The report of November 10th, 1910, compared with the report of November 16th, 1909, shows an increase in loans of $27,918,411.75, while the total deposits show a gain of $27,165,211.41. This increase in deposits is apportioned as follows: Commercial Deposits (individual) $8,338,995.57, Savings Deposits $17,781,758.17, and deposits of banks $944,467.67. On December 1st, 1910, a report as to number of depositors was received from each of the 397 state banks and 102 national banks. These reports show a total of 1,050,267 depositors, which are separated into the following classes: 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. 139,136 47,871 514,493 104,652 173,932 70,183 The above shows that the number of commercial depositors in state banks have increased 15,364, while the gain in the number of savings depositors is 45,853, constituting a total increase in number of depositors in state banks for 1910 of 61,217. The reports of Michigan national banks on said date show that number of depositors have decreased 35,400. The net gain therefore in state and national banks amounts to 25,817 for 1910. Below I give table showing the amount of commercial and savings depositors in the 397 state banks and 102 national banks, the aggregate amount of deposits and the per capita to each depositor: *This includes certificates of deposit; several certificates issued to one person counted as one. EARNINGS AND DIVIDENDS OF STATE BANKS. While there is no uniform dividend period for state banks, the law provides that each bank shall report to the Commissioner within ten days after declaring any dividend, the amount of the same, the amount carried to surplus, and any earnings in excess thereof. It is the custom of the Department, however, to call for a report as to earnings and dividends on June 30 and December 31 of each year. An abstract of reports made December 31, 1909 and June 30, 1910, shows that gross earnings amounted to $13,304,029.98, and that there was charged out of this sum on account of losses, bad debts, premiums, etc., $625,024.84, and on account of expenses and interest paid $9,192,289.17. The net earnings, therefore, were $3,486,715.97, out of which dividends were paid amounting to $2,009,518.31. The average capital for the period above mentioned amounted to $22,861,777.50, with an average surplus fund of $11,634,112.30, and average deposits of $245,952,155.77. The net earnings were, therefore, equivalent to 1.46 per cent of deposits, 15.25 per cent of capital, and 10.01 per cent of capital stock and surplus, while the average dividend on capital stock amounted to 8.7 per cent, and on capital stock and surplus 5.8 per cent. RECEIVERSHIPS. The following reports of active receiverships are respectfully submitted: The City Savings Bank, Detroit. The Union Trust Company, Detroit, receiver, under date of December 1st, 1910, reports as follows: Liability to depositors at date of suspension. Other liabilities Total... Total assets at date of, and received since suspension. $3,378,121 20 662,937 50 $4,041,058 70 521,834 96 2,708,506 85 Since the failure of this bank February 10, 1902, dividends to the amount of 68 per cent have been paid savings depositors, and 64 per cent to commercial depositors. Pending litigation concerning certain certified checks to the amount of $662,000 is delaying the winding up of this receivership. The Chelsea Savings Bank, Chelsea. William W. Wedemeyer, receiver, under date of December 1st, 1910, reports as follows: Liability to depositors at date of suspension. Total .... Total assets at date of, and received since suspension. Amount collected by receiver to date ... Disposition of collections: Loans paid and other disbursements Dividends paid Legal expenses All other expenses Receiver's salary paid to date Balance in hands of State Treasurer Balance in hands of receiver $1,028,852 84 20,764 21 $1,049,617 05 1,419,391 41 724,696 01 $15,254 81 613,329 96 13,922 26 19,025 71 10,000 00 29,862 82 23,300 45 $724,696 01 The above bank was closed December 2, 1907. Up to the date of this report dividends to the amount of 44 per cent have been paid commercial depositors, and 70 per cent to savings depositors. Further dividends will no doubt be made, but owing to litigation concerning the affairs of the bank the final report of the receiver is delayed, although it is expected the receivership will be closed before the time of making the next report. It is apparent, however, that the loss to depositors will not be as large as was at first expected. State Bank of Fenton, Fenton. Clarence Tinker, receiver, under date of December 31st, 1910, reports as follows: Liability to depositors at date of suspension Total ... ... Total assets at date of, and received since suspension $101,710 04 1,134 45 $102,844 49 141,757 18 72,775 19 This bank was closed June 14, 1897, and up to date dividends to the amount of 40 per cent have been paid to creditors and depositors, the last dividend of 2 per cent occurring in the year 1903. Since the last mentioned date, the receivership has remained in an inactive condition. I have made persistent efforts to have this receivership closed during the year 1910, but having been unable to bring about the desired result, I have referred the matter to the Attorney General for his consideration and attention. The Farmers and Merchants' State Bank, Parma. Seymour H. Godfrey, receiver, under date of December 1st, 1910, reports as follows: Liability to depositors at date of suspension Other liabilities Total Total assets at date of, and received since suspension. Amount cash on hand at date of suspension $86,207 99 10,336 87 $96,544 86 $138,436 28 83,136 03 4,736 18 As will be seen by previous reports, this bank was closed September 18, 1908, after an examination by the Department, which showed an intermingling and confusion of the assets and liabilities of this bank with those of a private bank in which the cashier was interested. Up to the date of this report, dividends to the amount of 65 per cent have been paid depositors. Dividends already declared to commercial and savings depositors have been on a common basis. The matter of having the mortgage and bond investments applied solely to the credit of the savings depositors is now before the court for determination. As soon as the matter has been fully decided, another dividend will be paid. On account of some long time mortgages, it is doubtful whether this receivership will be closed up during the coming year. ABSTRACTS OF RECEIVERSHIPS. For general information I give below a summarized abstract of the reports of receivers of insolvent state banks: It will be seen from the above table that the per cent collected on total assets of closed receiverships was 47.3, while there was 49.7 per cent of assets collected, including the amount received from assessments on stockholders. 25.7 per cent of the total amount of capital stock was collected by way of assessments on stockholders. The expenses incurred by the several receivers amounted to 5.4 per cent of the total assets, and equalled 11 per cent of the total amount collected. An average of 64 per cent has been paid to the depositors. With reference to the active receiverships, the above tabulation exhibits that there has been collected on total assets 56.2 per cent, and 56.7 per cent has been collected, figuring the amount received from assessments on stockholders. There was collected on capital stock 28.7 per cent. The percentage of expenses to total assets amounted to 5.3, and to amount collected 9.2 per cent. There was paid 65.2 per cent to depositors. Reference to the figures shown above in relation to all receiverships, shows there has been collected 52 per cent on total assets, and 54.8 per |