NEW YORK. 



561 



The actual reduction, during the year, of the 

 debts by cancellation of matured stocks, and 

 by the purchase of $858,000 of the bounty loan 

 for the sinking-fund, was $1,870,770. The 

 diminution, during the year, of the debts, after 

 deducting the assets of the sinking-funds, was 

 $2,744,505.06. 



The tax levy of 1874 was 7i mills on a valu- 

 ation of $2,169,307, producing $15,727,482.08. 

 In 1875 the tax levy was 6 mills on a valuation 

 of $2,367,780,102, producing $14,206,680.61, 

 in reduction in taxes of $1,520,801.47. 



The following statement shows the amount 

 appropriated for various purposes, compared 

 with the amount realized from taxes : 



The Governor in his message to the Legis- 

 lature of 1876 endeavored to show the practi- 

 cability of reducing the rate of taxation to 

 3.321 mills on the valuation of 1875, which 

 would yield a revenue of $7,863,741.04. This, 

 he maintained, would be sufficient for all ne- 

 cessary appropriations. 



The aggregate bonded debt of the counties, 

 cities, towns, and villages, of the State is $214,- 

 344,676.58, or 10 per cent, of the valuation 

 of property in 1871. The ratio of debt to valu- 

 ation ranges from 1 per cent, in "Washington 

 County to 24^ per cent, in Ulster. That for 

 New York County is lOf per cent. The pur- 

 poses for which this heavy aggregate of debt 

 was incurred were as follows: $26,946,662.09 

 in aid of railroads; $10,416,864.84 for public 

 buildings; $26,934,966.19 for war and bounty 

 expenses ; $36,658,144.59 for roads and bridges; 

 and $29,335,385.79 for water-works and fire- 

 apparatus. 



There were 84 banks doing business under 

 the laws of the State on the 1st of October. 

 During the year preceding eight new banks had 

 been organized, one had failed, and three had 

 been converted into national banks. The 

 amount of circulation outstanding October 1st 

 was $849,226.50. All but twenty-three of the 

 banks had taken steps for a final redemption 

 of their notes. On the 1st of July there were 

 160 savings-banks, five of which afterward 

 closed their business. The aggregate assets of 

 these institutions were $336,308,236.43; the 

 amount of deposits was $316,335,617.82 ; num- 

 ber of depositors, 891,992. The increase in 

 deposits during the six months preceding was 

 upward of $12,000,000, and the increase in 

 the number of depositors was 19,494. There 

 were eleven trust, loan, and indemnity com- 

 panies doing business on the 1st of July ; one 

 VOL. xv. 36 A 



had closed during the year preceding, and a 

 new one began operations on the 1st of Sep- 

 tember. The aggregate capital of those in busi- 

 ness July 1st was $11,584,475; total assets, 

 $69,654,948; amount due to depositors, $50,- 

 365,569. 



The number of insurance companies subject 

 to the supervision of the Insurance Department, 

 on the 19th day of November, 1875, was 281, 

 as follows: 



New York joint-stock fire-insurance companies . 102 



New York mutual fire-insurance companies 8 



New York marine insurance companies 9 



New York life-insurance companies 22 



New York plate-glass insurance companies 1 



Fire-insurance companies of other States 91 



Marine insurance companies of other States. ... 1 



Life-insurance companies of other States 25 



Casualty-insurance companies of other States ... 4 



Canadian fire-insurance companies 3 



Foreign fire-insurance companies 11 



Foreign marine insurance companies 4 



The total amount of stocks and mortgages 

 held by the Insurance Department for the pro- 

 tection of policy-holders of fire, life, and casual- 

 ty insurance companies of this State, and of 

 foreign insurance companies doing business 

 within it, was $11,036,053. The assets of the 

 life-insurance companies of this State amounted 

 to nearly $200,000,000, the amount insured by 

 them to $1,000,000,000, and their annual re- 

 ceipts to more than $60,000,000. 



The amount expended on the new State Capi- 

 tol, up to June 20th, was $5,997,495.16. A new 

 commission, provided for by the last Legisla- 

 ture, and consisting of the Lieutenant-Govern- 

 or, Auditor of the Canal Department, and At- 

 torney-General, was organized on the 29th of 

 June. 



Four State institutions are still in process of 

 construction. The expenditures upon them, 

 thus far, are as follows : 



Hudson Eiver Asylum total expenditure to 

 December 20, 1875 $1,837,978 52 



Buffalo Asylum total expenditure to Decem- 

 ber 20, 1875 767,351 91 



Middletown Asylum total expenditure to 

 December 20,1875 454,099 38 



Elmira Reformatory total expenditure to 

 December 20, 1875 760,11798 



Total $3,319,547 79 



It is thought that an equal amount will be 

 required for their completion. 



The following statement shows the expendi- 

 tures and earnings of each of the State-prisons 

 for the year ending September 30, 1875 : 



The number of convicts in each of the pris- 

 ons, September 30, 1873, 1874. and 1875, was 

 as follows : 



