This bank was closed June 14, 1897, and up to date dividends to the amount of 40 per cent have been paid to creditors and depositors, the last dividend of 2 per cent occurring in the year 1903.

Since the last mentioned date, the receivership has remained in an inactive condition. I have made persistent efforts to have this receivership closed during the year 1910, but having been unable to bring about the desired result, I have referred the matter to the Attorney General for his consideration and attention.

The Farmers and Merchants' State Bank, Parma.

Seymour H. Godfrey, receiver, under date of December 1st, 1910, reports as follows:

Liability to depositors at date of suspension

Other liabilities

Total

Total assets at date of, and received since suspension.

Amount collected by receiver to date ...

Amount cash on hand at date of suspension

Total

Disposition of collections:

$86,207 99

10,336 87

$96,544 86

$138,436 28

83,136 03 4,736 18

$87,872 21

As will be seen by previous reports, this bank was closed September 18, 1908, after an examination by the Department, which showed an intermingling and confusion of the assets and liabilities of this bank with those of a private bank in which the cashier was interested.

Up to the date of this report, dividends to the amount of 65 per cent have been paid depositors. Dividends already declared to commercial and savings depositors have been on a common basis. The matter of having the mortgage and bond investments applied solely to the credit of the savings depositors is now before the court for determination. As soon as the matter has been fully decided, another dividend will be paid.

On account of some long time mortgages, it is doubtful whether this receivership will be closed up during the coming year.

ABSTRACTS OF RECEIVERSHIPS.

For general information I give below a summarized abstract of the reports of receivers of insolvent state banks:

It will be seen from the above table that the per cent collected on total assets of closed receiverships was 47.3, while there was 49.7 per cent of assets collected, including the amount received from assessments on stockholders. 25.7 per cent of the total amount of capital stock was collected by way of assessments on stockholders. The expenses incurred by the several receivers amounted to 5.4 per cent of the total assets, and equalled 11 per cent of the total amount collected. An average of 64 per cent has been paid to the depositors.

With reference to the active receiverships, the above tabulation exhibits that there has been collected on total assets 56.2 per cent, and 56.7 per cent has been collected, figuring the amount received from assessments on stockholders. There was collected on capital stock 28.7 per cent. The percentage of expenses to total assets amounted to 5.3, and to amount collected 9.2 per cent. There was paid 65.2 per cent to depositors.

Reference to the figures shown above in relation to all receiverships, shows there has been collected 52 per cent on total assets, and 54.8 per

26.8 per cent of the capital stock has been realized on as a result of assessments on stockholders. The percentage of expenses to total assets was 5.4 per cent, and to the amount collected 9.9 per cent. The depositors have been paid on an average dividends of 64.7 per cent.

RECEIPTS AND DISBURSEMENTS OF DEPARTMENT.

Complying with Section 40 of the General Banking Law the Department has collected on account of fees for annual examinations of banks $31,280.90. There has been turned over to the Secretary of State for franchise fees, on account of new banks and increase of capital stock, $904.00, making the total receipts of the Department for the year $32,184.90.

I beg to call your attention to the latter part of the text of this report, wherein will be found a list of the state banks and trust companies, the dates on which they were examined and the amount of the examintion fee collected in each instance.

I also desire to state that the examiners' reports (from which the amount of examination fee is computed, as provided in Section 40) have been carefully compared, checked and verified by the State Treasurer with the amount of fees collected from each bank, and I respectfully call your attention to his letter appended to this text.

The expenses of the Department for 1910 were as follows: Salary of H. M. Zimmermann, Commissioner

...

$2,500 00

Salary of W. Donovan, Deputy Commissioner
Salary of H. E. Johnson, Examiner

2,000 00

1,700 00

Salary of Chas. E. Toms, Examiner

1,700 00

Salary of Chas. H. Adams, Examiner

1,700 00

Salary of A. E. Manning, Chief Clerk and Examiner

1,700 00

1,700 00

Salary of Hira C. Moore, Examiner

1,700 00

Salary of J. B. Showerman, Examiner (appointed Febru

ary 1, 1910)

1,421 40

Salary of R. A. Campbell, Examiner (appointed March 1, 1910)

768 48

Miscellaneous, viz.: Stationery, express, telephone, etc..

Total

$37,343 49

The net cost of bank supervision to the state for the year 1910, as shown from the foregoing was $5,158.59, a decrease of $2,239.52 compared with the year 1909. In other words, while it cost the state $10.16 per examination in 1909, in 1910 the cost was but $6.51.

As hereinbefore mentioned, there have been made 792 examinations

withstanding the increase in bank assets to be checked and examined amounts to approximately $50,000,000. Stating it briefly, the ten examiners employed by the Department have covered the state twice during the year, making 792 examinations and inspecting over $606,000,000 of bank assets at a cost to the people of the state of but $5,158.59.

SECURITIES COMMISSION.

This Commission was created for the purpose of passing on the valid ity of the securities mentioned in paragraphs (e), (f) and (g) of seetion 27 of the General Banking Law, and consists of the Attorney General, State Treasurer and Commissioner of Banking. It was organized April 11th, 1906, by virtue of the provisions of Act 262 of the Public Acts of 1905.

During the year this commission has held four sessions, at which the following bonds were approved as legal investments for savings deposits of state banks:

For the information of state banks and others interested in knowing what bonds have been approved by the Securities Commission as legal investments for savings funds of state banks from the time of its or ganization up to and including December 31st, 1910, the following table is submitted: