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Upon average capital, surplus, undivided profits and deposits, net profits were equivalent to....

1.19%

NUMBER OF DEPOSITORS.

Reports as to the number of depositors were received from the 519 state banks, 10 trust companies, 2 industrial banks and 110 national banks as of December 1, 1919. An abstract of these reports shows total depositors of 2,257,763, divided into the following classification:

State Banks, commercial deposits...
State Banks, savings deposits....
National Banks, commercial deposits.
National Banks, savings deposits....

488,816 1,368,522

115,872

284,553

An increase of 72,443 is shown in the number of commercial depositors of state banks for the year, while the increase in number of savings depositors is 178,837, constituting a total increase in number of depositors of state banks 251,280. During the year the number of commercial depositors in Michigan national banks has increased 7,165 and number of savings depositors has increased 18,908, making a total increase for national banks 26,073. The total increase in number of depositors of both state and national banks for the year 1919 is therefore 277,353.

The following table shows the number of commercial and savings depositors in the 519 state banks, 10 trust companies, 2 industrial banks and 110 national banks, the aggregate deposits and per capita of deposits:

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Michigan can well be proud of her record in the recent liberty loan campaigns. Individual subscribers together with the Michigan State and National Banks purchased bonds to an aggregate amount of $619,754,800. This was an over subscription of 26.44%.

This immense total is divided as follows:

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RECEIPTS AND DISBURSEMENTS OF THE DEPARTMENT.

In accordance with Section 40 of the General Banking Law and Section 19 of the Trust Company Act the Department has collected and turned over to the state treasury the following fees and collections:

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During the year 1919 the expenses of the Department were as follows:

$88,237 07

SALARIES:

F. W. Merrick, Commissioner..

A. E. Manning, Deputy Commissioner..

P. S. Hanna, Chief Examiner (appointed July 1, 1919).

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$4,250 00

3,250 00

1,656 60

133 33

575 00

611 54

2,300 00

Carl Wisner (resigned February 1, 1919)
H. O. Mohrmann...

226 93

2,208 26

L. E. Warner (resigned December 31, 1919)

2,200 00

F. J. Affeldt (resigned August 31, 1919)..

1,329 10

S. D. Thomas (extended leave of absence May 13, 1918, reap

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Harry W. Gross (appointed assistant examiner August 1, 1918, appointed examiner February 15, 1919)...

1,752 38

H. J. McGill (appointed assistant examiner August 28, 1918, ap

J. H. Thurlow (resigned May 15, 1919)......

448 35

D. E. Lawrence (appointed assistant examiner March 3, 1919, appointed examiner September 15, 1919)..

1,142 09

L. J. Kuehnle (appointed assistant examiner March 10, 1919, appointed examiner September 15, 1919).

1,118 75

Eugene Guillemette (appointed assistant examiner March 10, 1919, resigned March 29, 1919).

63 33

H. J. Stringham (reappointed examiner March 31, 1919, resigned
December 15, 1919)..

1,275 00

ASSISTANT EXAMINERS:

R. H. Larabee...

1,400 00

L. W. Martindale (appointed assistant examiner November 17, 1919)

149 99

E. Robert Robinson (appointed assistant examiner December 1,

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The net cost to the state in 1919, for its present system of bank supervision, is therefore $35,901.90. As previously stated, 1,145 examinations were made during the year, which exceeds the number made during 1918 by 78, notwithstanding the fact the assets of the banks under the supervision of the Department increased approximately $223,000,000.00, or 29.45%.

STEAMSHIP BONDS APPROVED BY THE SECURITIES COMMISSION.

The following table shows the steamship bonds which are legal investments for savings deposits of state banks at the date of this report:

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Name of company.

Hawgood Transit Co..
Toledo Steamship Co.
Tonawanda Transit Co.
Dearborn Transit Co..
Franklin Steamship Co.

Minerva Steamship Co. (*).

Chicago Navigation Co.
Midland Navigation Co.
Jenkins Steamship Co..
Postal Steamship Co..

Fremont Steamship Co.
Detroit Steamship Co..
Neptune Steamship Co. (*)
Atlas Steamship Co. (*).
Holmes Steamship Co..

Frontier Steamship Co.
York Transit Co.

Shenango Steamship Co
Wainwright Steamship Co.
Alva Steamship Co..

Croxton Steamship Co.
Empire Steamship Co..
Valley Steamship Co.

Hawgood Steamship Co. (*).
Farrar Transportation Co.
Pennsylvania Steamship Co.
American Steamship Co..
Frontier Steamship Co.
Stadacona Steamship Co.
Douglas Steamship Co.

Kinney Steamship Co.
Postal Steamship Co.
Tecumseh Steamship Co.
Shenango Steamship Co.
American Steamship Co..

Wisconsin Transportation Co.
North American Steamship Co.
North American Steamship Co.
Franklin Steamship Co..
American Steamship Co..
Shenango Steamship and Trans-
portation Co....

Interstate Steamship Co.
Shenango Steamship and Trans-
portation Co..

Yale Transportation Co.
Donner Steamship Co..

Franklin Steamship Co..

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Consolidated with the Commonwea'th Steamship Co.

Name changed to C. Russell Hubbard.

Name changed to Joseph Block.

Name changed to R. L. Agassin.

Name changed to Chester A. Congdon.

Formerly W. R. Woodford.

SEGREGATION OF DEPOSITS.

I submit the following table for the purpose of showing that the absolute separation and segregation of savings deposits and investments has not retarded or restricted in any way the commercial business interests of the state.

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An analysis of the above shows conclusively that the commercial needs of the state have not been restricted on account of the operation of the law. The report of November 17, 1919, shows that commercial or business needs were amply supplied. State banks on that date had discounts of this character in the savings department aggregating $74,416,035.50, notwithstanding the fact that they could, if necessary, have availed themselves to the amount of $92,016,740.00.

The segregation of savings investments has not, in Michigan, led to any lack of confidence on the part of either savings or commercial depositors. This is evidenced by the fact that during the year 1919 savings deposits have increased approximately $113,148,328.08, while the commercial deposits show a gain of approximately $94,870,904.27.

MEMBER BANKS OF FEDERAL RESERVE SYSTEM.

There are one hundred forty-four Michigan state banks which are members of the Federal Reserve System at the present date, and others have made application for membership. The Federal Reserve Statute as amended provides that state bank members shall retain their statutory state rights. The reserve requirements of member banks are governed by the Federal Reserve Statute rather than by the provisions of the laws relating to banking of this State. Upon admission to the System those sections of the General Banking Law relating to reserves become inoperative in the case of the member bank. The Federal Reserve Statute further provides that the Federal Reserve Board may accept, in lieu of their own, the examinations of member state banks as made by the State Department having supervision over them, and I am pleased to advise that the examinations of this Department are accepted without question by the Federal Reserve Board.

The state bank members of this State are as follows:

Adrian State Savings Bank, Adrian.

Commercial Savings Bank, Adrian.

Lenawee County Savings Bank, Adrian.

Albion State Bank, Albion.

Commercial and Savings Bank, Albion.

Alpena County Savings Bank, Alpena.

Farmers and Mechanics Bank, Ann Arbor.

State Savings Bank, Ann Arbor.

Armada State Bank, Armada.

Farmers State Bank, Armada.

Bay City Bank, Bay City.

Farmers State Savings Bank, Bay City.

Peoples Commercial and Savings Bank, Bay City.

Farmers State Bank, Bellevue.

Benton Harbor State Bank, Benton Harbor.

Big Rapids Savings Bank, Big Rapids.

Citizens State Bank, Big Rapids.

First State Savings Bank, Birmingham.

State Bank, Caledonia.

State Savings Bank, Caro.

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