of Golcsmifhs. REPORT OF THE BMI COMMISSIONEES, GENERAL ASSEMBLY. MAir SE8SIOX, JS4S. HARTFORD: PRINTED BY JOHN L. BOSYVELt., . E E P 0 E T. To the Honorable General Assembly of the State of Connecticut, now in session in Hartford; The Subscribers, Bank Commissioners, respectfully Report : That, in performance of the duties imposed upon them by law, they have endeavored thoroughly to understand the actual condition of all the banks and savings institutions in the State. They believe that success has attended their ef¬ forts to attain this important object. It is to them a source of sincere gratification to be able to say, that with a single exception, hereinafter mentioned, the officers of the banks have furnished every' facility' in their power to aid these endeavors. They are not forgetful that when the sy'stem of visitation was first introduced into this State, those who had charge of these corporations manifested no little sensi¬ tiveness when an examination of their accounts was pro¬ posed by those to whom was confided that duty. It was with much reluctance that ledgers, discount, transfer, and other bank books, which had ever been sealed from the in¬ spection of any but the financud officers of the bank were, first unfolded to the view of commissioners. We are happy to say that those days are past, and a better feeling extensively prevails. The banks now under¬ stand that they have nothing to fear from the most rigor¬ ous scrutiny, if they have conducted with integrity and kept within the limits prescribed by law. The public have long felt that Bank Commissioners ex¬ ercise a wholesome, conservative influence over the monied institutions of llie State, and not onty the bill holders and depositors, but the stockholders themselves derive a benefit from a thorough examination of the banks. We have personallv- visited each bank and saving insti¬ tution in the State at least once during the year, and have looked into all their operations so far as was deemed ex¬ pedient and necessary. We have seen their general course of business, and ascertained their abilit}' to meet prompth- their pecuniary engagements. We have endeavored to as¬ certain whether there had been 003- infraction of the laws regulating their action, or of tire charters under which they exist. In addition to these personal examinations there has been required from the cashiers a periodical statement of the affairs of the bank and a balance sheet of their accounts. These have been forwarded to us with commendable punc¬ tuality, and in general have been full and satisfactory-, and the commissioners, from the evidence they have, can say with entire confidence, that all the banks in this State are in a sound and healthy^ condition, and the currency^ is of the first order. And when we take into consideration the almost unexampled embarrassed condition of the monetary concerns of this country, growing out of the great revulsion of lS-36—7, tlie immense amount of worthless paper put afloat by chimerical speculation, we may well say that our banks have done well to escape that general insolvency that has visited many of these institutions in several of our sister States. The discounts of the banks of late appear to be made upon paper of good character. Nearly all that is offered be¬ ing of a strictly business kind. Nothing appears to be dis¬ counted, indicating what was formerly denominated by speculators “ kites,” such as drafts and notes drawn and re-drawn on points where the maker had no funds, and when they probably never had any idea of meeting the payment when they came to maturity. The loaning large amounts to brokers without adequate security is discon- 5 tinned. Long and repealed loans on pledges of slock, run and re-run, at the pleasure of the borrower, have vanished. The taking of excessive rates of exchange, as a cover for usuiy is abandoned. The banks discontinue to keep and place as assets, such a mass of suspended and shelf paper as at one time thej'- were accustomed to do. Such worth¬ less matter has generally been charged over to profit and It will be seen from a comparison that there has been a steady increase of the circulation of our banks, and the line of discounts is considerably extended within the last two years, which sliows that business is more active, and con¬ sequently a greater demand for monejc WJien we find our manufacturing and mechanic interests in a prosperous condition, the agricultural interest receives a stimulus, and money becomes more active. Without the division of labor caused by^ manufacturing, the farmer would receive but small reward for his earnings. Should the present prosperous condition of these interests continue, as it is believed it will, if undisturbed by hasty or im¬ provident legislation, the present banking capital of the State will be mostly actively employ'ed in affording facili¬ ties for legitimate business transactions, and very little oc¬ casion exist for going abroad for investments. The law limiting loans to directors has in the main proved very salutary, although there are some complaints that the services of efficient and valuable men as directors are lost to some of the banks of small capital, by^ reason of the pres¬ ent shape of it, and some very serious difficulties and incon¬ veniences arise by reason of that part of the law which pro- liibits any loan to any “company^ or corporation of which such director is a member or stockholder.” If a director happens to be the owner of a single shai-e of stock in an in¬ surance company, or manufacturing establishment, and has gone up to his line as director, and that company or estab¬ lishment want moneyy this director must either resign his 6 seat at the boaiil, or sell his stock, or the company must he put to the inconvenience of going abroad for their accommo¬ dation. In some of our cities an insurance company could not get a dcUar without going abroad for it, they could not recommend that that part of the law above referred to be repealed. We would not be understood as advocating the doctrine of unlimited loans to these ofBcers. Consequences the most disastrous have, in other States, followed loaning large amounts to the officers of the banks. The spirit of specu¬ lation is fostered and encouraged; tlie capital of the bank is endangered, and, in case of a pressure, they are relieved, or rather, relieve themselves, while others, quite as mer¬ itorious, are compelled to suffer. It tends to place the entire business of the country in the hands of a few, to the prejudice of the manj', and to destroy all sound principles in trade. It is extremely unfortunate, and indeed injurious, to any community, when the products of labor, and more especially the common necessaries of life, are monopolized by a few individuals. Indeed it can never be for the inte¬ rest of any communit 3 ' or any bank to have a very largo amount of their capital in the hands of any one person or company. It is believed that the banks in this State are free from any imputation of this kind, for we find, on examination, that no director has exceeded the limits by law prescribed, and that the loans are generally small and much distributed, and but few loans abroad. There appears to be a disposi¬ tion among the officers of the banks to accommodate the people, for whose benefit banks were created, as well as to promote and protect the interest of stockholders. There will alwaj-s be suggestions, and propositions for improvements, changes, and modifications in the sj'stem of banking, and although there may be imperfections in a greater or less degree, that might possiblj’' be remedied by 7 legislation, yet it is by no means certain that such proposi¬ tions may not, as has been in other cases, be the means of creating worse defects than those sought to be remedied. It is far better that stability should be given to any system of banking that is in operation, and which operates tolerably well, than, by frequent changes, and untried experiments, the public mind should be thrown into doubt and uncer¬ tainty as to the problematical operation of any new system of legislative action. Improvement is the object professed, and probably entertained, by those who propose change or innovation in any well established system. But let it not be forgotten that we have experienced, and are almost daily realizing that all changes are not improvements, and that changing the manner of doing business from one mode to another, is not as well calculated to bring prosperity and success, as a steady and persevering pursuit of an object, by those forms by which we have been accustomed to ope¬ rate. It may be well doubted whether any change could be made in the banking system in this State which would, as a whole, operate more beneficially than the present. It is believed that no experiment, that has been tried in any of the States, has operated as well as the system early adopted, and steadily pursued, in New England. Indeed it is be¬ lieved that no section of the Union, or of the world, has any better system of banking than this. We do not say that it may not be necessary to throw around this system such guards and restraints, and to exercise such legislative su¬ pervision over it, as to meet those practices that, through inadvertance or design, grow up and endanger the public or individuals, but no radical change should be made. Our system has been in operation for more than half a century, during which time only two failures have occurred, the Eagle and the Derby banks, while in every other State in the Union there have been numerous failures, with conse¬ quences the most disastrous, and these failures have oc- cuired mostly by reason of loans to directors and other financial officers of those institutions. The law prohibiting directors from declaring dividends, except from the bona fide earnings of the bank, which shall remain after charging over to profit and loss aU unavailable means, is one that should be strictly adhered to. It could never have been the intention of the Legislature, or (he wish of stockholders, that the capital of a bank should be dis¬ tributed in the form of dividends, thereby impairing the sol¬ vency of the institution, and leaving the unsuspecting stock¬ holder pennyless, when he supposed he had a competency, and the bill holder to look to a mass of worthless materials for payment, and the honest purchaser without a consider¬ ation for his purchase money. The banks in this State have generally been very careful in this particular. Yet tliere are some three or four that have divided too close. It is much better to have a reason¬ able surplus on hand, that they may be able to meet ordi¬ nary losses, than, for the sake of making large dividends, di¬ vide so close as to feel poor. The defalcation of the Cashier of the Stamford Bank, ■ndiich at the time caused some apprehension that the capi¬ tal of the Bank might be impaired, and the public injured, led two of the Commissioners to repair to Stamford at once, for the pmpose of making an examination as to the extent of the loss, and the condition of the circulation. Fortu¬ nately it was found that the bank would suSer but little if any, and the bill-holders and depositors nothing. The bank has already realized more tlian two thirds of tlie amount from tlie sm-eties of Mr. Hill, and they have the means from which thej' expect to obtain the balance. It is with regret that the Commissioners have occasion to refer to a defalcation by any financial officer in any of our banks; and if directors would discharge the duty they owe to the stockholders by acceptuig the trust reposed in them, by 9 frequent and careful examination into the accounts of the bank, such instances would not occur. The Commissioners would take the lilrerty of remarking, tliat stockholders should always use the ^-eatest caution in the selection of directors; men of high and unblemished integrity ; men who feel a strong sense of the responsibility of their station, and the force of both moral and legal obli¬ gation, free from embarrassment and of skillful business qualifications. With such men, the interest of stockhold¬ ers and the public would be very much guarded from im¬ provident practices. That provision of the law requiring the Commissioners to examine the affairs of the Housatonic Kail Road Com¬ pany, was adopted when the Company was authorized, and in fact were engaged in issuing, paper for circulation.— That authority is now taken from them, and the circulation actually redeemed, except an unimportant fraction, (say some 82,600,) which is still afloat, or lost, or destroyed— means for the redemption of which is ready on its presenta¬ tion. And as there are two special Commissioners, whose duty it is to examine and report to the Legislature annually, which they have always done in detail, it would seem un¬ necessary for the interest of the public, to subject them to the expense of an examination by the Bank Commission¬ ers. We would therefore recommend a repeal of that part of the law subjecting tliem to this examination. The Whaling Bank in New London, made a dividend of 7 per cent, on the 1st of January, 1845, for the six months next previous, which caused some excitement, as the bank had hitherto done barely a fair business; indeed no dividend was declared for July, 1842, and but 2 per cent, for the div- dend following, say for January 1st, 1843, and a fraction over 2 per cent, for the dividend, July 1, 184-3, leaving then a balance to profit and loss, of 82,190 96. On the 1st Jan- uaiy, 1844, another divideird was made of 2 per cent, leav¬ ing to the credit of profitaird loss, 83,709 11. Bank plates 10 and furniture, however, to the amount of 81,500, not charged over up to this date, hut placed as good assets of the bank. On the 1st of Juty, 1S44, the bank liad to the credit of profit and loss, the old balance left 1st Januarj^ 1844, as noted above, of 83,709 11 Earning from 1st Jan. 1S44, to 1st .July, 1S44, credited to profit and loss, only, 84,139 94 87,849 0-5 Less bank plates and furniture now charged over, - - 81,500 00 Expenses and other charges, 872 53 Dividend 3 per cent. - - 4,603 50 6,976 03 iVett balance to profit and loss Jul 3 -1,1844, only SS73 02 To the credit of profit and loss' for sundry discounts and earnings from .July 1,1844, to Jan. 1845, (which sum is excessive,) 811,653 16 812,526 IS Deduct expenses lor 6 months, 81,293 22 Dividend7percent. - - 10,741 50 12,034 72 Nett bal.toprofitandloss Jan. 1,1845, 8491 46 This bank has for some time past been in the habit of buying its own stock, and since March, 1843, they have pur¬ chased 800 shares at a discount of say 5 to 8 per cent; less re-transferred to their own directors, 375 shares. Now why should the bank be purchasing their own stock, of in¬ dividuals generally, and why purchase of directors f In either case the taxes are lost to the State and towns, and in the first case it might have an immoral tendency to the seller, though we have not the least idea that the bank meant or in¬ tended any deception at the time of their purchasing. All the earnings, up to the 1st July, 1844, were not credit¬ ed to profit and loss as they should have been, and this fact, without scrutiny or further comment, would be appa- 11 rent, for the earnings from the IslJan. lS44,toJulj'lst, 1S44, are credited only S4,139 94, whereas the credit to profit and loss for the next six months, (to Jan. 1st, 1845,) was 811,353 IG. The directors, supposing the Sclinol Commis¬ sioner would ofier funds, brought forward all their earnings and divided them; but yet why should the bank retain and not carry to credit of profit and loss on the Ist July, 1844, the earnings to that time (If they bad done so, some of the holders of stock would probably not have sold.) That they did not credit the whole e.-u-ningto that time is certain. and we mention some of the items, viz: Dividends on 496 shares of their own stock, due Jan. 1st, 1S44,. 8248 00 Dividends on 506 shares July 1st, 1S44, - 379 50 Six months interest to 30th June, from their agent in N.Y.. 269 25 Exchange due from their brokers for redemp¬ tion to 30th June, ----- 108 00 Three months int. on N. Y. State stock, - - 350 00 Int. due from the Bank of the Stale of N. Y. for 6 months to June 20,1844, ... 1,184 06 Int. on stock notes and other notes over due, priorto July 1, 1S44, say, - - - 500 00 83,038 SI Although thej’-purchased their own stock to a considerable extent during the year 1S44, and at various discounts, still thoj' receive another dividend of 7 per cent, on the 1st Jan. 1845, for the six months next previous, amounl- And after this the stock is placed on the books of the bank at par, the profits of which amount to 8573 74 81,347 24 There are various small items to ihe credit of profit and loss between the date of duty and December, 1S44, which are not noticed, as sufficient has been said to explain and account for making 7 per cent, dividend for the six months etiding January 1st, 1S4-5. Perhaps we ought in justice to the book-keeper to say, that the reason which induced him not to bring forward some of these items of earnings which had accrued previ¬ ous to July 1S44, and before referred to, was, that they had found sufficient to warrant them in making a three per cent, dividend. The great amount of stock of the bank transferred and re-transferred time and again bj^ the directors of this bank, is in our opinion clearlj- reprehensible. Stockholders can¬ not now by law hypothecate their stock for money borrowed of the bank, and if they could, the taxes would not be Several of the directors of this bank have transferred their stock to persons in other towns in this State, without the place of residence of the apparent owner appearing on the transfer books. Bt- statute passed 184-3, it is the duty of Cashiers to give notice to the Assessors of the Towns, where stock is liable to be taxed, of the amount of such stock, so far as the owner or owners of such stock is known to such Cashier upon the penaltj' of fiftj' dollars. But if the residence of the apparent owner does not appear on the transfer book, how shall he give notice. In one instance a Director transferred 100 shares of his stock to a person in a neighboring town, more than nine years since, which stock was not re-transferred until after the first of October, 1844, and escaped taxation. Another case of ninety-seven shares was transferred 27th September, and re-transferred after 1st of October, 1S44. Another Director transferred Sep¬ tember 11th, 1S43, one hundred and forty-two shares to the bank, and had it re-transferred to him after the 1st of Octo¬ ber, 1S44. Another director transferred to the bank forty- five shares July 14lh, 1S43, which was re-transferred to liim after Oclolter, 1844. One director transferred Au¬ gust 12tli, 1S42, one hundi-ed and ninety sha res to a person in a town north of New Haven, wliicli stock has ever since remained uutaxed. Another director transferred to his friend, just out of the town limits of New London, fifty .shares, September 6tli, 1S36, and we question wlietlier any tax lias ever been imposed on the same. A director transferred to his iriend out of town, September 19th, 1843, one hundred shares, which has also escaped taxation. Such a course of procedure we have not found in any oth¬ er bank in this State, and we deeply lament tliat it should ever occur, conducted as banks ever sliould be by liigh minded and honorable directors. The Cashier of this bank during the month of April last, forbid one of the Commissioners examining the books.— But afterwards the directors ordered to the contraiy, and the liooks were freclj- shown. Prior to this refusal of the. Cashier, enough had boon discovered to satisfy the Cem- raissionor that .all wa.s not correct, and tire directors were perhaps apprised that it was too late to withhold any furtlier examination that might be legally demanded. The taxes in the town of New London for a few jmars past have been unusually large, owing to the building of several school houses in the different districts of die town, amounting to fifteen and twenty cents on the dollar in each district, e.xclusive of the State, town, and highway taxes. It was quite a, saving to persons owning stock in this town to transfer it to their friends, residing in neighboring towns even if it was taxed there; but directors owming stock in this bank go farther, and place the same where the taxes are wholly avoided. It is not for us to express an ojfinion of the motives which dictated transactions of the character here stated. That we leave for those whoso servants we are. We would say however, that assurances have been given by a deputation from ihe baiik, that the wrong shall be corrected, and a recur¬ rence of suchjjraciices hereafter avoided. SAVINGS BANKS. These useful institutions are managed with commendable skill and prudence. Tliey have become, as will appear in the following statements, the depositories of a large mnount of funds ; and from the character of the persons mostW in¬ terested in tlicir prosperity, they have peculiar claims to the fostering em'e of the Legislature. By the act of 1843, rela¬ ting to “Savings B.anks and Saving Societies,” it is provi¬ ded, among other things, “th.at no lo.ans of the monies or funds of any savings bank or savings society be hereafter made, unless the same be secured bj' morigage of retd es¬ tate in this State,, unincumbered, equal in value to double the amount of the loan secured thereon, except to an mnount not exceeding in the whole, tc/t per cent, of the mnount actu- alK- on deposit in such savings bank or savings society lor tlie time being.” Most of tlicse institutions complain of this provision of the law, and as we are informed, have preferred petitions to the present Legislature for its modification or rejjcal; and one sociew has been obliged to ask for a .surrender of its cliar- terand aretuni of its deposites in consequence, ;is they al¬ lege, of this prohibitory cl.ause. We do not propose here to discuss the question of the comparative value of the two kinds of securities, real and personal. Our banks of dis¬ count avoid die former, and make their loans entirely on personal security. The only loss which we have ascertained as having occurred in iui}- of these institutions since our offi¬ cial acquaintance wdth them, is one of SI ,200, in the Nor- wdeh Savings Bank, and that on real estate security. In all cases of loans of this character, titles are to be examined, incumbrances ascertained, insurance effected, the value of ihe property to be fixed—contingencies, all of which are at¬ tended with risks. We would by no moans recommend a iiErEAL of the lawr in question, but we think an alteration of the same to the extent of an increase of the present limit to tw'enty-five per cent, on personal security wmuld conduce to the interest of these institutions. Annexed are balance sheets showing the condition of all the banks and savings institutions in the State. All which is respectfully submitted. EZRA CHAPPELL, ) WHiLIAM MATHER, Jr. } NELSON BREWSTER, ) Bank Commissioners. Hartford, May Ulh, 184.5. 16 STAMFORD BANK— March, ISlo. LIABILITIES. Capital Stoc.lt, - - . . Bills of the Bank in circulation, Deposits, - - . . . Dividencls unpaid, ... Suqjlus fund, after last dividend. Earnings since last diridend, - 860,000 00 6.5,960 00 14,847 78 713 95 3,871 04 524 56 S145,917 RESOLItCES. Real Estate, viz. In New York, Connecticut, ( Michigan, - - - Balances due from other hanks ; Amount due from Agents, Bills of solvent banks and checks. Stocks, \iz. 5,000 Illinois sixes, S30, - 5,000 ludia: do. Joseph Fellows* Bond and Morgage Amount of defalcation of the late Cashier, still re¬ maining unpaid, hut for which the bank holds security, --. Bills discounted, viz. For directors, - - . . io,225 18 F or other individuals in the State, 57,823 99 For indiiiduals out of the State, 20A31 56 Suspended paper, - - . Last dividend, March 3,1845, -SI i Nine directors oivn 239 shales, - 8145,917 560 48 each share of $30. 7,170 17 FAIRFIELD COUNTY BANK—Ist April, 1845. LUBILITIES. Capital Stock, viz. Transferable, Owned b/citizens of this State, 557,600 do. do. other States, 9,900 67,500 Not transferable, - - - 21,150-88,650 Bills of the bank in circulation, - - - - 134,105 Balances due to other banks, viz. Banks in this State, - - - 2,769 37 do. in other States, - - - 1,811 38-4,580 75 Deposits not bearing interest, .... 27,776 80 Dividends unpaid, . - - - . - . - 58 35 Surjjlus fund, includingeamings since lastdividend, 4,035 94 Due Fairfield County Bank, .... 15,028 42 §274,235 26 nEsouncEs. •Real estate owned by the bank, viz. Banking house and lot, . . §6,416 12 Other real estate, .... 9,435 77-15,851 89 Bills and checks of other banks in the State,. 6,095 58 Bills and checks of other banks in other States, . - . ... 11,555 46-17,651 04 Gold, silver, and other coined money, belonging to the Bank,. 16,682 37 Connecticut Turnpike stock, .... §10 00 Notes and bills discounted, .... 160,8*7 68 Balances due from Banks, viz. Banks in this State, - . - 4,384 13 Banks in other States, . - . 48,120 88-52,505 01 Loans payable on demand, ..... io ,177 27 This bank has no debts which are considered doubtlul, and but one note (§200,) past due. This bank having a large amount of real estate, and the bank¬ ing house being set at a great price, we think the dividends should be deferred till they sell and collect the funds and ascertain, more definitely, what vnll be the nett amount of the same. IS BRIDGEPORT BANK—ls< April, 1S45. Capital Stock, viz. Transferable, Onned by citizens of tins State, S1S4,460 (tf do. do. of other States, 15,450 00 Not Transferable, - - - . 10,000 00 - 209,910 Bills of the Bank in circulation, - - - 220,883 To banks, viz. Stamford Bank, - - 87 77 Bridgeport Savings Bank, 4,233 45 Connecticut Bank, 512 00 Bills discounted for directors, - - 8,000 00 do. for other individuals in this State,. 280,405 16 Bills discounted for individuals out of the State, - - - , - 26,000 00 --— 314,405 16 8 484,657 24 Last dividend, Jan, 1, 3J per cent. Amount of suspended paper, - - - $389 84 Estimated loss on real estate, . - . . 3,100 00 Liabilities of directors as makers and endorsers, 16,876 51 21 CONNECTICUT BANK AT BRIDGEPOET, ANU BRANCH AT SOUTHPORT—1845. LIABILITIES. Capital Stock,. Bills in circulation, . Deposits, - . . - - - Surplus Connecticut Bank, - • 86,500 Profit and loss since last dividend, 3,738 41 Profit and loss and surplus, (Branch) Dividends unpaid,. Suspended debt,. Due other Banks, - - - - - Due Branch, -- .... 8269,700 172,750 62,158 61 10,238 41 2,991 26 1,494 61 771 74 9,157 02 3,389 92 8532,651 57 RESOURCES. Real Estate, Land in Illinois, - . - 11,442 64. Brick house and lot, Bridgeport, 3,300 22 Land and dwellings, do. . 6,813 46 34,787 21 New York State and City Bank Stocks, 10,175 5 shares Bridgeport Bank Stock, - . 250 25 “ Connecticut “ - - - 2,500 Camden and Amboy bonds, - - - 4,688 25 Housatonic R. R. Post Notes, .... 357 New York City and State, and Ohio, and Kentueky State Stock,. 40,352 57 Due from Agents iii New York, ... 28,500 86 “ Bank of State of New York, - 43,978 98 “ Suffolk Bank Boston, - - . 6,254 59 “ other Banks,. 4,769 57 Notes of other Banks on hand, - - - 16,988 34 Specie,. 19,865 70 Loans and Discounts,. 319,183 50 $532,651 57 Last dividend 3 per cent. Amount of suspended paper Jan. 21—86,642—most of which is secured by mortgage. Amountofdouhtful paperat the Branch at Southport, 81,742. This Bank having placed in its assets a large amount of unproductive real estate, wo think it would he prudent to stay a dividend until it is definitely ascertained what said real estate will nett. 22 MECHANICS BANK, NEW HAVEN, Ut April, 1845. Capital Stock, all transferable, Bffls in circulation, Amount due other Banks, viz.: In Connecticut, - - - In other States, Deposits, not bearing interest. Dividends impaid, - - - Surplus fond after last dividend. Earnings since last dividend, - 8300,000 170,630 $2,099 94 16,722 55 - 18,822 49 - 133,645 31 607 50 11,258 68 8642,291 91 Banking House, 9,000 00 Buis of solvent Banks and drafts, - . - 6,076 31 Balances due from other Banks, viz.— In Connecticut, . - - . 4,907 38 In other States, . - - 100,549 40 - 105,456 78 Amount due from brokers or agents, - - 14,208 86 Specie on hand, 17,231 61 Bills discounted, ------ 490,318 35 8642,291 91 Last dividend, Jan. 1, 1845, 82 50 per share of $60 00. No suspended paper or doubtful debts. 23 CITY BANK, NEW HAVEN—1st AprU, 1845. LIABILITIES. Capital Stock, 8500,000 00 Surplus Fund, - - - - - - - 3,667 78 Earnings since last dividend, .... 11,265 08 Notes in circulation,. 160,525 00 Dividends unpaid, - - - - - - 712 00 Due to other banks, ..... 10,331 59 Due depositors,. 84,642 85 $771,144 30 RESOURCES. Bills discounted, '.8600,029 52 Specie, . -.. 24,652.73 Notes and checks of other banks, ... 5,357 96 Real estate in New York and Brooklyn, . ' . 64,222 90 Due from American Exchange Bank, New York, 39,120 65 do. other agents in New York, ... 34,056 91 do. other banks,.2,612 86 E.xpenses paid, . - . - . . . 1,090.77 8771,144 30 lls of other banks and sight drafts, lances due from other hanks, inds in the hands of agents of the bank in N. York, lls discounted. Liabilities of Directors of this bank, As makers, . . nothing. As endorsers, . . S7,475. No suspended paper. 25 NEW HAVEN COUNTY BANK—31i« MarcTi, 1845. LIABILITIES. Capital Stock—Transferable. Owned by citizens of this State, §483,000 “ “ other States, 17,000 -500,000 00 Not Transferable, - - . . 1,900 00 - 501,900 00 Bills in circulation, - . - - - 211,986 00 Due to Banks in Connecticut, - - 1,9.81 59 “ “ other States, - - 15,057 31 - 17,038 90 Dejiosits not bearing interest, - - - 61,329 69 Dividends unpaid,. 2,096 86 Surplus fund,. 10,000 00 Earnings since last dividend, .... 12,883 91 §817,235' 36 REsonncEs. Real Estate owned by the Bank: Banking House, - . 8,200 00 Land in St. John street, . 800 00 Bills of solvent banks, and checks, ... Due from Philadelphia banks, . . 1,792 98 Suffolk Bank, . . 9,681 62 Farmers Bank of Virginia, 129 37 Amer. Ex. Bank, New York, 48,812 57 Nevins, Townsend & Co., 40,505 36 Banks in Connecticut, . 4,003 33 Specie on hand,. Bills discounted for directors, . 10,000 00 individuals in this State, 355,347 46 “ other States, 297,000 00 9,000 00 17,274 83 104,925 23 ^2,347 46 §817,235 36 Last dividend, January 1, 3J per cent. Suspended paper, §20,200. Of which secured by mortgage, 12,000. Supposed loss, 3,000. 5IERIDEN BANK—oA'i AprU, 1845. LIABILITIES. Capital Stock,.8150,000 00 Balances due to other banks, . - . 1,127 13 Dividends unpaid, - - ... 210 00 Deposits,.- 8,623 18 Bills in circulation, - - - - - 69,962 00 Surplns fund after last dividend, 1st November, 433 35 Earnings since last dividend, ... 4,401 26 $234,756 92 RESOURCES. Real Estate : Banking House, ... $4,180 Other real estate, - - 10,000 14,180 00 Bills of solvent Bimks,. 999 53 Due from other Banks, .... 19,200 69 Specie, - ...... 5,668 66 Stock of this Bank oivned by the Bank, . 5,400 00 Due the Bank from directors. - 6,927 65 other individuals, 182,380 39 ' 189,308 04 $234,756 92 Suspended debt, March 12, - - $1,160 Estimated loss on the same, - - 200 Last dividend, Nov. 1844, 3 per cent. MIDDLESEX COUNTY BANK— April, 1S45. Capital Stock: Transferable, Not transferable. Bills in circulation, ... Balances due to banks in this State, do. do. do. out of do. Deposits not bearing interest. Dividends unpaid. Profit and loss, . . , . 8200,000 . 20,500 -- 220,500 00 79,740 00 6,455 42 . 1 00 - 6,456 42 32,609 56 10,024 88 8350,032 86 Real Estate in Columbus, Ga. Bills of solvent banks. Due from banks in this State, do. do. in other States, Due from agents in New York, Specie. Personal estate, hardware. Bills discounted. $7,000 00 . 4,419 00 1,334 43 M48 85 - 8,483 28 16,282 34 9,158 35 500 00 . 304,189 89 8350,032 86 Charged profit and loss since 2d July, 1842, for bad debts, 814,121 15 Twelve directors owe the bank as drawers of notes, 700 00 Twelve directors are liable as endorsers, . . . 29,480 00 Protested paper, March 11. 5,226 00 Estimated loss on the same, .... 600 00 Made regular dividends of 3 per cent. 29 EAST HADDAM BA.mi.—S0t7i. April, 1845. LIAIilLITIES. • Capital stock, . . . - Bills in circulation. Balances due to other banks. Dividends unpaid. Surplus fund after last dividend,' Earnings since last dividend. RESOURCES. Bills and checks of other banks. Balances due from banks. Amount due fmm agents in New York, Specie on hand,. 12 shares Whaling Bank stock. Bills discounted, ... 865,840 00 68,553 76 , 359 31 36,201 60 397 00 3,256 38 1,625 08 8176,233 13 5,859 19 628 94 31,573 13 4,205 71 300 00 133,666 16 Amount of suspended and bad debt, 8963 38. Dividend Feb. of Sj per cent. HARTFORD BANK—Is* Mardi, 1845. LIABILITIES. Capital Stock,—Transferable, Owned by citizens of this State, 8749,200 00 “ “ other States, 115,300 00 Not Transferable, ... 253,500 00 -^1,118,000 00 Due banks in tliis State,. 16,438 26 “ “ in other States, .... 42,541 09 “ depositors,. 285,975 01 Bills in circulation,. 394,282 06 Dividends unpaid,. . 2,357 55 Surplus fund after last dividend, - . . gg 271 79 Earnings since last dividend, - - - - 22 449 10 81,980,314 86 Banking House,. Bills of banks in tliis State, and checks, - “ “ in other States, .... Gold and silver, . Due from banks in this State, .... “ “ “ in other States, .... Stock in Union Co.,. “ in Connecticut River Company, “ in Turnpike Company, . .' . Discounted for directors, . . 19,121 00 “ for manufact’g companies, 214,209 00 “ for individ’ls out of the State, 452,265 00 .. in the State, 1,094,609 06 15,000 00 31,235 60 6,500 00 68,368 00 15,766 65 45,088 80 15,076 77 2,400 90 - 316 25 357 83 -—1,780,204 06 81,980,314 86 March 6. Amount of suspended paper, $5,757. Estimated loss on the same, - . 1,300. Regular dividends, 3 J per cent. CONNECTICUT RIVEK BANKING CO.—Uf April, 1845. LIABILITIES. Capital Stock,.S2SO,000 00 Bills iji circulation,.- 97,933 00 Balances due other banks,. 1,209 11 Deposites not bearing interest, .... 49,146 78 do. bearing interest,. 2,606 11 Dividends unpaid,.210 00 Profit and loss or earnings, after deducting ex¬ penses to date, 4^622 78 8405,727 78 RESOVBCES. Banking bouse, valued at. 7,000 00 Bills of other solvent banks, and checks, - . 2,435 06 Balances due from other banks. In Connecticut, - - - - 921 94 In other States, ... 20,887 17 - 21,809 11 Balance due from agents in New York, - - 12,658 09 Specie,. 10,363 37 Connecticut Eiver Co. stock, 600 shares at §50, 30,000 00 United States Bank post notes, .... 4,000 00 Hartford, New Haven, and .Springfield Rail¬ road bonds,. 16,000 00 Bills discounted,. 301,402 15 § 405,727 78 Last dividend, Jan. 1845, 3 per cent. Nine directors own 1,052 shares. Bills discounted, drawn by directors, 6,699 06 do. endorsed do. 11,437 91 - 18,136 97 Deduct the amount not discounted for the di¬ rectors’ account, but for others, ... 1,499 06 Discounted for directors, or for a firm of which it it hmtcn they are partners, .... §16,6 37 91 N. B. None of the above discounted bills are lying over un¬ paid and protested. The U. S. post notes are quoted at 30 per cent, discount. The Railroad bonds sell at 5 per cent, premium. 34 FARJIERS AND MECHANICS BANK— April, 1845. LIABILITIES. Capital Stock paid in, Surplus fund. Earnings since last dividend. Deposits, .... Dividends unpaid. Due to tanks in this State, do. other States, Bills of the bank in circulation. . $531,300 00 15,371 78 18,615 54 - 33,987 32 . 221,412 53 1,117 50 8,953 32 3,976 68 - 12,930 00 . 238,057 00 $1,038,804 35 TOLIiAND COUNTY BANK—5. Balances due banli of this State, . S2,o00 00 Do. do do. of other States, . 34 84 Deposits not hearing interest. Dividends unpaid. Surpltis fund after declaring last dividend, . Earnings since last dividend, .... 2,534 84 12,524 93 778 50 . 887 22 208 86 8156,645 35 RESOURCES. Heal Estate,—hanking house, . . . . $1,861 59 Bills of solvent hanks. 1,125 00 Balances due from banks in the State, 12,395 56 Do. do. do. out of the State, 29,420 37 - 41,815 93 Specie,. 8,188 89 Debts due the hank, from dirqptors for accommodation paper, 3,274 78 From other individuals of this State in¬ cluding drafts and notes payable out of the State, hut which are discount¬ ed for, and endorsed by residents in this State, .... 87,153 61 From individuals out of the State, . 11,821 85 - 102,250 24 Checks and drafts, (say cash items,) . . . 1,403 70 8156,645 35 JEWETT CITY BANK-12<7j 1845. LIABILITIES. Capital Stock,.-542,920 00 Bills in circulation,. 51,875 00 Deposits not bearing interest. 4,175 01 Surplus fond after last dividend, .... 4,480 00 Earnings since last div idend .... 970 37 5104,420 Banking House. 4,300 00 Bills of solvent banks,. 2,784 00 Specie on band, . ... . . . 1,918 80 Balance due from Norwich Bank, .... 1,380 18 Do. do. do. Suffolk do. 1,364 52 Norwich and Worcester R. Road bonds, 5,000 00 Offerman R. Road and Mining Co. bond, 1,000 00 - 6,000 00 Discounts for individuals and companies, . . 86,672 88 -5104,420 Rate of last dividend 4 per cent. Declared 10th February, 1845. Amount of suspended paper 82,552 98. Estimated loss on assets from 52,000 to 53,000 by cashier. Q.UINEBAUG BANK—26//t April, 1845. Capital Stock,.§250,000 00 Profit and loss,. 18,142 54 Interest, since 3d December, 1844, - - . . 8,279 56 Bills in circulation, ------ 92,504 00 Deposits,. 63,032 62 Dividends unpaid,. 516 50 Due to banks, -. 16,420 17 $448,895 39 Bills receivable. Real Estate : Banking house. Other real estate, Thames Bank stock, . - - Norwalk “ “ - - Norwalk Water Power, Quinebaug Bank, Specie, - - - - - Bills, checks, &c., on other banks. Duo from other banks. 372,685 21 6,000 25,701 31 -31,701 31 1,400 00 - 925 45 5,100 00 3,967 17 8!839 S3 $448,895 39 Suspended debt, nothii 42 THAMES BANK—26//i.1/^7, 1S45. LIABILITIES. C apital Stock. S209,o00 00 Bills in circulation. 81,199 00 Due to banks,. 2,061 59 Dividends unclaimed, - . . . 421 00 Deposits not on interest, .... 25,534 44 Surplus and earnings since March dividend, 3,672 30 $322,388 RESOCnCES. Banking House, . . . .$4,700 00 Real estate, Lockport, . . 11,406 71 “ “ Nonvich, . . 5,463 78 - 21,570 49 Bills and checks on other banks, . . . 5,849 68 Due from banks,. 8,526 69 Specie, . 5,730 79 63 shares Thames stock,. 5,792 50 River Thames,.- 42 87 2 shares AVater Power stock, .... GOO 00 Falls Society debt, 2,465 67 Mortgages, all good. 4,850 00 Notes receivable. 266,959 64 Suspended debt, -$3,315. Estimated loss on the same, $700. This bank having yet quite an amount of real estate in Lock- port of doubtful value, we are of opinion, the bank should have made a less dividend than they last did. 43 MERCHANTS’ BANK—12