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Banking Department,

Lansing, December 31, 1904. To the Honorable Aaron T. Bliss, Governor of Michigan:

I have the honor to submit the sixteenth annual report of this department in compliance with the provisions of section 43 of the General Banking Law of Michigan, as follows:

On the thirty-first day of December the Commissioner of the Banking Department shall make an annual report to the Governor of the State, which report shall be published and shall exhibit:

First, A summary of the state and condition of every bank from which reports have been received during the year, with an abstract of the whole amount of capital returned by them, the whole amount of their debts and liabilities, the total amount of means and resources, separating the reports of such banks and other corporations, and specifying the amount of lawful money held by banks at the time of their several returns, and such other information in relation to such banks and corporations as in his judgment may be required;

Second, A statement of the banks and corporations whose business has been closed during the year, the amount of their resources and liabilities, and the amount paid to the creditors thereof;

Third, The names and compensation of the clerks employed by him, and the whole amount of expenses of the banking department during the year;

Fourth, The amount of fees received for the examination of banks, or other corporations, and fines collected and paid over to the State Treasurer.

In accordance with the provisions of sections 39 and 40 of the General Banking Law, all of the institutions under the supervision of this department have been examined during the year.

At the date of this report, there are two hundred and fifty-seven State banks, four trust companies and one society for savings under the supervision of this department. In the statistics following the number of banks is given at 248 State banks. This is caused by nine banks commencing business subsequent to September 6, the date of last call for report of condition.

Statements showing the financial condition of all State banks and trust companies, as called for by this department four times during the year, and in addition thereto reports of the financial condition of the eighty-eight national banks of the State, are appended; as are also abstracts of the yearly reports for the past fifteen years, which show the progress and increasing


Twenty state banks have been organized during the year. follows:

They are as







284 285 286 287 288

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289 290 291 292 293

June 1.
June 1.
June 22.
June 27.
August 10.

The Wayland State Bank.

State Bank of Merrill.

The State Savings Bank of Caro, Michigan

The Commercial Savings Bank of Caro, Michigan. Caro
The Minden City State Bank...

Minden City...
The State Savings Bank of Unionville.

The Leelanau County Savings Bank

Sutton's Bay..
The State Bank of Caledonia.

The State Bank of Coleman

The State Bank of Fowlerville.

The Farmers Savings Bank of White Pigeon, Mich. White Pigeon..
The Evart Savings Bank

The Manton State Bank.

The Fremont State Bank

The State Bank of Gladwin.

The State Savings Bank of Escanaba, Michigan... Escanaba,
The Farmers and Merchants State Bank.

The Delton State Bank

The Farmers State Bank of Alto.

State Savings Bank of Carleton.


20,000 20,000 20,000 20,000 25,000 20,000 30,000 20,000 25.000 20,000

294 295 296 297 298

August 22.
October 1.
October 17.
November 1.
November 1.

299 300 301 302 303

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On July 30, 1904, the Department took possession of the State Bank of White Pigeon and turned it over to J. Murray Benjamin, of White Pigeon, who was appointed receiver. It is believed that the depositors will be paid in full, without resorting to an assessment on the stockholders. This institution was the only bank to become insolvent during the year.

VOLUNTARY LIQUIDATIONS. The City Bank of Dowagiac, by vote of its stockholders April 21, went into voluntary liquidation, as provided for in section 53 of the Banking law.

On December 22, 1903, the stockholders of the State Bank of Middleville voted to place that institution in voluntary liquidation, according to provisions of said section 53, but such liquidation was not sanctioned by the Department until March 1, 1904.


According to the provisions of section 54 of the banking law, the following consolidations of state banks were consummated during the year:

The Ionia County Savings Bank, Ionia, by a vote of its stockholders May 4, was consolidated with and absorbed by the State Savings Bank, Ionia.

On May 2, 1904, the Marlette State Bank, Marlette, by vote of its stockholders was consolidated with and absorbed by the Commercial State Bank, Marlette.

On June 29, 1904, the stockholders of the Chippewa County Savings Bank, Sault Ste. Marie; voted to consolidate with and be absorbed by the Central


During the year 1904, following the law as laid down in section 10 of the banking act, the banks named below have increased their capital stock:

Alpena County Savings Bank, Alpena, $50,000.00 to $75,000.00.
Waldby & Clay's State Bank, Adrian, $55,000.00 to $75,000.00.
Commercial State Bank of Marlette, $25,000.00 to $40.000.00.
Central Savings Bank, Sault Ste. Marie, $50,000.00 to $100,000.00.

This is an increase of banking capital of $110,000.00; adding to this amount the $500,000.00 gain caused by the organization of new banks makes a gross increase of banking capital of $610,000.00. Deducting from this amount the $250,000.00 loss of banking capital caused by the consolidation, liquidation, and insolvency of state banks, as heretofore mentioned, a net gain in capital stock of State banks is shown of $360,000.00.

OTHER AMENDMENTS TO ARTICLES OF INCORPORATION. On April 7, the Monroe County Bank, Dundee, taking advantage of section 10 of the banking law, by a vote of its stockholders, amended their original articles of incorporation allowing such bank to transact a savings bank business.

The State Bank of East Jordan by a vote of its stockholders on January 12, 1904, also amended their original articles of incorporation so as to permit of the transaction of a savings bank business, according to said section 10 of the banking law.

EXTENSION OF CORPORATE EXISTENCE. According to the provisions of section 67 of the banking law the Lumbermans State Bank, West Bay City, extended its corporate existence for thirty years from and after January 1, 1905.


Since the organization of this department, 1889, the increase and growth of business has been very great. Loans show an increase of $118,039,906.06, and deposits $128,702,163.50, as will be seen from the following statement:

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Capital stock paid in
Surplus fund and undivided profits..
Notes and bills rediscounted

$5,519, 425 00

$15,919,551 21

$16, 111, 120 00

1,818.835 53 31,284, 124 39

278.385 96

9,125,683 02 153,880, 451 91

509,284 19

9,527, 154 72 159,986,287 89

309, 150 17


The total number of depositors in the 248 State banks and 88 National banks on December 1, 1904, was 603,234, as follows:

State banks, individual deposits subject to check.
State banks, commercial certificates of deposit.
State banks, savings depositors.......
State banks, savings certificates of deposit.
National banks, individual deposits subject to check.
National banks, certificates of deposit....

75,713 37,369 305,346 53,286 58,312 73,208

The following table will show number of commercial depositors and savings depositors in the 248 State banks and 88 National banks, together with amount of deposits and average amount to each depositor:

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*This includes certificates of deposits; several certificates issued to one person counted as one.

REC'EIPTS AND EXPENSES OF THE DEPARTMENT. The fees collected by this department for the examination of banks, according to the provisions of section 40 of the general banking law, amounted to $18,601.37. And there has been turned over to the Secretary of State for franchise fees on capital stock of new banks and from banks increasing their capital and extending their corporate existence, $340.00. This amount together with $18,601.37 examination fees, makes a total of $18,941.37 received from banks during the year.

The expenses of the department for the year were as follows:

Salary of Geo. W. Moore, Commissioner..
Salary of Wm. Donovan, Deputy Commissioner. ...
Salary of W. T. Bradford, as examiner....
Salary of B. C. Jolly, examiner, (resigned October 15, 1904)...
Salary of Harmon Wendell, examiner....
Salary of E. E. Ford, examiner.
Salary of Charles M. Turner, examiner.
Salary of A. E. Manning, examiner...
Salary of special examiners.
Salary of F. D. Carleton, clerk (appointed January 1, 1904, re-

signed July 1, 1904)...
Salary of extra clerks..
Expenses incurred in examination of banks.
Miscellaneous expenses, viz., printing, stationery; postage, etc..

$2.500 00 2,000 00 1,700 00 1,344 29 1.700 00 1,700 00 1,700 00 1.500 00

504 10

456 01 1,000 99 5,741 08 1,850 18

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