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TABLE OF CONTENTS.

Page.

of state banks, 1916.

of national banks, 1916.

Abstracts, comparative, 1889 to 1916, inclusive, state banks...

comparative, 1889 to 1916, inclusive, national banks.

total volume of business state and national banks, reports of 1916.

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STATE BANKING DEPARTMENT.

REPORT OF THE COMMISSIONER.

STATE OF MICHIGAN, Banking Department, Lansing, December 31, 1916.

To the Honorable Woodbridge N. Ferris, Governor of Michigan:

Agreeable to the provisions of Section 43 of the General Banking Law of Michigan, I have the honor to submit for your consideration the twenty-eighth annual report of this Department for the year ending December 31, 1916.

NUMBER OF STATE BANKS AND TRUST COMPANIES.

There are at the date of this report, under the supervision of this Department, 487 state banks and seven trust companies transacting business in Michigan.

FINANCIAL CONDITION.

Reports showing the condition of all state banks and trust companies will be found on pages 3 to 498 inclusive. Reports of condition were called for by the Department and made by the banks at the close of business, December 31, 1915, March 7, May 1, June 30, September 12, November 17 and December 27, 1916. The last named report as to each state and national bank will appear in the Department's annual report for the year 1917. In order that the annual report may be in the hands of the public in time to be of use as a book of reference, this plan of publishing reports has been adopted.

Statements of condition of each national bank in Michigan will be found on pages 501 to 607 inclusive.

Special attention is called to the tables in the text of this report, as evidencing the increasing wealth and prosperity of the people of Michigan since the organization of the Department in 1889. These tables contain abstracts of the annual reports of state and national banks for the past twenty-eight years. Again included are the statistics of the state and national banks located in reserve cities, and statistics of state and national banks by counties.

NUMBER OF EXAMINATIONS.

The examining staff of the Department, during the year 1916, made 990 examinations, as follows:

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The above table will show that all of the banks have been examined twice during the year with the exception of 15 of the new banks. Preliminary examinations consist of examinations of new banks under Section 7 of the Banking Law, which is incumbent upon the Department to make precedent to the issuance of certificate of authority to commence business.

Each of the seven trust companies has been examined once during the year, in accordance with the provisions of the trust, deposit and security law.

Reports of examiners as to condition of the several state banks have been carefully scrutinized and letters of criticism written the banks. Such letters, as well as replies thereto, are made a part of the directors' records in each bank.

All state banks, with the exception of those organized during the year, have made six reports of condition, two reports of earnings and dividends, two reports showing result of directors' examinations, and also special reports whenever the Department has deemed it necessary to require same.

Oaths of directors, signatures of officers, and list of stockholders, together with a report as to the number of depositors are furnished the Department each year by each state bank.

RESERVES.

The requirements of Sections 24 and 27 of the Banking Law as to cash and legal reserves, have been fully met, as is evidenced by the following table:

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Where reports of condition have shown low reserves, or other conditions not in harmony with the law, banks have been instructed to place themselves within the law's provisions.

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