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QUARTERLY REPORTS OF THE NATIONAL BANKS OF BOSTON AND PHILADELPHIA,

Resources.

-Boston.

-Philadelphia.

April. July. April. July. Loans and discounts.

56,817,075 24 58,197,191 40 32,210,000 01 83,905,149 14 Overdrafts.

1,476 49

6,876 93 Banking house.

1,365,394 51

1,420,072 61 Other rel estate.

1,085,547 54 41,075 02 1,183,073 57

101,885 40 Furniture and fixtures

87,373 25 Current expenses.

81,165 78 255,295 44 435,596 12 147,617 64 Premiums :

55,145 35 67,769 88 395,847 33 404,888 73 Cash items (including revenue stamps) 4,516,321 66 857,395 +7 1,032,785 19 850,932 32 Exchanges for clearing house, å, M...

4,917,090 71

5,313,303 11 Due from National banks..

8,458,871 83 7,919,982 93 4,805,130 79 4,547, 220 44 Due from other banks and bankers.

248,081 03 141,289 42 460,494 75 467,412 33 U.S. Conds to secare circulation.

29,044, 350 00 29,044,350 00 13,118,000 00 13,118,000 00 Other U. g. Securities to secure deposits 1,925,000 00 1,900,000 00 2,017,600 00 2,222,200 00 U. S bonds and securities on hand.. 3,947,550 00 4,036,500 00 3,288,580 00 2,663,700 00 Other stocks, bonds and mortgages 1,084,150 00 1,149,650 00 1,057,42 24 1,447,017 81 Bills of National banks

1,335,611 00 2,406,604 00 422,935 00 898,398 00 Bills of other banks..

635,244 00 3,722 00 30,361 00 16,793 00 Specie ...,

454,986 52 725,278 28 792,037 43 417,109 98 Fractional currency..

103,479 84

6,085,087 49 Legul tender notes.

144,307 40 6,623,572 00 8,410,253 34

9,160,769 03 Compound interest notes...

11,531,180 00 9,331,980 00 8,318,470 00 7,298,990 00 Aggregate .....

$127,604,785 51 129,119,097 59 78,045,537 82 83,833,524 05

Liabilities.

Capital stock paid in....
Surplus Fund.
National circulation outstanding.
State b'k notes outstand's.
Individual deposits...
United States Deposits..
Deposits of U. s. disbursing offices.
Cashiers checks outst'd'g...
Due to National Banks.
Due to other banks and bankers
Profit and loss.......

Aggregate......

43,550,000 00 42,550,000 00 16,017,150 00 16,517,150 00

6,849,511 10 6,896,267 37 5,175,784 01 5,332,437 83 25,309,509 00 25,221,746 00 11,006,790 00 11,004,241 00 311,258 00 288,304 00

135,085 00 125,185 (10 39,011,725 13 87,413,277 43 35,516,997 95 41,217,662 67 1,465,594 19 2,215,219 49 1,887,404 12 1,644,962 90 31 30

411,590 56 101,799 61 10,108,184 06 10,814,017 35 5,622,99 44 5,592,515 85 1, 50,696 SO 1,044,135 24 974,533 83 962,411 47

918,356 23 2,576,299 80 1,708,813 47 1,025,067 37 $127,604,785 51 129,119,097 59 78,045,537 82 83,833,524 05

The following table shows the monthly range of sales of bank stocks at the New York Exchange Board of Brokers for the first six months of the current year : BANKS. January February. March,

April

May. June. America. 135 -135 131 -134

135 -135 1371-1371 Amer. Exchange..

115 -115 115 -1157

115 -115
116 -1165

112-113 115 -118 Butchers' & Drov...... 125 -125 Central 102 -110 109 -111 110 -112 1093-1107 1097-11;

111 -114 Chatham..

140 -140 Commerce

1104-115 112 -114 113 -116 112 -115 114 -119 1121-1:4 Commonwealth

106 -106
1044-106 106 -108 106 -106

110 -112 Continental 100 -102 101 -105 103 -104 1023-103 1031-104

104 -1061 Corn Exchange

119 -1:9 1187-1.9

123 -123 East River. 100 -100

100 -100 100 -100 Fourth

102 -1054 1037-1044 104 -1051 104 -105 105 -1077) 107 -110 Hanover

1087-1084

110 -110 112 -112 115-117 113 -113 Import. & Traders'

112 -1134 112-113 112 -113 1091-110 110 -111 111 -113 Irving

101 -104 Leather Manufact..

180 -180 Manhattan

135 -135 135 -135 Market

135 -135 Mechanics' 116 -116 117 -117

117 -117 118 -118 114 -114 Mechan. B. Assoc.. 111 -111 110 -111

111 -111 Merchants

115 -115

115 -116 114;-115 116 -116 114 -114 Merchants' Exch. 103 -108 1054-1051

107-1073 110 -110 Metropolitan

123 -123 123 -1211 123 -126 124 -125 125+-125$ 131 -131 National (Gallatin).. 110 -110 110 -110

110 -111 110 -111 New York

116 -116 117 -118 118 -118 ..:Ninth .....

115 -1153 North America 106 -107 105 - 106

105 - 106 105 -107 1084-103

4

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Below we give the returns of the Banks of the three cities since Jan. 1:

16.....

NEW YORK CITY BANK RETURNS. -Date,

Loans. Specie. Circulation. Deposite. Legal Tend's. Ag.clear'gs January 5. $257,852,460 12,794,892 32,762,779 202,533,564 65,026,121 486,987,787 January 12..... 258,935,458 14,613,477 82,825,103 202,517,608 63,246,370 605,132,006 January 19. 255,032, 223 15,365,207 32,854,928 201,500,115 63,235,386 520,040,028 January 26 251,674,803 16,014,007 32,957,198 197.952 076 63,420,559 568.822,814 Febru iry 2. 251,264,355 16,332,98 4 32,995,347 200,511,596 65,944,541 512,4,7,258 February 9. 250,268,825 16,157,257 32,777, 00 198,241,835 67,628,992 508,825,532 Febra'ry16.. 253,131,328 14,792,626 82,956,309 196,072,292 61,612,940 455,833,829 Febru'ry23.. 257,823,994 13,513,456 33,006,141 198, 420,317 63,153,895 413,574,086 March

26,166,436 11,579,581 33, 294,433 198,018,914 63,014.195 46,534,5 9 March 9 262,1+1,458 10,868,182 33,409,811 200,2-3,527 64,523,440 544,173,256 March

2630 2,972 9,968,722 33,449.685 197,958,01 62,813.039 496,558, 19 March 23... 259,400,315 9,143,913 33,519,401 19,375,615 60,904,958 472, 02,318 March 30 955, 82,364 4,522,6 9 33.669,195 188, 1811,250 62,459,811 459,850,602 April 6.... 254,470,027 8,133,813 33,774,573 183,861, 269 59,021,775 531,835,184 April 13. 250, 102,178 8,856,229 33.702,047 182,861,236 60,202,515 525,933,462 April 20. 947,561,731 7,622,535 33,618,571 181,090,256 64,096,916 417,814,375 April 27. 247,737,381 7,404,804 33,601,285 187,674 341 67,920,351 446,484,422 May

250,872,553 9,902,177 33,571,747 195,721,072 70,587,407 559,860,118 May 11..... 253,682,829 14,959,590 33,595,869 200,342,832 67,996,639 524,319,769 May 18..... 257,961,874 15,567, 252 33,63,301 201,436,854 63,828,501 503,675,793

25..... 256,091,805 £4,083,667 33,697, 252 193,673,345 60,562,440 431, 732,622 June 1.... 252,791,514 14,617,070 33,747,039 190,386,143 68,459,827 442,675,585 June 8.. 250,477,299 15,699,038 33,719,088 184,730,335 55,923,17 461,734,216 June

246,228,465 12,656,389 33,707,199 180,317,763 57,924,294 460,968,602 June 22. 213,640,477 9,399,585 33,633,171 179.477,170 62,816,192 442,440,804 June 29.. 242,547,954 7,768,996 33,542,560 186,213,257 70,174,756 493,944,356 July 6.... 246,361,237 10,853,171 33,669,397 191,521,312 71,19,472 494,081,990 July 13.. 247,913,009 12,715,404 33,653,869 197,872,063 72 495,708 52:,259,463 July 20. 249,580,255 11,197, 700 33,574,943 199,435,952 73.441,301 491,830,952 July

251, 243,830 873:,094 33,546,859 200,608,856 74,605,810 481,097,226

May

15....

27.....

PHILADELPHIA BANK RETURNS.

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Date.
January 5.
January 12.
January 19.
January 26.
February 2.
Fel try 9
Febru'ry16.
Febru'ry23..
March
March 9.
Earch 16
March 29..
March 30.
April 6
April

13.
April 20.
April 27.
May
May 11,
May 18.
May

25 June

1.
June 8
June 15.
June 22
June 29.
July
July

13

Legal Tenders.

$20,209 064
20,006, 255
19,448,099
19,363,374
19,269,128
19,659,250
18,892,717
17,837.598
18,150,657
17,52 1,705
16,955,6 3
16,071,780
15,856,948
15,882,745
16,188,407
16,582, 296
16,737,401
17,196,558
17,278,919
16,770,491
16.019,180
16,881,109
16,580,720
16,300,010
15,961,424
16,105, 61
16,922,675
16, 234,914
16,608,860

Loans. 52,312,317 52,528,491 53,458 307 52,168,473 55,35 , 130 52,381,329 52,573,130 52,394,721 51,979,173 51,851,463 50,5 8,294 50,572, 190 50.880,306 50,998,231 51,283,776 61,611,44) 51,890,959 53,054,267 53,474,388 53,826,320 63,536,170 52,747,308 53,158,124 53,192,049 52,908,411 52,538,963 52, 120,272 52,802,352 53,150,569 43 104,475

Specie. Circulation. Deposits. 903,663 10,388,820 41,308.327 903.320 10,380,577 41,023,421 877,548 10,381,595 30.048,645 880,592 10,384,683 39,00!,779 871,564 10,430,838 39,592, 712 873,614 10,419,982 39,81:,595 867,110 10,522,972 40,050,717 841,223 10,556,434 38,646,013 816,843 10,5 1,600 39,367,388 832,655 10,572,068 37,314,672 858,022 10,580,911 3,826,001 807,4 3 10,611,987 34,5-1.545 602,148 10,631,632 31,150,285 1 64,719 10,651,615 83,796,595 546.625 10,645,367 34,827,683 485,535 10,647, 234 85,820,580 332,817 10,638,021 36,234,870 380,053 10,639,695 37,371,064 408,762 10,627,953 88,172,169 402,978 10,630,831 38,230,833 869,183 10,635,520 37,778,783 334,393 10,637.432 37,332,144 346,6:5 10,642,920 37,252,614 858,261 10,046,298 87,174,269 373,308 10,642, 224 87,333,279 365,187 10,641,311 36,616,847 461,951 10,64,201 37,077,456 419,399 10,641,770 37,885,226 871,744 10,637,651 38,170,418 333,118 10,633, 750 87,829,640

20.. July 27...

July

BOSTON BANK RETURNS.

18.

January 7.
January 14.
January 21
January 28.
February 4..
Febru ryil.
Febru'ry18.
Febru'ry 25.
Marh 4...
March 11
March
March 5.
April 1
April 8
April 15
April 22
April 29.

6

13
May 20.
May 27.
June
June 10.
June 17..
June 24

1.
July 8.
July 15.
July 22
July 29.

(Capital Jan. 1, 1866, $41,900,000.)

Legal
Loane. Specie. Tenders. Deposits.
$97,009,342 1,183,451 17,033.357 40,824,618
93 4 1,778 1,334.300 16,829. 15 40,246,216
95,298,992 1,078,160 16,59 ,-99 38,679,604
97,891,329 1,058,329 16,816,481 39,219,211
97,742,461 956,569 16,394,604 39,708,053
97,264,162 873,396 1,103,479 39,474,359
96,949,473 929,940 15,398,333 38,900,5 0
95.33 ,900 779,402 15,741,046 37,893,963
95,054,727 958,887 15,9 8,103 38,316,573
42,078,975 695,447 15,719,479 36,712,052
93,156,486 568,91 16,270,979 36,751.733
92,661,060 516,184 16,557,905 36,751.725
91,723,347 435,113 17, 12, 423 87,056,388
91,679,519 455,751 16,860,418 37,258,775
31,712,414 376,313 16,815, 355 87,218,525
92,472,815 313,712 16,519,598 38,207,548
92,353,922 329,85 1 16.926,564 87,837,092
92,671,149 5-9,878 16,571,736 88,721,769
92,428, 114 617,597 16,552,421 38,504,761
92,633,587 507,806 16,499,319 37,874,852
92,228,677 411,072 16,883,361 37,132.051
92,694,925 571,526 17,173.901 37,0 6,894
93,436,167 436,767 16,767,854 36,033,716
93,725, 128 511,095 15,719,795 36,039,933
92.951,163 470,544 15,758,396 36,521,129
92,996, 703 617,456 16,055,14! 37,476,337
94,747,778 915,298 15.065,466 38,251,040
95,046,458 833,46 15,397,828 88.640,431
95,096,5 1 654,203 15 427,625 88,828,613
95,594,214 361,878 15,543,401 38,548,722

-CirculationNational. State. 24.580.367 312.664 24,997,446 311,749 24.275,162 301,911 21,716,597 302,298 24,691,075 306,014 24,686,663 303,603 24,765,420 305,603 24.953, 605 303,228 24.675,707 301,430 24,348.631 789,538 24,809,523 299, 133 24,738,722 299,091 24,843,376 206,025 24,851,522 296,011 24,838,819 287,205 24,852,200 286,701 24,81 ,437 284,982 21 784,332 283,806 24,80_,992

283,514 24,838,469 283,491 24,805,860 280,961 24,725,794 279,275 24,804,153 268,768 24,771,778 271,048 24,768,947 267, 294 24,727,3 3 266,353 24,801,823 216,494 24,771,683 244,922 24,744, 291 252 696 24,653,742 256,564

May May

Juy

CONTENTS FOR AUGUST.

NO.
PAGE.NO.

PAGE 1. Railway Extension and its Resu'te.... 8912. The Growth of our Capital and Invest2. Debts and Taxation of our large Cities 107 mente...

140 3. The Insurance Business for 1866.. 111 | 13. Economy in Fuel.

143 4. Cominercial Law, No. 35–Life Insur. 14. Typography and Type-setting machines ance... 113 at the Paris Exposition,

144 5. New York City Government and Fin 15. How Mexican "iver Mines are worked 143 ances.. 120 | 16. Co-operative shipbuilding.

149 6. Projected Railroad from Oswego to 17. Russia, Prussia, Persia and India in Niagara River.. 123 Telegraphs.

251 7. North China Trade.. 127 | 18. Egyptian Agriculture

152 8. Railroad Earnings for June and Second 19. The Railway Report of India.

153 Quarter.. 131 20. The Traffic in Ship Timber...

151 9. Debt of New Jersey. 1922 . ) ailroad R ports

155 10. Cleveland, Columbus and Cincinnati 22. Commercial Chronicle and Review. 159 Railroad.

134 23. Journal of Banking, Currency, and 11. India Railroads and the Cotton Trade. 137 Finance

165

The following advertisements appear in our advertising pages this month:
MERCANTILE.

Barstow, Eddy & Co.—26 Broad St.
Lillie's Fire & Burglar-Proof Safes-198 B'way Gilmore, Duniap & Co.-Cincinnati.
Lewis Audendried & Co.--110 Broadway-An- DeWitt, Kittle & Co.--88 Wall St.
thracite and Bituminous Coal.

Vermilye & Co.-44 Wall St.
A. B. Sands & Co.-139–141 William St.-Drugs Eugene Kelly & Co.-36 Wall St.
BANKERS & BROKERS.

Simon De Visser-52 Exchange Place.
Duncan, Sherman & Co.-Cor Pine & Nassan.

INSURANCE. L. P. Morton & Co.-30 Broad Street.

New York Mutual Insurance Co-61 William st Tenth National Bank-336 Brosdway.

Fidelity Insurance Co.--17 Broadway. Ninth N tional Bank-363 Broadway.

Marine--Great Western Insurance Co. Lockwood & Co.-94 Broadway.

Fire-Hope Fire Ins. Co.-92 Broadway.

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PROPOSED FINANCIAL POLICY OF NEW YORK CANAL ENLARGEMENT, ETC.

The Constitutional Convention of the State of New York, witnessed the somewhat extraordinary spectacle last week of receiving reports from two of their principal committees, adverse to each other. Of one of these, the Committee on Finance, Honorable Sanford E. Church, former Comptroller and Lieutenant-Governor, is Chairman; and of the other, the canals, Honorable Elbridge G. Lapham, of Canandaigua, is chairman. The subject about which the controversy has occurred is the enlargement of the trunk canals, and it will divide alike the Convention and the people of the State. Mr. Lapham believes that the exigencies of trade demand that as early as 1868 the Legislature should authorise the enlargement of a tier of locks and other incidental improvements on the Erie, the Oswego, and the Cayuga and Seneca Canals; while Mr. Church holds that they are ample for all the commerce which the West will have for them till 1882 at least. Another member of the Committee on Finance, Honorable Freeman Clarke, former Comptroller of the Currency, also made a report to the effect that there would never be further occasion for enlarging the canals, as the railroads were sure to perform all the additional transportation likely to be required. Amid these differences of the doctors the next two weeks of the Convention will probably be lively. Involving as the question does, the united interests of the State and its commercial metropolis, the decision should be carefully made. TOL. LVII-NO. I"

6

Under the present Constitution, the revenues of the canals, after payment of the expenses of superintendence, collection and repairs, are to be devoted to liquidating the interest and redeeming the principal of the State debt, taking in turn the canal 'debt of 1846, the General Fund debt and the canal debt authorised in 1854. Any enlargement of the locks or of the bed of the canal must be paid for by direct taxation, in case it should be authorised by the Legislature before the extinction of these debts.

The Committee on Canals propose a revision of the organization of the Canal Department, abolishing the Canal Board, the Contracting Board, and the offices of State Engineer and Surveyor, Canal Commissioner and Canal Appraiser. The article which they have prepared establishes a Superintendent of Public Works, with five assistants; and continues the Auditor of the Canal Department. The Comptroller, Treasurer and Attorney-General are made Commissioners of the Canal Fund, and charged with the disposition of its revenues, and endowed with the power of appointments. The Auditor, Superintendent and Commissioners are empowered to fix the rates of toll, but are expressly restricted from reducing them till the present canal debts shall have been paid.

One great difficulty in understanding the subject of State finance has been the meshy system of funds which exists, making it almost impossible to distinguish one from another. Thus besides the general fund, the common school fund, the literature fund and the United States department fund, there are numerous sinking funds for the liquidation of debts incurred by the canals and lending Comptroller's bonds to railroad corpo rations. Both the committees have undertaken to simplify the matter by consolidating the obligations of the canal department and the sinking funds set apart to meet them. But they do not attempt to do so alike, as each committee was moving in a different direction, so that it will be necessary to scrutinize their suggestions carefully in order to understand them aright.

Mr. Lapham proposes to unite the following items of indebtedness, making of them one single “ canal debt":

The Canal Stock Debt of 1846
The Canal Enlargement Debt of 1854.
The Floating Debt Loan of 1859.....

$3,265,000
10,750,000
1,700,000

the year.

The several sinking funds for the redemption of these debts are accordingly comprehended in one “canal debt sinking fund.” The revenues of the canals, atter paying the expenses of superintendence, collection and repairs, are to be placed in that sinking fund and appropriated annually by the Legislature as follows, namely:

1. To pay the interest and principal of the canal debt falling due during 2. To

pay the interest on the “general fund debt." 3. To pay the expense of completing the locks in the Champlain canal, not exceeding in the aggregate $300,000, and to the payment of any existing debt for canal purposes, till all such debt shall be liquidated.

4. After complying with these conditions, the remainder of the sinking fund shall be annually appropriated to furnishing necessary supplies of water to the Erie canal, to enlarging bridges and aqueducts on the Erie,

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