in which their chief loans have been made to examine the property which the company hold as security, and to have intercourse with those gentlemen through whom their loans have been made, to ascertain their practices in recommending loans, and to urge upon them the attention, prudence and caution which influence the board in their own conduct. Nicholas Devereaux, of Utica, was the gentleman appointed, and having spent between two and three months of the past summer, in performing the duty imposed upon him, he delivered to the board a detailed account of each loan he had examined, and his sentiments and opinions as to the course which the trustees had pursued, and ought to continue to pursue. He also presented a more general report, a copy of which is annexed to the one which the trustees now make.

3. The amount, exclusive of interest of loans on stock securities, on the first day of January, other than loans to or for the use of moneyed corporations, was $619,549.51. The following table shows the amount loaned on each kind of stock, the number of shares, and the nominal and market value thereof, and the amount payable on demand at the time of the loan, the amount loaned for limited periods less than six months, and the amount loaned for six months or more.

Of the above loans on stock, there are none on which the interest has been due more than six months, nor the interest on which has not been paid when due and called for. There are none of course in suit, nor ordered for prosecution, nor are there any where the principal and interest due thereon, exceeded on the first day of January, 1833, the market value of the stocks pledged for the security thereof. The general rule being to loan on stock at 10 or 15 per cent at least below the market value, so to be kept by agreement.

4th. The amount of loans on bonds, bills or notes, with personal securities only, other than loans to or for the use of monied corporations, was on the 1st day of January, 1833, $800,521.13.

The amount of the last mentioned loans payable on demand, the amount loaned for a less period than six months, and the amount loaned for six months and over, is as follows: Payable on demand, $28,000; loaned for a less period than six months, $357,268.40; loaned for six months and over, $415,252.73. There are none of the said loans on which interest has been due six months, nor any in suit, nor ordered for prosecution, nor are there any under pro

test.

5th. To the interrogatory, what is the amount due from persons on account, other than loans to or for the use of monied institutions? the trustees beg leave to answer, none. No money has ever been allowed to remain in the hands of the president or secretary, but is deposited before three o'clock each day, in bank; nor of any trustee or agent of the company, nor has any money been loaned but on bonds, mortgages, bills, stocks or other securities, nor without such securities being approved and in the office, or believed to be in the hands of a person authorised to receive them.

6th. The whole amount of interest due to the company, on all its loans, whether on bonds and mortgages, or on the personal securities which have been mentioned, was, on 1st day of January, 1833, $18,724.63, since reduced to $13,758.17; of this amount $643.26 has been due six months without the consent of the board. 7th. No loan has been made to any monied corporation, or to their officers or agents, for the use of such corporation.

8th. The company own, in their own right, stock of the city of Albany, to the amount of $60,000, for which they have the certificates in the office, bearing an interest of five per cent, one per cent advance having been paid for the same. Its market value is not known, none being in the market. And 100 shares stock of the New-York Life Insurance and Trust Company, purchased out of the surplus funds of the company, par value $10,000, the market value at an advance of 40 per cent; the last mentioned stock having been purchased at an advance above par value of 24 per cent. The trustees beg leave to remark as to these 100 shares of the New-York Life Insurance and Trust Company, that it was thought prudent, by the board, to purchase and hold this small number, that they might have in their power to supply, when a vacancy was to be filled, the shares necessary, by the act of incorporation, to constitute a trustee, and when it might happen 50 shares was not to

be had in the market. The trustees have determined, by resolu tion of the board, not to make any farther purchases for that or any other purpose.

9th. The only real property, which the company own, is the building in which they transact their business, and the lot on which it stands; for which, and its furniture, has been paid by the company, $42,483.78. The lot is 27 feet on the street, and 116 feet deep, situated in Wall-street, in the first ward of the city of New-York.

10th. The whole amount of money on hand on the 1st day of January, 1833, was $1,612.50, being the balance lying in the Manhattan bank, at the disposal of the trustees on that day. The Manhattan bank, of the city of New-York, is the bank in which all the deposites of the company are made, and with which all the company's banking business is done. All money drawn from the bank is drawn by checks, signed by the president, and countersigned by the secretary.

11th. Excepting their books, the company have no property of any description whatever, excepting what has already been stated, in answer to the preceding interrogatories, or which will be specified in answer to some one of those which follow.

12th. The company have received no money in trust, to be invested, at the risk and for the benefit of the persons for whom such monies were received, or of other persons designated by the trust. All monies which have hitherto been received in trust, are at the risk of the company, and under their management, unless it may be in the two following cases. 1st. The company, as guardians of two infants in England, have received an assignment of certain United States 5 per cent stock, payable in 1835, amounting to $7,451.30, which stock remains with the company, unchanged, and while it does so may be considered at the risk of the cestui que trust. 2d. An assignment in trust, for two years, of 1,100 shares of bank stock, at the risk of the assignor.

1st. The amount of the capital stock of the company is $1,000,

000.

The number of stockholders owning the same, on the first day of January, 1833, was 134; of whom the number residing out of the State is believed to have been 14, and the amount of stock held by these, collectively, 1,950 shares. The number residing in the State, other than the trustees, was 92, and the amount of stock held by them 5,386 shares. The number of trustees acting on the 1st day of January, 1833, two vacancies to be filled, was 28, of whom