statement that.
While the funded debt was increased $500
600, the net debt in 1xcess Of that of the
previous year is but $Z8S. 226.IS
The assessed value of property for State
purposes. aggregates $6l6.71s 7S2. which
stlll continues TO exhibit a very satfsfac- |
tory increase. exceeding that of the pre- !
vious year by $3.50, 1876. thus demonstrate |
ing that as the State increases in wealth
and material prosperity such Increase is
its share TO the support If |
the State government
The receipts during the fiscal year on
account Of the public school tax we're
SOS $50 80 which added to the balance on
hand September 80 1899, aggregate 81
DS5. 636.49 During the same period there
IL 10 "a several aD1rr-iac