NEW YORK. 



657 



General fond (Indian annuities) $122,694 87 



Canal 8,9S$,360 00 



Bounty 8,000 00 



Total $9,114,054 87 



On the 30th of September, 1881, the total 

 funded debt was $9,109,054.87, classified as 

 follows : 



General fund (Indian annuities) $1 22,694 87 



Canal 8,983,360 00 



Bounty 8,000 00 



Total $9,109,05487 



Balance in the canal sinking-fund 2,422,981 57 



Canal debt unprovided for 8,560,878 48 



State debt September 80, 1880, after deducting 



the unapplied balances of the sinking-funds. 7,059,574 70 



On September 30, 18S1 6,6*}.073 80 



Net contributions to sinking-fund 



Actual reduction of the debt by cancellation . . 



$876,501 40 

 5,000 00 



The assessed value of property in the State 

 is $2,681,257,606, of which $2,340,335,690 is 

 real estate, and $340,921,916 personal prop- 

 erty. According to competent authority, the 

 actual value of personal property does not dif- 

 fer materially from that of real estate in any 

 industrial or commercial community, and the 

 apparent disparity is due to the imperfect as- 

 sessment of the former. The rate of taxation 

 for State purposes for the fiscal year 1881-'82 

 is 2 mills on the dollar, of which l T y ff mills 

 is for schools, -f^ for general purposes, and T 8 7 

 for canals. The yield of the State tax, if fully 

 collected, will be $6,032,829.61. The rate of 

 taxation is the lowest since 1856. The year 

 was a very unfavorable one for the State ca- 

 nals, owing in part to a falling off in the bulk 

 of grain transportation from the West, and in 

 part to the unusual competition between the 

 trunk-lines of railroads, which reduced their 

 rates far below the normal level. In 1880 

 there were 6,457,656 tons moved on the ca- 

 nals; in 1881 only 5,175,505. The rates were 

 also lower than usual 4 T 8 TS 8 g- cents per bushel 

 for corn, and 4VW for wheat. Deducting State 

 tolls, l T 8 ff cents for wheat and y 9 ^ for corn, 

 the return for the carrier was but $1.28 per 

 ton from Buffalo to New York. The westward 

 movement, notwithstanding the removal of 

 tolls, was only 1,365,418 tons against 1,518,290 

 in 1880. The revenues of the canals amounted 

 to $818,264.61, while the expenses were $1,- 

 023,907.0(5. 



On the 31st of December, 1880, there were 

 161 fire-insurance companies doing business in 

 the State, of which 86 were New York State 

 companies, 53 of other States, and 22 foreign, 

 with total assets of $146,398,641 ; liabilities, 

 including capital stock, $97,784,334, and net 

 surplus, $48,614,307. These companies re- 

 ceived during the year a gross cash income of 

 $66,420,034, and their gross cash expenditure 

 was $60,925,644. During the year six other 

 State and three foreign fire-insurance compa- 

 nies were admitted to transact business in this 

 State. Four New York fire-insurance compa- 

 nies discontinued business and re-insured their 

 risks, and three other State companies with- 

 drew their agencies and ceased to do business 

 VOL. xxi. i2 A 



in the State. Twelve life-insurance companies, 

 organized under the laws of New York, were 

 in operation, with aggregate assets of $214,- 

 647,574; liabilities, $177,357,829; surplus, 

 $37,289,744. Of other State life-insurance 

 companies, 18 were conducting business in this 

 State, having assets of $203,303,435; liabili- 

 ties, $169,031,510; and surplus to policy-hold- 

 ers, $34,271,925. Of marine-insurance com- 

 panies, 18 were transacting business in this 

 State ; of which 10 were foreign, 6 New York, 

 and 2 other State companies, with assets 

 amounting to $21,315,263, and a net surplus 

 of $4,443,177. There were also two New York 

 and two other State casualty companies, doing 

 business, with $2,112,022 assets, and $843,004 

 surplus. Securities for the protection of pol- 

 icy-holders insured by the various insurance 

 companies doing business in this State, of 

 the kind and amount required by statute, were 

 held on deposit by the Insurance Department 

 on the 31st of December, 1880, as follows : 



New York State Life . $3,977,560 



New York Casualty 201,426 



New York Fire 1,562,000 



Other State Fire 20,100 



Foreign 7,060,000 



Aggregate $12,821,086 



On October 1, 1881, 72 banks of discount 

 and deposit were engaged in active business, 

 under the provisions of the State banking 

 laws, and their condition was as follows : 



Resources $113,463,572 



Capital 19,025,700 



Surplus and profits 8.928,175 



Due depositors 75,717,180 



Other liabilities 9,792,567 



During the year deposits increased $13,921,- 

 357; profits, $869,895; loans and discounts, 

 $11,242,376. The net aggregate increase in 

 assets was $13,612,817. Five new banking 

 associations organized during the year, and 

 one changed from a State to a National bank ; 

 leaving four as the net increase in number of 

 associations. 



One hundred and twenty-eight savings-banks 

 reported July 1, 1881; 11 of which were in 

 process of voluntary liquidation and did not 

 receive deposits. No savings-bank closed dur- 

 ing the year. In July a certificate of authori- 

 zation was granted for a savings-bank in Buf- 

 falo, that being the only one organized since 

 1875. The condition of the savings-banks on 

 July 1st was as follows : 



Resources. . . $424,204,803 



Duo depositors 870.672.297 



Surplus 53,808,888 



Other liabilities 229,127 



Number of open accounts 995,742 



The increase in the several items during the 

 year was as follows : 



Resources $47,998,563 



Deposits 85,210,727 



Surplus 12,759,929 



Open accounts 82,879 



There are thirteen trust, loan, and mortgage 

 companies in operation in the State, owning 

 $130,000,000 assets. The aggregate capital em- 



