State Banking Department,

STATE OF WISCONSIN.

DECEMBER 31st, 1903.

HON. ROBERT M. LA FOLLETTE,

Governor of Wisconsin.

SIR-In compliance with Chapter 234, Laws of 1903, I have the honor to submit herewith the ninth annual report of the State Banking Department of Wisconsin, showing the condition of the banks under its supervision at the close of business, November 17th, 1903.

The legislature of 1903 enacted a law "for the creation of banks and for the regulation and supervision of the banking business," which was approved and became operative, after publication, May 15th, 1903.

One important provision of this law prohibits the use of the name "bank" by other than banking corporations duly organized under the banking laws of this state and authorized by charter from the commissioner of banking to engage in the banking business. As a result of this provision, so-called "private banks" have effectually been abolished in this state.

There were in existence in Wisconsin 148 private banks on March 14th, 1903, the date of the last report called for from them previous to the passage of the new law. Of this number, 137 have become incorporated since and were chartered as state banks. One was closed by this department and placed in the hands of a receiver, while ten of the private banks either elected