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is 29,887, making a total increase in the number of depositors in State banks for 1909 of 60,134. The reports of Michigan national banks on December 1, 1909, show that depositors have increased 71,189. The total increase, therefore, in state and national banks amounts to 131,323 for 1909,

The following table shows the number of commercial and savings depositors in the 376 State banks and the 99 national banks, the aggregate amount of deposits and the per capita to each depositor:

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*This includes certificates of deposit: several certificates issued to one person counted as one.

It will be noted from the foregoing table that the average to each depositor in State banks has increased $10.59, notwithstanding the increase in number of depositors.

ATHENS STATE AND SAVINGS BANK.

The department took possession of this bank on the twenty-seventh day of August, 1908, and September 3, 1908, Frank Wolf of Battle Creek was appointed its receiver. The bank remained in the possession of the receiver until the fourth day of February, 1909, and was on the eighth day of February, 1909, opened to the public by its directors and officers for business in due course. The rehabilitation of this institution was made possible by the action of certain stockholders in paying into the bank $15,000 in cash and taking from its assets in lieu thereof such as were considered of uncertain value. In addition to this, certain of the stockholders of said bank caused to be executed and delivered to the Circuit Court for the county of Calhoun, in chancery, a bond providing that said bank would pay all its debts and obligations which might be demanded at any time within one year from the date of such writing. The statement of the condition of this bank since it was turned over to the stockholders by the receiver can be seen by reference to page 21 of this report.

SPRINGPORT STATE SAVINGS BANK.

As set forth in the text of the department's report for the year 1908, I took possession of the above named bank on December 11, 1908, and the bank was in the possession of the department until the appointment of Lester P. Hoag as receiver on January 16, 1909, and his qualification on January 22. As evidenced by receiver's receipt of said date, the by an order of the Circuit Court for the county of Jackson was discharged, and the affairs of said bank turned over to its stockholders. The rehabilitation of this bank was made possible by the stockholders satisfying their statutory liability, and by the good character of many of the bank's assets. The bank is now in good condition and since its resumption of business has made a healthy growth, as evidenced by its statement of condition on page 350 of this report.

GROWTH OF STATE BANKS.

The year 1909 marks the twenty-first year of state bank supervision in Michigan under the present banking law. Beginning with eighty state banks in January 1889, with aggregate footings of $38,900,770.88, the number has steadily increased until there are now 376 state banks and 5 trust companies with a total business of $273,718,216.23. During this period the increase in deposits has been enormous, showing a gain of $203,188,653.53. During the

time loans have increased $186,999,462.50. There has been added to banking capital, in the way of organization of new banks and increase of capital, $16,106,848.53; and by additions to surplus $14,002,434.23, or an aggregate increase of $30,109,282.76.

In this connection the following statement is submitted :

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The report of November 16th, 1909, as compared with the report of November 27th, 1908, shows an increase in loans of $21,505,817.44, while total deposits increased $28,075,163.17, the greatest gain in deposits for any one year since the organization of the department. In detail this increase in deposits is divided as follows,-Commercial Deposits (individual) $13,598,092.43, Savings Deposits $13,479.120.01 and deposits

RECEIVERSHIPS.

People's Savings Bank, Mt. Pleasant.

Charles T. Russell, receiver, under date of December 1st, 1909, re ports as follows: Liabilities to depositors at date of suspension..

$65,491 80 Other liabilities

16,896 90

Total

$82,388 70

236,876 78 123,520 43

Total assets at date of, and received since suspension....
Amount collected by receiver to date
Disposition of collections:

Loans paid and other disbursements... $80,522 70
Dividends paid

30,043 02
Legal expenses

1,772 69 All other expenses

2,965 87 Receiver's salary paid to date

8,216 15

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$123,520 43

This bank failed in 1897, and a total dividend of 66 per cent to credit. ors and depositors has been paid, the last dividend of one per cent being paid December 1st, 1902. Since the last mentioned date the receivership has been in practically the same condition. During the year I took the matter up with the Circuit Court for the county of Isabella, and assurances were given me that the matter would be disposed of during the year 1909. The hearing on the final report and discharge of receiver has not as yet been had, but it is expected the matter will be closed up early in 1910.

State Bank of Fenton, Fenton. Clarence Tinker, receiver, under date of December 1st, 1909, reports as follows: Liability to depositors at date of suspension

$101,710 04 Other liabilities

1,134 45

$102,814 19 111,757 18 72,775 19

Total
Total assets at date of, and received since suspension.
Amount collected by receiver to date
Disposition of collections:

Loans paid and other disbursements.. $16,960 65
Dividends paid

42,293 62 Legal expenses

1,619 12 All other expenses

5,101 50 Receiver's salary paid to date

6,000 00 Balance in hands of receiver

500 00

The department took possession of this bank June 14th, 1897, and a total dividend of 40 per cent has been paid to creditors and depositors. The last dividend of 2 per cent was declared during the year 1903, since which time the receivership has remained in an inactive condition. I called the matter to the attention of the Circuit Court for the county of Genesee and have assurance the same will have attention. I expect this receivership will be closed early in 1910.

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The Union Trust Company, Detroit, receiver, under date of December 1st, 1909, reports as follows: Liability to depositor at date of suspension.

$3,378,121 20 Other liabilities

662,937 50

Total

$1,041,058 70 Total assets at date of, and received since suspension.... 4,517,071 06 Amount collected by receiver to date

2,700.667 62

Disposition of collections:

Loans paid and other disbursements... $109,613 88
Dividends paid .

2,069,131 45
Legal expenses.

81,151 73 All other expenses

92,671 62 Receiver's salary paid to date

100,000 00 Deposits and collections returned

57,885 11 Balance in hands of State Treasurer.. 188,829 29 Balance in hands of receiver

1,381 54

$2,700,667 62

On February 10th, 1902, the department took possession of this bank and up to the present time total dividends of fifty-eight and sixty-five per cent respectively have been paid to savings and commercial deposit. ors.

The winding up of this receivership has been delayed on account of an almost endless amount of litigation as to the legality of certain certified checks issued by the Vice President of the bank. A further dividend of six per cent to commercial depositors and three per cent to savings depositors has been ordered as of November 20th, 1909. The disbursement of this dividend, however, had not been made at the date of the above report.

State Bank of White Pigeon, White Pigeon. J. Murray Benjamin, receiver, under date of December 1st, 1909, reports as follows: Liability to depositor's at date of suspension

$126,366 89 Other liabilities

1,178 45

Total

.: $127,545 34 Total assets at date of, and received since suspension.... 180,664 81 Amount collected by receiver to date

126,737 57 Disposition of collections:

Loans paid and other disbursements... $637 50
Dividends paid .

106,621 69
Legal expenses paid

1,366 79 All other expenses

2,663 90 Receiver's salary paid to date

4,125 00 Balance in hands of State Treasurer

2,302 09 Balance in hands of receiver

9,020 60

$126,737 57

This bank failed July 30th, 1904, and up to the present time a dividend of ninety per cent has been paid to the depositors. The receiver reports that he expects to be able to make a final dividend and report during the early part of 1910.

The Chelsea Savings Bank, Chelsea.

William W. Wedemeyer, receiver, under date of December 1st, 1909, reports as follows:

Liability to depositors at date of suspension.
Other liabilities

$1,028,852 84

20,764 21

Total.....

$1,049,617 05 Total assets at date of, and received since suspension. $1,370,928 75 Amount collected by receiver to date

661,858 94 Disposition of collections:

Loans paid and other disbursements.. $12.337 54
Dividends paid

536,382 27 Legal expenses

10,604 89 All other expenses

14,341 50 Receiver's salary paid to date

7,500 00 Balance in hands of State Treasurer.

55,391 44 Balance in hands of receiver

25,301 30

$661,858 94

The department closed this bank December 2nd, 1907. Up to the date of this report a dividend of forty per cent has been paid to com

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