STATE BANKING DEPARTMENT. REPORT OF THE COMMISSIONER. STATE OF MICHIGAN, Banking Department, Lansing, December 31, 1903. To the Honorable Aaron T. Bliss, Governor of Michigan: I have the honor to submit the fifteenth annual report of this department in compliance with the provisions of section 43 of the General Banking Law of Michigan, 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 Treas urer. In accordance with the provisions of sections 39 and 40 of the General Banking Law, all of the institutions under the supervision of this department have been examined during the year. At the date of this report, there are two hundred and forty-three State banks, four trust companies and one society for savings under the supervision of this department. In the statistics following the number of banks is given at 242 State banks. This is caused by one bank, the Farmers and Merchants' Bank, of Lake Odessa, commencing business subsequent to November 17, the date of last call for report of condition. 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 2 eighty-seven national banks of the State, are appended; as are also abstracts of the yearly reports for the past fourteen years, which show the progress and increasing wealth of the State. No. NEW BANKS. During the year thirteen State banks have been organized, as follows: Title. Location. Commenced business. Capital. The State Bank of Norway and the State Bank of Ontonagon by a vote of their stockholders were converted to National banks during the year, now being known as the First National Bank of Norway and First National Bank of Ontonagon, respectively. INCREASE AND DECREASE OF CAPITAL STOCK. During the year 1903 the following banks have increased their capital stock: Michigan Savings Bank, Detroit. $150,000.00 to $250,000.00. Plymouth United Savings Bank, Plymouth, $50,000.00 to $75,000.00. First State Bank, Petoskey, $40,000.00 to $50,000.00. Traverse City State Bank, Traverse City, $100.000.00 to $200,000.00. First State Savings Bank, Evart, $15,000.00 to $26,000.00. Eaton County Savings Bank, Charlotte, $25,000.00 to $50,000.00. This constitutes an increase of banking capital of $271,000.00. Deducting from this amount the $65.000.00 decrease caused by the conversion of State institutions to National banks, and adding to the difference, the $621,000.00 of additional banking capital by the organization of new State banks, makes a net increase of $827,000.00 during the year 1903. CHANGES OF TITLE. By a vote of the stockholders the Plymouth Savings Bank, Plymouth, on July 7th, 1903, voted to change the name of said bank to the "Plymouth United Savings Bank." OTHER AMENDMENTS TO ARTICLES OF INCORPORATION. According to the provisions of section 10 of the Banking Law, the |