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STATE BANKING DEPARTMENT.

REPORT OF THE COMMISSIONER.

STATE OF MICHIGAN,

BANKING DEPARTMENT,

Lansing, December 31, 1900.

TO THE HON. HAZEN S. PINGREE, Governor of Michigan:

I have the honor to submit the twelfth 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 Treasurer.

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 one hundred and ninety-two State banks and three trust companies under the supervision of this depart ment.

B

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 eighty-five national banks of the State, are appended; as abstracts of the yearly reports for the past twelve years, which show the progress and increasing wealth of the State.

NEW BANKS.

During the year six banks have been organized, as follows:

are also

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An increase of banking capital of $195,000.00.

I am pleased to state that during the year none of the banks under the supervision of this department have become insolvent.

CONVERSION OF BANKS.

On June 11, 1900, the Bank of Durand, Durand, was by a vote of its stockholders converted into the First National Bank of Durand, and on October 15, 1900, the Commercial State Bank of St. Joseph was converted into the Commercial National Bank of St. Joseph, by a vote of its stockholders.

INCREASE AND DECREASE OF CAPITAL STOCK.

During the year, but one bank in the State reduced its capital stock, viz., the Oceana County Savings Bank, Hart, from $50,000.00 to $43,000.00, which I permitted for good and sufficient reasons. To this $7,000.00 of decrease of capital is to be added the loss of capital by conversion of the banks named above, $75,000.00, making a total decrease of $82,000.00.

The following banks have increased their capital stock during the past

year:

The Wayne County Savings Bank, Detroit, from $150,000.00 to $400,000.00.

The Detroit Savings Bank, Detroit, from $200,000.00 to $400,000.00 The Blissfield State Bank, Blissfield, from $15,000.00 to $20,000.00. The Dexter Savings Bank, Dexter, from $15,000.00 to $20,000.00. The First State Savings Bank, Evart, from $15,000.00 to $20.000.00. The Farmers' and Merchants' Bank, Benton Harbor, from $50,000.00 to $100,000.00.

The Commercial State Bank, St. Joseph, from $25,000.00 to $50,000.00. Making an increase of $540,000.00. To this add the increase by organization of new banks, $195,000.00, which will bring the total increase to $735,000.00. Deducting from this amount the total decrease of capital,

to this department during 1900, of $653,000.00, all of which has been paid in except $11,576.15.

GROWTH OF STATE BANKS.

Since the organization of this department, 1889, the increase and growth of business has been very great. Deposits show an increase of $90,063,402.54, and loans $69,420,526.13, as per the following statement:

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It will also be observed that, according to the above statement, deposits and loans in the 192 State banks and three trust companies, during the year 1900 have increased over previous year, as follows: (For reference I include National banks.)

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On December 13, 1900, the amount of cash in the 192 State banks and three trust companies was $25,416,404.40, and in the 85 National banks, $18,670,048.72, making a total amount of $44,086,452.72.

EARNINGS OF ONE HUNDRED AND NINETY-TWO STATE BANKS AND THREE TRUST

COMPANIES.

Dividends paid for 1900 on capital stock of $12,262,100.00 amount to $1,130,636.29. Increase of surplus fund was $189,017.61.

Average dividend rate on capital for 1900 was 9 1-5 per cent.

Average dividend rate on capital and surplus, $15,250,071.00, for 1900,

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