PRICES ADOPTED MAY 1ST FOR THE FOLLOWING QUALITIES: For the week ensuing the sales did not exceed 6,000 bales, at very irregular prices. Buyers demanded, under the unfavorable foreign advives. a greater reduction than holders generally were willing to submit to. A large portion of stock was withdrawn from sale, but sufficient was found to meet the diminished demand, at the following rates : PRICES ADOPTED MAY 8TH FOR THE FOLLOWING QUALITIES: For the week ending May 15th, holders were more disposed to meet the views of buyers. The feeling, however, was one of extreme dullness and apathy on the part of purchasers, and the inducement offered by sellers failed to extend the operations beyond 5 to 6,000 bales. The market closed heavy at the annexed :— PRICES ADOPTED MAY 15TH FOR THE FOLLOWING QUALITIES: The sales for the week closing at date were estimated at 8,500 bales, at improved rates. The foreign advices being of a character favorable to the staple, holders were again in the ascendant, and buyers were readily found at the quotations annexed. The small quantity on sale, however, rendered it difficult to procare large lists at the current rates, and for a strict classification a further advance was asked : PRICES ADOPTED MAY 22D FOR THE FOLLOWING QUALITIES: JOURNAL OF BANKING, CURRENCY, AND FINANCE. SAVINGS BANKS IN THE STATE OF NEW YORK, We are indebted to the Hon. WILLIAM KELLY, Chairman of the Senate Committee on Banks, for a copy of the Annual Report in relation to Savings Banks of the State of New York, which was presented in the Senate April 4th, 1857, under a resolution of that body, passed January 7th, 1857. We have compiled a synopsis of this report, which was prepared by the committee from the returns of the savings banks, exhibiting their condition on January 1st, 1857. The number of savings banks organized and pursuing regular business, which made returns, is fifty-two-sixteen in the city of New York, three in the city of Brooklyn, and thirty-three in the remainder of the State. In the two following tables a comparison is made between the transactions of the savings banks in 1855 and the transactions in 1856. The statements relate to actual deposits made, and do not include interest earned and passed to the credit of depositors :— AMOUNTS DEPOSITED AND WITHDRAWN IN 1855. From the first two items in the following summary of the transactions during 1856-which state that the total amount of deposits at all the savings banks, during 1856, was $22,363,855 69, and that the total number of deposits was 303,856-it is readily deduced that the average amount of each deposit was $73 60: Rate of interest allowed, five and six per cent, generally-in some cases, four per cent. The total amount of deposits held by these banks on January 1st, 1857, was, in the city of New York, $32,452,242 83; in city of Brooklyn, $3,145,736 30; and in remainder of the State, $6,101,523 18; making the aggregate amount of $41,699,502 31-showing an increase of $5,586,737 64 over the amount held on January 1st, 1856. The following tabular statement shows in what manner this large sum, the earnings of industry and savings of prudence, is invested. The amounts invested in bonds and mortgages are stated to be upon improved productive property, worth at least double the amount loaned thereon. The stocks in which investments are made, are of the character authorized by law. The real estate mentioned consists, generally, of only the banking-houses : Savings banks in City of New York. City of Brooklyn.. Rest of State..... Total......... $18,570,698 91 $17,008,620 97 $6,439,737 38 $920,259 40 The average sum at the credit of each depositor, on the first day of January, 1857, was, in the city of New York, $214 12; in the city of Brooklyn, $206 85; and in the remainder of the State, $164 35. By an act passed March 20th, 1857, the savings banks of this State have been placed under the supervision of the Superintendent of the Bank Department, and are required to make semi-annual reports to him of the various items of which it is important that he should be informed. He has authority, under this act, to cause an investigation into the affairs of any bank for savings, and an examination of the securities which it holds. It is believed that under such a law, properly administered, no considerable losses or frauds will occur. The committee state that no one of these institutions made any objection to the measure, but, so far as heard from, warmly commended it; and they express their belief that the savings banks of the State are generally managed with skill and prudence, and perform a most useful part-for they not only keep safely the money of the working classes, but they stimulate enterprise throughout the country by restoring to active circulation, in the various channels of commerce and trade, those small sums which would otherwise be idle-hoarded away in some place of fancied security. CAPITAL AND DIVIDENDS OF THE BOSTON BANKS IN 1856-7. We published in a former number, (May, 1857, vol. xxxvi., p. 596,) a table showing the annual dividends, the total amount, and the average rate for five years, of banks in the city of Boston. We now give a table, prepared expressly for the Merchants' Magazine, by JOSEPH G. MARTIN, Commission Stock Broker, Boston. This table, it will be seen, gives the present (1857) capital of the banks in that city for the last three semi-annual. dividends, with the amount paid by each bank, April 1st, 1857. Also the market price of the several stocks, dividend on, at the periods corresponding with the time of making up the dividends :— LIABILITIES AND RESOURCES OF THE BANKS OF NEW YORK. The following table, showing the debts and liabilities, and means and resources, of the banks in the State of New York, for the last ten years, we have condensed from the report of the Superintendent of the Banking Department. It will be seen by this statement that the bank capital in the State, which amounted in * The dividend of the Massachusetts Bank is given as $8 per share interest of 3 1-5 per cent for want of room in the table. The only change, as compared with October, 1856, is an incrcase of per cent by the Washington, and a reduction of by the Merchants', which will pay but 7 per cent this year, and then resume their 4 per cent semi-annual dividends again. This policy is adopted for the purpose of increasing their surplus, now invested in the new Banking Building. 1845 to $42,160,458, has increased in ten years to $92,334,172—that being the amount of bank capital on the 14th of June, 1856, which shows an increase of $50,273,714 in ten years :— DEBTS AND LIABILITIES. Aug. 1847. June, 1848. June, 1849. June, 1850. June, 1851. $43,214,088 $43,755,089 $14,929,505 $47,779,727 $55,580,181 25,098,683 20,888,077 21,912,616 24,214,841 27,511,787 Profits. Due to banks... Due to individuals*. 5,845,380 6,554,846 7,097,660 8,113,064 9,232,473 Loans and discounts. $81,266,010 $73,497,137 $85,335,528 $98,480,781 115,677,239 640,296 3,835,963 35,604,999 821,365 1,183,916 862,416 1,611,389 1,353,318 1,638,727 DEBTS AND LIABILITIES- -(CONTINUED.) June, 1852. June, 1858. June, 1854. June, 1855. June, 1856. $59,705,683 $73,183,251 $81,589,239 $85,082,621 $92,384,172 27,940,947 30,065,559 31,266,903 28,562,395 30,705,084 10,489,087 10,262,723 11,324,058 10,863,572 12,945,001 12,871,410 17,883,543 20,551,709 15,932,480 20,158,335 15,509,500 19,978,149 20,798,669 20,156,516 23,511,223 Bonds and mortgages 4,548,490 5,822,079 7,315,753 7,888,065 8,381,501 Bills of banks. 3,246,286 4,872,926 3,592,730 3,248,982 3,087,102 Loss & expense acc't. 677,084 913,240 1,122,502 1,123,678 1,191,994 COUNTERFEITING THE COINS OF THE UNITED STATES. By a resolution adopted at the last session of Congress, and approved by the Executive, the Secretary of the Treasury is authorized to cause inquiry to be made, by two competent commissioners, into processes and means, claimed to have been discovered by J. T. Barclay, for preventing the abrasion, counterfeiting, and deterioration of the coins of the United States and to report the result of the inquiry to Congress at its session in 1857-8, with his opinion as to the probable value of the alleged discoveries; and the sum of $2,500, out of any money in the Treasury, is appropriated for that purpose. * And corporations other than banks and depositors. |