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Lansing, December 31, 1898.

TO The Hon. HAZEN S. PINGREE, Governor of Michigan:

I have the honor to submit the tenth annual report of this department as required by the General Banking Law of Michigan, in compliance with section 43, 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.

I entered upon the duties of the department, March 1, 1898, upon the death of the late commissioner, Hon. Josiah E. Just, who died February 19, 1898.

During the ten months I have been in charge of the department, all of the institutions under ny supervision have been examined once, and a large number twice, and it is expected that all will have had the second There are, at this date, one hundred and eighty-three State banks and three trust companies under the supervision of this department.

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-one national banks of the State, are apended; also abstracts of the yearly reports for the past ten years, which show the progress and increasing wealth of the State.


Eleven new banks have been organized during the year, as follows:

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One State bank has failed this year, namely: The Tawas State Savings Bank, of East Tawas, closed July 22, 1898, with liabilities due to depositors of $11,040.63.

The bank became insolvent through the failure of M. H. French & Company, private bankers of West Branch, with whom it was intimately connected, M. H. French being its president.


August 4, 1898, the State Bank of Midland, Midland, went into voluntary liquidation by vote of its stockholders, and is being liquidated through the Midland County Savings Bank, of Midland.

I have permitted the decrease in capital of the following banks during the past year: Farmers' and Merchants’ Bank, Nashville...... From $50,000 to $25,000 l'etoskey State Bank, Petoskey.

From 50,000 to 40,000 State Bank of Carson City...

From 50,000 to 25,000 Clinton County Savings Bank, St. Johns. ..From 35,000 to 28,000

A decrease of $67,000, to which add the retirement of the State Bank of Midland, capital $30,000, and the failure of the Tawas State Savings Bank, of East Tawas, with a capital of $25,000, making a total reduction of $112,000.00, leaving a net increase in capital of $14:3,500.00 for the Tear. In each case of reduction good and sufficient reasons for the de


During the year six private bankers have failed, with liabilities as follows: J. M. Wilkinson, Marquette...

$205,000 00 J. E. Just & Company, South Lyon.

71,000 00 Bank of Mancelona, Mancelona.

41,000 00 M. H. French & Company, West Branch.

80,000 00 D. F. Parsons, Burr Oak....

87,000 00


The growth of business of the State banks since the present banking law took effect on January, 1899, and the present time, has been very large. Deposits have increased $57,764,665.61 and loans have increased $48,320,831.11, as will be seen by the appended table.

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The increase in deposits of State banks between the December reports of 1897 and 1898 was $10,625,638.27 and the increase in loans during the same period was $8,338,308.21.

The reporta of the eighty-one National banks in Michigan made on December 1, 1998, show an increase in deposits of $1,269,959.69 as compared with the report of December 15, 1897.


The total number of depositors in the 182 State banks and 68 National banks reporting (thirteen National banks not reporting) on December 15, 1898, was 343,243, as follows, viz.: State banks, individual deposits subject to check...

$11,091 State banks, commercial certificates of deposit.

25,343 State banks, savinga depositors...

175,875 State banks, savings certificates of deposit.

21,160 National hanks, individual deposits subject to check.


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