TABLE OF CONTENTS. total volume of business state and national banks, December reports. Page 13 REPORT OF THE COMMISSIONER. STATE OF MICHIGAN, Lansing, December 31, 1896. TO HON. JOHN T. RICH, Governor of Michigan: In compliance with the requirements of Sec. 43 of the State Banking Act, I have the honor to herewith transmit the Eighth Annual Report of the Commissioner of the Banking Department, together with a tabulation of the published reports of the banks and trust companies under the supervision of this department, for the year ending December 31, 1896. On November 6 Mr. T. C. Sherwood, who had been the Honorable Commissioner of Banking nearly eight years, and during the entire existence of the law, tendered his resignation, and the same was duly accepted, and the undersigned was appointed to fill the vacancy. Mr. Sherwood resigned for the purpose of accepting the presidency of the Peninsular Savings Bank of Detroit. The financial depression that began with the so called panic of 1893, has continued during the past year, with increased severity. The unfavorable conditions have affected all avocations and business enterprises more or less severely, but none have suffered more than the banks. When these facts are taken into consideration it is certainly a matter of congratulation that the Michigan State banks are able to make as good a showing as is to be found in the accompanying tables. That the reports are so favorable, evidences that as a rule our State banks have been managed by their officers and directors with fidelity and good judgment, and proves the efficacy of the banking act, and the value of 2 EARNINGS AND EXPENSES OF THE BANKING DEPARTMENT. The amount received during the year from the several banks, as fees for supervision and examination, was $8,771.21, which has been deposited with the State Treasurer, as required by Sec. 40 of the State banking law. The expenses of this department for the year were $9,704.05, and made up of the following items, viz.: Salary of T. C. Sherwood, Commissioner. Salary of D. B. Ainger, Commissioner.. Salary of E. A. Sunderlin, deputy commissioner. Salary of L. M. Sherwood, chief clerk and examiner. Miscellaneous expenses, viz.: printing, stationery, postage, etc. $ 2,099 35 352 55 2,000 00 1,500 00 520 45 2,677 59 554 11 COMPARATIVE VOLUME OF BUSINESS. The deposits in the 169 State banks, and four trust companies, December 13, 1895, exclusive of amounts due to banks and bankers, were $66,263,139.02. The deposits in the 173 State banks and four trust companies, December 17, 1896, exclusive of amounts due to banks and bankers, were $65,038,394.97. This shows a decrease of deposits in 1896 as compared with 1895, amounting to $1,224,744.05. The deposits in the 94 National banks, December 13, 1895, exclusive of the amount due to banks and bankers, were $35,981,634.14. The deposits in the 89 National banks, December 17, 1896, exclusive of the amount due to banks and bankers, were $34,400,244.21, which shows a decrease in 1896 as compared with 1895, amounting to $1,581,389.93. For a more complete comparison of the condition of the banks of the state during the past eight years, see table published elsewhere. REPORTS OF RECEIVERS. In response to a call from this department, the receivers of the several insolvent banks made their annual reports at the close of business, December 15, 1896. All appear to be making commendable progress |