TABLE EXHIBITING THE VALUE OF THE IMPORTS AND EXPORTS TO AND FROM THE PORT OF CHICAGO FOR THE YEAR 1848. In 1836, the value of imports amounted to $325,203 90, and the value of exports to $1,000 64. From 1836 to 1840, both imports and exports steadily increased. The latter year they amounted to $562,106 20, value of imports, and $228,635 74, value of exports. The following table will show the increase of population, imports, and exports of Chicago since 1840: EXPORT OF SUGAR FROM HAVANA AND MATANZAS. A merchant of New York has kindly furnished us with a commercial circular, dated Havana, August 26th, 1849, from which we derive the following tabular statement of the number of boxes of sugar exported to different places from Havana and Matanzas from the 1st of January to the 24th of August in each year from 1844 to 1849, in In the paper (published in the Merchants Magazine for July, 1849,) on the city of Albany, prepared for our series of articles entitled, " Commercial Cities and Towns of the United States," no mention was made of the banking institutions. That deficiency in the completeness of the article we are enabled to remedy by the aid of the "Albany Annual Register for 1849," prepared by Joel Munsell, of that city. NOTICES OF THE SEVERAL BANKS LOCATED AT ALBANY. The banks are open every day in the year, from 10 A. M. to 3 P. M., except Sundays and holidays. The interest for discount in the banks in this city is fixed at 7 per cent per annum. Three days of grace are allowed, and a discount taken for the same. Every bill or note offered for discount must be delivered the day preceding the day of discount. Bills or notes lodged at the banks for collection, when protested for non-payment, the person lodging the same pays the charge of protest. Deposits of money, or notes for collection, must be entered in dealer's book at the time of deposit. No interest allowed on deposits. BANK OF ALBANY, No. 42 State-street; incorporated April 10, 1792; charter expires in 1855; capital, $240,000; shares, $30 each; dividends, May and November; discount day, Thursday. Jacob H. Ten Eyck, President; Jellis Winne, Jr., Cashier. A great many projects were on foot in the year 1792. The capitalists were eager for a bank, and a meeting was called on the 3d of February, at Lewis' Tavern (south side of State-street, corner of Pearl,) to discuss the subject. There was at this time, it is believed, but one bank in the State, the Bank of New York, the stock of which was 50 per cent above par. It was decided that the interests of the northern part of the State required the location of a bank at Albany. Some one, writing for the newspapers, confidently asserted that a hundred thousand dollars would be subscribed in a few hours in the city alone; but it was liberally resolved that the neighboring places should be permitted to share in the honors and emoluments of the enterprise. At a subsequent meeting the outlines of a plan for the establishment of a bank were presented. The name of the institution to be The Albany Bank; the capital, $75,000, to be divided in 500 shares of $150 each; $15 to be paid on subscribing, and the remain36 VOL. XXI.-NO. V. der in three instalments; thirteen directors to constitute the board, nine of whom to be residents of the city. Jeremiah Van Rensselaer, Jacob Vanderheyden, and Barent Bleecker, were to open the books for subscriptions in the week following, and to close them as soon as five hundred shares should be subscribed. Accordingly, the committee opened the books on the 17th of February, and the stock was overrun in amount in in less than three hours. After the books were closed offers of 10 per cent advance were made on the stock, and on Saturday, the day following, it rose to 100 per cent cash. Application was immediately made to the Legislature for a charter, and as the prospect of its being granted was more or less doubtful during the progress of the bill, the price of the stock rose or fell, creating no little excitement and speculation in this quiet region, where stock transactions were quite a novelty. At one time it is said to have stood at $100 premium on a share upon which only $15 had been paid. Stephen Van Rensselaer was elected president. Towards the close of the session the act of incorporation became a law. The first election of directors was held on the 12th of June, at the City Tavern, and resulted as follows:-Abraham Ten Broeck, Cornelius Glen, Stephen Van Rensselaer, Jeremiah Van Rensselaer, John Maley, Abraham Van Vechten, Henry Cuyler, John Stevenson, James Caldwell, Jacob Vanderheyden, Goldsbrow Banyar, Daniel Hale, and Elkanah Watson. At a meeting of the directors thus chosen, Abraham Ten Broeck was elected president. The bank was opened for deposits on the 16th of July, and began to discount on the 17th. The rate of interest was 6 per cent. In September notice was given that notes of forty-five days only would be discounted. The act of incorporation limited the capital stock to $260,000; each share to be 400 Spanish milled dollars, or its equivalent. This did not exhaust the idle capital, and those who were unable to get bank stock proposed to build an acqueduct. Whether they designed to throw cold water on the former project does not appear, but it will be allowed that their scheme promised to furnish an equally useful circulating medium. In 1797, a report was published in the New York papers that the Albany Bank had failed, on account of the great influx of counterfeits of its own bills. The bank had now been in operation five years, and there had not yet been a counterfeit discovered. Its affairs appear to have been managed with great prudence and considerable ability; and, in proportion to its capital, possessed more specie than any other bank in the country. Tue current price of its stock was from 45 to 50 per cent above par. The banking house was originally located in Pearl-street, and afterwards removed to the building next to the Mansion House on the south. In February, 1810, it was removed to the north-east corner of State and Court-streets, the present site of the Exchange; and when the latter building was erected, the bank was removed to No. 42 State-street, where it now remains. NEW YORK STATE BANK, No. 69 State-street; incorporated in 1803; charter expires in 1851; capital, $369,600; shares, $28; dividends, 5 per cent, semi-annually, in March and September; discount day, Monday; Rufus H. King, President; J. B. Plumb, Cashier. This bank was incorporated with a capital of $460,000. At a meeting of the directors on the 25th of March, 1803, John Taylor was chosen president, and John W. Yates, cashier. It commenced business on Wednesday, September 7; banking hours from 7 to 12, and from 2 to 4. Notes offered for discount were to be drawn payable at the bank, unless the drawer resided in the city of Albany or New York. Discounts were made for thirty-six days. In December the bank altered its hours of business, opening at 9, and closing at 2. On the 10th of May, 1804, they commenced business in their new banking house, where they have ever sinced continued. By the act of incorporation the controller, together with John Taylor, Thomas Tillotson, Abraham G. Lansing, Peter Gansevoort, Jr., Elkanah Watson, John R. Bleecker, Francis Bloodgood, John Robinson, Gilbert Stewart, John D. P. Douw, Richard Lush, and Thomas Mather, were constituted the first directors. The business was to be confined to the city of Albany, the rate of interest to be 6 per cent, and the State reserved the right of subscribing for 3,000 shares. MECHANICS AND FARMERS' BANK, corner of Broadway and Exchange-street; incorporated in 1811; charter expires in 1853; capital, $442,000; shares, $17; dividends, semi-annually, in May and November; discount days, Tuesdays and Fridays. Thomas W. Olcott, President; Samuel S. Fowler, Vice-President; Edward E. Kendrick, Cashier. The history of the origin and infancy of this institution would be quite interesting to the present generation, since there were some phases in banking operations at that remote period which are unknown now. The capital stock was limited to $600,000. The first election for directors was held on Monday, June 1, 1812. It seems to have been very generally understood among the stockholders for some time previous, that two federalists should be admitted into the board, the directors named in the law being all democrats; but whose seats should be vacated for their admission was not so easily agreed upon. The election opened at 10 o'clock, at the Columbian Hotel, in Courtstreet, and was continued to a late hour in the afternoon. It was a warm and animated contest, and finally resulted in the election of the following:-Solomon Southwick, president; Benjamin Knower, Elisha Dorr, Isaac Denniston, Benjamin Van Benthuysen, William Fowler, George Merchant, Thomas Lennington, Giles W. Porter, Willard Walker, Walter Weed, Peter Boyd, and Isaac Hutton. The two latter were elected in the place of Spencer Stafford and John Bryan. Of that board, it is believed, there are three or four survivors. At the next annual election Isaac Hutton was elected president, and the direction consisted of Thomas Lennington, Peter Boyd, Benjamin Knower, Russell Forsyth, William Fowler, William Boyd, Elisha Dorr, Walter Weed, Giles W. Porter, Benjamin Van Benthuysen, Charles E. Dudley, and Thomas Herring. This bank has ever been conducted with signal ability and success. COMMERCIAL BANK, No. 40 State-street: incorporated in 1825; charter expired in 1847, and the institution is now under the general banking law; capital, $300,000; shares, $20; dividends, July and January; discount days, Mondays and Thursdays. John Townsend, President; John L. Schoolcraft, Vice-President; James Taylor, Cashier. On the 20th of October, 1813, John Bogart, George Webster, E. F. Backus, Joseph H. Webb, and Vinal Luce gave notice of application to the Legislature for a charter to incorporate the Albany Commercial Bank, with a capital of $1,250,000. The banking capital of the State was at this time $20,350,000, exclusive of $810,000, which the State reserved the privilege of subscribing; making an aggregate of $21,160,000. Notices of application were now given for eighteen more banks, with an aggregate capital of $15,250,000. Three of these were from Albany, namely, the Merchants' Bank, Commercial Bank, and North River Bank; in New York, Millers' Bank, Grocers' Bank, Commission Company, Coal Company, Patent Cloth Manufacturing Company, North River Company, Vermont Mining and Smelting Company; also, one at Utica, Schenectady, Johnstown, Cooperstown, Auburn, Canandaigua, Geneva, and Oxford. No bank, however, was clfartered in Albany until 1825, when the Commercial Bank went into operation, having no connection with the one above contemplated. The present bank has, at different times, lost nearly the whole amount of its capital by peculation, but, by extraordinary good management, recovered itself again, and enjoys a high reputation for its soundness and the ability of its officers. CANAL BANK, No. 40 State-street; incorporated in 1829; charter expires in 1854; capital, $300,000; shares, $20. This bank failed in July, 1848, the first bank failure in Albany, and its affairs are in the hands of a receiver. ALBANY CITY BANK, No. 47 State-street; incorporated in 1834; charter expires in 1864; capital, $500,000; shares, $100; dividends, April and October; discount days, Tuesdays and Fridays. Erastus Corning, President; Watts Sherman, Cashier. ALBANY EXCHANGE BANK, No. 3 Exchange Building; certificates filed December 11, 1838, to continue 62 years; capital, $311,100, with privilege to increase to $10,000,000; dividends, January and July; discount days, Tuesdays and Fridays. George W. Stanton, President; Noah Lee, Cashier. ALBANY SAVINGS BANK was incorporated in 1820, being the oldest in the State. Open at the Commercial Bank, No. 40 State-street, every day, to receive deposits. It pays an interest of 5 per cent per annum to depositors, payable half-yearly, on the third Wednesday in January and July. John Townsend, President; Teunis Van Vechten, first Vice-President; Samuel Stevens, second Vice-President; John L. Winne, third Vice-President; William Newton, William McHarg, James Taylor, Rufus H. King, Jacob H. Ten Eyck, Garrit Y. Lansing, John I. Boyd, Frederick I. Barnard, Benjamin Tibbets, James Stevenson, William E. Bleecker, Robert H. Pruyn, Harmon Pumpelly, James D. Wasson, Friend Humphrey, Directors; James Taylor, Treasurer; Robert H. Pruyn, Secretary. Open during banking hours, from 10 to 2 o'clock. AN ILLUSTRATION OF THE ACCUMULATION OF CAPITAL. An illustration of what a little money will become in time, if put out on interest, and properly taken care of, is afforded by an incident related to the editors of the Journal of Commerce, by an old resident. He stated that about 50 years ago, a bequest of $10,000 was left to an idiot on Long Island. He was then in his infancy, and is, consequently, now but little over 50. Soon after his father's decease, three respectable inhabitants of this city, all of whom are yet living, were appointed trustees for the care of the bequest, with authority to appropriate $500 annually for the idiot's maintenance, which was accordingly done. This left at first but a small accumulation, but laterally the increase has been rapid, and the principal amounts to over $100,000. Should the party live 20 years longer, as is not improbable, he will die worth a quarter of a million of dollars. Pretty well for a fool. CONDITION OF THE BANKS OF OHIO. STATEMENT OF THE CONDITION OF THE SEVERAL BANKS IN THE STATE OF OHIO, TAKEN FROM THEIR RETURNS MADE TO THE Auditor of STATE ON THE FIRST MONDay of August, 1849, PREPARED IN OBEDIENCE TO A RESOLUTION OF THE GENERAL ASSEMBLY, PASSED MARCH 2, 1846. Bonds deposit- Total resources. RESOURCES. Independent banks. Bank of Geauga........ Can'l B'nk of Cl'vel'd City B'nk of Clevel'd City B'nk of Col'mb's City B'nk of Cincin'ti Notes and bills $40,628 79 Specie. Eastern deposits. $62,000 00 $184,412 25 10,134 20 26,083 09 57,611 09 154,288 69 113,477 88 20,982 04 31,059 49 90,000 00 298,298 95 441,330 29 39,635 25 47,563 33 245,744 23 954,138 59 33,345 00 13,236 57 10,019 60 50,000 09 166,623 01 Com. B'nk of Cincin'ti, 361,479 28 23,909 47 3,283 22 54,000 00 539,738 56 Dayton Bank 261,064 97 68,708 12 18,392 43 175,292 88 555,613 46 Frank'n B'k of Zan'lle 203,586 24 33,130 34 20,345 23 150,616 33 464,622 28 Sandusky City Bank 122,231 72 12,860 66 25,295 58 53,066 00 275,569 67 Seneca County Bank 78,253 55 12,942 67 21,254 05 90,000 00 231,717 27 185,674 19 42,043 86 15,854 62 126,125 64 401,714 18 Branches of State Bank. Board of Control. Athens. $12,000 00 $222,845 35 Akron.. 198,925 27 63,317 73 23,290 45 20,000 00 341,988 16 Belmont. 193,057 42 56,752 64 15,842 45 18,584 00 309,401 05 Chillicothe.. 576,899 77 115,534 02 56,968 01 41,250 00 820,247 23 Comm'rcial, Clevel'd 392,060 22 93,945 79 60,533 45 31,250 80 673,948 12 Comm'rcial, Toledo. 282,853 49 76,724 64 54,084 45 27,500 00 543,567 23 Dayton... 288,008 36 73,921 47 23,056 60 30,599 00 496,702 43 Delaware County 168,801 63 75,124 21 54,532 75 18,400 00 331,897 81 Exchange. 223,446 75 73,098 69 63,170 00 23,750 00 429,005 78 Farmers, Ashtabula 188,767 66 56,211 40 25,900 84 19,332 00 307,818 80 Farmers', Mansfield. 135,501 10 34,747 08 5,835 67 12,000 00 207,616 71 Farmers', Ripley... 164,083 68 62,516 34 40,688 53 20,000 00 325,214 56 Farmers', Salem 208,872 87 64,992 54 18,405 78 20,000 00 329,067 32 Franklin, Cincinnati. 481,890 93 78,577 72 28,123 83 30,000 00 793,624 07 Franklin, Columbus. 385,808 25 93,568 36 33,052 14 31,250 00 566,381 42 Guernsey 123,585 00 42,428 74 14,075 34 11,940 00 198,152 09 Harrison County... ... 201,822 00 60,205 16 34,574 40 20,000 00 335,384 06 Hocking Valley. 256,220 22 59,465 29 4,375 98 20,000 00 361,842 71 Jefferson 284,361 77 61,652 99 1,137 87 20,317 60 895,757 85 Knox County. 202,000 82 58,557 49 2,132 50 18,000 00 295,642 60 Licking County... 138,056 28 40,696 91 3,970 24 13,040 00 210,770 71 Lorain.. 117,793 96 37,108 94 17,277 65 12,000 00 212,744 48 Mad River Valley.. 250,403 05 55,888 84 28,133 33 20,000 00 892,692 71 Marietta.... 213,660 44 53,122 32 7,603 99 18,000 00 822,419 74 Mechanics & Traders' 287,070 53 55,585 26 14,353 37 16,000 00 483,059 92 Merchants' 308,368 50 75,057 75 2,143 96 23,750 00 469,850 72 Miami County.. 130,092 88 46,775 77 8,283 96 14,032 00 218,279 09 Mt. Pleasant.. 169,199 60 61,675 56 9,029 54 20,000 00 290,365 05 |