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APPENDIX. 407 cessity of an institution of this kind, to obviate the necessity of a journey to Binghampton, Delhi, or Unadilla, to transact their banking business. Deposit, since the opening of the New York and Erie Railroad, had grown to become one of the first villages in the county. The lumbering interests of that section of country, were important and extensive — a species of industry, which above all others, is peculiarly calculated to create a requisition for a large surplus capital. The question of establishing a bank, had, at various times been agitated, and as often unsuccessfully, until Mr. Knapp came forward, and boldly embarked his capital in the establish- ment of an individual bank. We are indebted to the politeness of Mr. Knapp, for the following particulars : This is an individual bank, for which no particular amount of capital is required. At least $50,000 must be deposited as securities in the Bank Department, for the redemption of its individual notes, before the individual can receive any such notes. At first, in our book reports, we reported as capital, the stock, bonds, and mortgages in the Bank Department, amounting to $54,084. But lately, a special account has been opened in the books of the bank, for the bonds and mortgages, and the stocks only have since been counted as capital. The bank, was organized and commenced business, on the 20th, of February, 1854. The sureties now held by the Bank Department are : New York State, 6 pr. ct. stock, redeemable in 1873, $23,000 New York State, 5 pr. ct. stock, redeemable in 1856, 7,000 Bonds and Mortgages, 30,049 $60,049 Enclosed I send a copy of our last quarterly report.