Page:The American Cyclopædia (1879) Volume XII.djvu/375

 NEW YORK (STATE) 363 merchandise, $64,477,540; and other articles, $42,916,997. The total quantity of freight car- ried by the canals was nearly half as great as that transported by the Erie and New York Central railroads. The amount of freight brought to the Hudson river by the Erie and Ohamplain canals was 3,223,112 tons, valued at $107,976,476 ; 1,709,816 tons of freight, worth $71,294,867, were brought by canal boats di- rectly to New York. The number of boats arrived at and cleared from New York, Albany, and Troy was 30,806. Until 1874 the legisla- ture was prohibited by the constitution from selling or leasing any of the state canals ; but in that year an amendment was adopted re- moving the restriction except in the case of the Erie, Oswego, Champlain, and Oayuga and Seneca canals. Besides the state canals there are belonging to corporations the Delaware and Hudson canal, extending from Honesdale, Pa., to Eddyville near Rondout, 108 m., of which 83 are in New York, and affording communica- tion between the Delaware and Hudson rivers ; and the Junction canal, which extends from Elmira to the Pennsylvania state line, 18 m. The details of the state canals are as follows : NAME OF CANAL. TERMINI. Length La miles. Total cost of construction to Sept. 30, 1872. Financial result of opera- ting (including ordinary repairs)from 1846 to 1872. Income from tolls and total expense for three years ending Sept 30, 1874. From To Profit, Loss. Income. Exp'ditures. Black Eiver. . . . Feeder Borne Boonville .... Montezuma. . Cayuga lake. . West Troy... Lyon's Falls 85 12 21 2 fifi $3,417,880 $850,148 $32,418 $294,716 Head of reservoir. Geneva 1,702,675 2,968 $49,690 2,375

59,675 1,192 427,765 156,102 418 1,730,898 Ithaca Champlain Whitehall Glen's Falls feeder 12 8 Pond above Troy dam. Chenango Utica Watkins Horseheads. Dresden ... . Buffalo 97 23 Ifi 4,542,107 1,648,141

1,182,292 1,200,795 14,416 10,699 588,911 212,908 Elmira. . . . Feeder Knoxville Crooked Lake j Penn Yan 8 355 113 11 403,698 t50,412,710 6,433,842 297,091 747 8,143,536 61,583 36,858 5,079,063 464,315 Erie, including 4J m. navi- Albany t65,118,933 gable feeders f Genesee Valley Eochester. . Shakers... . Higgins... . Syracuse ... . Mill Grove Dansville 1,566,016 Dansville branch Oneida Lake ' Oneida lake 7 88 12 20 6 441,239 4,172,503 29,489 237,151 1,488 692,994 167,338 6,469 43,581 ' 249,844 1,756 445 34,425 669,787 214 Oswego Baldwinsville canal and [ Jack's reefs Oneida lake 17,248 improvement ) Oneida river improvement. Seneca river towing path . . Total.... Oswego canal . Baldwinsville. Mud Lock 857 173.440.894 J66.037.801 $5.157.168 $9,003.578 $9,268,610 The above statement shows that the profits of operating the canals from 1846 to 1872 ex- ceeded $60,000,000, after crediting each canal with the tolls properly belonging to it and de- ducting the cost of collection, superintendence, and ordinary repairs, but not the taxes levied for enlargement, extraordinary repairs, pay- ment of damages, &c., amounting to about $25,000,000 which is placed with the construc- tion and enlargement account. The total tolls and miscellaneous receipts of all the canals from 1836 to the close of 1874 amounted to $115,318,504, and the expenses of collection and repairs to $38,791,685, leaving a surplus revenue for that period of $76,526,819. In 1874 the tolls amounted to $2,921,721, and the disbursements to $2,696,357, including $1,297,- 716 for ordinary repairs and $1,398,640 for extraordinary repairs and new work. The total canal revenue from all sources other than taxation was $2,947,972. For 30 years following 1818 the laws of New York re- stricted the banking business to companies or institutions chartered by special law. This was followed by the "free banking" system, which was based on the deposit of securities with redemption at a fixed rate of discount. State and savings banks are required to re- port to the superintendent of the banking de- partment, the former quarterly and the lat- ter semi-annually. Three examiners are con- stantly passing through the state inspecting banks. The superintendent reports annually to the legislature. In October, 1874, 81 banks were doing business under the laws of ^the state. The amount of circulation outstanding, including that of the 41 incorporated banks and of banking associations and individual bankers, was $1,105,189, of which $367,438 was secured. The number of national banks on Nov. 1, 1874, was 276, with a paid-in capi- tal of $108,339,691 ; bonds on deposit, $64,- 963,050 ; outstanding circulation, $59,299,049. The circulation per capita was $13 53 ; ratio of circulation to the wealth of the state, 9 per cent. ; to bank capital, 54-7. The total num- ber of savings banks on Jan. 1, 1874, was 155, with 822,642 depositors and deposits aggrega- ting $285,520,085 ; average to each depositor, 340 12; resources, $307,589,730; liabilities, $285,140,778; surplus assets, $21,448,952. In- surance companies are subject to rigid inspec- tion by the superintendent of the insurance department, who reports annually to the legisla- ture. At the beginning of 1875 the insurance corporations of New York held more than
 * Included in Erie. t Including Champlain.