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REPORT OF THE COMMISSIONER.
Hon. Cyrus G. Luce, Governor of Michigan:
In accordance with Section 43, of the General Banking Law of the State of Michigan, I have the honor to present you herewith, the second annual report of this department.
Michigan is to be congratulated upon having so good a banking_law, which, after a trial of two years, has been found satisfactory to the large number of flourishing banks organized under it, and to the thousands of depositors who have patronized and been benefited by their incorporation.
On January 7, 1889, the present State Banking Law went into effect. At that time there were eighty banks incorporated and doing business under State law, whose total assets were $38,963,417.19.
STATE OF MICHIGAN,
Lansing, Mich., Dec. 31, 1890.
Today we have one hundred and seven incorporated State banks, whose assets are $56,648,415.75, an increase in two years of twenty-seven in number, and an increase of $17,684,998.56 in assets.
During the year closing Dec. 31, 1890, I have issued authority to fifteen new banks to commence business, with a capital of $917,000.
The location, date of authorization and capital of each, is as follows: