644 



NEW YORK (STATE). 



ever, have fully committed themselves to the preser- 

 vation and maintenance of those canals specifically 

 mentioned therein ; and, 



W Jiereas, The canals are as indispensable now to 

 enable the State of New York to maintain its proud 

 position as the Empire State of the Union, and the 

 city of New York as the commercial metropolis of 

 the continent, as the canals in the beginning were 

 chiefly instrumental in enabling them to occupy those 

 positions respectively : Therefore, 



Resolved, That it is the duty of the State to imme- 

 diately put these canals, specified in the constitutional 

 amendments, in the highest possible condition of 

 efficiency to enable the State to derive all the benefits 

 they are capable of conferring. 



That the Erie Canal is an absolute necessity for the 

 retention and control by the State of New York of the 

 vast domestic commerce of the country, and we de- 

 mand that this canal be enlarged and improved to 

 make fully available the last drop of water that the 

 skill of modern engineering can supply to enable the 

 passage through it of boats of the largest possible 

 capacity ; that we approve of the policy initiated by 

 the Legislature last winter in lengthening the locks of 

 the said canal, and otherwise enlarging its carrying 

 capacity. 



That the Oswego Canal, forming an essential part of 

 the canal system of the State, should also be improved 

 by increasing the capacity of its locks and the depth 

 of its channel, as proposed by the initiative legisla- 

 tion of last winter and the recommendation of Hon. 

 Horatio Seymour. 



That the Champlain Canal, forming a link in the 

 great channel of water-communication between the 

 Dominion of Canada and Hudson river, and the iron- 

 ore deposit along Lake Champlain and the furnaces of 

 the cities of the States of New York, New Jersey, and 

 Pennsylvania, should be deepened in its channel so 

 that boats can pass through it carrying the same ton- 

 liage that they do on the lakes and on the river, re- 

 quiring a uniform depth of seven feet. 



That we recognize the importance of the Black 

 River Canal as a part of the canal system of the State, 

 and recommend the enlargement of its locks and 

 deepening of its channel, to enable it to retain the' 

 carrying of the products of the forest and of the mines 

 of the section through which it passes. 



That the Legislature of this State be earnestly re- 

 quested to make an appropriation sufficient to com- 

 plete the construction of the dam at Forestport, in 

 the county of Oneida, in conformity with the recom- 

 mendations of all the Commissioners of Public Works 

 and State Engineers. 



That the sum of $128,000, now in the State Treasury, 

 the balance of unexpended appropriations for the Erie 

 Canal, should be reappropnated for the purpose of 

 bottoming them out and restoring them to the original 

 capacity of their respective prisms. 



That we protest against the passage of the bill 

 which seeks to give away any part of Albany basin to 

 adjacent owners, and request that the basin be kept 

 for the purposes for which it was originally designed, 

 and that adequate appropriations should be made to 

 restore it to its former usefulness, with proper re- 

 strictions. 



That we reaffirm the recommendation as to the sys- 

 tem of assessment and taxation adopted at the last 

 annual convention of the Union. 



It was also resolved, as the sense of the con- 

 vention, that the Legislature, at its next session, 

 appropriate at least $500,000 for the improve- 

 ment of the canals on the Seymour plan, and 

 that the secretaries of the convention he di- 

 rected to ascertain, by letter, the views of all 

 nominees for the Assembly upon the making of 

 such an appropriation, to the end that it may 

 be made an issue at the polls. 



Banks and Trust Companies. On Oct. 1, 1886, 

 the number of State banks of deposit and dis- 

 count in operation was 95. At the beginning 

 of the preceding year the number was 92. The 

 increase during the fiscal year in the aggregate 

 resources of the banks was $11,579,775; the 

 increase in loans and discounts during the same 

 period was $12,611,582, and in deposits $13,- 

 642,634. The increase in surplus and undi- 

 vided profits was $1,083,492. The net de- 

 crease in amount of capital employed was 

 $255,000, and in amount due from directors of 

 the several banks, $172,941. The decrease in 

 overdrafts during the year was $40,845. The 

 total of overdrafts on Sept. 18, 1886, was but 

 $51,432. The reduction in amount of specie 

 on hand was $755,915; during the year the 

 amount of United States and national-bank 

 notes on hand was reduced $1,861,375. The 

 number of banks reporting was increased by 

 three during the fiscal year. During the past 

 fiscal year no bank operated under the State 

 banking laws has failed. The Seaboard Bank 

 of New York city changed from the State to 

 the national system, 



On Oct. 1, 1886, there were twenty trust, 

 loan, mortgage, security, guarantee, or. indem- 

 nity companies or associations, in existence in 

 the State. Of these, fifteen were in New York 

 city. 



The increase during the year in bonds and 

 mortgages was $1,109,502.37; in stock invest- 

 ments, $1,202,162.74 ; and in the amount loaned 

 on collaterals, $33,690,576.84. The increase 

 for the year in loans on personal securities, in- 

 cluding bills purchased, was $1,404,695.18; in 

 amount of capital invested, $1,058,050, result- 

 ing from the American Loan and Trust Com- 

 pany increasing its capital stock from $500,- 

 000 to $1,000,000, and the Title, Guarantee, 

 and Trust Company from $175,900 to $733,- 

 950. The increase in deposits during the same 

 period was $21,783,267.76. The net increase 

 in assets during the year was $24,142,926.43. 

 On July 1, 1886, the excess of assets over lia- 

 bilities (including surplus fund and undivided 

 profits) was $16,834,485.88, being an increase 

 of $2,238,795.96 for the year. On Oct. 1, 

 1886, the aggregate amount of securities held 

 by the superintendent, for banks, individual 

 bankers, and trust companies, was $1,459,- 

 829.98. 



There were sixteen corporations for the safe- 

 keeping and guaranteeing of personal property, 

 engaged in active business under the State laws 

 on Oct. 1, 1886, with an aggregate capital of 

 $2,810,900. 



The aggregate resources of the savings-banks, 

 State banks of deposit and discount, trust com- 

 panies and safe-deposit companies, amount to 

 $963,759,793. This is an increase of over 

 $283,000,000 in the past five years. There are 

 thirty-one counties of the State in which there 

 are no savings-banks. The total number of 

 active banks in the other counties is 115. The 

 total resources of the savings-banks of the 



