Reply of the State Treasurer to An Order of the House of Delegates in Relation to the Balt. And Susquehanna Railroad Co 1853

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This difference is acc(/unted for by the sale of the stock authorised to be issued per chapter 302 of 1837. That act directed the Commissioner of Loans to issue certificates of stock or bonds of the State to the amount of $500,000 bearing interest at the rate of three per centum per annum ; to deliver one of the said certificates of stock or bonds of the State, for the amount of $100,000, to the then Treasurer of the Western Shore, to be ap- plied by him to constitute a Sinking Fund for the red...emption of the debt thus authorised, and to sell ihe residue of said stock or bonds on the best terms to be obtained, the proceeds thereof to be held subject to the order of the Treasurer, and by him to be paid to the President and Directors of the said Company or to their order.
The $400,000 was sold at the rate of $63 for every $100, pro- ducing $252,000 in cash, which was paid over as directed to the said Company. Which if deducted from the $500,000, author- ised to be issued, leaves the above difference of $248,000.


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