New York State Dept. of Audit and Control Subscriptions and Redemption Statements of Canal Stock, and Lists of Bank Contracts…

Arranged in three subseries: Subseries 1, List of Contracts with Banks for Interest on Canal Money, 1831-1834, 0.1 cu. ft. (3 pages); Subseries 2, Statements of Erie and Champlain Canal Stock Redeemed, 1833-1839, 0.2 cu. ft. (18 pages); and Subseries 3, Subscriptions to Stock, 1815, 0.1 cu. ft. (3 pages).

The series comprises several pages of a volume containing information on canal finance, including subscription and redemption of stock, and contracting for bank interest on canal funds, the exact provenance of which is unknown. The information may have been generated by Commissioners of the Canal Fund or by the State Comptroller (who was a member of the Canal Fund by the Laws of 1817, Chapter 262), and collated by the Dept. of Audit and Control at a later date.

Subseries 1, Lists of Contracts with Banks for Interest on Canal Money. This subseries contains three pages listing contracts with banks allowing an interest on deposits of Canal moneys at sixty days for 4.5 or 5% interest. This list was probably generated by the Comptroller's Office. Each entry provides date of the contract; contract number; name of bank; and rate of interest.

Subseries 2, Statements of Erie and Champlain Canal Stock Redeemed. This subseries comprises eighteen pages of statements of Erie and Champlain Canal stock purchased and cancelled by the Commissioners of the Canal Fund since January 1, 1833. Each statement provides the date of the purchase; the name of the purchase; a description of the stock (interest rate, year of maturity); the amount of stock purchased in dollars; the amount of premium; interest accrued, and the total amount paid. These statements were probably compiled by the Comptroller's Office. They are arranged in chronological order with the first entry dated October, 1834 and the final one dated April, 1839.

Subseries 3, Subscriptions to Stock. This subseries contains three pages of names of subscribers who purchased stock from the state pursuant to a law passed April 7, 1815, which authorized the creation of a public and transferrable stock for $1,300,000 for the purpose of securing a loan. Information includes the name of the subscriber; the rate of interest per annum; the amount of subscription; and a printed copy of the enabling legislation. There is no apparent order to the subscription entries and no name index is available.

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