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TABLE OF CONTENTS.

Abstracts, comparative, 1889 to 1907, inclusive, state banks..

comparative, 1889 to 1907, inclusive, national banks.

of state banks, 1907...

of national banks, 1907..

total volume of business state and national banks, reports of 1907

state banks in Detroit..

national banks in Detroit.

state and national banks in Detroit.

state and national banks in Grand Rapids...

state and national banks in Saginaw.

state and national banks in Kalamazoo.

state and national banks in Bay City..

state and national banks in Port Huron..

state and national banks in Jackson...

state and national banks in Ann Arbor.

state and national banks in Marquette.

national banks in Houghton....

state and national banks in Muskegon.

state banks in Adrian.

state and national banks in Lansing.

state and national banks in Alpena..

state banks in Benton Harbor...

Amendments to banking law.....

Banks examined and fees paid..

Banky commencing business after December 1, 1907

Capital stock, increase and decrease of..

Consolidations...

Examinations, .

Extensions of corporate existence..

Financial condition..

Growth of state banks..

Impairment of capital..

Increase and decrease of capital stock.

Index to banks.

Insolvent banks..

List of bank cashiers in Michigan.

Liquidations.....

New banks and trust companies..

Number of depositors...

Number of state banks and trust companies..

Opinions of attorney general..

Other amendments to articles of incorporation..

Receipts and expenses..

Reserve cities...

Reports of receivers..

Reports of state banks and trust companies (see index)

Reports of national banks (see index)....

Salaries....

Xv

3-340

343-435

xvii

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STATE

BANKING DEPARTMENT

REPORT OF THE COMMISSIONER

STATE OF MICHIGAN,

Banking Department,

Lansing, December 31, 1907. To the Honorable Fred M. Warner, Governor of Michigan:

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

NUMBER OF STATE BANKS UND TRUST COMPANIES. At the date of this report, there are three hundred twenty-nine State banks, six trust companies and one society for savings under the supervision of this department. In the statistics following the number of banks is given at 328 State banks. This is caused by one bank commencing business subsequent to December 3, the date of the last call for report of condition.

FINANCIAL CONDITIOX. Statements showing the financial condition of all State banks and trust companies, as called for by this department four times during the year, in addition thereto reports of the financial condition of the 93 national banks of the State; as are also abstracts of the yearly reports for the past nineteen years, which show the progress and increasing wealth of the State.

EXAJIXATIONS. During the year 646 examinations have been made by the Department, all the banks having been examined twice, except those organized the latter part of the year, and trust companies, the statute governing the latter requiring but one examination. In several cases, I have deemed it necessary to make more than two examinations of certain banks during the year, in order to ascertain whether the requirements of the law were being observed, and the safety of the depositors' funds fully protected. The reports of the examiners have been carefully gone over and compared with previous examinations, so with the published reports made, five of which were required during the year, besides two reports of dividends and earnings, and the criticism resulting has been made the subject of communication with the respective banks. In some instances special reports have been called for during the year, while in other cases, daily reports have been required, to the end that the

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Department might be fully advised of the banks condition and whether progress was being made toward compliance with the banking law, the necessity for which having been previously pointed out by the Depart. ment.

In nearly every instance, the observance of the law and correction of irregularities requested by the Department, have been complied with promptly and willingly, and in but few cases has it been necessary to take drastic steps to bring about improved conditions.

IMPAIRMENT OF CAPITAL.

The capital of five banks was found by me to be impaired and an assessment on their stock, from fifty to one hundred per cent., was in each case ordered. These assessments have nearly all been collected and paid in, thus placing the banks effected on renewed and safe footing, fully protecting the depositors, which, in my opinion, should always be the first consideration of the Commissioner. These banks, on the discovery of their condition, could legally have been closed by the Commissioner, but such a course could not have been justified as being either wise or sane.

NEW BANKS AND TRUST COMPANIES.

Thirty-one State banks have been organized during the year, as follows:

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The Barber State Bank of Verinontville,

Michigan..
The Onsted State Bank.
The Richland State Bank..
The State Savings Bank of Rochester.
The First State Savings Bank of Mar.

cellus.

Vermontville
Ousted.
Richland..
Rochester.

25.000
20,000
20.000
25,000

September 28.
October 21.
October 22.
October 24.

Marcellus.

40.000

November 2.

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