LIABILITIES.

Totals

$91,178,643 78

$90, 300, 698 76

$90,246, 217 43

$89, 529,689 11

The next subjoined table shows the increase in the principal items of resources and liabilities on November 17th, 1903, over November 25th, 1902, namely:

Little comment is needed upon the above table. The figures speak for themselves. They show that despite the sudden flurry in the stock market and the consequent temporary financial de pression which enveloped the East part of the year, Wisconsin banks enjoyed well-deserved confidence and increased their volume of business. This fact is further corroborated by figures in Table “C,” which show a comparative condition of state, private and savings banks of Wisconsin annually since 1895, the date of the organization of this department, and the steady, healthy growth of the banking business during the period of nine years.

For Table “C” see appendix.

In order to present the condition of the banking business in Wisconsin in its entirety, the tables furnished this department through the courtesy of the comptroller of the currency and showing the condition of the 107 National banks operating in this state at the close of business on November 17th, 1903, were used to compile the aggregates embodied in Table "D.” This compilation shows the resources and liabilities of all the banking institutions of Wisconsin, viz., national, state and savings, on November 17th, 1903, and a comparison with their condition one year and seven years ago, or in 1896. The latter

The latter year was selected for the purpose of comparison, as in former years, being the lowest mark since the creation of this department. As in

the foregoing tables, so also here, a marked increase over the year 1902 is shown in the various items, namely, an increase of $8,853,826.80 in loans and discounts, of $3,041,158.06 in the capital, surplus and profits, of $6,122,496.59 in deposits, and of $10,837,155.19 in total resources. There is, however, a noticeable decrease in cash resources, indicating unmistakably a stringency in the money market at the time the reports were rendered. This department has persistently urged all banks, whose reserve was found low, to replenish the same. Table follows:

Tabie “D."

RESOURCES.

State, pri-
State, sav. State, pri-

vate and
ings and
vate, sayings banks, Nov.

savings
National and national
banks, Nov.'banks, Nov.

21, 1896.

National 17, 1903.

25, 1902.

banks, Oct. 6,

1896.

1903. Increase over 1902.

1903 Increase over 1896.

Loans and discounts $131,913,024 01 $123,089, 147 21 $59,853,646 44 $8,853,82680 $72,989,377 57 Bonds, stocks and securities

24,976,937 20 21,916,845 91 7,963,988 79 3,060,091 29 17,012,948 41 Cash on hand and

due from banks.... 43,910,629 78 45.459,812 76 22,382.226 84 *1,519, 182 981 21,528,402 94 All other resources 4,473,796 59 4,001,376 51 4,860,088 72 472,420 08 *386,292 13 Total resources.... $203,301,387 58 $194,467,232 39 $95,059,9:0 79†$10,837,155 19 †110,241,430 79 LIABILITIES

Capital, surplus and profits &..

$31,611,691 63 $28,570,536 57 $24,625,735 69 $3.041,158 06 $6,985,958 94 Due depositors... 156,519,144 85 150,396,648 26 63,281,563 44 6,122,496 59' 93,237,581 41 Due to banks

10,146,436 14 10,143,925 & 2 3,415.966 25 * 97,439 681 Circulation

6,730,469 89 5,935,085 00 4,122,708 001 2,828,390 00 1,812,377 00 3,106,695 00 All other liabilities.. 1,092,026 93 933,413 74 208,295 41 158,613 22 183,731 55

Total liabilities... $205,304,387 58 $194,467,232 3) $35,059,950 79 +$10,837,157 19 $110,244,436 79

* Decrease. + Net increase. Only the capital stock actually paid in in the state banks is included in this item.

This report, it will be observed, embodies, among other features, statements of the condition of each National bank doing business in this state. This is a feature adopted several years ago and which has proven a great convenience to the banking fraternity and all concerned. This feature is rendered possible only by the co-operation of the National banks and I desire to express to the officers of these institutions my appreciation of the uniformly courteous and prompt response to my request for copies of their statements to the comptroller of the currency.

STATE BANKING DEPARTMENT.

The banking law provides that, in his annual report, the commissioner of banking "shall also report the names and compensation of the clerks employed by him, and the whole amount of the expense of the Banking department during the year preceding." I assume that the word “clerks” is intended to include the examining force as well as the clerks employed in the office. The present force employed by this department is as follows:,

The expenses of the department for the year 1903 were as follows, to-wit:

Salaries.
Transportation.
Other traveling expenses
Printing
Postage.
Expressage, telegraph, telephone

$10,014 34

1,398 01
1,893 70
1,018.47
325 4y
39 03

Total expenses

$14, 719 04

The total expenses, thus incurred, are partly offset by the following receipts of this department:

RECEIPTS.
Examination fees
B. & L. Assn. incorporation fees.
Refund for mileage
Refund of expenses from receiver, Bank of Westby

Total receipts
Net amount of expenses

$1,560 00

10 00 125 69

9 75

4, 705 44

$10,013 60

It may be added that the refund for mileage of two of the examiners, amounting to $234.43, has not been received in time

CLOSED BANKS.

1. Bank of Westby, a private institution owned by Carl O. Brye, having a capital and surplus of $14,000 and deposits of $138,000 was closed by this department on December 17th, 1902, and on the following day a receiver was appointed by the court. The bank is located in Vernon county in the centre of a rich tobacco growing district. The failure of this bank was due to excessive loaning to dealers in leaf tobacco. The estimated loss to depositors will be at least 25 per cent. The receiver's report follows:

RECEIVER'S REPORT OF THE CONDITION OF THE BANK OF WESTBY

AT THE CLOSE OF BUSINESS ON THE 17TII DAY OF NOVEMBER, 1903.

RESOURCES.

LIABILITIES.

1. Loans and discounts.
2. Banking house
3 Furniture and fixtures
4. Cash on hand

$122,068 00 1. Capital.

$6,000 00 3,000 00 2. Profits, less loss and expense 500 00 account.

2,917 90 1,817 53 3. Due depositors

106, 467 63 4. Notes re-discounted.

12,000 00 $127,385 53 Total....

$127,385 53 Signed: M. H BEKKEDAL, Receiver.

Total

2. The Farmers' & Merchants' Bank of Bangor was closed by this department on July 15th, 1903. It was a private bank owned by Ludvig Larson of Bangor and D. D. Samuels of West Salem. It had a capital and surplus of $11,000 and deposits of $77,000. The insolvency of this institution was due to lack of correct methods in keeping accounts and to mismanagement and gross negligence on the part of its owners. From the statement of the receiver which follows, it appears that the creditors cannot hope to realize much over 60 per cent. of their claims