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THIRTIETH ANNUAL REPORT OF T H E C O M M IS S IO N E R O F T H E \ BANKING DEPARTMENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF THE STATE OF MICHIGAN DECEMBER 31, 1918 BY AUTHORITY F O R T W A Y N E P R I N T I N G CO MPA NY CO N TRA CTO RS FO R MI CH IG A N ST A T E P R I N T I N G AN D F O R T W A Y N E . IN D IA N A 1910 BINDING https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EPARTMENT OFFICERS COM M ISSIONER, FRANK W. M ERRICK D E P U T Y COM M ISSIONER, ALBERT E. MANNING. E X A M IN E R S. J. M. CONWAY, C. F. SPAETH, C. I. NORMAN, H. W. HANSON, CARL WISNER, H. O. MOHRMANN, L. E. WARNER, F. J. AFFELDT, JR., S. D. THOMAS, J. T. MALLETT, V. W. TOURJE, L. L. MAXAM, F. W. LAWRENCE, L. J. BAKER, WM. C. GRISWOLD, C. W. SNOWDEN, H. A. MILLARD, L. J. O’BRIEN, A. E. GALE, SCOTT E. LAMB, L. P. KALAHAR, D. J. VANDERWERP, JR., F. L. OLIVE, B. P. GREENE. A SSIST A N T E X A M IN E R S. R. H. LARABEE H. J. McGILL, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. W. GROSS, J. W. THURLOW. SPE C IA L E X A M IN E R . FRANK J. BATTERSBEE. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMMISSIONERS OF BANKING OF MICHIGAN [ U n d er A c t 205, 1887 ] . THEODORE C. SHERWOOD, Appointed January 7, 1889; resigned November 7, 1896. DANIEL B. AINGER, Appointed November 11, 1896; resigned April 1, 1897. JOSIAH E. JUST, Appointed April 1, 1897; died February 19, 1898. GEORGE L. MALTZ, Appointed February 26, 1898; term expired January 8, 1903. GEORGE W. MOORE, Appointed January 8, 1903; term expired February 19, 1907. HENRY M. ZIMMERMANN, Appointed February 19, 1907; resigned January 11, 1911. EDWARD H. DOYLE, Appointed January 18, 1911; term expired February 14, 1915. FRANK W. MERRICK, Appointed January 13, 1915; qualified February 15, 1915. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TABLE OF CONTENTS. A b str a ct, c o m p a r a tiv e 1889 to 1918, in c lu siv e , s ta te b a n k s ............................................... c o m p a r a tiv e 1889 to 1918, in c lu siv e , n a tio n a l b a n k s ........................................ s ta te b an k s, 1 9 1 8 .................................................................................................................. a v era g e s ta te b a n k as o f N o v e m b e r 1, 1 9 1 8 .................................. . . r ................. n a tio n a l b an ks, 1 9 1 8 ........................................................................................................... s ta te a n d n a tio n a l ban k s co m b in ed , 1 9 1 8 ................... , ......................................... s ta te ban k s in D e t r o it ........................................................................................................ n a tio n a l b a n k s in D e t r o it ................................................................................................. s ta te a n d n a tio n a l b a n k s in D e t r o it ...................................................................... reserv e c ity b an k s, o th er th a n D e t r o it ...................................................................... s ta te an d n a tio n a l b a n k s in G rand R a p id s ............................................................. s ta te a n d n a tio n a l ban k s in A d r ia n .......................................................................... . s ta te a nd n a tio n a l ban k s in A lp e n a ............................................................................. s ta te a nd n a tio n a l ban k s in A n n A r b o r .................................................................... s ta te a nd n a tio n a l ban k s in B a ttle C r e e k ................................................................ s ta te a n d n a tio n a l ban k s in B a y C it y .................................................................. s ta te a n d n a tio n a l b a n k s in B en to n H a r b o r ........................................................... s ta te a n d n a tio n a l ban k s in C a d illa c ......................................................................... s ta te a n d n a tio n a l ban k s in J a c k s o n ........................................................................... s ta te a nd n a tio n a l ban k s in K a la m a z o o ................................................................... s ta te a n d n a tio n a l ban k s in L a n s in g ........................................................................... s ta te a n d n a tio n a l b a n k s in M a r q u e tte .................................... s ta te a nd n a tio n a l ban k s in M u s k e g o n .................................. s ta te a n d n a tio n a l ban k s in P o r t H u r o n ................................................................... s ta te a n d n a tio n a l b a n k s in S a g in a w .......................................................................... s ta te an d n a tio n a l ban ks in S a u lt S te. M a r ie ........................ s ta te a n d n a tio n a l b a n k s in T ra v erse C i t y . ...................................................... -. . s ta te a n d n a tio n a l ban k s b y c o u n t ie s ................................................. B a n k cash iers in M ic h ig a n ..................................................................................................................... B a n k s e x a m in ed a n d fe e s p a id ............................................................................................................. B a n k s, m em b ers o f F ed era l reserv e s y s t e m ...................................................................,............. C a p ita l sto c k , in crea se o f .......................................................................................................... C ertifica te o f s ta te treasu rer as to f e e s ..................................................... C h a n g e o f n a m e ................................................................................................................. C o n s o lid a tio n s ............................................................................................................................................... C o st o f o p e r a tio n ................................ D iv id e n d s ........................................................................................................................................................ E a rn in g s a n d d iv id e n d s ...................................... E x a m in a tio n s ................................................................................................................................................. E x te n sio n o f co rp o ra te e x is t e n c e ........................................................................................................ F in a n c ia l c o n d it io n ......................................................................................... G ro w th o f s ta te b a n k s ................................................................................. In d e x to b a n k s .............................................................................................................................................. In d u str ia l b a n k s .................................................................. L ib e r ty b o n d s, to ta l M ic h ig a n s u b s c r ip tio n s ............................................................................... N e w b a n k s ...................................................................................................................................................... N u m b er o f d e p o s ito r s ............................................................................................................................... N u m b er o f e x a m in a tio n s ......................................................................................................................... N u m b er o f s ta te b a n k s a n d tr u st c o m p a n ie s ............................................................................... O pinions o f a tto r n e y g e n e r a l................................................................................................................. R e ce ip ts an d d isb u r se m e n ts............................................................................... R e se r v e s ............................................................................................................................................................ R e serv e c it ie s ................................................................................................................................................. R e c e iv e r sh ip s .............................................................................................................................. R ep o rts o f s ta te b a n k s a nd tr u st c o m p a n ies (see in d e x ) ....................................................... R ep o rts o f n a tio n a l ban k s (see in d e x ) ............................................................................................. S eg reg a tio n o f d e p o s its ........................................................................................................ . ............... S tea m sh ip bon ds a p p ro v ed b y th e secu rities c o m m is s io n .................................................... S tea m sh ip tic k e t a g e n c ie s ....................................................................................................................... T ru st c o m p a n ie s ........................................................................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page c v ii-c x iii c x iv -c x x cxxi cx x ii cxxiii c x xiv cx x v cxxvi c x x v ii c x x v iii c x xix cxxx cxxxi cxxxii ■ c x xxiii c x x x iv cx x x v cxxxvi c x x x v ii c x x x v iii c x x x ix cxl cxli cxiii c xliii c x liv c x lv c x lv i-c lx i 6 3 9 -6 4 5 lxxxix-civ xxiii xvi c iv xvi xvi xx ii x v iii x v iii x iv x v ii x iv x v iii 6 4 7 -6 6 5 x v ii x ix xv xix x iv x iv x x ix -lx x x v ii xx xv x v ii xxvi 3 -5 2 9 5 3 2 -6 3 7 xxiii xx ii xxvi x v ii https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT REPORT OF THE COMMISSIONER. STATE OF MICHIGAN, Banking Department, Lansing, December 31, 1918. Hon. A. E. Sleeper, Governor of Michigan: I submit herewith the thirtieth annual report.of the Commissioner of the Banking Department for the State of Michigan, as required under the provisions of Section 43 of the General Banking Law, for the year ending December 31, 1918. In the presentation of facts and conditions which govern in the supervision of state banks operating under the jurisdiction of the Department, it is desirable to review briefly at this time the accomplishments of the Department, as well as the substantial growth of the institutions under its supervision, for the past four years during which it has been my duty to supervise the operation of those banks under state control. During the past four years the growth of Michigan state banks has been remarkable ’ as a comparison of the following will show: On the call for reports of condition as of October 31, 1914, the 461 state banks and 6 trust companies showed total resources of $420,965,185.70. On the call for reports of condition as of November 1, 1918, the total resources of the 509 state banks, 2 industrial banks and 9 trust companies, were $729,841,920.92, or an increase in the number of state banks of 48, an increase in the number of trust companies of 3, the creation of 2 industrial banks—with an increase in resources of $308,876,755.22; the increase for the four years as noted being in excess of the entire bank growth in Michigan for the fifteen year period preceding the year 1914. A comparison of the growth of Michigan national banks with the growth of Michi gan state banks for the same period might prove of interest. On the call for reports of condition as of October 31, 1914, the 102 national banks showed total resources of $197,134,000.00. On the call for reports of condition as of November 1, 1918, the 106 national banks showed total resources of $307,112,000.00, or an increase in the number of banks of 4, and an increase in resources of $109,978,000.00—a proportionate increase in Michigan state bank resources over Michigan national bank resources of 17.59%. The increase noted, except as it applies to bills payable, rediscounts and repurchase agreements, is general, and the exceptions occasion no concern, the items being neces sary in the aid of the financial program of the nation in the abnormal conditions created by the world war, and to a large extent are secured by Government obligations _ It is a well-known fact that as a rule, under ordinary circumstances, Michigan bankers have had a well-developed antipathy toward the practice of borrowing funds. Their patriotism in putting aside their personal feeling under war conditions and assisting the Government in every possible manner is a demonstration of the proper spirit, and no fear is entertained as to the abuse of the borrowing practice in normal times. The remarkable growth of our state banks is not only a fitting demonstration of the wise counsel and thoughtful care employed in the enactment of the banking statute, it is also a substantial recognition of the trust and confidence imposed in the active state bank officials of this state. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis X STATE BANKING DEPARTMENT. In the supervision of a department of this nature, it first of necessity devolves upon the supervising authority to see to it that the statutory provisions of the banking law are complied with to the full extent. Various conditions naturally arise requiring asjustment not specifically provided for by statute. It is also advisable to make recommendations from time to time regarding the operation of banks, based upon experience gained in supervisory work, which in the opinion of those in charge will work to the betterment of general banking conditions. In this connection, and in order to establish a more liquid condition, banks are now instructed to discontinue the old established practice of carrying demand paper indefinitely, and to renew such paper at least once each six months by the execution of new note by maker and endorser. This should shortly be followed by instructions to abandon entirely the practice of accepting demand paper, and to accept only such paper as represents an actual contract understanding between the borrowers and the banks. Under the old order many bank assets became inactive permanent loans, and as such were non liquid and undesirable. The Department has also engaged in a campaign of education as to the practic ability of bankers securing financial statements at stated intervals from all borrowers. Considerable objection has arisen in this connection, nevertheless so much improve ment is noted, as well as an improvement in bank loans, that the campaign will be continued, with the hope that shortly the old prejudice and fear of the borrower in taking the banker into his full confidence regarding his financial affairs, may be entirely removed. While some recommendations are submitted herewith in connection with amend ments to our banking statute, as a whole the Michigan law is quite satisfactory, and is being adhered to by banks, and such adjustments as are necessary and are not pro vided for by statute are apparently working out in a satisfactory manner. Some three years ago the District System plan was inaugurated in the Depart ment. This provided for a division of the State into districts, and the appointment of an examiner to take charge of each district. At the inception of this plan it was the idea that the efficient examiner, by living in a certain district and having charge of the banks within that district, would gain a much better understanding of banking and financial conditions within the district than in any other way. The larger centers were not included in the District System. The plan was given a two years’ trial up to last January and was found very satisfactory and efficient. It has'been difficult to maintain the system this year, however, owing to the large number of changes in our examining force on account of war conditions. The plan should receive considera tion, however, when conditions become normal. Michigan was one of the first states to see the benefits to state banks in Federal Reserve System membership and as a consequence was among the first states to pro vide by legislative enactment statutory provisions for membership. In the extension of this privilege, however, it is neither expressed nor implied that such relationship should in any manner affect the integrity of the state banking system, which in this State, after several years’ experience, has proved most satisfactory and efficient for our needs. From the time the amendments, as suggested by state bank interests, were made to the Federal Reserve Statute, a large number of Michigan state bankers had given considerable study to the requirements and provisions of the Act, in an endeavor to arrive at a conclusion regarding the advisability of state bank membership, and the advantages or disadvantages that would accrue to them by receiving membership. While in most cases the conclusion reached was that membership was of advantage and advisable, there was, up to the time of the declaration of war by our nation, a very small number of banks in the System. Activity in this connection, however, was immediately stimulated at the time we became a belligerent in the great strife for democracy, culminating in the membership of practically all of our large banks, as well as a goodly proportion of all eligible state banks at this time. The connection thus established, so far as I am advised, is working out in a most satisfactory manner to all concerned. In the preparations necessary for a successful victorious conflict, it was immediately apparent to those in authority, after we had entered the war, that man-power, while of vital importance, was so closely related to a mobilization of our financial resources, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xi that each could do nothing without the other, and while much more is known of our success in preparation of our man-power, the satisfactory mobilization of our finances was of as much importance and was attended by the same satisfactory results.^ We now have the satisfaction of knowing that as a result of our active participation in the greatest of all wars, we with our Allies are victors, and that the power of autocracy is forever banished from the world. While the Federal Reserve System was in process of construction up to the time war was declared, it immediately thereafter became apparent that its success or failure would soon be demonstrated. That it has been successful goes without saying. Through its activities as financial agents of the Government, vast sums have been raised for use in carrying out our war program that would have been thought impossible in the not distant past. Through it, the gold of the nation, necessary as a basis of credit, has been mobilized, as well as the banking interests of the country. While due credit should be given the System, it must be understood that this suc cess was only possible through the support given the System by our banking interests; without the support rendered in this connection, its efficiency and assistance could not have been realized to the full extent. It was important, in order to render full service, that state bankers should become members ,of the System. That Michigan bankers have done their part will be apparent when it is known that we now have a greater number of state banks in the System than any other state in the Union. It is not thought the benefits will apply only to war times. The System should be a great assistance to the nation in stabilizing financial conditions during the period of recon struction now before us. While every member bank has increased the strength and efficiency of the System, it should not be understood that only member banks have been of assistance to the nation in the trying times just past. All Michigan state banks have whole-heartedly, and without complaint, done everything possible to assist in mobilizing our gold and in disposing of some $468,280,100.00 of Liberty Loan Bonds for our Government. This was no ordinary undertaking; it was one that required skill and energy, the laying aside of all selfish interests, and in many cases the result was a l°ss to the bank. Michi gan state bankers are entitled to congratulation in this connection on a work well done. Notwithstanding the large increase in the volume of the banking business, as well as the increase in the number of banks, and the added duties in supervising steamship ticket agents and agents for foreign exchange, the work of the Department as provided by statute, relative to examinations, has been carried out in a very satisfactory way. This is a very creditable showing, especially if consideration is given to the necessity of so many changes in our examining force on account of war conditions, and the crippling of our force on account of the influenza epidemic the latter part of the year, and was made possible only because of the interest taken in the work by the examining as well as the clerical force of the Department. In order to complete the work it was necessary for the examiners, during the latter part of the year, to do extra duty, and this they did cheerfully, although it meant devoting their entire time, including Sundays, to Departmental work. All other interests were subordinated that the work of the Department might be completed in a satisfactory manner. On this account I feel that considerable credit is due the examiners for the spirit and enthusiasm with which they accepted their share of the responsibility. There have been no failures in Michigan state banks within the last four years. The condition of our state banks at the present time is particularly favorable, and on account of the strength the banks have demonstrated in meeting the trying times just past we need have no apprehension as to their ability to meet conditions in connection with the reconstruction period. THE FOLLOWING AMENDMENTS TO THE BANKING LAW ARE RECOMMENDED. CASH R E SE R V E . It is the consensus of opinion among state bankers in Michigan that cash reserve requirements of the present banking law are not applicable to present day conditions With the improved means of communication with reserve cities, their increased number ( https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xii STATE BANKING DEPARTMENT. as well as the experience of Federal Reserve authorities operating under the provisions of the federal law with respect to cash reserves, I am inclined to the opinion that cash reserve in non-reserve banks can with safety be reduced to two and one-half per cent of deposits. FO REIG N B A N K S. The Michigan banking act should be amended in such a manner as to permit the establishment and operation of branches in foreign countries by the larger state banks in Michigan which can qualify under the federal act. Michigan banks which are in a position to qualify should not be deprived of this privilege but should have the same statutory authority in this respect as banks in other states. IN V E ST M E N T IN STOCKS OF FO RE IG N B A N K S. Michigan state banks which can meet the provisions of the federal statute in rela tion thereto should also have authority to invest to a limited extent in the stock of foreign banks financed by and organized with American capital. To the end that Michigan state banks may perform their share in the upbuilding and extension of foreign trade, we call your attention to the necessity for a proper amendment along this line and recommend its passage. CONSOLIDATION OF B A N K S. The present law does not specifically provide a definite procedure in the consolida tion of state and national banks. This Department should be fortified by specific statutory authority in the direction of requiring certain actions to be taken by stock holders, and making it the duty of the Department to examine all banks interested in any such consolidation before consenting to or authorizing the merger. There is also need of a statutory enactment relative to the purchase of assets and assumption of liabilities of one state bank by another as differentiated from an ordin ary consolidation, giving the commissioner of banking certain discretionary powers as to the examination of either or both banks interested before assenting thereto. ADD ITIO NA L AUTHORITJTY IN ORGANIZATION OF STATE B A N K S. At this time I desire to call your attention to the fact that during the past year bank promoters or professional bank organizers have attempted to make Michigan a profitable field of operation. The great danger lies in the fact that these promoters seek to organize state banks in localities where there is little or no need of a bank or where the locality already has ample banking facilities. While the Department has succeeded in preventing the organization of unnecessary banks, the need of additional legal authority is imperative at this time. In my opinion our laws should be materially straigaten strengthened in this respect, giving the Department more authority in such cases, with the right to appeal to a state board composed of the Governor, Secretary of State, and Attorney General, in case any applicants consider themselves aggrieved by the Department’s refusal. S U S P E N S IO N OF D IV ID E N D S. In one respect the Michigan banking act is deficient, in that it does not delegate authority to the Commissioner of Banking to require suspension of dividends in instances where a state bank has among its assets slow, protracted, or doubtful items, and is not fortified by proper surplus or undivided profit account. I am strongly in favor of an amendment to the present law in this direction. R E C E IV E R SH IP S. The history of many state bank receiverships in Michigan is far from satisfactory. The interest of the depositor has apparently been the last consideration, judged by the long duration of receivership, and the meager results obtained in the final years of their administrations. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xiil While it is true we have had but one occasion for a receivership of a state bank in the last six years, I am strongly of the opinion that the present law should be amended in such a manner as to have the state banking department charged with the duty of administering the affairs of insolvent banks. This would relieve the state in the future of long drawn out receiverships and divorce their administration from any legal entanglements, as well as preclude the possibility of a receivership’s being con tinued solely for the purpose of paying some one a good salary with a minimum of service rendered. I desire also at this time to call your attention especially to the fact that in many localities in Michigan at the present time it is a hardship for state banks to procure sufficient qualifying mortgage loans in order that such loans may be of sufficient amount to meet the requirements of the present banking law. I have also heretofore called your attention to the very material increase in savings deposits in Michigan during the past year. In my opinion it is therefore advisable that due consideration be given to the matter of enlarging and broadening the scope of savings investments for Michigan state banks. STATE B A N K D EPO SITO R IES FOR U N IT E D STATE S F U N D S . I also desire to urge an amendment to Section 32 of the law whereby it will be possible for state banks to pledge certain assets for the purpose of becoming deposi tories for United State Government funds. AM EM DM ENT TO TR UST COMPANY LAW . An amendment somewhat similar in nature to the language of the banking law should be made to the trust company law with respect-ta procedure to be observed and followed by trust companies effecting extension of corporate existence. The following schedules, attached hereto, detail the activity of the Department and the condition of Michigan banks during the past year: 1. Miscellaneous reports. 2. Opinions of the Attorney General. 3. List of banks examined and fees paid. 4. Comparative abstracts state and national banks: a. By state b. By county c. By city. 5. Reports state banks and trust companies. 6. Reports national banks. Respectfully submitted, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Commisisoner of the Banking Department. xiv STATE BANKING DEPARTMENT. N U M B E R OF STATE B A N K S AND T R UST COM PANIES. There are at the date of this report, under the supervision of this Department, 509 state banks, 2 industrial banks and 9 trust companies transacting business in Michigan. F IN A N C IA L C ONDITION. Reports showing the condition of all state banks and trust companies will be found on pages 3 to 529 inclusive. Reports of condition were called for by the Department and made by the banks at the close of business, December 31, 1917, March 4, May 10, June 29, August 31, November 1, and December 31, 1918. The last named report as to each state bank will appear in the Department’s annual report fot the year 1919. In order that the annual report may be in the hands of the public in lime 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 533 to 638 inclusive. Special attention is called to the tables in the text of this report, as evidencing the in(reasing 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 thirty 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. N U M B E R OF E X A M IN A T IO N S. The examining staff of the Department, during the year 1918, made 1,067 examina tions, as follows: First examinations......................................................................... Second examinations...................................................................... Preliminary examinations.............................................................. Special examinations.................. Steamship and Foreign Money Order Agency examinations. . .. 520 502 15 5 25 1,067 The above table will show that all of the banks have been examined twice during the year with the exception of 11 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 nine 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 care fully 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 the 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 SOcltiG DcUlK. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. XV R ESER V ES. The requirements of Section 24 and 27 of the Banking Law as to cash and legal reserves, have been fully met, as is evidenced by the following table: C O M M E R C IA L D E P A R T M E N T . L eg a l reserve. D e p o sits. M arch 4 ................ M a y 1 0 .................. J u n e 2 9 .................. A u g u st 3 1 ............. N ovem ber 1. . . . $ 2 5 0 ,4 1 0 ,0 5 6 2 5 8 ,0 0 4 ,6 1 1 2 6 6 ,6 4 5 ,7 2 5 2 5 9 ,0 2 9 ,1 3 6 2 6 5 ,2 7 1 ,4 6 0 46 10 30 80 56 $ 6 2 ,7 9 8 ,3 5 5 5 5 ,5 4 3 ,4 8 3 6 1 ,2 3 9 ,5 5 4 5 6 ,6 8 6 ,9 3 9 5 5 ,0 2 2 ,9 6 9 95 62 97 65 50 Per cen t. 2 5 .0 7 2 1 .5 2 7 2 2 .9 6 6 2 1 .8 8 4 2 0 .7 4 2 . P er cent,. C ash reserve. $ 1 6 ,2 1 6 ,6 1 7 1 6 ,1 3 9 ,9 8 5 1 4 ,9 2 4 ,0 1 3 1 3 ,4 2 7 ,6 5 0 1 4 ,9 1 8 ,8 8 3 6 .4 8 6 .2 5 5 5 .5 5 9 5 .1 8 4 5 .6 2 4 68 18 89 79 00 S A V IV G S D E P A R T M E N T . D e p o sits. M a rch 4 ................. M a y 1 0 .................. J u n e 2 9 .................. A u g u st 3 1 ............. N ovem ber 1. . . . $ 3 3 1 ,1 1 5 ,0 0 6 3 3 0 ,4 1 9 ,3 2 8 3 2 9 ,0 7 1 ,8 5 6 3 3 1 ,6 9 2 ,2 3 1 3 3 7 ,3 0 4 ,7 3 5 L eg a l reserve. 09 69 07 95 45 $ 6 5 ,6 9 1 ,5 9 7 6 6 ,2 2 5 ,8 1 3 5 1 ,2 0 9 ,3 4 3 5 1 ,6 9 7 ,3 7 0 5 8 ,7 2 1 ,6 1 5 55 99 55 99 34 P er c en t. 1 9 .8 3 2 0 .0 4 3 1 5 .5 6 1 1 5 .5 8 5 1 7 .4 0 9 P er cen t. C a sh reserve. $ 1 5 ,5 3 1 ,3 3 6 1 3 ,5 2 5 ,4 8 3 1 3 ,4 8 2 ,4 4 1 1 4 ,2 3 9 ,5 0 8 1 4 ,7 7 1 ,0 1 1 38 53 25 38 26" 4 .6 9 4 .0 9 4 .0 9 7 4 .2 9 3 4 .3 7 9 TOTAL R E SE R V E . M a rch 4 .................................................................................................................. $ 1 2 8 ,4 8 9 ,9 5 3 .5 0 or 2 2 .095 M a y 1 0 ................................................................................................................... 121,76 9 ,2 9 7 .6 1 or 2 0 .6 9 4 J u n e 2 9 ....................................................................................................... 1 1 2 ,4 4 8 ,8 9 8 .5 2 or 18.876 A u g u st 3 1 .............................................................................................................. 108 ,3 8 4 ,3 1 0 .6 4 or 18.348 N o v e m b e r 1 ......................................................................................................... 1 1 3 ,7 4 4 ,5 8 4 .8 4 or 18.876 per cen t. per cen t. per cen t. per c e n t. per cen t. Where reports of conditions 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. The reserves of the state bank members of the Federal Reserve System are gov erned by the Federal Reserve Act rather than by the General Banking Law of this State, and with the entrance of the majority of the larger banks into the System a considerable decrease in the amount of cash and legal reserves is noted, as there is no provision for cash reserve in the Federal Reserve Act, and the amount of legal reserve required is considerably diminished. NEW B A N K S. During the year 1918 the following Michigan state banks have been authorized to commence business. N o. T itle .' L o ca tio n . 606 607 608 609 610 611 612 613 614 615 616 617 618 619 A m erica n S ta te B a n k o f O a k w o o d ............. J a m e sto w n S ta te B a n k .................................... P e o p les S ta te B a n k o f F a r m in g to n ............ A m b le S ta te B a n k ............................................. B u r lin g to n S ta te B a n k ................................... F irst S ta te B a n k o f C arson v ille ................... F arm ers S ta te B a n k o f O n o n d a g a .............. C itizen s S ta te B a n k o f R u d y a r d ................. E co rse S ta te B a n k ............................................ M e c o s ta C o u n ty S ta te B a n k ...................... S m ith -R ich m o n d S ta te B a n k ...................... L ib e r ty S ta te B a n k .......................................... P e o p les S ta te B a n k .......................................... C itiz e n s S ta te B a n k ......................................... O a k w o o d ................. J a m e s to w n ............. F a r m in g to n ............ A m b le ....................... B u r lin g to n .............. C a r so n v ille ............. O n o n d a g a ............... R u d y a r d .................. E c o r s e ....................... M e c o s ta ................... C lin t o n ..................... H a m tr a m c k ........... I d a .............................. E m m e t t .................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C a p ita l. $ 5 0 ,0 0 0 2 5 .0 0 0 2 0 .0 0 0 2 0 ,0 0 0 2 0 ,0 0 0 2 5 .0 0 0 2 0 .0 0 0 2 0 ,0 0 0 2 5 .0 0 0 2 0 .0 0 0 3 0 .0 0 0 1 5 0 ,0 0 0 3 0 .0 0 0 2 0 .0 0 0 00 00 00 00 00 00 00 00 00 00 00 00 00 00 C om m en ced bu sin ess. Jan . P eb . F eb . A pril A pril A pril M ay M ay M ay Ju n e A ug. S ep t. O ct. O ct. 7, 11, 16, 8, 9, 11, 1, 15, 21, 25, 19, 23, 2, 4, 1918 1918 1918 1918 1918 1918 1918 1918 1918 1918 1918 1918 1918 1918 xvi STATE BANKING DEPARTMENT. IN C R E A SE IN CAPITAL STOCK. For the purpose of increasing their capital stock the following banks have amended their original articles of incorporation, in accordance with sections 10 and 10-a of the General Banking Law. 606 260 355 141 459 277 211 146 502 604 98 578 193 289 226 524 378 56 290 275 91 259 263 493 219 394 108 440 L o ca tio n . B an k . N o. A m erica n S ta te B a n k o f O akw o o d ............................................... F irst S ta te S a v in g s B a n k ............... S ta te S a v in g s B a n k .......................... S ta te S a v in g s B a n k .......................... D ea rb o rn S ta te B a n k ...................... Isa b e lla C o u n ty S ta te B a n k . . . . P o n tia c S a v in g s B a n k .................... F irst C o m m ercia l B a n k ................. S ta te B a n k o f P o r t H o p e ............. F irst S ta te B a n k o f St. C lair H e ig h t s ............................................... S t. C lair C o. S a v in g s B a n k .......... L ee S ta te B a n k ................................... E d m o re S ta te B a n k ......................... S ta te S a v in g s B a n k ......................... Z eelan d S ta te B a n k ......................... P e o p les S a v in g s B a n k ..................... O n sted S ta te B a n k ........................... F irst S ta te B a n k ................................ L eela n a u C o. S a v in g s B a n k . . . . A m erica n S a v in g s B a n k ................ H o lla n d C ity S ta te B a n k ............. B ig R a p id s S a v in g s B a n k ............. C o m m ercial S ta te S a v in g s B a n k . A m erica n S ta te B a n k ............ B e n to n H arbor S ta te B a n k ......... B a rr y to n S ta te S a v in g s B a n k . .. P eo p les S a v in g s B a n k ..................... W a sh in g to n S a v in g s B a n k ........... Form er c a p ita l. P r e se n t c a p ita l. In crea se. O a k w o o d ................. H ills d a le .................. H a r r iso n .................. F o w le r ...................... D e a r b o r n ................. M t. P le a s a n t......... P o n t ia c ..................... P o n t ia c .................... P o r t H o p e .............. $ 5 0 ,0 0 0 5 0 ,0 0 0 2 0 .0 0 0 1 5 ,0 0 0 5 0 ,0 0 0 3 0 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 2 0 ,0 0 0 $ 7 5 ,0 0 0 6 5 ,0 0 0 2 5 ,0 0 0 3 0 ,0 0 0 1 0 0 ,0 0 0 5 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 2 ,0 0 0 $ 2 5 ,0 0 0 1 5 ,0 0 0 5 ,0 0 0 1 5 ,0 0 0 5 0 ,0 0 0 2 0 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 2 ,0 0 0 S t. C lair H e ig h t s .. P o r t H u r o n ............ D o w a g ia c ................ E d m o r e .................... U n io n v ille ............... Z e e la n d .................... C o o p e r sv ille ........... O n s te d ...................... H o lla n d .................... S u tto n s B a y .......... P o n t ia c ..................... H o lla n d .................... B ig R a p id s ............. G r e e n v ille ............... S a g in a w ................... B en to n H arb or. . . B a r r y to n .................. G rand R a p id s. .. . W a s h in g to n ........... 5 0 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 1 5 ,0 0 0 2 0 ,0 0 0 5 0 ,0 0 0 2 0 ,0 0 0 2 0 ,0 0 0 5 0 ,0 0 0 2 0 ,0 0 0 5 0 ,0 0 0 5 0 ,0 0 0 2 5 ,0 0 0 2 5 ,0 0 0 1 0 0 ,0 0 0 7 5 ,0 0 0 2 0 ,0 0 0 1 0 0 ,0 0 0 2 0 ,0 0 0 7 5 ,0 0 0 1 5 0 ,0 0 0 1 2 5 ,0 0 0 3 0 ,0 0 0 3 0 ,0 0 0 1 0 0 ,0 0 0 2 5 ,0 0 0 2 5 ,0 0 0 1 0 0 ,0 0 0 2 5 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 5 0 ,0 0 0 5 0 ,0 0 0 2 0 0 ,0 0 0 1 0 0 ,0 0 0 2 5 ,0 0 0 2 0 0 ,0 0 0 2 5 ,0 0 0 2 5 ,0 0 0 5 0 ,0 0 0 2 5 ,0 0 0 1 5 ,0 0 0 1 0 ,0 0 0 5 0 ,0 0 0 5 ,0 0 0 5 ,0 0 0 5 0 ,0 0 0 5 ,0 0 0 5 0 ,0 0 0 5 0 ,0 0 0 2 5 ,0 0 0 2 5 ,0 0 0 1 0 0 ,0 0 0 2 5 ,0 0 0 5 ,0 0 0 1 0 0 ,0 0 0 5 ,0 0 0 $ 1 ,3 4 5 ,0 0 0 $ 2 ,3 0 2 ,0 0 0 $ 9 5 7 ,0 0 0 The above table shows an increase in capital stock of $957,000.00; adding to this amount $475,000.00 capital stock of new banks makes a total increase for the year of $1,432,000.00. There has been a decrease in capital stock of $205,000.00, caused by the liquida tion and consolidation of certain banks, leaving a net increase in capital stock for the year of $1,227,000.00. CHANGE OF N A M E. The following banks have amended their original articles of incorporation for the purpose of changing their corporate name: “State & German-American Savings Bank,” Ann Arbor- to “State Savings Bank of Ann Arbor.” “The South Range Bank,” South Range to “South Range State Bank.” “The German-American State Bank,” Saginaw to “The American State Bank of Saginaw.” “St. Clair County Savings Bank,” Port Huron to “Federal Commercial and Sav ings Bank.” “Highland Park State Bank of Detroit,” Detroit to “Bank of Detroit.” C O NSO LIDATIONS. On February 9, 1918 the stockholders of the Citizens Savings Bank and First State and Savings Bank of Holly voted to consolidate the affairs of the two institu tions, the Citizens Savings Bank to be absorbed by the First State and Savings Bank. On May 10, 1918 the stockholders of the St. Clair County Savings Bank and The Commercial Bank of Port Huron voted to consolidate the affairs of the two insti tutions, and operate under the name of the “Federal Commercial and Savings Bank.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xvii On May 20, 1918 the stockholders of the Lee State Bank and the State Savings Bank of Dowagiac voted to consolidate the affairs of the two institutions, the State Savings Bank to be absorbed by the Lee State Bank. On June 19, 1918 the stockholders of the Edmore State Bank and the Peoples State Bank of Edmore voted to consolidate the affairs of the two institutions, the Peoples State Bank to be absorbed by the Edmore State Bank. In view of the above mentioned consolidations examinations were made of the institutions named, and being satisfied that the depositors and creditors were not defrauded, nor their interests defeated, and preliminary proceedings being regular in every particular, consent to consolidations was given by this Department, the consolidations becoming effective February 9, May 16, June 5 and July 1, 1918 respec tively. LIQ U ID A TIO N S. On August 16, 1918 the stockholders of the McCords State Bank of McCords, voted to place the bank in liquidation. An examination was made by this Department as required by statute. A liquidating committee was thereupon appointed, the reports of which showed the claims of creditors to have been met as presented. On October 25, 1918 the stockholders of the Farmers State Bank of Lachine voted to place the bank in liquidation. An examination of the bank, as required by statute, having been made by this Department, the liquidation proceedings were carried on and the balance of the assets of the above bank were taken over by the Alpena County Savings Bank, Alpena upon December 19, 1918. E X T E N S IO N OF CORPORATE E X IS T E N C E . In accordance with the provisions of Act 143 of the Public Acts of 1899 the stock holders voted to extend the corporate existence of the following banks, for the period specified: Bank of Saginaw, Saginaw, thirty years from and after April 18, 1918. Central Savings Bank, Detroit, thirty years from and after April 18, 1918. Commercial Savings Bank, Adrian, thirty years from and after May 10, 1918. Lake Odessa State Savings Bank, Lake Odessa, thirty years from and after May 22, Williamston State Bank, Williamston, thirty years from and after August 30, 1918. Farmers and Merchants Bank, Nashville, thirty years from and after December 15, 1918. TR UST C OM PANIES. There were no new trust companies organized during the year. The Saginaw Valley Trust Company, Saginaw, with a capital of $200,000.00, liquidated for the purpose of consolidation with the American State Bank of Saginaw, such consolida tion becoming effective September 6, 1918. IN D U ST R IA L B A N K S. Under the provisions of Act No. 296 of the Public Acts of 1917, an act concerning industrial banks, defining the same and providing for their incorporation, powers, supervision and control. The Morris Plan Industrial Bank of Grand Rapids was organized with a capital of $50,000.00, and was authorized to commence business June 24, 1918. R ESER V E C ITIES. As required by Sections 24 and 27 of the General Banking Law, I hereby designate for the year 1919 the following cities as reserve cities for Michigan state banks and trust companies: Adrian, Alpena, Ann Arbor, Battle Creek, Bay City, Benton Har bor, Cadillac, Detroit, Grand Rapids, Jackson, Kalamazoo, Lansing, Marquette, Muskegon, Port Huron, Saginaw, Sault Ste, Marie, Traverse City, Baltimore, Boston, Buffalo, Chicago, Cincinnati, Cleveland, Milwaukee, Minneapolis, New York, Phila delphia, Pittsburg, St. Louis, St. Paul and Toledo. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xviii STATE BANKING DEPARTMENT. GROWTH OF STATE B A N K S. December 31, 1918, marks the thirtieth anniversary of the founding of the present system of state bank supervision in Michigan. The following table shows the enor mous increase in the aggregate footings of the state banks from the close of the first year’s existence of this Department to the present time: 502 s ta te b an ks, 510 s ta te b an ks, 10 tr u st 9 tru st c om p an ies, c om p an ies, 1 in d u str ia l ban k, 2 in d u str ia l banks, N o v . 20, 1917. N o v . 1, 1918 R esou rces. 80 b an ks, J an . 7, 1889. L o a n s .................................................................... B a n k in g ho u se, fu rn itu re a n d fixtures a n d oth er real e s t a t e ................ ............ C a sh on h a n d a n d in b a n k s ..................... $ 3 0 ,8 1 5 ,6 9 7 13 $ 5 5 5 ,3 8 8 ,5 0 0 06 $ 6 1 6 ,2 0 4 ,8 2 9 08 5 3 4 ,4 1 1 76 7 ,5 5 0 ,6 6 1 99 1 5 ,8 6 0 ,3 2 7 31 9 7 ,2 6 4 ,4 5 0 79 1 6 ,5 0 4 ,0 8 9 54 9 7 ,1 3 3 ,0 2 2 30 T o t a ls ......................................................... $ 3 8 ,9 0 0 ,7 7 0 88 $ 6 6 8 ,5 1 3 ,2 7 8 16 $ 7 2 9 ,8 4 1 ,9 4 0 92 L ia b ilitie s. C a p ita l sto c k p a id i n ................................... Surplus fu n d an d u n d iv id e d p r o fits . . . D e p o s its .............................................................. B ills p a y a b le a nd r e d isc o u n ts ................. T o t a ls ......................................................... $ 5 ,5 1 9 ,4 2 5 1 ,8 1 8 ,8 3 5 3 1 ,2 8 4 ,1 2 4 2 7 8 ,3 8 5 00 53 39 96 $ 3 8 ,9 0 0 ,7 7 0 88 $ 4 2 ,0 2 7 ,0 9 8 3 8 ,2 8 4 ,9 7 7 5 7 6 ,4 3 1 ,5 4 5 1 1 ,7 6 9 ,6 5 7 00 27 70 19 $ 6 6 8 ,5 1 3 ,2 7 8 16 $ 4 3 ,2 5 4 ,5 0 0 3 9 ,2 2 4 ,4 8 0 6 0 2 ,6 9 5 ,6 2 8 4 4 ,6 6 7 ,3 3 1 00 23 91 78 $ 7 2 9 ,8 4 1 ,9 4 0 92 In the period 1889-1918, the following approximate increases are shown: deposits, $571,000,000.00; loans, $585,000,000.00; capital, $37,500,000.00; surplus and undivided profits, $37,000,000.00. The loans have increased, between November 20, 1917 and November 1, 1918, $65,578,684.31; the deposits, $26,144,650.31. The increase in deposits is divided as follows: Commercial deposits............................................. $17,611,687 25 Savings deposits.................................................... 8,532,963 06 E A R N IN G S AND D IV ID E N D S OF STATE B A N K S. The General Banking Law of the State of Michigan does not fix a uniform dividend period for state banks. It provides, however, that each bank shall report to the Commissioner of the Banking Department within ten days after declaring any dividend, such reports showing amount of dividend, amount carried to surplus and any earn ings in excess thereof. The custom of the Department in this regard is to call for a report of earnings and dividends as of June 30 and December 31 of each year. For Year Ending June 30, 1918. Gross earnings....................................................................................... Losses, bad debts, premiums charged off............ $2,096,716 22 Expenses, interest and taxes................................ 23,282,611 99 ------------------- Net profits................................................................................... Out of which total dividends of $5,201,510.65 were declared. Total average capital for above period...................$42,067,540 34 Total average surplus for above period.................. 25,291,967 60 $31,815,538 28 25,379,328 21 $6,436,210 07 Total average capital and surplus............................................... $67,359,507 94 Upon which the net profits were equivalent to .......................................... 9.55% And upon which dividends were paid equivalent to .................................. 7.72% Total average undivided profits for above period............................. $11,133,720 10 Total average deposits for above period..............................................$585,200,314 80 Upon which net profits were equivalent to ............................................... 1.09% https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xix REPORT OF THE COMMISSIONER. Total average investable funds......... ...................................................$526,404,395 30 Upon which net profits were equivalent to ............................................... 1.22% Upon average capital, surplus, undivided profits and deposits net profits were equivalent to .................................................................- ......................96 % N U M B E R OF D EPO SITO RS. Reports as to the number of depositors were received from the 510 state banks, 9 trust companies and 106 national banks as of December 1, 1918. An abstract of these reports shows total depositors of 1,988,610 divided into the following classifi cation: State Banks, commercial deposits................................................................ State Banks, savings deposits....... .............................................................. National Banks, commercial deposits......................................................... National Banks, savings deposits.......................................................~........ 416,613 1,197,645 108,707 765,645 An increase of 7,929 is shown in the number of commercial depositors of state banks for the year, while the increase in number of savings depositors is 8,379 con stituting a total increase in number of depositors of state banks 16,308. During the year the number of commercial depositors in Michigan national banks has increased 1,909 and number of savings depositors has increased 25,457,' making a total increase for national banks 27,366! The total increase in number of depositors of both state and national banks for the year 1918 is therefore 43,674. The following table shows the number of commercial and savings depositors in the 510 state banks and 106 national banks, the aggregate deposits and per capita of deposits: A vera g e to e a ch d ep ositor. B a n k s. C lass o f d e p o sits. N u m b er of d ep ositors. A m o u n t of d e p o sits. 5 1 0 S ta te B a n k s ......... ...................... 9 T ru st C o m p a n ie s /.................. 106 N a tio n a l B a n k s ..................... | C o m m e r c ia l......... S a v in g s .................. D e m a n d ................ T im e ....................... 4 1 6 ,6 1 3 1 ,1 9 7 ,6 4 5 1 0 8 ,7 0 7 2 6 5 ,6 4 5 $ 2 6 5 ,2 7 1 ,4 6 0 3 3 7 ,3 0 4 ,7 3 5 1 4 6 ,7 5 2 ,0 0 0 8 5 ,3 8 4 ,0 0 0 1 ,9 8 8 ,6 1 0 $ 8 3 4 ,7 1 2 ,1 9 6 01 T o ta ls ................................ 56 45 00 00 $636 281 1 ,3 4 9 321 73 64 98 42 $419 74 L IBER T Y L O A N S. Reports made to this department from State Banks show that approximately 1,466,160 individuals subscribed to Liberty Bonds through such banks. Corres ponding reports from National Banks show approximately 356,587 individual sub scribers. Thus making a total number of individual subscribers to the first four Liberty Loan Issues through both State and National Banks in Michigan of approxi mately 1,822,747. These subscribers together with the Michigan State and National Banks purchased Bonds of the first four Liberty Loans to an aggregate amount of $468,280,100.00. This immense total is divided as follws: Subscription. .$37,808,200 U p p e r P e n i n s u l a (total for four issues) (9th Federal Reserve District) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. XX L ow er P e n in s u l a (7th Federal Reserve District) 1st Loan. ................................... 2nd Loan........................................ 3rd Loan.................................. 4th Loan........................................ T Quota. $50,000,000 74.550.000 75.600.000 147,900,000 Subscription. $61,475,100 106,179,550 98,033,050 164,784,200 Over Subscription. 22.95% 42.42% 29.67% 11.41% $348,050,000 $430,471,900 23.68% Michigan Subscription to first four Liberty Loans (Upper and and Lower Peninsula).................................................................. $468,280,100 otal R EC E IPT S AND D IS B U R S E M E N T S OF TH E D E PA R T M E N T . 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: First examination fees.................................................. Preliminary examination fees...................................... Steamship examination fees.. .'.................................... Federal Reserve copy fees............................................ Special fees.................................................................... $69,212 347 218 3,383 414 14 24 00 10 76 Total checks turned over to State Treasurer for year 1918............................................................................ $73,575 24 Franchise and Filing Fees turned over to Secretary of State......................................................................... $1,370 00 1918....................... $74,945 24 T otal D epartm ental R e c e ip t s During the year 1918 the expenses of the Department were as follows: S a l a r ie s : F. W. Merrick, Commissioner.............................................................. A. E. Manning, Deputy Commissioner............................................... $3,500 00 2,500 00 e x a m in e r s : E. P. Hopkins (resigned June 1, 1918)........................................... J. C. VanCamp (resigned December 1, 1918)............................... F. L. Perkins (resigned July 15, 1918)............................................. F. E. Quisenberry (resigned July 1, 1918)...................................... J. M. Conway. . . . ............................. ................... C. F. Spaeth.................................................................................. ’ E. D. Albertson (resigned July 15, 1918) ...................................... C. I. Norman.................................................................... ................. H. W. Hanson (extended leave of absence May 6, 1918, reappointed examiner December 23, 1918)....................................................... Ralph Nixon (resigned June 10, 1918)............................................ Carl Wisner........................................................................................ H. O. Mohrmann (extended leave of absence May 13, 1918, reap pointed examiner August 19, 1918)........ . . . . .............................. L. E. Warner............................................................... F. J. Affeldt, Jr.................................................................................. S. D. Thomas (extended leave of absence May 13, 1918)............... J. T. Mallett.................................................. ................................... V. W. Tourje...................................................................................... L. L. Maxam...................................................................................... F. W. Lawrence.................................................................................. P. S. Hanna (resigned September 23, 1918).................................... L. J. Baker (appointed assistant examiner February 15, 1918, appointed examiner August 1, 1918)............................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,134 2,226 1,441 1,281 2,283 07 93 33 25 10 2,200 00 1,228 34 1,805 98 792 95 917 20 1,825 25 1,406 92 1,791 84 1,750 00 719 24 1,733 15 1,716 85 1,708 70 1,700 00 1,270^83 fell 1,254 60 REPORT OF THE COMMISSIONER. Wm. C. Griswold (appointed assistant examiner March. 11, 1918, appointed examiner October 15, 1918)....................................... C. W. Snowden (appointed assistant examiner May 1, 1918, appointed examiner August 1, 1918).............................. '............ H. A. Millard (appointed assistant examiner June 1, 1918, appointed examiner October 1, 1918)........................................... L. J. O’Brien (appointed assistant examiner July 1, 1918, appointed examiner October 1, 1918)..................................................... A. E. Gale (appointed assistant examiner July 1, 1918, appointed examiner October 1, 1918)............................................................ Scott E. Lamb (appointed assistant chief clerk and examiner June 4, 1918, appointed chief clerk and examiner October 1, 1918). . . L. P. Kalahar (appointed assistant examiner July 15, 1918, appointed examiner November 1, 1918)...................................... D. J. VanderWerp, Jr., (appointed assistant examiner July 1, 1918, appointed examiner November 1, 1918)............>........................ F. L. Olive (appointed assistant examiner July 15, 1918, appointed examiner December 1, 1918)......................................................... B. P. Greene (appointed examiner December 16, 1918)................. xxl $1,074 62 1,009 00 823 90 725 00 725 00 764 01 633 97 682 90 593 17 73 91 A SSISTA N T E X A M IN E R S: J. E. Beavis (resigned July 31, 1918).............................................. R. H. Larabee.................................................................................... R. B. Renwick (resigned July 1, 1918).............................. ............. R. L. Simmons (resigned May 6, 1918)........................................... Geo. E. Paul (resigned February 1, 1918)....................................... J. J. Van Putten, Jr. (resigned January 15, 1 9 1 8 )....................... C. S. Stranahan (resigned May 4, 1918).......................................... G. W. Townsend (resigned March, 1918)........................................ H. W. Gross (appointed assistant examiner August 1, 1918)......... H. J. McGill (appointed assistant examiner August 28, 1 918).... J. W. Thurlow (appointed assistant examiner September 30, 1918). sp e c ia l 769 1,400 668 ' 464 103 50 412 152 498 410 300 58 00 48 83 30 00 09 77 90 84 00 e x a m in e r s : Frank J. Battersbee (appointed special examiner November 5, 1918)............................................................................................... 228 22 c ler k s: Edith L. Clark................................................................................... Lulu M. Goulet.................................................................... ............. Anna E. Peasley............................................................................... Laura D. McCabe.................................................• • • ..................... Sybil M. Wilson................................................................................. Martin Blank..................................................................................... 1,300 1,133 1,104 900 787 313 00 99 51 00 48 20 E X T R A CLERKS . ....................................................................................................................................... 3,793 68 Total salaries.................................................................... ........................ $60,085 88 E x p e n s e s in c u r r e d in e x a m in a t io n of b a n k s ......................................................... P R IN T IN G .............................................................................................................. ......................................... B i n d i n g ......................................................................................................................................................... S t a t i o n e r y ..................................................................... .......................................................................... P o s t a g e ........................................................................................................................................................ T e l e p h o n e ................................................................................................................................................. T e l e g r a p h ................................................................................................................................................. E x p r e s s ................................................................................. .. .................................................................... M i s c e l l a n e o u s (Office supplies and equipment)............................... Total expenses................................................... ....................................... Total receipts............................................................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31,972 4,032 289 476 2,500 542 100 240 2,131 48 70 60 70 00 20 07 48 50 $102,371 6 l 74,945 25 STATE BANKING DEPARTMENT. XXII The net cost to the state in 1918, for its present system of bank supervision is, therefore, $27,426.36. As previously stated 1,067 bank examinations were made during the year which exceeds the number made during 1917 by 50, notwithstanding the fact that the assets of banks under the supervision of this Department increased approximately $61,000,000.00. STEAM SH IP BO N D S A PPR O V ED B Y THE SE C U R IT IE S COMM ISSION. The following table shows the steamship bonds which are legal investments for savings deposits of state banks at the date of this report: N o. D a te o f a p p ro v a l. N a m e o f steam er. N am e of com pany. A m ount b on d issu e. $ 1 9 0 ,0 0 0 1 6 0 ,0 0 0 200,000 1 4 0 .0 0 0 1 9 0 .0 0 0 1906 1906 1906 1907 1907 H a w g o o d T ra n sit C o ..................... T o le d o S tea m sh ip C o .................... T o n a w a n d a T ra n sit C o ................ D earb orn T ra n sit C o ..................... F ra n k lin S tea m sh ip C o ................ H a r v e y D . G oulder. E u g e n e Z im m erm an C harles W e s t o n .. . . E . L. W a lla c e ............ E . J. E a r lin g .............. 8 9 13 20 22 M ar. 26, 1907 A pril 10, 1907 O ct. 8, 1907 A pril 2, 1908 A ug. 13, 1908 M in e r v a S tea m sh ip C o. ( * ) . . . . C h ica g o N a v ig a tio n C o ............. M id la n d N a v ig a tio n C o ............... J en k in s S tea m sh ip C o ................... P o s ta l S tea m sh ip C o ...................... H enry A. H aw good ( f ) . . . . W m . E . F itz g e r a ld ................ Jas. S. D u n h a m ...................... M id la n d P r in c e ....................... C harles O. J e n k in s ................ T h o m a s B a r iu m ...................... 2 0 5 .0 0 0 2 8 0 .0 0 0 1 3 0 .0 0 0 1 5 0 .0 0 0 1 5 0 .0 0 0 23 24 26 27 29 Jan: Jan. Jan. Jan. Jan. 13, 13, 13, 13, 13, 1909 1909 1909 1909 1909 F r e m o n t S tea m sh ip C o ................ D e tr o it S tea m sh ip C o ................... N e p tu n e S tea m sh ip C o. ( * ) . . . A tla s S tea m sh ip C o. ( * ) .............. H o lm es S tea m sh ip C o ................... B . P . B e r r y ...................... C has. W . K o tc h e r .................. A rthur H . H a w g o o d ( Î ) . . . W m . A . H a w g o o d ( § ) .......... S a lt L a k e C ity ( ||) ................. 1 6 0 ,0 0 0 1 4 0 .0 0 0 2 1 5 .0 0 0 30 32 33 34 35 Jan. Jan. Jan. Jan. Jan. 13, 13, 13, 13, 13, 1909 1909 1909 1909 1909 F ro n tier S tea m sh ip C o ................. Y ork T ra n sit C o .............................. S h en a n g o S tea m sh ip C o .............. W ainw right S tea m sh ip C o .......... A lv a S tea m sh ip C o ......................... Josia h G. M u n ro Jo h n J. B o la n d .. W ilp e n .................... W a in w r ig h t......... M . A . B r a d le y . . 210,000 36 37 38 41 42 Jan. Jan. M ar. M ar. M ar. 13, 13, 18, 18, 18, 1909 1909 1909 1909 1909 C ro x to n S tea m sh ip C o ................. E m p ire S tea m sh ip C o ................... V a lle y S tea m sh ip C o ..................... H a w g o o d S tea m sh ip C o. ( * ) . . . Farrar T ra n sp o rta tio n C o .......... C a ld e r a ............................ W m . H . T r u e s d a le .. . A lexis W . T h o m p so n N . F . L eop old ( F ) . . . C o llin g w o o d .................. 1 7 0 .0 0 0 1 5 7 .0 0 0 2 1 5 .0 0 0 1 3 5 .0 0 0 43 44 45 46 47 M a y 27, 1909 M a y 27, 1909 M a y 27, 1909 Jun e 2, 1910 J u n e 2, 1910 P e n n sy lv a n ia S tea m sh ip C o ... . A m erica n S tea m sh ip C o .............. F ro n tier S tea m sh ip C o ...............| S ta d a c o n a S tea m sh ip C o ............. D o u g la s S tea m sh ip C o ................. Ja co b T . K o p p ......... A d am E . C orn eliu s. J am es C o r r ig a n . . . . D a n ie l B . M ea c h e m S ta d a c o n a .................... G. A . T o m lin so n . . . 1 6 5 .0 0 0 1 5 0 .0 0 0 4 2 0 .0 0 0 1 5 0 .0 0 0 1 4 0 .0 0 0 48 49 51 52 53 June June June June June 2, 2, 2, 2, 2, 1910 1910 1910 1910 1910 K in n e y S tea n sh ip C o .................... P o s ta l S tea m sh ip C o ...................... T ec u m se h S tea m sh ip C o ............. S h en a n g o S tea m sh ip C o .............. A m erica n S tea m sh ip C o ............ J. S. A s h le y ............................... Joh n J. B a r iu m ....................... A ndrew S. U p s o n ................... S h e n a n g o ..................................... T h eod ore H . W ic k w ir e . . . . } C lifford F . M o ll...................... 1 5 0 .0 0 0 1 4 0 .0 0 0 2 3 0 ,0 0 0 3 2 0 ,0 0 0 58 61 62 63 64 65 N ov. N ov. N ov. N ov. N ov. Jan. 30, 30, 30, 30, 30, 31, 1910 1910 1910 1910 1910 1912 W isco n sin T ra n sp o rta tio n C o .. . N o r th A m erica n S tea m sh ip Co. N o r th A m erica n S tea m sh ip Co. F ra n k lin S tea m sh ip C o ................ A m erican S tea m sh ip C o ............ S h en a n g o S tea m sh ip a n d T ra n s p o r ta tio n C o .................................. Joh n P . R e is s ........................... A . M . B e y e r s ............................ P e te r R e is s ................................ E . H . U t le y ............................... T h eod ore H . W ick w ire, J r . . H arry Y a t e s .............................. 150 000 1 4 5 .0 0 0 1 4 5 .0 0 0 1 5 0 .0 0 0 3 2 0 .0 0 0 Jas. M . Sh oonm aker 2 3 7 ,0 0 0 66 67 F eb . 16, 1912 J u n e 26, 1912 W illis L. K in g 1 8 5 ,0 0 0 68 69 70 Jan. 23, 1913 N o v . 17, 1916 Jan. 29, 1917 I n te r sta te S tea m sh ip C o .............. S h en a n g o S tea m sh ip a n d T ra n s p o r ta tio n C o .................................. Y a le T ra n sp o rta tio n C o ............... D o n n er S tea m sh ip C o ................... F ra n k lin S tea m sh ip C o ................ W m . P . Sn yder, Jr. L ou is R . D a v id so n H erb ert F . B la c k . . E m o r y L. F o r d .. . . 2 3 7 .0 0 0 1 6 0 .0 0 0 1 8 5 .0 0 0 1 3 5 6 7 A ug. S ept. Sept. M ar. M ar. (*) (t) (j ) (5) (¡j) (F ) 9, 12, 12, 26, 26, j j j C o n so lid a ted w ith th e C o m m o n w ea lth S tea m sh ip C o. N a m e ch a n g ed to C . R u sse ll H ub bard. N a m e ch a n g e d to J o sep h B lo ck . N a m e ch a n g ed to R . L. A g a ssin . N a m e ch a n g ed to C h ester A . C on gd on . F o rm erly W . R . W oodford . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 0 0 .0 0 0 2 0 0 ,0 0 0 1 6 5 .0 0 0 2 1 0 .0 0 0 1 3 5 .0 0 0 1 5 5 .0 0 0 1 0 0 .0 0 0 1 2 0 .0 0 0 1 0 0 .0 0 0 xxiii REPORT OF THE COMMISSIONER. SEG R EG A TIO N OF D E PO SIT S. I submit the following table for the purpose of showing that the absolute separa tion and segregation of savings deposits and investments has not retarded or restricted in any way the commercial business interests of the state. D ate of report. Savings deposits. Total savings investments. Mortgage and bond investments required. Total mortgage and bond investments. Amount Amount savings deposits savings deposits actually permitted to invested in be invested in commercial commercial paper. paper. March 4 ............. $331,115,006 09 $347,769,321 51 $159,254,045 12 $217,437,290 38 $84,982,640 00 $64,640,433 58 M ay 10.............. 330,419,328 69 355,805,080 59 158,516,108 82 231,340,331 82 85,413,750 00 58,238,934 78 60,843,246 00 June 29.............. 329,071,856 07 342,727,429 06 166,717,507 51 230,674,839 51 85,639,360 00 August 31 .......... 331,692,231 95 350,001,237 33 167,996,916 57 238,824,431 62 86,090,622 40 59,479,434 72 68,955,659 02 86,509,000 00 November 1 . . . . 337,304,735 45 396,261,558 02 167,149,872 06 268,584,283 66 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 1, 1918, shows that commercial or business needs were amply supplied. State banks on that date had discounts of this character in the savings department aggregating $68,955,659.02, notwithstanding the fact that they could, if necessarv, have availed themselves to the amount of $86,509,000.00 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 1918 savings deposits have increased approximately $8,532,963.06, while the commercial deposits show a gain of approximately $17,611,687.25. M EM BER B A N K S OF FE D E R A L R E SE R V E SYSTEM . There are one hundred seventeen Michigan state banks which are members of the Federal Reserve System at the present date, and others have made application for membership. In connection with the recent Liberty Loan campaigns, and follow ing the appeal of the President of the United States there_ has been considerable interest ma n if est, in Michigan banking circles in regard to joining the Federal Reserve System. 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 Juws 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: Fruit Growers State Bank, Saugatuck. Commercial and Savings Bank, Albion. Central State Bank, Jackson. Peoples State Bank, Detroit. Exchange Savings Bank, Mt. Pleasamt. Sault Savings Bank, Sault Ste. Marie. Industrial Savings Bank, Flint. Federal Commercial and Savings Bank, Port Huron. Wayne County and Home Savings Bank, Detroit. Union Bank, Jackson. B. Dansard & Sons State Bank, Monroe. Lapeer Savings Bank, Lapeer. Citizens Commercial and Savings Bank, Flint. Kent State Bank, Grand Rapids. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxiv STATE BANKING DEPARTMENT. Grand Rapids Savings Bank, Grand Rapids. Dime Savings Bank, Detroit. First State Bank of Detroit, Detroit. Union Trust and Savings Bank, Flint. The Detroit Savings Bank, Detroit. The Highland Park State Bank, Highland Park. Peninsular State Bank, Detroit. H. C. McLachlin and Company State Bank, Petersburg. Romeo Savings Bank, Romeo. Grand Haven State Bank, Grand Haven. Boies State Savings Bank, Hudson. Niles City Bank, Niles. Central Savings Bank, Detroit. Eaton County Savings Bank, Charlotte. Oceana County Savings Bank, Hart. Rochester Savings Bank, Rochester. Gladstone State Savings Bank, Gladstone. Lansing State Savings Bank, Lansing. Commercial and Savings Bank, St. Clair. First Commercial State Bank, Royal Oak. American State Bank, Detroit. Lenawee County Savings Bank, Adrian. Jackson State Savings Bank, Jackson. Commercial Savings Bank, Adrian. Adrian State Savings Bank, Adrian. Dearborn State Bank, Dearborn. Farmers and Mechanics Bank, Ann Arbor. State Savings Bank, Ann Arbor. The Old State Bank of Fremont, Fremont. Farmers and Merchants Bank, Chelsea. G. W. Jones Exchange Bank, Marcellus. Presque Isle County Savings Bank, Rogers City. State Bank of Coloma, Coloma. State Savings Bank of Warren, Warren. Thompson Savings Bank, Hudson. The Peoples State Bank, Imlay City. Saline Savings Bank, Saline. First State Bank of Petoskey, Petoskey. Bank of Detroit, Detroit. Manistee County Savings Bank, Manistee. Bank of Saginaw, Saginaw. Bay City Bank, Bay City. Royal Oak Savings Bank, Royal Oak. Alpena County Savings Bank, Alpena. Lapeer County Bank, Imlay City. Genesee County Savings Bank, Flint. Farmers State Savings Bank, Bay City. The Lilley State Bank, Tecumseh. Tecumseh State Savings Bank, Tecumseh. The Union Savings Bank, Manchester. Albion State Bank, Albion. Gwinn State Savings Bank, Gwinn. Wakefield State Bank, Morenci. Peoples State Bank, Flushing. Citizens State Bank, Big Rapids. Pontiac Savings Bank, Pontiac. Peoples Savings Bank, Coopersville. Peoples Savings Bank, Grand Haven. City Trust and Savings Bank, Grand Rapids. Fenton State Savings Bank, Fenton. Hillsdale Savings Bank, Hillsdale. Milan State Savings Bank, Milan. Ullrich Savings Bank, Mt. Clemens. Ludington State Bank, Ludington. Commercial Savings Bank, Fenton. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. XXV Farmers and Merchants State Bank, Carson City. First State Bank, Milford. Elk Rapids State Bank, Elk Rapids. Isabella County State Bank, Mt. Pleasant. Farmers and Merchants State Bank, Lakeview. Commercial State Savings Bank, Lakeview. State Savings Bank, Ionia. Farmers State Bank of Armada. Traverse City State Bank, Traverse City. Leelanau County Savings Bank, Suttons Bay. Holland City State Bank, Holland. Citizens State Bank, South Haven. Paw Paw Savings Bank, Paw Paw. Citizens State Savings Bank, Otsego. United Savings Bank, Detroit. Commercial State Savings Bank, Greenville. Commercial Savings Bank, Marshall. City State Bank, Lowell. Cass County State Bank, Cassopolis. Onsted State Bank, Onsted. Peoples Bank, Manchester. Grosvenor Savings Bank, Jonesville. Farmington State Savings Bank, Farmington. Fremont State Bank, Fremont. Frankenmuth State Bank, Frankenmuth. Redford State Savings Bank, Redford. Benton Harbor State Bank, Benton Harbor. Williamston State Bank, Williamston. Big Rapids Savings Bank, Big Rapids. Farmers and Merchants Bank, Nashville. American Savings Bank, Pontiac. Edmore State Bank, Edmore. First State Bank of Holland, Holland. Peoples Commercial & Savings Bank, Bay City. Davison State Bank, Davison. Commercial Bank, Iron Mountain. Washington Savings Bank, Washington. Commercial Savings Bank, Grand Rapids. REPORT OF RECEIVER. TH E E . JOSSM AN STATE B A N K , CLARKSTON. Elmer R. Webster, receiver, under date of December 1, 1918, reports as follows: Total assets at date of and received since suspension.. .. . Amount collected by receiver to date................................. $187,972 22 151,127 85 D ISPO SIT IO N OF COLLECTIONS. Loans paid and other disbursements.................................. Dividends paid....... .............................................................. Receiver’s salary paid.......................................................... Legal expenses paid.............................................................. All other expenses paid........................................................ Balance in hands of State Treasurer.................................. Balance in hands of receiver............................................... Total https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12,794 123,859 5,550 500 2,883 1,891 3,648 39 66 00 00 80 06 94 $151,127 85 xxvi STATE BANKING DEPARTMENT. ABSTRACT OF R E C E IV E R S H IP S. The following table is a condensed abstract of seventeen closed and one active receiverships since the organization of this Department in 1889: 17 C losed receiversh ip s. 1 A c tiv e receiversh ip . T o ta l. T o ta l a sse ts tu rn ed ov er to r e c e iv e r s ........................ $ 9 ,9 1 0 ,5 9 3 32 $ 1 8 7 ,9 7 2 22 $ 1 0 ,0 9 8 ,5 6 5 54 $ 2 8 5 ,5 7 3 43 $ 1 ,1 5 8 12 $ 2 8 6 ,7 3 1 55 8 4 7 ,1 7 4 89 3 ,5 1 6 ,8 5 1 75 5 , 2 6 0 ,9 9 3 25 1 8 ,2 2 4 00 3 6 ,2 9 3 69 1 3 2 ,2 9 6 41 8 6 5 ,3 9 8 89 3 ,5 5 3 ,1 4 5 44 5 ,3 9 3 ,2 8 9 66 T o t a l.................................................................................. $ 9 ,9 1 0 ,5 9 3 32 $ 1 8 7 ,9 7 2 22 $ 1 0 ,0 9 8 ,5 6 5 54 C o lle c te d fro m a b o v e a s s e t s ........................................... $ 5 ,2 6 0 ,9 9 3 25 C o lle c te d fro m a sse ssm e n ts on sto c k h o ld e r s .......... 2 8 1 ,3 9 2 45 $ 1 3 5 ,3 2 7 85 1 5 ,8 0 0 00 $ 5 ,3 9 6 ,3 2 1 .1 0 2 9 7 ,1 9 2 45 T o ta l c o lle c tio n s ......................................................... $ 5 ,5 4 2 ,3 8 5 70 $ 1 5 1 ,1 2 7 85 $ 5 ,6 9 3 ,5 1 3 55 D isp o sitio n o f a ssets: O ffsets a llo w ed a nd s e t t le d ......................................... L o sses on a sse ts co m p o u n d e d or so ld u n der order o f c o u r t............................................................... R e m a in in g a s s e t s ............................................................. C o lle c te d from a s s e t s .................................................... D isp o sitio n o f co lle ctio n s: L o a n s p a id a n d o th er d isb u r se m e n ts................... D iv id e n d s p a id ................................................................. L eg a l e x p e n s e s .................................................................. R e c e iv e r ’s sa la ry a n d oth er e x p e n s e s ................... B a la n c e in h a n d s o f S ta te T rea su rer.................... B a la n c e in han d s o f r e c e iv e r ..................................... $ 6 7 2 ,9 2 1 4 ,2 7 4 ,9 9 0 2 9 6 ,1 9 4 2 9 8 ,2 7 9 70 03 60 37 $ 1 5 ,6 7 8 1 2 3 ,8 5 9 500 5 ,5 5 0 1 ,8 9 1 3 ,6 4 8 19 66 00 00 06 94 $ 6 8 8 ,5 9 9 4 ,3 9 8 ,8 4 9 2 9 6 ,6 9 4 3 0 3 ,8 2 9 1 ,8 9 1 3 ,6 4 8 89 69 60 37 06 94 T o t a l.................................................................................. $ 5 ,5 4 2 ,3 8 5 70 $ 1 5 1 ,1 2 7 85 $ 5 ,6 9 3 ,5 1 3 55 C a p ita l sto c k a t d a te o f fa ilu r e .................................... $ 1 ,0 2 1 ,0 0 0 00 A m o u n t o f d e p o sits a t d a te o f fa ilu r e ...................... 6 , 3 6 5 ,8 9 6 98 $ 2 0 ,0 0 0 ,0 0 2 1 5 ,8 1 0 64 $ 1 ,0 4 1 ,0 0 0 00 6 ,5 8 1 ,7 0 7 62 The collections on total assets of closed receivership amount to 53.4 per cent, and the total amount collected including assessments on stockholders is 56.3 per cent of the total amount of assets. The amount collected by assessment on stockholders is 28.54 per cent of the total amount of capital stock. Expenses incurred by the several receivers amount to 5.94 per cent of the total assets, and 10.55 per cent of total col lections. An average of 66.83 per cent has been paid to depositors. STEAM SH IP TICK ET A G E N CIE S. Under the provisions of Act 271, P. A. 1915, as amended by Act 236, P. A. 1917, all persons, firms or corporations engaging in the selling of steamship or railroad tickets for transportation to or from foreign countries, or in the business of receiving deposits of money for the purposes of transmitting the same, or the equivalent thereof to foreign countries, are placed under the general supervision of this Department. It is incumbent upon this Department to make at least two examinations each year of the books, records and accounts of all such persons, firms or corporations to ascertain whether they are complying with the provisions of the act referred to above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OP THE COMMISSIONER. N o. 1 2 3 4 5 6 •7 8 9 10 11 12 13 14 15 16 17 18 19 N am e of com pany. L o ca tio n . XXV ll D a te first e x a m in a tio n . T o ta l fees paid. $ 5 .0 0 5 00 18 50 12 00 17 00 18 00 5 00 John Plf^prcVtO a.nd f!ha,s R igassi R u d olp h A TVnilpsr a.nd Flmil A Proll J^r.nb D u s o h in s k y ...................................................... TTp.rmfi.ri Rir.hnor ............................................... Sigm ond W ohl ....................................................... Pipit-ro Oa.rdiello ............................................... Josoph and P h ilip H irsnhfeld Iron M o u n ta in . Iro n M o u n ta in . D e t r o it ................ D e t r o it ................. D e t r o it ................ D e t r o it ................ D e t r o it ................ J u ly J u ly M ar. M ar. M ar. M ar. N ov. C h ristian Pfvidinh....................................................... 1VTorris Soha c h te r ........................................................ Armin W dnhfirgftr D a n iel P o lo sc h o n ........................................................ D a n iel G o ld b e rg e r ..................................................... D e t r o it ................ D e t r o it ................ D e t r o it ................. D e t r o it ................ F l in t ...................... N o v . 27 N o v . 15 A n th o n y G G rzezinski . A lexander Stein D a v id find TTirsch G o ld m a n ................................ R ussian C o n su lta tio n P u r e a u ........................... K ru g er’s S tea m sh ip T ic k e t a n d F o reig n IVToney Order A gency Sa.rmifil R Jo n es ........................................ Pollci ^ Son ........................... D e tr o it................ D e t r o it ................ D e t r o it ................ D e t r o it ................ M ar. 14 M ar. 12 N ov. 8 M ar. 15 D e c. 28 (1917) M ar. 15 N o v . 22 7 50 M ar. 13 M ar. 11 N o v . 14 N o v . 22 33 00 18 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D e t r o it ................. D e t r o it ................ D e t r o it ................ 6 6 11 14 14 6 12 D a te seco n d e x a m in a tio n . M ar. 15 N o v . 14 N o v . 12 N o v . 22 N o v . 26 N o v . 26 11 18 6 14 15 00 00 00 50 00 12 00 2 50 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OP THE COMMISSIONER. xxxi INDEX (T h e referen ces in a rab ic n u m era ls are to c o n se c u tiv e o p in ion s, th o se in ro m a n n u m era ls are to pages.) A BSTR A C T D E P A R T M E N T : T ru st c o m p a n ies m a y o w n a nd o p e r a te .................................................................... ACCEPTA N C ES, BA NK ER S: N o t ch a rg ea b le to a ccep to rs lin e o f c r e d it.............................................................. A N N U A L M E E T IN G : S to ck h o ld ers m u st b e p r e se n t or rep resen ted b y p ro x y a t ................................ A R T IC L E S OP IN C O R P O R A T IO N : A u th o r ity to su b scrib e, as “ tr u s te e ” r e q u ir e d ............................................ .. E x ec u to r o f e sta te m a y n o t subscrib e, in h is r ep re sen ta tiv e c a p a c it y ... A SSE SSM E N T : D ir e c to r s’ n o te s n o t perm issib le in lie u o f .................... '......................................... on sto ck h o ld ers: n o t a u th o rized in ca se o f im p a ir m e n t................. ............................................ n o t lim ite d to o n e h u n d red per c e n t ................................................................. B. BANK: a b so rb in g a n o th er c a n n o t c o n tin u e to h o ld certa in u n a u th o r iz e d in v e s t m e n t s ..................................................................... B ra n ch es: m a y n o t b e m a in ta in e d in an u n in co rp o ra ted v illa g e b y b an k in co rp o ra ted in a n o th er u n in co rp o ra ted v illa g e ................................. p e r m itted in certa in in s ta n c e s ............................................................................ c a n n o t e x te n d its c re d it to in d iv id u a l or b a n k ............... ..................................... c a n n o t le g a lly sell ste a m sh ip t ic k e t s .......................................................................... C o m m ercia l, (str ic tly ) m u st a m en d articles to tr a n sa c t s a v in g s b u s in e s s . c o n d itio n of, C o m m issio n er m a y req uire in fo rm a tio n te n d in g to s h o w . . E x a m in ers: are p u b lic o ffice r s........................................................... b o n d s ............................................... s a la r ie s ...................................................................................... s a la r ie s .................................................................................... F o reig n , n o t p e r m itted to en g a g e in b u sin ess in th is s t a t e ............................ m a y lo a n to B u ild in g a n d L oan A ss o c ia tio n s ........................................................ m u st in c o r p o r a te un d er g en eral b a n k in g la w ......................................... .............. N a tio n a l: n o t req uired to rep o rt esc h e a te d d e p o s its ...................................................... S to ck h o ld ers of, m a y org a n ize s ta te b a n k ...................... ............................. n o t preferred cred ito r o f b u ild in g a nd lo a n a s s o c ia tio n s ................................. P r iv a te , n o t d e p o sito r y for p u b lic f u n d s .................................................................. S ta te : c a n n o t b eco m e su r ety o f p u b lic o ffice r ............................................................ c o n te m p la te d in c itie s or v illa g e s o n l y ................................ m a y b e o rg a n ized b y sto ck h o ld ers o f n a tio n a l b a n k ............................... m a y o p en on le g a l h o lid a y s w ith c er ta in r e s tr ic tio n s .............................. n o t to p led g e a sse ts in lieu o f b o n d to secure c o u n ty f u n d s ............... sto c k : c o rp o ra tio n s to in v e s t in or p o ssess o n ly on c er ta in c o n d it io n s . . . . m a y b e ca n c elled a n d n ew certifica tes is s u e d .............................................. T a x a tio n o f ................................ B A N K IN G : c o rp o ra tio n s m u st in co rp o ra te under gen eral b a n k in g l a w ............................ h o u s e ...................................................'. . . ........................................................................ .. h o u s e ............................ h o u s e ............................................................................................................................................ ho u se, P u rch a se price o f le a se m a y be carried a s ................................................ ho u se, S to ck in b u ild in g co m p a n y ca n n o t b e carried as, un d er Sec. 1 1 . . L aw , G eneral, n o t a ffec te d b y a c t to m a k e un iform law o f tranfer o f s t o c k ............................................................................................................................................. B O A R D O P D IR E C T O R S : c a n n o t fill v a c a n c y on board th ro u g h fa ilu re o f sto ck h o ld ers to e le c t . . . c a n n o t in crea se or d ecrea se th eir n u m b e r .................................................... R e p o r t o f e x a m in in g c o m m itte e of, to b e m a d e m a tte r o f proper record BO N D S: C erta in m u n icip a l p u b lic u t ility , n o t le g a l sa v in g s in v e s tm e n ts . . . . . . . E x a m in e r s ................................................................................................................................. J o in t tr u ste e sh ip in certa in issu es of, p e r m issib le ............................................... Officers a n d d irecto rs’, m u st be c o m m en su ra te w ith size o f b a n k ............. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c/p iu u P a g e. 27 liii 70 lx xxvii 54 lx x v 3 30 xxx vn lvi 15 x lv 8 24 21 1 28 10 6 53 5 36 liv xli xxxix lx x v x xxviii lxii 12 64 43 18 9 66 29 xliii lx x x iv lx v i x lv iii xl lx x x v liv 32 11 60 17 lv ii xlii lxxxi xlv ii 55 40 11 35 50 lx x v i lx v xlii lxii lxxii 20 19 39 xlix xlix lx iv 29 61 62 63 47 58 liv lxxxii Ixxxiii lx x x iv lxix lxxx 56 lx x v ii 34 37 41 lxi lxiii lx v 51 64 22 42 lxxiii lx xxiv 1 lx v i xxxii STATE BANKING DEPARTMENT. B U I L D I N G A N D L O A N A S S O C IA T IO N S : O pinion. B a n k n o t preferred cred itor o f ...................................................................................... 60 m a y n o t a d v e r tise for d e p o s its ...................................................................................... 60 m a y borrow from b a n k s .................................................................................................... 66 n o t req u ired to rep o rt e sc h e a te d d e p o s its ............................................................... 31 B U IL D IN G C O M PA N Y : sto c k m a y n o t be carried as b a n k in g h o u se un d er Sec. 1 1 ............................ C A P IT A L : co n stru ed to m ean c a p ita l s t o c k ................................................................................... c o n s tr u e d ................................................................................................................................... In crea se of, n o t req uired o f b a n k s b y e x te n sio n o f corp orate lim its . . . . S to ck : C om m ercial m o rtg a g es n o t to e x ceed fifty per c e n t o f .......................... im p a ir m e n t, D iscr e tio n a r y a u th o r ity v e ste d in com m ission er i n . . . o f b a n k s m a y be ca n c elled an d n e w certifica tes is s u e d .......................... req u irem en ts a ffected b y e x te n sio n o f co rp o rate lim it s ......................... C E R T IF IC A T E S : o f d e p o sit, T ru st co m p a n ies m a y issu e, for d e p o s its ......................................... o f in d eb te d n e ss, C erta in , are le g a l in v e s tm e n t s ................................................... C O M M E R C IA L B A N K S : (str ic tly ) m u st a m en d a rticles to tr a n sa c t sa v in g s b u sin e ss.......................... n o t to lo a n in ex cess o f fifty per c e n t o f c a p ita l on real e s ta te m o r tg a g e s . C O M M I S S IO N E R : m a y req uire in fo rm a tio n te n d in g to sh ow b a n k ’s c o n d it io n ......................... D iscr e tio n a r y a u th o r ity v e s te d in , in c a p ita l sto c k im p a ir m e n t................ C O N D IT IO N OF B A N K : C o m m issio n er m a y req u ire in fo rm a tio n te n d in g to s h o w ............................... C O R P O R A T E L IM I T S : e x te n sio n of: R e q u irem en ts in c o n n e c tio n w ith in crea se o f c a p ita l sto c k o f ban k s affected b y ................................................................................................................. In crea se o f c a p ita l n o t req u ired o f b a n k s b y ............................................... C O R P O R A T IO N : B a n k in g , m u st in co rp o ra te un d er general b a n k in g la w ................................... C o n stitu e n t, e n title d to tw e n ty per c e n t lo a n l im it .......................................... m u n icip a l, L o a n s to, lim ite d to tw e n ty per c e n t o f c a p ita l an d su rp lu s. sto c k n o t tr u st co m p a n y in v e s t m e n t ......................................................................... to in v e s t in or p o ssess b a n k sto c k o n ly oh c er ta in c o n d it io n s ..................... CO UNTY FU N D S: S ta te b a n k n o t to p led g e a sse ts in lie u o f bon d to s e c u r e .............................. C R E D IT : B a n k s c a n n o t e x te n d th eir, to an in d iv id u a l or b a n k ...................................... C R E D IT O R : B a n k n o t preferred, o f b u ild in g a n d lo a n a s s o c ia tio n s ...................... , ............ D E P O S IT S : B u ild in g a nd lo a n a sso c ia tio n s m a y n o t a d v e r tise f o r ..................................... E sc h e a te d : B u ijd in g a nd lo a n a sso c ia tio n s n o t req uired to r e p o r t........................... N a tio n a l b a n k s n o t req uired to r e p o r t............................................................ T ru st c o m p a n ies m a y rec e iv e , a nd issu e cer tific a te s th e r e fo r ...................... D E P O S IT O R Y : P r iv a te b a n k n o t, for p u b lic f u n d s .................................................. D IR E C T O R S : B o a rd of, c a n n o t in crea se or d ecrea se th eir n u m b e r ......................................... B o n d s of, m u st b e co m m e n su r a te w ith size o f b a n k ......................................... c a n n o t fill v a c a n c y on bo a rd th ro u g h fa ilu re o f sto c k h o ld er s to e l e c t . .. e x a m in a tio n — proper record to b e m a d e o f r e p o r t............................................. E x ec u to r c a n n o t b e m em b er o f board of, in th a t r e p r e se n ta tiv e c a p a c it y . m u st h a v e fu lly p a id for te n sh ares o f sto c k a t o r g a n iz a tio n ....................... n o te s in lie u o f a sse ssm e n t n o t p e r m issib le . . . ............................................. E. E S C H E A T E D D E P O S IT S : B u ild in g a n d lo a n a sso c ia tio n s n o t req uired to r e p o r t..................................... N a tio n a l b an k s n o t req uired to r e p o r t......................... E X A M IN A T IO N : .................... D ir ec to r ’s— proper record to be m a d e o f r e p o r t.................................................. E X A M IN E R S : b o n d s ............................................................................................................................................ are p u b lic o fficers.................................................................................................................. sa la ries o f ........................................................................................................................... ' . . sa la r ie s ................................... E X C E S S I V E L O A N S .................. ■ .......... .......................... EXECUTOR: : ................................................................................ c a n n o t b e d irector o f s ta te ban k in th a t r ep re sen ta tiv e c a p a c it y ............... m a y n o t su b scrib e a rticles o f in co rp o ra tio n in his r e p r e se n ta tiv e c a p a c ity E X T E N S IO N : o f co rp o ra te lim it s : a ffects req u irem en ts in c o n n e c tio n w ith in crea se o f c a p ita l b y ban ks does n o t req uire in c r e a se o f c a p ita l b y b a n k s ............................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P age. lxxxi lxxxi lxxxv Ivi 58 lxxx 23 59 10 lxxx xli 23 44 19 13 lxv ii xlix xliv 33 4 lv iii x x xviii 5 23 xxxviii 36 44 lxii lx v ii 36 lxii 13 10 xliv xli 29 14 45 2 20 liv xlv lx v iii x xxvii xlix 1 1 1 50 lxxii 6 xxxix 60 lxxxi 60 lxxxi 31 32 33 Ivi lv ii lv iii 17 xlv ii 37 42 34 41 52 38 15 lxiii lx vi lxi lx v lx x iv lx iv x lv 31 32 Ivi lv ii 41 lx v 64 43 18 lx x x iv xliii lx v i x lv iii 52 30 lx x iv Ivi 13 xliv xli 12 1 10 XXXV REPORT OF THE COMMISSIONER. xxxiii F. O p in ion . FU N D S: c o u n ty . S ta te b a n k s n o t to p le d g e a s se ts in lieu o f b o n d to s e c u r e .......... 50 48 M u n ic ip a l, n o t to be d e p o site d b y sto c k h o ld er as tr e a su re r ............................. p u b lic, P r iv a te ban k s n o t d ep o sito ries f o r ......................................„ ...................... 17 F O R E IG N B A N K S: n o t p e r m itted to en g a g e in b u sin ess in th is s t a t e ............................................... 9 G. G E N E R A L B A N K IN G LAW : B a n k in g c o rp o ra tio n s m u st in co rp o ra te u n d e r ......................................................... 29 n o t a ffected b y a c t to m a k e u n ifo rm la w o f tra n sfer o f s t o c k ..................... 56 liv lx x v ii H. H O L ID A Y S : leg a l, S ta te b a n k s m a y o p en o n w ith certa in r e s tr ic tio n s ............................... S ta te b a n k s m a y n o t le g a lly clo se on o th er th a n th o se p r e sc r ib e d ................ lxll lx x x v i I. IM P A IR M E N T O F C A P IT A L ST O C K : A sse ssm e n t on sto c k h o ld er s in ca se of, n o t a u th o r iz e d .................................... D iscr e tio n a r y a u th o r ity v e ste d in c o m m issio n er i n ............................................... I N C R E A S E O F C A P IT A L : n o t req uired o f b a n k s b y e x te n sio n o f co rp o ra te lim it s ................................... IN D E B T E D N E SS: C erta in cer tific a te s of, are leg a l in v e s tm e n t s ......................................................... L a n d c o n tr a c ts n o t ev id e n c e s of, as c o n te m p la te d b y b a n k in g la w ......... IN V E S T M E N T S : C o rp o ra tio n sto c k s n o t tr u s t c o m p a n y ..................................................................... L e g a l: C erta in cer tific a te s o f in d eb te d n e ss a r e .......................................................... C erta in m u n icip a l p u b lic u t ility b o n d s n o t s a v in g s ..................................... S a v in g s: V e n d o r ’s lien n o te s n o t perm issib le a s ............................................................ C e ta in cer tific a te s o f in d eb te d n e ss are le g a l.................... C erta in m u n icip a l p u b lic u tility bon d s are n o t .......................................... U n a u th o rized : B a n k a b so rb in g a n o th er b a n k c a n n o t c o n tin u e to h o ld c e r t a i n .. . . 35 67 8 44 Page. lxxii lxxi xlv ii xl xl lx v ii 10 xli 4 26 xxx v iii liii 2 4 51 x x x v ii xx x v iii lxxiii 57 4 51 lx x v iii x x x v iii lxxiii 21 1 J. JO IN T T E N A N C Y : n o t cre a te d b y jo in t d e p o s it................................................................................................ JO IN T T R U S T E E S H IP : p erm issib le in c er ta in bon d is s u e s .................................................................................... 65 lx x x v 22 1 L. L A N D CO N TRA C TS: n o t e v id e n c e s o f in d eb te d n e ss as c o n te m p la te d b y b a n k in g la w .................... 26 LEASES: P u rch a se price of, m a y be carried as b a n k in g h o u s e ............................................ 47 LEGAL: I n v e stm e n ts : S a v in g s : C erta in certifica tes o f in d eb te d n e ss a r e ................................................ 4 C erta in m u n icip a l p u b lic u t ility b o n d s n o t ............................................ 51 V e n d o r ’s lie n n o te s n o t p erm issib le a s ....................................................... 57 T ru st c o m p a n y : 2 C o rp o ratio n sto c k s are n o t .......................................................................... H o lid a y s: S ta te b a n k s m a y o p en on , w ith certa in r e s tr ic tio n s .................................... 35 L IE N : V en d o r’s, n o tes n o t perm issib le as sa v in g s in v e s tm e n t s ................................. 57 LO A N S: E x c e s s iv e ................................................................................................................................... 1 M o rtg a g e: n o t to ex ceed fifty per c e n t o f c a p ita l o f co m m ercial b a n k s ............... 23 M u n ic ip a l co rp o ra tio n , lim ite d to tw e n ty per c e n t o f c a p ita l an d su rp lu s 45 M. M AKER: signer on fa c e o f n o te con sid ered as su ch u n less o th erw ise d e s ig n a te d . . M ORTGAGE: R e a l e sta te : L o a n s on, n o t to ex ceed fifty per c e n t o f c a p ita l o f co m m ercia l b a n k s n o t to be d e p o site d w ith c o lla te r a l d e p o sit c o m p a n y .............................. M U N IC IP A L : co rp o ra tio n s: L o a n s to , lim ite d to tw e n ty per c e n t o f c a p ita l a nd su r p lu s .............. p u b lic u t ility b o n d s, C ertain , n o t le g a l sa v in g s in v e s tm e n t s ........................ treasu rer: * n o t to d e p o sit fu n d s in ban k w here h e is sto c k h o ld er or o th e r w is e . . N A T IO N A L B A N K : n ot required to report escheated d ep osits.......................................................... Stockholders of, m ay organize state b a n k ......................................................... N O TE: Signer on face of, considered maker unless otherwise d esign ated ............. D irector’s, in lieu of assessm ent n ot perm issible............................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis liii lxix xxx v iii lxxiii lx x v iii xx x v ii lxii lx x v iii xxxv 1 lxvfii 49 lxxi 23 16 1 x lv i 45 51 lx v iii lxxiii 48 lxxi 32 11 lvii xlli 49 15 lxxi xlv xxxiv STATE BANKING DEPARTMENT. O. O pinion. O F F I C E R S A N D D IR E C T O R S : bon ds m u st b e co m m en su ra te w ith size o f b a n k .................................. 42 P. P L E D G IN G OF A SSE T S: S ta te b a n k s n o t to p led g e a sse ts in lie u o f bon d to secure c o u n ty f u n d s . . 50 P R IV A T E B A N K S: n o t d ep o sito ries for p u b lic fu n d s . . i i ........................................................................ 17 PR O X Y : S tock h old ers m u st b e r ep re sen te d b y , if n o t p resen t a t an n u al m e e tin g . . 54 P U B L IC F U N D S : P r iv a te b an k s n o t d ep o sito ries f o r ................................................................ 17 P U B L IC O F F I C E R : 12 B a n k exam in er a s ....................... S ta te b a n k c a n n o t b e c o m e su r ety o f . ............ , . ...................................................... 55 R. RECO RDS: m u st c o n ta in rep o rt o f d ir e c to r s’ e x a m in a tio n s ................................................... 41 R E D IS C O U N T IN G : 69 B y ban k for r elo a n in g n o t a c tin g in g o o d f a it h ................................................... R EN EW A LS: w ith proper sig n a tu re s to be p r o c u r e d ...................................................................... 46 S. S A L A R IE S : ex a m in ers’ ................................................................................................................................. 43 ex a m in ers’ ................................................................................................................................. 18 SA V IN G S IN V E S T M E N T S : C erta in cer tific a te s o f in d eb te d n e ss are le g a l. . . . . ............................................. 4 C erta in m u n icip a l p u b lic u t ility b o n d s are n o t .................................................... 51 V e n d o r ’s lie n n o tes n o t p erm issib le a s . .................................................................... 57 S IG N E R : 49 on fa c e o f n o te con sid ered m ak er u n less o th erw ise d e s ig n a te d ................... STA TE B A N K : c a n n o t b eco m e su r ety o f p u b lic o fficer..................................................................... 55 c a n n o t le g a lly sell ste a m sh ip tic k e t s ......................................... 53 40 c o n te m p la te d in c ity or v illa g e o n ly .......................................................................... in co rp o ra ted in an u n in co rp o ra ted v illa g e c a n n o t le g a lly m a in ta in branch in a n o th er u n in co rp o ra ted v illa g e ...................................................................... 28 m a y b e organ ized b y sto ck h o ld ers o f n a tio n a l b a n k ......................................... 11 m a y o p en on le g a l h o lid a y s w ith c er ta in r e s tr ic tio n s ........................................ 35 n o t to p led g e a sse ts in lie u o f b o n d to secu re c o u n ty f u n d s ......................... 50 stock-—ta x a tio n o f ................................................................................................................ 39 S T E A M S H I P T IC K E T S : B a n k s c a n n o t le g a lly s e ll.................................................................................................. 53 S T E A M S H IP A N D F O R E IG N M O N E Y O R D E R A G E N T S : 68 B a n k in g D e p a r tm e n t h as gen eral s u p e r v isio n ...................................................... STO C K : b an k , m a y b e ca n c elled a n d n ew certifica tes is s u e d .......................................... 19 B a n k — ta x a tio n o f ...................... 39 B a n k , to be in v e s te d in or p o ssessed b y c o rp o ra tion s o n ly on c er ta in c o n d itio n s ............................................................................................................................... 20 C o rp o ra tio n , n o t tr u s t co m p a n y in v e s tm e n t......................................................... 2 in b u ild in g c o m p a n y c a n n o t b e carried a s b a n k in g h o u se u n der S ectio n 1 1 .................... 58 tran sfer of, A c t to m a k e u n ifo rm la w of, d o es n o t a ffect gen eral b an k in g l a w ....................................................................................................................................... 56 STO C K H O LD ER S: A sse ssm e n t on: n o t a u th o rized in ca se o f im p a ir m e n t.............................................................. 8 n o t lim ite d to o n e hu n d red per c e n t ................................................................ 24 m a y n o t d e p o sit fu n d s in b a n k as treasu rer o f m u n ic ip a lit y ........................ 48 m u st b e p re se n t or r ep resen ted b y p ro x y a t a n n u a l m e e tin g ....................... 54 o f n a tio n a l b a n k m a y o rg a n ize s ta te b a n k ........................................... 11 SU R E TY : ..................................... S ta te ban k c a n n o t b eco m e su r e ty o f p u b lic o fficer............................................. 55 lx v i lx x ii xlv ii lx x v x lv ii xliii lx x v i lx v lx x x v ii lx v iii lx v i x lv iii x x x v iii lxxiii lx x v iii lx x i lx x v i lx x v lx v liv xlii lxii lxxii lx iv lx x v lx x x v i xlix lx iv xlix x xxvii lxxx lxx v ii xl li lxxi lx x v xlii lx x v i T. T A X A T IO N : o f b a n k s t o c k ............................................................ TENANCY: J o in t, n o t crea ted b y jo in t d e p o s it ......................... T R A N S F E R OF STO C K : A c t to m a k e u n ifo rm la w of, d o es n o t a ffect g en eral b a n k in g la w ............ TREA SU R ER : o f m u n ic ip a lity n o t to d e p o sit fu n d s in b an k w here h e is sto c k h o ld er or o th e r w is e .......................................................................................................................... TRUST COM PANY: in v e s tm e n ts — c o rp o ra tio n sto c k s are n o t ................................................. m a y d e p o sit secu rities in oth er sta te s in order to q u a lify as tr u s te e .................. m a y o w n a n d o p e r a te a b str a c t d e p a r tm e n t........................ ............................ .. . m a y r ec e iv e d e p o sits a n d issu e cer tific a te th e r e fo r ............................................. tit le s — s im ila r ity o f .............................................................................................................. TR USTEE: a u th o r ity to su b scrib e a rticles o f in co rp o ra tio n as su ch r e q u ir e d .............. T R U S T E E S H IP : J o in t, p erm issib le in certa in b o n d is s u e s .................................................................. V. V E N D O R ’S: lie n n o tes n o t p erm issib le as s a v in g s in v e s tm e n t s .............................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page 39 lx iv 65 lx x x v 56 lx x v ii 48 lxxi 2 25 27 33 7 x x x v ii lii liii lv iii xxxix 3 x x x v ii 22 1 57 lxxviii REPORT OF THE COMMISSIONER. XXXV OPINIONS OF THE ATTORNEY GENERAL E X C E S S I V E LO A NS . On a c co u n t o f th e im p o rta n c e o f th e su b je c t o f e x ce ssiv e loan s I d eem it a d v isa b le to again p u b lish th e co n str u c tio n o f sec tio n 52 o f th e B a n k in g L aw in th is regard as su b m itte d to th is d e p a r tm en t b y th e A tto r n e y G eneral in th e yea r 1903: O) L an sin g, M ich ., M a y 23, 1903. H o n . G eorge W . M oore, C o m m issio n er o f B a n k in g , L an sin g, M ich igan : D ear Sir— I am in receip t o f yo u r co m m u n ica tio n o f th e 19th in st., referring to th e G eneral B a n k in g L aw o f th is S ta te , a n d req u e stin g m y o p in io n u p o n th e fo llo w in g q u e s tio n s : “ F irst, H o w m u ch m o n ey m a y th e directors o f a b a n k lo a n to a n y p e r s o n , or c o m p a n y , or corp o ra tio n , or firm , b y a tw o -th ir d s v o te o f its board o f directors? Second, H o w m u ch m o n ey m a y a n y b an k lo a n on a n y on e lin e o f co m m ercial paper? T hird, M a y a b a n k in crea se th e first n a m ed lin e b y th e b on d or person al en d o rsem en t o f th e officers or directors o f a firm , co m p a n y or corp oration, or b y th e a ssig n m e n t o f v a lu e as co lla tera l? ” In co n sid erin g th e se q u estio n s I desire to ca ll yo u r a tte n tio n to sec tio n 6141 o f th e C om p iled L aw s, bein g s ec tio n 52 o f th e G eneral B a n k in g L aw o f th is S ta te, w in ch p rovid es in part as fo llo w s: “ T h e to ta l lia b ilitie s to a n y ban k o f a n y person or o f a n y c o m p a n y , corp oration or firm for m o n ey s a d v a n ce d in c lu d in g in th e lia b ilitie s o f th e c o m p a n y or firm th e lia b ility of th e sev era l m em b ers th ereo f, e x ce p t sp ecia l p artn ers, sh all a t no tim e e x ceed o n e -te n th part o f th e a m o u n t o f th e c a p ita l an d surplus o f su ch b a n k ; b u t th e d isc o u n t o f b ills o f exch an ge draw n in g o o d fa ith a g a in st a c tu a lly ex istin g v a lu es a nd th e d isc o u n t o f co m m ercial or b u sin ess pap er a c tu a lly o w n ed b y th e person n e g o tia tin g th e sa m e sh all n o t be con sid ered as m o n ey borrow ed: P ro v id ed , h o w ev er, T h a t th e fo reg o in g lim ita tio n s sh all n o t a p p ly to loan s on real e sta te or o th er co lla tera l secu rities a u th o rized b y th is act: P rovid ed , h ow ever, T h a t b y a tw o -th ir d s v o te o f th e directors th e lia b ilitie s to a n y b a n k or a n y person, or c o m p a n y , or cor pora tio n , or firm m a y be in crea sed to a su m n o t ex ceed in g o n e-fifth o f th e c a p ita l an d surplus o f th e b a n k .” I t is e v id e n t th a t th is lim ita tio n w as borrow ed fro m th e N a tio n a l B a n k in g L aw , sectio n 5 20 0 o f th e R e v ise d S ta tu te s o f th e U n ite d S ta tes, p ro v id in g as follow s: “ T h e to ta l lia b ilitie s o f a n y a sso c ia tio n , or a n y person, or a n y c o m p a n y , corp oration, or firm for m o n ey borrow ed, in c lu d in g in th e lia b ilitie s o f th e c o m p a n y or firm th e lia b ilitie s o f th e several m em b ers th ereof, sh a ll a t no tim e ex ceed o n e -ten th part o f th e a m o u n t o f th e c a p ita l sto c k o f su ch a sso c ia tio n a c tu a lly p a id in ; b u t th e d isc o u n t o f bills o f ex ch a n g e draw n in good fa ith a g a in st a c tu a lly e x istin g v a lu e s, a nd th e d isc o u n t o f com m ercial or b u sin ess pap er a c tu a lly ow n ed b y th e person n e g o tia tin g th e sam e, sh all n o t b e con sid ered as m o n ey b o rrow ed .” T h is p ro v isio n , as fo u n d in our G eneral B a n k in g L aw and also in th e N a tio n a l B a n k in g L aw , h as n ev er b een co n stru ed b y th e co u rts in so far as it rela tes to th e particular q u estio n su b m itte d b y y o u . T h e Suprem e C ourt o f P e n n sy lv a n ia , in th e ca se o f O ’H are v . Second N a tio n a l B a n k of T itu sv ille , 77 P a. S t., 102 referring to th is p r o v isio n in its a p p lic a tio n to n a tio n a l b an k s, m ak es u se o f th e fo llo w in g la n g u a g e: “ E v id e n tly th e lim ita tio n o f th e in d eb te d n e ss to th e o n e -ten th in th e 2 9 th sectio n , w as in ten d e d as a g en eral ru le for co n d u ctin g th e b u sin ess o f th e b an k a rule la id d o w n fro m ex p erien ce to r eg u la te its lo a n s for its ow n b e st in te r e st an d th o se o f sto c k h old ers a n d creditors, n o t a rule to r eg u la te its cu sto m ers. I t w as as rem ark ed in F ow ler v . Scu ly, a r eg u la tio n to p r e v en t th e se a sso c ia tio n s fro m sp littin g on th e rock w h ich h as ru in ed so m a n y b an ks, to w it, t h a t o f l e n d i n g to o m u c h o f t h e i r c a p i t a l to o n e p e r s o n o r f i r m . T h e in te n tio n bein g to p r o tect th e a sso c ia tio n a n d its sto ck h o ld ers a n d creditors from u n w ise b an k in g, w e ca n n o t su p p o se it w as m e a n t to in ju re th em b y fo rb id d in g r ec o v e r y o f th e in ju d icio u s lo a n s .” In V ol. 29 o f th e A m er. & E n g . E n c y . o f L aw s, 2 n d ed. p. 382, w e find th e fo llo w in g w ith resp e c t to th e lim ita tio n fo u n d in th e N a tio n a l B a n k in g L aw : “ T h e o b jec t o f th is p ro v isio n o f th e s ta tu te w as to guard N a tio n a l ban k s from th e hazard o f sp e c u la tiv e loan s, b u t it c o n te m p la te d an d p erm itted to an u n lim ited a m o u n t th e d isc o u n t o f pap er u sed and req uired in fa c ilita tin g th e tran sfer o f p ro p erty an d m o n ey in th e tr a n sa c tio n o f th e le g itim a te b u sin ess o f th e c o u n t r y /’ C itin g O sw ego S econd N a tio n a l B a n k v . B u rt, 93, N . Y . 244. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxxvi STATE BANKING DEPARTMENT. I t w as e v id e n tly th e in te n t o f th e leg isla tu re, in e n a c tin g th e p ro v isio n a b o v e referred to , as fo u n d in th e b a n k in g la w o f th is S ta te , to guard th e b an k s organ ized th ereu n d er fro m th e hazard o f sp e c u la tiv e lo a n s, a nd to p r e v en t su ch ban k s fro m a d v a n cin g or lo a n in g to o m u ch o f th eir m o n ey to a n y o n e p erson , firm or corp oration , an d in con str u in g th e s ta tu te w ith r esp e c t to th e e x ce p tio n , it is n ecessa ry to keep c o n s ta n tly in m in d th e p u rp ose o f th e lim ita tio n , an d n o t to c o n stru e th e p ro v isio n r ela tin g to th e e x ce p tio n s th erefrom in su ch a w a y as to d e str o y th e force a n d effect o f th e lim ita tio n itse lf. T h e e x ce p tio n s to w h ich I refer r ela te to th e d isc o u n t o f b ills o f e x ch a n g e d raw n in g o o d fa ith a g a in st a c tu a lly e x istin g valu es, an d th e d isc o u n t o f co m m ercia l or b u sin ess paper, a c tu a lly o w n ed b y th e p erson n e g o tia tin g th e sam e, an d w h ich , in m y o p in io n , sh o u ld b e s tr ic tly c o n stru ed a n d sh o u ld b e h eld to a p p ly to no tr a n sa c tio n th a t d id n o t clea rly an d fu lly c o m e w ith in th e p r o v isio n s o f th e s ta tu te in th is p articu lar. B la ck on in ter p r e ta tio n o f L aw s, 275. I find th a t th e q u estio n s w h ich y o u su b m it for m y c o n sid era tio n are q u ite fu lly co n sid ered in P r a tt’s D ig e st, p a g es 9 3 -9 4 - 9 5 , in th eir a p p lic a tio n to n a tio n a l b an k s, b u t I a m u n a b le to concur in so m e o f th e co n clu sio n s reached, w h ich do n o t seem to b e b ased u p o n ju d icia l d e c isio n s, an d w hich, in m y o p in io n , te n d to d e fe a t th e v e ry pu rp ose o f th e lim ita tio n . I t is an e le m e n ta r y p ro p o sitio n recognized b y th e c o u rts w ith resp e c t to s ta tu to r y or c o n s titu tio n a l in h ib itio n s, th a t y o u c a n n o t do in d ir ec tly th a t w h ich y o u are p ro h ib ited from doin g d ir e c tly . I n th eir a p p lic a tio n to co m m ercia l pap er, th e term s “ lo a n s” a n d “ d isc o u n ts” are sy n o n y m o u s. A m er. & E n g. E n c y . o f L aw , V ol. 21, 2 n d ed. 3 8 1 . T h e q u estio n w ho is borrow er is n o t a lw a y s to be d e te r m in ed fro m th e p o sitio n o f th e p a rties as th e y app ear on th e paper. T h e borrow er m a y b e th e m ak er or th e endorser. P r a tt’s D ig e st, 94. Our s ta tu te p rovid es th a t in th e d isc o u n t o f c o m m ercial or b u sin ess pap er a c tu a lly o w n ed b y th e person n e g o tia tin g th e sam e, it sh all n o t b e con sid ered as m o n ey borrow ed . T h e a p p lic a tio n o f th is p rovision , in m y o p in ion , rela tes e x clu siv e ly to th e person n e g o tia tin g th e paper. T h e s ta tu te c o n te m p la te s th a t he alon e sh all be co n sid ered as n o t rec e iv in g a lo a n fro m th e b a n k . W ith r esp ect to th e m aker o f su ch paper w ho is prim a rily lia b le, if su ch m ak er h a s r ec e iv e d cred it a t th e b an k to th e fu ll lim it im p o sed b y law , th e b a n k sh o u ld n o t b e p e r m itted to d isc o u n t su ch paper, as in th a t e v e n t th e lia b ility o f th e m ak er w ou ld ex ceed th e lia b ility p e r m itted b y th e G eneral B a n k in g L aw , and if su ch a tr a n sa c tio n sh o u ld b e p erm itted , it w o u ld in d ir ec tly d e fe a t th e v e ry p u rp ose for w h ich th is lim itio n w a s im p o sed . I n d eterm in in g th e q u estio n s s u b m itte d b y y o u , I realize th a t th ere m a y be so m e d o u b t as to th e proper c o n str u c tio n o f th e s e p ro v isio n s in th e a b sen ce o f a n y ju d icia l d e te r m in a tio n as to th eir proper m ea n in g . In v ie w o f th e fa c t th a t th e sev era l b an k s o f th is S ta te organ ized un der th e G eneral B a n k in g L aw , are su b je c t to S ta te su p ervision , n o t o n ly for th e p r o te c tio n o f th e b a n k s th em se lv e s, b u t for th e p r o te c tio n o f th e p erson s d oin g b u sin ess w ith su ch b a n k s, th e la w s r ela tin g th er e to sh o u ld b e co n str u c te d in su ch a m an ner as to afford su ch p r o te c tio n in e v e r y p o ssib le w a y , u n til su ch tim e as th e co u rts m a y d e term in e o th erw ise. I n an sw er to y o u r first q u estio n , I w o u ld th erefo re sa y th a t, in m y op in ion , th e a m o u n t w h ich th e d irectors o f a b a n k w o u ld b e a u th o rized to lo a n to a n y person, or co m p a n y , or corp o ra tio n , or firm , b y a tw o -th ir d s v o te o f its board o f d irectors, w ou ld n o t exceed o n e-fifth o f th e c a p ita l a n d surp lu s o f th e ban k, a n d it w o u ld b e im m a teria l w h eth er su ch lo a n w as secu red or u n secu red , ex ce p tin g , o f course, lo a n s on real e sta te or oth er co lla tera l secu rities au th o rized b y th e G eneral B a n k in g L aw . In answ er to y o u r seco n d q u estio n , I w o u ld sa y th a t th e sa m e rule w ou ld a p p ly to a n y one lin e o f co m m ercia l paper th a t w o u ld a p p ly to a n y o n e person , c o m p a n y , firm or corp oration . In an sw er to y o u r th ird q u estio n , I w o u ld s a y th a t, in m y op in ion , it is im m a te ria l w h eth er su ch lo a n is secu red b y th e b o n d or perso n a l en d o rsem en t o f th e officers or directors o f th e firm, c o m p a n y or co rp o ra tio n , or b y th e a ssig n m e n t o f v a lu e as c ollateral, ex ce p t w here su ch lo a n is m a d e u p o n real e sta te or o th er co lla tera l secu rities recogn ized b y th e G eneral B a n k in g L aw In th is c o n n e c tio n I ca ll y o u r a tte n tio n to th e ru le la id d ow n in th e A m er. & E n g. E n c y . o f Law , V ol. 21, 2 n d ed. p a g e 382, to th e effect th a t “ D r a fts m a y be bon a fide bills o f e xch an ge draw n u p o n a c tu a l e x istin g v a lu e s w ith in th e m ea n in g o f th e s ta tu te , th o u g h n o t acco m p a n ied b y specific b ills o f la d in g in e a ch ca se. I t is sufficien t if th e y are draw n a g a in st p rop erty p r eviou sly c o n sig n ed a n d e x istin g eith er in its origin al fo rm or in th e sh a p e o f p roceeds o f sales in th e han d s o f th e c o n sig n e es.” T h is rule, o f course, a p p lies to th e fed eral s ta tu te . T h e s ta te an d federal s ta tu te bein g id e n tic a l in th is p articu lar, u n q u e stio n a b ly th e sam e ru le w ou ld a p p ly to a b an k organized u n der th e G eneral B a n k in g L aw o f th is sta te . R e sp e c tfu lly yours, C has. A. B l a ir , Attorney General. T h e fo llo w in g o p in io n s h a v e b een ren dered du rin g th e years 1907, 1908, 1909, 1910, 1911, 1912, 1913, 1914, 1915 a n d 1916 b y th e A tto r n e y G en eral’s D e p a r tm e n t on q u estio n s con cern in g th e c o n str u c tio n o f th e B a n k in g L aw . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xxxvii C O R P O R A T I O N STO CK S NO T T R U S T CO M PA N Y I N V E S T M E N T S . (2) L ansing, M ich ig a n , M a rch 21, 1907. H o n . H en ry M . Z im m erm ann, B a n k in g C om m issioner, L an sin g, M ic h .: D ea r Sir— T h is d e p a rtm en t h as g iv e n ca refu l c o n sid era tio n o f yo u r in q u ir y o f th e 13th in s t. as to w h eth er tr u st c o m p a n ies org a n ized un der A c t N o . 108 o f th e P u b lic A c ts o f 1889 h a v e th e rig h t to in v e s t in th e sto c k s o f S a v in g s B a n k s; a n d p a rticu la rly to th e q u estio n as to w hether sec tio n 11 o f th is a c t (C o m p iled L aw s o f 1897, S ectio n 6166) p erm its su ch in v e stm e n t. I t is th e o p in io n o f th is d e p a r tm en t th a t th ere is no g en eral rig h t un d er th e la w s o f th is S ta te on th e p a rt o f tr u st c o m p a n ies to in v e s t in th e sto c k o f oth er corp oration s; and, fu rth er th a t th e cla u se in S ectio n 11 o f th e a b o v e a ct, w h ich a u th o rizes th e directors to in v e s t in “ su ch real or person al secu rities as th e y m a y d eem proper” d o es n o t au th o rize in v e s tm e n t in th e sto c k of p r iv a te corp orations. R esp ectfu lly yours, J n o . E. B ird, A t t o r n e y G e n e r a l. A U T H O R I T Y TO S U B S C R I B E A RT IC L E S OF I N C O R P O R A T I O N AS “ T R U S T E E ” (3) REQUIRED. L an sin g, M ich ig a n , A u g u st 7, 1907. H on. H en ry M . Z im m erm ann , C om m ission er S ta te B a n k in g D e p a r tm e n t, “ C a p ito l,” L ansing. D ea r Sir— I t app ears th a t ste p s are b ein g ta k en to organize a ban k u n der th e G eneral B a n k in g L aw s o f th is S ta te , w ith a c a p ita l sto c k o f $1 0 0 ,0 0 0 . F rom th e articles o f a sso c ia tio n w h ich h a v e been prepared, it a pp ears th a t, a p p ro x im a tely , s ix ty per c en t, o f su ch c a p ita l sto c k h as b een sub scrib ed for b y certa in p erson s d esig n a te d as “ tr u s te e s ” ; th a t su ch articles do n o t d isclose th e n a m es or resid en ces o f th e c estu i qu e tr u st in a n y in sta n ce , or th e a u th o r ity o f th e p erson su b scrib in g as tr u ste e to a c t in th a t c a p a c ity . In th is c o n n ectio n , y o u a sk m y o p in io n as to w h eth er or n o t it w ou ld b e proper for y o u to issu e th e certifica te o f a u th o r ity p ro v id ed for b y sec tio n 7 o f th e G eneral B a n k in g Law . In r ep ly th er e to w o u ld s a y th a t sec tio n 2 o f th e B a n k in g L aw req uires th e p erson s assoc ic ia tin g in th e o rg a n iza tio n o f a ban k to ex ec u te a rticles o f in corp oration , w h ich sh a ll sp ecify, am o n g o th er th in g s, “ T h e n a m es a nd p la ces o f resid en ce o f th e stock h old ers and th e n u m b er o f shares h eld b y ea ch o f th e m .” T h e la tte r p a rt o f sec tio n 4 p rovid es as follow s: “ N o b an k sh a ll tr a n sa c t a n y b u sin ess ex ce p t su ch as is in c id e n ta l a nd n ecessarily prelim in ary to its organ iza tio n u n til it h as b een au th o rized b y th e C om m issioner o f th e B a n k in g D e p a r tm e n t to c om m en ce th e b u sin ess o f b a n k in g .” T h e a rticles o f in co rp o ra tio n are req uired to b e ex ec u ted in tr ip li cate, o n e to be recorded in th e office o f th e c o u n ty clerk o f th e c o u n ty in w h ich th e b an k is lo c a te d ; one filed in th e office o f th e C om m ission er o f th e B a n k in g D e p a r tm e n t; and o n e filed in th e office o f th e Secretary o f S ta te . W h en su ch a rticles o f in co rp o ra tio n are properly e x e c u te d an d filed an d recorded, as req uired b y law , a nd th e C om m ission er o f th e B a n k in g D e p a r tm e n t is n otifie d th a t a t le a st fifty per c en t, o f its c a p ita l h as b een p a id in , an d th a t su ch b a n k h as com p lied w ith all th e p ro v isio n s o f th e general ba n k in g law ; b efore th e b an k sh all b e au th o rized to c o m m en ce bu sin ess, th e C om m ission er is req uired to ex a m in e in to th e c o n d itio n o f su ch ban k, an d if it is fo u n d th a t su ch o rg a n iza tio n is in acco rd a n ce w ith th e s ta tu te an d th a t th e variou s pro visio n s o f th e la w h a v e been co m p lied w ith a certifica te o f a u th o r ity to en g a g e in th e b u sin ess o f b a n k in g is issu ed b y su ch C om m issioner. W h en th e s ta tu te is n o t co m p lied w ith in a n y e sse n tia l particular, it is clea rly m y o p in io n th a t su ch certifica te o f a u th o r ity sh ou ld b e w ith held. I t seem s to m e th a t articles o f in co rp o ra tio n w h ich do n o t fu lly d isclo se th e n am e an d resid en ce o f th e c estu i q u e tr u st, w here th e sto c k is su b scrib ed for b y a tru stee, an d w h ich also fails to d isclo se th e a u th o r ity to subscrib e for su ch sto c k in th a t c a p a c ity , do n o t con form to th e req u irem en ts o f th e general b a n k in g la w , and, u n der su ch con d itio n s as y o u h a v e ou tlin e d , it w ou ld be you r d u ty to refuse to issu e th e certifica te o f a u th o r ity p rovid ed for b y law . I do n o t d eem it e sse n tia l to p o in t o u t th e nu m erou s co m p lica tio n s th a t m ig h t arise if stock in a b a n k in g co rp o ra tio n sh o u ld be sub scrib ed for in th e m an ner in d ic a te d . I t is sufficient to sa y th a t it does n o t con form to th e req u irem en ts o f th e G eneral B a n k in g L aw . R e sp e c tfu lly yours, J no. E. B ird, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A tto r n e y G en era l STATE BANKING DEPARTMENT. xxxviii C E R T A I N C E R T I F I C A T E S OF I N D E B T E D N E S S AR E L EG AL I N V E S T M E N T S . (4) L ansing, M ich igan , O ctober 23, 1907. H o n . H . M . Z im m erm ann , C om m ission er o f th e B a n k in g D e p a r tm e n t, " C a p ito l,” L ansing, M ic h ig a n : M y D ea r Sir— I a m in r ec e ip t o f y o u r c o m m u n ic a tio n o f th e 16th in s t., in w h ich y o u ask w h eth er or n o t certifica tes o f in d eb te d n e ss issu ed in p a y m e n t for v o tin g m a ch in es un d er th e p ro v isio n s o f s ec tio n 13 o f A c t 217 o f th e P u b lic A cts of 1905 are proper in v e s tm e n ts for savin gs ban k s un der su b d iv isio n (b ), s ec tio n 27 o f th e G eneral B a n k in g L aw , w h ich p rovid es th a t a certa in p o rtio n o f th e sa v in g s d e p o sits o f su ch b a n k s sh all be in v e s te d as fo llo w s : “ (b ). In th e p u b lic d e b t or bon d s o f a n y c ity , c o u n ty , to w n sh ip , v illa g e or sch ool d istr ic t o f a n y s ta te or territo ry in th e U n ite d S ta te s, w h ich sh all h a v e been a u th o rized b y th e le gislatu re o f su ch s ta te or te r r ito r y : P ro v id ed th e to ta l in d eb te d n e ss o f su ch m u n ic ip a lity d oes n o t exceed fiv e per c en t, o f its a ssessed v a lu a tio n , e x ce p t b y a v o te o f tw o -th ir d s o f th e board o f d irectors, su ch bon d s m a y be pu rch ased if th e to ta l lia b ilitie s do n o t exceed te n per c en t, o f its assessed v a lu a tio n .” Y o u also s ta te th a t it h as a lw a y s b e e n th e ru lin g o f th e B a n k in g D e p a r tm e n t th a t th e term s “ p u b lic d e b t” and “ b o n d ” w ere sy n o n y m o u s a n d th a t an issu e o f b on ds, in order to be a proper in v e s tm e n t for sa v in g s ban k s u n der th is su b d iv isio n m u st p r e v io u sly h a v e r eceiv ed th e a p p ro v a l o f th e v o te r s o f th e m u n ic ip a lity issu in g th e b on ds. F or answ er to you r in q u iry I w ou ld s a y it is m y o p in ion th a t th e rulin g o f you r d ep a rtm en t places to o narrow a c o n stru ctio n u p o n th e s ta tu te . T h e term s “ p u b lic d e b t” an d “ b o n d s” are n o t sy n o n y m o u s. T h e term “ p u b lic d e b t” in c lu d e s n o t o n ly a b on d ed d eb t, b u t also oth er form o f p u b lic in d eb ted n ess. S ta te v. H ick m a n , 11 M o n t. 541, a nd cases c ited . T h e s ta tu te u n der w h ich certifica tes o f in d eb te d n e ss are issu ed in p a y m e n t for v o tin g m ach in es read s as follow s: “ T h e lo c a l a u th o r itie s, on th e a d o p tio n an d p u rch ase o f a v o tin g m ach in e, m a y p rovid e for th e p a y m e n t th erefor in su ch m an ner as th e y m a y d e e m for th e b e st in te r e st o f th e lo c a lity a nd m a y for th a t pu rp ose issu e b on ds, certifica tes o f in d eb te d n e ss or oth er ob lig a tio n s, w h ich sh a ll b e a charge on th e c ity , to w n or v illa g e . S u ch b on d s, certificates or oth er ob lig a tio n s m a y be issu ed w ith or w ith o u t in ter e st, p a y a b le a t su ch tim e or tim es as th e a u th o r itie s m a y d eterm in e, b u t sh a ll n o t b e issu ed or sold a t less th a n p a r .” T h e leg isla tu re has th e u n d o u b ted rig h t to a u th o rize d eb ts o f th is ch aracter to be incurred w ith o u t th e v o te o f th e electo rs o f th e m u n ic ip a lity . C a lla n v . T h e C ity o f Sagin aw , 50 M ich . 7. I a m o f th e o p in io n th a t th e certifica tes o f in d eb te d n e ss issu ed un der a u th o r ity o f th is sec tio n co m e w ith in th e term “ p u b lic d e b t” as u sed in su b d iv isio n (b ), sectio n 27 o f th e G eneral B a n k in g L aw , an d th a t, c o n seq u e n tly , sa v in g s b a n k s m a y la w fu lly in v e s t th eir fu n d s in such certifica tes o f in d eb te d n e ss. R e sp e c tfu lly yours, J no. E. B ir d, Attorney General. STR IC TL Y CO MM ER CIA L B A N K S M U S T A M E N D A R T I C L E S TO T R A N S A C T S A V I N G S B U S I N E S S . (5) L an sin g, M ich igan , O ctober 28, 1907. H on. H . M . Z im m erm ann , C om m ission er o f th e B a n k in g D e p a r tm e n t, L an sin g, M ich .: D ear Sir— I a m in r eceip t o f y o u r co m m u n ic a tio n o f th e 16th in s t., r eq u estin g an op in ion u p o n th e q u estio n o f w h eth er or n o t a b a n k org a n ized as a p u rely co m m ercial ban k un der th e G eneral B a n k in g L aw o f th e S ta te is a u th o rized to a d v e r tise for sa v in g s d e p o sits an d do a general b a n k in g b u sin ess un der th e e x ce p tio n c o n ta in ed in s ec tio n 24 o f th a t law , w h ich p rovid es: “ C om m ercial b a n k s m a y allo w in te r e st on a c co u n ts or certifica tes o f d ep o sit, b u t all d ep o sits in su ch ban k s sh a ll be p a y a b le o n d em a n d w ith o u t n o tice , e x ce p t w h en th e c o n tr a c t o f d ep o sit o th erw ise p r o v id e s.” F or answ er th er e to , I w o u ld sa y th a t th e G eneral B a n k in g L aw in s ec tio n 1 p rovid es th a t a n y nu m ber o f person s, n o t le ss th a n fiv e, “ m a y a sso c ia te to e sta b lish offices o f d isc o u n t and d ep o sit, to b e k n o w n as com m ercial b an ks, a n d also to e sta b lish offices o f lo a n an d d e p o sit to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xxxix be k n o w n as sa v in g s b an ks, or to e sta b lish b a n k s h a v in g d e p a r tm en ts for b o th cla sses o f b u sin ess,” etc. U nder s ec tio n 2 o f th e G eneral B a n k in g L aw , th e articles o f in corp oration are required to sp ecify th e n a tu re o f th e b u sin ess to b e carried on, w h eth er th a t o f a co m m ercial b an k , sav in g s bank, or b o th . S ectio n s 23, 24 an d 25 o f th e sa m e law c o n ta in certain p rovision s referring to “ a n y ban k w hich, b y its articles o f inco rp o ra tio n , sh all d e sig n a te its b u sin ess as th a t o f a com m ercial ban k ; a n d s ec tio n 26 a nd su cceed in g sec tio n s o f th e sam e la w c o n ta in p r ovision s go v ern in g “ a n y ban k w h ich b y its articles o f in co rp o ra tion sh all d e sig n a te its b u sin ess as th a t o f a sa v in g s b a n k ;” a n d S ectio n 29 c o n ta in s p ro v isio n s g overn in g “ a n y b an k co m b in in g th e bu sin ess o f a com m ercial b an k a nd a sa v in g s b a n k ” a nd p rovid es th a t “ all receip ts, in v e s tm e n ts and tra n sa ctio n s rela tin g to ea ch o f sa id cla sses o f bu sin ess sh all be go v ern ed b y th e p rovision s an d restrictio n s herein sp ecifica lly p ro v id ed for th e r esp e c tiv e k in d s o f b a n k s.” R ea d in g all th ese p r o v isio n s o f th e G eneral B a n k in g L aw to g eth er, it is clear th a t it w as n o t in te n d e d to p erm it a b a n k org a n ized as a str ic tly co m m ercial b an k to en gage in th e bu sin ess o f a sa v in g s ban k, a n d th a t th e e x ce p tio n co n ta in ed in sec tio n 24, to w h ich reference has been m ad e, w as n o t in te n d e d to h a v e th a t effect. B efo re a com m ercial ban k, organ ized as such, ca n c o n d u ct a sa v in g s b an k bu sin ess, it m u st a m en d its artcles o f in corp oration so as to p rovid e for co n d u ctin g b o th cla sses o f bu sin ess. R espectfully yours, J no. E. B ird, A t t o r n e y G e n e r a l. B A N K S C A N N O T E X T E N D T H E I R C RE DI T TO A N I N D I V I D U A L OR B A N K . J u n e 10, 1908. H on. H . M . Z im m erm ann, C om m issioner, B a n k in g D e p a r tm e n t, “ C a p ito l,” L ansing: D ear Sir— I h a v e y o u r co m m u n ic a tio n o f J u n e fifth, en clo sin g certa in corresp on d en ce w ith t h e ..................................... bank. I t a pp ears from y o u r c o m m u n ic a tio n th a t th is b an k, b y an a rran gem en t w ith certa in p r iv a te ban ks, perm its th e la tte r to issu e d rafts p a y a b le o u t o f th e fu n d s o f th e form er ban k on d e p o sit w ith its co rresp o n d en t ban k s a t N e w Y ork a nd C h icago. Y o u s ta te th a t y o u h a v e ta k e n th e p o sitio n th a t su ch p ra ctice is illeg a l, a nd req u est an o p in ion as to th e p rop riety o f th is hold in g. R e p ly in g th er e to w o u ld sa y , a n y a tte m p t u p o n th e p art o f a n y b an k to p erm it a n y o n e or a n y in s titu tio n to issu e d ra fts p a y a b le o u t o f its d e p o sit w ith corresp on d en t b an k s in an a tte m p t to perform an a c t an d perm it an a rra n g em en t n o t a u th o rized b y law . T h e ban k p ossesses no a u th o r ity to e x te n d its cred it to a n y in d iv id u a l or b an k in th e m an ner se t fo r th in you r c o m m u n ica tio n . S u ch a p ra ctice m a y op era te to th e d e tr im e n t o f d ep ositors an d m a y im p air th e fa ith a nd cred it o f th e ban k. T h e pra ctice in q u estio n is w ith o u t a u th o r ity o f law . Y o u p os sess general pow er under th e s ta tu te to p ro h ib it su ch p ractice an d it is th e d u ty o f th e officials o f th e b a n k to ca n c el th is arran gem en t. R e sp e c tfu lly yours, J no. E. B ird, A t t o r n e y G e n e r a l. SI M I L A R I T Y OF T R U S T C O M P A N Y T IT L E S. (7) J u n e 30,1908. H o n . H en ry M . Z im m erm ann, C om m ission er o f B a n k in g , L an sin g, M ich igan : D ea r Sir— I a m in r eceip t o f yo u rs o f th e 19th in s ta n t in w h ich y o u s ta te th a t a certa in cor p o ra tio n org a n ized un der A c t 232, P u b lic A cts o f 1903, as th e “ ........................... an d T ru st C om p a n y ” is en g a g ed in th e b u sin ess o f sellin g v a rio u s k in d s o f secu rities, an d r eq u est th e op in ion o f th is d e p a r tm en t as to w h eth er it is p erm issib le for su ch a concern to do b u sin ess u n der a n am e so c lo se ly a llied to th a t o f in s titu tio n s organ ized under A c t 108, P u b lic A cts o f 1889, under w h ich tr u st c o m p a n ies are organized. S u b d iv isio n 1 o f sec tio n 2 o f A c t 232, P u b lic A cts o f 1903, c o n ta in es th is p roviso: “ N o n a m e sh all be a ssu m ed alrea d y in u se b y a n y oth er ex istin g c orp oration o f th is S ta te , or co rp o ra tio n la w fu lly carryin g o n b u sin ess in th is S ta te , or so n ea rly sim ilar as to le a d to u n ce r ta in ty or c o n fu sio n .” U nder th e d ecisio n s o f th e co u rts o f th is S ta te , it seem s to be clear th a t th e q u estio n o f th e rig h t to u se a co rp o ra te n a m e n o t id e n tic a l w ith th a t o f an oth er e x istin g c orp oration dep en d s up on w h eth er th e n a m es are so sim ilar th a t p erson s w o u ld be lik e ly to deal w ith on e concern w h en th e y b elie v e d in g o o d fa ith th e y w ere d ea lin g w ith th e oth er. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. xl See— L a m b K n it G oods C o. v . L a m b G lo v e & M itte n C o., 120 M ich . 159; P e n b er th y In jecto r Co. v . L ee -P e n b e r th y M fg. C o., 120 M ich . 174; Su prem e L o d g e o f K n ig h ts o f P y th ia s v . Im p r o v e d Order K n ig h ts o f P y th ia s , 13 M ich . 133. G reat H iv e L. O. T . M . v . Su prem e H iv e , 135 M ich . 392, 415. I t w ou ld seem also if th e sim ila r ity o f th e n a m e o f a corp oration organ ized un d er A c t 232, P u b lic A cts o f 1903, to th e n a m es o f co rp o ra tio n s org an ized u n der A c t 108, P u b lic A cts o f 1889, w h ich is th e tr u st c o m p a n y a ct, w as su ch th a t p eo p le dealin g w ith it w ou ld b e d e c eiv ed in to b e lie v in g th a t th e y w ere d ealin g w ith a co rp o ra tio n w h ich w as un der th e su p ervision o f th e B a n k in g D e p a r tm e n t, th a t th e u se o f su ch a n a m e c o u ld properly b e restrain ed in a proceeding in s titu te d for th a t pu rp ose. V ery r esp e c tfu lly yours, J no. E. B ird, A t t o r n e y G e n e r a l. ASSESSM ENT IN CA SE OF I M P A I R M E N T NOT AUTHORIZED. (8) Ju ly 29, 1908. H o n . H en ry M . Z im m erm ann , C o m m issio n er o f B a n k in g , “ C a p ito l,” L ansing: D ea r Sir— W e h a v e ca refu lly e x a m in ed th e le tte r o f ...................... cash ier o f t h e ................... B a n k , o f d a te J u ly 18, 1908, to g e th er w ith th e en clo su res acco m p a n y in g sam e. S ectio n 42 o f th e G eneral B a n k in g L aw , b ein g sec tio n 6131 o f th e C om p iled L aw s o f 1897, g iv e s th e C om m ission er o f B a n k in g a u th o r ity w h en h e finds th e c a p ita l o f a n y b an k is im p aired or red u ced b elo w th e a m o u n t req uired b y law , to require su ch b an k to m ak e good th e d eficien cy w ith in n in e ty d a y s after a w r itte n r eq u isitio n is m ad e, an d in ca se th e im p a ir m e n t is n o t m ad e g o o d it b eco m es h is d u ty , w ith th e concurrence o f th e A tto r n e y G eneral, to in s titu te proceedings for th e a p p o in tm en t o f a receiv er to w in d u p th e affairs o f th e b an k . T h e law does n o t prescribe th e m e th o d b y w h ich th is im p a ir m e n t is to b e m a d e g ood . I t m ak es no p rovision for an a sse ss m e n t u p o n th e sto ck h o ld ers o f th e b a n k , nor is th er e a n y a u th o r ity un der th e s ta tu te s o f th is S ta te for th e sto ck h o ld ers or directors to m a k e su ch an asse ssm e n t. T here b ein g no sta tu to r y a u th o r ity for m a k in g th e a ssessm en t, it fo llo w s th a t an a sse ssm e n t m ad e b y th e stock h old ers or directors co u ld n o t be en fo rced a g a in st d issen tin g shareh olders. T h e o n ly m eth o d o f m ak in g an a sse ssm e n t a g a in st th e sto ck h o ld ers o f a b a n k is un der sec tio n 46 o f th e G eneral B a n k in g L aw , se c tio n 613 5 o f th e C o m p iled L aw s o f 1897. T h is a sse ssm e n t can o n ly b e m ad e w h en th e ban k is in p rocess o f liq u id a tio n . I t is our v ie w o f th is s ta tu te th a t it c o n te m p la te s a v o lu n ta r y c o n trib u tio n on th e p a r t o f th e shareh olders in order to p r e v en t th e affairs o f th e b an k b ein g liq u id a ted b y order o f th e C om m issioner, a nd le a v e s it o p en to th e b a n k to m a k e good th e d eficien cy in a n y m an ner th a t seem s to it fea sib le. T h e o n ly a lte r n a tiv e in ca se o f th e failu re o f th e b an k to m ak e good th e d eficien cy is for th e C o m m issio n er to proceed as d irected b y th e s ta tu te . W e retu rn th e le tte r a n d en clo su re h erew ith . V ery r esp e c tfu lly you rs. J no. E. B ird, A t t o r n e y G e n e r a l. fo r eig n banks not per m itte d to engage in bu sin ess in state (9) J u ly 29, 1908. H o n . H en ry M . Z im m erm ann , C om m ission er o f B a n k in g , “ C a p ito l,” L ansing: D ea r Sir— W e are in receip t o f yo u rs o f th e 3d in s ta n t in w h ich y o u en close a le tte r from R e g in a ld F . F en n ell, u n der d a te o f J u n e 20, 1908, in w h ich h e su b m its th e follow in g in q u iry: “ Is th ere a n y lic e n se n ecessa ry or oth er le g a l form req uired to b e gon e th ro u g h w ith for b a n k s doin g b u sin ess o u tsid e o f th e S ta te o f M ich ig a n , to e sta b lish an a g e n c y or r ep re sen ta tiv e in th is S ta te? In th e e v e n t o f th ere b ein g a n y restrictio n , k in d ly a d v ise to w h a t e x te n t.” I n r ep ly to th is in q u ir y w ill sa y th a t th e leg isla tu re h as b y s ta tu t e p rescribed str ic t c o n d itio n s to b e co m p lied w ith b y co rp o ra tio n s desiring to en gage in th e b u sin ess o f b an k in g, or in lo a n in g a nd in v e s tin g m o n ey . T h ere is no s ta tu to r y p rovision w h ich p erm its foreign cor p o ra tio n s to c o m e in to th is S ta te for th e p u rp ose o f e n gagin g in th a t k in d o f bu sin ess. T h e fa c t th a t th e leg isla tu re h a s seen fit to la y d o w n th e s e c o n d itio n s for d o m estic corp oration s desiring to en g a g e in su ch b u sin ess a n d to p la ce th e m un d er th e su p erv isio n o f th e S ta te B a n k in g D e p a r tm e n t in d ic a te s clea rly an in te n tio n on th e p a rt o f th e leg isla tu re to p roh ib it foreign cor p o ra tio n s fro m en g a g in g in su ch bu sin ess. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. x li I n th is co n n e c tio n w e desire to ca ll y o u r a tte n tio n to th e case o f— N e w Y o rk M o rtg a g e C o. v . Sec. o f S ta te , 50 M ich . 197, 202. w h ich w as a m a n d a m u s p roceed in g a g a in st th e S ecreta ry o f S ta te to c om p el th e issu a n c e o f a licen se to do b u sin ess in th is S ta te to a c o rp o ra tio n desiring to en gage in th e b u sin ess o f m ak in g “ lo a n s secu red b y m o rtg a g es o n real e sta te , to sell su ch m ortgages an d b on d s o f th is co m p a n y secured b y m o rtg a g es on rea l e sta te , b u t sa id b o n d s are n o t to be sold on th e in s ta llm e n t p la n .” In resp o n se to th e c o n te n tio n o f th e rela to r in th a t ca se th a t it sh o u ld b e a d m itte d to do b u si n ess u n der our foreign corp oration la w , th e co u rt said: “ In oth er w ords su ch c o n str u c tio n w ou ld op era te as to su ch foreign c orp oration s as a rep eal o f all th e beneficial a n d p r o te c tiv e p r o v isio n s o f A ct N o . 205, P u b lic A c ts o f 1877. T o h old th a t su ch w as th e le g isla tiv e in te n t w o u ld be c o n tra ry to ev er y su g g e stio n th a t arises to th e m in d, u p o n th e co n sid era tio n o f th e pro p o sitio n . Our c o n str u c tio n o f th e a c t is th a t b an k in g co rp o ra tio n s an d th o se co rp o ra tio n s w h ich are w ith in th e c o n te m p la tio n o f our b a n k in g law s are n o t w ith in th e p ro v isio n s o f th e a c t au th o rizin g fo reign corp oration s to tr a n sa c t b u sin ess in th is S ta te .” In v ie w o f th e a b o v e , w e are o f th e o p in io n th a t fo reign ban k s h a v e n o r ig h t to en g a g e in bu sin ess in th is S ta te, or to e sta b lish an a g e n c y or rep re sen ta tiv e in th is S ta te for th e tr a n s a c tio n o f bu sin ess. W e retu rn M r. F e n n e ll’s le tte r herew ith . V ery resp e c tfu lly yours, J no. E. B ird, A t t o r n e y G e n e r a l. I N C R E A S E OF CA P IT AL NOT REQUIRED OF BANKS BY EXTENSION OF CO R PO R A TE LIM IT S, BRANCH BANKS PERMITTED IN CERTAIN INSTANCES. (10) M a y 27, 1909. H o n . H en ry M . Z im m erm ann, C om m ission er o f th e B a n k in g D e p a r tm e n t, C a p itol, L an sin g, M ic h ig a n : D ear Sir— I a m in rec e ip t o f yo u r le tte r o f th e 2 9 th u ltim o in w h ich y o u s ta te th a t a ban k organ ized w ith a c a p ita l o f $ 2 0 ,0 0 0 .0 0 in a v illa g e a d ja ce n t to a large c ity su b se q u e n tly b ecam e lo c a te d w ith in th e corp orate lim its o f th e c ity b y an e x te n sio n o f th e bou n d aries o f th e c ity to in c lu d e th e territo ry form erly em b raced w ith in th e lim its o f th e v illa g e ; th e b a n k th u s com in g in to th e c ity w ith a c a p ita l less th a n is req uired b y s ta tu te o f b an k s organ ized w ith in th e c ity . Y o u also s ta te th a t it is n o w s u g g e ste d th a t th is b a n k m a y e sta b lish branches w ith in th e c ity and r eq u e st an o p in io n u p o n th e fo llo w in g : F irst, W h eth er or n o t y o u h a v e a u th o r ity to require a b an k organ ized in a v illa g e , w h en it b eco m es lo c a te d in a c ity b y th e e x te n sio n o f th e corp orate lim its o f th e c ity , to in crease its c a p ita l in a ccord an ce w ith th e nu m b er o f in h a b ita n ts o f th e c ity . Second, W h eth er or n o t a S ta te b a n k h as a u th o r ity to e sta b lish bran ch es in th e c ity or v illa g e in w h ic h it is a u th o rized b y its articles o f in co rp o ra tio n to tr a n sa c t bu sin ess. In r ep ly w ill sa y th a t S ectio n 1 o f th e G eneral B a n k in g L aw , (S ec tio n 6090 C. L.) provid es for th e e sta b lish m e n t o f co m m ercia l a n d sa v in g s b a n k s in c itie s and v illa g e s in th e S ta te and prescribes th e m in im u m c a p ita l th a t b a n k s m a y h a v e, b ased on th e p o p u la tio n o f th e c ity or v illa g e in w h ich th e b a n k is to b e lo ca ted . S ectio n 2 o f th e a c t p ro v id es th a t th e articles o f in co rp o ra tio n sh all sp e cify a m on g oth er th in g s : “ T h e c o u n ty a n d c ity or v illa g e w here su ch b a n k is to b e lo c a te d an d to c o n d u ct its b u si n e ss;” S ectio n 7 p ro v id es th a t u p o n c o m p lia n ce w ith th e s ta tu te th e C om m ission er o f th e B a n k in g D e p a r tm e n t sh all g iv e th e b a n k a certifica te un der h is h an d an d official seal th a t th e ban k h as co m p lied w ith th e s ta tu te a n d is a u th o rized to co m m en ce b u sin ess. T h e c o n tin g en cy arising in th e case o f th e b a n k to w h ich y o u refer a p p a re n tly w as n o t a n tic i p a ted b y th e fram ers o f th e G eneral B a n k in g L aw as th a t la w c o n ta in s n o p ro v isio n req uiring a b an k esta b lish e d w ith in a v illa g e w h ich b eco m es lo c a te d in a c ity b y reason o f th e ex te n sio n o f th e corp orate lim its o f th e c ity to in crea se its c a p ita l in accord an ce w ith th e p o p u la tio n o f th a t c ity . N e ith e r is th ere in th e B a n k in g L a w a n y p ro v isio n req uiring a b a n k after its organ iz a tio n w ith in a c ity o f certa in p o p u la tio n to in crea se its c a p ita l as th e p o p u la tio n o f th e c ity in creases. T h e ban k u p o n c o m p ly in g w ith th e p r o v isio n s o f th e s ta tu te w as g iv e n th e r ig h t b y th e S ta te to c o n d u ct its b u sin ess w ith in th e v illa g e . I t did n o t v o lu n ta r ily r em o v e to th e c ity b u t b eca m e lo c a te d th erein b y o p era tio n o f la w th ro u g h th e e x te n sio n o f th e corp orate lim its o f th e c ity . T h e p r o v isio n o f th e s ta tu te , req uiring ban k s to h a v e a c er ta in c a p ita l according to th e p o p u la tio n , e v id e n tly h as reference to th e e sta b lish m e n t o f b an k s in th e first in sta n ce . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xlii STATE BANKING DEPARTMENT. A s h eretofore sta te d , a ban k o n ce la w fu lly esta b lish e d w ith th e req uired c a p ita l accord in g to th e p o p u la tio n o f th e c ity is n o t req uired to in crea se its c a p ita l a lth o u g h th e p o p u la tio n o f th e c ity m a y in crea se to su ch an e x te n t th a t a n ew ban k co u ld n o t be e sta b lish e d th er e in w ith o u t h a v in g a m u ch larger ca p ita l. A carefu l c o n sid era tio n o f th e p rovision s o f th e G eneral B a n k in g la w lea d s m e to th e c o n clu sio n th a t a ban k o n ce la w fu lly esta b lish e d in a v illa g e w ith th e req uired c a p ita l in acco rd a n ce w ith S ectio n 1 o f th e G eneral B a n k in g L aw is n o t req uired u n der th e pro v isio n s o f th a t la w to in crea se its c a p ita l w h en it b eco m es lo c a te d w ith in a c ity b y reason o f th e e x te n sio n o f th e corp orate lim its o f th e c ity to in c lu d e th e v illage. F or answ er to your seco n d q u estio n I w ou ld s a y th a t no a u th o r ity to esta b lish b ranches is conferred u p o n ban k s b y a n y p ro v isio n o f th e la w s o f th is S ta te. .In th e ab sen ce o f s ta tu te a ban k has no a u th o r ity to e sta b lish bran ch es a t w h ich a gen eral b an k in g b u sin ess is con d u cted . M a G e e on B a n k s a n d B a n k in g , p a g e 41; A tty . G en. v. O akland C o. B an k , W alk , pa g e 90. W h ile a b a n k h as no a u th o r ity to esta b lish branches u n less exp ressly a u th o rized b y s ta tu te so to do, it seem s th a t it m a y h a v e an a g e n c y for th e tr a n sa c tio n o f som e p arts o f its b u sin ess in th e c ity or v illa g e d esig n a te d in its charter as th e p lace w here th e b an k is to be lo c a te d and to c o n d u ct its bu sin ess. In M a G e e on B a n k in g , p a g e 41, are co m p iled th e p r ovision s in force in th e different s ta te s rela tin g to th is su b je c t a n d o f th is S ta te it is said: T h ere is n o la w au th o rizin g th e e sta b lish m e n t o f branches. A gen cies are p e r m itted w h ich are r estr ic te d in th eir o p era tio n s to receiv in g and p a y in g o u t o f d e p o sits an d issu in g e x ch a n g e .” a n d sev era l in sta n c e s o f ban k s lo c a te d in th e c itie s o f D e tr o it an d L an sin g h a v in g e sta b lish ed a g en cies o f th is ch a ra cter are n o ted . T h e a g en cies esta b lish e d b y th e b a n k s a t th e c itie s in d ic a te d h a v e been con d u cted b y th e ban k s for so m e tim e an d th e rig h t o f th e ban k s to e sta b lish such a gen cies does n o t app ear to h a v e b een h ereto fo re q u estio n ed b y th e b a n k in g d e p a r tm en t or a n y officer o f th e S ta te . In v ie w o f th e fo reg o in g I a m o f o p in io n th a t a ban k m a y esta b lish agen cies o f th e ch aracter of th o s e in d ic a te d herein w ith in th e lim its o f th e c ity or v illa g e in w h ich th e b an k is lo ca ted . In a sm u c h as a ban k o rig in a lly lo c a te d in a v illa g e, an d w h ich b ecom es lo c a te d in a c ity b y th e e x te n s io n o f th e co rp o ra te lim its o f th e c ity , h as a u th o r ity to c o n d u ct its bu sin ess w ith in th e c ity , it w o u ld h a v e th e sa m e r ig h t to e sta b lish ag en cies o f th is ch aracter as a b an k o rigin ally organized w ith in th e c ity . R e sp e c tfu lly yours, (Signed) J n o . E . B i r d , A t t o r n e y G e n e r a l. STATE DD BANKS O RG A N I Z E D BY S T O C K H O L D E R S OF N A T I O N A L BANKS. J u n e 10, 1909. H on. H en ry M . Z im m erm ann , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, C ap itol, L ansing: D ear Sir— I a m in r eceip t o f yo u r co m m u n ic a tio n o f th e 2 9 th u ltim o r eq u estin g an op in ion u p o n th e q u estio n o f w h eth er or n o t a S ta te ban k m a y le g a lly be organ ized in th is S ta te b y th e sto ck h o ld ers o f a N a tio n a l B a n k un der a p la n s u b s ta n tia lly as follow s: T h e sto ck h o ld ers o f th e n a tio n a l ban k en ter in to an a g reem en t w ith th e officers o f th e n a tio n a l ban k b y th e term s o f w h ich th e sto ck h o ld ers agree th a t th e officers m a y ta k e n ecessa ry ste p s to organize a S ta te ban k w ith a prescribed c a p ita l, th e shares o f w h ich m a y be p rescribed for in th e first in sta n c e b y su ch persons as m a y b e sele c te d b y th e officers, b u t w h en p aid for sh all be h eld in th e n a m es o f su ch p erson s as fro m tim e to tim e sh all be th e officers o f th e n a tio n a l ban k, as tr u ste e s, w h ich sa id tr su te e s m a y exercise du rin g th e life o f th e tr u st all th e righ ts an d pow ers o f a b so lu te ow ners o f th e sto c k ex ce p t to th e e x te n t th a t th e y m a y be ordered o th er w ise b y express d irectio n s in w ritin g sig n ed b y a m a jo rity o f a t le a st tw o -th ir d s in in te r e st of th e persons b e n eficia lly in ter e sted in th e sto c k . T h e d iv id e n d s u p on said sto c k are to be receiv ed b y th e tr u ste e s a nd p aid b y th e m to th e n a tio n a l ban k for d istr ib u tio n am on g th e sto ck h o ld ers o f th e n a tio n a l b a n k pro r a ta accord in g to th eir ow nership o f record o f shares o f sto c k in th e n a tio n a l ban k, th e tr u st to c o n tin u e as lo n g as th e n a tio n a l b a n k sh all c o n tin u e to do bu sin ess u n less sooner te r m in a ted b y a req u e st in w ritin g o f a m a jo rity o f a t le a st tw o -th ir d s in in ter e st o f th e c a p ita l sto c k o f sa id ban k. T h e n ecessa ry c a p ita l for th e S ta te ban k is to b e fu rn ish ed , b y a sp ecia l or ex tra d iv id e n d declared b y th e n a tio n a l b an k . I t is p ro v id ed th a t th e stock in th e S ta te b a n k sh a ll be h eld b y th e tr u ste e s a nd th a t no person sh a ll h a v e th e rig h t to transfer his in te r e st th erein o th erw ise th a n b y th e tran sfer o f th e ow n ersh ip o f sto c k in th e n a tio n a l ban k up on th e bo o k s o f th e la tter . T h e o n ly e v id e n c e o f th e beneficial in te r e st o f a n y person in th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xliii REPORT OF THE COMMISSIONER. sto c k o f th e S ta te b a n k is th a t g iv e n b y an in d o rsem en t on th e b ack o f th e certificates o f sto c k o f th e n a tio n a l b an k to th e effect th a t th e ow ner o f th e shares rep resen ted b y th a t certificate is b en eficia lly in te r e ste d in co m m o n w ith a ll o th er sto ck h old ers o f th e n a tio n a l ban k s in a pro ra ta a m o u n t o f th e c a p ita l sto c k o f th e S ta te ban k a n d th a t said b en eficial in te r e st ca n n o t be sold or transferred o th erw ise th a n b y th e transfer o f th e shares o f sto c k rep resen ted b y th e cer tific a te u p o n th e bo o k s o f th e n a tio n a l ban k, a n d th a t th e b en eficial in te r e st in th e sto c k o f th e S ta te b a n k sh a ll pass w ith th e transfer o f th e shares o f th e n a tio n a l ban k rep resen ted b y th e certifica te. I t is fu rth er p ro v id ed th a t no person sh a ll be eligib le to th e office o f d irector o f th e S ta te b a n k w ho is n o t a d irector o f th e n a tio n a l ban k. F or rep ly to you r in q u iry I w o u ld sa y th a t th e G eneral B a n k in g L aw o f th is S ta te co n ta in s no p ro v isio n th a t w o u ld p ro h ib it th e sto ck h o ld ers in a n a tio n a l b an k from organ izin g a S ta te ban k u p o n c o m p lia n ce w ith th e p ro v isio n s o f th e G eneral B a n k in g L aw . N e ith e r is th ere in th a t la w a n y p ro v isio n ex p ressly p ro h ib itin g th e sto ck h old ers in a S ta te b an k fro m en terin g in to an a g reem en t in s u b s ta n tia lly th e form in d ic a te d a b ove. T h e ag reem en t is n o t b etw een th e n a tio n a l b a n k an d th e S ta te b an k, b u t is b e tw e e n th e stock h old ers in th o se b an ks. A s b e tw e e n th e S ta te b a n k a n d th e S ta te, a n y agreem en t o f th is ch aracter b e tw e e n th e stock h old ers o f th e b a n k w ou ld b e w h o lly in e ffec tu a l to p r e v en t th e S ta te from exercising a su p ervisory c o n tro l over th e affairs o f th e ban k, or en fo rcin g th e lia b ility o f th e stock h old ers in accord an ce w ith th e p ro v isio n s o f th e G eneral B a n k in g L aw . I t is tru e th a t th ere are cases h old in g th a t ag reem en ts b e tw e e n sto ck h o ld ers in co rp o ra tio n s im p o sin g a p erm a n en t r estra in t u p o n th e a lie n a tio n o f th eir shares o f sto c k are in v a lid , b u t un der th e term s o f th is ag reem en t a stock h old er m a y transfer his shares o f sto c k in th e S ta te ban k p ro v id ed he also transfers his shares o f sto c k in th e n a tio n a l b an k . I t does n o t seem th a t th ere is in th a t case su ch a restrain t u p on th e a lie n a tio n o f th e shares as w o u ld render th e agreem en t in v a lid . U p o n du e co n sid era tio n o f th e m a tter I am o f op in io n th a t, so far as th e S ta te is concerned, th e p lan o u tlin e d for th e o rg a n iza tio n o f a S ta te b a n k is, in its general featu res, v a lid un der th e G eneral B a n k in g L aw o f th e S ta te. I express no o p in ion , h ow ever, u p on th e v a lid ity o f th e d eta ils o f a n y particular p lan for su ch o rg a n iza tio n , le a v in g th o se q u estio n s to be d eterm in ed w hen it is so u g h t to org a n ize a S ta te b a n k u p o n th is plan and d eta ils o f th e p roposed plan of o rg a n iza tio n are before m e. R e sp e c tfu lly yours, (S igned) J n o . E . B i r d , A tto r n e y G e n e r a l.' BANK E X A M IN ER S PUBLIC OFFICERS. (12) J u n e 30, 1909. lio n . H en ry M . Z im m erm ann, C o m m issio n er o f B a n k in g D e p a r tm e n t, C ap itol, L ansing: D ear Sir— I a m in r eceip t o f you r le tte r o f J u n e 1 7th in w hich y o u su b m it th e am e n d m e n t to S ectio n 38 o f th e B a n k in g L aw r ela tiv e to th e salaries o f exam iners, and r eq u est th e op in ion o f th is d e p a r tm en t as to w h eth er th e exam iners w ho h a v e alread y b een e m p lo y e d b y th e B an k in g D e p a r tm e n t for th ree yea rs w ill b e e n title d to th e in crea se in th eir salaries w h en th e am e n d m e n t b eco m es o p era tiv e. In r ep ly th er e to w ill sa y th a t S ectio n 3 o f A rticle X V I o f th e r ev ised c o n stitu tio n provides, in part: “ Salaries o f p u b lic officers, e x cep t c ircu it ju d ges, sh all n o t be in creased , nor sh all th e salary o f a n y p u b lic officer b e decreased , after e le ctio n or a p p o in tm e n t.” In d eterm in in g th e q u estio n su b m itte d it is im p o rta n t to ascertain first, w h eth er a ban k exam iner is a p u b lic officer w ith in th e m ea n in g o f th is sec tio n of th e revised c o n stitu tio n . M ech em defin es a p u b lic office to be: " T h e rig h t, a u th o r ity an d d u ty , crea ted a nd conferred b y law , b y w h ich for a g iv e n period, eith er fixed b y la w or endu rin g a t th e pleasure o f th e creatin g pow er, an in d iv id u a l is in v e s te d w ith so m e p o rtio n o f th e so v erieg n fu n c tio n s o f th e g o v ern m en t, to be exercised b y h im for th e b en efit o f th e p u b lic .” (M e ch em o n P u b lic Officers, Sec. 1). A nd h e p o in ts o u t tw o essen tia ls: F irst, T h e d e le g a tio n o f sovereign fu n ctio n s, Second, P ow ers crea ted an d conferred b y law . (Sec. 4 an d 5 ). In sec tio n 9 h e sta te s: “ A n y m an is a p u b lic officer w ho h a th a n y d u ty con cern in g th e p u b lic, and h e is n o t th e less a p u b lic officer w here h is a u th o r ity is confin ed to narrow lim its; for it is th e d u ty o f his office a nd th e n a tu re o f th a t d u ty w h ich m ak e h im an officer, and n o t th e e x te n t o f his a u th o r ity .’ S ectio n 38 o f th e B a n k in g L aw p ro v id es for th e a p p o in tm en t o f b an k exam in ers, fixes th eir salaries and requires th e m to file a bon d o f te n th o u sa n d dollars. S ectio n 39 au th orizes th e exam iners to ex a m in e b a n k s and to ex a m in e th e officers, ag en ts, clerks, cu stom ers or d ep ositors u p o n o a th , an d m ak es fa lse sw earing before su ch ex a m in ers perjury. S ectio n 40 requires th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xliv STATE BANKING DEPARTMENT. exam iner to ta k e an o a th to keep secret all fa c ts a n d in fo rm a tio n ob ta in e d in th e cou rse o f his e x a m in a tio n s. S ectio n 41 a u th o rizes th e C om m ission er to ask for th e a p p o in tm en t o f a receiver in ca se o f a refu sa l o f a b a n k to su b m it to an e x a m in a tio n b y an exam iner. T ru e, th e s ta tu te , in S ectio n 38, s ta te s th a t th e C om m ission er sh all “ e m p lo y fro m tim e to tim e su ch ex a m in ers,” b u t th e fa c t th a t th e a p p o in tm en t o f a b an k exam in er is d e sig n a te d as an e m p lo y m en t does n o t ch a n g e th e n a tu r e o f th e d u tie s p rescribed b y law . C learly, th e s ta tu te in q u estio n d e le g a te s so v ereig n fu n c tio n s to th e ex a m in er an d th e pow ers are created an d c o n ferred b y law , th e tw o e sse n tia ls to th e crea tio n o f an office as p o in te d o u t b y P rof. M ech em . See also th e la n g u a g e o f J u stic e C o o ley in : T hroop v . L an gd on , 40 M ich . 673, 682. T h e a m e n d m e n t to S ectio n 38 su b m itte d b y y o u reads as follow s: “ Salaries o f th e ex a m in ers sh a ll b e th e su m o f sev e n tee n h u ndred dollars per a n n u m during th e first yea r o f th eir e m p lo y m en t as such, a n d sh a ll b e in creased on e h u n d red dollars each yea r o f su ch em p lo y m en t u n til th e fu ll su m o f tw o th o u sa n d d ollars is reached, w h ich su m sh all b e th eir a n n u a l sala ry th er e a fte r .” A b a n k ex a m in er b ein g a p u b lic officer as w e h a v e h eretofore sh ow n , th e c o n stitu tio n a l p r o v isio n a b o v e q u o ted w o u ld a p p ly . T h e la n g u a g e o f th e c o n stitu tio n is p lain th a t th e salaries “ sh a ll n o t b e in crea sed , nor sh a ll th e sa la ry o f a n y p u b lic officer b e decreased after ele ctio n or a p p o in tm e n t.” T h ere are ca ses h o ld in g , as in th e ca se o f b an k exam iners, w here th e ten u re o f th e office is a t th e pleasure o f th e a p p o in tin g pow er, th a t c o n stitu tio n a l p rovision , th a t th e c o m p e n sa tio n sh a ll n o t b e in crea sed or d im in ish ed d u r i n g th e t e r m w h i c h th e o ffic e r i s e le c te d o r a p p o i n t e d , d o es n o t a p p ly to officers w ho h a v e n o fixed term . 29 C yc. 1429, G ib b s v . M organ , 39, N . J. E q . 126, Som ers v . S ta te , 6 S. D . 321, 58 N . W . 804, id . 5 S. D . 584, 59 N . W . 962. B u t a n e x a m in a tio n o f th e se ca ses sh o w s th a t th e d ecision s tu rn u p o n th e p ro p o sitio n th a t th e c o n s titu tio n a l p ro v isio n co u ld n o t a p p ly to an officer w ho h ad n o fixed term . T h e lan gu age o f our c o n s titu tio n a l p r o v isio n m ak es no reference to th e term , b u t p roh ib its th e in crea se or th e decrease o f th e sa la ry after e le ctio n or a p p o in tm en t. I a m th erefo re o f th e o p in io n th a t th e a m e n d m e n t to S ectio n 3 8 o f th e B a n k in g L aw , m ad e b y S en a te E n ro lled A ct 42, is v o id in so far as it p ro v id es for an in crease o f th e salaries o f ban k exam iners n o w in th e e m p lo y o f th e d e p a rtm en t, or w ho m a y b e in it s e m p lo y w h en th e am e n d m e n t ta k es effect. In th is c o n n e c tio n I ca ll y o u r a tte n tio n to th e fa c t th a t th e p rovision s o f th e s ta tu te c a n n o t b e e v a d e d b y an ex a m in er r esig n in g before th e ta k in g effect o f th e am e n d m e n t and a c ce p tin g an a p p o in tm e n t after th e a m e n d m e n t is in force. See— 29 C y c. 1428, G reen v . H u d so n C o., 44 N . J. L. 388. V ery r esp e c tfu lly yours, (S igned) J n o . E . B i r d , A t t o r n e y G e n e r a l. R E Q U I R E M E N T S I N C O N N E C T I O N W I T H I N C R E A S E OF CA P IT AL STO CK OF B A N K S A F F E C T E D BY E X T E N S I O N OF CO R PO R A T E LIM IT S. G 3) N o v . 12, 1909. H o n . H en ry M . Z im m erm an, C o m m issio n er o f B a n k in g , C a p itol, L ansing: D ea r Sir— R e p ly in g to y o u r le tte r o f th e 1 9 th u lt., in w h ich y o u req u est our op in io n as to w h eth er t h e ........................... B a n k w h ich w as lo c a te d in th e v illa g e o f ................................ r ec e n tly a n n ex ed to th e c ity o f ........................... m a y in crea se it s c a p ita l sto c k fro m tw e n ty th o u sa n d d ollars to fifty th o u sa n d dollars, w ill sa y th a t w e h eld , in an o p in ion to y o u un der d a te o f M a y 9 ,1 9 0 9 , th a t th is b a n k co u ld n o t b e d ep riv ed o f it s r ig h t to do b u sin ess un d er it s origin al in co rp o ra tio n w ith a c a p ita l sto c k o f tw e n ty th o u sa n d dollars, b y th e fa c t o f a n n ex a tio n o f th e v illa g e o f ...................... to th e c ity o f ........................ W e rea ch ed th a t co n clu sio n b y reason o f th e fa c t th a t th e b an k w as la w fu lly in co rp o ra ted w ith a c a p ita l o f tw e n ty th o u sa n d d ollars to do b u sin ess i n ..................; th a t th e a n n ex a tio n o f ........................... p la ced th e b a n k in th e c ity o f ................................. w ith o u t its c o n sen t, an d th a t i t cou ld n o t b e th u s d ep riv ed o f it s rig h t to d o b u sin ess under its origin al in corp oration . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xlv N o w , ho w ev er, th is b a n k proposes, b y its o w n v o lu n ta r y a ct, to in crease its c a p ita l sto ck , th u s, in a m easure, a ffectin g a r e-o rg a n iza tio n . T h e w h ole a im an d p u rp ose o f th e s ta tu te , S ectio n 1 o f th e G eneral B a n k in g L aw , is to p ro v id e a m in im u m c a p ita l for b an k s graded according to th e p o p u la tio n o f th e c ity or v illa g e in w h ich th e y are situ a ted . In order to p r e v en t a red u c tio n o f th e c a p ita l below th e m in im u m , it is p ro v id ed in S ectio n 10 th a t “ no r ed u ctio n sh all b e m a d e to a less a m o u n t th a n is req uired in S ectio n 1 for c a p ita l.” T o p erm it th is b an k to su b sta n tia lly re-organ ize b y in crea sin g its c a p ita l, w ith o u t in creasin g it s c a p ita l sto c k to a t le a st th e m in im u m a m o u n t req uired for th e c ity o f ................................ w ou ld in m y ju d g m e n t, do v io le n c e to th e in te n t o f th e leg isla tu re, as exp ressed in S ectio n s 1 and 10 o f th e B a n k in g L aw , to w h ich I h a v e referred. T h e b a n k is n o w a co rp oration o f th e c ity o f ............................. T h e la w rela tin g to th e a m o u n t o f c a p ita l sto c k i n .......................... i s different th a n i n ............................... W h ile I do n o t th in k th e ban k c o u ld b e d ep riv ed o f its righ ts to c o n tin u e during th e period o f it s co rp o ra te ex isten ce , w ith a c a p ita l o f tw e n ty th o u sa n d d ollars, b y th e a n n ex a tio n , I am co n str a in e d to h o ld th a t in ta k in g a d v a n ta g e o f th e s ta tu te r e la tiv e to th e in crea se o f c a p ita l sto ck , i t m u st b e g o v ern ed b y th e p ro v isio n o f th e s ta tu te a p p licab le to th e c ity o f ........................... an d m u st, th erefore, if i t in crea ses it s c a p ita l a t all, in crea se i t to a t le a st th e m in im u m a m o u n t req u ired for c itie s h a v in g a p o p u la tio n o f o v er o n e h u n d red an d te n th o u sa n d in h a b ita n ts , as prescribed b y S e c tio n 1 o f th e B a n k in g L aw . V ery tr u ly yours, (S igned) J n o . E . B i r d , Attorney General. C O N S T I T U E N T C O R P O R A T I O N S E N T I T L E D TO T W E N T Y P E R C E N T L O A N LIMIT. (14) Jan. 20, 1910. H on. H en ry M . Z im m erm ann, C om m issioner o f B a n k in g , C ap itol, L ansing: D ea r Sir— W e are in r eceip t o f you r le tte r o f th e 1 4 th in s ta n t in w h ich y o u ask: “ In th is S ta te , w here a co rp o ra tio n is in op era tio n an d con trol o f oth er corp oration s b y h a v in g a cquired a m a jo rity o f th e sto c k o f su ch co rp o ration s w h a t w ou ld b e th e lim ita tio n of cred it lin es w h ich m ig h t be e x te n d e d th e se co rp o ra tio n s, b o th p aren t and su b sid iary, b y our S ta te b an ks, u n der th e B a n k in g L aw , e x clu siv e o f real e sta te or o th er c ollateral loan s au th orized b y s ta tu te ? ” S ectio n 6141 C. L. 1897 as a m en d ed , bein g S ectio n 52 o f th e B a n k in g L aw , p rovid es as fo l low s: “ T h e to ta l lia b ilitie s to a n y b a n k o f a n y person or o f a n y c o m p a n y , corp oration or firm for m o n ey s a d v a n ced , in c lu d in g in th e lia b ilitie s o f th e co m p a n y or firm , th e lia b ilitie s o f th e several m em b ers th ereo f, ex ce p t sp ecia l partn ers, sh a ll a t n o tim e exceed o n e -ten th p art o f th e a m o u n t o f th e c a p ita l an d surplus o f su ch ban k, b u t th e d isc o u n t o f b ills o f e xch an ge draw n in good fa ith a g a in st a c tu a lly e x istin g v a lu e s a nd th e d isc o u n t o f co m m ercial or b u sin ess paper a c tu a lly o w n ed b y th e person .n e g o tia tin g th e sa m e sh a ll n o t b e co n sid ered as m o n ey borrow ed: * * * P ro v id ed , h o w ev er, T h a t b y a tw o -th ir d s v o te o f d irectors, th e lia b ilitie s to a n y b a n k o f a n y person or co m p a n y or c o rp o ra tio n or firm m a y b e in crea sed to a su m n o t ex ceed in g o n e-fifth o f th e c a p ita l a nd surplus o f b an k . * * *” I t w ill b e n o te d th a t in th e ca se o f a c o m p a n y or firm th e lin e o f cred it in c lu d e s th e lia b ilitie s o f th e c o m p a n y or firm a nd th e sev era l m em b ers th ereo f, e x ce p t sp e cia l partn ers, w h ile n o su ch restr ic tio n a pp ears in th e ca se o f th e corp oration . C orp oration s are recogn ized b y la w as d istin c t leg a l e n titie s regardless o f th e ow nership o f th e sto c k . W h ile w e a p p reciate th e fa c t th a t th e effect o f ex te n d in g a 20 per c e n t lin e o f cred it to ea ch co rp oration m ig h t in som e cases b e e q u iv a le n t in its e ffect to ex te n d in g a 40 per c en t lin e o f cred it to o n e corp oration , y e t w e are satisfied th a t th e s ta tu te does n o t a u th o rize interferen ce b y th e b an k in g C om m ission er w h en th e 20 per c en t lin e to each co rp o ra tio n is n o t ex ceed ed . T h e situ a tio n is o n e th a t m ig h t properly b e b rou gh t to th e a tte n tio n o f th e leg isla tu re. V ery r esp e c tfu lly yours, (S igned) J n o . E . B i r d , Attorney General. D I R E C T O R S ’ N O T E S , I N L I E U OF A S S E S S M E N T NOT P E R M I S S I B L E . (15) M arch 16,1910. H o n . H en ry M . Z im m erm ann , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, L an sin g, M ich igan : D ea r Sir— I a m in r eceip t o f y o u r co m m u n ic a tio n o f th e 14th u ltim o , r eq u estin g m y op in ion on th e fo llo w in g p ro p o sitio n : https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xlvi STATE BANKING DEPARTMENT. ‘‘I f in ca se o f th e im p a irm en t o f th e c a p ita l o f o n e o f our S ta te b an ks, in lieu o f an assess m en t, a pro m isso ry n o te w ere g iv e n b y th e directors to th e ban k, pled gin g th eir personal r esp o n sib ility to its p a y m en t, b u t w ith th e ex ce p tio n th a t th e stock h old ers w ill a u th o rize its r etirem en t from th e earn ings o f th e ban k, co u ld th e m ak ers o f th e n o te in case o f th e earnings o f th e ban k fa ilin g to s a tisfy it a v o id p a y m en t on th e ground o f n o con sid e ra tio n ? ” R e p ly in g th er e to w ou ld sa y th a t sectio n 613 5 o f th e C om p iled L aw s, b ein g sec tio n 46 o f th e a c t p ro v id in g for th e in co rp o ra tio n o f b a n k s in th is S ta te, in part, read s as follow s: ‘‘T h e sto ck h old ers o f ev er y b a n k sh all b e in d iv id u a lly liab le, e q u ally and r a ta b ly , an d n o t o n e for an oth er, for th e b en efit o f th e d ep o sito rs in said ban k to th e a m o u n t o f th eir sto c k at th e par v a lu e th ereo f, in a d d itio n to th e sa id s to c k .” A s a general p ro p o sitio n th e directors o f a b a n k organized un d er th e G eneral B a n k in g L aw s o f th is S ta te are n o t lia b le w here th e c a p ita l has been im p aired ex ce p t as stock h old ers an d under th e p ro v isio n a b o v e q u o te d th is lia b ility o f th e sto ck h old ers is “ eq u a lly and r a ta b ly , an d n o t one for a n o th e r.” For th e p u rp ose o f a v o id in g liq u id a tio n un der c ircu m stan ces su ch as y o u h a v e o u tlin ed , th e C om m issioner o f th e B a n k in g D e p a r tm e n t is c lo th e d w ith certa in d iscretion ary pow ers to ap p ro v e o f su ch a c tio n on th e p a rt o f th e d irectors or stock h old ers as w ill m ak e good su ch im p a irm en t a nd fu lly p r o te c t th e d ep o sito rs a nd creditors o f th e bank, b u t su ch im p a ir m e n t c a n n o t be m ad e g o o d u n der th e la w b y a n y tr a n sa c tio n in th e n atu re o f a loan , as su ch a tr a n sa ctio n w ou ld in crea se th e lia b ilitie s o f th e ban k to an a m o u n t e q u al to th e su m received . In oth er w ords, a d irector or sto ck h o ld er m a y m a k e good th e im p a ir m e n t o f th e c a p ita l o f a S ta te ban k in lieu o f an a sse ssm e n t or for th e p u rp ose o f av o id in g liq u id a tio n , b u t th ere can be no c o n tin g e n t lia b ility th erefor on th e p a rt o f th e ban k. N o a c tio n sh ou ld be ap p roved b y th e C om m issioner o f th e B a n k in g D e p a r tm e n t w h ich w ou ld le a v e u n certain th e c a p ita l o f a ban k in th is particular. I t is m y o p in io n th a t th e course su g g e ste d in you r co m m u n ica tio n is n o t in h arm on y w ith th e sp irit and in te n t o f th e G eneral B a n k in g L aw o f th is S ta te, and p articu larly th o se p rovision s design ed for th e p r o te c tio n o f d ep o sito rs a nd cred itors th ereof. R e sp e c tfu lly yours, (Signed) J n o . E . B ird, A t t o r n e y G e n e r a l. REAL ESTATE (16) M O RT G AG E S NOT TO BE DEPOSITED W IT H C O L LA TE R A L DEPOSIT CO M PA N I E S. O ctober 12, 1910. H on. H en ry M . Z im m erm ann , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, C a p itol, L ansing: D ea r Sir— W e h a v e g iv e n carefu l co n sid era tio n to you r le tte r o f S ep tem b er 22d, in w hich y o u su b m it th e in q u iry as to w h eth er real e sta te m o rtgages m a y be d ep o site d w ith collateral d e p o sit c o m p a n ies organized under th e p ro v isio n s o f A ct 240, P u b lic A cts o f 1907, and p a rtici p a tio n n o tes th erein th ereby b eco m e la w fu l in v e s tm e n ts for sa v in g s b an ks. A co n feren ce w ith th e rep re sen ta tiv e s o f th e in s titu tio n s affected b y th e q u estio n a b o v e sta te d h as d ev e lo p e d ad d i tio n a l q u estio n s, n a m ely : I f c o lla tera l d e p o sit co m p an ies m a y n o t be th e d ep ositories for su ch m o rtgages, m a y d o m estic tr u st c o m p a n y be such d e p o sito ry ; also m ay a foreign tru st co m p a n y or a d o m estic corp oration, partn ersh ip or in d iv id u a l n o t su b je c t to su p erv isio n of th e B a n k in g D e p a r tm e n t be su ch d ep ository? T h e sta tu to r y p r o v isio n s in v o lv e d in th e q u estio n s a b o v e su b m itte d are S ectio n 9 o f A ct 240, P u b lic A c ts o f 1907, w h ich read s as follow s: “ A n y co rp o ra tio n organ ized u n der th is a c t sh a ll h a v e pow er to c o n d u ct a sa fe ty d ep osit bu sin ess for th e sa fe k eep in g o f a n y person al p ro p erty , and p rovid e proper v a u lts and prem ises for th e sam e; a nd sh a ll also h a v e pow er to rec e iv e or d ep o sit, in tru st, a n y person al p rop erty d e p o site d w ith i t b y in d iv id u a ls, partn ersh ip s or co rp oration s as c ollateral sec u r ity for th e p a y m e n t o f b on ds, or oth er o b lig a tio n s issu ed b y su ch in d iv id u a ls, partn ersh ip s or corp orations, a nd to en ter in to a nd ex ec u te a n y in str u m en ts in w ritin g n ecessary an d proper to carry su ch tru sts in to e ffe c t.” A lso s u b d iv isio n 1 o f S ectio n 27 o f th e B a n k in g L aw w h ich a u th orizes S ta te b an k s to loan an d invfest sa v in g s d e p o sits as follow s: “ U p o n n o tes or bon d s secured b y m o rtg a g e lie n up on u n im eu m b ered real e sta te w orth at le a st d o u b le th e a m o u n t lo a n ed ; th e rem ainder o f su ch d e p o sits m a y be i n v e s t e d in n o t e s , b il ls o r e v id e n c e s o f d e b t th e p a y m e n t o f w h ich is secu red b y d e p o sit w ith th e b an k o f c o l la te r a l s e c u r i t y c o n s i s t i n g o f p e r s o n a l p r o p e r t y o r s e c u r i t i e s o f k n o w n m ark etab le v a lu e w orth te n per c e n t m ore th a n th e a m o u n t so lo a n e d an d in te r e st for th e tim e o f th e loan ; or m a y b e in v e s te d in n o te s , b i l l s o r o th e r e v id e n c e s o f d e b t th e p a y m en t o f w h ich is secured b y s u c h p r o p e r t y o r s e c u r i t i e s d ep o site d in a co lla tera l d e p o sit c o m p a n y org a n ized un der th e la w s o f th is S ta te .” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. xlvii A lso th e p ro v iso o f S ectio n 52 o f th e B a n k in g L aw , w h ich is as fo llo w s: “ P ro v id ed , h o w ev er, T h a t th e fo reg o in g lim ita tio n s sh all n o t ap p ly to l o a n s o n r e a l e s ta t e o r o th e r c o l la te r a l s e c u r i t i e s a u t h o r i z e d b y th is a c t an d d ep o site d w ith th e b a n k o r a s a f e t y a n d c o l la te r a l d e p o s i t c o m p a n y o rg a n ized u n der th e la w s o f th is S ta te .” I t is ap p a ren t th a t th e p ro v iso to S ectio n 52 ca n fu rn ish n o a ssista n ce in d eterm in in g th e scop e o f th e p ro v isio n s o f S u b d iv isio n 1 o f S ectio n 27 b y rea so n o f th e gen eral rule o f s ta tu to r y c o n s tr u c tio n th a t a p ro v iso does n o t enlarge th e sco p e o f th e e n a c tin g section . S u th erla n d ’s S ta tu to r y C o n stru ctio n , Sec. 352. I t is also a p p a ren t th a t “ n o tes or bon d s secured b y m ortgage lien , e t c .,” are n o t in clu d ed am o n g th e secu rities w h ich are a u th o rized to be d e p o site d in a c ollateral d e p o sit c o m p a n y under th e term s o f sa id S u b d iv isio n 1 o f S ectio n 27 a b o v e q u o te d u n less it can be said th a t su ch “ n o tes or b o n d s secu red b y m o rtg a g e h e n ,” are also in c lu d e d in “ n o tes, b ills or oth er e v id en ces o f d e b t th e p a y m e n t o f w h ich is secured b y d ep o sit w ith th e b a n k o f c ollateral secu rity co n sistin g of person al p ro p erty or secu rities o f k n o w n m a rk eta b le v a lu e , e tc .” W e are o f th e op in ion th e y are n o t so in clu d ed . I t is our v ie w th a t th e seco n d cla u se o f S u b d iv isio n 1, b ein g th a t la s t a b o v e q u o ted , refers to n o tes, b ills or e v id e n c e s o f d e b t w h ich are secured b y th e d e p o sit o f p erson al c h a tte ls or secu rities su ch as pro m isso ry n o tes, bon d s or o th er e v id en ces o f d e b t th e tit le o f w h ich passes b y th e m ere a c t o f d eliv ery . T h is w o u ld , o f course, exclu d e real e sta te m ortgages. W e th erefo re h o ld th a t real e sta te m o rtg a g es m a y n o t be d e p o site d w ith co lla tera l d ep o sit c om p an ies org a n ized under th e p ro v isio n s o f A ct 240, P u b lic A cts o f 1907 an d p a r tic ip a tio n s th erein sold to sa v in g s b a n k s as in v e stm e n ts. T h e first cla u se o f S u b d iv isio n 1 o f s ec tio n 27 o f th e B a n k in g L aw au th orizes b an k s to lo a n sa v in g s d ep o sits “ u p o n n o tes or b o n d s secured b y m o rtg a ge h en u p on u n im cu m b ered real e sta te w o rth a t le a st d o u b le th e a m o u n t lo a n e d .” T h ere is n o th in g in th e B a n k in g L aw d irectly req uiring real e sta te m o rtg a g es to b e ta k e n in th e n a m e o f th e b an k w h en su ch loan s are m ade. W e are con stra in ed , h o w ev er, to h o ld th a t th e la w c o n te m p la te s th a t th e b an k sh all h o ld th e title to su ch secu rities. I t is e sse n tia l th a t th e B a n k in g D e p a r tm e n t in m ak in g an ex a m in a tio n o f th e affairs o f th e b a n k h a v e a n o p p o rtu n ity to e x a m in e th e m ortgages u p on w h ich su ch n o tes or b o n d s are p red ica ted in order th a t th e d e p a r tm en t m a y k n ow th e n atu re o f th e in str u m en t th e d escrip tio n o f th e p ro p erty a nd su ch o th er fa c ts as w ill en ab le it to d eterm in e w h eth er th e loa n is proper un der th e p ro v isio n s o f th e s ta tu te . W here, h o w ev er, su ch real e sta te m o rtg a g e is p la ced in a tr u st co m p a n y organized under th e M ic h ig a n la w s a n d over w h ich th e b a n k in g C om m issioner h as a d eq u a te su p ervision , w e th in k th e C om m ission er w ou ld b e a c tin g w ith in th e sp irit o f th e law if h e p e r m itted th e m o rt ga g e to be ta k e n in th e n a m e o f su ch tr u st co m p a n y an d d e p o sited w ith it allow in g th e ban k s to lo a n u p o n p a r tic ip a tin g n o tes in such m o rtg a g e. W e d o n o t , h ow ever, b e lie v e th a t a ban k w o u ld b e a u th o rized to in v e s t in p a r tic ip a tin g n o tes secured b y a m ortgage h eld b y a foreign tr u st c o m p a n y or b y a d o m estic corp o ra tio n oth er th a n a tr u st co m p a n y , a partn ersh ip or in d i v id u a l for th e reason th a t th e b a n k in g C om m issioner w o u ld h a v e no a u th o r ity u n der th e law to ex a m in e th e m o rtg a g e in su ch cases a nd th u s d e term in e th e p r o p r i e t y o f th e lo a n . W e are fu rth er o f th e o p in io n th a t S ectio n 9 o f A ct 240, P u b lic A cts o f 1907 does n o t a u th orize a c o lla te r a l d e p o sit c o m p a n y to b e th e ow ner or tr u ste e o f a real e sta te m ortgage, b u t lim its its a u th o r ity to th a t o f a c tin g as tr u s te e o f person al p ro p erty an d collateral su ch as w ou ld pass b y m an ual d e liv e r y . V ery r esp e c tfu lly yours, (S igned) F r a n z C. K u h n , A t t o r n e y G e n e r a l. P R I V A T E B A N K S NOT D E P O S I T O R I E S FO R P U B L I C F U N D S . (17) D e cem b er 7, 1910. H o n . H en ry M . Z im m erm ann, C o m m issio n er o f B a n k in g , C ap itol, L ansing: D ea r Sir— In resp o n se to y o u r r eq u e st for an o p in io n u p o n th e q u estio n o f w h eth er or n o t p r iv a te b an ks, so -ca lled , m a y b e d e sig n a te d as d ep o sito ries o f c o u n ty fu n d s, u n der th e p r o v isio n s o f A c t 99, P u b lic A cts o f 1909, I desire to s a y th a t th e a c t in th is title an d p rovision s refers to th e d e sig n a tio n o f “ a b a n k or b a n k s” as d ep o sito ries w ith o u t sp e cify in g w h eth er p riv a te or in co rp o ra ted ban k s w ere in ten d e d . I a m o f th e o p in io n th a t th e s ta tu te sh o u ld n o t b e co n stru ed to in c lu d e p r iv a te b an ks. G en erally, w h en reference is m a d e to a b a n k th is m ean s a n in corp orated b an k an d n o t a p r iv a te b an k. F o r ex a m p le, w h en a n o te is m a d e p a y a b le a t a n y b a n k in a c ity , th is is h eld to m ean an in s titu tio n in co rp o ra ted for b a n k in g p u rp oses a nd d o es n o t in c lu d e a p riv a te b an k . W a y v . B u tter w o r th , 106 M a ss. 75; W a y v . B u tter w o r th , 108 M a ss. 50 9 . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xlyiii STATE BANKING DEPARTMENT. T h e le g isla tu re h a s p a ssed a la w p ro v id in g for th e in corp oration an d organ ization o f ban k s a nd m a k in g th e m su b je c t to th e S ta te su p erv isio n . U n d er th a t law , as u n der th e fed eral law p ro v id in g for th e o rg a n iza tio n o f n a tio n a l b a n k s, th e stock h old ers are liab le in d ou b le th e a m o u n t o f th e sto c k h eld b y th em . I t seem s to m e th a t w h en reference is m ad e in th e s ta tu te to a bank, i t m ean s an in co rp o ra ted b a n k org a n ized un der th e S ta te or n a tio n a l b an k in g law s. A p r iv a te ban ker, so -ca lled , c o n d u cts h is b u sin ess un der C hapter 133 o f th e C om p iled L aw s o f 1897, th e sa m e b ein g an a c t r ela tiv e to brokers a n d e x ch a n g e dealers. T h e law p roh ib its th e p r iv a te ban ker fro m a d v e r tisin g or p u ttin g u p a n y sig n te n d in g to c o n v e y th e im p ression th a t th e place o f bu sin ess is an organized b an k. I f h e a d v ertises, h e m u st u se his in d iv id u a l n a m e and m a y add th er e to “ b a n k ,” “ b a n k in g office” or “ e x ch a n g e o ffice.” I do n o t th in k th e p la ce o f b u sin ess o f o n e c o n d u ctin g a p r iv a te b an k is a b an k w ith in th e m ean in g o f A c t 99, P u b lic A cts o f 1909. A so m ew h a t sim ilar q u estio n w as b efore th e co u rt in th e ca se o f th e C ity o f D u Q u oin v . K e lly , 176 111. 218. A n ord in a n ce w as p a ssed b y th e c ity req uiring th e treasurer to keep th e c ity fu n d s in a regu larly organ ized b an k. I t w as h eld th a t th e ord in an ce c o n te m p la te d a ban k o rganized under th e S ta te or n a tio n a l b a n k in g la w a nd n o t a p r iv a te b an k o w n ed b y an in d iv id u a l. T h e co u rt said: “ W e are o f th e o p in io n th a t th e term ‘regu larly organized b a n k ’ in th e C ity an d V illage a c t m ean s a b a n k org a n ized un der eith er th e S ta te la w or th e a c t o f C ongress, and th a t it w as n o t in ten d e d b y th e leg isla tu re th a t a c ity officer w ho h as g iv e n bon d for th e safek eep in g o f th e fu n d s in h is han d s sh o u ld b e req uired to d e p o sit th e m in a p r iv a te b an k . T h ere w ou ld seem to b e no m ore rea so n for th a t th a n th ere w o u ld b e for tu rn in g th e fu n d s over to a p r iv a te in d iv id u a l. I t is true, p r o v isio n is m a d e th a t su ch ban ker or b an kers sh a ll g iv e b on d; b u t we do n o t th in k th is a lters th e c a se .” I b e lie v e as w as sa id b y th e co u rt in th is case, th a t th ere is no m ore a u th o r ity for d ep o sitin g th e p u b lic fu n d s in a p r iv a te b a n k th a n th ere is for lo a n in g th e m o u t to an in d iv id u a l, an d th e fa c t th a t sec u r ity is required to b e g iv e n m ak es no difference. I am o f th e o p in io n , th erefore, th a t th e B oard o f Su pervisors ca n n o t la w fu lly d e sig n a te a p r iv a te b a n k as a d ep o sito ry o f c o u n ty fu n d s, un der th e p rovision s o f A c t 99, P u b lic A cts o f 1909. V ery resp e c tfu lly yours, (Signed) F ranz C. K uhn, Attorney General. AS TO E X A M I N E R S ' S A L A R I E S . (18) Jan u a ry 19, 1911. H o n . W . D o n o v a n , D e p u ty B a n k in g C om m ission er, C a p itol, L ansing: D ea r Sir— W e are in r eceip t o f y o u r le tte r o f J a n u a ry 11th , c allin g our a tte n tio n to S ection 612 7 o f th e C o m p iled L aw s, as a m en d ed b y A c t 103 o f th e P u b lic A c ts o f 1909, r ela tiv e to th e salaries o f ban k exam iners a n d r eq u estin g th e o p in io n o f th is d e p a rtm en t as to th e salaries th ese ex a m in ers w ill b e e n title d to receiv e w h en th e y rec e iv e com m issio n s from th e n e w ly a p p o in ted com m issioner. T h e la n g u a g e o f th e s ta tu te in q u estio n is as fo llo w s : “ Salaries o f th e ex a m in ers sh a ll be th e su m o f $ 1 ,7 0 0 per a n n u m during th e first year o f th eir e m p lo y m en t a nd sh all be in crea sed $10 0 ea ch yea r o f su ch em p lo y m en t u n til th e fu ll su m of $ 2 ,0 0 0 is reach ed , w h ich su m sh a ll b e th eir a n n u a l sa lary th er e a fte r .” T h is a m e n d m e n t to o k e ffect o n S ep tem b er 1, 1909. I t is th e general rule o f sta tu to r y co n str u c tio n th a t s ta tu te s are presu m ed to b e p r o sp e ctiv e o n ly in th eir op era tio n and w ill b e retro a c tiv e o n ly w h en th e le g is la tiv e in te n t is clear. T h ere is cer ta in ly n o th in g in th is a m e n d m e n t w h ich in d ic a te s a le g isla tiv e in t e n t to m ak e i t r etro a c tiv e. I t is, th erefore, our v ie w th a t no m a tter w h a t le n g th o f tim e an ex a m in er h a d serv ed , h e w as n o t e n title d to an in crease in p a y u n til a serv ice o f o n e yea r a fter S ep tem b er 1, 1909. E xam in ers w ho h a v e b een in service c o n tin u o u sly sin ce S ep tem b er 1, 1909, w o u ld be e n title d , u p on r eceivin g th eir n ew com m ission , to rec e iv e a sa la ry o f $ 1 ,8 0 0 u n til S ep tem b er 1, 1911, w h en th e y w ou ld be e n title d to receiv e a sa la ry o f $ 1 ,9 0 0 , a n d so on . T h o se w ho h a v e b een a p p o in te d exam in ers sin ce th a t tim e w ou ld , o f course b e e n title d to a n in crea se b a sed on th e tim e o f service, w h en th e v h a v e c o m p le te d a y e a r ’s serv ice in th e d e p a rtm en t. V ery r esp e c tfu lly yours, (S igned) F r a n z C. K u h n , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Attorney General. REPORT OP THE COMMISSIONER. B A N K S TOC K MAY B E C A N C E L L E D (19) ' AND NEW xlix CERTIFICATES ISSU E D . M arch 10, 1911. H on. E d w ard H . D o y le , C om m ission er o f th e B a n k in g D e p a r tm e n t, C ap itol, L an sin g, M ich igan : D ea r Sir— In yo u r le tte r o f F eb ru ary 25 th , y o u s ta te th a t t h e ..................................... B a n k o f ............................. M ich ig a n , r ec e n tly so u g h t to enforce its righ ts, u n der S ectio n 6090 o f th e C om piled L aw s o f 1897, b y a sale o f shares o f its o w n b an k stock , w h ich is a t th e presen t tim e held b y C h ica g o p a rties as c o lla tera l to a lo a n m ad e b y th em . T h is sale w as m ad e b y th e sheriff, b y order o f th e co u rt a nd sto c k b id in b y t h e ...................... B an k . T h e C hicago p arties refused to surrender th e sto c k in q u estio n , a nd y o u in q u ire b y w h a t a u th o r ity , un der th e s ta tu te , can th e officers o f th e b a n k ca n cel th e old o u tsta n d in g issu e a n d a n ew issu e o f sto c k b e m ad e, w hich, w hen sold , w ill reim burse th e ban k for th e a m o u n t w h ich th e y h a v e alread y a p p lied on th e sto c k h o ld ers’ o b lig a tio n , as n o ted ab o v e. Sin ce receiv in g th is co m m u n ica tio n w e h a v e rec e iv e d a c o p y o f th e proceedings u n der w h ich th e sh eriff’s sale, a b o v e referred to w as m ad e. I t app ears th a t th is sale w as n o t m ad e p u rsu an t to th e a u th o r ity conferred b y th e G eneral B a n k in g L aw , S ectio n 6090, to w h ich y o u refer in you r le tte r , b u t w as m a d e p u rsu a n t to an a g reem en t co n fessin g ju d g m e n t, w h ich seem s to be in c o m p lia n ce w ith S ectio n 10299 o f th e C o m p iled L aw s o f 1897. T h e sale o f sto c k w as th e n m ade p u rsu a n t to a u th o r ity conferred b y S ectio n s 10335 to 10338 o f th e C om p iled L aw s o f 1897. S ectio n 10338 provides: “ A nd th e purchaser (a t su ch ex ecu tio n sale) sh all th ereu p on b e e n title d to a c ertifica te or certifica tes o f th e shares b o u g h t b y him , u p o n p a y in g th e fees th erefor, an d for recordin g th e tra n sfer.” I t is clear fro m th e a b o v e sta tu to r y p r o v isio n th a t th e b an k h as a u th o r ity to issu e to its e lf new certifica tes to ta k e th e p la ce o f th o se sold u p o n th e e x ec u tio n an d p u rsu an t to th e a u th o r ity conferred up on it b y th e G eneral B a n k in g L aw w ou ld h a v e a u th o r ity to sell th e s e shares so issu ed w ith in th e sta tu to r y period. V ery r esp e c tfu lly yours, (S igned) F r a n z C . K u h n , A t t o r n e y G e n e r a l. CO R PO R A T I O N S TO I N V E S T I N (20) OR P O S S E S S B A N K STOCK O NL Y O N C E R T A I N C O N D I T I O N S . M a y 24, 1911. H o n . E d w ard H . D o y le , C om m ission er o f th e B a n k in g D e p a r tm e n t, C ap itol, L ansing: D ea r Sir— Y o u s ta te in you r le tte r o f A pril 2 0 th th a t th e b an k in g d e p a rtm en t has ruled th a t th e sev era l sec tio n s o f th e b a n k in g la w r ela tin g to stock h old ers req uire th e in d iv id u a l ow n ersh ip o f c a p ita l sto c k o f s ta te b an k s; th a t in rec e n t rep orts to th e d e p a r tm en t it app ears th a t in nu m erou s in sta n ce s c a p ita l sto c k o f s ta te ban k s is ow n ed b y firm s, cop artn ersh ip s, cor p o ra tio n s an d tw o or m ore in d iv id u a ls jo in tly . Y o u in q u ire w h eth er su ch a h old in g is legal. In rep ly th er e to w ill sa y th a t it is our v ie w th a t tw o or m ore in d iv id u a ls h a v e th e a u th o r ity to h o ld b a n k sto c k jo in tly , also th a t cop artn ersh ip s h a v e th e sa m e righ t. T h e q u estio n o f th e rig h t o f a co rp o ra tio n to ta k e a n d h old sto c k in a b an k is d e p en d en t u p o n th e s ta tu te p ro v id in g for th e o rg a n iza tio n o f su ch c orp oration an d th e m an ner in w h ich th e sto c k is acquired. T h e rule is th u s s ta te d in C lark a nd M arsh all o n C orporations, p age 523: “ A corp o ra tio n h as no pow er to subscrib e for or pu rch ase shares o f sto c k in an oth er corp ora tio n u n less su ch pow er is e x p r e s s l y g r a n t e d or u n less th e n atu re o f th e corp oration and circu m sta n c e s un der w h ich th e sto c k is a cquired are su ch as to render th e tr a n sa c tio n a n ecessa ry or rea so n a b le m ean s o f carryin g o u t th e o b jec t for w h ich it w as cre a te d or o f acco m p lish in g som e p u rp ose w h ich is au th o rized b y its ch a r te r.” W ith o u t m a k in g an e x te n siv e ex a m in a tio n in to th e a cts p rovid in g for th e creation o f th e different cla sses o f co rp o ra tio n s d oin g bu sin ess in th is s ta te , w ill sa y th a t in th e great m ajority o f cases th e a c t p ro v id in g for th e o rg a n iza tio n o f su ch co rp oration s does n o t au th orize th e pur ch a sin g a n d ho ld in g o f shares in oth er corp oration s, an d un d er th e general ru le a b o v e sta te d su ch co rp o ra tio n s w o u ld h a v e no a u th ir ity to pu rch ase an d h old shares in b an k s u n less su ch shares w ere ta k en in a m an ner th a t co u ld b e sa id to b e rea so n a b ly n ecessary to th e carryin g o u t o f th e o b jec ts for w h ich th e co rp o ra tio n w as crea ted . N o in sta n ce occu rs to u s w here it cou ld b e sa id to b e n ecessa ry for a co rp o ra tio n to pu rch ase a n d h old shares o f sto c k in a s ta te ban k ex ce p t as su ch sto c k m ig h t b e ta k e n in p a y m e n t o f d eb ts in good fa ith o w in g to th e corp oration . S ectio n 50 o f th e C o m p iled L aw s r ela tiv e to th e c o n str u c tio n o f s ta tu te s p rovid es: “ T h e w ord ‘p erso n ’ m a y e x te n d a nd b e a p p lied to bod ies p o litic an d corp orate as w ell as to in d iv id u a ls.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 STATE BANKING DEPARTMENT. R eferen ce m u st b e h ad to th e p r o v isio n s o f th e a c t o f in co rp o ra tio n o f th e corp oration hold ing th e ban k sto c k a n d a d ete r m in a tio n m u st be m a d e o f th e p u rp ose for w hich su ch sto c k w as p u rchased in order to s e ttle th e q u estio n o f th e rig h t o f th e corp oration to ta k e an d h old su ch sto ck . V ery resp e c tfu lly yours, (S igned) F r a n z C. K u h n , Attorney General. B A N K A B S O R B I N G A N O T H E R C A N N O T C O N T I N U E TO HOLD C E R T A I N U N A U T H O R I Z E D INVESTMENTS. (21) M a y 24, 1911. H o n . E d w a rd H . D o y le , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, C a p itol, L an sin g, M ich igan : D ea r Sir— W e are in r eceip t o f you r le tte r o f M a y 2 0 th , in w h ich y o u s ta te as follow s: A s ta te ban k r ec e n tly p u rch a sed th e a sse ts o f an o th er s ta te ban k, am on g w h ich w ere certain bon d s co m in g w ith in th e p ro v isio n s o f su b d iv isio n s (e ), (f) an d ( g ), or s ec tio n 27 o f th e B an k in g L aw , w h ich h a d n o t b een a p p ro v ed b y th e Secu rities C om m ission . T h ese a sse ts h ad been p e r m itted to b e h eld b y th e sellin g b a n k b y rea so n o f th e fa c t th a t th e y w ere in v e s tm e n ts prior to th e ta k in g effect o f th e a m e n d m e n ts to S ectio n 27 m ad e b y A c t 262 o f th e P u b lic A cts o f 1905. T h e p u rch a sin g b a n k c o n te n d s th a t b eca u se th e d e p a r tm en t p e r m itted th e m to b e held b y th e sellin g b an k , it sh o u ld also au th o rize th e pu rch asin g ban k to h old th e sam e u n til m a tu r ity . Y o u su b m it th e in q u ir y as to w h eth er th e p u rch a sin g ban k sh ou ld be allow ed to carry su ch secur itie s as leg a l sa v in g s in v e s tm e n ts. In r ep ly th er e to w o u ld sa y th a t it is our o p in io n th a t th e pu rch asin g b an k sh ou ld be held to th e p la in req u irem en ts o f S ectio n 27, a nd th a t th e fa c t th a t th e secu rities m en tio n e d w ere pu rch ased fro m an o th er sa v in g s b a n k w o u ld n o t ju stify y o u in p e r m ittin g th e b an k pu rch asin g sa m e to carry th e m as leg a l sa v in g s in v e s tm e n ts. In th is c o n n e c tio n it m a y be proper to say th a t S ectio n 27 req uires fifteen per c en t o f th e d e p o sits to be k e p t on h an d as a reserve, in cash or reserv e b a n k s, th ree-fifth s o f th e rem ainder o f th e d e p o sits are req uired to be in v e s te d in secu rities m en tio n e d in su b d iv isio n s (a) to (i) in c lu siv e o f S ectio n 27. Y o u w ill n o te th a t su b d iv isio n (i) p ro v id es th a t: “ A p o r tio n o f sa id rem ainder n o t ex ceed in g th e c a p ita l and a d d itio n a l sto c k h o ld er s’ lia b ility m a y b e in v e s te d in n e g o tia b le paper a p p ro v ed b y th e board o f d irecto rs.” T h is w o u ld a u th o rize a sa v in g s b a n k to carry an a m o u n t o f n e g o tia b le bon d s or oth er n e g o tia b le paper up to th e a m o u n t n a m ed in th e a b o v e q u o te d p rovision , e v e n th o u g h su ch bonds or o th er n e g o tia b le pap er h ad n o t receiv ed th e a p p ro v a l o f th e Secu rities C om m ission . V ery r esp e c tfu lly yours, (S igned) F r a n z C. K u h n , Attorney General. JOINT T R U STE E SH IP IN CERTAIN BOND ISSU E S PERMISSIBLE. (22) J u n e 29, 1911. H o n . E . H . D o y le , C o m m issio n er o f B a n k in g , C a p ito l, L an sin g: D ea r Sir— R e p ly in g to y o u r le tte r o f J u n e 15th , r ela tiv e to th e first m ortgage six per c en t bon d s o f th e O reg o n -W a sh in g to n T im b er C o m p a n y , for w h ich th e U n io n T ru st C o m p a n y of D e tr o it, a nd th e M ississip p i V a lle y T ru st C o m p a n y o f St. L ouis, are c o -tr u ste e s, w ill sa y th a t w e th in k th is m o rtg a g e co m es w ith in our rulin g o f O ctober 15, 1910, to th e effect th a t if th e bon ds p o ssess th e oth er req u isite q u a lifica tio n s for in v e s tm e n t for sa v in g s b an ks, y o u w ou ld be w arran ted in p e r m ittin g sa v in g s b a n k s to in v e s t th erein . V ery r esp e c tfu lly yours, • (S igned) F r a n z C. K u h n , Attorney General. R E A L E S T A T E MO RT GAG E L O A N S NO T TO E X C E E D F I F T Y P E R C E N T OF CA P IT AL OF CO MM ER CIA L (23) BANK. S ep tem b er 14, 1911. H o n . E d w a rd H . D o y le , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, C a p ito l, L ansing: D ea r Sir— In yo u r le tte r o f S ep tem b er 1 1 th , y o u call a tte n tio n to S ectio n 23 o f th e B an k in g L aw , S ectio n 6 112 C . L ., w h ich p rovid es: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. li “ B u t it (a co m m ercia l bank) sh a ll n o t len d to ex ceed fifty per c en t o f its c a p ita l sto c k up on m o rtg a g e or a n y oth er fo rm o f real e sta te sec u r ity a nd th e n o n ly u p on th e a d o p tio n o f a r esolu tio n b y a tw o -th ir d s v o te o f th e board o f d irecto rs.” Y o u also ca ll a tte n tio n to S ectio n 52 o f th e B a n k in g L aw , S ectio n 6141 C. L ., w h ich provid es in part, th a t: “ T h e to ta l lia b ilitie s to a n y b a n k o f a n y person or a n y co m p a n y , corp oration or firm for m o n ey s a d v a n ced , in c lu d in g in th e lia b ilitie s o f th e co m p a n y or firm th e lia b ilitie s o f th e several m em b ers th er e o f ex ce p t sp ecia l partn ers, sh a ll a t no tim e exceed o n e -te n th p art o f th e am o u n t o f th e c a p ita l a n d surplus o f su ch b a n k . . . . P ro v id ed , h ow ever, T h a t b y a tw o -th ir d s v o te of th e directors th e lia b ilitie s to a n y ban k o f a n y person or co m p a n y or corp oration or firm m a y be in crea sed to a su m n o t ex ceed in g o n e-fifth o f th e c a p ita l an d surplus o f th e b a n k .” Y o u su b m it th e in q u iry as to w hether un der th e p ro v ision s o f S ection 23 a b an k is au th orized w h en it h a s a c cu m u la ted a surplus to lo a n on real e sta te sec u r ity n o t to exceed fifty per c en t o f th e c a p ita l a nd surplus, or w h eth er su ch real e sta te lo an s m u st be lim ite d to fifty per c en t o f th e a u th o rized c a p ita l sto ck . In r ep ly th er e to w ill sa y th a t it is our v ie w th a t th e w ord “ c a p ita l s to c k ” as u sed in S ection 23 o f th e B a n k in g L aw does n o t in c lu d e surplus a nd th a t th e w ord “ c a p ita l s to c k ” as u sed in S ectio n 23 is u sed in th e sa m e sen se as used in S ectio n 1 o f th e B a n k in g L aw , an d refers on ly to th e au th o rized c a p ita l sto c k o f th e bank. I t is th erefore our o p in io n th a t a com m ercial ban k ca n n o t lo a n to exceed fifty per c en t of its a u th o rized c a p ita l sto c k on real e sta te secu rity . V ery r esp e c tfu lly yours, (Signed) F r a n z C. K u h n , Attorney General. A S S E S S M E N T O N S TO C K H O L D E R S NOT L I M IT ED TO O N E H U N D R E D P E R CE NT . (24) O ctober 14, 1911. H on. E d w ard H . D o y le , C om m ission er o f th e B a n k in g D e p a r tm e n t, C ap itol, L an sin g, M ich igan : D ear Sir— -In y o u r le tte r o f S ep tem b er 3 0 th y o u su b m it th e fo llo w in g inq uiries: “ In ca se o f an im p a ir m e n t o f th e c a p ita l sto c k o f a s ta te ban k to an a m o u n t in excess o f its to ta l ca p ita l, has th e board o f directors th e a u th o r ity to order, u p on th e req u isitio n o f th e C om m issioner o f th e B a n k in g D e p a r tm e n t, to m ak e g o o d su ch d eficien cy, an asse ssm e n t up on th e c a p ita l sto c k o f su ch ban k for an a m o u n t ex ceed in g 100 per c en t o f su ch stock? A fter h a v in g paid an a sse ssm e n t o f 100 per c en t in a ccord an ce w ith th e p resen t B a n k in g L aw , in ca se o f an im p a irm en t a scerta in ed su b seq u e n tly b y th e d ep artm en t, co u ld a fu rther a sse ssm e n t b e le v ie d b y th e d irectors, u p o n r eq u isitio n o f th e C om m ission er, for th e pu rp ose o f m a k in g g o o d su ch deficiency? W ou ld th e p a y m en t b y sto ck h o ld ers o f a ssessm en ts su ch as a b o v e in d ic a te d , le sse n th eir lia b ility in ca se o f th e liq u id a tio n o f in so lv e n c y o f th e bank? T h e s ta tu to r y p rov isio n s in v o lv e d in th ese in q u iries are S ectio n 46 o f th e B a n k in g L aw , w h ich p ro v id es as follow s: “ T h e sto ck h o ld ers o f ev er y b a n k sh all b e in d iv id u a lly liab le, eq u a lly an d r a ta b ly , an d n o t on e for a n oth er, for th e ben efit o f th e d ep o sito rs in sa id b an k to th e a m o u n t o f th eir sto c k a t th e par v a lu e th ereo f, in a d d itio n to th e said sto c k ; b u t person s h old in g sto c k as execu tors, ad m in istra to rs, guardian s, or tru stees, a nd persons h o ld in g sto c k as c ollateral secu rity , sh a ll n o t b e p erso n a lly lia b le as sto ck h o ld ers, b u t th e a sse ts an d fu n d s in th eir han d s c o n stitu tin g th e tr u st sh a ll be lia b le to th e sa m e e x te n t as th e te sta to r , in te s ta te , w ard or persons in te r e sted in such tr u st fu n d s w ou ld be, if liv in g or c o m p e te n t to a ct, and th e person pled gin g such stock sh a ll b e deem ed th e sto ck h o ld er a nd lia b le under th is sectio n . S u ch lia b ility m a y be enforced in a su it a t la w or in e q u ity b y a n y su ch ban k in process o f liq u id a tio n , or b y a n y receiver, or oth er officer su cceed in g to th e leg a l rig h ts o f said b a n k .” A lso S ectio n 42 o f A ct 1 o f th e P u b lic A cts o f 1911, w h ich p rovid es, in part, as follow s: “ W h en ev er it sh a ll app ear from th e rep o rt o f a n y ban k, or th e C om m ission er sh all h a v e reason to b e lie v e th a t th e c a p ita l o f a n y b an k is im p a ired or red u ced b elow th e a m o u n t required b y law , it sh a ll be th e d u ty o f th e C om m ission er an d h e sh all h a v e th e pow er to ex a m in e th e said b a n k a nd a scerta in th e fa c ts, a nd in ca se h e finds su ch im p a ir m e n t or r ed u ctio n o f ca p ita l, h e sh a ll req uire su ch b a n k to m a k e g o o d th e d eficien cy so app earing w ith in six ty d a y s after th e d a te o f su ch r eq u isitio n . T h e directors o f ev er y su ch ban k u p on w h ich su ch req u isition sh all h a v e b een m ad e sh all le v y an a sse ssm e n t u p o n th e sto c k th er e o f to repair su ch d eficien cy, an d sh all ca u se n o tice o f su ch req u isitio n to b e g iv e n to e a ch stock h old er o f th e b an k an d of th e a m o u n t o f th e a sse ssm e n t w h ich he m u st p a y for th e p u rp ose o f m ak in g good su ch deficiency, b y a w r itte n or p rin ted n o tice m a iled to su c h sto ck h o ld er a t h is la s t k n ow n p lace o f resid en ce or serv ed p e r so n a lly u p o n h im .” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lii STATE BANKING DEPARTMENT. T h ese tw o sec tio n s are p la in ly in te n d e d to su b serv e e n tir e ly different purp oses. S ection 46 refers o n ly to ca ses w here th e b a n k is in p rocess o f liq u id a tio n and lim its th e a m o u n t o f th e a sse ssm e n t w h ich m a y b e m a d e u p o n th e sto ck h o ld ers for th a t p u rp ose to 100 per c en t. Sec tio n 42, a b o v e q u o ted , is for th e p u rp ose o f p r e v en tin g th e ban k from goin g in to liq u id a tio n a n d m a in ta in in g i t as a g o in g con cern . T h e la n g u a g e u sed is e q u iv a len t to sa y in g to th e sto c k hold ers, “ T h e c a p ita l o f yo u r b a n k is im p aired , y o u m u st m ak e it good or it w ill b e ob liged to go in to liq u id a tio n a t th e han d s o f a r eceiv er.” I t is our v ie w th a t th e tw o sec tio n s h a v e no r ela tio n to each oth er an d th a t un der S ection 42 o f A c t 1 o f th e P u b lic A cts o f 1911, th e C om m ission er h as a rig h t to order th e ban k to m ak e g o o d a n im p a ir m e n t o f a n y a m o u n t, w h eth er less th a n or in excess o f 100 per c en t. I am also o f th e o p in io n th a t in ca se an a sse ssm e n t h a d b een le v ie d p u rsu an t to S ectio n 42 to m ak e good an im p a ir m e n t, a fu rth er a sse ssm e n t or a ssessm en ts c o u ld b e m ad e to m eet fu tu re con tin g en cies. I a m fu rther o f th e o p in io n th a t p a y m en t b y sto ck h o ld ers o f a sse ssm e n ts un der S ection 42 w ould in no w a y le sse n th eir lia b ility to an a sse ssm e n t b y th e receiver in case o f th e liq u id a tio n or in s o lv e n c y o f th e ban k. V ery r esp e c tfu lly yours, (Signed) F r a n z C . K u h n , A t t o r n e y G e n e r a l. T R U S T C O M P A N I E S I N O R D E R TO Q U A L I F Y AS T R U S T E E I N O T H E R S T A T E S MA Y D E P O S I T SEC URITIES. (25) O ctober 28, 1911. H o n . E d w a rd H . D o y le , C o m m issio n er o f th e B a n k in g D e p a r tm e n t, L an sin g, M ich igan : D ea r Sir— W e h a v e h a d un der co n sid era tio n y o u r le tte r o f O ctober 13th , in w h ich y o u su b m it th e fo llo w in g inq uiries: “ C an a corp oration org a n ized un d er A c t N o . 108 o f th e P u b lic A c ts o f 1889, as a m en d ed , a c tin g as tr u ste e un der an issu e o f b o n d s c o v erin g p rop erty lo c a te d in p art in M ich ig a n , an d in p a rt in o n e or m ore oth er sta te s, d e p o sit its b o n d s or m ortgages w ith a s ta te d e p a rtm en t or official, in eith er o n e or a ll o f th e s ta te s in w h ich th e p ro p erty is lo c a te d in order th erein to le g a lly q u a lify a n d a c t as su ch tru stee? W o u ld th e d ep o sitin g o f su ch assets b e con sid ered as g iv in g preference to o n e creditor ov er a n o th er, as m en tio n e d in S ectio n 34 o f said a c t? ” Y o u h a v e also s u b m itte d a le tte r o f L o u is H . W ith e y e m b o d y in g his v ie w s r e la tiv e to th e q u estio n in v o lv e d . U n d er d a te o f O ctober 17th a le tte r from M essrs. B u tter fie ld & K en n e y , a tto rn ey s-a t-la w , G rand R a p id s, M ich ig a n , c o n ta in in g a d iscu ssio n o f th e se q u estio n s w as rec e iv e d b y th is D e p a r tm e n t. T h e s ta tu te o f Illin o is regarding th is d e p o sit is S ection s 129 to 147 o f th e R e v ise d S ta tu te s o f Illin o is for 1909. I t is clear un der th e d ecisio n o f th e U n ite d S ta te s Suprem e C ourt in B la k e v . M cC lu n g , 172 U . S. 239, th a t th e d e p o sit o f secu rities m ad e w ith th e S ta te A u d itor o f Illin o is co u ld n o t b e u sed for th e pu rp ose o f g iv in g p reference to creditors o f a tr u st c o m p a n y resid in g in Illin o is. On th e oth er h an d, a M ic h ig a n tr u st co m p a n y c o u ld n o t be a d m itte d to do a tr u st co m p a n y b u sin ess in Illin o is e v en to th e e x te n t o f en forcin g an a c tiv e tr u st p a r tia lly in Illin o is a n d p a r tia lly in M ic h ig a n w ith o u t m a k in g th is d ep o sit. F a rm ers’ L o a n C o m p a n y v . E le v a te d R y . C om p a n y , 173 111. 439. S ectio n 6179 o f th e C o m p iled L aw s o f 1897 p ro v id es as follow s: “ A ll tran sfers o f n o tes, b o n d s, b ills o f ex ch a n g e, or oth er e v id e n c e s o f d e b t ow in g to an y su ch corp oration , or o f d e p o sit to its credit, all a ssig n m e n ts o f m ortgages or oth er sec u r ity on real e sta te , or ju d g m e n ts, or d ecrees in its fa v o r, or d e p o sits o f m o n ey , b ills or oth er v a lu a b le th in g s for it s u se, or for th e u se o f its sto ck h o ld ers or creditors, all p a y m e n ts o f m o n ey , either after th e co m m issio n o f an a c t or in so lv e n c y , or in c o n te m p la tio n th ereof, w ith a v ie w to p r e v en t a p p lic a tio n o f its a sse ts in th e m an ner p rescribed in th is a ct, or w ith a v ie w to th e preference o f o n e creditor ov er a n o th er, sh a ll be h eld to be n u ll an d v o id .” T h e in te r e st u p o n d e p o sits o f secu rities m a d e p u rsu an t to th e Illin o is s ta tu te is p aid to th e d e p o sitin g co m p a n y as lo n g as it rem ain s so lv e n t. W e are u n ab le to see h ow th e m ak in g o f th is d e p o sit u n der th e s ta tu te o f Illin o is a n d th e d ecisio n o f th e Su prem e C ourt o f th e U n ite d S ta tes, h erein b efore referred to , c o n s titu te a n y preference to Illin o is cred itors in v io la tio n o f th e pro v isio n s o f S ectio n 617 9 o f th e C o m p iled L aw s. W e are o f th e o p in io n th a t it w o u ld n o t b e in v io la tio n o f th e p r ovision s o f A c t 108 o f th e P u b lic A c ts o f 1889 for a M ic h ig a n tr u st c o m p a n y to m ak e a d e p o sit o f secu rities w ith th e A u d itor o f th e S ta te o f Illin o is un der th e p ro v isio n s o f th e s ta tu te s n o w in force in th a t s ta te , in order to p erm it su ch tr u s t co m p a n y to carry o u t th e p ro v ision s o f an a c t o f tr u s t in th a t sta te . V ery r e s p e c tfu lly , J (S igned) F r a n z C . K u h n , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ A tto rn ey General. _ REPORT OF THE COMMISSIONER. liii L A N D CO NT RAC TS NOT E V I D E N C E S OF I N D E B T E D N E S S AS C O N T E M P L A T E D BY B A N K I N G LA W . (26) D ecem b er 7, 1911. H on. E d w ard H . D o y le , C om m issioner o f th e B ankin g D ep artm en t, L ansing, M ich igan : D ea r Sir— I a m in rec e ip t o f y o u r c o m m u n ic a tio n o f N o v e m b e r 23rd in w h ich y o u ask w h eth er or n o t la n d c o n tr a c ts ev id e n c in g th e sa le o f real e sta te are le g a l in v e s tm e n ts for sa v in g s ban ks un der s u b d iv isio n (i) o f S ectio n 27 o f th e G eneral B a n k in g L aw , w h ich reads as follow s: “ T h e rem ain d er o f su ch d ep o sits m a y b e in v e s te d in n o tes, bills or oth er e v id en ces o f d ebt, th e p a y m e n t o f w h ich is secured b y th e d e p o sit w ith th e b an k o f c ollateral sec u r ity co n sistin g o f person al p ro p erty or secu rities o f k n o w n m a rk eta b le valu e, w orth te n per c en t m ore th a n th e a m o u n t so lo a n ed a nd in ter e st for th e tim e o f th e lo a n .” I t app ears fro m yo u r s ta te m e n t th a t certa in sa v in g s b a n k s in th e s ta te in v e s t sa v in g s d ep o sits in th e se c o n tra cts, ta k in g an a ssig n m e n t th er e o f fro m th e ven d o r w ho also tran sfers to th e b an k th e le g a l tit le to th e real e sta te co n tr a c te d to b e c o n v e y ed . In so m e in sta n ce s th e le g a l title to th e p ro p erty is transferred ‘a nd th e a ssig n m e n t m a d e as c o llateral sec u r ity for a lo a n to th e ven d o r a n d I do n o t u n d ersta n d th a t y o u r in q u iry rela tes to th e le g a lity o f th is p ractice, it b ein g co n ced ed th a t th is m a y la w fu lly be don e, b u t th a t y o u r in q u ir y rela tes to th e rig h t o f a sa v in g s ban k to so in v e s t I t s sa v in g s d ep o sits in th e se c o n tra cts w h en no lo a n is m ad e to th e ven d or. T h e s a v in g s ban k s cla im th a t th e se c o n tra cts are “ e v id en ces o f d e b t” w ith in th e m ean in g o f th e s u b d iv isio n q u o te d an d th a t th e in v e s tm e n t o f sa v in g s d ep o sits th erein in th e m an ner o u t lin ed is p erm issib le a n d leg a l. F or rep ly th er e to w o u ld sa y th a t w h en a c o n tr a c t o f th is ch aracter for th e sa le o f real e sta te is m ad e, th e v en d o r h o ld s th e leg a l tit le o n ly as tru stee for th e v e n d e e and eq u ita b le tit le v e sts in th e v e n d e e . T h e ven d or rem ain s th e le g a l title as sec u r ity for th e proper p erform an ce o f th e c o n tr a c t o n th e p a rt o f th e ven d ee. H ooper v . V an H u sa n , 105 M ich . 592; C ity o f M a rq u e tte v . Iron & L a n d C o m p a n y , 132 M ich . 130, 132. In th e ca se la s t c ite d th e co u rt h eld th a t th ere w as no legal d istin ctio n b etw een th e se ob lig a tio n s a n d cred its secured b y m ortgages. W h ile th e se c o n tr a c ts m a y un der our decision s be “ e v id en ces o f d e b t,” I do n o t b e lie v e th a t th e y are su ch w ith in th e m ea n in g o f th e s ta tu te u n der con sid eration . B y th e term s o f th a t s ta tu t e it is o n ly ev id e n c e s o f d e b t “ th e p a y m en t o f w h ich is secured b y th e d ep o sit w ith th e ban k o f co lla tera l sec u r ity c o n sistin g o f person al p ro p erty or secu rities o f k n o w n m ark etab le va lu e , w o rth te n per c en t m ore th a n th e a m o u n t so lo a n ed an d in te r e st for th e tim e o f th e lo a n ,” in w h ich sa v in g s d e p o sits m a y la w fu lly b e in v e ste d . T h is s ta tu te , as I read it, tr e a ts o f “ lo a n s ” b y th e b a n k u p on bills, n o tes and oth er evid en ces o f d eb t, secu red b y th e d ep o sit w ith th e b an k o f colla teral. A s I u n d ersta n d it, th e b an k in d ea lin g in th e se c o n tr a c ts m ak es no lo a n to th e holder o f th e legal title to th e land , b u t th e la n d c o n tr a c t a n d th e sec u r ity o f th e le g a l tit le are p u rchased o u trig h t b y th e b an k. T h e tran s a c tio n is o n e o f d ealin g in cred its secured b y th e le g a l title to th e real p rop erty. I do n o t b e lie v e th a t tr a n sa c tio n s o f th is n a tu re are w ith in th e c o n te m p la tio n o f th e s ta tu te and c o n seq u e n tly a m o f o p in io n th a t sa v in g s ban k s m a y n o t la w fu lly in v e s t th eir sa v in g s d ep o sits in th e s e co n tr a c ts. V ery r esp e c tfu lly yours, (S igned) F r a n z C . K u h n , A t t o r n e y G e n e r a l. T R U S T C O M P A N I E S MAY O W N A N D O P E R A T E A B S TR A CT D E P A R T M E N T . (27) F eb ru ary 16, 1912. H on . E d w ard H . D o y le , C om m ission er o f th e B a n k in g D e p a r tm e n t, L an sin g, M ich igan : D ea r Sir— Y our le tte r o f F eb ru ary 2d, c a llin g a tte n tio n to p arts o f sec tio n s 9 an d 10 o f A ct 108 o f th e P u b lic A cts o f 1889, as am en d ed , (C o m p iled la w s o f 1897, S ection s 6 1 6 4 -6 1 6 5 ) rela tiv e to th e pow er o f a tr u st c o m p a n y organ ized u n der sa id a c t to acquire an d h old as person al e sta te a b str a c t b ook s o f title u sed b y it in its b u sin ess o f gu aran teein g or in su rin g th e v a lid ity o f tit le to real e sta te , a n d r eq u estin g an o p in io n th ereo n , h as b een received . I n r ep ly th er e to w o u ld s a y th a t un der th e p ro v isio n s m en tio n e d w h ich g iv e to a tr u st co m p a n y org a n ized un d er th e a ct pow er to g u a ra n tee or in su re to gran tees th e v a lid ity o f title s in real e sta te transfers, a t a r a te o f co m p en sa tio n , a n d u p o n su ch term s an d con d itio n s as m a y b e agreed u p on. (S ec tio n 9 ), a n d w h ich m a k es it la w fu l “for a n y su ch corp oration to lease, pu rchase, h o ld an d c o n v e y su ch person al e sta te as m a y b e n ecessary to carry on it s b u sin e ss.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis liv STATE BANKING DEPARTMENT. (S ectio n 10), a tr u st c o m p a n y is la w fu lly e n title d to acquire and h old a n y s y ste m o f ab stra ct book s n ecessa ry to en a b le it to en g a g e in th e b u sin ess o f g u aran teein g or in su rin g title s to real e sta te . T h e sec tio n s o f th e law q u o te d h a v e n o t been a m en d ed or m od ified in a n y w a y and th e rulin g o f y o u r D e p a r tm e n t in acco rd a n ce w ith th e a b o v e sh ou ld th erefore be con tin u ed . Y ours resp ectfu lly, (Signed) F r a n z C. K u h n , A t t o r n e y G e n e r a l. B A N K S I N C O R P O R A T E D I N A N U N - I N C O R P O R A T E D VI L L A G E CA N N O T L EG AL L Y M A I N T A I N B R A N C H E S I N A N O T H E R U N - I N C O R P O R A T E D VIL L AG E. (28) F eb ru ary 17. 1912. H on. E . H. D o y le , B a n k in g C om m ission er, L an sin g, M ich .: D ear Sir— W e h a v e y o u rs o f th e 7 th in s ta n t en closin g m ap o f G reen land T ow n sh ip , sh ow in g th e to w n site s in G reen land an d M a ss v illa g es. . » Y o u a sk w h eth er y o u r d e p a rtm en t w ill h a v e th e r ig h t or a u th o r ity to perm it th e M iners & M er c h a n ts S ta te B a n k o f G reen land to e sta b lish a n a g e n c y in M ass. I g a th er fro m y o u r co m m u n ic a tio n th a t th e M iners & M erch a n ts S ta te fla n k o f G reen land w as r ec e n tly in co rp o ra ted un der a u th o r ity o f y o u r d ep a rtm en t, and th a t G reen land is an u n in co rp o ra ted v illa g e. I also in fer th a t M a ss or M a ss C ity is also an un in corp orated v illage. I n o te w h a t y o u s a y r ela tiv e to one o f th e officers o f th e b an k claim in g th a t to all in te n ts and p u rp oses M a ss C ity a nd G reen land is o n e v illa g e an d th a t th ere are no defin ed bou ndaries of th e u n in co rp o ra ted v illa g e o f G reen land. N e v e r th e le ss th e p la t su b m itte d sh ow s tw o s e ttle m en ts, a n d I presu m e a sim ilar p la t is in acco rd a n ce w ith th e law s o f th is S ta te, on file w ith th e R eg ister o f D eed s o f th e c o u n ty , a n d w h ile th e lim its o f G reen land T ow n sh ip m a y n o t b e defined, still, it co u ld h a rd ly b e c la im ed th a t G reen land V illa g e w ou ld or c ou ld in c lu d e th e se ttle m e n t k n o w n as M ass. T h e a rticles o f in co rp o ra tio n o f th e M iners & M erch a n ts S ta te B a n k u n d o u b te d ly confers u p o n th e b a n k th e a u th o r ity to do b u sin ess w ith in th e u n in corp orated v illa g e o f G reenland, a n d I a m in c lin ed to th e o p in io n th a t said b a n k c ou ld n o t le g a lly e sta b lish a branch a g en cy o u tsid e o f th e u n in co rp o ra ted v illa g e o f G reen land and th a t th e s e ttle m e n t k n ow n as M ass or M a ss C ity w ou ld be o u tsid e o f th e b o u n d a ry lin es o f th e u n in corp orated v illa g e o f G reen land c o n seq u e n tly an a g e n c y c o u ld n o t be e sta b lish e d in M ass. I am retu rn in g h erew ith m ap o f G reen land T o w n sh ip . V ery r esp ectfu lly , (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. ba n k in g c o r po r atio n s must in c o r po r a t e un der general b a n k in g (29) law . M arch 27, 1912. H o n o ra b le F red erick C. M a rtin d a le, S ecreta ry o f S ta te , L an sin g, M ich igan : D ear Sir— -I am in receip t o f your co m m u n ic a tio n o f M arch 19 in w h ich y o u s ta te th a t r ecen tly articles o f a sso c ia tio n org a n izin g “ T h e C itizen s B a n k in g C om p an y, L im ite d ,” an d d rafted under th e p r o v isio n s o f C hapter 160 o f th e C o m p iled L aw s o f 1897 (T h e P artn ersh ip A sso c ia tio n L im ited A c t), w ere p resen ted for r e c o r d ; a nd th a t th e pu rp oses o f orga n iza tio n se t u p in th e se articles o f a sso c ia tio n are as fo llo w s: “ T h is a sso c ia tio n is org a n ized for th e fo llo w in g pu rp oses: T o ow n an d op erate a ban k in W a kefield , G o g eb ic C o u n ty , M ich ig a n , an d to tr a n sa c t a general b an k in g b u sin ess, th e lo c a tio n o f sa id b a n k a n d o f th e tr a n sa c tio n in sa id b u sin ess b ein g a t said W a k efield .” Y o u w ish to b e a d v ise d w h eth er or n o t y o u sh o u ld a c ce p t for record articles o f a sso c ia tio n under C h a p ter 160 o f th e C o m p iled L aw s o f 1897, in w h ich th e p u rp oses o f o rg a n iza tio n sta te d are to o w n a n d op era te a b a n k a n d to tr a n sa c t a general b an k in g b u sin ess. A c t N o . 191 o f th e P u b lic A cts o f 1877 (C h a p ter 160, S ectio n 6079 e t seq . C om p iled L aw s o f 1897), is en title d : “ A n a c t au th o rizin g th e fo r m a tio n o f p a rtn ersh ip a sso c ia tio n s in w h ich th e c a p ita l sub scrib ed sh a ll a lo n e b e resp o n sib le for th e d eb ts o f th e a sso cia tio n , ex ce p t un der certa in c ir cu m sta n c es.” S e c tio n 1 o f th is A c t p ro v id es th a t th e s e a sso c ia tio n s m a y be form ed “ for th e p u rp ose of c o n d u ctin g a n y la w fu l b u sin ess or o c cu p a tio n w ith in th e U n ite d S ta te s or e lse w h e r e.” T h e m em b ers o f su ch a sso cia tio n s are lia b le o n ly to th e e x te n t o f th eir su b scrip tio n and for labor d eb ts. T h e leg isla tu re h as ex p ressly reco g n ized a sso cia tio n s organ ized under th is A c t as cor p o ra tio n s, as is sh o w n b y S ectio n 36 o f A c t 232 o f th e P u b lic A cts o f 1903, th e gen eral corp oration law , w h ich e x ce p ts fro m its o p era tio n “ th e co rp o ra tion s p ro v id ed for in th e follo w in g s ta tu te s : https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. lv C hapters 160 to 164 b o th in c lu siv e * * *” C hapter 160 bein g A c t 191 o f th e P u b lic A c ts o f 1877, th e partn ersh ip a sso c ia tio n lim ite d law . A n d th e Su prem e C ourt o f th is S ta te h as h eld th a t partn ersh ip asso cia tio n s lim ite d , organized un der A c t 191, are to b e g o v e r n e d 'b y th e general rules g o vern in g corp orations. R o u se H a zza rd & Co. v . D e tr o it C y cle C o., I l l M ich . 251, S ta v er e tc . M fg. C o. v . B lak e, 111 M ich . 283. A c t 191 pro v id es th a t partn ersh ip a sso cia tio n s lim ite d m a y b e form ed for th e p u rp ose o f co n d u ctin g a n y la w fu l bu sin ess or o ccu p a tio n . A s th e se p artn ersh ip a sso c ia tio n s lim ite d are g overn ed b y th e rules rela tin g to corp oration s it fo llo w s th a t un der th is general b la n k et clause a partn ersip a sso c ia tio n lim ite d ca n n o t b e org a n ized to tr a n sa c t a b u sin ess around w h ich th e leg isla tu re h as th ro w n sp ecia l restrictio n s an d for w h ich it h as p ro v id ed sp ecial in corp oration law s. I t h as been h eld th a t w here a s ta tu te au th o rizes in corp oration for a n y la w fu l pu rp ose, and an o th er s ta tu te pro v id es for th e in co rp o ra tio n o f certain k in ds o f corp oration s— su ch as railw a y , teleg ra p h or te le p h o n e co m p a n ies— no c o m p a n y can be in corp orated under th e m ore general s ta tu te for th e pu rp oses w h ich are co v ered b y th e oth er s ta tu te . T h e leg isla tu re is ta k en to h a v e in ten d e d th a t, n o tw ith sta n d in g th e general lan gu age o f th e on e s ta tu te , no cor p oratio n sh o u ld be form ed for th e pu rp oses m en tio n ed in th e oth er w ith o u t su b je c tin g its e lf to th e p r o v isio n s o f th e o th er and m ore r estr ic tiv e sta tu te . M a c h e m ’s M o d ern L aw o f C orporations, Y ol. 1, Sec. 63. T h e le g isla tu re o f th is S ta te has p ro v id ed b y th e G eneral B a n k in g L aw s for th e in c o r p o ra tio n o f co m p a n ies pro p o sin g to do a ba n k in g bu sin ess, has fixed th e lia b ility o f stock h old ers in su ch co rp o ra tio n s in ex cess o f th e c a p ita l sto ck , an d has p la ced sp ecial restrictio n s around su ch corp orations. T h e p a ssa g e o f th e se G eneral B a n k in g L aw s, p rovid in g for th e organ ization o f corp oration s u n der co n d itio n s q u ite in c o n siste n t w ith th o se prescribed b y th e p artn ership a sso c ia tio n lim ite d law , seem s to be a stron g le g isla tiv e d eclaration th a t b an k in g com p an ies ca n n o t be o rg a n ized to acquire a corp orate e x isten ce under a cts su ch as th e ia tter , and show s a clear le g isla tiv e in te n t to sep a ra te ba n k in g corp oration s from oth er corp orations, or from partn ersh ip a sso cia tio n s lim ite d w h ich m ig h t la w fu lly be organized and p rom oted u n der su c h broad and general la n g u a g e as is c o n ta in ed in th e p artn ership a sso c ia tio n lim ite d law . T h e G eneral B a n k in g L aw s h a v e p la ced up on b a n k in g corp oration s sp ecial restrictio n s and lim ita tio n s n o t a p p lia b le to oth er corp oration s or to p artn ership a sso cia tio n s lim ited , and h a v e im p o sed u p on sto ck h o ld ers o f su ch corp oration a sp ecia l a nd in creased lia b ility . T h ese sp ecial restric tio n s an d lim ita tio n s c a n n o t be ev a d e d b y th e sim p le d e v ic e o f in corp oration under th e partn er ship lim ite d la w or oth er general in co rp o ra tio n law s. In m y ju d g m e n t th e leg isla tu re h as clea rly exp ressed its in te n tio n th a t no corp oration or partn ersh ip a sso c ia tio n lim ite d sh all a cquire or exercise th e rig h t to do a b an k in g b u sin ess w ith o u t su b je c tin g its e lf to th e sta tu to r y p ro v isio n s o f th e G eneral B a n k in g L aw s b y in corp oratin g under su ch law s, and it is, th erefore, m y op in io n th a t an a sso c ia tio n or partn ersh ip lim ite d c a n n o t b e o rg a n ized under C h a p ter 160 o f th e C o m p iled L aw s o f 1897, for th e p u rp ose o f ow n in g and o p era tin g a b a n k or c o n d u ctin g a general b a n k in g bu sin ess. Y our co m m u n ic a tio n calls a tte n tio n to a p reviou s rulin g o f th is d e p a r tm en t to th e effect th a t “ T here is no leg a l o b jec tio n to a partn ership a sso c ia tio n lim ite d , form ed u n der an d p u rsu an t to C h a p ter 160 o f th e C om p iled L aw s o f 1897, d oin g a p r iv a te ban k in g bu sin ess, b u t th a t su ch b u sin ess w ou ld h a v e to be co n d u cted p u rsu a n t to a nd in a ccord an ce w ith th e req u irem en ts of C h ap ter 133 o f th e C om p iled L aw s o f 1 8 9 7 .” T h e o p in io n h erein g iv e n is con trary to and reverses th is ruling. I h a v e ca refu lly ex a m in ed C h a p ters 160 a nd 133 to d eterm in e th eir possib le relation to each oth er. C h a p ter 160, th e partn ersh ip a sso c ia tio n lim ite d a ct, app ears to a tta c h no lia b ility to m em b ers o f su ch a sso c ia tio n s oth er th a n for labor d eb ts a nd to th e e x te n t o f th eir sto c k su b scrip tio n s, w h ile C hapter 133, w hich is an a c t r ela tin g to th e bu sin ess o f bankers, brokers, and e xch a n g e dealers, crea tes no restrictio n or lim ita tio n s u p o n th e co m m o n law lia b ility o f m em b ers o f a p a rtn ersh ip carryin g on a b u sin ess p u rsu a n t to its req u irem en ts. I t is tru e th a t un der C h a p ter 133 in d iv id u a ls or partn ersh ip asso cia tio n s m a y en gage in a p r iv a te b a n k in g bu sin ess, b u t it b y no m ean s fo llo w s th a t p artn ersh ip a sso c ia tio n s organized un der C h a p ter 160, th e partn ersh ip a sso c ia tio n lim ite d law , m a y th erefore also en gage in th e sam e b u sin ess. T h e lia b ility incurred b y m em b ers o f a partn ersh ip a c tin g un der th e form er law is clea rly in c o n siste n t and irrecon cilab le w ith th a t im p o sed u p on an d incurred b y m em b ers or sto ck h o ld ers o f a partn ersh ip in co rp o ra ted an d a c tin g un der th e la tter law , an d it w ould th erefo re b e im p o ssib le for a partn ersh ip a sso cia tio n lim ite d , organ ized un der C h ap ter 160 to com e u n der th e p r o v isio n s o f C h a p ter 133 an d to c o n d u ct a p riv a te b an k in g b u sin ess under th a t act. Y ou rs v e ry tru ly , (S igned) F r a n z C. K u h n , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Attorney General. STATE BANKING DEPARTMENT. lvi E X E C U T O R NOT TO S U B S C R I B E FO R STO CK I N BANK IN H IS R E P R E S E N T A T I V E CAP AC IT Y. (30) J u n e 6, 1912. H o n . E . H . D o y le , C om m issioner o f th e B a n k in g D e p a r tm e n t, L ansing, M ich igan : D ea r Sir— I am in receip t o f yo u r co m m u n ica tio n o f M a y 21st, in w h ich y o u ask w hether or n o t th e D e p a r tm e n t sh o u ld a c ce p t articles o f in corp oration for a s ta te b an k w h ich d iscloses th a t o n e o f th e p roposed incorporators is an ex ecu tor o f an e sta te an d subscrib es for shares in his rep re sen ta tiv e c a p a c ity as ex ecu to r. F or r ep ly th er e to w o u ld sa y t h a t sec tio n 1 o f th e G eneral B a n k in g L aw a u th orizes th e org a n i z a tio n o f co m m m ercia l b a n k s b y a n y nu m ber o f person s n o t less th a n five w ho m a y a sso c ia te to g e th er for th a t pu rp ose. T h e person s so a sso c ia tin g are req uired to ex ec u te articles o f in cor p o ra tio n w h ich are a p p ro v ed b y th e C om m ission er o f th e B a n k in g D e p a r tm e n t. T h e a c t is sile n t u p o n th e su b je c t o f w ho m a y b eco m e th e o rigin al in corp orators. B y o th er p r o v isio n s o f th e a c t ea ch sto ck h o ld er is lia b le for th e ben efit o f th e d ep ositors to th e a m o u n t o f his sto c k a t th e par v a lu e th er e o f in a d d itio n to th e sto c k , b u t it is e xp ressly p ro v id ed th a t p erson s h old in g sto c k as e x ec u to rs, a d m in istra to rs, guardian s or tr u ste e s, an d p erson s h o ld in g sto c k as c ollateral sec u r ity , sha s> n o t b e p erso n a lly lia b le as sto ck h o ld ers b u t th e a sse ts an d fu n d s in th eir han d s c o n s titu tin g th e tr u st sh a ll be lia b le to th e sa m e e x te n t as th e te s ta to r in te s ta te w ard or person in ter e sted in su c h tr u st fu n d s w ou ld b e if liv in g a nd c o m p e te n t to a ct. T h is p ro v isio n , w h ile reco g n izin g th a t sto c k in s ta te ban k s m a y com e in to th e han d s o f ex ec u tors, ad m in istra to rs, guardian s or tr u ste e s, does n o t in m y ju d g m e n t, au th orize an execu tor or a d m in istra to r to ta k e p a rt in th e o rg a n iza tio n o f a s ta te b an k an d subscrib e for sto c k th erein as o n e o f th e origin al incorporators. I t seem s to m e th a t in prin cip le an e xecu tor or ad m in is tra to r w o u ld n o t h a v e a u th o r ity to bin d th e e sta te in th is m an ner an d I am o f op in ion co n se q u e n tly th a t un d er th e p r o v isio n s o f th e G eneral B a n k in g L aw y o u sh ou ld n o t a c ce p t articles o f in co rp o ra tio n for a s ta te b an k w h ich d isclo ses th a t one o f th e p roposed in corp orators is an e x ecu to r o f an e sta te an d subscrib es for shares in his rep re sen ta tiv e c a p a c ity . Y ou rs r esp e c tfu lly , (S igned) F r a n z C . K u h n , A t t o r n e y G e n e r a l. BUILDING (31) AND LOAN ASSOCIATION NO T REQUIRED TO R E P O R T ESCHEATED DEPOSITS. J u ly 31,1912. M r. A lb ert E . M a n n in g , D e p u ty C o m m issio n er o f th e B a n k in g D e p a r tm e n t, C a p ito l, L ansing: D ear Sir— I am in receip t o f yo u r le tte r o f J u ly 2 9 th , w ith reference to th e rig h t o f th e C om m issioner o f B a n k in g D e p a r tm e n t to d em a n d o f th e N o r th e r n M ic h ig a n B u ild in g an d L oan A sso c ia tio n a rep o rt o f d ep o sits w ith th e a sso c ia tio n w liich m a y h a v e esc h e a te d to th e S ta te o f M ic h ig a n in acco rd a n ce w ith th e p r o v isio n s o f A ct 238 o f th e P u b lic A cts o f 1897. I t appears fro m a co m m u n ic a tio n o f M r. C. D . H a n c h e tte , S ecretary o f th e asso cia tio n , w h ich a ccom p an ies yo u r le tte r , th a t th e N o r th e r n M ic h ig a n B u ild in g a n d L oan A sso cia tio n does n o t a c ce p t d ep o sits an d th e secreta ry for th a t rea so n cla im s th a t th e a sso c ia tio n is n o t req uired to m ak e th is rep ort to th e C o m m issio n er o f Banking'. F or r ep ly to yo u r c o m m u n ic a tio n I w o u ld sa y th a t sec tio n 6 o f th e a c t referred to , sam e bein g sec tio n 1218 o f th e C o m p iled L aw s o f 1897, p ro v id es in p art th a t: “ On th e th ir tie th d a y o f Ju n e, e ig h te e n h u ndred n in e ty -se v e n an d th erafter on th e th ir tie th d a y o f J u n e in ev er y th ird yea r as herein after se t fo rth , it sh all be th e d u ty o f e a ch person, co-p artn ersh ip , c o m p a n y or co rp o ra tio n w ho sh a ll be en g a g ed in th e tr u st b u sin ess or th e bu sin ess o f b a n k in g w ith in th is S ta te, an d as a p a rt o f su ch bu sin ess, receiv e in a n y m an ner w h atever m o n ey s or secu rities o f persons u p o n d ep o sit, to m ak e a rep ort as herein after p rovid ed o f all such d e p o sits w h ich h a v e e sc h e a te d to th e S ta te o f M ich ig a n and also rep ort all su ch d ep o sits w here th e person m a k in g th e sa m e h as n o t h ad a n y d ea lin g s w ith su ch person, co p artn ersh ip , c o m p a n y or c o rp o ra tio n in rela tio n to su ch d e p o sits w ith in th ree years b efore m ak in g su ch rep ort, an d th e person, co -p a rtn ersh ip , c o m p a n y or corp o ra tio n receiv in g su ch d e p o sits sh all h a v e good reason to b e lie v e th a t th e d ep o sito r is d ead a n d th a t su ch d e p o sit so u ld e sc h e a t to th e S ta te o f M ic h ig a n .” T h e la w p ro v id es th a t th e rep o rt sh a ll be m a d e to th e C om m ission er o f th e B a n k in g D e p a r t m e n t a n d sh a ll c o n ta in a s ta te m e n t in d e ta il o f th e m a tte rs an d th in g s se t fo r th in th e s ta tu te . Y o u w ill n o te fro m th is p ro v isio n a nd o th er p ro v isio n s o f th e law relatin g to e sc h e a te d e sta te s, th a t th e rep o rt o f d ep o sits is required o n ly fro m persons, co -p artn ersh ip s, com p an ies, an d cor p o ra tio n s en g a g ed in th e tr u st b u sin ess or th e b u sin ess o f b an k in g and as a p art o f su ch b u sin ess receiv in g m o n ey s or secu rities u p o n d ep o sit. In v ie w o f th e foregoin g I a m o f th e op in ion th a t b u ild in g a nd lo a n a sso c ia tio n s do n o t c o m e w ith in th e se p r ovision s and c a n n o t be req uired to m a k e th is rep ort to th e C o m m issio n er o f th e B a n k in g D e p a r tm e n t. Y ou rs resp e c tfu lly , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Signed) F r a n z C. K u h n , Attorney General. lvii REPORT OF THE COMMISSIONER. NATIONAL (32) B A N K S NO T R E Q U I R E D TO R E P O R T E S C H E A T E D DEPOSITS. O ctober 9 th , 1912. H o n . E d w a rd H . D o y le , C om m ission er S ta te B a n k in g D e p a r tm e n t, C a p itol, L an sin g, M ich igan : D ea r Sir— I h a v e y o u r co m m u n ic a tio n o f Sep tem b er 1 0th in w h ich y o u ask th a t I in d ic a te to y o u r d e p a r tm en t m y o p in io n u p o n th e q u estio n o f w h eth er or n o t n a tio n a l ban k s can b e req uired to m a k e rep o rt o f e sc h e a te d d e p o sits as req uired b y S ection 6 o f A c t 238, P u b lic A cts o f 1897, (S ectio n 1218, C o m p iled la w s o f 1897). F or r ep ly th er e to w o u ld sa y th a t th is sec tio n m ak es it th e d u ty o f ev er y person or corp or a t i o n w h o sh all b e en g a g ed in th e tr u st b u sin ess or th e b u sin ess o f b an k in g w ith in th is S ta te an d as p a rt o f su ch b u sin ess receiv in g m o n ey s or secu rities o f p erson s u p o n d ep o sit, to m ak e a rep ort o f all su ch d e p o sits w h ich h a v e esc h e a te d to th e S ta te o f M ich igan , an d also to rep ort all su ch d e p o sits w here th e person m a k in g th e sa m e h a s n o t h ad a n y d ealin gs w ith su ch person or co rp o ra tio n w ith r ela tio n to su ch d ep o sits w ith in th ree years b efore m ak in g su ch rep ort, and th e b a n k rec e iv in g su ch d e p o sit sh a ll h a v e g o o d reason to b e lie v e th a t th e d ep ositor is d ead and th a t su ch d e p o sit w ou ld e sc h e a t to th e S ta te o f M ich ig a n . T h e rep ort is req uired to be m ad e to th e C om m ission er o f B a n k in g , an d to c o n ta in a tr u th fu l sta te m e n t in d e ta il o f th e m a tte rs referred to in th e a ct. T h e su cceed in g sec tio n o f th e a c t p rovid es th a t if a n y p erson or corp o ra tio n sh a ll after b ein g req uired so to do b y th e C om m ission er o f B a n k in g , fa il to m ak e, sign a n d sw ear to a nd file su ch rep ort in th e m an ner a nd tim e fixed b y th e a ct, h e or it sh all b eco m e lia b le to an d sh a ll fo rfeit to th e P eo p le o f th e S ta te o f M ich ig a n th e p en al su m o f th ree h u ndred dollars, an d an a d d itio n a l p en a l su m o f te n dollars for e a ch an d ev er y d a y w h ile said rep o rt sh a ll rem ain un filed, th e p en a lties to b e reco v ered in an a c tio n o f d e b t a t th e su it o f th e A tto r n e y G eneral. S ectio n 9 o f th e a c t m ak es it th e d u ty o f th e A tto r n e y G eneral to see th a t su ch rep orts are p rop erly m a d e a t th e proper tim e a n d m an ner, a nd if th e y are n o t so filed and m ad e, to ta k e th e proper ste p s to secure th e m a k in g a n d filing o f th e sam e, an d p rovid es th a t if h e h as good rea so n to b e lie v e th a t a proper disclosu re h as n o t b een m ad e b y a n y person or corp oration in a n y o f th e rep orts p ro v id ed for b y th e a c t a n d th a t th er e are m o n ey s an d secu rities in th eir c u s to d y w h ich h a v e esc h e a te d to th e S ta te, to a p p ly to th e C ircu it C ou rt o f th e proper c o u n ty b y sp ecia l m o tio n for le a v e to file a b ill in ch an cery, an d u p o n le a v e gran ted to file such a b ill in b eh a lf o f th e p eo p le a g a in st su ch person or corp oration , to co m p el a fu ll, c o m p le te an d tr u th fu l s ta te m e n t regard in g th e m a tte rs req uired to b e co n ta in ed in th e rep orts. I t is c la im ed th a t rep orts o f th is character ca n n o t b e req uired o f n a tio n a l b an k s, b y reason o f th e p r o v isio n s o f S ectio n 5 2 41, R e v ise d S ta tu te s o f th e U n ite d S ta te s, w h ich form s a p art o f th e n a tio n a l b a n k in g a ct, an d is as fo llo w s : “ N o a sso c ia tio n sh a ll be su b je c t to a n y v isito r ia l pow er oth er th a n are au th orized b y th is title , or are v e ste d in th e c o u r ts 'o f ju stic e .” T h e sco p e o f th is p ro v isio n o f th e a c t o f C ongress is d iscu ssed b y th e Su prem e C ourt o f th e U n ite d S ta te s in th e ca se o f G uthrie v. H arkness, 199 U . S. 148, w here M r. J u stic e D a y , after referring to th is p r o v isio n o f th e n a tio n a l b a n k in g a ct, a n d th e d efin itio n o f th e term “ v isito r ia l p ow ers” said: “ T h e rig h t o f v is ita tio n bein g a p u b lic rig h t ex istin g in th e S ta te for th e p u rp ose o f ex a m in in g in to th e c o n d u ct o f th e co rp o ra tio n w ith a v ie w to k eep in g it w ith in its le g a l pow ers, C ongress h ad in m in d in p a ssin g th is s ec tio n th a t in oth er sectio n s o f th e la w it h ad m ad e fu ll an d c o m p le te p ro v isio n for in v e s tig a tio n b y th e C om ptroller o f th e C urren cy and exam iners a p p o in te d b y him , a n d au th o rizin g th e a p p o in tm en t o f a receiver, to ta k e p o ssessio n o f th e b u sin ess w ith a v ie w o f w in d in g up th e affairs o f th e b an k. I t w as th e in te n tio n th a t th is s ta tu te sh o u ld c o n ta in a fu ll co d e o f p r o v isio n s u p o n th e su b ject, a nd th a t no S ta te law or e n a c tm e n t sh ou ld u n d erta k e to exercise th e r ig h t o f v is ita tio n ov er a n a tio n a l co rp o ration . E x c e p t in so far as su ch cor p o ra tio n w as lia b le to c o n tro l in th e co u rts o f ju stice , th is a c t w as to b e th e fu ll m easure o f v is i toria l p o w er.” I n v ie w o f th is p ro v isio n o f th e n a tio n a l b a n k in g a c t as th u s con stru ed b y th e Su prem e C ourt o f th e U n ite d S ta tes, I am in clin ed to th e o p in io n th a t th e M ic h ig a n a c t relatin g to rep orts b y b a n k s o f e sc h e a te d d e p o sits w o u ld if co n stru ed to a p p ly to n a tio n a l ban k s b e h eld to be in v io la tio n o f th e n a tio n a l b a n k in g a ct. I co n clu d e, th erefore, th a t th e M ich ig a n e sch ea ted e sta te , so far as i t rela tes to rep orts o f esc h e a te d d ep o sits b y b an k s, sh ou ld b e con stru ed as n o t a p p ly in g to n a tio n a l ban ks. R e sp e c tfu lly yours, (S igned) R o g e r I. W y k e s , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A t t o r n e y G e n e r a l. lviii STATE BANKING DEPARTMENT. TRUST COMPANIES MA Y RECEIVE DEPOSITS AND ISSUE CERTIFICATES (33) THEREFOR. D ecem b er 31,1912. H on. E d w ard H . D o y le , C o m m issio n er o f B a n k in g , C ap itol, L ansing: D ea r Sir— I n y o u r co m m u n ic a tio n to th is d e p a r tm en t o f N o v e m b e r 2 6 th , 1912, y o u presen t for c o n sid era tio n th e fo llo w in g q u estio n s: R eferring to A ct N o . 108 o f th e P u b lic A cts o f 1889, as a m en d ed , k n ow n as th e T ru st, D e p o sit an d S ecu rity C o m p a n y L aw , w e w ou ld a p p reciate you r op in ion as to w hether or n o t a tr u st c o m p a n y h as th e rig h t to issu e certifica tes o f d ep o sit; an d w h eth er or n o t su ch certificates o f d ep o sit m u st b e r estricted as e v id e n c in g th e r eceip t o f m o n ey in tru st. A lso a d v ise w h eth er or n o t a tr u st co m p a n y ca n issu e its certificates o f d ep o sit for m o n ey rec e iv e d in a n y o th er m an ner th a n in tr u s t.” T h e sp ecific in q u ir y is, w h eth er a tr u st c o m p a n y in M ic h ig a n can rec e iv e m o n ey s o th erw ise th a n in tr u st a n d issu e certifica tes o f d e p o sit as e v id e n c e th ereof. A ll a u th o r ity w h ich a tr u st co m p a n y p o ssesses m u st be conferred up on it b y law . A s in th e ca se o f a n y oth er corp oration , th e a c t o f in co rp o ra tio n w h ich c o n stitu te s th e ch arter is th e m easure o f its pow ers. U n less th a t charter (w ith o th er s ta tu te s o f th e S ta te, w h ich m a y p rop erly b e te r m e d a p a rt o f th e charter) confers th e a u th o r ity , th e tr u st co m p a n y does n o t p ossess it. T h e la w for th e in co rp o ra tio n o f tr u st c o m p a n ies in M ic h ig a n is A ct N o . 108 o f th e P u b lic A cts o f 1889, b ein g S ectio n s 6156 to 618 9 (O. L. 1897) in c lu siv e . U n d er th e term s o f th is a c t, a tr u st co m p a n y p o ssesses th e sp ecific a u th o r ity ; (a) T o a c t in v a rio u s ca p a c itie s as a tru stee. (b) T o a c t as a n d to c o n d u ct a d e p o sito r y for th e sa fe k eep in g o f certa in p erson al property a nd th e ren tin g o f s a fe ty d e p o sit recep ta cles, a nd (c) T o a c t as su r ety a nd g uarantor under certa in circu m stan ces. In a d d itio n to th e se sp ecific a u th o rities, S ectio n 9 o f said a c t confers u p on th e tr u st com p an ies o rg a n ized th ereu n d er th e fo llo w in g a u th o r ity : “ A n y co rp o ra tio n organ ized un der th is a c t sh all h a v e pow er in and b y its corp orate n am e to ta k e, receiv e, a nd h old , a n d rep a y , r ec o n v e y an d d isp ose o f a n y effects an d p rop erty, b o th real a n d person al, w h ich m a y be gran ted , c o m m itte d , transferred or c o n v e y e d to it w ith its co n sen t, u p o n a n y te r m s .” T h e la n g u a g e la s t a b o v e q u o ted , is sufficien t to confer u p on tr u st c om p an ies th e a u th o r ity to r ec e iv e m o n ey on d ep o sit a n d as in c id en t to th a t a u th o r ity th ere w ou ld e x ist th e r ig h t to issu e n o tes, certifica tes or o th er e v id en ces o f th e in d eb te d n e ss or r ela tio n th er e b y created. T h is general la n g u a g e, h o w ev er, is lim ite d b y th e e x ce p tio n co n ta in ed later in th e sam e sec tio n (S ec tio n 9) w h ich is: “ B u t n o th in g herein co n ta in ed sh a ll b e co n stru ed as g iv in g th e rig h t to issu e bills to circu late as m o n ey , or b u y or sell b a n k ex ch a n g e, or to do a g e n e r a l b an k in g b u sin ess.” I t m a y b e ta k e n for g ra n ted th a t th e issu a n c e o f certificates o f d e p o sit is n o t th e issu in g o f bills to circu la te as m o n ey or b u y in g or sellin g o f exch an ge; th e q u estio n th erefore resolves its e lf in to w h eth er th e issu in g o f su ch certifica tes is doin g a g e n e r a l b an k in g b u sin ess as to be w ith in th e lim ita tio n u p o n th e pow ers o f tr u st c o m p an ies an d th u s b e y o n d th eir au th o r ity . T h e general stru ctu re o f th e a c t in q u estio n in d ic a te s th a t th e a u th o r ity o f tr u st c om p an ies in rec e iv in g effects a nd p ro p erty is n o t to be lim ite d to th e receip t o f th o se w h ich it receives a n d h o ld s as tru stee. I t is u n n ecessa ry to p o in t o u t all o f th e p rovision s o f th e a c t w h ich lead to th is co n clu sio n : I t is su fficien t to refer to th e general p rovision a b o v e q u o ted (S ec tio n 9) w h ich w as u n n ecessa ry if th e a u th o r ity o f th e co rp o ration w as to b e lim ite d to th e ta k in g and receiv in g o f effects an d p ro p erty (w h ich w o u ld in c lu d e m on ey) to be h eld in tru st, as fu ll a u th o r ity is, b y oth er p r o v isio n s o f th e a ct, conferred u p o n th e c o m p a n y to a c t as tr u ste e . T h is c on clu sion is fu rth er borne o u t b y th e s ta te o f th e la w a nd th e ch an ges m ad e th erein th e p assages o f said A c t N o . 108 o f th e P u b lic A cts o f 1889. P rev io u s to th e p assage o f th a t act, th e a c t for th e in co rp o ra tio n o f tr u st c o m p a n ies bein g sec tio n 3 237 an d 3251 (H o w e ll’s S ta tu te s) in c lu siv e , conferred q u ite fu ll a u th o r ity u p o n tr u st co m p a n ies to a c t as tr u ste e s for a n y la w fu l p u rp ose a nd th e e x te n sio n o f th eir a u th o r ity , b y th e u se o f la n g u a g e d esign ed to in c lu d e oth er th a n pow ers o f tr u ste e sh ip , in d ic a te s a p u rp ose to so enlarge th e pow ers p e r m itted to b e exercised b y tr u st c o m p a n ies as to go b e y o n d th e u su a l fu n c tio n s o f a tr u ste e an d to perm it th e m to rec e iv e effects a n d p ro p erty u p o n oth er term s th a n as tr u ste e , a nd in fa c t, as th e s ta tu te as a m en d ed .provides, “ u p on a n y te r m s.” W e c o m e th en to th e real q u estio n p resen ted for solu tion , n a m ely , w h eth er in th e receiv in g o f d ep o sits a nd issu in g certifica tes th erefor, a tr u st co m p a n y w ou ld b e doin g “ a g e n e r a l b an k in g b u sin ess.” U n q u estio n a b ly , th e receiv in g o f d ep o sits a n d th e issu in g o f certificates th erefor, is o n e o f th e m a n y fu n c tio n s ordinarily an d u su a lly perform ed b y a ban k, b u t it does n o t ap p ear th a t su ch fu n c tio n h as been exercised a lo n e b y b an ks, or th a t it is su ch as to b e in sep a ra b le from th e b an k in g https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. lix b u sin ess, or th a t its exercise w o u ld fix th e d iv id in g lin e b e tw e e n b ein g a b a n k or n o t, or b etw een exercisin g or n o t exercising “ general b a n k in g b u sin ess.” - In th e in c e p tio n a nd g ro w th o f th e b a n k in g b u sin ess th ere h a v e b een th ree ty p e s o f b an k s— ban k s o f issu e, ban k s o f d e p o sits a n d b a n k s o f d isco u n t. T h e m od ern b a n k in g in stitu tio n , h ow ev er, u su a lly co m b in es tw o or m ore o f th e se a u th o rities and h as m a n y r am ification s in th e p lan a n d m eth o d o f carryin g o u t its fu n c tio n . T h e general b an k in g a u th o r ity as is exercised in M ich ig a n , b y s ta te ban k s a t le a st, w ill be b e st described in th e la n g u a g e o f th e G eneral B a n k in g L aw (S ectio n 4, 6093, C. L. 1897) w h ich authorizes: “ A ll su ch pow ers as sh all b e n ecessa ry to carry on th e b u sin ess o f b an k in g b y d isco u n tin g an d n e g o tia tin g prom issory n o tes, drafts, bills o f ex ch a n g e or oth er e v id en ces o f d e b ts, b y receiv in g d ep o sits b y b u y in g an d sellin g ex ch a n g e, co in a n d b u llion , an d b y lo a n in g m o n ey o n person al an d real sec u r ity as p ro v id ed h erein a fter.” I f a tr u st co m p a n y so u g h t to exercise all or a princip al p art o f th e a u th o rities a b o v e co n ferred u p o n b an ks, or e v e n a sin g le o n e o f th e im p o rta n t fu n c tio n s u su a lly exercised o n ly b y b an ks, it w o u ld b e w ith in th e in h ib itio n o f th e s ta tu te . T h e exercise, h ow ever, o f a sin gle a u th o r ity w h ich a b a n k in th e course o f its b u sin ess ex ercises b u t w h ich is op en to oth ers th a n ban kers, n a m ely , th e borrow ing o f m o n ey a n d issu in g in e v id e n c e o f th e d eb t, w ou ld n o t c o n s titu te th e do in g o f a general b a n k in g bu sin ess. T o do a general b an k in g b u sin ess, tr u st c o m pan ies m u st exercise th o se fu n c tio n s w h ich are p rim arily b an k in g fu n c tio n s an d w h ich fix th e ch ara cter o f th e in s titu tio n d oin g th e m as a b an k . A tr u st co m p a n y d oes n o t receiv e m o n ey in th e sa m e m an ner a n d in th e sa m e rela tio n th a t a ban k receiv es it. A tr u st co m p a n y receiv es th e m o n ey w h ich th e d ep o sito r p la ces w ith it as a tr u st c o m p a n y and n o t oth erw ise. T his is th e o n ly pow er th a t is g iv e n to su ch c o m p a n y to receiv e m on ey. I t is n o t in corp orated as a ban k, nor au th o rized as a ban k, to receiv e m o n ey , b u t as a tr u st c o m p a n y . A nd h a vin g receiv ed sa id m o n ey as a tr u st c o m p a n y , th e o n ly im p lied a u th o r ity th a t su ch tr u st co m p a n y w ou ld h a v e to rep a y it w o u ld be to rep a y it as a tr u st co m p a n y an d n o t as a ban k. W hen a d ep o sit is m ad e in a ban k, no u n d ersta n d in g , no co n tr a c t, no arran gem en t, n o th in g is n eces sary to a u th o rize th e d ep o sito r to draw his ch eck on su ch b an k an d su ch b an k is b y op eration o f la w a lo n e co m p elled to honor su ch ch eck . W ith o u t th is c h aracteristic no in s titu tio n is u su a lly a ban k ; w ith it, a n y in s titu tio n is do in g a b a n k in g bu sin ess. In C o r w i n v . T h e U r b a n a a n d C h a m p a i g n M u t u a l I n s u r a n c e C o m p a n y (14 O hio 6) th e charter c o n ta in ed a p ro v isio n p ro h ib itin g th e exercising o f b a n k in g pow ers and it w as h eld th a t th e receiv in g o f d ep o sits w as n o t w ith in th e p ro h ib itio n a g a in st b an k in g. I t did, h ow ever, appear th a t certifica tes o f d e p o sit w ere n o t issu ed . T h e C ourt th ere s a id : “ I t does n o t app ear to us th is finding is w ith in th e p roh ib ition a g a in st b an k in g; and , if n o t, it is a la w fu l p u rsu it, in w h ich a corp oration, as w ell as an in d iv id u a l, m a y engage; and it is w ell said b y th e d e fe n d a n t th a t, a lth o u g h r eceiv in g d ep o sits is a part o f th e bu sin ess o f ban ks, it is no e x c l u s i v e p r i v i l e g e o f t h e i r s , nor is th e d isco u n tin g o f n o te s .” In D ie tr ic h v . R o th en b erg er (75 S. E . [K en tu ck y ] 271) i t w as h eld th a t th e b orrow ing o f m on ey b y a tit le co m p a n y a nd th e issu a n c e o f a c ertifica te o f d e p o sit th erefor d id n o t c o n s titu te th e do in g o f a b a n k in g b u sin ess, th e C ourt sa y in g : “ T h e d istin ctio n b etw een su ch a tr a n sa c tio n a nd th e bu sin ess o f b an k in g is p la in , for an y on e m a y borrow m o n ey , and m a y p u t in su ch form as he pleases th e e v id e n c e o f h is in d eb te d n ess. A n express co m p a n y is n o t a ban k, a lth o u g h it draw s and sells bills o f exch an ge. W ells F argo & C o. v . N o rth ern P acific R ailroad Co. (C. C.) 23 F ed . 469. N o r is a corp oration a ban k, w h ich borrow s for its o w n u se on b on ds. B arry v . M er c h a n ts’ E x ch a n g e C om p an y, 1 Sandf. C h. 280. In 3 A m erican & E n g lish E n c y . o f L aw , 791, it is said: ‘T h e d istin ctio n b e tw e e n a bank an d a tr u st c o m p a n y is w ell defined. T h e pow ers o f th e tr u st c o m p a n y d ep en d u p on the term s o f its charter, o f course, b u t th e y are n o t b a n k in g pow ers. T h e tr u st c o m p a n y , lik e th e sa v in g s ban k, p a y s in te r e st u p o n d ep o sits, b u t its d ep o sits are str ic tly loan s, n o t su b je c t to ch eck . I t m a y n o t issu e its ow n n o tes for circu la tio n , nor does it b u y or sell exch an ge in th e ord in ary cou rse o f its d ea lin g s. In d irectio n s th a t are n o t ak in to b an king, its pow ers are m u ch broader, a nd e x te n d o u tsid e th e m o n eta ry realm in to real e sta te tra n sa ctio n s, tr u ste e sh ip s, and th e c o n d u ct o f p ro p erty in ter e sts o f all kin ds. T h e exercise b y a tr u st co m p a n y o f som e o f th e fu n c tio n s o f a ban k does n o t m ak e th e c o m p a n y a ba n k in g in s titu tio n , nor la y its officers liab le to p ro secu tio n s for v io la tin g th e b a n k in g law s. B a n k s rec e iv e d ep o sits su b ject to ch eck . T h e y are p u b lic a g en cies crea ted for th e p u b lic service, a n d are req uired to serv e th e p u b lic. T h e m o n ey in th is ca se w as sim p ly le n t for 12 m o n th s. I t w as n o t su b je c t to ch eck . T h ere w as n o th in g in th e tr a n sa c tio n th a t m ig h t h a v e b een don e, a nd is n o t in fa c t don e, b y m an y in d iv id u a ls th ro u g h o u t th e S ta te. I t w as n o t exercise b y th e co rp o ration o f a n y b an k in g p rivilege, nor b e y o n d th e pow ers o f th e corp oration under its ch a r te r.” See S ta te ex in f. C row , A tto r n e y G eneral v . L in coln T ru st C om p an y, 144 M o. 562, 588. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lx STATE BANKING DEPARTMENT. T h e p ra ctica l co n str u c tio n w h ich h as b een g iv e n to th e s ta tu te in q u estio n sh o u ld b e g iv e n so m e w eig h t. I t is c la im ed th a t th e a c t in q u estio n h as b een c o n str u c te d b y th o se o p e r a tin g u n der it as p e r m ittin g th e r eceiv in g o f m o n ey s for sa fe k eep in g, and th e issu a n ce o f certifica tes o f d ep o sits th erefor, a n d th a t th is p ra ctice h as been fo llo w ed w ith o u t su ccessfu l o p p o sitio n or o b jectio n , fro m th e p a ssa g e o f th e a ct o f 1889, u n til th e presen t tim e. W here th e la n g u a g e o f th e a c t is d o u b tfu l, th e lo n g c o n tin u e d p ra ctice under it is o ften p e r m itted to tu rn th e scale in fa v o r o f th e c o n str u c tio n e v id e n c e d b y th e p ra ctice u n der it, and th is, w e th in k , is an in flu en ce, to b e con sid ered in d eterm in in g th a t tr u st c o m p a n ies m a y receiv e d ep o sits an d issu e e v id e n c e th ereof. In o th er sta te s, it h as b een q u ite co m m o n to confer u p o n tr u s t c om p an ies th e a u th o r ity to receiv e d ep o sits a nd to issu e certifica tes th ereo n , a nd a t le a st tw e n ty -th r e e o f th e s ta te s h a v e su ch p rovisions. T here is e v id e n tly , th erefore, n o th in g in c o n siste n t in th e id e a o f tr u s t c o m p a n ies r eceiv in g m o n ey on d ep o sit for sa fe k eep in g, a n d th e q u estio n is n o t to be v ie w ed in th e sam e lig h t as th o u g h a w ell defin ed p u b lic p o licy p o in te d to th e exclu sion o f th is pow er from tr u st co m p a n ies. In B a n k o f S a g i n a w v . T i t l e & T r u s t C o m p a n y (105 F e d . 491, 4 9 2 ), a P e n n sy lv a n ia tr u st co m p a n y issu ed six certifica tes o f d ep o sit, w h ich w ere n e g o tia te d a t th e B a n k o f S agin aw , an d th e ban k bro u g h t its a c tio n in th e U n ite d S ta te s C ircu it C ourt in P e n n sy lv a n ia to recover u p on th e certifica tes. T h e certifica tes issu ed b y th e tr u st co m p a n y w ere in form as fo llo w s: “ 5 0 0 .0 0 $50 0 .0 0 N o . 2. T itle & T ru st C o m p a n y o f W estern P e n n sy lv a n ia . C o n n elsv ille, P a ., F eb . 5, 1900. J. F. B arrow s h as d e p o site d w ith th is co m p a n y five hu ndred dollars, p a y a b le to th e order o f J. F. B arrow s o n retu rn o f th is c er tific a te p rop erly endrosed . W. M. R uth, T reasurer. C ertifica te o f D e p o sit. N o t su b je c t to ch eck . Indorsed: J. F . B a rro w s.” T h e q u estio n arose r esp ectin g th e rig h t o f th e T ru st C o m p a n y to issu e certifica tes an d Cir c u it J u d g e A ch eso n said: “ T h a t th e d e fe n d a n t co m p a n y is a u th o rized to rec e iv e d e p o sits o f m o n ey is con ced ed , b u t it is d en ied th a t it h a d la w fu l a u th o r ity to issu e su ch certificates as th o se in su it. T h ere is, h o w ev er, no s ta tu to r y or o th er in h ib itio n o f su ch certificates. T h e se certificates are in th e form c o m m o n ly -used ev ery w h ere in th e com m ercial w orld b y b an kers an d co m p a n ies receiv in g m o n ey d e p o sits a nd th e d e fe n d a n t’s rig h t to issu e th e m in th e cou rse o f its b u sin ess and as an in c id en t th er e to is n o t to b e d o u b te d .” In M ich ig a n , as w ell as in m a n y o th er sta te s, a certifica te o f d ep osit is con sid ered to be a p ro m isso ry n o te su b je c t to th e sa m e rules a nd c o n d itio n s. T h is w e b e lie v e to b e th e law in all b u t th ree o f th e s ta te s, n a m ely , M a ssa c h u setts, P e n n sy lv a n ia and T exas. T h e a u th o r ity to rec e iv e m o n ey w o u ld carry w ith it th e a u th o r ity to g iv e an e v id e n c e of its rec e ip t in th e fo rm o f a n o te, a nd th is w o u ld e x te n d to and p erm it th e issu a n c e o f a certifica te o f d ep o sit. T here h as been so m e q u estio n as to w h eth er a d em an d certificate c ou ld be given , an d w hether if th e rig h t to issu e certifica tes ex ists it is n o t lim ite d to tim e certificates. W e th in k , h ow ever, th a t th e a u th o r ity to issu e a certifica te carries w ith it th e a u th o r ity to issu e it eith er p a y a b le a t a s ta te d tim e, or up on d em an d . “ I t w ill be n o te d th a t tr u st c o m p a n ies are n o t exp ressly req uired to m a in ta in a reserve as is req uired to b e m a in ta in e d b y s ta te b a n k s in th a t th e y are e xp ressly req uired to m a in ta in as reserv e o n ly 20% o f th eir m a tu red o b lig a tio n s, w h ile s ta te ban k s are required to m a in ta in 15 to 20% o f all o b lig a tio n s. W e d o u b t so m e w h a t th e p o licy o f p er m ittin g a tr u st c o m p a n y to do a d e p o sit b u sin ess w ith o u t m a in ta in in g a t le a st th e sam e reserve th a t is m a in ta in ed b y s ta te b an ks. T o th is q u estio n w e w ish to direct th e a tte n tio n o f th e le gislatu re to th e n e c e s s ity of express le g isla tio n req uiring th e m a in ta in in g o f su fficien t reserves b y tr u st c om p an ies in case th e a u th o r ity w h ich th e p resen t la w g iv e s th e m to receiv e d ep o sits is to b e c o n tin u e d .” W e concur in th e a b o v e o p in io n . (Signed) G r a n t F e l l o w s , R o g e r I. W y k e s . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. Ixi VA C A N C Y ON B OA RD T H R O U G H F A I L U R E OF S T O C K H O L D E R S TO E LE CT C A N N O T B E F I L L E D BY (34) B OA RD. L an sin g, Jan u a ry 8, 1913. H on . A lbert E . M a n n in g , D e p u ty C om m issioner o f B a n k in g D e p a r tm e n t, L an sin g, M ich igan : D ear Sir— I a m in rec e ip t o f y o u r c o m m u n ic a tio n o f D ecem b er 3 0 th e n closin g c o p y o f le tte r receiv ed b y y o u r d e p a rtm en t fro m M r. W illia m V . M oore, o f D e tr o it, r ela tiv e to am en d in g th e a rticles o f a sso c ia tio n o f a certa in s ta te ban k organ ized in th e year 1871 under w h a t is k n ow n as th e o ld b a n k in g la w , an d a sk in g for an o p in io n fro m th is d e p a r tm en t w ith reference to th e sam e. M r. M o o re ’s le tte r sta te s th a t in th e o riginal a rticles filed b y th e W a y n e C o u n ty S avin gs B a n k in 1871, th e first d irectors w ere n a m ed a n d th eir nu m ber w as fixed b y A rticle 7; th a t su b seq u e n tly b y am en d ed articles filed F eb ru a ry 12, 1885, th e nu m ber o f directors w as fixed a t 9; a n d la ter, after certifica te h a d b een filed un d er th e n ew b an k in g la w bringing th e b an k w ith in its p ro v isio n s, th e nu m ber o f directors w as fixed a t 11 b y a reso lu tio n o f th e stock h old ers a d o p te d J a n u a ry 11, 1900. I t is n o w proposed to a m en d th e articles o f a sso c ia tio n b y p rovid in g th a t th e board o f directors sh all b e e le cted a t th e regular an n u al m e e tin g in Jan u a ry o f e a ch year, th a t th e nu m ber o f directors to be e le cted sh a ll be reg u la ted b y a b y -la w prescribed b y th e board o f d irectors, a nd th a t su ch b y -la w m a y p ro v id e for th e filling o f an y v a c a n c y on said board arising th ro u g h a failure to e le ct a t th e regular a n n u a l m e e tin g or th ro u g h th e d ea th , resig n a tio n or in c a p a c ity o f a n y director d u ly elected . Y o u w ish to k n ow w h eth er or n o t su ch an am e n d m e n t w ill b e leg a l. S ectio n 4 o f th e old b a n k in g la w (S ec tio n 218 5 o f th e L aw s o f 1871), un der w h ich th e W a y n e C o u n ty S a v in g s B a n k w as organ ized p rovid es for a board o f d irectors o f n o t m ore th a n nin e m em b ers. T h e presen t b a n k in g la w under w h ich th a t b an k is n ow o p eratin g b y v ir tu e o f h a v in g filed th e certifica te required b y sec tio n 60 th er e o f (S ectio n 6149, C om p iled L aw s o f 1897) does n o t lim it th e nu m b er o f d irectors. S ectio n 4 o f th e la w (S ec tio n 6093 C om p iled L aw s o f 1897) p ro v id es in p a rt th a t a ban k, u p o n filing its articles sh a ll b e a b o d y corp orate, an d as su ch sh all h a v e pow er: “ F ifth . T o e le ct or a p p o in t directors * * *” “ S ix th . T o p rescribe b y its board o f directors, b y -la w s n o t in c o n siste n t w ith law , reg u la tin g th e m an ner in w h ich its sto c k sh all b e transferred, its d irectors an d officers e le cted or a p p o in ted , its sto ck h o ld ers c o n v e n e d for sp ecia l m eetin g s, its p ro p erty transferred, its general b u sin ess c o n d u cted a nd th e p riv ileg es g r a n ted to it b y la w exercised and e n jo y e d .” S ectio n 12 o f th e presen t la w (S ec tio n 6101, C om p iled L aw s o f 1897 as am en d ed ) p rovid es in p a rt th a t “ th e affairs o f ea ch ban k sh a ll be m a n a g ed b y a board o f n o t le ss th a n five d irectors w ho sh a ll b e e le cted b y th e sto ck h o ld ers.” A s th e c er tific a te filed b y th e W a y n e C o u n ty S a v in g s B a n k under sec tio n 60 (since rep ealed ) o f th e p resen t b a n k in g la w b ro u g h t it w ith in its p ro v isio n s, it is n ow govern ed b y th e p rovision s a b o v e se t fo r th w ith reference to th e nu m ber an d m an ner o f e le ctio n o f its d irectors. U nder th e se p r o v isio n s th ere are n o lim ita tio n s as to th e nu m ber o f directors, e x ce p t th a t th er e c a n n o t b e less th a n five. T h e d irectors m u st, ho w ev er, b e e le cted a t th e an n u al m e e tin g o f th e sto c k h old ers in J a n u a ry , a nd if “ for a n y ca u se an ele ctio n is n o t h ad a t th a t m e e tin g it m a y b e h ad a t a su b seq u e n t m e e tin g ca lled for th a t p u rp o se.” V a can cies in th e board o f d irectors sh all be filled b y th e board, b u t I a m o f th e o p in io n th a t th is does n o t m ean su ch v a c a n c ie s as are crea ted b y failure o f th e sto ck h o ld ers to e le ct a t an a n n u al m eetin g. T h e p roposed a m e n d m e n t to th e o riginal articles o f th e W a y n e C o u n ty S avin gs B an k , a b o v e referred to , p ro v id es for th e ele ctio n o f a board o f d irectors a t th e regular an n u al m e e tin g in J an u a ry , p ro v id es th a t th e nu m ber o f directors to b e e le cted sh all b e r eg u la te d b y a b y -la w prescribed b y th e board o f d irectors, a n d p ro v id es fu rth er th a t said b y -la w m a y p ro v id e for th e filling o f a n y v a c a n c y on th e B oard arising th ro u g h a failu re to e le ct a t th e regu lar an n u al m eetin g , or th ro u g h th e d ea th , resig n a tio n or in c a p a c ity o f a n y d irector d u ly e lected . N o n e o f th ese p rovisions, ex ce p t th e one relating to th e filling o f a v a c a n c y on th e board cau sed b y failure to e le ct a t an a n n u a l m eetin g , is in c o n siste n t w ith th e p r ovision s o f th e p resen t ban k in g law , a nd it w ou ld th erefo re b e en tir e ly proper a nd leg a l to in corp orate th e m in to th e original articles b y th e p roposed a m e n d m e n t. I am o f th e o p in io n , h ow ever, th a t th e p ro v isio n r ela tiv e to th e filling o f a v a c a n c y on th e board c a u sed b y fa ilu re to e le ct a t th e an n u al m e e tin g is in c o n s iste n t w ith th e term s o f sec tio n 21 o f th e presen t b a n k in g la w a b o v e s e t forth , and su ch pro v isio n s w o u ld th erefo re b e illeg a l. A s hereinbefore s ta te d , a v a c a n c y ca u sed b y th e failure to e le c t a t an a n n u a l m e e tin g is n o t su ch a v a c a n c y as ca n b e filled b y th e board o f d irectors Itself. I t m a y b e su g g e ste d , th a t th e p r o v isio n s w h ich ca n be in corp orated in to th e articles o f a sso c ia tio n o f th e W a y n e C o u n ty S a v in g s B a n k b y a m en d m en t, an d w h ich are n o t alread y a part https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxii STATE BANKING DEPARTMENT. o f its charter b eca u se c o n ta in ed in th e b a n k in g la w , can b e m ad e ju st as le g a l and efficacious b y a b y -la w a d o p ted b y th e board o f d irectors un der su b d iv isio n 6 o f s ec tio n 4 o f th e ban k in g law , w h ich g iv e s th e board o f directors pow er to m ak e b y -la w s n o t in c o n siste n t w ith law , reg u la t in g th e m anner o f ele ctio n or a p p o in tm en t o f its directors an d officers. V ery r esp ectfu lly , G rant F ellows, • A t t o r n e y G e n e r a l. S T A T E B A N K S MAY O P E N ON L EG AL H O LI D A Y S W I T H C E R T A I N R E S T R I C T I O N S . (35) M arch 15, 1913. H o n . E d w ard H . D o y le , B a n k in g C om m ission er, C a p ito l, L ansing: D ea r Sir— I h a v e yo u rs o f th e 12th in st. in w h ich y o u sta te : “ W e h a v e h a d sev era l in q u iries o f la te fro m s ta te ban k s ask in g w h eth er or n o t a s ta te ban k co u ld keep o p en o n all h o lid a y s for th e tr a n sa c tio n o f a general b u sin ess ex ce p t su ch b u sin ess w h ich rela tes to th e p r e se n ta tio n for p a y m e n t or a cce p ta n c e or p r o testin g o f prom issory n o tes a nd o th er o b lig a tio n s. W e h a v e a lw a y s ta k e n th e p o sitio n th a t th ere w as n o th in g in th e law to p roh ib it a ban k from k eep in g o p en on a n y o f th e h o lid a y s m en tio n e d in A ct 124 o f th e P u b lic A cts o f 1865 as a m en d ed a n d tr a n sa c tin g b u sin ess e x ce p t th a t rela tin g to p resen ta tio n , a c ce p ta n c e or p r o testin g o f n o tes, e tc .” In r ep ly th er e to w o u ld s ta te th a t th e la n g u a g e o f th e A c t in q u estio n is so m e w h a t con fu sin g. T h e title o f th e A c t bein g as fo llo w s: “ A n A c t d e sig n a tin g th e h o lid a y s to b e ob serv ed in th e a c ce p ta n c e a n d p a y m en t o f bills o f ex ch a n g e a nd prom issory n o tes, in h old in g o f cou rts an d r ela tiv e to th e co n tin u a n c e o f s u its .” W h ile S ectio n 1, as a m en d ed b y A c t 246 o f th e P u b lic A c ts o f 1909, p ro v id es, in part, as fo llo w s: “ P ro v id ed , fu rther, T h a t n o th in g h erein co n ta in ed sh all b e co n stru ed to p r e v en t or in v a lid a te th e en tr y , issu a n ce, service or ex ec u tio n o f a n y w rit su m m o n s or c o n fessio n o f ju d g m e n t or o th er le g a l p rocess w h a tev er, h old in g cou rts or th e tr a n s a c tio n o f a n y la w fu l b u sin ess ex ce p t b a n k in g on a n y o f th e S atu rd ay aftern oon s h erein d esig n a te d as h a lf h o lid a y s, nor to p r e v en t a n y b a n k fro m k eep in g its doors open or tr a n sa c tin g its bu sin ess on a n y o f th e sa id S a tu rd a y aftern o o n s, if b y a v o te o f its directors it ele cts to do s o .” F ro m a rea d in g o f th e la s t sec tio n it m ig h t be im p lie d th a t th ere w as a legal restrictio n a g a in st k eep in g a b a n k o p en u p o n a le g a l h o lid a y . I do n o t b eliev e, h ow ever, th a t th is w as th e leg is la tiv e in te n t: b u t th a t on th e co n tra ry th e in te n t w as, as is se t forth in th e title o f th e a c t itse lf, n a m ely : th e p r e v en tio n o f th e a c ce p ta n c e a nd p a y m e n t o f b ills o f e xch an ge an d prom issory n o tes. C o n seq u e n tly , I am o f th e o p in io n th a t to k eep a b an k op en for p u rp oses oth er th a n th e o n es s ta te d w ould n o t b e a v io la tio n o f th e law , a n d th a t you r rulin g in th e m a tter h as b een righ t. V ery resp e c tfu lly , A. B. D ou g her ty , D e u p t y A t t o r n e y G e n e r a l. CO M M I SS I O N E R MAY REQUIRE INFORM ATION TENDING TO SHOW (36) B A N K ’S CO N D I T I O N . M arch 2 4 th , 1913. H o n . E d w ard H . D o y le , C o m m issio n er o f B a n k in g , C a p ital, L ansing: D ea r Sir— I h a v e y o u r co m m u n ic a tio n o f M arch 17th ca llin g a tte n tio n to sec tio n s 21, 39 a n d 55 o f th e G eneral B a n k in g L aw s r ela tin g to rep orts to b e m ad e b y s ta te ban k s an d th e fu rn ish in g o f in fo rm a tio n to th e B a n k in g C om m issioner. Y o u s ta te : “ W e w o u ld a p p recia te yo u r o p in io n as to w h eth er or n o t a s ta te b an k h as th e rig h t to w ith h o ld in fo rm a tio n o f a n y ch a ra cter fro m th e C om m issioner, his d e p u ty , or on e o f th e b an k e x a m iners, u p o n b ein g req u e sted to fu rn ish sam e. T o w h a t e x te n t c o u ld th e D e p a r tm e n t go in case o f refusal to fu rn ish a n y in fo rm a tio n a ffectin g th e c o n d itio n o f th e b a n k ? ” In r ep ly th er e to w o u ld sa y s ec tio n 21 o f th e general b a n k in g la w req uires e v er y b a n k to m ak e certa in rep orts accord in g to th e form s w h ich he (C om m ission er o f B an k in g) sh all prescribe a nd fu rn ish . T h is sec tio n also p ro v id es th a t “ Su ch rep orts sh all e x h ib it in d eta il, an d under a p p rop riate heads, th e resources, a sse ts a nd lia b ilitie s o f th e ban k a t th e clo se o f b u sin ess of a n y p a st d a y b y h im sp e cifie d ,” e tc . A lso th a t “ Su ch C om m ission er sh all also h a v e th e pow er to ca ll for sp ecia l rep orts fro m a n y b a n k or b a n k s w h en ever, in h is ju d g m e n t, th e sam e are n ecessa ry to in fo rm h im fu lly o f th e co n d itio n o f su ch b a n k s.” S ectio n 39 p rovid es: “ I t sh a ll b e th e d u ty o f th e C o m m issio n er o f th e B a n k in g D e p a r tm e n t, an d h e sh a ll h a v e pow er for h im self, h is d e p u ty , or a n y exam iner h e m a y a p p o in t for th a t p u rp ose, to ex a m in e tw o or m ore tim e s in ea ch y ea r, th e cash , bills, c o lla terals or secu rities, b ook s o f a c co u n t, co n d itio n a nd affairs o f ea ch ban k under th e law , an d also w h en r eq u ested b y th e board o f directors https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. lxlll o f a n y b an k. For th a t p u rp ose h e m a y ex a m in e on o a th a n y o f th e officers, a g e n ts, clerk s, c u sto m ers or d ep o sito rs o f su ch ban k, to u ch in g th e affairs an d b u sin ess o f su ch b an k . A n y w ilfu l fa lse sw earing in a n y e x a m in a tio n sh a ll b e d eem ed perjury. H e sh all also a scertain w h eth er ea ch ban k tr a n sa c ts its bu sin ess a t th e p la ce d e sig n a te d in th e articles o f in corp oration , and w h eth er its bu sin ess is co n d u cted in th e m an ner p rescribed b y la w .” S ectio n 55 o f th e general b a n k in g la w p ro v id es a m o n g oth er th in g s, th a t if th e c o m m is sioner sh a ll b eco m e sa tisfied th a t a ban k “ is co n d u ctin g its b u sin ess in an u n sa fe or u n a u th o r iz e d m anner, or if a n y b an k sh a ll refuse to su b m it its book s an d pap ers and concerns to th e in sp e c tio n o f th e com m ission er, his d e p u ty or a n y exam iner, or if a n y officer o f su ch ban k sh all refu se to b e ex a m in ed un der o a th to u ch in g th e concerns o f th e ban k, or if from a n y ex a m in a tio n m ad e or rep o rt here p ro v id ed for, th e co m m issio n er sh a ll co n clu d e th a t su ch ban k is in an u n sou n d or u n sa fe c o n d itio n to tr a n sa c t th e b a n k in g b u sin ess, so th a t it is u n safe and in e x p e d ien t to c o n tin u e sa m e ,” h e sh a ll in th e m anner th erein prescribed m ak e a p p lic a tio n for th e a p p o in tm en t o f a receiver for su ch bank. T h e fo reg o in g sec tio n s are th e o n ly p ro v isio n s o f s ta tu te to w h ich m y a tte n tio n h as b een called ex p ressly bearing u p o n yo u r q u estio n . T h e la n g u a g e o f th e s ta tu te seem s clea rly to confer u p o n th e B a n k in g C om m issioner th e rig h t a n d a u th o r ity to d em an d , rec e iv e an d pro cure a n y a nd all su ch in fo rm a tio n as h e m a y req uire or d e e m n ecessary in order to fu lly un d er sta n d th e c o n d itio n o f a b an k , th e ch a ra cter or a m o u n t o f its o b lig a tio n s an d th e affairs th ereof. T h e co m m issio n er is ex p ressly ch a rg ed w ith th e d u ty o f d eterm in in g w h eth er or n o t a ban k is co n d u ctin g its ban k in an u n sa fe or un a u th o rized m an ner. H e m u st also d eterm in e w h eth er th e b a n k is in an u n so u n d or u n sa fe c o n d itio n to tr a n sa c t th e b an k in g b u sin ess so th a t it is u n sa fe a n d in e x p e d ien t to c o n tin u e th e sam e. H e h as th e rig h t to secure in fo rm a tio n u p on form s prescribed b y him , a nd he m a y ex a m in e on o a th a n y o f th e officers, a g e n ts, clerk s, cu s tom ers or d ep o sito rs o f th e ban k to u ch in g its affairs an d its bu sin ess. T h e C om m ission er of ban k in g, an d n o t th e ban k, is th e ju d g e o f th e in fo rm a tio n n ecessary for h im to h a v e to p lace h im in a p o sitio n w here he ca n perform his sta tu to r y d u ty . I t w ill be assu m ed th a t th e C om m issioner o f ban k in g, or his d e p u ty , or a n y a ssista n t d u ly a u th orized , w ill n o t d em an d or require a n y in fo rm a tio n o th er th a n such as it is deem ed ex p e d ie n t to h a v e in order to d eterm in e th e ex a ct c o n d itio n o f a ban k a nd its affairs. W h en in fo rm a tio n is d em an d ed , it is th e d u ty o f th e ban k to fu rn ish it, an d th e C o m m issio n er’s dem an d s are n o t op en to q u estio n b y th e b an k. I t w ou ld be in d ee d an a n o m a lo u s co n d itio n if n o tw ith sta n d in g all th e d u tie s d e v o lv in g u p on th e B a n k in g C om m issioner, th e b an k co u ld d eterm in e for its e lf th e ch aracter or a m o u n t o f in fo rm a tio n it sh o u ld d isclose. I t is th erefo re m y o p in io n th a t th e ban k h as n o t th e rig h t to w ith h o ld a n y in fo rm a tio n w hich th e B a n k in g C o m m issio n er sh a ll in th e exercise o f his d iscretion ary a u th o r ity d eterm in e is n e c es sary in order to fu rn ish h im w ith th e k n o w led g e to perform his d u ty . Said sec tio n 55 is v e ry clear a n d ex p lo it in its term s. W h en a n y su ch c o n d itio n as is th erein referred to ex ists, it is clea rly th e d u ty o f th e B a n k in g C om m ission er to m ak e a p p lic a tio n for a receiver. T h e B a n k in g C om m ission er has no rig h t to assu m e th a t b ecau se o f th e failu re or refusal o f th e b an k to fu rn ish th e in fo rm a tio n he desires, th e ban k is in a safe or sou n d con d itio n . T h e v e ry fa c t th a t in fo rm a tio n w h ich th e B a n k in g C o m m ission er m a y d eterm in e is n ecessary is refu sed b y a ban k is in its e lf so m e rea so n for su sp icio n . If, th erefore, th ro u g h th e refusal o f a ban k to fu rn ish su ch in fo rm a tio n as y o u m a y d e e m n ecessa ry y o u are u n a b le to d eterm in e w h eth er it is proper for th e ban k to c o n tin u e in th e b a n k in g b u sin ess, it is m y ju d g m e n t th a t y o u w o u ld be clea rly a u th o rized to p roceed in th e m anner o u tlin e d in said s ec tio n 55 o f th e general b an k in g law . V ery r esp e c tfu lly , G rant F ello w s. Attone\j General. b o a r d o f d ir e c t o r s c a n n o t in c r e a s e o r d e c r e a s e (37) t h e ir n u m b e r . A pril 3, 1913. H on . E . H . D o y le , B a n k in g C om m issioner, C a p ito l, L an sin g: D ea r Sir— I h a v e yo u r co m m u n ica tio n o f M a rch 27, in w h ich y o u s ta te th a t, “ T h e D e p a r t m e n t h as a lw a y s h eld th a t th e board o f directors c o u ld n o t in crease or decrease th e nu m ber o f sto c k h o ld er s’ c o n s titu tin g th e board, th a t th e o n ly a u th o r ity d e le g a te d to th e directors in th is regard w a s th a t th e y co u ld in d ic a te th e m an ner in w h ich th e m em b ers o f th e board sh ou ld be e lected , a nd in ca se o f a v a c a n c y occu rrin g on th e board b e tw e e n th e an n u al m e e tin g s o f stock h o ld ers, th e directors h a v e th e r ig h t to fill su ch v a c a n c y ? ” Y o u s ta te , "W e w ou ld app re c ia te yo u r o p in io n as to w h eth er or n o t th e board o f directors o f a s ta te ban k h as th e rig h t to in crea se or decrease th e nu m ber o f m em b ers c o n s titu tin g th e b o a rd .” In r ep ly th er e to w ou ld sa y it is m y o p in io n th a t, a t le a st b e tw e e n sto c k h o ld er s’ m eetin gs, th e n u m b er o f directors c a n n o t be d ecrea sed or in crea sed b y th e board o f directors. S ection https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. lxiv 12 o f th e b a n k in g la w p ro v id es in p a rt th a t, “ a n y v a c a n c y in th e board o f d irectors sh all b e filled b y th e B oard , an d th e d irector so a p p o in te d sh a ll h o ld office u n til th e n e x t e le c tio n .” T h e a b o v e q u o te d la n g u a g e clea rly im p lie s a d u ty d e v o lv in g u p on th e board o f d irectors to fill a n y v a c a n c y th a t m a y occur. I t is n o t a d iscretio n a ry d u ty w ith th e board o f d irectors. I t is a p o s itiv e req u irem en t th a t th e v a c a n c y “ sh a ll b e filled b y th e b oard .” T h is is a m an d a to ry p ro v isio n , a n d th e la w clearly c o n te m p la te s a str ict co m p lia n ce th erew ith . V ery r esp ectfu lly , (S igned) G r a n t F e l l o w s , Attorney General. DIRECTORS MUST HAVE FULLY PA ID FO R TEN SHARES OF STO CK (38) AT O RG A N I Z A T I O N . A pril 3, 1913. H on. E d w a rd H . D o y le , C o m m issio n er o f B a n k in g , C a p itol, L ansing: M y D ea r Sir— I h a v e y o u r c o m m u n ic a tio n o f M a rch 22n d in w h ich y o u in q u ire w h eth er as a c o n d itio n p reced en t o f't h e r ig h t o f a p erson to b e e le cted and a c t as a d irector o f a b a n k h e m u st a c tu a lly p a y in fu ll for a t le a st te n shares, or if h e subscrib es for te n shares o f sto c k an d o n ly p a y s for fifty per c e n t if h e th er e b y b eco m es e lig ib le as a director. In r ep ly th e r e to w o u ld sa y s ec tio n five o f th e b an k in g law requires th a t a t le a st 50% o f th e c a p ita l sto c k o f ev er y b an k sh a ll be paid in b efore it sh all be a u th orized to c o m m en ce bu sin ess. S ectio n 12 o f th e b a n k in g la w , w h ich rela tes to d irectors, p rovid es in p art th a t: “ E v e r y director m u st o w n a nd h o ld in h is o w n n a m e n o t le ss th a n te n shares o f th e c a p ita l sto c k o f su ch b a n k .” T h e fa c t th a t a b a n k m a y b e a u th o rized to c o m m en ce b u sin ess w ith o n ly 50 % o f th e c a p ita l sto c k th e r e o f p a id in h as a b so lu te ly n o th in g to d o w ith th e s ta tu to r y p r ovision req u irin g ev er y d irector to o w n a n d h o ld in h is o w n n a m e n o t less th a n te n shares o f th e c a p ita l sto c k . T h e la n g u a g e a b o v e q u o ted m ean s e x a ctly w h a t it s a y s : I t m ean s th a t e v e r y d irector m u st a c tu a lly ow n , th a t is, th a t h e m u st h a v e fu lly p a id for a t le a st te n shares o f th e c a p ita l sto c k o f th e ban k a nd n o t th a t h e m a y a c tu a lly p a y for 50% o f th e te n shares and su b seq u e n tly h a v e th e rig h t o f ow n ersh ip in th e b a la n ce th er e o f w h en he m a k es p a y m e n t th erefor. V ery r esp ectfu lly , (S igned) G r a n t F e l l o w s , Attorney General. ta x a tio n of bank stock . (39) A pril 26, 1913. H on. E d w ard H . D o y le , B a n k in g C om m ission er, C a p itol, L ansing: D ea r Sir— I h a v e b efore m e y o u r c o m m u n ic a tio n o f A pril 18th , in w h ich y o u r eq u est an o p in io n u p o n th e fo llo w in g p ro p o sitio n : “ F irst. H a s th e board o f directors o f an in co rp o rated b an k b y proper procedure, th e pow er to a u th o rize th é to ta l sto c k o f th e b an k , to b e a ssessed to th e b an k b y th e su p ervisor w here th e b a n k is lo c a te d , a n d h a v e th e ta x e s o n sto c k p a id b y th e b an k, regardless o f w here th e sto c k h old ers are lo ca ted ? Secon d . H a s th e v illa g e a ssessor a le g a l r ig h t to assess th e to ta l b an k sto c k to th e b an k in th e v illa g e w here th e b a n k is lo c a te d , w here a p ortion is lo c a te d o n o n e sid e o f th e c o u n ty a n d a p o rtio n o u tsid e o f th e v illa g e ? ” In r ep ly th er e to w o u ld sa y th e answ er to y o u r in q u iries seem s to b e c o n ta in ed in th e la n g u a g e o f th e 3rd s u b d iv isio n o f s ec tio n 14 o f th e g en eral ta x la w as fo u n d on p a g e 27 o f th e p a m p h let o f general ta x la w s, r ev isio n o f 1907. T h is su b d iv isio n p rovid es th a t, “ A ll shares in ban k s sh a ll b e a ssessed to th eir ow ners in th e to w n sh ip , v illa g e or c ity w here th e b a n k is lo c a te d : P ro v id ed , T h a t th e shares o w n ed b y a p erson r esid in g in th e c o u n ty w here th e b a n k is lo c a te d sh all b e a ssessed in th e to w n sh ip or c ity w here h e r esid e s.” M y a tte n tio n h a s n o t b een ch a llen g ed to a n y p rovision o f th e la w th a t w o u ld au th orize eith er th e board o f directors or th e v illa g e a ssessor to ch a n g e th e m e th o d p rescribed in th e a b o v e s ta tu te . A cco rd in g ly , I a m in c lin ed to b e lie v e th a t e a ch o f th e in q u iries w h ich y o u su b m itte d sh o u ld be a n sw ered in th e n e g a tiv e . V ery resp e c tfu lly , (S igned) G r a n t F e l l o w s , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Attorney General. lxv R E P O R T OF T H E CO M M ISSIO N ER. S T A T E B A N K S C O N T E M P L A T E D I N CIT IE S OR V I L L A G E S ON LY . (4 °) M a y 10, 1913. H on. A lb ert E . M a n n in g , D e p u ty C om m ission er o f B a n k in g , C ap itol, L ansing: D ea r Sir— I h a v e you r c o m m u n ic a tio n o f M a y 1st in w h ich y o u s ta te th a t y o u are in receip t o f an a p p lic a tio n to org a n ize a s ta te ban k w ith its office and p lace o f b u sin ess to b e lo c a te d in “ th e to w n sh ip o f S p rin g w ells,” C o u n ty o f W a y n e a n d S ta te o f M ich ig a n , w ith a c a p ita l of $25,0 0 0 .0 0 . Y o u ask: “ F irst. C an th e D e p a r tm e n t le g a lly a c ce p t th e articles o f in corp oration w ith th e lo c a tio n d e sig n a ted , a n d b u sin ess to b e carried on, as in a to w n sh ip rath er th a n in a c ity or village? Second. I f so w h a t c o n str u c tio n o n th e la w ca n be p laced w ith reference to th e c a p ita l sto c k req uirem ents? T hird. In oth er w ords, w ou ld th e c a p ita l sto c k be based u p on th e p o p u la tio n o f th e to w n ship as a w h o le (in clu siv e, o f course, o f in co rp o ra ted cities and v illa g e s ), or w ou ld th e c a p ita l sto c k be based u p o n th e p o p u la tio n o f th e s e ttle m e n t, or c o m m u n ity , in w h ich th e ban k actu ally tr a n sa c ts b u sin ess? ” In answ er to yo u r first in q u iry , w ou ld s a y th a t sec tio n 1 o f th e G eneral B a n k in g L aw seem s to reco g n ize o n ly c itie s an d v illa g e s as th e p la ce w here a b an k in g b u sin ess m a y b e c o n d u cted . W e h a v e , h o w ev er, h eld th a t a ban k m a y b e e sta b lish e d in an u n in corp orated v illa g e . (See A tto r n e y G en era l’s R ep o rt for 1905, pa g e 98.) S ectio n 2 o f th e G eneral B a n k in g A c t requires th e p erson s a sso c ia tin g to ex ec u te articles o f in corp o ra tio n w h ich sh a ll sp e cify : “ 2nd. T h e c o u n ty a nd c ity or v illa g e w here su ch b an k is to be lo c a te d an d to c o n d u ct its b u sin ess.” I t is m y op in ion th a t it w as clearly th e in te n t o f th e leg isla tu re to lim it th e p la ce w here a b a n k in g b u sin ess m a y b e c o n d u cted to eith er a c ity or v illa g e (in clu d in g u n in co rp o ra ted v illa g es) and th a t y o u r d e p a r tm en t w ou ld h a v e no a u th o r ity to a c ce p t an a p p lic a tio n w h ich sh ow s u p o n its fa ce th a t th e place o f b u sin ess is a d esig n a te d “ to w n s h ip ” rather th a n a c ity or v illa g e. In answ er to yo u r seco n d and th ird in q u iries, w ou ld sa y if a ban k is esta b lish e d in an in corp o ra ted v illa g e th e a m o u n t for w h ich it m a y be c a p ita lize d d ep en d s u p on th e p o p u la tio n o f th e v illa g e. T h e sa m e rule is a p p lica b le in th e ca se o f an u n in corp orated v illage. I h a v e h eretofore h eld th a t w here a s ta te ban k is a u th o rized to do b u sin ess w ith in an u n in corp orated v illa g e, th a t it c a n n o t le g a lly e sta b lish a b ranch a g e n c y o u tsid e o f su ch u n in corp orated villa g e and in an o th er se ttle m e n t or u n ico rp o ra ted v illa g e . (S ee o p in ion to H on . E . H . D o y le , B a n k in g C om m issioner, un der d a te o f F eb ru a ry 17, 1913.) I t is th erefo re m y o p in io n th a t th e c a p ita l sto c k in th e case y o u su g g e st w ou ld be b ased up on th e p o p u la tio n o f th e s e ttle m e n t, c o m m u n ity or v illa g e , in corp orated or oth erw ise, in w hich th e ban k is a c tu a lly a u th o rized to tr a n sa c t bu sin ess. V ery r esp ectfu lly , (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. P R O P E R RE CO RD OF R E P O R T OF D I R E C T O R S ’ E X A M I N A T I O N S . (41) Ju n e 3 0 th . 1913. E d w ard H . D o y le , C om m ission er o f B a n k in g , C a p ito l, L ansing: D ear Sir— I h a v e you r co m m u n ic a tio n o f J u n e 2 5 th , w h ich read s in p art as follow s: “ W e desire to call your a tte n tio n to S ectio n 15 o f th e law . W e h a v e r ec e n tly b een ask ed b y a s ta te ban k w h eth er th e y w ou ld be c o m p ly in g w ith th e p rovision s Of th is sec tio n o f th e law if th e y p erm itted th e rep ort o f d irecto rs’ e x a m in a tio n to be read a t board m eetin g , and h a v e th e m in u tes o f su ch m eetin g sh o w as fo llo w s: ‘T h e c o m m itte e 'a p p o in te d on th e 8 th d a y o f O ctober to m a k e th e seco n d ex a m in a tio n o f th e yea r s u b m itte d rep ort o f su ch ex a m in a tio n . On m o tio n o f M r. C. rep ort w a s a c ce p ted a nd order p la ced on file, an d rep ort m ad e a p a rt o f th e se reco rd s.’ ” In rep ly th er e to w ou ld sa y sec tio n 15 o f th e B a n k in g la w to w h ich y o u refer requires th e board o f d irectors to a p p o in t an ex a m in in g c o m m itte e. T h e sec tio n p rovid es th a t: “ T h e ex a m in in g c o m m itte e sh a ll rep o rt to th e board, g iv e in d e ta il all ite m s in clu d e d in th e a sse ts o f th e ban k, w h ich th e y h a v e r ea so n to b e lie v e are n o t o f th e v a lu e a t w h ich th e y app ear on th e bo o k s a nd records o f th e b an k, an d g iv e th e v a lu e o f e a ch of su ch ite m s as in th eir ju d g m e n t th e y m a y h a v e d eterm in ed . T h e board sh all m ak e a proper record o f said rep ort in th e m in u te book s o f th e ban k, e tc .” T h e m a teria l req u irem en t is th a t th e rep o rt o f th e ex a m in in g c o m m itte e sh a ll be m ad e to th e board, a nd th a t th e board sh a ll m a k e a proper record th ereof. T h e s ta te m e n ts se t fo r th in th e m in u tes as in d ic a te d b y y o u r le tte r , sh o w th a t th e rep ort w as su b m itte d , a ccep ted , placed https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST A T E B A N K IN G D E P A R T M E N T . lxvi o n file an d m a d e a p a rt o f th e record. T h e s ta tu te req uires th e rep ort to b e recorded in th e m in u te bo o k s o f th e b an k. I t is b elie v e d , h o w ev er, th a t th e a c tio n in q u estio n is a su b sta n tia l co m p lia n ce w ith th e law . R e sp e c tfu lly yours, (S igned) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. A M O U N T OF B O N D S OF O F F I C E R S A N D E M P L O Y E E S M U ST B E C O M M E N S U R A T E W I T H SIZE OF B A N K , ETC. (42) A u g u st 21, 1913. H o n . E d w ard H . D o y le , C om m ission er o f B a n k in g , C ap itol: D ea r Sir— I h a v e y o u r c o m m u n ic a tio n o f th e 2 0 th in w h ich y o u su b m it an in q u iry u n der th e F ifth su b d iv isio n o f S ectio n 4 o f A c t 205 o f th e P u b lic A cts o f 1887, as a m en d ed . Y our inq uiry is as follow s: “ W here th e directors o f a b a n k a c ce p t b o n d s fro m officers an d e m p lo y e s a t a n o m in a l a m o u n t o n ly w h en co m p a red to th e ca sh a n d secu rities in th eir con trol, w ou ld th e D e p a r tm e n t h a v e th e rig h t to require b o n d s o f a greater a m o u n t w h ich w ou ld be m ore c o m m en su ra te w ith th e size o f th e ban k, an d th e o p p o rtu n ity for d efa u ltin g or m an ip u latin g? W ill y o u also a d v ise w h eth er or n o t un d er said a m e n d m e n t th e D e p a r tm e n t h as th e ,r ig h t to r eject person al b o n d s o f b an k officers a nd em p lo y ees w here officers an d b an k directors b ecom e su reties th er e o n ? ” T h e a m e n d m e n t to th e A c t in q u estio n is fo u n d in A c t N o . 11 o f th e P u b lic A cts o f 1913. T h e F ifth s u b d iv isio n th er e o f r e a d s , as fo llo w s : “ T o e le c t or a p p o in t d irectors, w h o sh a ll ch o o se from th eir m em b ers a p resid en t and one or m ore v ic e -p r e sid en ts, a n d sh a ll h a v e pow er to a p p o in t and e m p lo y a cash ier or treasurer, an d o th er officers, defin e th eir d u ties, dism iss su ch officers so e le cted or a p p o in ted , or a n y of th em , a t pleasure a nd e le c t or a p p o in t o th ers to fill th eir p laces, and th e board o f directors sh a ll require e v e r y officer a nd ev er y clerk con cern ed in th e h a n d lin g o f m on eys, a c co u n ts and secu rities o f th e b a n k to be b o n d ed eith er b y a su r ety co m p a n y au th orized to do b u sin ess in th e S ta te o f M ich ig a n or b y a person al b on d in su ch an a m o u n t as sh all b e d eterm in ed b y th e board o f directors: P ro v id ed , T h a t th e b a n k sh a ll p a y for an y su r ety bon d s req uired o f its e m p lo y e e s.” I t w ill b e o b serv ed fro m th e fo reg o in g q u o ta tio n th a t it is a m a n d a to ry d u ty d e v o lv in g u p on th e board o f d irectors to require e v e r y officer a n d clerk con cern ed in th e h an d lin g o f m on eys, a c co u n ts an d secu rities to g iv e a bon d. T h e la w clearly co n te m p la te s th a t th e a m o u n t o f th e bon d sh all b e for a rea so n a b le a m o u n t a n d for an a m o u n t rea so n a b ly p rop ortion ate to th e size o f th e ban k, th e ch a ra cter o f e m p lo y m en t an d th e o p p o rtu n ities afforded for w rong doin g. A board o f d irectors w ou ld n o t be p erform ing its s ta tu to r y d u ty if it ap p roves a b o n d for an a m o u n t w h ich clea rly sh o w s th e a c tio n to b e a m ere sub terfu ge. I t is p rob ab ly tr u e th a t a board of d irectors w o u ld b e lia b le for failu re to req uire a b o n d in a proper and reason ab le a m o u n t. I a m in c lin ed to b e lie v e th a t th e B a n k in g C om m ission er h as a u th o r ity to require a board o f directors to perform its sta tu to r y d u ty in a p p ro v in g an d a cce p tin g a b on d for a reason ab le a m ou n t. R e la tiv e to th e seco n d p o rtio n o f you r in q u iry , th e a b o v e q u o te d lan gu age au th orizes a n y su ch officer or clerk to b e b o n d ed eith er b y a su r ety c o m p a n y au th o rized to do b u sin ess in th e S ta te o f M ich iga n , or b y a p erson al b on d. I t n eed s no argu m en t to su p p ort th e p rop osition th a t th e leg isla tu re n ev er in ten d e d th a t th e person al b on d s referred to in th e a b o v e q u o te d law sh o u ld h a v e as su reties th ereo n th e officers an d directors o f th e ban k. I t is m y o p in io n th a t th e board o f d irectors w o u ld h a v e no a u th o r ity to a c ce p t or ap p rove a n y su ch b on d, a n d th a t y o u w ou ld be a c tin g w ell w ith in you r righ ts if y o u rejec t person al bon d s o f b a n k officers a n d b a n k e m p lo y e s w here th e su reties th ereon are officers an d directors o f th e bank. R e sp e c tfu lly you rs, (S igned) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. AS TO E X A M I N E R S ’ S A L A R I E S . (43) S ep tem b er 12, 1913. H on. O. B . F u ller, A u d itor G eneral, C a p ito l: D ear Sir— Y o u h a v e rec e n tly req u e sted th is D e p a r tm e n t for an op in io n as to th e c o n stru c tio n to b e p la ced u p o n S ectio n 38 o f th e B a n k in g L aw , as am en d ed b y A ct 43 o f th e P u b lic A cts o f 1913, su ch a m en d ed s ec tio n rela tin g to th e salaries o f b a n k in g exam in ers. T h e q u es tio n is p resen ted as to w h eth er or n o t an exam in er h o ld in g su ch p o sitio n a t th e tim e o f th e a m en d m e n t o f 1913 b eca m e o p e r a tiv e is e n title d to rec e iv e th e in crease o f $200.00 p r o v id ed for b y th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E CO M M ISSIONER. lxvii am en d ed sectio n . In oth er w ords, w h eth er serv ices ren dered in su ch e m p lo y m en t p reviou s to th e tim e th a t th e a m e n d m e n t to o k effect can be con sid ered in d eterm in in g th e rig h t to in creased co m p en sa tio n . T h e cla u se th a t is in q u estio n reads as fo llo w s : “ Salaries o f th e exam iners sh all b e in th e su m o f $ 1 ,7 0 0 .0 0 per an n u m during th e first year o f th eir em p lo y m en t as such, a nd sh a ll be in crea sed n o t to exceed $20 0 .0 0 each year o f such e m p lo y m en t u n til th e fu ll su m o f $ 2 ,2 0 0 .0 0 is reached, w hich su m sh all b e th eir an n u al salary th er e a fte r .” i t w as u n d o u b ted ly th e b e lie f o f th e le g isla tu re th a t experien ce and serv ice in th e e m p lo y m e n t in q u estio n w ou ld op era te to render a ban k exam iner m ore p roficien t in th e d isch arge o f his d u ties, a n d th a t h e sh o u ld in co n seq u en ce o f su ch in creased proficien cy receiv e a salary com m en su ra te th erew ith . In v ie w o f th e u n d erly in g reasons p rom p tin g th e p a ssa g e o f th is a m e n d m e n t as su g g e ste d a b o v e, it does n o t occur to m e th a t it is m aterial w h eth er th e e m p lo y m en t up on w h ich th e in crea sed co m p e n sa tio n is b a sed sh all h a v e b een ren dered prior to th e ta k in g effect o f th e a m e n d m e n t o f 1913, or su b seq u e n t th ereto . In oth er w ords, it is m y op in io n th a t su ch in crea se m a y b e b a sed u p o n serv ices ren dered prior to A u g u st 14th , 1913. I do n o t th in k th a t th is c o n str u c tio n g iv e s to th e A c t in q u estio n r etro a c tiv e effect, th e pur pose th er e o f being, n o t to rew ard th e in c u m b e n ts o f th e p o sitio n s affected for p a st services, b u t rather to c o m p e n sa te th e m for fu tu r e em p lo y m en t in accord an ce w ith th eir proficien cy a tta in e d th ro u g h a c tu a l ex p erien ce in th e lin e o f w ork in v o lv ed . I t fo llo w s in con seq u en ce th a t a n y exam iner w ho un der th e p rovision s o f S ectio n 38 o f th e B an k in g L aw s, as a m en d ed a t th e sessio n o f 1909, w ou ld a t th e presen t tim e b e e n title d to an in crea se o f $1 0 0 .0 0 per a n n u m w ere su ch a m e n d m e n t still in force m a y receiv e th e in crease o f $200 .0 0 as in d ic a te d in said sectio n , as am en d ed b y A c t 43 o f th e P u b lic A cts o f 1913. Respectfully yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. DISCRETIONARY AUTHORITY VESTED (44) IN C O M M IS S IO NE R IN CA PI TA L STOCK I M P A I R M E N T . O ctober 2, 1913. H on. E . H . D o y le , C om m ission er o f B a n k in g , C a p ito l, L ansing: D ea r Sir— I h a v e y o u r c o m m u n ic a tio n o f S ep tem b er 11th, w h ich read s as follow s: “We respectfully request your opinion as to whether or not, in case of an impairment of capital stock, the Department could permit a state bank to accept, in lieu of case, stockholders’ notes pro rata to make good the deficiency of capital stock in said bank on account of bad or doubtful assets, required by the Department to be eliminated?” In rep ly th ereto , w ou ld sa y th e m a tter o f m a k in g g ood a d eficien cy as a resu lt o f th e im p air m e n t o f c a p ita l sto c k in a b a n k seem s to be g o v ern ed b y sec tio n 42 o f th e B a n k in g L aw , bein g co m p iler’s s ec tio n 52 o f th e p a m p h le t o f la w s rela tin g to b a n k in g, rev isio n o f 1911. T h is sectio n provid es in p a rt th a t: “ W h en ev er it sh a ll app ear fro m th e rep o rt o f a n y b an k, or th e C om m ission er sh a ll h a v e reaso n to b e lie v e th a t th e c a p ita l sto c k o f a n y ban k is im p aired or red u ced b elow th e a m o u n t req uired b y law , it sh all b e th e d u ty o f th e C om m issioner, an d he sh all h a v e th e pow er to exam in e th e said ban k an d a scerta in th e fa cts, a nd in ca se h e finds su ch im p a ir m e n t or r ed u ctio n o f c a p ita l, ho sh a ll require su ch b a n k to m a k e g o o d th e d eficien cy so ap p earin g w ith in six ty d a y s after th e d a te o f su ch r eq u istio n .” x T h e sa m e sec tio n m ak es it th e d u ty o f th e directors o f th e b an k u p on su ch r eq u istio n to le v y th e n ecessa ry a sse ssm e n t an d prescribe th e m eth o d for th e sale o f th e sto c k in case th e a sse ss m e n t is n o t paid. I t w ill b e o b serv ed from th e fo reg o in g q u o ta tio n th a t th ere is a m a n d a to r y req u irem en t th a t th e C om m ission er o f B a n k in g sh a ll require th e ban k to m ak e good th e d eficien cy. I am u n ab le to find a n y p ro v isio n w h ich is c o n tro llin g in th e particular m an ner in w h ich th e d eficien cy sh all be m a d e g ood. In th e ab sen ce o f a sta tu to r y req u irem en t prescribin g w h eth er th e im p air m e n t m a y b e rem ed ied eith er b y th e p a y m en t o f cash , n o te or c o llateral sec u r ity , it is so m e w h a t difficult to o u tlin e a hard a nd fa s t rule, to b e g en era lly an d u n iv er sa lly a p p licab le, u n less th e particular ban k, th e ch a ra cter o f th e im p a ir m e n t a n d th e a b ility o f th e stock h old ers, th er e o f to p a y , is ta k en in to co n sid era tio n . T h e s ta tu to r y p r o v ision w h ich m ak es it th e d u ty o f th e C om m ission er o f B a n k in g to require th e b a n k to m a k e g ood th e d eficien cy so ap p earin g v e sts in h im a large d iscretio n a ry a u th o r ity . I t is h is d u ty to see th a t th e d eficien cy is m ad e good. H e m u st b e satisfied, a n y a c tio n or a p p ro v a l o f th e board o f directors to th e con trary n o tw ith stan d in g . C ash or its e q u iv a len t sh o u ld be required. A sto c k h o ld er s’ n o te w ou ld n o t n eces sarily in e v er y in sta n c e b e a co m p lia n ce w ith th e la w , w h ile in a particu lar case y o u m ig h t be w arran ted in a p p ro v in g a n o te, w ith or w ith o u t c o lla tera l sec u r ity in d eterm in in g w h eth er th ere h as b een a co m p lia n ce w ith th e la w a nd you r req u isitio n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE B A N K IN G D E P A R T M E N T . I x v iii I t is th erefore m y op in io n th a t it is for th e C om m ission er o f B a n k in g to d eterm in e w h eth er his req u isitio n req uiring a b a n k to m a k e g ood th e d eficien cy so app earing is o b ey ed ; th a t th ere m a y be a c o m p lia n ce w ith th e la w w ith o u t th e p a y m e n t o f cash ; th a t cash or its e q u iv a len t sh o u ld b e req uired an d th a t in d eterm in in g w h eth er th ere h as b een a c om p lian ce w ith th e law a n o te, or a n o te a cco m p a n ied b y co lla tera l sec u r ity m a y in th e d iscretion ary a u th o r ity o f th e B a n k in g C o m m issio n er b e ap p ro v ed in d eterm in in g w h eth er th ere h as been a co m p lia n ce w ith yo u r req u isitio n . Very respectfully yours, (Signed) G rant F ellow s , A t t o r n e y G e n e r a l. loans to m u n ic ipa l c o r po r atio n s lim ite d to tw enty per (45) cent of c apital and su r plu s . N o v e m b e r 24, 1913. H on. E . H . D o y le , C o m m issio n er o f B a n k in g , C a p ito l, L ansing: D ea r Sir— I h a v e yo u r co m m u n ic a tio n o f N o v e m b e r 19th , d irectin g a tte n tio n to S ectio n s 27 an d 52 o f th e B a n k in g L aw . Y our le tte r read s, in part, as follow s: “ T h e la tter p ro v id es th a t a lo a n to a n y person, firm or c o r p o r a t i o n sh all n o t exceed tw e n ty per c en t o f c a p ita l an d su r p lu s ; and th en o n ly u p o n th e tw o-th ird s au th o r iza tio n o f th e board of d irectors. U n d er sa id sec tio n w e desire to b e in fo rm ed w h eth er or n o t a m u n icip al corp oration ca n borrow on its n o te, sig n ed b y proper officials, an a m o u n t in excess o f tw e n ty per c e n t o f c a p ita l a n d surplus. I t is m a in ta in e d u p o n th e p a rt o f som e b an k s th a t th e lim ita tio n in said sec tio n does n o t a p p ly to lo a n s to m u n icip a l corp oration s; th a t su ch loan s are in th e n atu re o f a p u b lic d e b t, as m en tio n e d in su b d iv isio n (b ), sec tio n 27 o f th e law , an d th er e b y are su b ject to su ch lim ita tio n s.” In r ep ly th er e to w o u ld sa y it is b e lie v e d th a t th e ban k s referred to in you r le tte r are p lacin g an erroneous c o n str u c tio n u p o n th e s ta tu te . S ectio n 52 p rovid es in part: “ T h e to ta l lia b ilitie s to a n y b a n k o f a n y person or o f a n y c o m p a n y , corp oration or firm for m o n ey s a d v a n ce d , in c lu d in g th e lia b ilitie s o f th e co m p a n y or firm, th e lia b ilitie s o f th e several m em b ers th e r e o f ex ce p t sp ecia l partn ers, sh a ll a t no tim e exceed o n e -te n th p art o f th e a m o u n t o f th e c a p ita l a n d surplus o f su ch ban k, e tc .” T h e sa m e sec tio n au th o rizes a lo a n o f n o t to ex ceed tw e n ty per c en t c a p ita l an d surplus up on th e a u th o r iza tio n o f tw o -th ir d s o f th e board o f directors. S ectio n 37 refers to en tir e ly different m a tter. T h is sec tio n prescribes a d irection concerning d ep o sits or in v e s tm e n ts, w h ile S ectio n 52 prescribes a lim ita tio n on loan s w h ich m a y b e m ad e. W e d em ey er v . H in d ela n g , 161 M ich . 600 (603). In th e a b sen ce o f express a u th o r ity a u th o rizin g a greater lo a n to a m u n icip al corp oration th a n to a n y o th er person, firm or corp oration , n o g ood reason su g g e sts its e lf to m e requiring th e a p p lic a tio n o f a different rule. In sta n c es m ig h t arise w h en it m ig h t b e h azard ou s to a b an k to o v e rste p th is lim it in m a k in g lo a n s to a m u n icip a l corp oration as to a n y oth er corp oration. I t is m y o p in io n th a t a m u n icip a l corp o ra tio n is bou n d b y th e str ic t term s o f s ec tio n 52, a nd th a t th e ban k h a s no a u th o r ity to lo a n m o n ey to a m u n icip al corp oration on a n o te sign ed b y th e proper officials in an a m o u n t in excess o f tw e n ty per c en t o f th e c a p ita l an d surplus. . R e sp e c tfu lly yours, (S igned) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. R E N E W A L S W I T H P R O P E R S I G N A T U R E S TO B E P R O C U R E D . (46) M arch 14, 1914. H on. E . H . D o y le , C o m m issio n er o f B a n k in g , C a p ito l, L ansing: D ear Sir— Y o u h a v e r ec e n tly forw arded to th is D e p a r tm e n t a le tte r from C harles D . T h o m p son o f B a d A xe, M ich ig a n , a sk in g m y o p in io n u p o n th e in q u ir y th erein m ad e. T h is le tte r reads in p a rt as fo llo w s: “ T o a v o id th e o b jec tio n a b le p ra ctice o f c o u n try ban k s in e x te n d in g th eir pow er from tim e to tim e b eca u se o f th e in a b ility to g e t all signers to jo in in n ew n o tes, it h as b een su g g e ste d to m e th a t a n o te for th e origin al lo a n w ith th e g u aran tors sign in g u n der a g u a r a n ty cla u se o f ‘for v a lu e receiv ed , I h ereb y g u a ra n tee th e p a y m e n t o f th e w ith in n o te a t m a tu r ity , or a t a n y tim e th erea fter, in c lu d in g a n y ren ew a l o f sam e, w a iv in g a d em an d , n o tic e o f n o n p a y m e n t a n d p r o te s t’ c o u ld s a fe ly a n d p rop erly b e h a n d led b y p e r m ittin g -th e m aker to e x ec u te a new n o te an d reta in in g th e o ld n o te w ith th e en d o rsem en t un der th e a b o v e gu aran ty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E CO M M ISSIONER. lx ix T h is w o u ld g iv e th e ban ker n e w paper an d a v o id th e q u estio n o f ex ten sio n , y e t w ou ld n o i in c o n v e n ien ce his c u sto m e r .” Y o u desire to k n o w w h eth er th ere are a n y o b jec tio n s to th e m e th o d o u tlin e d in th e a b o v e c o m m u n ic a tio n . In rep ly th er e to w o u ld sa y th a t th e p rincip al id e a c o n ta in ed in th e su g g e stio n seem s to be th a t su ch a c o n tr a c t w ou ld lessen th e w ork o f th e ban k in procuring ren ew als o f u n p a id n o tes b y h a v in g th e ren ew als sig n ed o n ly b y th e p a rties p rim arily liab le. I t is e n tir e ly p ossib le th a t such a co n tr a c t w ould b e b in d in g up on th e m akers w ere th e m a tter te s te d in court, b u t it occurs to m e th a t it w o u ld esta b lish a bad p ra ctice for b an ks. A s a m a tter o f practice I do n o t th in k cu sto m ers o f ban k s sh o u ld b e en cou raged in th e id e a th a t th e s ta tu s o f th eir pap er is m ore a m a tte r for th e ban k s to lo o k o u t for th a n th e borrow ers th em se lv e s. I t is u n q u e stio n a b ly th e d u ty o f borrow ers to see th a t th eir paper is ren ew ed as o ften as n ecessary. R egard less o f th e ex a ct leg a l q u estio n in v o lv e d I am im p ressed th a t y o u sh ou ld n o t co u n ten a n c e th e su g g e s tio n m a d e b y M r. T h o m p so n . I return h erew ith M r. T h o m p so n ’s letter. Respectfully yours, A. B . D o ug h erty, D e p u t y A t t o r n e y G e n e r a l. P U R C H A S E P R I C E OF L E A S E S MAY B E CA R R I E D AS B A N K I N G H O U S E . L ansing, M arch 17, 1914. H on. E . H . D o y le , B a n k in g C om m issioner, C a p ito l, L ansing: D ear Sir— Y our co m m u n ic a tio n o f recen t d a te, r ela tiv e to lon g term leases b y ban ks for b a n k in g h ou ses, receiv ed a nd c o n te n ts n o ted . In y o u r first co m m u n ica tio n y o u s ta te th e fo l low ing: “ A s y o u are p ro b a b ly w ell aw are, in th e large c itie s in M ich ig a n s ta te ban k s are esta b lish in g a nu m ber o f branches or a gen cies, an d in so m e in sta n ce s procure b an k in g office an d real e sta te under a lo n g tim e lease, in so m e in sta n ce s for 99 years, carryin g pu rchase price o f th e lea se in ban k in g h ou se a cco u n t. In v ie w o f th e fa c t th a t w e are a d v ise d th a t certa in ban k s m a y erect e x p e n siv e b u ild in gs on lea sed ground s w ith th e e x p e cta tio n o f carryin g sa m e in th eir b an k in g h ou se a cco u n t, w e r esp e c tfu lly a sk yo u r o p in io n as to w h eth er or n o t th e D e p a r tm e n t has th e righ t, un der th e law and all th e circu m sta n ces, to perm it b a n k in g h o u se and la n d so h eld w here th e fee o f th e p ro p erty is n o t in th e b a n k .” 1 he particu lar q u estio n is p resen ted as to w h eth er a certain lease en tered in to b y th e ................................ B an k , a co p y o f w h ich y o u h a v e procured and forw arded to m e, is v a lid so far as th e b a n k is concerned; a nd a lso w h eth er b u ild in gs erected up on th e ground so leased b y th e b a n k sh o u ld be carried as "ban k in g h o u se .” I h a v e ex a m in ed th is lea se, w h ich w as o rig in a lly m ad e b e tw e e n th e C o m p a n y and t h e ..................................... C o m p a n y , p a rties o f th e first part, a n d ......................................... p a rty o f th e seco n d part. I a ssu m e th a t th e le sse e ’s righ ts h a v e b een a ssign ed to th e bank. U nder th e term s o f th is lease, w h ich runs for 99 years, th e lessee is required to p a y $20 ,0 0 0 .0 0 a year ground ren t for th e first te n years, a n d $ 2 5 ,0 0 0 .0 0 a year th ereafter. T h e lessee also agrees to c o n str u c t on p a rt o f th e g round a b u ild in g o f n o t less v a lu e th a n $ 5 0,000.00. P er m ission is also g iv e n in th e lea se b y w h ich th e lessee m a y c o n str u c t a b u ild in g o f n o t less th a n $10 0 ,0 0 0 .0 0 , to ta k e th e p la ce o f a n y bu ild in gs n o w or hereafter c o n stru cted . T h e le a se c o n ta in s th e u su a l p r o v isio n s for forfeitu re a n d sec u r ity for perform ance an d p rovid es in ca se of forfeitu re before th e end o f th e term an d also u p o n th e te r m in a tio n o f th e lease b y exp iration o f tim e, all th e bu ild in gs erected b y th e lessee sh a ll b eco m e th e p rop erty o f th e lessor. D uring th e term , ho w ev er, th e lessee is g iv e n th e r ig h t to su b let, m ak e im p ro v e m e n ts, a ssign or sell his in te r e st in th e lea se, or u se it as sec u r ity for lo a n s, etc. T h e in te n t o f th e in str u m en t app ar e n tly is th a t th e lessee sh all ex ercise all th e rig h ts o f ow n ersh ip in th e b u ild in g or bu ild in gs in c id e n t to o rdinary ow n ersh ip w ith th e e x ce p tio n th a t th e lessor h as th e r ig h t o f en tr y for in sp e c tio n or ex h ib itio n , a nd w ith th e fu rth er rese rv a tio n th a t th e lessee m a y n o t in cu m b er th e p ro p erty in su ch a m anner as to im p a ir th e lesso r’s in te r e st th erein . T h e first q u estio n p resen ted b y you r in q u iry is as to w h eth er under th e M ich ig a n B an k in g L aw s it is w ith in th e pow er o f a S ta te B a n k to en ter in to su ch a lease. On th is p ro p o sitio n I th in k w e are agreed th a t S ta te B an k s m a y under S ection 6100 o f th e C om p iled L aw s o f 1897 en ter in to a lea se o f th e n a tu re in d ic a te d . T h is sec tio n p rovid es, in part, as follow s: “ A ban k m a y pu rchase, hold a nd c o n v e y real e sta te for th e follow in g purp oses, b u t no oth er: F irst, such as sh all be n ecessa ry for th e c o n v e n ie n t tr a n sa c tio n o f its b u sin ess, in clu d in g w ith its ba n k in g offices o th er a p a r tm en ts to r en t as a source o f in com e, b u t w h ich sh all n o t exceed 50% o f its p a id in c a p ita l * * * *” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxx STA TE B A N K IN G D E P A R T M E N T . T h e N a tio n a l B a n k in g A c t (R e v ised S ta tu te s, S ection 5137) co n ta in s a v e ry sim ilar provision, n a m e ly : “ A N a tio n a l B a n k in g A sso c ia tio n m a y pu rchase, hold an d c o n v e y real e sta te for th e fo llo w in g p u rp oses a n d for no o th ers: F irst, su ch as sh a ll b e n ecessary for its im m ed ia te a cco m m o d a tio n in th e tr a n sa c tio n o f its b u sin ess. * * * *” U n d er th is p ro v isio n o f th e N a tio n a l B a n k in g L aw , th e Su prem e C ourt o f th e U n ite d S ta te s h eld in sev era l in sta n ce s th a t N a tio n a l B a n k s p o ssessed th e pow er to pu rch ase an d h old lon g term leases, p ro v id ed su ch lea ses are b o n a fide. See B row n v . Schleier, 194 U . S., 18, affirm ing th e d ecisio n o f th e C ircu it C ourt o f A p p ea ls in th e sa m e case, rep orted 118 F ed . 981. I th in k th is d ecisio n is co n c lu siv e u p o n th e pro p o sitio n , an d th a t th erefore it is in tra vires o f our S ta te b a n k s to en ter in to su ch a le a se in p referen ce to o b ta in in g th e fee. Y our seco n d in q u iry is as to w h eth er un der su ch a lea se th e in v e s tm e n t o f th e lessee ban k sh o u ld b e carried un d er th e h ea d “ B a n k in g H o u se .” U p o n th is p ro p o sitio n so far as I h a v e b een a b le to find th e a u th o r itie s do n o t th row an y lig h t. I f th e b a n k h ad o b ta in e d th e fee in th e la n d u p on w h ich th e b u ild in g is erected it w ould be carried in its a c co u n ts as “ B a n k in g H o u se .” H a v in g less th a n a fee, and an in te r e st w h ich m ig h t b e fo rfeited th ro u g h non -p erfo rm a n ce on th e p art o f th e b an k , and th e term s o f th e lea se its e lf im p o sin g a c o n tin u o u s lia b ility u p o n th e lessee b an k, th ere is som e q u estio n as to w h eth er th is le a se is an a sse t or a lia b ility . I t is a lia b ility to th e e x te n t th a t th e b an k m u st p a y its r en t w h eth er it o b ta in s a n y in c o m e fro m th e b u ild in g or n o t, an d it h as th e fu rth er lia b ility th a t it m u st erect a b u ild in g w o rth n o t less th a n $ 5 0 ,000 u p o n th e land , an d it m u st a t all tim es after th e erectio n o f su ch b u ild in g m a in ta in th e n ew b u ild in g and older bu ild in gs a t a v a lu e n o t less th a n $1 0 0 ,0 00 . U n d o u b te d ly if th e plan s o f th e ban k do n o t m iscarry th e lea se w ill bo a v a lu a b le asset. In d e p e n d e n t o f su ch co n sid era tio n s, h o w ev er, and w h ich are largely sp e cu la tiv e , th e fa c t rem ain s th a t th e b a n k h as in v e ste d , or w ill in v e s t, a sp ecified a m o u n t o f m o n ey in th e erection o f a b u ild in g or b u ild in g s for its o w n u se as a b an k. I do n o t see h ow su ch an in v e s tm e n t can be tr e a te d d ifferen tly fro m th e in v e s tm e n t in a fee, b o th b ein g for th e sam e pu rp ose. T h e on ly difference w o u ld b e as to a c tu a l v a lu e. I u n d ersta n d th a t N a tio n a l B an k s ow n in g th eir b an k in g h o u ses under sim ilar lea ses are p erm itted to carry th e sa m e in “ B a n k in g H o u se ” a cco u n t. I am th erefo re o f th e o p in io n th a t th e sa m e rule sh o u ld ap p ly to S ta te B an k s. T h e a m o u n t w h ich sh o u ld b e carried as “ B a n k in g H o u se ” a c co u n t sh o u ld n o t exceed th e a c tu a l v a lu e o f th e bu ild in gs erected b y th e b a n k u n der th e lea se, a nd sh o u ld n o t in c lu d e th e a n n u al ren ta l p aid for th e ground or b u ild in g s erected b y th e land lord. R e sp e c tfu lly yours, G rant F ellow s , A t t o r n e y G e n e r a l. L ansing, Ju n e 5, 1914. H o n . E . H . D o y le , S ta te B a n k in g C o m m issio n er, C a p itol: D ea r Sir— Y our co m m u n ic a tio n o f th e 1st in st. received , in w h ich y o u r eq u e st m y op in ion on a p ro p o sitio n su b m itte d to y o u b y th e .................................................... B an k . T h is p rop osition is as follow s: “ T h e .................................................... B a n k h as o u tg ro w n its p resen t qu arters an d it is a b so lu tely n ecessa ry th a t w e o b ta in a larger site or go to p r a c tic a lly th e sam e exp en se o f reb u ild in g on th e presen t site , an d th e n n o t h a v e a desirab le b u ild in g on a c co u n t o f th e narrow lo t w h ich w e n o w o c cu p y , it b ein g o n ly 21 feet. “ T here is a b u ild in g a d ja ce n t to our p resen t lo c a tio n o f 28 fe e t, th e title o f w h ich sta n d s as fo llo w s: T h e p ro p erty w as w illed b y a M r .........................................to his tw o dau gh ters, a M rs. ........................... a n d a M i s s .......................................... w ho h a v e th e u se th er e o f for th eir n atu ral liv es. A t th e d e a th o f eith er one, th e tit le is to go to her heirs. M i s s ...................................is a m aid en la d y , 60 yea rs old . M rs............................... .. th e o th er te n a n t, is m arried an d is n ow o f th e age of 56 y ears. Sh e h as th ree child ren, w h o w ill be th e rem ain d erm en o f her in te r e st in th e p rop erty, a n d u n d o u b ted ly th e rem a in d erm en o f th e m a id en la d y , u n less M r s ....................................... sh ou ld su r v iv e her. “ T h e se life te n a n ts are w illin g to sell to th e ban k, b u t th e rem ain d erm en do n o t w ish to sell, c la im in g th e m o n ey is w ell in v e s te d a n d th a t th e y w ou ld rath er th e in v e s tm e n t w ou ld sta n d u n til th e d e a th o f th e life te n a n ts. “ T h e q u estio n arises as to w h eth er th e b a n k w o u ld h a v e th e r ig h t to ta k e over th e parties in ter e sts b y all o f th e m jo in in g in a lea se, c o u p led w ith an o p tio n to p u rch ase on th e d e a th of th e life te n a n ts, so th a t th e y c o u ld go o n a n d erect a b an k bu ild in g, an d p a y th e life te n a n ts a r en ta l during th eir liv e s, an d a t th e en d o f th e le a se period, or a t th e d e a th o f th e life te n a n ts, h a v e th e o p tio n to pu rch ase b eco m e o p e r a tiv e an d th e y c o n v e y th eir in te r e sts in fe e to th e p resen t ban k or its su c ce sso r .” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E CO M M ISSIONER. Ixxl In rep ly th er e to w ou ld sa y th a t th is p ro p o sitio n is sim ilar to th a t in v o lv e d in m y opin ion giv e n y o u M arch 17th, 1914, r ela tiv e to ban k s bu ild in gs on leased p rop erty. In th is p articular case th e lea se a n d o p tio n w ou ld n ecessa rily h a v e to in clu d e b o th th e life te n a n ts an d all th e p ossib le rem ainderm en. G rant F ello w s, A t t o r n e y G e n e r a l. TREASURER OF M U N I C I P A L I T Y NOT TO D E P O S I T FUNDS IN BANK WHERE HE IS S T O C K H O L D E R OR OTHERWISE. A pril 29th , 1914. H on. E dw ard H. D o y le , C o m m issio n er o f B a n k in g , C a p ito l: D ea r Sir— Y our oral co m m u n ica tio n on th e fo llo w in g p rop osition h as been considered. Y our han d in a co m m u n ic a tio n from M r. L eon J. N a v a rre, o f E ssex v ille, M ich igan , as follow s: “ T h e w riter, w ho is a sto ck h o ld er and d irector in th e S ta te S avin gs B a n k o f E sse x v ille , has been e le cted treasurer o f th e v illa g e o f E sse x v ille . “ A n o p in io n h as b een h a n d ed m e th is m ornin g w h ich concerns th e d ep o sit o f m o n ey w hich I m a y h a n d le as su ch treasurer. T h e o p in io n is from th e law firm o f C ou m an s & G affney, of B a y C ity , an d is en clo sed h erew ith for you r in sp e c tio n . “ T h e w riter ta lk ed over p h o n e th is m ornin g to M r. M a n n in g, w ho sta te d th a t if th e villa g e d esig n a te d th is b a n k as a d ep o sito ry e v er y th in g w o u ld be all right. “ I do n o t w ish to do a n y th in g co n tra ry to th e rules o f th e d e p a rtm en t and w ish y o u w ou ld w rite m e in th is regard, so th a t yo u r d ecision m a y be su b m itte d a t th e d irecto rs’ m eetin g and s e ttle a n y q u estio n w ith regard to y o u r office.” A cco m p a n y in g th is w as also an op in io n g iv e n b y M essrs. C oum an s & G affney, o f B a y C ity , bearing u p o n th e p ro p o sitio n , th e c o n clu sio n o f w h ich is as follow s: “ T herefore, w e con clu d e th a t b y th e p ro v isio n s o f S ection s 892, 893 and 895, th e treasurer o f a n y m u n ic ip a lity is forb id d en to d e p o sit m o n ey s in a n y b an k in w h ich he is a sto ck h o ld er or o th er w ise.” T h e references are to H o w e ll’s M ich ig a n S ta tu te s (n e w ). In rep ly th er e to w ou ld sa y th a t it h as h eretofore been th e p o sitio n o f th is d e p a r tm en t th a t th e treasu rers o f th e various m u n icip a lities can n o t d ep o sit th e fu n d s w h ich th e y h old as such treasu rers in ban k s in w h ich th e y a r e i n t e r e s t e d a s s to c k h o l d e r s , d ir e c to r s o r o ffic e r s . T his, h o w ever, is m od ified b y th e p ro v isio n s o f A cts 99 a nd 305, P u b lic A cts o f 1909. A c t 99 a p p lies to co u n ties, an d 305 a p p lies to to w n sh ip s. B o th o f th e se A cts provid e for th e d e p o sit o f p u b lic fu n d s in ban ks to be d e sig n a te d b y B oard s o f Su pervisors, C o u n ty A uditors and T ow n sh ip B oard s, as th e case m a y be. U nder eith er A ct th e treasu rer is relieved from his r esp o n sib ility in case o f th e failure o f th e ban k s in w h ich th e d ep o sits are m ad e w here th e d ep ositories are d esig n a te d in acco rd a n ce w ith th e term s o f th e A cts. I th in k it w ou ld also fo llo w th a t w here th e B oard o f S u pervisors or th e T o w n sh ip B oard as th e ca se m a y be, has u n d erta k en to d e sig n a te a d e p o sito r y for th e fu n d s, th e treasurer w ou ld n o t b e v io la tin g a n y la w follow in g th e d irection s o f th o se h a v in g th e rig h t to d e sig n a te su ch d ep ositories. T his, h ow ever, is b y v ir tu e o f express sta tu te s . A s to su ch officials as do n o t co m e w ith in th e term s o f th e a b o v e A cts, I th in k th e old rule w ould fu lly a p p ly . T h e general sch o o l la w also c o n ta in s a p rovision b y w h ich th e electors o f a prim ary sch o o l d istrict m a y d e sig n a te th e d ep o sito ry o f th e sch ool d istr ic t fu nds. W here th is is don e, I am o f th e op in io n th a t it w ou ld r eliev e th e treasurer o f a n y lia b ility for d ep o sitin g fu n d s in a ban k in w hich he m ig h t be in ter e sted in th e sam e w a y as in th e case of C ou n ties or T o w n sh ip s. In th e a b sen ce o f express s ta tu te I th in k th e op in ion g iv e n b y C oum an s 6 G affney is correct. R e sp e c tfu lly yours, G rant F ello w s, A t t o r n e y G e n e r a l. SIGNER ON FA C E OF NO T E CONSIDERED MAKER UNLESS H 9) H on . E . H . D o y le , S ta te B a n k in g C om m issioner, C apitol: O THERWISE DESIGNATED. A pril 29th , 1914. D ear Sir— R e p ly in g to you r oral req u e st for an o p in io n as to th e lia b ility o f th e signers of a prom issory n o te for th e fo llo w in g fo r m : $10 0 .0 0 . ........................... .. M ich igan , Ja n y . 1, 1914. S ix ty d a y s after d a te I prom ise to p a y to th e order o f T h e F i r s t S t a t e B a n k o f .......................... ...................................................... M i c h i g a n , O ne H u n d red D o lla rs a t its office, v a lu e received , w ith in ter e st at 7 per c e n t per a n n u m after due, w a iv in g n o tice o f d em an d , dishon or an d p ro test. D u e .............................................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J ohn S m ith , W illia m J o nes ” ST A T E B A N K IN G D E P A R T M E N T . lxxii I w ish to a d v ise y o u as fo llo w s: I t w ill b e n o te d th a t th e in str u m en t is sig n ed b y tw o p arties on its face, n eith er p a r ty h a v in g been req uired to sig n on th e b ack . W h a t y o u desire to k n ow in particu lar is as to th e lia b ility o f W illia m J o n es, th e seco n d signer, w ho cla im s to h a v e sign ed th e n o te as an ac co m m o d a tio n p a r ty a n d n o t as a b eneficiary. I n r ep ly th ereto , I ca ll y o u r a tte n tio n to th e fo llo w in g p rovision s o f A ct 265 o f th e P u b lic A cts o f 1905: “ S ectio n 2. T h e p erson prim a rily lia b le o n an in str u m en t is th e p erson w ho b y th e term s o f th e in str u m en t is a b so lu tely req uired to p a y th e sam e. A ll oth er p arties are secon d arily lia b le .” “ S ectio n 26. E v e r y n e g o tia b le in str u m en t is deem ed prim a fa c ie to h a v e b een issu ed for a v a lu a b le co n sid era tio n ; a nd ev er y person w h o se sig n a tu re app ears th ereo n to h a v e b ecom e a p a r ty th er e to for v a lu e .” ‘.S e ctio n 31. A C C O M M O D A T IO N P A R T Y , L i a b i l i t y o f— -A n a c co m m o d a tio n p a r ty is o n e w ho h a s sig n ed th e in str u m e n t as m aker, draw er, accep tor, or endorser, w ith o u t receiv in g v a lu e th erefor, an d for th e p u rp ose o f len d in g his n am e to som e oth er person. S u ch person is lia b le on th e in str u m en t to a hold er for v a lu e, n o tw ith sta n d in g su ch hold er a t th e tim e of ta k in g th e in str u m en t k n ew h im to b e o n ly an a c co m m o d a tio n p a r ty .” “ S e c tio n 65. W h e n P e r s o n d e e m e d e n d o r s e r - — A person p lacin g h is sign atu re u p o n an in str u m e n t o th erw ise th a n as m aker, draw er, or a ccep to r, is deem ed to b e an endorser u n less h e clearly in d ic a te s b y a p p rop riate w ords h is in te n tio n to b e b ou n d in som e oth er c a p a c ity .” In v iew o f th e a b o v e p r o v isio n s a n d th e n u m erou s a u th o rities, th ere can b e n o d o u b t th a t in an in str u m en t ex ec u ted in th e a b o v e form W illiam J on es w ou ld be p rim a facie deem ed to b e m aker o f th e n o te, th er e b ein g n o th in g on th e fa c e o f th e in str u m en t to sh ow th a t h e sign ed th e sa m e in a n y o th er c a p a c ity . R e sp e c tfu lly yours, G rant F ellow s , A t t o r n e y G e n e r a l. STATE BANKS NOT TO PL E D G E AS S E T S I N LIEU OF B O N D TO S E C U R E (50) COUNTY FUN DS. A pril 2 9 th , 1914. H o n . A lbert E . M a n n in g , D e p u ty B a n k in g C om m issioner, C ap itol: D ea r Sir— I h a v e you r c o m m u n ic a tio n o f th e 2 8 th in st. r eq u estin g m y op in ion as to w hether or n o t a S ta te ban k can p led g e its b o n d s w ith th e C o u n ty T reasurer in order to secure or guar a n tee c o u n ty d ep o sits. Y o u h a v e also forw ard ed to m e th e co m m u n ica tio n from t h e ...................... B a n k , in w h ich th e q u estio n is raised. In rep ly th ereto w o u ld sa y th e o n ly direct a u th o r ity for th e d ep o sit o f c o u n ty b on d s w ith b a n k s is fo u n d in A ct 99 o f th e P u b lic A cts o f 1909. B efore th e p a ssa g e o f th is A ct, and e v en n o w in th e a b sen ce o f affirm a tiv e a c tio n b y th e B o a rd o f S u pervisors or B oard o f C o u n ty A u d ito r s , th e C o u n ty T reasurer w as h eld a b so lu tely resp o n sib le for all c o u n ty fu nds. T here w as no d irect a u th o r ity for his d e p o sitin g th e c o u n ty m o n ey s w ith b an k s or oth er d ep ositories u n less as in so m e ca ses b y lo ca l le g isla tio n . U n d er th e p r ovision s o f A ct 99 o f th e P u b lic A cts o f 1909, a b o v e referred to , th e B o a rd o f S u pervisors m a y d e sig n a te a d ep o sito ry for c o u n ty fu n d s un der certa in c o n d itio n s. Y our a tte n tio n is ca lled p a rticu larly to S ection 3 o f th is A ct, w h ich provides as follow s: “ B efo re a n y d e p o sit sh a ll b e m ad e w ith a n y ban k or b an k s as aforesaid , su ch b a n k or ban ks sh a ll ex ec u te a n d d eliv er to th e B oard o f S u pervisors or th e B oard o f C o u n ty A u d itors, as th e ca se m a y be, a g o o d an d sufficien t b o n d in an a m o u n t a t le a st eq u a l to th e m axim u m a m o u n t to b e d ep o site d in su ch b a n k , a n d w ith su ch su reties as sh all be ap p roved b y su ch board an d th e P ro secu tin g A tto r n e y o f th e c o u n ty . Said bon d s sljall b e m ad e to th e c o u n ty an d sh all be c o n d itio n e d for th e sa fe k eep in g a nd rep a y m e n t o f su ch m o n ey s or a n y p art th er e o f on d em an d a n d th e p a y m e n t o f sa id in ter e st, a n d sh a ll c o n ta in su ch oth er c o n d itio n s as m a y b e required b y th e B o a rd o f S u pervisors or th e B o a rd o f C o u n ty A uditors, n o t in c o n siste n t w ith th e pro v isio n s o f th is A c t.” T h e co n d itio n prescribed in S ectio n 3 is, in m y opin ion, an a b so lu te one an d for w h ich th ere w o u ld b e no a u th o r ity to m a k e a s u b stitu tio n . T h e d e p o sitin g o f c ollateral secu rities w ou ld n ot, in m y o p in io n , fu lfill th e co n d itio n s prescribed in th e A ct. I am a ssu m in g for th e p u rp ose o f th is o p in io n th a t th e B oard o f Su pervisors or th e B oard o f C o u n ty A u d ito rs o f W a y n e has u n d erta k en to d e sig n a te th e d ep ositories for th eir c o u n ty fu n d s eith er un der th e p ro v isio n s o f th e a b o v e A ct or so m e oth er sim ilar law . R e sp e c tfu lly you rs, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G rant F ellow s , A t t o r n e y G e n e r a l. lxxiii R E P O R T OF T H E CO M M ISSIONER. CERTAIN MUNICIPAL PUBLIC U T I L IT Y BONDS NOT L EGA L SAVINGS INVESTMENTS. O ctober 26, 1914. H on . E . H . D o y le , S ta te B a n k in g C om m issioner, C a p ito l: D ear Sir— Y o u h a v e referred to m e a c o m m u n ic a tio n from a p u b lic c o m m itte e in th e C ity o f Y p sila n ti, r eq u estin g an o p in io n as to w h eth er a proposed issu e o f u tility bon ds w ou ld com e w ith in th e c la ss o f in v e s tm e n ts p e r m itted to be m ad e b y sa v in g s ban k s organ ized under th e M ich ig a n B a n k in g L aw . T h e C ity o f Y p sila n ti h as r ec e n tly au th orized th e pu rch ase o f th e Y p sila n ti gas p la n t an d has au th o rized an issu e o f one hu ndred th r ity th o u sa n d dollars o f m o rt gage bon ds to p a y for th is p la n t, th e bon d s n o t bein g a lia b ility up on th e general cred it o f th e c ity b u t b ein g secured so lely b y a tr u st m o rtg a g e co v erin g th e p rop erty an d rev en u es o f th e gas p la n t, in c lu d in g a tw e n ty -y e a r fra n ch ise in ca se o f foreclosure. S ectio n 27 o f th e S ta te B a n k in g L aw prescribes th e class o f in v e s tm e n ts w h ich m a y b e m ad e b y sa v in g s b a n k s o f th e sa v in g s m o n ey on d ep o sit. T h ere are several classes w h ich are d escribed in su b -se ctio n s (a) to (i) o f th is sectio n . T h ere are tw o classes o f p u b lic bon ds: (a) B on d s o f th e U n ite d S ta tes, o f a n y S ta te or T erritory o f th e U n ite d S ta te s; (b) T h e p u b lic d e b t or bon d s o f a n y c ity , c o u n ty , to w n sh ip , v illa g e, or sch o o l d istrict o f a n y S ta te or T erritory in th e U n ite d S ta te s, w h ich sh all h a v e been au th o rized b y th e leg islatu re o f su ch S ta te or T erritory. T h e a c tio n o f th e C ity o f Y p sila n ti in p u rch a sin g th e gas p la n t from a p r iv a te corp oration w as e v id e n tly based up on th e perm issio n g iv e n in S ectio n 4 o f A ct 279 o f th e P u b lic A cts o f 1909, as am en d ed b y A ct 5 o f th e P u b lic A cts o f 1913. T h is sec tio n p rovid es in part as follow s: “ E a ch c ity m a y in its ch arter p rovid e: (b) F or b orrow ing m o n ey on th e cred it o f th e c ity in a su m n o t to exceed e ig h t per c en tu m o f th e a ssessed v a lu e o f all real a nd person al p rop erty in th e c ity * * * * w h en a c ity is au th o rized to acquire or op era te an y p u b lic u tility , it m a y for th e p u rp ose o f acquirin g th e sam e borrow m o n ey on th e cred it o f th e c ity in a su m n o t to exceed tw o per c en tu m o f th e assessed v a lu e o f all th e real a n d p erson al p ro p erty o f th e c ity , and th e c ity m a y also, for th e p u rp ose of acq u irin g su ch p u b lic u tility , issu e m o rtg a g e bon ds th erefor b e y o n d th e general lim it o f b on d ed in d eb te d n e ss prescribed b y law : P ro v id ed , T h a t su ch m o rtgage bon ds issu ed b e y o u n d th e g e n eral lim its o f b o n d ed in d eb te d n e ss prescribed b y la w sh all n o t im p o se a n y lia b ility u p on su ch c ity , b u t sh a ll b e secured o n ly u p o n th e p ro p erty a nd rev en u es o f su ch p u b lic u tility , in c lu d in g a fran ch ise s ta tin g th e term s u p o n w hich, in ca se o f foreclosure, th e purchaser m a y op erate th e sam e * * * A nd p ro v id ed further, T h a t th e charter sh all p rovid e for th e crea tio n o f a sin k in g fu n d b y s e ttin g a sid e su ch p ercen ta g e o f th e gross or n e t earn ings o f th e p u b lic u tility as m a y be deem ed su fficien t for th e p a y m en t o f th e m o rtg age bon d s a t m a tu r ity .” T h e q u estio n arising from you r in q u iry is, w h eth er bon ds o f th e c lass described and issu ed b y th e C ity o f Y p sila n ti co m e w ith in th e p r o v isio n s o f su b -se ctio n B o f S ectio n 27 o f th e B an k in g L aw a b o v e q u o ted . S ectio n 27 o f th e b a n k in g la w w as la st a m en d ed b y A ct 44 o f th e P u b lic A cts o f 1913 an d w a s th erefo re re-en a cted in its p resen t form su b seq u e n t to th e passage o f S ection 4 o f th e C ity H o m e R u le L aw and under th e ordinary rules o f s ta tu to r y c o n stru ctio n m u st th erefore b e d ee m e d to h a v e been en a c te d in v ie w o f th e p ro v isio n s o f th e C ity H o m e R u le L aw . T h e precise q u estio n under co n sid era tio n in v o lv e s th e d efin itio n o f th e term “in th e p u b lic d e b t or bon d s o f a n y c it y .” T h e ba n k in g la w does n o t a tte m p t to define th is term a n y m ore th a n is im p lie d in thp la n g u a g e u sed, a nd so far as I h a v e been able to discover, th e Suprem e C ourt o f th is S ta te h as n ever b een called u p o n to pass u p o n th e q u estio n . I t is also o n e o f first im p ression so far as th is d e p a rtm en t is concerned. T h e p u rp ose o f th e p ro v isio n s o f S ectio n 27 is to th ro w proper safegu ard s around th e in v e s t m e n t o f sa v in g s d ep o sits a n d lik e oth er sim ilar p ro v isio n s o f our b a n k in g law , and th e ban k in g law s o f oth er sta te s a n d o f th e U n ite d S ta tes, m u st b e str ic tly con stru ed to g iv e it its in ten d e d effect. In order th a t sa v in g s b a n k s m a y in v e s t in su ch d eb ts or b on ds, th e y m u st corresp ond to all o f th e req u irem en ts o f th e s ta tu te , th a t is, th e y m u st b e p u b lic d eb ts or bon d s an d m u st p ertain to th e c ity , c o u n ty , to w n sh ip , v illa g e or sch o o l d istr ic t as th e ca se m a y b e an d m u st h a v e b een a u th o rized b y th e L egislatu re. So far as th e particular bon d s un der con sid eration are concerned, I h a v e no h e sita tio n in sa y in g th a t th e y are, str ic tly sp eak in g, p u b lic b on ds, an d m a y b e a ssu m ed to h a v e b een au th o rized b y th e L eg islatu re o f th is S ta te, a t le a st for th e p u rp oses o f th is o p in io n . W h eth er or n o t th e y are th e bon d s o f th e C ity o f Y p sila n ti is, h o w ever, an o th er q u estio n . I t is tru e th ese bon ds are a u th o rized b y th e C ity o f Y p sila n ti an d th e y are to be p a id a nd red eem ed b y fu n d s b elo n g in g to th e C ity o f Y p sila n ti. T h e y are n o t, h o w ever, secured b y th e fa ith a n d cred it o f th e c ity as a w hole. I t is a g en eral rule o f la w th a t w here sp ecia l fu n d s are created for th e p a y m en t o f a particular class o f claim s, th o se fu n d s ca n n o t b e u sed for a n y o th er pu rp ose. P e o p le vs. B a y C ity , 36 M ich . 186; C laim s p a y a b le o u t o f a sp ecia l fu n d are u su a lly n o t p a y a b le o u t o f a n y oth er fu n d . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxiv STA TE B A N K IN G D E P A R T M E N T . a nd h en ce th e m u n ic ip a lity is n o t lia b le o u tsid e o f su ch fu n d . B rook s vs. San L uis O bispo, 109 C al. 50; D irecto rs C hicago P u b lic L ibrary v s. A rnold, 60 111. A pp. 328; W iek vs. W au san , 143 W is. 645; R h o d e Isla n d M . & T . C o m p a n y v s. Sp okane, 19 W ash. 616; L oudenslager vs. A tla n tic C ity , 80 N . J. L. 658. T h is b ein g th e la w in d ep en d e n t o f s ta tu te , w e m a y consider our ow n s ta tu te as n o t o n ly la y in g d o w n a rule already a d o p te d b u t as a b so lu tely con trollin g of th e prop osition . T h e se bon d s are n o t, th erefore, ch a rgeab le a g a in st th e C ity o f Y p sila n ti as a w hole. A gain, it w ill be n o ted th a t S ectio n 4 o f th e C ity H o m e R u le A c t m ak es a d istin ctio n b etw een bon d s issu ed on th e fa ith a nd cred it o f a c ity , a nd bon d s secured b y a p u b licly o w n ed u tility a nd th is d istin ctio n is n ot, as I u n d ersta n d it, d istu rb ed b y th e d ecision ren dered by our Suprem e C ourt in A tto r n e y G eneral v s. L in d sa y , 20 D . L. N . 1167, w here th is p rovision w as un der dis cu ssio n and in terp reted . I t th erefore fo llo w s th e p u b lic d e b t an d bon d s of a c ity are su b ject to a v e ry pro n o u n ced cla ssifica tio n to th e e x te n t th a t one cla ss is d esig n a te d as th e d eb t o f a c ity an d th e oth er class is reco g n ized as o f an o p p o site d escrip tion , a lth o u g h still a p u b lic d eb t. I h a v e been u n a b le to find a n y d ecisio n w h ich is e x a c tly in p o in t, In th is c o n n ectio n , h o w ever, th e ca se o f S m ith v s. Sm ith, 30 K y . 238, is o f in ter e st. In th a t case a su it w as b ro u g h t in ch a n cery for s e ttle m e n t b e tw e e n a gu ard ian a nd His w ards, th e q u estio n p r esen ted b ein g w h eth er th e gu ard ian sh o u ld be h eld resp o n sib le for a su m o f m o n ey receiv ed b y h im for th e w ards and b y h im in v e ste d in th e p u rchase o f shares in th e B an k of K e n tu ck y , w h ich sto c k h ad b ecom e g r ea tly d ep recia ted . U nder a rule th a t su ch m o n ey s c ou ld o n ly be in v e s te d in p u b lic fu n d s, an d h o ld in g th e guardian lia b le in ca se o f io ss w here o th er in v e s tm e n ts w ere m ad e, it w as h eld b y th e C o u rt as follow s: “ W e are o f th e o p in io n th a t th e d e fen d a n t (guardian) sh ou ld b e charged w ith th e fu ll a m o u n t o f th e fu n d in v e s te d b y h im in b a n k sto ck , w h eth er his lia b ility be te s te d b y co m m o n or sta tu to r y law . W e ca n n o t consider sto c k in th e ban k o f K en tu ck y' as ‘p u b lic fu n d s,’ or in oth er w ords g o v e rn m e n t sto c k , d ep en d in g for its cred it a nd sec u r ity on th e fa ith , s o lv en cy and s ta b ility of th e G o v e r n m e n t.” T h e B a n k o f K e n tu ck y w as, h ow ever, a G o v ern m en t b an k (B riscoe vs. T h e B a n k o f T h e C o m m o n w ea lth o f K e n tu ck y , 11 P e t. 2 5 7 ), b u t in a sm u ch th e fa ith and cred it o f th e S ta te of K e n tu ck y w as n o t p led g ed as secu rity for th e b a n k sto ck , th e sto c k w as n o t con sid ered “ p u b lic fu n d s.” So in th e presen t ca se I a m im p ressed th a t w h ile th e p roposed b on d issu e is to m e e t a pu blic ex p en d itu re, an d is au th o rized b y th e C ity o f Y p sila n ti, th e bon ds are n o t “ bon d s of th e C ity o f Y p s ila n ti” w ith in th e m ea n in g o f th e b a n k in g law . T h e ob jec t of S ection 27 o f th e b an k in g la w is to p ro v id e th e h ig h est k in d o f sec u r ity , b u t th e C ity o f Y p sila n ti h as n o t p ro v id ed th e h ig h est k in d o f secu rity . On th e con tra ry it h as ex p ressly refu sed to p led ge its fa ith an d credit as a c ity to m eet th e bon d issu e a nd h as pled ged o n ly a particular p rop erty b elon gin g to th e c ity . I a m th erefore o f th e op in io n th a t th e se bon d s do n o t m eet th e req u irem en ts o f th e s ec tio n of th e b a n k in g la w a b o v e q u o ted . R e sp e c tfu lly yours, G rant F ellow s , A t t o r n e y G e n e r a l. E X E C U T O R OF A N E S T A T E C A N N O T BE DI R E C T O R OF S T A T E B A N K S I N T HA T R E P R E S E N T A T I V E CAPA CIT Y. (52) J an u ary 4, 1915. H on. E . H . D o y le , C om m ission er o f S ta te B a n k in g D e p a r tm e n t, C ap itol: D ea r Sir— Y our co m m u n ic a tio n o f th e 3 1 st u lt, rec e iv e d as follow s: “ A n ex ecu to r o f an e sta te desires to b eco m e d irector in a s ta te b an k w here th e d eceased h eld a large b lo ck o f th e sto ck , th e e x ecu to r as director w ish in g to h old sto c k o f th e ban k in his rep r e se n ta tiv e c a p a c ity rather th a n as an in d iv id u a l. T h e D e p a r tm e n t h as a lw a y s ta k e n th e p o sitio n th a t a director, to m e e t th e p ro v isio n s of S ectio n 12 o f th e law , m u st o w n th e sto c k in d iv id u a lly . W e w ou ld ap p reciate you r op in ion in th e m a tter, a nd c itin g th e fo llo w in g a u th o r itie s h an d ed u s b y th e e xecu tor in su p p ort of his c o n te n tio n th a t h e c o u ld q u a lify in his rep re sen ta tiv e c a p a c ity as a director. 21 E . G. L. 838. 15 L. R . A . 665. 2 C ook Cors. 623, p age 1889. 4 N . Y . Sup. 174. 101 K y . 570. 42 C onn. 560. W ill y o u k in d ly le t us hear fro m y o u in re. th e a b o v e a t you r earliest o p p o r tu n ity ? ” In rep ly th er e to w o u ld sa y th a t th e q u a lifica tion s o f directors are fixed b y S e c tio n 12 of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RErORT OF THE COMMISSIONER. IXXV th e G eneral B a n k in g L aw s o f th e S ta te. A m o n g o th ers, th e fo llo w in g q u alification is pre scribed, “ E v er y d irector m u st o w n a nd h o ld in his o w n n am e n o t less th a n te n shares o f th e c a p ita l sto c k o f su ch b a n k .” I h a v e ca refu lly e x a m in ed th e c ita tio n s y o u h a v e referred to an d a m o f th e op in ion th a t th e rules th ere la id dow n, w h ile a p p lica b le to general corp oration s, are n o t con tro llin g as to b an k s organ ized u n der th e M ich ig a n B a n k A ct, w here person al resp o n sib ility , b ased u p on b en eficia l ow nership o f sto c k , is p la in ly c o n te m p la te d as a q u alification for directorship. T h is p o sitio n h as h ereto fo re b een a ssu m ed b y th is D e p a r tm e n t and I see no reason for n o t adh ering to th e sam e. I a m clea rly o f th e o p in io n th a t an ex ecu to r o f an e sta te , w h ose o n ly in te r e st in a ban k r esu lts from su ch office, w ou ld n o t bo qualified to be a d irector o f a S ta te B ank. R e sp e c tfu lly yours, G rant F ellow s , A t t o r n e y G e n e r a l. BANKS CANNOT L E G AL L Y S E L L STEAMSHIP T IC K ET S . (53) A pril 12, 1915. H on. F ra n k W . M errick, C om m ission er o f B a n k in g D e p a r tm e n t, C ap itol: D ea r Sir-— I h a v e yo u r co m m u n ic a tio n o f th e 7 th in st. as follow s: “We are in receipt of several letters from a state bank desiring to be informed whether or not it can legally transact the business of selling steamship tickets. T h is b a n k is lo c a te d in a c o m m u n ity th ic k ly p o p u la te d b y foreigners, and cou ld tr a n sa c t m ore or le ss b u sin ess in th e d irectio n o f a c tin g as a g e n t for th e v ariou s o c ea n ste a m sh ip c o m p a n ies.” In rep ly th er e to w ou ld s a y th a t th e general pow ers o f ban ks in corp orated under th e M ic h ig a n B a n k A ct are p rescribed in S ectio n 4. A tte n tio n is p articu larly d irected to th e se v e n th su b d iv isio n o f th is sectio n , read in g as fo llo w s: “ T o ex ercise b y its board o f directors or d u ly au th o rized officers or ag en ts, su b je c t to law , all su ch pow er as sh all be n ecessa ry to carry o n th e b u sin ess o f b an k in g b y d isco u n tin g and n e g o tia tin g pro m isso ry n o tes, drafts, bills o f ex ch a n g e, a n d oth er e v id e n c e s o f d e b ts, b y receivin g d e p o sits, b y b u y in g a nd sellin g e x ch a n g e co in a nd b u llion , an d b y lo a n in g m o n ey on person al and real sec u r ity as p ro v id ed h e r ein a fte r .” T h e se are th e u su a l pow ers g ra n ted to b a n k s in carryin g on a b an k in g b u sin ess. I t is a general rule, la id d o w n b y all a u th o rities, th a t th e charter o f a ban k d eterm in es th e lim it o f its pow ers, a nd th a t it ca n exercise no pow ers ex ce p tin g th o se e xp ressly conferred b y s ta tu te , or n e c essa rily im p lied an d in c id en ta l to gen eral ba n k in g pow ers. M ich ie, S ection 87, page 647. I am o f th e o p in io n th erefo re th a t th e b u sin ess o f sellin g ste a m sh ip tic k e ts b y a b an k in th is S ta te w o u ld be u ltra vires an d th erefo re u n a u th o rized . R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. STOCKHOLDERS MU ST BE PRESENT OR REPRESENTED BY PROXY AT (54) ANNUAL MEETING. A pril 21, 1915. H on. F rank W . M errick, S ta te B a n k in g C om m issioner, C apitol: D ea r Sir— Y o u r c o m m u n ic a tio n o f th e 1 3 th in st. received , en closin g a form o f n o tice o f a m e e tin g o f sto ck h o ld ers o f a S ta te b a n k w h ich c o n ta in s also a form o f b a llo t u p o n w h ich sto c k holders m a y express th eir p reference as to th e directors to be c h osen a t su ch m eetin g . T h is form o f b a llo t is as follow s: “ B elo w y o u w ill find a list o f th e sto ck h o ld ers e lig ib le to D irectorsh ip : ( ( ( ( ( ) ) ) ) ) ................................. ................................. ................................. ............................... ................................. ( ( ( ( ( ) ) ) ) ) ............................... < > ................................ ............................... ( > ................................ ............................... ( > ................................ ............................... ( ) ................................ ............................... < > ................................ T h e p resen t D irecto rs a r e ............................................................................................................................................... If you cannot be present please make a cross opposite the names of any five that you would https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxvi ST A T E B A N K IN G D E P A R T M E N T . lik e to h a v e a c t as D irecto rs for th e en su in g yea r a n d sen d or bring to th is B a n k on or before th e a b o v e m en tio n ed d a te, J a n u a r y ......................................................................... 1 9 1 . . . . Y o u are e n title d to v o t e ........................... „ .. shares. ( S ig n e d ) ................................................................................ ” Y o u desire to k n ow w h eth er or n o t su ch a b a llo t w ou ld be legal. In r ep ly th er e to w ou ld sa y th a t it does n o t app ear from you r le tte r or from th e n o tic e th a t th e so -ca lled b a llo t is u sed for an y o th er p u rp ose th a n ob ta in in g an exp ression o f op in ion from sto ck h o ld ers w ho ca n n o t a tte n d th e a n n u a l m eetin g . I f th is b a llo t is u sed for no oth er purpose, I c a n n o t see h o w a n y p o ssib le h arm or w rong co u ld r esu lt from its use. On th e o th er h a n d if th is b a llo t is u sed for th e p u rp ose o f a c tu a lly e le ctin g directors, and as m arked b y an a b se n t sto ck h o ld er is c a st in th e b a llo t box o f th e m e e tin g alon g w ith th e b a llo ts o f sto ck h o ld ers w ho are p resen t, I a m clea rly o f th e o p in ion th a t su ch b a llo t is in v a lid . I k n ow o f no prin cip le o f co rp o ra tio n la w w h ich w o u ld perm it th e e le ctio n o f directors in a n y oth er m anner th a n a t a m eetin g la w fu lly ca lled a nd d u ly assem b led . C ook on C orporations, 7 th E d itio n , S ectio n s 588, 595, 596, 604, 605 a nd 610. I t is p ossib le th a t u n der a proper ch arter pro v isio n a nd b y -la w s e n a c te d un der th e a u th o r ity th ereof, or b y s ta tu to r y p rovision s, su ch a m eth o d o f ele ctin g directors c o u ld be leg a lized , b u t I a m o f th e op in ion th a t u n der our presen t ba n k in g law a sto ck h o ld er m u st b e eith er p erso n a lly presen t or presen t b y proxy b efore his b a llo t ca n be c a st in th e e le ctio n o f directors. R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , Attorney General. S TA TE B A N K C A N N O T BEC OM E S U R E T Y OF P U B L I C O FF IC E R. (55) A pril 27, 1915. H o n . F ra n k W . M errick, C om m ission er o f B a n k in g , L an sin g, M ich igan : D ea r Sir— Y our co m m u n ic a tio n o f th e 22 n d in s ta n t rec e iv e d as follow s: “ R e ce n tly th e directors o f a s ta te b an k p a ssed a reso lu tio n au th orizin g th e b an k to assu m e all lia b ilitie s o f certa in directors w ho w ere su reties on bon d s o f c ity treasu rer. C an a sta te ban k a ssu m e a n y su ch lia b ility b y v o te o f directors or b y u n an im ou s v o te o f stockhold ers? W e w ill a p p reciate y o u r o p in io n in th is regard? In r ep ly th er e to w o u ld sa y th a t b a n k s are a u th o rized to g iv e b on d s to secu re c ity m o n ey s d ep o site d w ith th e m in certa in ca ses, as for in sta n ce , under S ectio n 3033 o f th e C om p iled L aw s o f 1897, as a m en d ed b y A c t 156 o f th e P u b lic A cts o f 1901, an d un d er th e p rovision s o f som e o f th e H o m e R u le charters an d le g is la tiv e charters. T his, h ow ever, m u st n o t b e con fu sed w ith th e b o n d g iv e n b y th e c ity treasurer w h en h e qu alifies for his office. I do n o t k n o w o f a n y s ta tu te a u th o rizin g a b a n k organ ized u n der th e M ic h ig a n B a n k in g L aw to b eco m e su r ety u p o n th e bon d o f a n y p u b lic officer. In th e a b sen ce o f an express s ta tu te u p on th e su b ject, I a m clea rly o f th e o p in io n th a t a s ta te ban k ca n n o t le n d its cred it in th is w a y or en ter u p o n a n y su ch o b lig a tio n , eith er w ith or w ith o u t con sid eration . A b an k can len d its cred it an d a ssu m e th e o b lig a tio n s o f th ird p a rties o n ly in cases w here th e b an k is d ir e c tly in ter e sted an d in th e ordinary course o f ban k in g. M ich ie on B a n k s a nd B a n k in g , p a g e 681. T h o m a s v . C ity N a tio n a l B a n k , 24 L. R . A. 263 (N e b .). F irst N a tio n a l B a n k v . A m . N a tio n a l B a n k , 173 M o. 153. B o w en v . N e ed les N a tio n a l B a n k , 94 F ed eral R ep. 925. T h ilm a n y v . Io w a P ap er B a g C o., 79 N . W . 68. M in e S u p p ly C o. v . S to ck G row ers B a n k , 173 F ed eral 859. I f th e b a n k c a n n o t b eco m e th e d irect su rety u p o n a c ity treasu rer’s bon d, it c a n n o t a ssu m e th e lia b ilitie s o f directors w ho h a v e b eco m e su reties. N e ith e r th e d irectors nor th e stock h old ers h a v e th e pow er to b in d th e ban k for th is p u rp ose an d I am , th erefore, o f th e op in ion th a t your q u estio n sh o u ld be a n sw ered in th e n e g a tiv e . R e sp e c tfu lly yours, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G rant F ellow s, Attorney Gener, . lxxvii R E P O R T OF T H E CO M M ISSIO N ER. G E N E R A L B A N K I N G L A W NO T A F F E C T E D BY ACT TO M A K E U N I F O R M L A W OF T R A N S F E R OF STOCK. (56) L an sin g, J u n e 4, 1915. H on . A lb ert E . M a n n in g , D e p u ty B a n k in g C om m issioner, L an sin g, M ich igan : D ea r Sir— Y o u r le tte r o f th e first in s ta n t receiv ed , c o n ta in in g th e follow in g in q u iry: “ I ca ll y o u r a tte n tio n to A c t 106, P u b lic A cts o f 1913, and w ou ld a p p recia te you r op in ion as to w h eth er or n o t th is in a n y w a y sup ersed es th e p r o v ision s o f th e b an k in g la w w ith reference to th e s ta tu to r y lie n u p o n ban k sto c k as p ro v id ed in S ectio n 9. W e h a v e r ec e n tly h ad several in q u iries as to w h eth er or n o t said A ct N o . 106 r ela te d to th e sto c k o f s ta te b an k s, an d w ill a p p recia te y o u r o p in io n in regard th e r e to .” In r ep ly w o u ld sa y th a t th e A ct to w h ich y o u refer is e n title d “ A n A c t to m ak e u n iform th e law o f tran sfer o f shares o f sto c k in c o rp o ra tio n s.” T h e e v id e n t pu rp oses o f th is A c t as exp ressed in its tit le a n d in th e v a rio u s p ro v isio n s m a d e w ith r esp ect to th e m eth o d s o f transferrin g stock , is to a d o p t a u n ifo rm s e t o f rules, m o st o f w h ich are a lread y recogn ized as se ttle d corp oration law . W ith regard to the" q u estio n as to w h eth er th is A c t is a p p lica b le to shares o f sto c k in b an k s, I a m in c lin ed to th e o p in io n th a t in sofar as b a n k shares m a y b e tr e a te d as tran sferab le p erson al p rop erty , th e A c t w o u ld a p p ly to th e m as w ell as to th e shares o f oth er corp oration s. Insofar, h ow ev er, as th is a c t m a y b e in co n flict w ith express p r o v ision s o f th e general b an k in g la w o f th e S ta te as to th e m eth o d s o f transferrin g b a n k shares a n d th e lien on th e sam e c re a te d b y a n y p r ov isio n o f th e b a n k in g a c t, q u ite a different q u estio n is p resen ted . B a n k s, as corp oration s, are co n tro lled a nd reg u la te d b y th e gen eral b a n k in g law o f th is State. T o th a t e x te n t th e y are sep a ra te a n d d istin ct corp oration s. S ectio n 9 o f A rticle 12 o f th e C on s titu tio n provides: “ N o g en eral la w p r o v id in g for th e in co rp o ra tio n o f tr u st c om p an ies or corp oration s for b an k in g pu rp oses, or reg u la tin g th e b u sin ess th ereo f, sh a ll b e a d o p ted , am en d ed or rep ealed e x ce p t b y a v o te o f tw o -th ir d s o f th e m em b ers e le cted to ea ch h o u se o f th e le g is la t u r e ....................................... ” A s p a r tia lly in su rin g th e str ict o b serv a n ce o f th is C o n stitu tio n a l p rovision , th e le gislatu re h as a d o p te d rules as follow s: R u le N o . 27. “ T h e q u estio n on th e final p a ssa g e o f all bills, w h ich b y th e C o n stitu tio n , require th e a sse n t o f tw o -th ir d s o f th e sen a to rs-elect, sh all b e ta k e n b y y e a s an d n a y s, and en tered o n th e jou rn al, an d u n less tw o -th ird s o f all th e m em b ers-elect v o te in th e affirm ative, th e b ill sh a ll b e declared lo st. A nd, w h en ev er, su ch b ill shall rec e iv e su ch a sse n t o f tw o -th ir d s as aforesaid , th e fa c t th er e o f sh a ll b e certified u p o n sa id b ill.” H o u se R u le N o . 64. “ N o b ill a p p ro p ria tin g th e p u b lic m o n ey or p rop erty for lo c a l or p r iv a te pu rp oses, or p r o v id in g for th e in co rp o ra tio n o f tr u st co m p an ies, or corp oration s for b an k in g p u rp oses, or reg u la tin g th e b u sin ess th ereof, or a m en d in g or rep ealin g a n y la w p r ovid in g for su ch in co rp o ra tio n or r eg u la tio n sh a ll b e p a ssed u n less tw o -th ir d s o f th e m em b ers e le cted to th e H ou se sh a ll h a v e v o te d in fa v o r o f th e p a ssa g e th e r e o f.” T h e le g is la tiv e h isto r y o f A c t 106 o f th e P u b lic A c ts o f 1913 is c o n ta in ed on p age 96 o f th e “ In d ex a nd H is to r y ” o f S en a te B ills, th is A ct bein g S en a te B ill N o . 28. T h e bill w as in tro d u ced Jan u a ry 13, 1913, b y S enator S m ith , an d w as on th e sa m e d a y referred to th e C o m m itte e on B an k s a nd C orporations. I t w as p a ssed on th ird rea d in g in th e S en a te M arch 18th, 1913, and th e jou rn al e n tr y is as follow s: “ S en a te B ill N o . 28 (file N o . 3 0 ), e n title d “ A b ill to m ak e u n iform th e la w o f tran sfer of shares o f sto c k in co rp o ra tio n s;” w as read a th ird tim e a nd p assed , a m a jo rity o f th e S en atorse le c t v o tin g th erefo r b y y e a s a nd n a y s, as follow s: N ays Y ea s N a m e s o f S en ators (2) N a m e s o f S en ators (26) T h e title o f th e B ill w as agreed t o .” I refer to th e le g is la tiv e h isto r y as m erely sh o w in g th a t th e b ill w as n o t e v id e n tly regarded in th e S en a te, w here it w as in tro d u ced , as an a m e n d m e n t to th e b a n k in g law s, in a sm u ch as th e S en a te rules a p p lica b le to su ch bills w ere n o t o b serv ed in th e p a ssa g e o f th is m easure. Of course, it is n o t a d irect a m en d m en t to a n y la w an d o n ly rep eals or a m en d s oth er law s b y im p li ca tio n . R ep ea ls b y im p lic a tio n are n o t fa vored , a nd I do n o t th in k th e p rovision s o f th is A ct w ere in ten d e d to rep eal or m o d ify th e express p ro v isio n s o f th e gen eral b a n k in g la w . In v ie w o f th e se fa c ts an d princip les, I h a v e no h e sita tio n in a d v isin g y o u th a t n o p ro v isio n o f th e general b a n k in g la w is affected b y th e A c t un der con sid eration . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very respectfully, G rant F ello w s, Attorney General. lx x v iii STA TE B A N K IN G D E P A R T M E N T . v e n d o r ’s l i e n (57) notes not per m issible as sa v in g s in v e s t m e n t s . L ansing, J u ly 6, 1915. H o n o ra b le F ra n k W . M errick, C o m m issio n er o f th e B a n k in g D e p a r tm e n t, L ansing, M ich igan : D ea r Sir— I h a v e b efore m e yo u r c o m m u n ic a tio n o f th e 3 0 th u lt., in w h ich y o u req u est m y v ie w s as to th e c o n stru ctio n to b e p la ced u p o n certain p rovision s fo u n d in S ection 27 of th e gen eral b a n k in g law . A s I u n d ersta n d th e situ a tio n , a certain sa v in g s b an k in th is s ta te desires to in v e s t a certa in a m o u n t o f its d ep o sits in so-called “ ve n d o r ’s lien n o te s ” e x ecu ted in th e S ta te o f T ex a s, a nd b y th e term s o f w h ich a lien is created u p on real e sta te . T h e q u estion p resen ted is a s to w h eth er or n o t su ch in v e s tm e n t m a y b e m ad e un der th e law . In so fa r as it is m a teria l to th e d e te r m in a tio n o f th is q u estio n , th e sec tio n o f th e s ta tu te a b o v e referred to p rovid es: “ A sa v in g s b a n k sh a ll k eep on h a n d a t le a st fifteen per c en t o f its to ta l d ep o sits, o n e-th ird o f w h ich reserv e sh a ll be in la w fu l m o n ey in its ow n v a u lts, and th e b a la n ce on d e p o sit p a y a b le on d em an d , w ith b a n k s, n a tio n a l or s ta te , in c itie s ap p roved b y th e C om m issioners as reserve c itie s, or in v e s te d in U n ited S ta te s b on d s; th ree-fifth s o f th e rem ainder o f th e sa v in g s d e p o sits sh all b e in v e s te d b y th e board o f directors as fo llo w s: ................................................................ (h) Said ban k s m a y lo a n th e sa m e u p o n n e g o tia b le paper, or oth er e v id en ces o f in d e b te d n ess secured b y a n y o f th e a b o v e m en tio n e d cla sses o f s e c u r ity ; or (i) U p o n n o tes or bon d s secured b y m o rtg a g e lien u p o n u n en cu m b ered real e sta te w orth a t lea st d o u b le th e am o u n t lo a n e d ....................... ” T h e answ er to th e q u estio n u p o n w h ich y o u h a v e r eq u ested m y v ie w s m u st d ep en d up on th e c o n str u c tio n to be g iv e n to th e ex p ressio n “ m o rtgage lie n ” as used. I t app ears from th e corresp on d en ce s u b m itte d w ith you r in q u ir y th a t th e la n d u p on w h ich th e lien s ta te d in th e n o tes e x ists has been sold a t prices ranging from $25 to $35 per acre. O ne-third o f th e pu rchase price has b een p a id in ca sh an d th e rem ainder in th e n o tes referred to . Said n o tes w ere issu ed in series, th e o b lig a tio n s in ea ch series m a tu rin g a t different tim es, va r y in g from on e to four y ears. T h e d eed o f th e p ro p erty refers ex p ressly to th e v e n d o r ’s lien crea ted b y v ir tu e o f th e cla u se in th e n o tes. T h is deed has, it is s ta te d , b een recorded. A lth o u g h it is n o t e x p ressly so s ta te d , I, infer th a t th e in v e s tm e n t is so u g h t to b e m ad e o u t o f th e 51 % o f d e p o sits th a t m a y b e lo a n ed u p on n e g o tia b le pap er or oth er ev id e n c e s o f in d e b te d ness secu red b y m o rtg a g e lien u p o n u n en cu m b ered real p rop erty. T h e req u irem en t th a t such p ro p erty b e u n en cu m b ered n ecessa rily im p lie s th a t th ere sh all be no oth er lien th ereon prior to , or eq u a l in rank to , th e m o rtg a g e b y w h ich th e o b lig a tio n s ta k en b y th e ban k are secured. If, th erefore, a sa v in g s ban k w ere to b e p e r m itted un der a n y circu m stan ces to in v e s t m o n ey s o u t o f th e fu n d in q u estio n in v e n d o r ’s lion n o tes, all o f su ch n o tes o u tsta n d in g a g a in st a par ticu la r d escrip tio n m u st n ecessa rily be ta k en . O th erw ise, if a nu m ber o f su ch n o tes w ere o w n ed b y o th ers, th e o b jec tio n w o u ld b e en co u n tered th a t th e p rop erty w as n o t u n en cu m b ered b ecau se th ere w o u ld ex ist th ereo n a lien eq u al in rank to th a t held b y th e sa v in g s ban k. Q uite p o ssib ly , h o w ev er, in th e ca se to w h ich y o u refer, it is desired to b u y all o f su ch o u t sta n d in g n o tes so th a t th e o b jectio n a b o v e su g g e ste d w ou ld be a v o id ed . T h is brings us to a co n sid era tio n o f th e p rincip al p o in t a t issu e; th a t is, w h eth er or n o t th e lien created b y th ese n o tes ca n b e sa id to be a “ m o rtg a g e lie n ” w ith in th e m ean in g o f th e M ich ig a n s ta tu t e here in v o lv e d . T h e so -ca lled “ ven d or's lie n ” is e x p ressly recogn ized b y s ta tu te in th e S ta te o f T exas. T h e p ro v isio n s w ith reference th ereto are an a lo g o u s in m a n y resp ects to th e e n a c tm e n ts of th e le g isla tu re a ffectin g m o rtg a g es u p on real p ro p erty . T h e d ecision s o f th e cou rt a t la st resort o f T ex a s, co n stru in g th e se le g is la tiv e e n a c tm e n ts and in v o lv in g th e n a tu re an d n ecessary in c id en ts p erta in in g to th e v e n d o r ’s lien, proceed u p o n th e th e o r y th a t su ch h en is an alogou s to th e h en th a t e x ists b y v ir tu e o f a m o rtg a g e or d eed o f tr u st. I t is sign ifican t to n o te, how ever, th a t th e s ta tu t e d o es n o t tr e a t th e v e n d o r ’s lien in c o n n e c tio n w ith m ortg a g e lien s, nor does it d eclare th a t su ch lien s sh a ll be regarded as id e n tic a l an d su b je c t in all resp e c ts to th e sam e co n sid era tio n s. L ik ew ise, th e d ecisio n s o f th e courts, w h ile recogn izin g th e a n a lo g y do n o t go to th e e x te n t o f d eclarin g th a t for all p ra ctica l pu rp oses, th e v e n d o r ’s lien an d th e m o rtg a g e lien are id e n tic a l. T h e c o m p a r a tiv e ly recen t ca se o f B u sch v. B rou n, 152 S. W . 683, m a y be c ite d as su g g estin g th e a ttitu d e o f th e Suprem e C ourt o f T exas. I t w as th ere h eld th a t an assig n m en t o f a v e n d o r ’s lien n o te sh o u ld be reg istered u p o n th e g round th a t, un d er th e term s o f th e s ta tu te a n d prior d ecisio n s o f th e courts, an a ssig n m e n t o f a m ortgage m u st b e recorded, in order to p r o te c t th e r ig h ts o f th e a ssig n ee as a g a in st th ird p a rties an d th a t th e a ssig n m e n t o f a v e n d o r ’s lien n o te w as su b je c t to sim ilar c o n sid era tio n s b eca u se su ch n o te c o n v e y e d “ th e sam e character o f lie n .” I t is o b v io u s fro m th e read ing o f th is o p in io n o f th e cou rt th a t in th e u se o f th e w ords q u o te d it w as m e a n t to im p ly th a t th e n o te lik e th e m ortgage crea ted a lien u p on th e la n d w ith in th e m ea n in g o f th e la w s rela tin g to reg istra tio n o f in str u m en ts a ffectin g th e title to land . I t w as n o t in d ic a te d th a t in th e o p in io n o f th e cou rt th e sam e lien w as crea ted b y th e n o tes a is crea ted b y a m o rtgage. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E CO M M ISSIONER. lx x ix I t is a lso o f in te r e st to n o te in th is c o n n e c tio n th a t th e s ta tu te s o f th e S ta te o f T ex a s relatin g to certa in m u tu a l in su ra n ce c o m p a n ies perm it th e in v e s tm e n t o f th e fu n d s o f su ch c om p an ies in n a tio n a l, s ta te , c o u n ty an d c ity b on ds, an d also in first m ortgages u p on real e sta te , su b ject to th e restrictio n th a t th e a m o u n t secured b y su ch m ortgages sh ou ld n o t exceed 50 % o f th e v a lu e o f th e land . P erm ission is n o t g iv e n to such c o m p an ies to in v e s t in v e n d o r ’s lien n o tes. H a d it been th e in te n tio n to gran t such perm ission , it m ay, I b elieve, b e assu m ed th a t th e term s o f th e s ta tu te w ou ld h a v e been so expressed . T h is in feren ce w ou ld seem to b e fu lly w arran ted b eca u se o f th e v a rio u s s ta u to r y p ro v isio n s b y w h ich m ortgages and ven d or s lien n o tes are reco g n ized as sep a ra te and d istin ct u n d erta k in g s, a lth o u g h an alogou s in m an y resp ects, an d of th e sa m e character in th a t ea ch creates a lien on real property. A s I v ie w th e m a tter th e reasons th a t m a y h a v e p rom p ted th e leg isla tu re o f T ex a s in n o t in clu d in g v e n d o r ’s lien n o tes in th e lis t o f secu rities in w h ich m u tu a l in su ran ce co m p a n ies m igh t in v e s t are n o t d ifficult to a scertain . A s su g g e ste d b y th e corresp on d en ce su b m itte d b y y o u , m a n y su ch n o tes m a y be issu ed , each im p o sin g a lien up on th e sam e p rop erty. If, as is u su a lly th e case, th e se n o tes are held b y different parties, it follow s n ecessarily th a t no on e o f such holders has w h a t m a y be term ed a prior lien . R ath er, all o f su ch lien s are o f e q u al rank. I t sh o u ld be n o ted also in th is c o n n e c tio n th a t ea ch o f such n o tes im p o se s a lien, w h ile in th e e v e n t th a t a m o rtg a g e is ex ecu ted , securing an in d eb te d n e ss, th ere is, o f course, b u t th e on e lien, e v en th o u g h su ch in d eb te d n e ss m a y b e e v id en ced by a nu m ber o f n o tes, b on ds, or oth er ob ligation s. I t w as u n q u e stio n a b ly th e v ie w o f th e T ex a s leg isla tu re th a t first m ortgages w ere preferable to v e n d o r ’s lien n o tes. U n d o u b te d ly reasons o f pu blic p o licy w ere deem ed to e x ist th a t w arran ted th e a p p a ren t discrim in a tio n . I a m im p ressed th a t sim ilar reasons o f p u b lic p o licy o b ta in in th e con str u c tio n o f th e pro v isio n o f th e M ich ig a n s ta tu te th a t is here in v o lv ed . A read ing o f S ection 27 is sufficien t to in d ic a te c o n c lu siv e ly th a t th e leg isla tu re deem ed it w ise to carefu lly safeguard th e in v e s tm e n t o f th e fu n d s o f sa v in g s ban ks. I ch a llen g e your a tte n tio n sp ecifically to su b d iv isio n s (e), (f), and (g) th ereof. I t w as clearly in ten d e d th a t ev er y p recau tion sh ou ld b e ob served in order to p r e v en t e v en a p o ssib ility o f loss. U n d o u b te d ly th e h isto r y o f b an k in g, as c o n d u cted prior to th e p a ssa g e o f su p erv iso ry an d r eg u la to ry sta tu te s , exp lain s in large m easure th e extrem e care w ith w h ich th is a ct w as draw n. In p er m ittin g in v e s tm e n ts in n o tes or bon d s secured by m o rtg a g e, it w as p rovid ed , in acco rd a n ce w ith th e general spirit o f th is act, n o t on ly th a t th e real e sta te m u st be u n en cu m b ered , b u t th a t it m u st b e w orth a t le a st d ou b le th e a m o u n t loaned. I t occu rs to m e th a t th is la st p ro v isio n m ig h t op era te to p r e v en t in v e s tm e n t in th e sp ecific n o tes referred to in you r co m m u n ica tio n , for it app ears th a t such n o tes w ere giv e n for tw o -th ird s of th e pu rch ase price o f th e lan d . A ssu m in g th a t su ch price m a y b e ta k en to in d ic a te th e a ctu a l v a lu e o f th e land , it is p a te n t th a t th e lien s crea ted b y su ch n o tes exceed in th e aggregate oneh a lf th e v a lu e o f th e p ro p erty . If, th erefore, all o f th e n otes o u tsta n d in g a g a in st a n y p articular d escrip tio n w ere acquired b y th e ban k to w h ich y o u refer, th ere m ig h t s till be in v o lv e d th e q u estio n as to w h eth er or n o t su ch in v e s tm e n t is in co n tr a v e n tio n o f th is clau se. H ow ever, I regard th is fea tu re as o f m inor im p o rta n ce un less it is so u g h t to pu rch ase n o tes secured b y a tr u st m o rtgage, to w h ich m ore sp ecific reference w ill h ereafter b e m ade. T h e sig n ifica n t fea tu re o f th e cla u se to w h ich a tte n tio n h as b een d irected lies in th e fa c t th a t th e le g isla tu re has seen fit to refer o n ly to m o rtg age lien s rather th a n to h en s gen erally th a t m a y co v er real p ro p erty . H a d it b een th e in te n tio n to in c lu d e lien s oth er th a n th o se ex istin g b y v ir tu e o f a m o rtgage, w ith in th e p u rv iew o f th e a ct, it is, I b eliev e, fair to assu m e th a t th is particular cla u se w o u ld h a v e b een en a c te d a ccord in gly. I am str o n g ly im p ressed th a t th e in te n tio n o f th e leg isla tu re c a n n o t b e carried o u t u n less th e restrictio n s im p o se d are ca refu lly o b serv ed in acco rd a n ce w ith th e le tte r o f th e law . P recisely th e sam e reasons o f pu blic p o licy th a t p ro m p ted th e in c lu sio n o f th ese p ro v isio n s in S ectio n 27, require th a t in con stru in g th e sam e, th ere sh a ll b e n o ex ce p tio n p e r m itted a nd no p ractice allow ed th a t w ill op en th e door to a m o d ifica tio n o f th e req u irem en ts d eem ed to be n ecessary to safegu ard th e rig h ts and in ter e sts o f th e d ep o sito rs in sa v in g s b an ks. In accord an ce w ith th ese su g g estio n s, I a m co n stra in ed to th e o p in io n th a t th e sa v in g s b a n k to w h ich y o u refer m a y n o t properly in v e s t in v e n d o r ’s h en n o tes co v erin g p roperty in th e S ta te o f T ex a s on th e th eo r y th a t th e lien crea ted by such n otes is a “ m o rtg a g e lie n ” w ith in th e m eanin g o f S ectio n 27 o f th e general b an k in g law . T h is, I b eliev e, co v ers y o u r first q u estio n . ' ^ , , W ith reference to y o u r seco n d in q u ir y as to w h eth er or n o t a lo a n secured b y tr u st deed on r ea lty in th e S ta te o f T ex a s m a y b e m a d e th e su b ject o f an in v e s tm e n t m ad e b y a sa v in g s ban k o u t o f its d ep o sits, it w ou ld seem th a t no fea sib le o b jec tio n m a y b e m ad e th ereto . T h is so-called “ deed o f tr u s t,” a c o p y o f w h ich is su b m itte d , is to all in te n ts an d p u rp oses a m ortgage and in c o n seq u en ce th e lien crea ted th er e b y m a y fa irly b e said to b e “ m ortgage h e n .” In m ak ing in v e s tm e n t in o b lig a tio n s secured by su ch h en , it m u st b e born e in m in d th a t th e aggregate o f su ch o b lig a tio n m a y n o t ex ceed o n e-h a lf th e v a lu e of th e p rop erty and th a t su ch lien m u st be prior in character to all o th er lien s o u tsta n d in g . T h e fa c t th a t it is deem ed n ecessary to ex ec u te th is in str u m en t in certa in cases m a y in its e lf be ta k e n as an in d ic a tio n th a t th e so-called v e n d o r ’s lien n o tes are n o t as a m p le secu rity as is th e lien created b y a m ortgage or deed of tru st. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lx x x STA TE B A N K IN G D E P A R T M E N T . In ca se o f a n y d e fa u lt under th e la tter, th e tr u ste e is, o f course, charged w ith th e d u ty o f pro te c tin g th e rig h ts o f all o f th e h old ers o f th e o b lig a tio n s th a t are secured b y su ch lien. A s sta te d , th ere seem s to b e no o b jec tio n to an in v e s tm e n t in o b lig a tio n s secured in th is m anner p rovid in g, o f course, th e n ecessa ry restrictio n s an d lim ita tio n s im p o sed b y th e s ta tu te are observed. R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. STOCK I N B U I L D I N G CO M PA N Y CA N N O T BE CA R R I E D AS B A N K I N G H O U S E U N D E R SE C TI O N (58) 11. O ctober 29, 1915. H on. F ran k W . M errick, C o m m issio n er B a n k in g D e p a r tm e n t: D ear Sir— Y our c o m m u n ic a tio n o f th e 2 8 th in st. receiv ed as follow s: I d esire to call yo u r a tte n tio n to S ectio n 11 o f th e b an k in g law , w h ich p rovid es th a t a ban k m a y pu rch ase a nd h old real e sta te su ch as shall be n ecessary for th e c o n v e n ie n t tr a n sa ctio n o f its bu sin ess, in clu d in g w ith its b a n k in g o ffice o th er a p a rtm en ts to ren t as a source o f in com e, b u t w h ich sh a ll n o t ex ceed fifty per c en t o f its paid in cap ital. U nder th is p rovision o f said S ectio n I desire to in q u ire w h eth er or n o t in yo u r op in ion it w ou ld be legal for a S ta te ban k to carry as an a sset sto c k o f a B u ild in g C o m p a n y up to fifty per c en t o f capital? T h e B u ild in g C o m p a n y is o n e org a n ized for th e p u rp ose o f erectin g a ban k and office bu ild in g for th e S ta te bank, w h ich ban k h ereto fo re h eld a n in ety -n in e year lea se o f th e p rop erty. T h e c a p ita l sto c k o f th e B u ild in g C o m p a n y is $2 5 0 ,0 0 0 , all h eld b y th e d irectors o f th e bank, and th e B u ild in g C o m p a n y w ill also h a v e a bon d issu e o f $2 5 0 ,0 0 0 , retirable a t th e end o f tw e n ty -se v e n years from th e in c o m e o f th e bu ildin g. T ru stin g th a t th is w ill h a v e you r early a t t e n t io n ............................. ” I t is m y u n d ersta n d in g from yo u r in q u iry th a t th is particu lar ban k co n te m p la te s carryin g th e sto c k in th e B u ild in g C o m p a n y as an a sse t under its b an k in g h ou se accou n t. T h e a u th o r ity o f a S ta te ban k to in v e s t in real e sta te is lim ite d b y th e p rovision s o f S ection 11 o f th e G eneral B a n k in g L aw to w h ich y o u refer. U n q u estio n a b ly th is sectio n co n te m p la te s d irect ow n ersh ip eith er b y w a y o f a fe e or, as w e h a v e h eretofore held, a lon g term lease. See A tto r n e y G en era l’s R ep o rt for n in eteen -fo u r te e n a t p age 578. I do n o t th in k th a t th e pro v isio n s o f th is s ec tio n ca n b e fu rth er e x te n d e d b y co n stru ctio n . M o reo v er th e a u th o rities are un iform in h o ld in g th a t u n less exp ressly au th o rized b y s ta tu te , S ta te a nd N a tio n a l ban k s ca n n o t hold sto c k in o th er corp oration s and w here th e y are a u th o r ized to hold su ch sto c k th e y can o n ly do so in th e m anner and for th e p u rp oses prescribed. U p on th is p ro p o sitio n y o u are r esp e c tfu lly referred to A tto r n e y G en eral’s R ep ort for n in etee n -fo u r te e n a t p age 434. F u rther d iscu ssion o f th is m a tter I th in k is u n n ecessa ry, and your in q u iry is th erefore answ ered in th e n e g a tiv e . R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. THE W ORD “ capital ” CONSTRUED TO M E A N CA P IT AL (59) STO CK . D ecem b er 28, 1915. H on. F ra n k W . M errick, B a n k in g C om m issioner, L an sin g, M ich igan : D ear Sir— A nsw ering you r co m m u n ic a tio n o f rec e n t d a te as fo llo w s : “ S ectio n 11 o f th e b a n k in g la w lim its th e in v e s tm e n t b y a s ta te ban k in real e sta te for b a n k in g p u rp oses to fifty per c en t o f its p aid in c a p ita l.’ T h e q u estio n is ask ed w h eth er th e phrase p aid in c a p ita l m ean s ‘c a p ita l s to c k ’ or does it m ean th e en tire assets o f th e bank, v iz: m on ey paid in for sto ck , surplus, u n d iv id e d profits, or o th er p ro p erty in th e ban k. W e w ill ap p reciate an op in io n from y o u r D e p a r tm e n t on th is q u e stio n .” In r ep ly th er e to w o u ld sa y th a t th e p r o v isio n o f sec tio n 11 o f th e S ta te B a n k in g law to w hich y o u refer reads in part as follow s: T h e ban k m a y p u rchase, h o ld a nd c o n v e y real e sta te for th e follow in g p u rp oses, b u t no oth er ; F irst, su ch as shall be n ecessa ry for th e c o n v e n ie n t tr a n sa c tio n o f its b u sin ess, in clu d in g w ith its b a n k in g office, o th er a p a r tm en ts to ren t as a source o f in c o m e b u t w h ich sh all n o t exceed fifty per c en t o f its p a id in c a p ita l....................................... ” I he m ea n in g o f th e ph rase “ p aid in c a p ita l” as it app ears in th is sec tio n is d o u b tle ss m ad e clear b y reference to th e p ro v isio n s o f sec tio n 5 o f th e sa m e a ct in w h ich it is provided: “ A t le a st fifty per c en t o f th e c a p ita l sto c k o f ev er y ban k sh all be p aid in before it sh all be au th o r ize d to c o m m en ce bu sin ess, a nd th e rem ain d er o f th e c a p ita l o f su ch b an k sh all b e p aid https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E CO M M ISSIO N ER. lx x x l in m o n th ly in sta llm e n ts o f a t le a st ten per c en t on th e w h ole o f th e cap ital, p a y a b le a t th e en d o f e a ch su cceed in g m o n th .............. ” O ther p r o v isio n s o f th e b a n k in g la w clea rly d istin g u ish b e tw e e n p aid in c a p ita l an d oth er a sse ts o f th e ban k, su ch as surplus, u n d iv id e d profits, etc. T h is, as I ta k e it, is th e v ie w h eld b y M ich ie in th a t part o f his w ork d e v o te d to a d iscu ssion o f c a p ita l sto c k and d iv id en d s from w h ich I w ish to q u o te as follow s: “ S ectio n 36. A m o u n t o f C a p ita l a nd Shares. T h e c a p ita l o f a ban k is n o t an id eal, fic ti tio u s, arbitrary su m o f m o n ey s e t d o w n in th e articles o f asso cia tio n , b u t is c om p osed o f su b s ta n tia l p ro p erty a nd is th a t w h ich g iv e s v a lu e an d s o lid ity to th e sto c k o f th e in s titu tio n . I t is th e fo u n d a tio n o f its cred it in th e b u sin ess c o m m u n ity . C a p ital u sed in th e b u sin ess o f b a n k in g is n o n e th e le ss so b eca u se it is borrow ed. T h e m ere fa c t th a t th e m o n ey p erm a n en tly in v e s te d in th e b u sin ess is borrow ed does n o t alter its character as c a p ita l b u t a tem p orary lo a n o b ta in e d to m eet an em erg en cy is n o t ca p ita l. T h e c a p ita l sto c k o f a ban k is th e w h o le u n d iv id e d fu n d p a id in b y th e stock h old ers, th e leg a l rig h t to w h ich is v e ste d in th e corp oration to be u sed in tr u st for th e ben efit o f th e m em bers. I f a large surplus be a c cu m u la ted and la id up th a t does n o t b ecom e a part o f it. (C itin g Firein g to n v. T en n ., 95 U . S. 679.) “ C a p ita l” a nd “ c a p ita l s to c k ” o f a b an k , w h ile so m e tim e s u sed in ter c h a n g e a b ly , are n o t one a n d th e sam e th in g . “ C a p ita l” in clu d es th e en tire a sse ts o f th e ban k, w h eth er rep resen ted b y m o n ey paid in for sto ck , surplus, u n d iv id e d profits, or oth er p rop erty o f th e ban k; w hile c a p ita l sto c k rep resen ts o n ly th e to ta l a m o u n t d eriv ed from th e issu a n ce o f th e shares o f s to c k .” (W est v . N e w p o rt N e w s, 104 Y a. 21; M ich ie B a n k s a nd B an k in g, pages 75 an d 76.) T h e term “ p aid in c a p ita l” as u sed in sec tio n 11, th erefore, m u st b e ta k en to refer on ly to m o n ey p a id in for sto ck , w h ich a m o u n t is fixed b y s ta tu te as d istin g u ish e d from reserve ca p ita l, u n d iv id e d profits, e tc ., w h ich are m ore or le ss un der th e c o n tro l o f th e directors o f th e ban k an d m a y v a r y w ith th e fo rtu n es o f th e bu sin ess. R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s ) , A t t o r n e y G e n e r a l. B U I L D I N G A N D L OA N A S SO C I A T I O N S MAY NOT A D V E R T I S E FO R D E P O S I T S ! B A N K S A RE NO T P R E F E R R E D C R E DI T O RS OF S U C H AS SO C I A TI O N S . (g0) Jan u ary 17, 1916. H on. F rank W . M errick, S ta te B a n k in g C om m ission er, L an sin g, M ich igan : D ear Sir— I h a v e you r c o m m u n ic a tio n o f th e 14th in st. as follow s: “ I am en clo sin g h e r ew ith le tte r fro m o n e o f our S ta te b an k s, as w ell as a d v e r tisem en ts a tta ch ed , up on th e su b je c t m a tter m en tio n ed in th e le tte r . W ill y o u k in d ly a d v ise u s as to w h eth er or n o t a b u ild in g a nd lo a n a sso c ia tio n ca n le g a lly a d v ertise for d e p o s its ; an d also a d v ise us, w h eth er 'or n o t, in th e e v e n t o f an in d iv id u a l or ban k loan in g a b u ild in g and loan a sso c ia tio n m o n ey , w ou ld th e person or b a n k b eco m e a preferred creditor as a g a in st th e stock h old ers o f tn e b u ild in g a nd lo a n a sso c ia tio n .” In rep ly th er e to w o u ld sa y th a t d o m estic bu ild in g and loan asso cia tio n s are govern ed b y th e p ro v isio n s o f A ct 50 o f th e P u b lic A cts o f 1887, as am en d ed b y A c t 17 o f th e P u b lic A cts of 1901. T h e p u rp ose o f su ch a sso cia tio n s is s ta te d in sec tio n 1 o f th e a b o v e a c t as follow s: “ A n y nu m ber o f persons * * * desiring to organize a b u ild in g an d lo a n asso cia tio n for th e p u rp ose o f b u ild in g a nd im p ro v in g h o m estea d s, rem o v in g in cu m b ran ces th erefrom , a n d lo a n in g m o n ey to th e m em b ers th ereo f, m a y , b y c o m p ly in g w ith all th e p r ovision s o f th is a c t an d en terin g in to a rticles o f a sso cia tio n , b eco m e a corp orate b od y. * * * * S ectio n 5 p ro v id es, in part, as fo llo w s: > “ T h e a u th o rized c a p ita l sto ck o f su ch a sso c ia tio n sh all b e d iv id e d in to shares h a v in g a par v a lu e o f n o t le ss th a n tw e n ty -fiv e dollars, nor m ore th a n tw o hu ndred dollars each , p a y a b le in perio d ica l in sta llm e n ts, ca lled d u es, n o t ex ceed in g tw o d ollars per m o n th on each sh are. P ro v id ed , T h a t th e b y -la w s m a y p ro v id e for th e a d v a n ce p a y m en t of in s ta llm e n t d u es an d for w h ich th er e m a y be issu ed an a d v a n ce p a y m e n t certificate. T h e shares m a y b e issu ed in series, or a t a n y tim e as th e b y -la w s sh a ll d eterm in e, a nd su b scrip tion s th erefor sh all be m ad e p a y a b le to th e a sso c ia tio n .” U n d er th e p r o visio n s o f s ec tio n fiv e a n d six o f th e a c t m o st b u ild in g an d lo a n asso cia tio n s in th is S ta te m ak e p ro v isio n for in v e s tm e n t in th eir c a p ita l sto c k on th e in sta llm e n t plan . T his, h o w ev er, m u st b e d istin g u ish e d fro m receiv in g d ep o sits as ban k s do bu sin ess. 1 h a v e ex a m in ed th e a d v e r tisem en t to w h ich y o u refer and do n o t th in k it is op en to th e o b jec tio n th a t th e bu ild in g a nd lo a n a sso c ia tio n in q u estio n is hold in g its e lf o u t to b e a ban k. I a m o f th e o p in io n th a t w ere th e y doin g so it w o u ld c o n s titu te a m isu se o f th eir charter. W ith reference to th e seco n d q u estio n w h ich y o u a sk as to w h eth er a b an k lo a n in g m on ey https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lx x x ii STA TE B A N K IN G D E P A R T M E N T . to a b u ild in g a nd lo a n a sso c ia tio n w ou ld be preferred in case o f in so lv e n c y over stock h old ers in th e a sso cia tio n , I am o f th e o p in io n th a t th e sa m e rule w ou ld a p p ly as in ordinary corp orations. T h e m em b ers o f a b u ild in g an d lo a n a sso cia tio n are m u tu a lly liab le for its ob lig a tio n s and th e fu n d s o f th e a sso c ia tio n an d its a ssets in ca se in s o lv e n c y resu lts, m a y be u sed for th e p a y m en t of d eb ts. In th is co n n e c tio n I call yo u r a tte n tio n to T h o rn to n and B lac k le d g e on b u ild in g an d lo a n a sso c ia tio n s, S ectio n s 3 7 6 an d 377. Respectfully yours, (Signed) G rant F ellow s , A t t o r n e y G e n e r a l. BANKING H O U SE . A pril 10, 1916. H on. F rank W . M errick, S ta te B a n k in g C om m issioner, L ansing: D ea r Sir AVe h a v e h ad un der co n sid era tio n for som e tim e th e p rop osition su b m itte d to you r D e p a r tm e n t b y one o f th e S ta te B a n k s in D e tr o it r ela tiv e to th e p roposed bu ild in g o f a b a n k in g h o u se w here th e c o st o f th e la n d a nd th e b u ild in g w ill be a p p ro x im a tely tw o m illion dollars, w h ich a m o u n t eq u a ls th e c a p ita l o f th e b an k . In a sm u ch as sec tio n 11 o f th e general b a n k in g la w o n ly perm its 50% o f th e c a p ita l to be in v e s te d in a b an k in g hou se, th is ban k has su b m itte d sev era l p ro p o sitio n s for yo u r a p p ro v a l. T h ese p rop osition s are as follow s: (1) A s ta te b an k w ith $ 2 ,0 0 0 ,0 0 0 paid in c a p ita l desires to in v e s t $1,0 0 0 ,0 0 0 in a b an k in g office a nd office b u ild in g as a source o f in co m e, as follow s: T o o b ta in a site and erect an 18 sto r y b a n k in g a nd office b u ild in g a t a to ta l c o st o f n o t exceed in g $ 2 ,0 0 0 ,0 0 0 u sin g th erefor o n e-h a lf o f its p aid in c a p ita l, v iz . $ 1 ,0 0 0 ,0 0 0 and issu in g b u ild in g bon d s for th e rem ain in g $ 1 ,0 0 0 ,0 0 0 , th e p rincip al an d in te r e st o f w h ich bon ds sh all be p a y a b le so lely from th e n e t in co m e o f th e p ro p erty , a nd w h ich b o n d s shall be, according to th eir term s, so lely p a y a b le from such n e t in c o m e as m a y bo derived , a n d n o t a cla im or d e b t a g a in st th e ban k, n o t a claim a gain st a n y o f its p ro p erty nor a sse ts nor a g a in st th e bu ildin g, b u t m erely a g a in st th e n e t in c o m e u n til th e princip al a nd in te r e st o f th e bon ds are paid . Is th is perm issible? (2) I n stea d o f th e issu a n ce o f th e bon ds b y th e bank, m a y an in d ep en d e n t corp oration or an in d iv id u a l or in d iv id u a ls procure title to th e site, erect th e bu ildin g, sell it a b so lu tely to th e ban k for $ 1 ,0 0 0 ,0 0 0 , reserv in g th e title to th e n e t in co m e u n til th e a m o u n t receiv ed from such not in co m e sh all reim burse it or h im or th em for th e b alan ce o f th e c o st plus 5% per an n u m u n til paid? (3) M a y an in d ep en d e n t corp oration , in d iv id u a l or in d iv id u a ls ow n in g b u ild in g an d site w o rth $ 2 ,0 0 0 ,0 0 0 sell to th e ban k an u n d iv id e d o n e -h a lf in te r e st th erein for $ 1 ,000,000, th e y hold ing as te n a n ts in co m m o n , and th en lea se th e rem a in in g u n d iv id e d o n e-h a lf in ter e st th erein to th e b a n k for a ren ta l e q u a l to th e n e t in c o m e o f th e w hole bu ildin g, w ith th e p roviso th a t w h en th e ban k h as p aid fro m su ch n e t r en ta l an a m o u n t sufficien t to cover th e v a lu e o f th e u n d iv id e d o n e -h a lf in ter e st plu s 5 % in ter e st, th e w hole title th ereto sh all v e s t in .th e bank? (4) I f an in d ep en d e n t corp oration, in d iv id u a l or in d iv id u a ls procured th e s ite an d erected th e b u ild in g a t a c o st o f $ 2 ,0 0 0 ,0 0 0 , an d g a v e a tr u st m ortgage on th e p rop erty to secure th e p a y m en t o f $ 1 ,0 0 0 ,0 0 0 c o n str u c tio n bon d s a t ra te o f $ 1 0 0 ,0 0 0 a year in c lu siv e o f in ter e st, cou ld a s ta te ban k o f $ 2 ,0 0 0 ,0 0 0 paid in c a p ita l b u y th e p ro p erty for b an k in g offices an d a p a rtm en ts as a source o f in co m e for $ 1 ,0 0 0 ,0 0 0 , su b ject to su ch tr u st m ortgage, on th e express stip u la tio n , h ow ever, th a t th e b a n k does n o t a ssu m e a nd agree to p a y th e m ortgage or bon d s secured th ereb y, b u t th a t, so far as th e b a n k is concerned, th e h old ers m u st look to th e p rop erty for liq u id a tio n a nd p a y m en t? (5) C an a s ta te ban k in v e s t o n e -lia lf o f its p aid in c a p ita l in a b u ild in g an d site as c o -te n a n t in co m m o n w ith a n o th er corp oration, in d iv id u a l or in d iv id u a ls, and later b y an in crease o f its c a p ita l p a id in , b u y o u t its co -ten a n t? P ro p o sitio n N o . 1, I th in k sh o u ld be answ ered in th e n e g a tiv e . U nder th is p rop osition th e n e t in c o m e from ren ta ls, e tc ., w ou ld be u sed in d isch argin g th e prin cip al and in te r e st on th e b on ds. Su ch ren ta ls are a sse ts o f th e b a n k a nd th e b an k w ould , th erefore, u se its a sse ts in p a y in g off th e m o rtg a g e b on ds, th u s in crea sin g its in v e s tm e n t in th e b an k in g h ou se. T h e p ro p o sitio n is clea rly an e v a sio n o f th e restrictio n s im p o se d b y sec tio n 11 an d sh ou ld n o t be ap p roved . P ro p o sitio n N o . 2. T h is is su b je c t to th e sa m e o b jec tio n s as th e first p ro p o sitio n and sh ou ld lik ew ise b e d isap p roved . P ro p o sitio n N o . 3. T h is p ro p o sitio n is su b je c t to th e c riticism th a t th e b an k h as already in v e s te d up to its lim it in th e b a n k in g h o u se a n d th en proceeds to lea se th e oth er u n d iv id e d h a lf in ter e st from th e oth er te n a n t in co m m o n for an a m o u n t eq u al to h a lf th e v a lu e o f th e bu ildin g. T h is p ro p o sitio n is so clea rly a n e v a sio n o f th e law th a t it sh ou ld be g iv e n no fu rther co n sid era tio n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E C O M M ISSIO N ER. lx x x iii P ro p o sitio n N o . 4. I do n o t see h ow a d istin ctio n can b e m ad e b e tw e e n th e b an k b ein g liab le for a d e b t an d p ro p erty o f th e ban k bein g liab le. In a n y e v e n t failure to m eet th e term s o f the m o rtg a g e lien w ou ld in v o lv e th e a ssets o f th e ban k, esp ecia lly sin ce th e b an k w ou ld pro pose to in v e s t one m illion dollars o f its c a p ita l in th e real e sta te . T h is p rop osition is an e v a sion o f sec tio n 11 and p o ssib ly o f sectio n 45, w hich p ro vid es th a t a ban k ca n n o t p led ge its a sse ts as c o lla tera l sec u r ity so as to g iv e a p reference to th e creditor. P ro p o sitio n N o . 5. T h is p ro p o sitio n is g o v ern ed b y a sep arate op in ion th is d a y rendered to y o u a nd in sh o rt m a y b e answ ered as fo llo w s: th a t th ere is n o th in g in th e b an k in g law to p ro h ib it a S ta te ban k from bein g a te n a n t in co m m o n w ith an oth er corp oration or in d iv id u a l p rovid ed it does n o t in v o lv e as a n ecessa ry co n seq u en ce a p artn ersh ip agreem en t. M y fear w ould be th a t a p a rtn ersh ip agreem en t w ou ld b e n ecessa ry, an d th a t w ou ld be e sp ec ia lly true w here th e p a rties as te n a n ts in co m m o n c o n te m p la te from th e b egin n in g th a t on e o f th e p arties sh ou ld p u rchase th e o th e r ’s in ter e st a n d th a t in th e m ea n tim e one o f th e p arties w ou ld be actin g as a tr u ste e or a g e n t for all in th e co lle ctio n o f ren ts, p a y m en t o f ta x e s, in su ran ce, etc. I w ould su g g e st, as I did in m y o th er op in ion , th a t a n y co n tr a c t m ad e b e tw e e n th e te n a n ts in com m on under th is p ro p o sitio n sh o u ld be su b m itte d to th e b a n k in g d e p a rtm en t before ta k in g effect. R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. B A N K IN G (62> HOUSE. A pril 10, 1916. H on. A lbert E . M a n n in g , D e p u ty S ta te B a n k in g C om m issioner, L ansing, M ich .: D ear Sir— Y our c o m m u n ic a tio n o f th e 13th u lt, rec e iv e d as follow s: I am d irected b y th e C om m ission er to ask for an o p in ion from you r d e p a rtm en t on th e follow in g q u estio n s: F irst. A s to w h eth er or n o t a S ta te ban k ca n o w n an d carry as B a n k in g H o u se an u n d iv id e d h a lf in te r e st in sa m e w hen th e to ta l c o st o f th e B a n k in g H o u se exceed s fifty per c en t o f cap ital, th e oth er u n d iv id e d in ter e st bein g o w n ed b y a B u ild in g C o m p an y c o n sistin g o f ban k directors. Second. W e w ill also a p p recia te yo u r o p in io n as to w h eth er or n o t a S ta te b an k can carry as B a n k in g H o u se a b u ild in g w ith tit le to upper sto r y or stories in oth er corp orations, fraternal or o th e r w ise .” In r ep ly th er e to w o u ld sa y th a t th e answ er to y o u r co m m u n ica tio n h as been d e la y e d because o f th e su g g e stio n th a t th e ban k s w hich are in ter e sted in th is q u estio n p roposed to su b m it a brief. Sin ce th a t su g g e stio n w as m a d e th e in ter e sted p a rties h a v e for som e reason c on clu d ed n o t to su b m it a brief a nd y o u n o w desire a rep ly. A nsw ering you r first q u estio n , w o u ld sa y th a t th e rig h t o f a ban k to pu rchase, h old and c o n v e y real e sta te is g o v ern ed b y S ectio n X I o f th e G eneral B a n k in g L aw , w h ich p rovides, in part, as follow s: A ban k m a y pu rchase, h old and c o n v e y real e sta te for th e fo llo w in g pu rp oses, b u t no other: F irst. Such as sh a ll be n ecessa ry for th e c o n v e n ie n t tr a n sa c tio n o f its bu sin ess, in clu d in g w ith its b a n k in g office o th er d ep a rtm en ts to r en t as a source o f in com e, b u t w h ich sh all n o t exceed fifty per c en t o f its p a id in c a p ita l; * * *” T h is sec tio n does n o t a tte m p t to define th e ch a ra cter o f th e title to th e real e sta te w hich a ban k m a y p u r c h a se ; nor does it p rescribe a n y lim ita tio n s ex ce p t su ch as m a y b e in ferred from th e w ords th em se lv e s “ pu rchase, h old an d c o n v e y real e s t a te .” W e h a v e h eld th a t u n der th is p rovisio n a b an k m a y o b ta in less th a n a fee, as for in sta n c e a n in e ty -n in e year lease. S ectio n 8 825 o f th e C o m p iled L aw s o f 1897 p ro v id es as follow s: “ E sta te s, in resp e c t to th e n u m b er a nd c o n n e c tio n o f th eir ow ners, are d iv id e d in to e sta te s in sev e r a lty , in jo in t te n a n cy , a nd in co m m o n ; th e n a tu re and properties o f w hich, r e sp e c tiv e ly , sh all c o n tin u e to b e su ch as are n o w e sta b lish e d b y law , e x ce p t so far as th e sam e m a y b e m od ified b y th e p ro v isio n s o f th is c h a p te r .” S ectio n 8 8 2 6 p rovid es: ‘A ll g ra n ts a n d d e v ises o f la n d s, m ad e to tw o or m ore person s, ex ce p t as p ro v id ed in th e follow in g sectio n , sh a ll be co n stru ed to crea te e sta te s in com m on , an d n o t in jo in t te n a n cy , un less ex p ressly declared to b e in jo in t te n a n c y .” I t h as b een h eld th a t a co rp o ra tio n ca n n o t ta k e an e sta te in jo in t te n a n cy , eith er jo in tly w ith an o th er co rp o ra tio n or w ith a n a tu ra l person. 10 C yc. P a g e 1132. B u t it can ta k e and hold as a te n a n t in co m m o n w ith an o th er co rp o ra tio n or w ith a n atu ral person. See D e w itt vs. San Francisco, 2 C al. 289; E ste ll v s. Sou thern U n iv e r sity , 12 L ea T en n. 476; H a v e n vs. M eh lg a rten , 19 111. 91; H a c k e tt vs. R a ilw a y C o m p a n y , 12 Ore. 131; 10 C yc. 1132. I t is a general https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ixxxiv STA TE B A N K IN G D E P A R T M E N T . rule th a t co rp o ra tio n s ca n n o t en ter in to partn ersh ip agreem en ts, and th is rule w ou ld p roh ib it a co rp o ra tio n fro m h o ld in g la n d s in p a rtn ersh ip or u n der partn ersh ip agreem en ts; b u t th e rule as to p a rtn ersh ip s w o u ld n o t p r e v en t a co rp o ra tio n from h old in g an e sta te in co m m o n w ith an o th er corp oration or w ith a p r iv a te person. A n sw erin g yo u r first q u estio n , th erefore, I w o u ld sa y th a t a b an k m ig h t h old tit le in com m on w ith an o th er co rp o ra tio n or p r iv a te in d iv id u a l, to real e sta te to be u sed as a b an k in g hou se, p ro v id ed th ere does n o t fo llo w as a m a tte r o f n e c e ssity th e en terin g in to o f a partn ersh ip agree m e n t r ela tiv e to th e u se o f th e p ro p erty . T h is I th in k w ou ld n o t p r e v en t th e te n a n ts in com m on from agreein g b y c o n tr a c t as to w h ich p ortion o f th e proposed p rop erty sh ou ld be u sed b y either p a rty , b u t w o u ld p ro h ib it a n y a g reem en t b y w h ich th e one te n a n t in co m m o n sh ou ld perm it th e o th er te n a n t in co m m o n to b in d th e en tire p rop erty for ob lig a tio n s o f a sin gle te n a n t in com m on . In th is c o n n e c tio n I w ou ld su g g e st th a t a n y agreem en ts m ad e b e tw e e n th e te n a n ts in co m m o n as to th e u se o f th e p ro p erty sh o u ld b e s u b m itte d to th e B a n k in g C om m ission er so as to a v o id u ltra v ires a c ts on T he p a rt o f th e bank. A nsw ering y o u r seco n d q u estio n y o u r a tte n tio n is c alled to an op in ion ren dered b y m e to M r. L elan d F. B ea n on pa g es 427 a n d 4 2 8 o f th e A tto r n e y G en eral’s R ep ort for 1915, in w hich th e q u estio n w as raised as to w h eth er a to w n sh ip c o u ld ow n th e fee in a secon d sto r y o f a bu ildin g. In th a t o p in io n I said: “ I t does n o t occur to m e th a t th e to w n sh ip c o u ld ow n th e seco n d sto r y o f a b u ild in g in fee. S u ch an a tte m p te d pu rch ase o f a b u ild in g or a p o rtio n th er e o f ap art from th e r ea lty w ou ld in all p r o b a b ility be co n stru ed as a sev era n ce in j e g a l effect, an d an e sta te in fee can e x ist on ly in la n d , an d a p p lies to b u ild in g s or o th er stru ctu res on ly in sofar as th e sam e are regarded as a tta c h e d to a nd a p a rt o f th e la n d . I t w o u ld b e im p o ssib le for th e lan d to be h eld in fe e b y one person a nd a b u ild in g on su ch la n d to b e h eld in fe e b y a n o th e r.” I am clea rly o f th e o p in io n th a t th e t itle to u p per stories o f a b u ild in g can n o t b e h eld in fee b y a n y p erson o th er th a n th e ow ner o f th e la n d u p o n w h ich th e b u ild in g stan d s. R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. BANKING HOUSE. (53) J u ly 18, 1916. H on. F ran k W . M errick, C om m ission er o f B a n k in g D e p a r tm e n t, L ansing, M ich igan : D ea r Sir— Y o u h a v e r ec e n tly su b m itte d to m e co p y o f a te n ta tiv e agreem en t en tered in to b y a S ta te b a n k w ith certa in p erson s m e n tio n e d th erein an d h a v e a sk ed th a t I g iv e y o u m y v ie w s u p o n th e m a tte r. In so fa r as th e b a n k is concerned, th e e sse n tia l p arts o f th e agree m e n t p ro v id e for th e c o n v e y a n c e to a co rp o ra tio n to b e hereafter form ed o f certa in real e sta te for a stip u la te d c o n sid era tio n ; for th e lea sin g to th e b an k for a period o f n in ety -n in e years of la n d on w h ich is to be erected a b u ild in g d esig n ed for h o te l and ban k pu rp oses; for th e pur ch a se o f a certa in p o rtio n o f said bu ild in g; a nd for th e leasin g o f all o f said b u ild in g th u s pur c h a sed th a t is n o t u sed for b a n k in g pu rp oses: W ith o u t reference to th e p ra ctica l o p eration of th is c o n tr a c t as w ritten , or to its e n fo rcib ility , it does n o t occur to m e th a t a S ta te ban k, if it perform s th e v a rio u s a c ts c o n te m p la te d , w ill th er e b y in frin ge a n y p rovision o f th e b an k in g law or a n y oth er s ta tu t e o f th e s ta te . U n d o u b te d ly it h as th e pow er as a corp oration to sell its p ro p erty , to lea se p ro p erty an d to pu rch ase p ro p erty. I t does n o t app ear th a t a u th o r ity of a n y oth er or different n a tu re is in v o lv e d . I do n o t u n d erstan d th a t m y op in ion is r eq u ested ex ce p t as to th e le g a lity o f th e se v a rio u s a cts, a ssu m in g th a t e a ch and all o f th e m m ay and w ill b e p erform ed in a ccord an ce w ith th e w r itte n in str u m en t. T h is op in ion is lim ite d acco rd in g ly a nd has, o f course, n o reference w h a tev er to in c id en ta l p rop osition s o f b u sin ess p o licy w h ich m a y arise in ca se th e pro p o sed a c tio n is ta k en . I am retu rn in g h erew ith th e c o p y o f th e co n tr a c t and th e corresp on d en ce su b m itte d th erew ith . V ery resp ectfu lly , (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. e x a m i n e r ’s (64) bo nds . D ecem b er 15, 1916. H on. F ra n k W . M errick, C o m m issio n er o f B a n k in g , L ansing, M ich . : D ea r Sir— Y o u r c o m m u n ic a tio n o f th e 14th in st. received , in w h ich y o u in q u ire as to w h eth er th e b o n d s o f b a n k ex a m in ers sh o u ld run to th e C om m ission er o f B a n k in g or to th e P eo p le o f th e State o f M ich ig a n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxxv R E P O R T OF T H E CO M M ISSIONER. In r ep ly th er e to w o u ld sa y th a t th e o n ly p ro v isio n r ela tiv e to su ch bon d is co n ta in ed in sec tio n 38 o f th e B a n k in g L aw , a nd reads as follow s: “ B a n k exam iners sh a ll file w ith th e C om m issioner o f B a n k in g a b on d for $10,000 for th e fa ith fu l d isch arge o f th eir d u tie s.” I t w ill be n o ted th a t th e b o n d is for “ th e fa ith fu l discharge o f th eir d u tie s.” T h ese d u ties are prescribed b y s ta tu te , n a m ely , A c t 205 o f th e P u b lic A cts o f 1887, as am end ed , b ein g th e general b a n k in g la w o f th e S ta te, an d in th e ab sen ce o f a n y sp ecific p rovision to th e con trary it is m y o p in io n th a t th e bon d s sh o u ld run to th e “ P eo p le o f th e S ta te o f M ic h ig a n ” rather th a n to th e C om m ission er o f B a n k in g . R e sp e c tfu lly yours, (Signed) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. J O I N T T E N A N C Y NOT C R E A T E D BY J O I N T DE PO SI T . (65) D ecem b er 30, 1916. H on. M a th e w B u sh , Judgp o f P ro b a te, C orunna, M ich ig a n : D ear Sir— I a m in r ec e ip t o f yo u r c o m m u n ic a tio n o f th e 22d in s t., w herein y o u req u est an op in ion from th is D e p a r tm e n t as to th e c o n str u c tio n to b e placed u p on th e term “ jo in t te n a n ts ” as u sed in sec tio n 3 o f A ct 248 o f th e P u b lic A cts o f 1909. T h e s ec tio n to w h ich y o u refer reads as follow s: “ W h en a d e p o sit sh all be m ad e in a n y b an k or tr u st c o m p a n y b y a n y person in th e n am e o f su ch d ep o sito r or a n y oth er person, an d in form to be paid to eith er or th e su rvivor o f th em , su ch d e p o sits th er e u p o n an d a n y a d d itio n s th er e to , m a d e b y eith er o f su ch person s, u p o n th e m ak in g th ereo f, sh a ll b eco m e th e p ro p erty o f su ch person s as jo in t te n a n ts, an d th e sam e to g e th er w ith all in ter e st th ereo n , sh a ll b e h eld for th e e x clu siv e u se o f th e p erson s so n a m ed an d m a y be p a id to eith er during th e lifetim e o f b o th , or to th e su rv iv or after th e d e a th o f on e o f th em , an d su ch p a y m e n t a nd th e r eceip t o f a c q u itta n c e o f th e sa m e to w h om su ch p a y m e n t is m ade sh all b e a v a lid an d sufficien t relea se a nd d isch arge to said ban k for all p a y m e n ts m ad e on a c co u n t o f su ch d e p o sits prior to th e rec e ip t b y said ban k o f n o tice in w ritin g n o t to p a y su ch d ep o sits in acco rd a n ce w ith th e term s th e r e o f.” Prior to th e e n a c tm e n t o f th is s ta tu te it h a d been th e h old in g o f th e Su prem e C ourt th a t an e sta te in jo in t te n a n c y c o u ld n o t be crea ted in person al p roperty. See-— W a ite v s. B o v ee , 35 M ich . 425; S ta te B a n k o f C rossw ell v. J o h n so n , 151 M ich . 538; B urns v s. B urns, 132 M ich. 441. I a m im p ressed th a t i t ’ w as n o t th e in te n tio n o f th e le g islatu re in e n a c tin g th is s ta tu te to create an e sta te in jo in t te n a n c y as it w as k n o w n to th e co m m o n law in b an k d e p o sits m ad e in acco rd a n ce w ith th e p r o v isio n s o f th e sam e, b u t th a t th e ob jec t o f th is s ta tu te is to p r o te c t th e ban k in ca se p a y m e n t o f th e m o n ey is m a d e to th e su rvivor b efore th e b a n k h as r eceiv ed n o tice o f th e d e a th o f o n e o f th e p a rties. T h e la n g u a g e o f th e s ta tu te w ou ld seem to in d ic a te th a t th is w as th e in te n tio n o f th e leg isla tu re a nd I am , th erefore, o f th e op in ion th a t sec tio n 3 o f th e a c t does n o t c rea te a jo in t te n a n c y in person al p ro p erty as th e term “ jo in t te n a n c y ” w as kn ow n to th e co m m o n law . V ery r esp ectfu lly , (S igned) G r a n t F e l l o w s , A t t o r n e y G e n e r a l. bank loans to bu il ding and loan a sso c ia tio n s are legal (66) . M arch 19,1917. H on. F ran k W . M errick, C o m m issio n er B a n k in g D e p a r tm e n t, L an sin g, M ich .: D ear Sir— Y our co m m u n ic a tio n o f th e 1 4th in s ta n t rec e iv e d r eq u estin g m y op in ion up on th e follow in g pro p o sitio n : “ In v e stig a tio n d ev elo p s th e fa c t th a t nu m erou s ban k s un der th e su p erv isio n o f th is D e p a r t m en t are fro m tim e to tim e a d v a n cin g fu n d s to certa in b u ild in g and lo a n a sso c ia tio n s in th e S ta te. T h e q u estio n h as arisen w h eth er b u ild in g a n d lo a n a sso c ia tio n s, as organized un d er th e M ic h ig a n s ta tu te , are g iv e n th e rig h t to borrow fu n d s for lo a n p u rp oses in th is w a y ; an d as a con seq u en ce w h eth er th e lo a n s h eld b y ban k s are le g a l in v e s tm e n ts or n o t .” In r ep ly th er e to w o u ld s a y th a t un d er d a te o f J u ly 31, 1901, H on orab le H orace M . Oren, th en a tto r n e y general, a d v ise d th e secreta ry o f s ta te th a t b u ild in g an d lo a n asso cia tio n s h a v e a rig h t to borrow m o n ey to carry o u t th e p u rp oses o f su ch o rg a n ization s, in th e ab sen ce o f sta tu to r y https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE B A N K IN G D E P A R T M E N T . lx x x v i p ro h ib itio n , or b y -la w s o f su ch a sso cia tio n s p ro h ib itin g it; an d h a v e im p lie d pow er to secure th e p a y m en t o f su ch lo a n s b y a ssig n m e n t o f m ortgages, b on ds, etc. See A tto r n e y G en eral’s R e p o r t for 1902, P a g e 59. I do n o t find th a t th is q u estio n h as sin ce b een p a ssed u p on b y th is d e p a rtm en t, an d I th erefore a ssu m e th a t th e op in io n o f M r. Oren h as b een fo llo w ed in th is resp ect. I f a b u ild in g an d lo a n a sso c ia tio n h as th e a u th o r ity to borrow a nd to p led ge its secu rities it c o n seq u e n tly follo w s th a t a ban k w ou ld h a v e th e sa m e r ig h t to lo a n its m o n ey to a b u ild in g an d lo a n a sso c ia tio n as to a n y , oth er borrow er. R e sp e c tfu lly yours, (Signed) A l e x J. G r o e s b e c k , A t t o r n e y G e n e r a l. B A N K MAY NOT L EG AL L Y CLOSE ON A N Y DA Y S O T H E R T H A N T H O S E P R E S C R I B E D BY LA W . (07) J u n e 11th, 1917. H o n . F ran k W. M errick, L ansing, M ich ig a n . D ear Sir— Y our c o m m u n ic a tio n o f th e 19th u lt. rec e iv e d as follow s; “ W e h a v e b een req u e sted b y a S ta te b a n k to s u b m it to y o u th e p ro p o sitio n o f w h eth er a S ta te b a n k m a y le g a lly clo se its b a n k on an a ftern oon oth er th a n S atu rd ay during th e su m m er m o n th s. A s y o u no d o u b t are aw are S a tu rd a y aftern oon is a b u sy tim e in th e sm aller tow n s, a nd for th a t reason ban k s d islik e to close. “ W ill y o u k in d ly g iv e th is m a tter yo u r early a tte n tio n ? ” In r ep ly th ereto , w ou ld sa y th a t th ere does n o t app ear to b e a n y a u th o r ity in th e b an k in g a ct under w h ich S ta te ban k s m a y clo se th ro u g h b an k in g hours on a n y d a y s e x c e p t-th o se pre scribed. V ery resp ectfu lly, (S igned) A . B . D o u g h e r t y , D e p u t y A t t o r n e y G e n e r a l. B A N K I N G D E P A R T M E N T HAS G E N E R A L S U P E R V I S I O N O VE R S T E A M S H I P A N D F O R E I G N M O N E Y O R D E R A G E N T S. (0g) A u g u st 9, 1917. H o n . F rank W . M errick, S ta te B a n k in g C om m ission er, L an sin g, M ich igan : D ea r Sir— T h is w ill a ck n o w led g e receip t o f you r c o m m u n ic a tio n o f t h e 7 t h in s t . w herein y o u req u est to be a d v ise d b y th is D e p a r tm e n t w ith reference to A ct 271 of th e P u b lic A cts o f 1915 as am en d ed . S ectio n o n e o f th e a c t p ro v id es,— “ N o person, Arm or co rp o ra tio n sh a ll en g a g e in sellin g ste a m sh ip or railroad tic k e ts for tr a n sp o r ta tio n to or fro m foreign co u n tries, or in th e b u sin ess o f receiv in g d e p o sits o f m on ey for th e p u rp ose o f tr a n sm ittin g th e sam e, or th e e q u iv a len t th ereof, to foreign cou n tries, u n til th ere h as b een o b ta in e d fro m th e secreta ry o f s ta te a cer tific a te o f c om p lian ce w ith th e p r ovision s o f th e tw o sec tio n s n e x t fo llo w in g .” S ectio n e ig h t p rovid es, “ I t sh a ll be th e d u ty o f th e S ta te B a n k in g C om m ission er to exercise gen eral su p erv isio n over all persons, firm s or co rp o ra tio n s en g a g ed in a n y b u sin ess c o n te m p la te d b y sec tio n on e hereof, ex ce p t person s, firm s a nd co rp o ra tio n s ex ce p ted or e x em p te d from th e p r ovision s h e r eo f.” Y o u a sk to b e a d v ise d w h eth er in th e o p in io n o f th is D e p a r tm e n t th e s ta te b an k in g c o m m is sioner sh o u ld exercise g en eral su p erv isio n over person s, firm s or corp oration s w ho are en gaged in th e b u sin ess specified in sec tio n one o f th e s ta tu t e and w ho h a v e n o t com p lied w ith th e req uire m en ts o f s ec tio n o n e w ith reference to filing a certifica te o f com p lian ce. Y o u are a d v ise d th a t it is th e o p in io n o f th is D e p a r tm e n t th a t it w as th e in te n tio n o f th e leg isla tu re th a t you r d ep a rt m e n t sh o u ld exercise general su p erv isio n over all persons, firm s an d corp oration s w ho are en gaged in th is b u sin ess. Y ou rs r esp ectfu lly , (S igned) A . B . D o u g h e r t y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D e p u t y A t t o r n e y G e n e r a l. R E P O R T OF T H E CO M M ISSIO N ER. I x x x v ii B A N K R E D I S C O U N T I N G ITS N E G O T I A B L E N O T E S FO R P U R P O S E OF R E L O A N I N G , NOT AC T IN G I N GOOD FAITH. (69) F eb ru ary 19, 1918. H on. F ra n k W . M errick, S ta te B a n k in g C om m issioner, L an sin g, M ich igan : D ea r Sir— I h a v e b efore m e yo u r c o m m u n ic a tio n o f th e 8 th in st. w ith reference to th e a u th o r ity o f a ban k organ ized u n der th e b a n k in g law s o f th is s ta te to r ed isco u n t its n e g o tia b le n o tes for th e p u rp ose o f securing fu n d s to reloan. S ectio n 32 o f th e M ic h ig a n B a n k in g s ta tu te p ro v id es in p art as fo llo w s,— “ P ro v id ed fu rther th a t a n y b a n k m a y borrow m o n ey for tem p o ra ry pu rp oses, an d m a y p led g e a sse ts o f th e b a n k n o t ex ceed in g fifty per c en t in excess o f th e a m o u n t borrow ed as c o l la te r a l sec u r ity th erefor; P ro v id ed fu rther, T h a t w h en ev er it sh all app ear th a t a ban k is bor row in g h a b itu a lly for th e p u rp ose o f reloan in g, th e co m m ission er o f th e b a n k in g d e p a r tm en t m a y req uire su ch ban k to p a y off su ch borrow ed m o n ey . N o th in g herein co n ta in ed sh all pre v e n t a n y ban k fro m red isco u n tin g in g o o d fa ith a n d end orsin g a n y o f its n e g o tia b le n o te s .” Y o u w ill n o te th a t th is sec tio n p rev en ts a b an k from b orrow ing h a b itu a lly for th e p u rp ose of reloa n in g . T h is s ec tio n fu rther p ro v id es th a t n o th in g th erein co n ta in ed sh ou ld p r e v en t a n y b an k fro m red isc o u n tin g in g o o d fa ith a nd endorsing a n y o f its n e g o tia b le n otes. I t is m y o p in io n th a t it w as n o t th e in te n tio n o f th e le g isla tu r e in p rovid in g th a t a ban k m ig h t r ed isco u n t in g o o d fa ith its n e g o tia b le n o tes to a u th o rize th e sa id b an k to r ed isco u n t its n e g o tia b le n o tes for th e p u rp ose o f secu rin g fu n d s to reloan. T h is sec tio n perm its a b an k to r ed isco u n t its n e g o tia b le n o tes if d on e in g o o d f a i t h , and sh ou ld a b a n k r ed isco u n t su ch paper m erely for th e pu rp ose o f secu rin g fu n d s to reloan, I do n o t th in k it ca n b e said th a t sa id b an k is a c tin g in g o o d fa ith . T ru stin g th is w ill serv e to fu rn ish y o u w ith th e desired in fo rm a tio n , I am , Y ours r esp ectfu lly , (Signed) A . B . D o u g h e r t y , D e p u t y A t t o r n e y G e n e r a l. BANKERS ACCEPTANCES PURCHASED BY BANKS NOT CHARGEABLE TO THE L IN E OF C R E D IT OF THE AC C E PT I N G B A N K . (70) O ctober 24, 1918. H on. F ra n k W . M errick, S ta te B a n k in g C om m issioner, L an sin g, M ich igan : D ear Sir— Y ou h a v e r ec e n tly req u e sted th e o p in io n o f th is D e p a r tm e n t u p on th e follow in g: C ertain ban k s org a n ized under th e la w s o f th is s ta te h a v e been p u rch asin g pap er k n ow n as b an k er’s a ccep ta n ces. W e are in fo rm ed th a t th e se a c ce p ta n c es are in th e n atu re o f bills of e x ch a n g e draw n u p o n a certa in b a n k an d a c ce p ted b y it, sam e b ein g d u e in th ir ty , s ix ty or n in e ty d a y s, as th e ca se m a y be. A fter th is pap er h as b een a c ce p ted b y th e b an k u p on w h ich it is draw n, in so m e in sta n ce s th e pap er is sold to oth er b an ks. T h e q u estio n n ow presen ts its e lf w h eth er ban k s organized un der th e la w s o f th is s ta te ca n p u rchase th is pap er in a m o u n ts in excess o f th e lim ita tio n im p o se d b y S ectio n 802 0 o f th e C om piled L aw s o f 1897. In oth er w ords, w h eth er or n o t th e se a cce p ta n c es are lia b ilitie s w ith in th e m ea n in g o f S ectio n 8020, so th a t no b an k can pu rchase th e m in a m o u n ts in ex cess o f o n e -te n th part o f th e a m o u n t o f its c a p ita l and surplus. S ectio n 802 0 o f th e C om piled L aw s o f 1897, h eretofore referred to , p rovid es in part as follow s: “ T h e to ta l lia b ilitie s to a n y b a n k o f a n y person or o f a n y co m p a n y , corp oration or firm for m o n ey s a d v a n ced , in clu d in g in th e lia b ilitie s o f th e c o m p a n y or firm th e lia b ilitie s o f th e several m em b ers th ereo f, ex ce p t sp ecia l p artn ers, sh a ll a t no tim e exceed o n e -te n th p art o f th e a m o u n t o f c a p ita l an d surplus o f su ch bank, b u t th e d isco u n t o f bills o f ex ch a n g e draw n in good fa ith a g a in st a c tu a lly e x istin g v a lu es a n d th e d isc o u n t o f com m ercial or b u sin ess pap er a c tu a lly ow n ed b y th e person n e g o tia tin g th e sa m e sh a ll n o t be co n sid ered as m o n ey b orrow ed .” Y o u w ill n o te from read in g th e foregoin g th a t w h ile th e to ta l lia b ility o f a n y person, firm or corp o ra tio n to a n y ban k sh all n o t be in excess o f o n e -te n th p art o f th e a m o u n t o f its c a p ita l and surplus th a t th is lim ita tio n does n o t a p p ly to th e d isc o u n t o f bills o f e xch an ge draw n in good fa ith a g a in st a c tu a l e x istin g v a lu es. F ro m th e in fo rm a tio n w h ich w e rec e iv e d from a rep resen ta tiv e o f yo u r D e p a r tm e n t it app ears th a t a b a n k a c ce p ta n c e is n o th in g m ore th a n a b ill o f exch an ge, as defin ed b y S ectio n 6167 o f th e C om piled L aw s o f 1897, sa m e bein g S ection 128 o f th e n e g o tia b le In stru m en ts la w . Such b ein g th e ca se I a m o f th e o p in ion th a t th e lim ita tio n im p o se d by S ectio n 8020 does n o t a p p ly to th e se a c cep ta n ces, a n d th e y m a y b e p u rch ased b y b an k s in such a m o u n ts as th e y see fit. R e sp e c tfu lly yours, (S igned) A . B . D o u g h e r t y , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D e p u ty A tto r n e y G en era l https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKS EXAMINED AND FEES PAID, 1918 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xci R E P O R T OF T H E CO M M ISSIO N ER. The following is a list of banks and trust companies examined and the amount paid by each, as required by section JfO of the general banking law and section 19 of the Trust Company Act. Name of bank. No. Location. Date second Date first examination, examination, 1918. 1918. Amount Paid. 325 Addison State Savings Bank Addison.......................... April 8 ___ Oct. 2 9 .... $34 80 162 Adrian State Savings Bank A drian............................ Mar. 4 . . . . Sept. 2 5 .... 215 59 89 The Dommereial Savings Bank Adrian............................ Mar. 4. .. . Sept. 2 6 .... 118 75 66 I^enawee County Savings Bank A drian........................... Mar. 4 . . . . 216 97 179 Albion State Bank Albion............................ M ay 1 3 ... . Nov. 2 5 .... 89 51 167 Commercial and S ivings Bank. . Albion............................ May 1 3 ... . Nov. 2 5 .... 93 43 25 00 .................................... Sept. 23___ 498 Algonac Savings Bank Algonac.......................... May 314 Allegan State Savings Bank Allegan........................... June 1 1 .... 1. .. . Dec. 1 8 .... Oct. 7 .... 323 First State Bank .. Allegan........................... June 1 1 .... Oct. 7 .... 72 06 487 Allen State Savings B ank. Allen............................... May 1 4 .... Oct. 2 8 .... 25 00 232 The Alma State Savings Bank Alma.............................. May 2 5 .... Oct. 2 1 .... 60 76 233 First State Bank of Alma Alma.............................. May 2 5 ... . Oct. 2 1 . . . . 155 81 49 07 437 Almont, Savings Bank Almont........................... April 1 0 .... Dec. 7 .... 33 82 169 Alpena County Savings Bank Alpena........................... Mar. 2 5 .... Dec. 1 6 ... . 327 85 302 Farmers’ State Bank A lto................................ June 5 . . . . Oct. 2 2 .... 29 19 609 Amble State Bank Amble............................ Oct. 2 1 .... 25 00 48 Ann Arbor Savings Bank Ann Arbor..................... Mar. 4 . . . . Sept. 3 . . . . 391 45 26 Farmers’ and Mechanics’ Bank Ann Arbor..................... Mar. 4 . . . . Sept. 3 . . . . 201 19 144 State Savings B ank.................. ....................................... Ann Arbor..................... Mar. 4 . . . . Sept. 3 . . . . 290 89 512 State Bank of Applegate................................................. Applegate...................... April 2 9 .... Nov. 1 2 .... 25 00 468 Armada State B ank....................................................... Armada.......................... April 2 2 .... Dec. 1 7 . . . 37 68 31 53 473 Farmers’ State B ank........................................................ Armada.......................... April 2 2 .... Dec. 1 6 .... 582 First State B ank............................................................... Ashley............................ April 11---- Nov. 1 6 .... 25 00 414 Athens State Bank Athens............................ April 1 8 ... . Sept. 30. . . . 33 85 418 Peoples’ State Savings B ank........................................... A uburn.......................... April 8 . . . . Sept. 2 4 ... . 26 14 522 Aii Ores State Bank Au Gres......................... April 1 0 .... Dec. 18 . . . . 25 00 420 State Bank of Augusta Augusta......................... Jan. 1 4 .... Aug. 8. .. . 25 00 236 State Bank of Frank W TTnhhard & Co Bad Axe........................ May 1 3 .... Nov. 1 3 .... 70 08 237 State Savings Bank of Bad Axe Bad Axe........................ May 1 3 .... Nov. 1 1 .... 69 94 337 State Exchange Bank Bancroft........................ M ay 2 8 .... Dec. 1 9 .... 33 89 West Michigan Savings Bank Bangor........................... June 13---- Oct. 9 .... 58 01 Bark River State Bank Bark R iver.................... Jan. 31---- Aug. 2 0 .... 25 00 Barry ton State Savings Bank B arryton........................ May 1 5 .... Oct. 2 3 .... City B ank. .. Battle Creek................. Mar. 4 . . . . Dec. 62 458 394 93 178 63 43 30 25 00 2 .... 327 95 Merchants’ Savings Bank Battle Creek.................. Mar. 6 • • • • Sept. 2 5 .... 227 96 Bay City Bank Bay C ity........................ Mar. 18---- July 8 .... 404 88 Bay County Savings Bank Bay C ity ....................... Mar. 18 — July 8— 261 00 Bay C ity ....................... Mar. 1 8 .... July 8— 693 24 People’s Commercial and Savings B ank....................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. X C ll List of banks and trust companies examined.—Continued. Date first Date second examination, examination, 1918. 1918. No. Name of bank. 562 Farmers’ State Savings B ank.......................................... Bay C ity . . . . . Mar. 1 8 .... July 8 8111 05 602 Peoples State B ank....................................... B eaverton... June 1 1 .... Oct 2 25 00 513 State Bank of Beaverton................................. B eaverton... April 2 5 .... Oct. 2 25 00 Belding Savings B ank........................................ Belding............ Mar. 2 3 .... Oct. 22 50 69 159 People’s Savings B ank ................................... Belding.......................... Mar. 2 3 .... Oct. 22 50 22 347 Bellaire State B ank................................................ Bellaire.......................... June 8.... Sept. 2fi 25 00 527 Peoples State B ank................................................... Belleville........................ May 3 .... Dec. 4 31 95 548 Bellevue State B ank....................................................... Bellevue......................... June 3 .... Nov. 2 38 69 598 Farmers State B ank......................................................... Bellevue......................... May 2 7 .... Nov. 2 219 Benton Harbor State Bank............................................. Benton H arbor............. May 2 1 .... Oct. 2 Location. ; .......... Amount Paid. 25 00 7 119 69 51 88 561 Berrien County B ank......................................... Benton Harbor ... May 2 1 .... Oct. 7 448 Berlin State B ank............................................. B erlin.... April 1 3 ... Oct 16 25 00 416 Berrien Springs State B ank............................................. Berrien Springs............. April 2 2 .... Oct. 21 35 93 500 Peoples State B ank........................................................ Bessemer..................... Mar. 2 5 .... Aug. 20 31 27 536 Central State Bank of Benzonia........................... Beulah.......... April 2 3 .... Oct. 25 00 259 Big Rapids Savings B ank .............................. Big Rapids. .. Mar. 25.. Nov 11 74 42 248 Citizens’ State B ank......................................................... Big Rapids.................. Mar. 2 5 .... Nov. 13 96 04 505 Birch Run State B ank..................................................... Birch R u n ......... April 8 . . . . Oct. 29 25 00 411 First State Savings B ank............................................. Birmingham. . . . May 481 Blanchard State B ank.............................................. B lanchard... May 1 3 .... Oct. 23 25 00 163 Blissfield State B ank.................................................. Blissfield........ April 2 2 .... Dee. 2 72 34 221 Jipson-Carter State B ank................................................ Blissfield........ April 2 2 .... Dee. 2 114 46 516 Peoples State B ank..................................... Bloomingdale May 25.. 436 Farmers’ State B ank................................ Breckenridge May 2 9 .... Oct 24 25 00 Breckenridge May 29___ Oct Bridgman April 24.. Oct 22 25 no 7 6 .... 77 94 34 30 187 First State Savings B ank................................... 570 Bridgman State B ank.................................... 452 Brighton State B ank ........................ Brighton. .. June 4. . Nov 20 25 00 519 Brimley State B ank.......................................................... Brim ley. . . . May 22.. Nov 13 25 00 409 F irst State Savings B ank................................................. Bronson... April 8 . . . Sept. 30 312 Brooklyn State B ank....................................... Brooklyn... April 1 0 .... 216 Brown City Savings B ank............................... Brown City. . . June 1. . 253 Citizens’ State Savings B ank.......................................... Brown C ity . .. June 1 .. Nov. 11 588 Buchanan State B ank...................................................... Buchanan............ Jan. 17.. Oct. 24 610 Burlington State B ank..................................................... Burlington. . . June 19.. 23 27 79 58 15 47 38 28 06 35 36 28 53 25 00 212 Burr Oak State B ank................................................... Burr Oak April 6 .. Oct. 12 25 00 313 State Bank of B yron........................................................ Byron. . June Nov. 19 27 00 1 ... 181 Cadillac State B ank......................................................... Cadillac... Mar. 21.. Oct 28 175 27 261 People’s Savings B ank..................................................... Cadillac.............. Mar. 19.. Nov. 4 104 54 291 State Bank of Caledonia.................................................. Caledonia...................... April 1 6 .... Oct. 2 3 . . . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50 13 REPORT OF THE COMMISSIONER. X C lll List of banks and trust companies examined.—Continued. Date second Date first examination, examination, 1918. 1918. Amount Paid. No. Name of bank. Location. 336 Calumet State B ank......................................................... Calumet......................... April 2 2 .... Oct. 5 ... 134 98 87 Merchants’ and Miners’ B ank........................................ Calumet......................... April 29.-... Oct. 1 4 . . . 363 05 320 First State B ank............................................................... Camden......................... May 1 6 .... Oct. 30. .. 27 44 208 Capac State Savings B ank.............................................. Capac............................. April 16 . . . . Dec. 18 . . . . 29 27 303 State Savings Bank of Carleton..................................... Carleton........................ April 1 5 .... Dec. 6 .. . . 34 37 287 Commercial Savings Bank............................................... Caro............................... June 1 0 .... Oct. 2 8 .... 31 96 286 State Savings B ank.......................................................... Caro............................... June 1 0 .... Oct. 2 8 .... 92 13 525 Peoples State B ank........................................................... Caro............................... June 1 1 .... Oct. 2 8 .... 37 36 558 Farmers’ and Merchants’ State B ank............................ Carson C ity .................. April 8 . . . . Nov. 1 8 .... 26 66 72 State Bank of Carson C ity .............................................. Carson C ity .................. April 8 . . . . Nov. 18___ 59 28 234 Exchange State B ank....................................................... Carsonville.................... May 2 0 .... Nov. 1 1 .... 43 66 611 First State Bank............................................................... Carsonville.................... May 2 0 ... . Nov. 1 1 .... 38 56 571 Farmers’ and Merchants’ State B ank........................... Casnovia........................ April 8 . . . . Sept. 3 0 .... 25 00 421 537 581 Cass County State B ank................................................. State Bank of Cedar........................................................ Cedar Springs State B ank............................................... Cassopolis...................... April 3 0 ... . Oct. 3 .... 25 00 Cedar............................. April 2 5 ... . Sept. 3 . . . . 26 29 Cedar Springs............... April 1 0 ... . Oct. 2 2 .... 28 83 25 00 343 First State B ank............................................................... Central Lake................. June 1 0 .... Sept. 2 3 .... 391 Wolf Bros. State B ank..................................................... Centerville.... April 1 7 .... Oct. 1 .... 68 86 Aug. 2 6 .... 34 07 Dec. 2 1 ... . 108 30 315 Charlevoix State Savings B ank...................................... Charlevoix.... Jan. 1 1 . . . 218 Eaton County Savings B ank.......................................... Charlotte....................... June 19 . . . . Chassell.......................... April 18. .. . Oct. 22. . . . 25 00 Feb. 2 8 .... Aug. 24___ 33 72 509 Chassell State B ank......................................................... 305 Cheboygan County Savings B ank.................................. Cheboygan.................... 304 Cheboygan State B ank.................................................... Cheboygan.................... Mar. 4. . . . Aug. 2 6 .... 45 86 397 Farmers’and Merchants’ Bank....................................... Chelsea.......................... April 1 5 .... Nov. 2 5 .... 56 54 203 The Kempf Commercial and Savings Bank.................. Chelsea........................... April 1 5 .... Nov. 2 5 . . . . 77 13 235 The Chesaning State B ank............................................. Chesaning... June 10 . .. . Oct. 2 6 ... . 74 35 424 Citizens State B ank......................................................... C lare.............................. May 20. . . . Sept. 3 0 .... 28 78 118 Clare County Savings B ank............................................ Clare.......... May 2 0 .... Sept. 30. .. . 65 30 540 Clarkston State B ank...................................................... Clarkston...................... May Nov. 2 . . . . 25 00 486 Edwin Nash State B ank.................................................. Clarksville.................... April 2 4 .... Nov. 1 9 ... 25 00 376 Climax State B ank........................................................... Climax........................... Jan. 1 7 .... Sept. 30. .. 25 00 filfi Smith-R.iehmnnd State Bank Clinton. Dec. 483 Clio State B ank................................................................ Clio................................ Jan. 1 4 .... Oct. 3 0 ... . 39 06 108 15 2 ___ 27 26 4 .... 104 Branch County Savings B ank........................................ Cold w ater...................... May 1 3 .... Dec. 16 . . . . 292 State Bank of Coleman................................................... Coleman........................ April 2 3 .... Oct. 442 State Bank of Coloma..................................................... Coloma.......................... May 2 8 ... . Oct. 1 4 . . . 427 E. Hill & Sons State B ank.............................................. Colon............................. April 1 1 .... Oct. 433 Columbiaville State Bank ............................................. Columbiaville................ April 6 . . . . 599 Comstock Park State Rank Comstock P ark ............. Oct. 2 1 .... Oct. 29. .. * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 ... . 2 .... 25 00 40 27 32 45 25 00 25 00 STATE BANKING DEPARTMENT. List of hanks and trust companies examined .—Contili No. 32 496 Name of bank. Location. Date first examination, 1918. Farmers’ State B ank........................................ Concord.... June 3 . . . . Conklin State B ank .................................... Conklin. . . . April 6 . . . . 174 Commercial State B ank................................... Constantine. April 16 . . . . 173 First State B ank............................................... Constantine. April 1 6 .... 281 Coopersville State B ank................................... Coopersville May 22___ 524 People Savings B ank........................................ Coopersville June 406 State Bank of Montcalm County................... Coral.......... April 1 5 .... 339 Old Corunna State B ank................................. Corunna.. . May 596 First State Savings B ank................................. Croswell__ M ay 2 7 .... M ay 2 7 .... 1 .... 6 .... 182 State Bank of Croswell.................................... Croswell. . . 568 State Bank of C rystal...................................... Crystal. . . . April 9 . . . . 529 Daggett State Bank.......................................... D aggett. . . . Jan. 1 5 .... 176 Davison State B ank ......................................... D avison.. . . April 9 . . . . 459 Dearborn State B ank....................................... D earborn... May 319 Citizens’ State Bank......................................... D ecatur.. . . May 2 0 .... 8 .... 102 First State B ank............................................... D ecatur.. . . May 2 0 .... 565 Decker State B ank........................................... Decker........ April 2 2 .... 196 Farmers’ State Bank of Deckerville.............. Deckerville. May 22___ 195 State Bank of Deckerville................................ Deckerville. May 22___ 335 Deerfield State B ank........................................ Deerfield. .. April 24___ April 6 . . . . 301 Delton State B ank............................................ D elton........ American Loan & Trust C o....................... D etroit....... Dec. 357 American State B ank....................................... D etroit....... Jan. 19___ Bankers Trust Co............................................. D etroit....... Dec. 73 Central Savings B ank ...................................... D etroit. . . . Jan. 1 9 .... 580 Commonwealth Savings B ank........................ Detroit. . . . Jan. 2 8 .... 47 Detroit Savings B ank....................................... D etroit. . . . Feb. 2 3 .... Detroit Trust Company................................... D etroit....... Jan. 2 8 .... April 1 . . . . 9 9 .... 2 .... Dime Savings B ank.......................................... D etroit. . . . 479 Federal State B ank............................................ D etroit. . . . Feb. 2 6 .... 5 First State B ank................................................. D etroit....... Jan. 2 6 . . . . G uaranty Trust C o............................................ D etro it.. .. Dec. 573 Highland Park State Bank (Bank of Detroit) D etroit....... Jan. 21___ 3 .... Industrial Morris Plan B ank............................ D etroit...* . June 17___ 579 Michigan State B ank......................................... D etroit....... June 1 9 .... 563 Northwestern State B ank.................................. D etroit......... June 1 9 .... 15 Peninsular State B ank........................................ D etroit......... Feb. 2 5 .... 356 People’s State B ank........................................... D etroit....... Feb. Security Trust Company................................... D etroit......... Jan. 2 8 .... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 ___ REPORT OF THE COMMISSIONER. xcv List 0/ banks and trust companies examined.—Continued. Location. D ate second Date first examination, examination, 1918. 1918. Amount Paid. No. Name of bank. Union Trust Company..................................................... D etroit. .. Dec. 386 United Savings B ank....................................................... D etroit........................... Jan. 2 8 . . . . Aug. 10.. . . 605 53 6 Wayne County & Home Savings B ank......................... D etroit......... ................ Feb. 1 5 ... July 19 .. . . 5,521 55 $797 60 9 .... 157 Dexter Savings B ank....................................................... D exter............................ May 2 ___ Nov. 2 7 . . . . 46 34 578 Lee State B ank................................................................. Dowagiac...................... M ay 1 .... Sept. 3 0 ... . 91 99 396 State Savings B ank................... Dowagiac Jan. 1 5 .... 351 Dryden State B ank.......................................................... D ryden.......................... April 1 1 .... Nov. 1 9 .... 477 Dundee State Savings B ank........................................... Dundee........ April 2 3 .... Dec. 4. . . . 25 00 142 Monroe County Bank. .................................................... Dundee. . April 22___ Dec. 4. .. . 38 16 25 00 32 12 428 First Commercial Savings B ank..................................... D urand........ Jan. 1 5 .... Nov. 2 7 .... 26 21 124 Shiawassee County B ank ................................................ D urand. .. Jan. 1 4 .... Nov. 2 7 .... 64 22 462 People’s State Savings B ank........................................... East Jordan.................. Jan. 8 .... Aug. 2 6 .... 25 00 238 State Bank of East Jordan............................................. East Jordan.................. Jan. 1 0 .... Aug. 28___ 56 37 583 East Lansing State B ank................................................. East Lansing. . . Jan. 1 4 .... Oct. 31. .. 25 00 53 Michigan State B ank....................................................... Eaton Rapids................ June 4 . . . . Nov. 2 3 .... 46 66 499 Eau Claire State B ank..................................................... Eau Claire April 2 3 .... Oct. 25 00 614 Ecorse State B ank. . . Ecorse Oct. 3 0 . . . . 193 Edmore State B ank......................................................... Edm ore. . . May 18. . . . 403 Peoples State B ank........... Edmore May 1 8 .... 9 .... 25 00 Oct. 2 2 .... 25 00 25 00 129 Elk Rapids State B ank.................................................... Elk R apids. . . June 6 . . . . Oct. 1 .... 31 84 342 State Savings B ank.......................................................... Elsie............................... April 1 3 .... Nov. 1 9 .... 42 07 619 Citizens State B ank. . . Emmet,. 508 Empire State B ank........................................................... Empire April 2 3 .... Sept. 2 . . . . 25. 00 Sept. 3 0 .... 110 79 Oct. 1 0 .... 25 00 .. 299 State Savings B ank.......................................................... Escanaba....................... April 8 ___ 520 State Savings B ank.......................................................... Essexville...................... Jan. 1 7 .... 30 37 58 33 295 Evart Savings B ank......................................................... E v a rt.............................. April 2 9 ... . Nov. 2 7 .... 152 First State Savings B ank................................................ E v a rt.............................. April 2 9 ... . Aug. 2 7 .... 553 State Bank of Ewen......................................................... Ew en.............................. Mar. 2 9 .... Aug. 2 2 .... 25 00 460 Farmington State Savings B ank.................................... Farmington................... April 1 6 .... Oct. 2 9 .... 38 29 608 Peoples State B ank.......................................................... Farmington................... June Oct. 2 9 .... 25 00 215 Old State B ank................................................................. Fennville........................ April 2 4 .... Oct. 8 .... 25 00 209 Commercial Savings Bank of Fenton............................ Fenton........................... April 1 0 .... Dec. 14 . . . . 41 13 384 Fenton State Savings B ank............................................. Fenton........................... April 10.. .. Dec. 16 . . . . 49 63 495 State Savings B ank.......................................................... Flat Rock...................... Jan. 1 7 .... June 2 4 ... . 25 00 101 Citizens’ Commercial and Savings B ank....................... F lin t............................... Mar. 1 1 .... Sept. 9 . . . . 364 33 1 .... 23 Genesee County Savings B ank....................................... F lin t............................... Mar. 1 1 .... Sept. 9 . . . . 893 69 431 Industrial Savings B ank.................................................. F lin t............................... Mar. 1 1 .... Sept. 9 . . . . 465 95 165 Union Trust and Savings B ank...................................... F lint............................... Mar. 1 1 .... Sept. 9 . . . . 371 40 126 F irst State and Savings B ank......................................... Flushing........................ June 1 1 .... Oct. 2 8 .... 53 33 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST A T E B A N K IN G D E P A R T M E N T . List of banks and trust companies examined .—< No. Name of bank. Location. Date first examination, 1918. 223 People’s State B ank............................................. Flushing......................... June 11 454 Bank of Fountain..........: ..................................... Fountain........................ June 8 141 State Savings Bank of Fowler....................... Fowler............................ April 18 293 State Bank of Fowlerville............................ Fowlerville.................... May 592 Frankenmuth German American B ank....................... Frankenm uth................ April 23 450 Frankenmuth State B ank........................ Frankenm uth................ May 229 State Savings Bank of Frankfort........................... Frankfort...................... April 22 461 State Bank of F raser............................ F raser............................ May 16 449 State Bank of Freeport............................ Freeport..................... April 23 1 2 297 Fremont State B ank............................. Frem ont.................. June 3 345 Old State B ank.................................. Frem ont................ June 4 362 State Savings B ank........................... Gagetown...................... April 22 426 Galesburg State B ank.................................. Galesburg.................... April 13 447 Garden State Savings B ank.................... G arden....................... Mar. 30 153 Gaylord State Savings B ank............................... Gaylord........................ July 25 July 25 557 Otsego County State B ank.......................................... G aylord......................... 507 Gladstone State Savings B an k ..................... Gladstone.................. April 3 594 First State Savings Bank............................... Gladwin......................... June 11 471 Gladwin State B ank....................................... Gladwin................... June 11 552 First State B ank................................. Gobleville................ April 20 249 Grand Haven State B ank.................................... Grand H aven............ June 11 443 Peoples Savings B ank.......................................... Grand H aven.......... June 14 308 Grand Ledge State B ank..................................... Grand Ledge........... Jan. 15 389 Loan and Deposit B ank............................... Grand Ledge........... April 24 316 City Trust and Savings B ank............................... Grand R apids............. June 24 276 Commercial Savings B ank......................................... Grand R ap id s.... Jan. 7 Grand Rapids Savings B ank................................. Grand Rapids... Jan. 7 Grand Rapids Trust Company..................... Grand Rapids........... June 24 Kent State B ank............................................... Grand R apids.... Jan. 8 Grand R apids............... Jan. 14 61 402 Michigan Trust Company....................................... The Morris Plan Industrial B ank ............................ Grand R apids.... Dec. 21 108 People’s Savings B ank..................................................... Grand R ap id s.. Jan. 14 359 Grandvi lie State B ank......................................... Grandville..................... April 17. . . . 340 G rant State B ank..................................... G rant............................. April 2 9 ... . Farmers’ State Bank of Grass Lake............................... Grass Lake.................... April 2 7 .... 27 518 Miners’ and M erchants’ State B ank............................. Greenland...................... April 1 5 .... 263 Commercial State Savings B ank.................................... Greenville...................... Mar. 2 5 . . . . 188 Greenville State B ank........................................ Greenville...................... Mar. 2 5 .... 556 Grosse Pointe Savings B ank........................................... Grosse Pointe................ May https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9.... REPORT OF THE COMMISSIONER. xcvii List of banks and trust companies examined.—Continued. No. Date first Date second examination, examination, 1918. 1918. Name of Bank. Location. 410 Gwinn State Savings B ank............................................. Gwinn............................ May 1 6 .... Aug. 28___ 601 Halfway State B ank......................................................... Halfway......................... June 2 0 . . . . Nov. 2 . . . . 25 00 435 Hamtramck State B ank................................................... H amtramck............... Jan. 1 5 .... Nov. 6 . . . . 113 07 576 First State B ank......................................................... H am tram ck............ Jan. 14.. Nov. 2. . Superior Trust Company................................................. Hancock........................ May 2. . 254 Huron County Savings B ank......................................... Harbor Beach............... June 1 0 .... Nov. 1 1 .... 45 78 412 State Bank of Harbor Beach.................................. Harbor Beach. .. June 10 . Nov. 11 .. 39 42 44 16 Amount Paid. $33 43 38 76 37 79 326 Emmet County State B ank........................ Harbor Springs Jan. 15 Sept. 2 5 ... 355 State Savings B ank.......................................................... H arrison........................ April 22___ Oct. 1 .... 25 00 369 Alcona County Savings B ank......................................... Harrisville..................... June 2 6 .... Nov. 6 . . . . 25 00 50 Oceana County Savings B ank........................................ H art............................... April 2 3 ... Oct. 1 4 . . . 41 60 11 Hastings City B ank............................................. H astings. . . . May Oct. 14 94 05 441 Hemlock State B ank........................................................ Hemlock........................ April 22___ Oct. 3 0 .... 30 26 446 State Bank of H esperia................................................... Hesperia........................ June 3 . . . . Dec. 1 6 .... 25 00 465 American State Bank of Highland P ark ....................... Highland P ark .............. Mar. 2 5 .... Nov. 6 . . . . 99 58 434 Highland Park State B ank............................................. Highland P ark .............. Mar. 2 5 .... Aug. 5 . . . . 2,012 31 1 600 Peninsular State B ank............................................. Highland B ank......... June 2 0 ... Nov. 2. .. 54 53 301 M jn tn n re icy Cku ity Savings B a n k .. . . : .................. Hi ma i .......................... Ju y Nov. 4 . . . . 25 00 260 F irst State Savings B ank................................................ Hillsdale........................ May 14. .. . Nov. 2 5 .... 78 Hillsdale Savings B ank.................................................. Hillsdale.................... May 14 2 67 64 Nov. 2 3 ... 108 10 56 First State Bank of Holland........................................... Holland.......................... May 29___ Oct. 1 4 . . . 202 46 91 Ho land City St te B ink................................................. H illand.......................... May 2 7 .. Oct. 14.. 148 95 322 Peoples’ State B ank......................................................... Holland......................... May 2 7 .... Oct. 14 . . . . 262 Citizens’ Savings B ank.................................................... H olly.............................. Feb. 75 42 25 00 7.... 106 Firs', State and Saving; B ank......................................... H o ly .............................. April 8 . . . . Dec. 17 . . . . 432 Holton State B ank........................................................... H olton........................... June 1 .... Dec. 1 4 .... 25 00 255 Calhoun State B ank......................................................... Homer............................ June 4 . . . . Oct. 30. .. . 51 72 25 00 126 14 597 Honor State B ank............................................................ H onor............................ April 2 3 .... Sept. 2 8 ... . 353 Hopkins State B ank......................................................... Hopkins......................... June 1 3 .... Oct. 5 .... 36 84 109 First State and Savings B ank......................................... Howell........................... May Nov. 2 7 .... 51 45 559 McPhe~son St .te Ba ik .................................................... H ow e!............................ May 8. . . . Dec. 1 8 ... . 155 64 140 Boies State Savings B ank................................................ H udson.......................... May 6 .... Dec. 2 .... 78 10 593 Hudson State Savings B ank........................................... H udson.......................... May 4 . . . . Dec. 2. . . . 25 00 Dec. 9 .... 143 Thompson Savings B ank................................................. H udson.......................... May 2 .... 140 63 492 Fudsonville State B ank................................................... Hudsonville................... June 2 9 .... Oct. 1 7 .... 26 48 618 Peoples State Bank ................................................. Id a .................................. 24 Lapeer County B ank ....................................................... Imlay C ity .................... April 15 . . . . Dec. 16. . . . 97 51 517 Peoples State B ank.......................................................... Imlay C ity .................... April 1 5 .... Dec. 16 . . . . 62 11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 .... xcviii STATE BANKING DEPARTMENT. List of banks and trust companies examined.—Continued. Date first examination, 1918. Date second examination, -Amou nt 1918. Paid. No. Name of bank. 191 State Sayings B ank.......................................................... Ionia............................... May 7 ___ Nov. 1 8 .... $156 10 135 Commercial B ank............................................................. Iron M ountain.............. Jan. 7.... Sept. 2 3 .... 129 99 501 Miners State B ank........................................................... Iron River............... Jan. 2 1 .... Sept. 3 . . . 38 20 547 Merchants’ and Miners’ State B ank.............................. Iron wood....................... Mar. 2 6 ... . Aug. 1 7 .... 12 Peninsula B ank................................................................. Ishpeming .. May Location. 7 ... 49 88 Aug. 28 123 48 150 Ithaca Sayings B ank........................................................ Ith a ca.. . Mar. 2 5 ... Oct. 28 387 Central State B ank.......................................................... Jackson.......................... Mar. 6 . . . . Sept. 2 3 .... 135 36 177 Jackson City B ank........................................................... Jackson.......................... Mar. 1 8 ... . Sept. 2 3 .... 265 69 186 Jackson State Savings Bank........................................... Jackson.......................... Mar. 5 . . . . Sept. 2 3 .... 197 25 14 Union B ank....................................................................... Jackson.......................... Mar. 1 1 ... . Sept. 2 3 .... 492 61 50 97 607 Jamestown State B ank................................................... Jamestown. . Oct. 15.. 115 Grosvenor Savings B ank................................................. Jonesville....................... May 1 5 .... Nov. 2 5 .... 53 14 147 Home Savings B ank......................................................... Kalamazoo.................... June Nov. 9 . . . . 136 49 1 17.... 25 00 Kalamazoo City Savings B ank....................................... Kalamazoo.................... June 3 . . . . Dec. 2 4 ... . 511 05 257 Kalkaska State B ank............................. ...................... Kalkaska....................... April 8 . . . . Sept. 1 1 .... 30 80 490 Farmers’ State B ank........................................................ Kawkawlin.................... April 6. . . . Sept. 2 1 .... 25 00 451 Kent City State B ank..................................................... Kent C ity ...................... April 2 7 .... Sept. 2 1 ... . 25 00 514 Kinde State B ank............................................................. Kinde............................. May 1 5 .... Nov. 1 2 .... 29 61 485 The First State B ank....................................................... Kingsley........................ April 2 5 .... Oct. 5. .. . 25 00 504 Kingston State B ank....................................................... Kingston........................ June 1 2 .... Oct. 30. . . . 25 00 566 Farmers’ State B ank........................................................ Lachine.......................... July 383 Union State B ank............................................................. Laingsburg April 25 . 417 Lake City State B ank...................................................... Lake City Jan. 23.. 283 Farmers’ and M erchants’ Bank of Lake Odessa.......... Lake Odessa.................. 1 ---- Nov. 4. .. . 25 00 Nov. 21 25 35 April 2 2 .... Nov. 1 8 .... 50 94 25 00 41 Lake Odessa State Savings B ank................................... Lake Odessa.................. April 2 2 .... Nov. 1 8 .... 32 87 575 Commercial State Savings B ank............ ....................... Lakeview....................... May 2 0 .... Oct. 2 1 ... . 25 00 300 Farmers’ and M erchants’ State B ank........................... Lakeview....................... May 20. . .. Oct. 2 1 ... . 25 00 445 American Savings B ank................................................... Lansing.......................... Mar. 1 1 .... Sept. 3 . . . . 248 25 133 Lansing State Savings B ank........................................... Lansing.......................... June 1 7 .... Dec. 16___ 283 43 271 Lapeer Savings B ank....................................................... Lapeer............................ April 1 7 .... Dec. 1 7 .... 59 48 117 State Savings B ank.......................................................... Lapeer............................ Mar. 1 3 .... Dec. 1 7 .... 201 State Savings Bank of Laurium..................................... Laurium ........................ April 24___ Oct. 545 Home State B ank............................................................. Lawrence....................... 8 People’s B ank.................................................................... Leslie... 184 Lexington State B ank...................................................... Lexington. .. 75 12 9 .... 146 97 May 2 3 .... Oct. 1 5 .... 25 00 June Dec. 21 55 38 April 29 Aug. 21 25 00 5 .. 533 State Bank of Linwood.................................................... Linwood. . . June Sept. 23 25 00 408 Litchfield State Savings B ank ........................................ Litchfield May 11 Oct. 15 29 57 360 City State B ank............................................................... Lowell............................ Mar. 2 7 .... Oct. 2 1 .... 45 41 111 Lowell State B ank.......................................................... Lowell............................ Mar. Oct. 2 1 . . . 69 40 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 . 27.... . REPORT OF THE COMMISSIONER. xcix List of banks and trust companies examined.—Continued. No. Name of bank. Location. Date Becond Date first examination, examination, 1918. 1918. Amount Paid. 239 Ludington State B ank..................................................... Ludington... Mar. 2 7 . . . . Nov. 2 0 .... $111 51 503 McBain State B ank......................................................... M cBain.......................... April 17___ Aug. 29___ 25 00 603 McCords State B ank....................................................... McCords................ 130 Antrim County State Savings B ank.............................. M ancelona............. April 9 . . . . Sept. 1 1 .... 52 41 242 People’s Bank of Manchester......................................... Manchester............... April 1 7 .... Nov. 2 5 .... 47 41 172 Union Savings B ank......................................................... Manchester............... April 1 7 .... Nov. 2 5 .... 83 36 116 Manistee County Savings Bank..................................... M anistee.................. Mar. 3 0 .... Nov. 18 . . . . 201 40 21 Manistique B ank.............................................................. M anistique. April 1 1 .... Nov. 1 9 .... 77 59 595 State Savings B ank.......................................................... M anistique... April 1 0 .... Sept. 26 . . . . 25 00 296 Manton State B ank......................................................... M anton................ April 1 5 .... Dec. 2 3 .... 25 00 381 First State Savings B ank ................................................ Marcellus. . . April 3 0 .... Oct. 2 ___ 42 71 198 G. W. Jones Exchange B ank.......................................... Marcellus............. April 2 9 .... Oct. 1 .... 53 40 122 Marine Savings B ank....................................................... Marine C ity ... April 3 0 .... Dec. 1 0 .... 75 53 346 Marion State B ank........................................................... M arion....................... April 1 6 .... Aug. 2 8 .... 25 00 252 Commercial State Bank................................................... M arlette.............. June 3 . . . . Nov. 1 3 .... 46 22 338 State Savings B ank.......................................................... M arlette.......... June 3 . . . . Nov. 1 3 .... 47 81 100 M arquette County Savings B ank.................................. M arquette................. May 1 1 .... Aug. 2 4 .... 109 07 137 Commercial Savings B ank............................................... M arshall........ June 1 9 .... Nov. 2 5 .... 102 60 22 Farmers' B ank.................................................................. M ason. . Mar. 2 7 .... Oct. 3 1 . . . . 45 83 107 First State and Savings B ank......................................... M ason...................... May 15.. Nov. 2 3 .... 50 35 569 Mayville State B ank........................................................ Mayville................ April 1 7 .... Oct. 3 0 .... 31 83 615 Mecosta County State B ank.......................................... Mecosta................... Oct. 2 1 .... 334 Memphis State B ank....................................................... Memphis.......... April 8 . . . . Dec. 1 1 .... 25 93 25 00 168 First State B ank............................................................... Mendon.................. April 1 3 .... Oct. 2 .... 41 68 324 Commercial B ank............................................................. Menominee Jan. 2 8 .... Sept. 9 . . . . 61 99 285 State Bank of M errill....................................................... M errill........................... April 2 3 .... Oct. 2 9 .... 47 34 423 Metamora State Savings B ank....................................... M etamora.................... April 9 . . . . Nov 2 1 .... 25 00 555 People’s State B ank......................................................... Middleton...................... April 9 . . . . Nov. 1 9 .... 25 00 274 Farmers’ State B ank........................................................ Middleville.. April 1 5 .... Oct. 2 2 .... 57 09 591 Chemical State Savings B ank......................................... M idland......................... June 8 . . . . Nov. 5 . . . . 55 91 97 Midland County Savings B ank ...................................... M idland......................... June 8 . . . . Nov. 5 . . . . 43 69 309 People's State Savings B ank........................................... M idland......................... June 8 . . . . Nov. 5 ___ 72 78 77 Farmers’ and Merchants’ B ank...................................... M ilan............................. April 23___ Dec. 2 ___ 44 27 469 Milan State Savings B ank .............................................. M ilan............................. April 23___ Dec. 2 ___ 29 19 472 First State B ank............................................................... Milford...................... April 3 . . . . Dec. 1 8 .... 48 75 413 State Savings B ank.......................................................... Minden C ity ................. April 3 0 .... Nov. 1 3 .... 43 06 550 Union State B ank............................................................. M io................................ June 2 4 .... Oct. 9 ........ 25 00 363 Keweenaw Savings B ank................................................. Mohawk........................ April 20___ Oct. 2 1 .... 318 B. Dansard & Son’s State B ank..................................... M onroe.......................... May 1 3 .... Dec. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 .... 36 44 168 79 STATE BANKING DEPARTMENT. c List of banks and trust companies examined.—Continued. Name of bank. No. Location. Date first Date second examination, examination, 1918. 1918. Amount Paid. 321 Monroe State Savings B ank........................................... M onroe.......................... May 22___ Dec. 2 .... $129 29 491 Farmers’ State B ank........................................................ M ontague...................... April 2 2 .... Oct. 1 6 . . . 25 00 511 Montgomery State B ank................................................. Montgomery................. Feb. 7 .... Oct. 2 9 .... 25 00 515 Montrose State B ank............... ....................................... Montrose....................... July 2 .... Oct. 2 9 .... 25 00 202 Wakefield State B ank...................................................... Morenci......................... June 4 . . . . Dec. 83 37 3 .... 551 Morley State B ank........................................................... Morley........................... April 1 3 .... Oct. 1 0 .... 25 00 222 Citizens’ Savings B a n k ............... M t. Clemens................. June 1 7 .... Dec. 1 0 .... 174 90 51 M t. Clemens Savings B ank............................................. M t. Clemens................. June 17___ Dec. 9.... 220 05 158 Ullrich Savings B ank....................................................... Mt. Clemens................. June 1 7 .... Dec. 9 .... 140 22 170 Exchange Savings B ank................................................... M t. Pleasant................. May 2 1 .... Nov. 4 . . . . 83 53 277 Isabella County State B ank.......................................... M t. Pleasant................. May 2 1 .... Nov. 6 . . . . 100 41 453 People’s State Bank Munising....................... May 1 5 .... Nov. 1 1 .... 25 00 605 Muskegon Savings B ank................................................. Muskegon...................... Mar. 2 6 .... Oct. 1 4 .... 160 62 564 First State Savings Bank................................................. Muskegon Heights....... May 6 .... Oct. 1 6 . . . 57 61 19 Farmers’ and M erchants’ B ank...................................... Nashville....................... May 3 .... Nov. 2 5 .... 68 64 311 State Savings B ank.......................................................... Nashville....................... July 1 .... Nov. 2 5 .... 35 56 35 70 439 Negaunee State B ank................................................. Negaunee....................... May 6. . . . Aug. 24. . . . 368 First State B ank........................................................... ... Newaygo........................ April 3 0 .... Sept. 2 4 ... . 38 84 399 Newberry State Bank. . . Newberry...................... May 2 0 .... Nov. 12 53 05 585 People's State B ank......................................................... New Boston.................. Jan. 1 6 .... Dec. 5 .... 25 00 245 New Haven Savings B ank............................................... New H aven................... April 2 4 .... Dec. 18 . . . . 40 1*9 523 Newport State B ank........................................................ N ew port........................ Jan. 1 5 .... June 2 4 .... 25 00 590 Newman & Snells State B ank......................................... Niles............................... Jan. 14___ Oct. 8 .... 60 25 240 Niles City B ank ............ ............................................... Niles............................... April 3 0 .... Oct. 9 .... 65 96 36‘ Pioneer B ank..................................................................... North Branch............... April 1 6 .... Nov. 12___ 68 27 Lap ham State Savings B ank........................................... Northville...................... June 3 . . . . Dec. 1 7 . . . 52 94 Dec. 1 6 .... 48 26 Nov. 2 25 00 367 145 Northville State Savings B ank....................................... N orthville..............' . . . . May 606 American State B ank....................................................... Oakwood........................ Nov. 2 . . . . 584 Olivet State Bank Olivet............................. May 2 7 .... 280 Onaway State Savings Bank. Onaway.......................... July 612 Farmers’ State B ank........................................................ Onondaga...................... Nov. 1 2 .... 378 Onsted State B ank........................................................... Onsted........................... April 9 . . . . Oct. 30. .. 27 71 484 The Citizens State B ank................................................. Ontonagon..................... April 1 3 .... Oct. 28 25 00 43 20 6 .... 27 70 8 .... 40 39 25 00 190 Orion State B ank............................................................. Orion.............................. April 17. .. . Nov. 18 365 Otisville State B ank......................................................... Otisville......................... April 10 . . . . Oct. 28. .. 25 00 544 Citizens’ State Savings Bank . Otsego............................ April 2 9 ... Oct. 8 25 00 Oct. 8 .... 373 First State Savings B ank................................................ Otsego............................ June 1 2 .... 199 State Savings B ank.......................................................... Ovid............................... April 1 6 .... 185 Citizens’ Savings B ank. . . .............................................. Owosso........................... May https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 .... 37 42 45 86 Nov. 1 8 .... 150 22 REPORT OF THE COMMISSIONER. ci List of banks and trust companies examined.—Continued. No. Name of bank. Location. Date second D ate first examination, examination, 1918. 1918. Amount Paid. 112 Owosso Sayings B ank................................. Owosso........... ............... May 6 .... Nov. 1 8 .... $165 96 370 State Savings B ank.......................................................... Owosso........................... May 6 .... Nov. 1 8 .... 101 93 328 Farmers’ State B ank........................................................ Oxford............................ April 8 ___ Dec. 16 . . . . 25 00 34 Oxford Savings B ank....................................................... Oxford............................ April 8 . . . . Dec. 1 6 .... 91 82 59 Paw Paw Savings B ank................................................... Paw Paw ....................... May 22___ Oct. 49 48 9 .... 247 State Savings Bank of Peck............................................ Peck............................... June 1 1 .... Nov. 1 2 .... 34 77 466 Peoples State Savings B ank............................................ Pellston.......................... Jan. 1 7 .... Sept. 2 4 .... 25 00 478 Pentwater State B ank...................................... Pentw ater...................... April 2 3 .... Oct. 1 5 .... 25 00 132 State Bank of P erry......................................................... P erry.............................. Jan. 1 6 .... Nov. 2 6 . . . . 27 58 463 H. C. McLachlin & Co., State B ank............................. Petersburg..................... April 2 4 .... Dec. 4.... 41 67 119 First State Bank............................................. Petoskey........ Jan. Sept. 3 . . . . 73 41 572 State Savings B ank........................................................ Pewamo......................... May 2 1 .... Dec. 1 8 .... 25 62 348 Pigeon State B ank........................................................... Pigeon............................ Jan. 1 6 .... Nov. 9 . . . . 30 38 400 Pinconning State B ank............................................ Pinconning.................. Jan. 1 4 .... Nov. 2 7 .... 40 92 535 Pittsford State Savings B ank...................... Pittsford.............. May Dec. 3 ___ 25 00 7 ___ 4 .... 282 Citizens' State Savings B ank.......................................... Plainwell....................... April 9 . . . . Oct. 9 .... 54 64 99 Plymouth United Savings B ank..................................... Plym outh...................... Mar. 2 7 .... Nov. 4 . . . . 114 93 456 Pompeii State B ank................................... Pom peii.. . April 1 0 .... Nov. 1 9 .... 25 00 275 American Savings B ank..................................... Pontiac.......... Mar. 3 0 .... Dec. 1 2 .... 88 00 146 First Commercial B ank........................................... Pontiac.................... Mar. 3 0 .... Dec. 9... 316 16 149 Oakland County Savings B ank...................................... Pontiac.......................... Mar. 3 0 .... Dec. 9 .... 216 88 211 Pontiac Savings B ank...................................................... Pontiac.......................... Mar. 30. .. . Dec. 9. .. . 474 84 534 Port Austin State B ank............................................... Port Austin................... May 14. .. . Nov. 1 3 .... 25 00 502 State Bank of Port H ope............................................. Port Hope . . . June 1 1 .... 75 Commerical B ank........................................................... Port H uron........... May 16. . . 375 United States Savings B ank........................................... Port H uron... June 1 7 .... Oct. 7 .... 119 39 98 Federal Commercial & Savings B ank............................ Port H uron................... April 2 7 .... Oct. 9 .... 171 20 Nov. 1 3 .... 25 00 247 18 330 Maynard-Allen State B ank............................................. Portland.................... May 8 . . . . Nov. 20. .. 58 67 385 Webber State Savings B ank........................................ Portland.......... May 8 . . . . Nov. 2 0 .... 46 14 567 Posen State B ank. ........................................................... Posen.............................. July 3 .... Nov. 4 . . . . 25 00 464 First State B ank............................................................... Powers........................... Jan. 1 7 .... Aug. 1 7 .... 25 00 217 Quincy State B ank........................................................... Quincy........................... May 14. .. . Oct. 26 . . . 25 00 69 State Bank of Reading..................................................... Reading......................... May 1 4 ... . Oct. 2 6 .... 39 00 574 People’s State B ank......................................................... Redford.......................... Jan. 1 4 .... June 2 4 ... . 40 07 546 Redford State Savings B ank........................................... Redford.......................... April 15 . . . . Nov. 2 7 .... 43 15 372 Commercial Savings B ank............................................... Reed C ity ...................... Jan. 2 4 . . . . Aug. 2 6 .... 25 00 587 State Savings B ank.......................................................... Reese.............................. April 1 5 .... Oct. 3 0 .... 25 00 393 State Savings B ank.......................................................... Remus............................ May 14 . . . . Oct. 2 2 .... 26 80 521 Republic State B ank................................ ....................... Republic........................ May 4. . . . 25 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Aug. 2 6 .... cii STATE BANKING DEPARTMENT. List of banks and trust companies examined.—Continued. D ate first Date second examination, examination, Amount 1918. Paid. 1918. No. Name of bank. 542 Farmers’ State Savings B ank.......................................... Richland........................ April 3 0 .... Dec. 21___ 206 Macomb County Savings B ank...................................... Richmond (Lenox P.O.) April 2 3 .... Dec. 18___ 70 15 429 Riverdale State Savings B ank ........................................ Riverdale....................... April 2 0 .... Oct. 24 25 00 332 River Rouge Savings Bank............................................. River R ouge... May 1 5 .... 76 17 224 Rochester Savings B ank.................................................. R ochester... April 9 . . . . 56 08 331 Rockford State B ank....................................................... Rockford........................ May 4 . . . . 470 The Rockwood State B ank............................................. Rockwood...................... April 16 . . . . 354 Presque Isle County Savings B ank................................ Rogers C ity .................. July 1 0 .... 194 Romeo Savings B ank....................................................... Romeo........................... April 2 3 .... Dec. 17 531 Romulus State B ank........................................................ Romulus........................ April 1 7 .... Nov. 2 ___ 25 00 371 Roscommon State B ank.................................................. Roscommon.......... April 1 5 .... Oct. 25 00 Location. . Oct. 23___ $25 00 39 86 26 29 76 44 9 108 63 589 Rosebush State B ank......................................... .......... Rosebush....................... June 1 2 .... 532 Rose City State B ank...................................................... Rose C ity . .. June 2 7 .... 528 First Commercial State B ank......................................... Royal O ak..................... April 1 0 .... 374 Royal Oak Savings B ank................................................ Royal O ak..................... Mar. 4 . . . . 84 11 613 Citizens State B ank......................................................... R udyard........................ Nov. 1 8 .... 25 00 25 00 25 00 Dec. 2 1 .... 35 27 25 Bank of Saginaw............................................................... Saginaw..................... Mar. 1 8 .... Aug. 12 493 American State Bank....................................................... Saginaw........ Mar. 2 6 . . . . July 8 251 41 38 People’s Savings Bank..................................................... Saginaw....... Mar. 2 3 .... July 8 177 58 390 Saint Charles State B ank................................................ Saint Charles................ April 22___ Oct. 29 29 Commercial and Savings B ank....................................... Saint C lair................. April 2 9 .... 1,239 82 33 70 75 60 604 First State Bank............................................................... St. Clair Heights May 2 9 .... Nov. 2 25 00 39 Clinton County Savings B ank........................................ Saint Joh n s.. . . Mar. 23___ Nov. 20 .. 62 75 577 Farmers State Savings Bank........................................... Saint Johns................... May 1 8 .... Nov. 2 1 .... 31 13 45 State Bank of St. Johns................................................... Saint Johns................... May 6 .... Nov. 2 9 ... 63 08 31 Union Banking Company................................................ Saint Joseph............ May 1 .... Oct. 42 Commercial Savings B ank............................................... Saint Louis . 7 98 05 May 2 8 .... Oct. 22 53 52 30 84 197 Gratiot County State B ank............................................ Saint Louis May 2 8 .... Oct. 23 265 The Citizens' B ank........................................................... Saline............................. April 16 . . . . Nov. 2 7 .... 74 10 395 Saline Savings B ank......................................................... Saline. . . . April 16 . . . . Nov. 27 . 43 34 231 State Bank of Sandusky.................................................. Sandusky. . . . May 2 1 .... Nov. 1 3 .... 53 87 200 Truman Moss State Bank............................................... Sandusky....................... May 2 1 .... Nov. 1 3 .... 25 00 225 Saranac State B ank.......................................................... Saranac.......................... May 2 2 .... Oct. 2 3 .... 41 36 350 Fruit Growers’ State B ank.............................................. Saugatuck...................... April 2 3 .... Oct. 9 .... 54 78 269 Central Savings Bank...................................................... Sault Ste. M arie........... May 2 3 .... Nov. 2 2 .... 88 41 136 00 54 Sault Savings Bank.......................................................... Sault Ste. M arie.......... May 2 5 .... Nov. 2 3 .... 407 Kalamazoo County State B ank...................................... Schoolcraft.................... April 16. . . . Oct. 1 .... 48 00 489 People’s State B ank......................................................... Scottville....................... May 1 .... Dec. 2 .... 31 61 204 State Savings Bank of Scottville.................................... Scottville....................... May 1 .... Oct. 22. .. 43 20 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. ciìi List of banks and trust companies examined.—-Continued. No. Name of bank. Location. Date first Date second examination, examination, 1918. 1918. ìount aid. 251 Sebe wains State B ank............ Sebewaing . May 1 5 .... 398 Central State Savings B ank............ Shepherd... May 2 3 ... . 27 32 175 Commercial State B ank............... Shepherd... May 2 3 ... . 29 28 $45 01 430 State Savings Bank....................... Sherwood......... April 1 0 .... 25 00 554 State Bank of Six Lakes............ Six Lakes........... May 20___ 25 00 549 Snover State B ank............................ Snover............ April 2 3 .... 25 00 327 South Grand Rapids State B ank............ South Grand R ap id s... May 8 ___ 90 64 148 Citizens’ State B ank................... South H aven. June 1 0 .... 77 36 71 First State B ank......................... South Haven . June 1 0 .... 77 18 State Savings B ank........................... South Lyon. . . . April 1 8 .... 26 20 84 92 306 278 South Range State B ank................. South Range. . . . April 1 6 .... 488 Peoples State B ank....................... S parta............ May 9 .... 29 15 207 Sparta State B ank............................ S parta. . . . May 7 .... 36 52 543 Spring Lake State B ank........................ Spring Lake. . . May 4 . . . . 25 00 404 Springport State Savings Bank............... Springport............. M ay 1 4 .... 37 39 539 Commercial Bank of Stambaugh. Stambaugh................ Jan. 2 3 .... 38 33 279 State Bank of Standish................ Standish............... April 1 7 .... 52 79 243 State Savings B ank....................... Stanton............ April 1 6 .... 35 07 270 Bank of Stephenson............................ Stephenson... June 1 .... 34 79 392 Stockbridge State B ank........................... Stockbridge. . . . May 8 ___ 29 52 134 Citizens’ State B ank............................ Sturgis.. . . June 1 7 .... 94 12 494 Sunfield State Savings B ank................... Sunfield............ April 2 3 .... 29 04 290 Leelanau County Savings B ank................ Sutton’s B ay__ May 1 4 .... 31 05 151 Lilley State B ank.................................... Tecumseh.................... May 7 .... 70 14 156 Tecumseh State Savings B ank................ Tecumseh...................... May 7 ___ 67 26 258 First State Bank.............................. Tekonsha....... June 6 .... 25 32 120 First State Savings B ank........................... Three Rivers............... June 1 8 .... 131 07 266 People’s Savings B ank......................................... Traverse C ity............... Mar. 1 6 .... 55 81 138 Traverse City State Bank.......................... Traverse C ity............... Mar. 12 . . . . !80 55 510 Trenton State B ank....................................... Trenton................ Jan. 1 4 .... 25 00 560 State Bank of Trout Lake................... Trout Lake.............. May 2 1 .... 25 00 341 State Savings Bank................................. Turner........................ 289 State Savings B ank................................. Unionville.. May 16___ 25 00 241 Bank of Vassar.................................... Vassar. . . June 5 . . . . 25 00 467 Michigan Savings Bank....................... Vassar. . . . June 4 . . . . 25 60 192 State Savings B ank...................................... Vassar............ June 4 . . . . 47 33 377 Barber State B ank.......................................... Vermontville. May 2 5 .... 25 00 482 State Bank of Vestaburg............................... Vestaburg May 1 1 ___ 25 00 344 Farmers’ State B ank................................................ Vicksburg . June 19 . . . . 34 44 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 00 STATE BANKING DEPARTMENT. CIV List of banks and trust companies examined.—Continued. Date second Date first examination, examination, 1918. 1918. Amount Paid. No. Name of bank. Location. 317 First State Bank............................................................... Vicksburg...................... June 1 9 .... Sept. 3 0 .... $33 53 401 State Savings B ank.......................................................... W arren........................... May Nov. 2 . . . . 56 95 440 Washington Savings B ank............................................... Washington................... April 1 0 ... . Dec. 5 .... 25 24 284 Wayland State B ank........................................................ W ayland........................ April 1 1 .... Oct. 9 .... 43 76 586 Peoples State Bank........................................................... W ayne........................... Jan. 1 7 .... June 2 4 .... 25 00 94 32 9. . . . Wayne Savings B ank....................................................... Wayne............................ May 2 0 .... Nov. 6 . . . . 415 Farmers’ State B ank........................................................ Webberville................... June 5 . . . . Dec. 2 1 ... . 25 00 382 Westphalia State B ank.................................................... W estphalia.................... May 22___ Nov. 2 0 .... 25 00 455 First State B ank............................. ................................. White Cloud................. May 1 .... Sept. 2 5 .... 25 00 250 State Bank of W hitehall.................................................. W hitehall...................... April 2 2 .... Oct, 1 2 .... 28 19 294 Farmers’ Savings B ank.................................................... White Pigeon................ April 1 5 .... Oct. 25 71 438 Crossman and Williams State Bank.............................. Williamston.................. June 1 3 .... Nov. 2 6 .... 30 47 35 Williamston St^te B ank................................................... Williamston.................. June 1 7 .... Nov. 2 7 .... * 38 00 329 Wolverine State Savings B ank....................................... Wolverine...................... Mar. Aug. 2 9 .... 25 00 166 First Commercial and Savings Bank .......................... W yandotte.................... May 15___ Dec. 3 .... 73 68 64 Wyandotte Savings B ank................................................ W yandotte.................... May 2 7 .... Dec. 4 ... . 317 05 227 Yale State B ank............................................................... Y ale.............................. May 29___ Nov. 9 . . . . 47 33 86 Ypsilanti Savings B ank................................................... Ypsilanti........................ May 2 5 .... Dec. 1 6 ... . 123 83 307 State Commercial and Savings B a n k ........................... Zeeland.......................... May 28___ Oct. 17. .. . 53 05 226 Zeeland State B ank.......................................................... Zeeland.......................... May 29___ Oct. 1 5 . . . 159 35 105 7.... 3 .... Lansing, Michigan, December 31, 1918. Hon. F. W. Merrick, Commissioner of the Banking Department, Lansing, Michigan. Dear Sir—In accordance with your request we have examined the reports of the several state banks and trust companies on file with your department and find that the amounts of the fees turned over by you to this department during the year 1918 aggregating $69,212.14 are correct in accordance with the provisions of Section 40 of the general banking laws and Section 19 of the Trust Company Act. You have also turned over to this department during the year 1918 fees from all other sources aggregating $4,363.10, making total receipts by this office from your department $73,575.24. Yours very truly, (Signed) FRANK E. GORMAN, Deputy State Treasurer. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. cvii C O M PARATIVE A BSTR A C TS (STATE B A N K S). Comparative abstracts, giving the volume of business as shown by late reports of Michigan State banks called for in years 1889, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, 1905, 1906, 1907, 1908, 1909, 1910, 1911, 1912, 1913, 1914> 1915 1916, 1917 and 1918 as made to the Commissioner of the Banking Department. Resources. December 11, 1889, 90 banks, 2 trust companies. December 19, 1890, 106 banks, 2 trust companies. December 2, 1891, 121 banks, 3 trust companies. December 9, 1892, 138 banks, 3 trust companies. Loans and discounts............................. 822,624,667 12 827,628,145 16 830,543,959 76 838,883,892 66 December 19, 1893, 159 banks, 3 trust companies. 832,402,874 53 Stocks, bonds and mortgages.............. 15,645,031 54 18,846,637 08 21,308,913 14 26,843,183 47 Overdrafts.............................................. 165,315 19 183,645 30 195,618 49 222,549 92 206,537 17 Banking house, furniture and fixtures.. 523,466 20 714,313 50 941,191 77 1,274,415 65 1,517,146 91 24,804,367 45 Other real estate.................................... 253,782 59 311,476 52 350,381 69 692,412 41 647,824 26 Expenses and taxes p a id ...................... 276,624 57 266,114 72 307,386 48 364,088 85 395,207 14 Interest paid .......................................... 210,872 79 217,130 03 145,482 78 271,426 84 352,701 34 Due from banks in reserve cities........ 5,182 241 12 5,712,028 27 7,481,885 31 9,435,452 69 7,536,024 09 Due from other banks and bankers... 298,942 90 371,808 62 468,162 59 526,816 22 450,100 31 Exchanges for clearing house.............. 200,024 37 152,723 76 319,354 22 306,521 91 246,416 43 Checks and cash item s......................... 150,252 88 308,018 92 242,213 13 209,662 16 302,096 21 Premiums paid...................................... Nickels and cents.................................. 11,720 48 11,047 14 15,630 82 18,382 56 24,102 73 Gold coin................................................ 396,827 00 483,564 49 849,656 57 1,039,932 42 1,698,747 47 215,054 78 293,818 72 259,119 76 1,807,081 00 2,266,977 00 2,312,851 00 Totals.............................................. 847,354,277 90 856,950,395 68 $65,191,972 53 882,649,533 48 873,156,116 80 Silver coin.............................................. 171,666 15 167,925 17 United States and National bank notes 1,242,843 00 1,575,817 00 Liabilities. Capital stock paid in ............................ 87,254,559 10 88,460,835 00 Surplus fund.......................................... 1,132,329 90 1,502,849 44 1,704,248 31 2,124,487 81 2,443,906 07 Gross undivided earnings..................... 1,679,925 61 1,912,300 21 2,169,532 72 2,534,015 14 2,639,574 57 Dividends unpaid.................................. 2,571 63 6,234 60 Individual deposits............................... 7,879,586 71 9,300,393 00 89,522,420 00 811,109,827 59 2,158 87 11,750,841 68 812,311,041 98 5,739 37 18,081 02 16,948,803 62 14,529,942 64 Certificates of deposit........................... 4,452,081 74 6,054,724 25 6,746,187 18 9,632,918 47 6,686,895 92 Savings deposits.................................... 23,669,030 20 27,779,136 09 31,186,303 14 37,909,010 12 32,216,067 08 Certified checks..................................... 29,987 61 40,450 93 37,541 35 67,981 89 42,076 74 Cashier’s checks outstanding............... 21,097 57 5,802 67 30,594 71 36,445 82 29,031 78 Due to banks and bankers.................. 809,678 07 1,325,103 37 1,599,224 96 1,869,563 31 1,437,360 49 Notes and bills rediscounted................ 386,429 76 517,866 12 391,719 61 279,390 41 654,100 98 Bills payable.......................................... 37,000 00 44,700 00 51,200 00 131,349 93 148,037 53 T otals.............................................. 847.354,277 90 856,950,395 68 865,191,972 53 882,649,533 48 873,156,116 80 State moneys on deposit....................... Liabilities other than above stated . . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cv iii STATE BANKING DEPARTMENT. Comparative abstracts (State Banks.)—Continued. Resources. December 19, 1894, 164 banks, 4 trust companies. December 13, 1895, 169 banks, 4 trust companies. December 17, 1896, 173 banks, 3 trust companies. December 15, 1897, 177 banks, 3 trust companies. Loans and discounts............................. $34,320,138 74 $40,179,933 36 $36,942,440 70 $38,601,949 09 December 1, 1898, 182 banks, 3 trust companies. $41,384,075 83 Stocks, bonds and mortgages.............. 26,516,601 07 27,852,301 82 28,451,447 71 31,926,938 07 Overdrafts.............................................. 192,415 39 224,066 95 199,468 95 227,624 36 298,762 48 Banking house, furniture and fixtures. 1,694,992 89 1,758,139 62 1,814,724 74 1,820,639 66 1,906,096 96 882,473 08 1,237,183 41 1,593,803 10 2,054,891 06 Other real estate.................................... 719,150 15 Expenses and taxes paid ...................... 403,575 78 Interest p aid .......................................... 312,758 62 Premiums paid...................................... Due from banks in reserve cities........ 9,653,012 05 37,453 689 93 23,493 99 26 213 98 41 708 51 47 333 15 9,527,910 70 10,689,631 08 14,460,853 39 15,656,008 52 Due from other bank and bankers.... 361,668 44 392,582 07 481,787 89 837,584 03 893,192 24 Exchanges for clearing house.............. 352,725 79 360,473 16 429,334 91 396,454 61 418,372 26 341,835 45 Checks and cash item s......................... 213,076 23 377,047 46 285,151 36 295,907 52 Nickels and cents.................................. 26,840 53 20,384 28 22,407 73 22,543 68 24,283 58 Gold coin................................................ 1,683,739 65 2,028,483 58 2,286,076 60 2,273,685 90 2,448,122 25 Silver coin.............................................. 269,032 24 277,618 80 289,380 11 307,663 09 387,684 17 United States and National bank notes 2,152,421 00 2,065,781 00 2,530,816 00 2,590,180 00 2,754,711 00 Totals............................................. $78,872,148 57 $85,970,689 87 $85,686,065 17 $95,397,535 01 $106,069,058 88 Liabilities. Capital stock paid in ............................ $12,600,820 00 $12,518,117 21 $12,458,275 00 $12,010,200 00 Surplus fund.......................................... 2,589,052 49 2,735,755 49 2,876,322 12 Gross undivided earnings..................... 2,698,387 31 *2,112,933 75 Dividends unpaid.................................. 17,696 03 Individual deposits............................... $12,003,600 00 2,986,650 27 2,981,382 73 *2,042,341 06 *1,927,498 49 *1,958,531 34 23,539 94 14,629 00 16,430 88 8,204 48 15,476,103 85 16,562,755 06 15,274,265 98 18,025,578 88 20,599,904 56 Certificates of deposit........................... 7,024,676 13 8,364,560 85 7,530,592 54 8,576,587 67 9,782,646 49 Savings deposits.................................... 35,939,957 25 41,192,483 54 42,055,852 60 48,076,282 71 54,105,981 76 111,903 86 Certified checks..................................... 65,583 23 85,970 78 140,220 18 67,246 32 Cashier’s checks outstanding............... 24,974 06 33,828,85 22,834 67 13,771 80 19,723 43 Due to banks and bankers.................. 2,007,773 87 1,936,615 12 2,441,456 29 3,647,253 47 4,420,425 42 Notes and bills rediscounted............... 354,059 88 359,129 28 273,075 73 36,886 14 51,754 81 Bills payable.......................................... 73,064 47 45,000 00 32,000 00 13,148 38 25,000 00 State moneys on deposit...................... Liobilities other than above s ta te d .. Tota s ............................................. . . 524,200 00 578,872,148 57 185,970,689 87 $85,686,065 17 195,397,535 01 $106,069,058 88 ’Undivided earnings, less current expenses, interest and taxes paid. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cix REPORT OF THE COMMISSIONER. Comparative abstracts (State Banks.)—Continued. Resources. December 2, 1899, 187 banks, 3 trust companies. December 13, 1900, 192 banks, 3 trust companies. December 10, 1901, 213 banks, 3 trusty companies. November 25, 1902, 228 banks, 4 trust companies. Loans and discounts............................. $50,272,936 26 $53,161,024 07 $61,706,112 90 $71,029,727 87 November 17, 1903, 242 state banks, 4 trust companies, 1 society for savings. $76,013,937 01 66,317,185 97 Stocks, bonds and mortgages.............. 43,420,804 26 46,495,505 41 55,903,472 79 62,718,889 40 Overdrafts.............................................. 334,526 17 242,650 61 244,675 75 298,124 85 301,921 98 Banking house, furniture and fixtures. 2,075,425 01 2,245,982 87 2,331,104 32 2,428,779 83 2,747,383 27 Other real estate.................................... 2,032,366 69 2,060,599 30 1,764,547 92 1,740,305 79 1,655,978 73 Premiums p aid ...................................... 213,747 47 337,043 17 323,505 22 295,373 97 264,608 79 Due from banks in reserve cities........ 14,395,138 44 16,304,200 53 19,334,239 13 19,566,876 95 20,455,482 93 Due from other banks and bankers... 999,267 91 1,154,911 42 1,597,714 10 1,818,528 06 1,363,614 21 Exchanges for clearing house.............. 451,809 45 422,415 20 906,754 45 643,168 60 628,326 98 Checks and cash item s......................... 385,617 28 320,197 45 343,580 67 531,318 02 418,158 14 Nickels and cents.................................. 26,844 79 30,507 54 33,336 21 45,262 35 58,008 16 Gold coin................................................ 2,782,654 49 3,246,550 00 3,245,496 21 3,634,079 16 3,859,868 27 Silver coin. . ........................................... 383,374 38 422,770 86 452,093 97 512,225 31 663,741 42 United States and N ational bank notes 3,016,402 00 3,514,851 00 4,006,396 11 4,457,448 25 4,686,754 47 T otals............................................. $120,790,914 60 $129,959,209 43 $152,193,029 75 $169,720,108 41 $179,434,970 33 Liabilities. Capital stock paid in ............................ $12,262,100 00 $12,953,523 85 $14,035,880 00 $14,842,470 00 $15,919,551 21 Surplus fund.......................................... 2,987,971 24 3,065,924 18 3,762,660 91 4,959,893 71 5,560,112 18 Undivided earnings n e t........................ 2,102,350 42 2,430,966 72 2,932,193 32 3,251,864 56 3,565,570 84 Dividends unpaid.................................. 11,914 42 10,178 36 4,929 72 2,876 72 Individual deposits............................... 24,522,326 97 24,840,803 37 29,540,186 91 34,503,984 97 37,280,300 Certificates of deposit........................... 12,250,239 67 12,341,536 00 14,664,986 47 16,952,741 46 17,570,185 09 Savings deposits.................................... 62,660,212 66 69,548,293 05 81,609,318 57 89,278,662 99 93,473,139 78 Certified checks..................................... 66,649 37 98,418 48 94,652 52 194,520 09 Cashier’s checks outstanding............... 83,450 18 27,222 23 68,734 87 146,271 08 Due to banks and bankers................... 3,748,526 37 4,481,075 44 5,368,915 27 5,259,834 85 3,511 36 110,395 03 49 77,541 33 5,365,378 83 " I I moneys on d ep blalu Notes and bills rediscounted............... 14,000 00 35,799 00 6,071 19 75,479 88 97,711 15 B 11s payable.......................................... 81,173 30 125,468 75 104,500 00 251,508 10 411,573 04 I " l *l"t* till tl n abnyp stfitpH T otals............................................. $120,790,914 60 $129,959,209 43 $152,193,029 75 $169,720,108 41 $179,434,970 33 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ex STATE BANKING DEPARTMENT. Comparative abstracts (State Banks.)—Continued. Resources. September 6, 1904, 248 state banks, 4 trust companies, 1 society for savings. November 9, 1905, 277 state banks, 5 trust companies, 1 society for savings. November 12, 1906, 301 state banks, 6 trust companies, 1 society for savings. December 3, 1907, 328 state banks, 6 trust companies, 1 society for savings. Loans and discounts............................................................ $78,746,336 05 $86,181,935 90 $101,287,736 39 $106,958,178 47 Stocks, bonds and mortgages................................ 68,383,331 90 78,124,757 40 85,902,873 96 197,553 07 311,210 78 373,212 14 303,930 99 Banking house, furniture and fixtures............................... 2,902,806 42 3,377,379 76 3,934,435 08 4,727,158 99 Other real estate................................................. 1,608,035 94 1,590,630 18 1,593,318 80 1,367,853 18 Overdrafts...................................................... 88,945,067 90 Expenses and taxes paid..................................................... Interest p aid ............................................................. Premiums p a id ................................................................. 241,162 15 237,081 56 213,682 12 165,612 84 Due from banks in reserve cities.................................... 21,137,556 22 25,542,384 93 26,665,895 22 21,295,814 35 Due from other banks and bankers................................... 1,287,220 02 1,934,177 39 2,651,776 64 2,368,708 60 Exchanges for clearing house.................................. 854,065 78 827,349 43 1,959,708 99 1,288,117 10 Checks and cash item s................................................ 353,232 19 394,181 89 483,736 42 389,022 14 73,587 98 64,972 73 73,300 45 83,879 98 4,324,849 84 4,559,569 06 4,596,825 41 Nickels and cents................................................. Gold coin............................................................. Silver coin........................................... United States and National bank no tes... Totals......................................................... 4,499,431 65. 599,619 41 687,826 10 712,190 77 937,065 78 5,049,774 00 5,937,153 75 6,453,153 95 8,613,878 75 $185,933,712 78 $209,535,891 64 $236,764,589 99 $242,041,114 48 Liabilities. Capital stock paid in ...................................... $16,111,120 00 $17,403,144 04 $19,119,930 00 $20,351,064 00 Surplus fu n d ..................................................... 6,471,703 33 7,239,305 31 8,547,385 55 10,196,000 34 Undivided earnings, n e t...................................... 3,055,451 39 3,836,000 67 4,710,432 87 4,618,594 41 5,291 14 2,933 29 4,853 69 7,375 23 38,287,417 40 45,041,231 95 53,085,474 90 47,587,078 42 Certificates of deposit................................ 16,679,540 71 18,364,826 02 18,991,487 21 16,701,012 53 Savings deposits............................................. 99,782,932 96 111,234,128 86 125,464,596 49 134,923,712 46 Dividends unpaid............................... Individual deposits......................................... Certified checks................................................ 191,493 34 90,768 06 204,330 21 136,542 84 Cashier’s checks outstanding............................ 136,795 00 105,934 17 172,294 39 212,989 96 Due to banks and bankers................................. 4,902,817 34 5,969,398 11 6,205,626 80 5,753,481 15 State moneys on deposit................................... Notes and bills rediscounted..................... Bills payable................................................... Liabilities other than above stated............................ T otals........................................................... ’Clearing house certificates. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76,405 96 90,221 16 93,672 88 211,263 14 232,744 21 158,000 00 164,505 00 972,000 00 *370,000 00 $185,933,712 78 $209,535,891 64 $236,764,589 99 $242,041,114 48 cxi REPORT OF THE COMMISSIONER. Comparative abstracts (State Banks.)—Continued. Resources. November 27, 1908, 350 state banks, 6 trust companies. November 16, 1909, 376 state banks, 5 trust companies. November 10, 1910, 397 state banks, 5 trust companies. December 5, 1911, 416 state banks, 5 trust companies. Loans and discounts............................................................ 898,397,163 38 8105,908,706 77 8122,547,420 16 8130,399,352 60 Stocks, bonds and mortgages............................................. 95,428,501 97 109,045,073 50 120,056,915,38 138,025,807 91 Overdrafts............................................................................. 361,154 87 370,836 07 430,698 51 346,852 48 Banking house, furniture and fixtures.............................. 4,992,537 71 5,495,884 72 5,927,665 67 6,758,591 05 1,385,780 84 Other real estate................................................................... 1,396,444 39 1,457,973 02 1,229,227 35 Premiums p aid ..................................................................... 132,204 23 131,811 41 114,442 54 141,465 38 Due from banks in reserve cities....................................... 26,623,983 27 32,856,724 82 32,820,872 78 42,287,250 47 Due from other banks and bankers................................... 1,990,316 84 2,358,731 88 3,098,714 79 3,403,593 63 Exchanges for clearing house............................................. 1,130,604 67 1,342,339 37 1,507,375 56 2,088,218 41 Checks and cash item s........................................................ 311,115 78 337,951 20 398,029 49 513,060 69 Nickels and cents................................................................. 92,422 67 95,377 97 106,173 88 118,079 49 Gold coin............................................................................... 4,948,685 92 5,152,211 69 5,189,697 32 6,130,272 10 Silver coin............................................................................. 800,440 67 917,863 81 1,055,454 91 1,029,836 46 United States and National Bank notes........................... 7,682,136 00 8,246,730 00 9,513,427 95 10,641,263 00 T otals............................................................................. 8244,287,712 37 8273,718,216 23 8303,996,116 29 8343,269,424 51 Liabilities. Capital stock paid in ........................................................... 821,626,273 53 822,161,133 00 823,862,810 00 826,736,595 00 Surplus fund......................................................................... 10,785,497 24 11,402,419 44 12,015,146 57 13,941,895 37 Undivided earnings n et....................................................... 5,035,772 52 5,340,696 86 5,876,508 17 6,150,191 02 Dividends unpaid................................................................. 6,873 00 14,272 08 13,024 41 17,001 50 Individual deposits............................................................... 50,450,061 86 61,951,396 26 67,238,188 48 76,650,505 67 Certificates of deposit.......................................................... 11,402,933 69 13,192,935 86 15,937,272 92 18,101,332 81 Savings deposits................................................................... 137,811,470 73 151,290,590 74 169,072,348 81 190,590,212 51 Certified checks.................................................................... 151,935 26 162,907 25 196,470 57 310,496 22 Cashier’s checks outstanding.............................................. 131,766 74 234,924 59 279,179 90 280,506 24 Due to banks and bankers.................................................. 6,392,573 47 7,277,997 59 8,222,465 26 9,344,879 94 185,226 94 390,646 17 200,433 20 State moneys on deposit...................................................... Notes and bills rediscounted.............................................. 170,854 33 80,189 01 221,152 22 156,862 21 Bills payable......................................................................... 321,700 00 311,000 00 441,500 00 496,435 50 112,526 61 238,402 71 292,077 32 Liabilities other than above stated.................................... T otals............................................................................. 8244,287,712 37 8273,718,216 23 8303,996,116 29 *343.269,424 51 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. Comparative abstracts (State Banks.)— Continued. Resources. November 26, 1912, 439 state banks, 5 trust companies. October 21, 1913, 453 state banks, 6 trust companies. October 31, 1914, 461 state banks, 6 trust companies. November 10, 1915, 472 state banks, 6 trust companies. November 17, 1916, 485 state banks, 7 trust companies Loans and discounts............................. $146,633,532 23 $151,721,428 07 $158,313,544 62 $163,149,029 12 $220,498,461 74 Stocks, bonds and mortgages.............. 155,032,559 70 164,700,742 59 180,733,973 29 209,004,564 31 250,948,438 78 379,555 76 317,622 32 294,035 71 313,337 43 379,570 05 Banking house, furniture and fixtures. 7,407,177 57 8,302,071 05 9,104,007 28 11,066,549 93 12,826,498 13 Other real estate.................................... 1,079,248 80 1,014,169 00 1,233,333 10 1,176,397 21 1,289,022 91 Premiums paid....................................... 137,507 81 70,801 98 90,293 43 103,913 25 203,867 39 Due from banks in reserve cities........ 36,645,421 87 41,220,130 38 40,815,540 26 65,572,732 22 80,196,108 92 Due from other banks and bankers.. . 3,851,610 25 4,404,736 61 4,095,668 82 5,246,954 11 2,807,127 95 Exchanges for clearing house.............. 1,885,174 70 2,337,018 49 2,507,132 65 3,682,057 95 4,602,654 75 Checks and cash item s......................... 415,824 24 464,045 14 490,438 94 628,194 07 756,337 39 Nickels and cents.................................. 135,815 27 175,348 34 151,064 07 168,810 44 208,415 68 Gold coin............ .... ............................ 6,459,757 35 6,557,443 63 8,684,250 96 8,072,451 90 9,237,963 02 Silver coin.............................................. United States National and Federal Reserve Bank notes........................... 1,051,216 86 1,127,442 31 1,181,114 67 1,265,541 82 1,454,338 53 11,535,838 11 12,891,533 90 13,270,787 90 16,289,708 88 21,969,289 50 Overdrafts.............................................. Stocks in Federal Reserve B ank. T otals. 4,050 00 $372,640,240 52 $395,304,533 81 $420,965,185 70 $485,740,242 64 $607,382,144 74 Liabilities. Capital stock paid in ........................ $28,643,710 00 $30,633, 030 00 $32,635, 000 00 $34,371, 560 00 $38,333 ,025 00 Surplus fu n d ...................................... 14,792,683 93 16,149, 951 12 18,422, 805 61 20,135, 742 48 22,657 ,875 98 Undivided earnings, n e t................... 7,695,640 95 7,779, 234 64 8,740, 159 96 9,572, 553 85 10,778 ,764 05 Dividends unpaid.............................. 14,953 40 13, 289 77 24, 378 60 10 , 399 03 11 ,271 51 Individual deposits............................ 81,532,326 62 91,921, 232 44 102,960, 433 97 130,238, 489 61 165,979 ,081 54 20,158,588 55 19,176, 582 68 Certificates of deposit............... Savings deposits............ ................... 18,699, 133 42 21,473, 445 92 26,863 ,457 21 207,132,407 05 217,187, 258 99 223,862, 333 73 249,932, 440 53 315,076 .571 74 Certified checks................................. 355,228 63 385, 707 77 309, 306 62 465, 933 53 607 ,802 64 Cashier’s checks outstanding........... 480,946 46 624, 295 26 544, 065 56 1,216, 986 85 1,719 ,359 04 8,679, 835 48 9,051, 112 21 14,340, 048 84 20,101 ,485 68 679, 61719 1,697, 374 43 436, 154 36 1,547 ,684 50 Postal savings deposits..................... 666 , 229 59 640, 257 67 1,346 ,867 42 Reserved for taxes, interest, e t c .. . . 671, 712 93 810, 264 95 Due to banks and bankers............... State moneys on deposit................... 8,644,358 71 778,631 50 Notes and bills rediscounted............ 441,386 82 558,698 00 734, 533 82 551, 190 28 Bills payable...................................... 1,740,150 15 1,252,400 00 1,746, 605 25 1,218, 735 57 807,676 84 Liabilities other than above stated. 229,227 75 263,400 47 200 , 000 00 326, 039 17 1,227,647 13 Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 323,574 48 $372,640,240 52 $395,304,533 81 $420,965,185 70 $485,740,242 64 $607,382,144 74 cxiii REPORT OF THE COMMISSIONER. Comparative abstracts (State Banks.)—Concluded. November 20, 1917, 500 state banks, 10 trust companies, 1 industrial bank. Resources. November 1, 1918, 510 state banks, 9 trust companies, 2 industrial banks. .................................................................................................................... $241,383,401 09 $250,883,971 33 Loans and discounts Stocks, bonds and mortgages........................................................................................................... 312,233,328 44 361,725,501 81 ..................................................................... —............................. 527,982 33 457,502 97 Banking house, furniture and fixtures............................................................................................. 14,488,991 46 14,558,701 10 Other real estate................................................................................................................................ 1,371,335 85 1,945,388 44 Overdrafts .......................................................................................................................... 173,653 03 74,924 67 Due from banks in reserve cities..................................................................................................... 58,445,775 22 66,600,831 82 Premiums paid Due from other banks and bankers................................................................................................. 1,739,257 54 2,358,415 96 Exchanges for clearing house........................................................................................................... 5,820,552 41 6,183,540 95 Checks and cash it e m s ..................................................................................................................... 705,585 17 1,900,478 79 Nickels and cents ............................................................................................................................. 216,304 10 341,862 08 Gold coin............................................................................................................................................ 7,781,099 59 2,074,104 43 Silver coin........................................................................................................................................... 1,584,739 20 1,625,900 21 United States National and Federal Reserve Bank notes........................................................... 21,676,722 73 17,948,366 85 Stock in Federal Reserve B ank....................................................................................................... 364,550 00 1,162,449 51 T otals.......................................................................................................................................... $668,513,278 16 $729,841,940 92 Liabilities. Capital stock paid in ......................................................................................................................... $42,027,098 00 $43,254,500 00 Surplus fund....................................................................................................................................... 24,327,940 40 26,045,018 08 Undivided earnings, n e t.................................................................................................................... 12,765,187 29 11,782,707 02 8,938 64 36,171 74 Individual deposits.......................................................................................................................... 188,339,389 65 205,224,651 81 Dividends unpaid .. . ............................................................................................................. 36,263,201 11 80,722,738 61 Savings deposits................................................................................................................................. 328,771,772 39 286,330,227 12 Certificates of deposit........................................................................................................................ v/ Certified checks.................................................................................................................................. 1,463,813 51 977,587 67 Cashier’s checks outstanding............................................................................................................ 1,596,847 25 1,615,601 30 Due to banks and bankers............................................................................................................... 15,737,564 37 13,778,206 32 State moneys on deposit Postal savings deposits ................................................................................................... .... ..................................................................................... 1,389,690 54 2,180,064 84 2,869,266 88 12,982,768 34 Reserved for taxes, interest, etc....................................................................................................... 1,182,910 94 1,360,583 39 Notes and bills rediscounted............................................................................................................ 3,263,414 79 7,175,436 23 Bills payable .................................................................................................................................. 8,248,742 40 36,256,245 55 Liabilities other than above stated ................................................................................................. 257,500 00 119,432 90 Totals.......................................................................................................................................... $668,513,278 16 $729,841,940 92 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. cxiv COMPARATIVE ABSTRACTS (NATIONAL BANKS). Comparative abstracts, showing the volume of business of the National banks of the State from late reports called for in the years 1889, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, 1905, 1906, 1907, 1908, 1909, 1910, 1911, 1912, 1913, 1914, 1915, 1916, 1917 and 1918 as made to and furnished this department by the comptroller of the currency at Washington. Resources. December 11,1889, 113 national banks. December 19, 1890, 109 national banks. December 2, 1891, 106 national banks. December 9, 1892, 104 national banks. Loans and discounts............................. $45,860,178 79 $47,527,375 32 $48,424,655 39 $52,752,163 51 December 19, 1893, 99 national banks. $40,783,209 13 Stocks, bonds and mortgages.............. 4,716,830 60 4,289,671 45 4,231,798 69 5,623,070 40 O verdrafts.............................................. 214,415 50 219,314 54 222,506 90 292,210 95 187,479 07 Due from reserve agents...................... 5,273,805 17 6,000,383 99 6,942,032 64 8,304,177 63 6,191,185 16 6,945,499 58 Due from other banks and bankers... 1,417,240 70 1,531,500 83 2,055,712 68 2,457,593 23 1,508,833 10 Banking house, furniture and fixtures. 1,161,347 88 1,175,007 50 1,140,593 47 1,092,330 52 1,058,013 55 523,837 66 Other real estate.................................... 696,499 38 807,729 15 654,818 49 597,433 76 Current expenses and taxes p aid .......... 314,041 78 316,798 82 308,899 32 330,626 32 Exchanges for clearing house.............. 351,040 73 291,486 06 531,466 31 420,011 79 414,646 27 Checks and cash item s......................... 206,917 13 252,540 59 222,864 76 269,288 40 208,277 54 C ash........................................................ 5,156,435 60 5,363,033 64 5,337,462 12 5,479,123 70 5,352,544 48 Due from United States treasurer___ 175,937 44 166,537 66 155,501 41 201,723 10 269,208 62 Premiums on United States bonds__ 506,812 27 416,961 40 326,649 58 415,932 79 448,743 01 T otals............................................. $66,051,502 97 $68,358,341 25 $70,555,261 76 $78,235,686 10 $63,891,477 17 Liabilities. Capital stock paid i n ............................ $15,674,600 00 $15,539,600 00 $15,244,600 00 $15,034,000 00 $14,584,000 00 Surplus fund.......................................... 3,173,932 03 3,332,775 18 3,715,238 33 3,858,283 29 3,769,273 96 Gross undivided earnings..................... 2,589,639 53 2,715,207 61 2,359,221 32 2,375,539 99 *1,879,151 51 Dividends unpaid.................................. 25,279 32 9,632 59 36,373 86 18,212 61 17,180 18 Individual deposits............................... 35,217,989 08 36,792,399 46 38,500,510 19 42,409,084 23 31,789,116 14 566,999 05 483,927 31 330,558 fi8 401 7fi0 31 Due to banks and bankers................... 5,857,859 32 6,052,260 90 7,140,938 64 9,946,624 23 6,100,036 83 National banks notes outstanding.. . . 2,853,300 00 2,660,200 00 2,587,020 00 3,281,300 00 4,557,055 00 Notes and bills rediscounted............... 658,903 69 689,166 46 462,157 73 466,083 07 100 00 23,000 00 United States deposits.......................... Bills payable.......................................... Liabilities other than those above stated .................................................. 2,274 38 426,228 15 367,442 03 516,000 00 233 06 T otals.............................................. $66,051,502 97 $68,358,341 25 $70,555,261 76 $78,235,686 10 $63,891,477 17 •Undivided earnings, less expenses and taxes paid. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cxv REPORT OF THE COMMISSIONER. Comparative abstracts (National Banks.)—Continued. Resources. December 19, 1894, 96 national banks. December 13, 1895, 94 national banks. December 17, 1896, 89 national banks. December 15, 1897, 82 national banks. Loans and discounts............................. $43,083,288 41 $44,736,533 88 $40,304,416 58 $41,143,927 46 Stocks, bonds and mortgages.............. Overdrafts.............................................. 6,808,219 06 191,899 31 December 1, 1898, 81 national banks. $42,919,871 77 6,795,879 01 6,461,223 33 6,572,265 92 184,138 47 174,561 83 169,842 80 220,627 59 11,777,125 43 10,816,560 04 9,766,446 01 Due from reserve agents...................... 7,158,187 74 5,697,542 13 8,051,478 98 Due from other banks and bankers... 2,138,681 61 1,754,960 91 2,145,066 98 3,492,498 90 3,757,850 18 1,016,259 30 1,029,048 72 943,880 03 1,019,100 09 690,205 85 796,229 53 880,219 77 1,061,231 36 243,688 09 333,694 76 358,309 99 392,218 02 160,616 79 199,702 79 136,857 46 179,112 92 5,333,487 61 5,505,338 94 5,982,621 40 Banking house, furniture and fixtures. Other real estate.................................... Exchanges for clearing house................ Checks and cash item s......................... 1,057,140 95 556,397 40 300,541 92 226,913 43 C ash........................................................ 5,089,305 10 5,039,661 46 Due from United States treasurer. . . . 240,670 62 236,528 07 231,775 11 209,475 82 234,094 42 414,815 00 375,089 75 365,223 50 465,448 84 T otals............................................. $67,281,708 68 $66,970,828 96 $65,435,775 97 $71,554,966 02 $76,815,182 64 Premiums on United States bonds__ 430,463 13 Liabilities. Capital stock paid in ............................. $13,634,000 00 $13,434,000 00 $12,959,000 00 $11,945,000 00 $11,770 000 00 Surplus fund.......................................... 3,572,570 99 3,631,010 78 3,418,221 47 3,242,018 09 3,188,318 72 Undivided earnings, n e t....................... 1,803,480 48 1,789,465 90 1,687,088 73 1,394,998 14 1,374,061 73 Dividends unpaid................................. 8,348 50 11,509 58 9,156 46 • 17,563 29 20,387 30 Individual deposits............................... 34,718,215 02 35,612,374 38 34,391,087 75 39,217,006 25 43,486,965 94 United States deposits.......................... 383,962 29 357,750 18 409,961 73 401,136 29 1,255,821 32 Due to banks and bankers.................. 8,641,246 57 7,406,212 51 8,260,695 23 11,772,976 46 11,760,185 28 National bank notes outstanding....... 4,141,997 50 4,202,742 50 4,071,495 00 3,551,767 50 3,958,300 00 316 887 33 386,898 33 140,289 20 2,500 00 61,000 00 137,500 00 88,400 00 10,000 00 1,364 80 380 40 Bills payable.......................................... Liabilities other than those above 1,142 35 - . T otals............................................. $67,281,708 68 $66,970,828 96 $65,435,775 97 $71,554,966 02 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $76,815,182 64 STATE BANKING DEPARTMENT. cxvi Comparative abstracts (National Banks.)—Continued. Resources. December 2, 1899, 80 national banks. December 13, 1900, 85 national banks. December 10, 1901, 85 national banks. November 25, 1902, 84 national banks. Loans and discounts............................. $47,581,061 50 $51,651,236 44 $54,938,142 28 $60,694,986 71 November 17, 1903, 87 national banks. $64,088,225 33 Stocks, bonds and mortgages.............. 11,652,043 11 12,318,672 86 14,141,822 34 15,106,385 98 Overdrafts.............................................. 194,788 80 246,158 27 286,561 65 349,047 07 16,331,297 13 351,732 17 Due from reserve agents...................... 8,671,815 91 10,658,399 31 11,231,301 10 10,167,335 72 9,147,612 91 Due from other banks and bankers... 3,647,971 66 3,463,374 00 4,058,641 12 3,845,841 49 4,174,213 53 Banking house, furniture and fixtures. 1,003,999 44 1,142,970 99 1,150,952 69 1,300,681 27 1,363,481 00 Other real estate.................................... 1,060,810 20 927,158 12 696,254 41 455,261 67 393,115 75 Exchanges for clearing house.............. 597,274 04 415,477 92 930,166 52 578,212 52 499,453 75 Checks and cash item s......................... 240,308 50 182,689 83 204,714 74 239,577 39 182,558 75 C ash........................................................ 6,151,557 96 7,105,053 78 7,358,362 08 6,554 035 31 6,834,835 11 Due from United States treasurer. . . . 242,948 86 308,427 88 336,238 00 326,770 50 378,175 67 Premiums on United States bonds.... 453,937 69 203,917 94 228,358 81 356,315 39 311,370 92 Clearing house certificates. . . . T otals............................................. $81,498,517 67 $88,623,537 34 $95,561,515 74 $99,974,511 02 $104,056,072 02 Liabilities. Capital stock paid in ............................ $11,440,000 00 $11,578,000 00 $11,548,750 00 $11,380,000 00 $12,530,000 00 Surplus fund.......................................... 3,157,388 20 3,276,188 20 3,052,638 20 3,416,538 20 3,782,538 20 Undivided earnings, n et....................... 1,563,841 93 1,850,274 85 2,007,685 64 2,157,217 18 2,454,374 37 Dividends unpaid................................. 17,340 81 13,983 81 18,542 81 13,357 81 16,440 61 Individual deposits............................... 49,920 532 09 54,232,091 31 59,593,561 95 63,316,731 07 65,305,659 11 United States deposits.......................... 1,354,864 72 1,391,304 19 1,772,959 84 2,150,114 62 2,404,832 56 Due to banks and bankers.................. 9,738,696 81 11,024,083 47 11,764,875 41 11,611,241 60 10,418,980 57 6,774,810 00 National bank notes outstanding........ 4,250,300 00 5,160,102 50 5,580,200 00 5,639,200 00 Notes and bills rediscounted............... 23,644 61 11,989 72 5,500 00 21,500 00 182,202 70 Bills payable.......................................... Liabilities other than those above stated .................................................. 27,000 00 75,000 00 205,000 00 107,000 00 178,000 00 4,908 50 10,519 29 11,801 89 161,610 54 8,203 90 Reserved for taxes.................................. Bonds borrowed.................................... Clearing house certificates................... T otals.............................................. $81,498,517 67 $88,623,537 34 $95,561,515 74 $99,974,511 02 $104,056,072 02 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cxvii REPORT OF THE COMMISSIONER. Comparative abstracts (National Banks.)—Continued. Resources. September 6, 1904, 88 national banks. November 9, 1905, 88 national banks. November 12, 1906, 88 national banks. Loans and discounts............................................................ $65,803,150 16 $72,264,051 95 $81,508,444 65 December 3, 1907, 93 national banks. $83,949,198 51 Stocks, bonds and mortgages............................................. 16,876,755 37 16,943,886 45 19,294,724 24 Overdrafts............................................................................. 249,830 11 235,237 50 266,233 92 215,231 40 Due from reserve agents..................................................... 10,991,502 16 10,983,065 10 12,398,886 17 10,160,561 91 19,321,131 14 Due from other banks and bankers................................... 4,414,365 24 5,462,829 33 6,396,474 02 5,127,590 55 Banking house, furniture and fixtures............................... 1,488,498 28 1,577,703 17 1,641,589 76 1,946,629 37 Other real estate................................................................... 380,373 53 358,357 49 300,029 77 345,190 33 Exchanges for clearing house.............................................. 715,114 06 736,445 31 1,126,918 66 753,547 93 Checks and cash item s........................................................ 270,131 43 213,672 23 297,726 82 341,954 39 8,673 007 28 9,317,138 52 C ash....................................................................................... 7,553,259 40 8,093,277 55 Due from United States treasurer..................................... 399,420 00 436,085 50 Premiums on United States Bonds.................................... 255,738 73 190,849 25 453,002 50 158,401 28 Clearing house certificates.................................................. 428,725 50 188,259 66 595,194 00 T otals............................................................................. $109,398,138 47 $117,495,460 83 $132,515,439 07 $132,690,353 31 Liabilities. Capital stock paid in ........................................................... $12,730,000 00 $13,030,000 00 $13,005,000 00 $14,465,000 00 Surplus fund......................................................................... 4,266,688 20 4,595,788 20 5,264,262 50 5,490,612 50 Undivided earnings, n e t...................................................... 2,094,959 00 2,149,975 63 .2,260,314 62 2,757,173 91 Dividends unpaid................................................................. 5,156 93 16,854 34 13,904,54 16,379 16 Individual deposits................................................. .......... 69,945,810 33 76,475,628 68 88,758,552 46 84,864,150 47 United States deposits......................................................... 1,712,739 74 1,128,820 61 2,325,780 85 3,526,031 73 Due to banks and bankers................................................. 11,323,976 44 12,473,253 68 12,642,438 95 12,053,642 00 National bank notes outstanding...................................... 7,218,930 00 7,469,030 00 7,939,985 00 7,863,265 00 Notes and bills rediscounted.............................................. 41,595 00 91,495 96 85,948 00 358,538 03 Bills payable......................................................................... 35,000 00 13,000 00 125,000 00 445,000 00 Liabilities other than those above stated......................... 23,281 93 51,613 73 32,360 07 26,691 01 Reserved for taxes............................................................... 61,892 08 65,881 50 Bonds borrowed................................................................... 563 000 00 Clearing house certificates.................................................. 194,988 00 Totals............................................................................. $109,398,138 47 $117,495,460 83 $132,515,439 07 $132,690,353 31 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cxviii STATE BANKING DEPARTMENT. Comparative abstracts (National Banks.)—Continued. Resources. Loans and discounts.................................................... Stocks, bonds and mortgages............................................. Overdrafts................................................................. Due from reserve agents................................................... November 27, 1908, 96 national banks November 16, 1909, 99 national banks. November 10, 1910, 102 national banks. $84,061,275 46 $92,367,238 25 $94,399,247 59 December 5, 1911, 100 national banks. $98,141,056 79 23,306,141 71 26,396,496 17 26,197,397 50 241,345 49 232,943 08 224,793 19 174,947 27 13,761,102 88 14,600,685 65 12,508,396 52 15,506,585 55 31,110,470 79 Due from other banks and bankers................................... 6,292,135 23 7,797,672 74 7,354,941 25 8,636,916 03 Banking house, furniture and fixtures.............................. 2,477,820 19 2,651,928 17 2,760,094 59 2,972,559 94 Other real estate....................................................... 291,505 80 285,810 50 233,793 96 315,097 32 Exchanges for clearing house............................................. 789,398 40 868,545 43 885,419 43 1,233,099 06 Checks and cash item s........................................................ 311,082 74 255,876 57 282,805 75 289,791 44 11,253,727 70 11,305,003 35 11,646,267 67 12,114,396 54 Due from United States treasurer..................................... 530,765 50 593,170 00 660,793 29 653,488 50 Premiums on United States bonds.................................... 214,339 93 176,160 63 107,956 02 58,082 91 C ash..................................................................................... Clearing house certificates...................................... Totals........................................................... $143,530,641 03 $157,531,530 54 $157,261,906 76 $171,206,492 14 Liabilities. Capital stock paid in ......................................... $14,955,000 00 $15,189,500 00 $14,641,300 00 $14,707,050 00 Surplus fund........................................................... 6,068,150 00 6,416,510 99 6,680,603 00 6,819,063 09 Undivided earnings, n e t.............................................. 2,650,316 37 2,881,308 23 3,073,386 99 3,474,433 28 7,975 85 33,221 55 16,909 31 11,675 51 92,506,619 35 103,669,284 41 103,479,596 56 113,588,635 73 Dividends unpaid....................................................... Individual deposits....................................... United States deposits................................. Due to banks and bankers...................................... National bank notes outstanding........................ 2,442,065 88 959,365 22 990,301 63 1,155,747 64 15,265,250 30 18,011,053 82 17,220,806 46 21,055,762 92 9,999,000 00 9,010,475 00 9,894,100 50 10,161,987 50 Notes and bills rediscounted............... 124,265 83 142,064 93 270,879 75 86,255 70 Bills payable............................................ 130,000 00 74,000 00 456,000 00 40,000 00 Liabilities other than those above stated... . 13,300 00 29,610 00 18,940 00 5,000 00 Reserved for taxes...................................... 51,222 45 31,510 89 41,995 56 51,668 27 306,000 00 200,000 00 209,200 00 212,200 00 Bonds borrowed.................. Clearing house certificates................................... - T otals....................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $143,530,641 03 $157,531,530 54 $157,261,906 76 $171,206,492 14 REPORT OF THE COMMISSIONER. CX1X Comparative abstracts (National Banks.)—Continued. November 26, 1912, 99 national banks. Resources. Loans and discounts........................................ Stocks, bonds and mortgages............ October 21, 1913, 99 national banks. October 31, 1914, 102 national banks. November 10, 1915, 106 national banks. $106,614,756 53 $112,235,907 80 $114,670,732 34 $115,107,137 16 33,862,408 93 35,180,003 48 38,318,028 17 135,167 84 137,720 24 128,342 33 81,409 54 Due from reserve agents........................ 14,392,298 12 16,462,031 53 14,575,842 12 23,093,671 80 Due from other banks and bankers................................... 10,104,057 24 10,605,854 58 9,434,690 14 18,344,785 86 3,275,802 44 3,375,274 52 3,604,609 08 4,289,754 60 369,412 01 374,727 08 699,838 29 652,294 01 1,243,097 45 1,240,377 21 1,044,114 18 1,852,635 87 Overdrafts........................................................... Banking house, furniture and fixtures............................ Other real estate................................. Exchanges for clearing house............................ Checks and cash item s................................ Cash........................................ Due from United States treasurer................... Premiums on United States bonds........................ T otals....................................... 46,459,320 47 293,533 69 291,603 26 420,198 09 490,587 21 12,284,986 40 14,118,514 96 13,452,227 24 10,412,785 32 655,542 50 711,255 00 781,727 50 823,422 50 18,962 78 7,097 20 4,090 17 $183,250,625 93 $194,740,366 86 $197,134,439 65 $221,607,804 34 Liabilities. Capital stock paid in ........................ $15,010,000 00 $15,260,000 00 *17,084,860 00 $17,645,000 00 Surplus fund............................ 7,127,300 00 7,732,610 00 9,060,600 00 9,142,030 00 Undivided earnings, n e t.............................. 4,072,440 70 4,228,289 58 3,077,790 75 4,020,589 04 9,354 15 17,555 75 15,065 42 14,062 14 123,966,021 77 131,680,554 31 131,960,189 73 106,622,433 69 Dividends unpaid....................................... Individual deposits................................ Time deposits................................................. United States deposits............................. 47,054,081 08 1,035,471 93 1,961,871 49 2 163 631 14 Due to banks and bankers.......................... 20,259,286 71 21,755,235 59 20,057,828 89 25,415,928 64 National bank notes outstanding.. 10,637,935 00 10,680,605 00 11,898,915 00 10,784,272 50 Notes and bills rediscounted............................. 406,702 45 570,757 71 745,822 96 166,697 01 payable............................................. 450,000 00 540,000 00 512,140 00 312,190 94 155,269 30 B ills .. Li biiities other than those above stated..................... 19,896 85 12,500 00 224,533 90 Reserved for taxes, interest, etc......................... 42,816 37 52,287 43 87,061 86 213,400 00 248,100 00 246,100 00 Bonds borrowed............................................. Totals................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 275,250 00 $183,250,625 93 $194,740,366 86 $197,134,439 65 $221,607,804 34 cxx STATE BANKING DEPARTMENT. C o m p a r a tiv e a b s tr a c ts ( N a t i o n a l B a n k s .) — Concluded^ F igures g iv e n b y co m p tro ller o f th e currency in e v e n th o u sa n d s. Resources. November 17, 1916, 106 national banks. Loans and discounts..................................................................................... $135,203,000 00 November 20, 1917, 106 national banks. November 1, 1918, 105 national banks. $154,235,000 00 $156,861,000 00 Stocks, bonds and mortgages...................................................................... 52,049,000 00 61,142,000 00 85,981,000 00 Overdrafts...................................................................................................... 102,000 00 198,000 00 153,000 00 22,680,000 00 13,710,000 00 Due from other banks and bankers............................................................ 17,540,000 00 1,701,000 00 35,342,000 00 Banking house, furniture and fixtures....................................................... 5,306,000 00 5,911,000 00 6,251,000 00 Other real estate........................................................................................... 720,000 00 1,027,000 00 1,045,000 00 Exchanges for clearing house....................................................................... 4,007,000 00 4,081,000 00 2,975,000 00 Checks and cash item s................................................................................. 475,000 00 6,449,000 00 811,000 00 Cash and due from Federal Reserve B ank................................................ 20,210,000 00 29,584,000 00 15,823,000 00 Due from United States treasurer.............................................................. 842,000 00 794,000 00 738,000 00 Stock in Federal Reserve B ank................................................................... 904,000 00 821,000 00 840,000 00 Other assets................................................................................................... 425,000 00 961,000 00 292,000 00 Premiums paid ........................................................................................... Liberty bond subscriptions. . 8 ,0 3 1 ,0 0 0 00 Totals...................................................................................................... $260,463,000 00 $288,645,000 00 $307,112,030 00 Liabilities. Capital stock paid in .................................................................................... $17,720,000 00 Surplus fund.................................................................................................. 9,338,000 00 9,432,000 00 10,007,000 00 Undivided earnings, n e t............................................................................... 4,265,000 00 5,090,000 00 5,427,000 00 Dividends unpaid.......................................................................................... 9,000 00 124,679,030 00 Individual deposits....................................................................................... 119,367,000 00 Time deposits................................................................................................ 63,300,000 00 23,474,000 00 Due to banks and bankers........................................................................... 34,149,000 00 9,883,000 00 18,901,000 00 National bank notes outstanding............................................................... 10,318,000 00 3,496,000 00 10,395,000 00 Notes and bills rediscounted....................................................................... 200,000 00 9,915,000 00 Bills payable.................................................................................................. 181,000 00 $17,990,000 00 $18,055,000 00 81,174,000 00 127,851,000 00 85,384,000 00 3,980,000 00 17,898,000 00 Reserved for taxes, interest, etc.................................................................. 505,000 00 585,000 00 596,000 00 Bonds borrowed........................... ................................................................. 281,000 00 525,000 00 1,683,000 00 Liabilities other than those above stated.................................................. 830,000 00 2,402,000 00 6,935,000 00 Totals...................................................................................................... $260,463,000 00 $988,645,000 00 $307,112,000 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. cxxi STATE BANKS. 1918. A b s tr a c ts o f r e p o r ts m a d e b y th e S ta te b a n k s o f M ic h ig a n to th e C o m m is s io n e r o f th e B a n k in g D e p a r tm e n t, th e r e p o r ts b e in g c a lle d f o r o n p a s t d a y s u n k n o w n to th e b a n k o fficers, v iz ., M a r c h J+, M a y 10, J u n e 29, A u g u s t 31, N o v e m b e r 1, 1918. F o r r e p o r ts o f i n d i v i d u a l s ta te b a n k s a n d tr u s t c o m p a n ie s s e e s u c c e e d in g p a g e s . Resources. Report of March 4, 1918, 503 state banks, 1 industrial bank, 10 trust companies. Report of May 10, 1918, 513 state banks, 1 industrial bank, 10 trust companies. Report of June 29, 1918, 508 state banks, 2 industrial banks, 10 trust companies. Report of August 31, 1918, 507 state banks, 2 industrial banks, 10 trust companies. Loans and discounts: Commercial departm ent......... $173,575,980 91 $179,446,680 51 $189,070,359 82 $186,191,073 13 Savings departm ent................. 58,238,934 78 64,640,433 58 60,843,246 00 59,479,434 72 Bonds, mortgages and securities: 65,558,073 10 68,764,859 12 Commercial departm ent......... 77,684,466 22 84,638,955 44 Savings departm ent................. 217,437,290 38 231,340,331 82 230,674,839 51 238,824,431 62 Due from Federal Reserve Bank: Ooinmerical departm ent......... 11,176,246 81 12,086,505 64 Savings departm ent................. 6,420(155 19 6,486,095 6] Due from banks in res. cities: 39,403,498 44 35,139,294 27 Commercial departm ent......... 46,581,738 27 31,172,783 22 23,750,403 53 Savings departm ent................. 28,957,696 04 17,425,559 29 16,689,854 09 U. S. Bonds and cert, of indebt. (carried as legal reserve): Savings departm ent................. 28,949,926 93 21,202,565 13 13,881,187 82 14,281,912 91 U. S. cert, of indebt, (carried as cash reserve): Commercial departm ent......... 1,311,730 95 Savings departm ent................ 1,268,277 73 Exchanges for clearing house and checks on banks in same place: 4,368,652 79 4,700,237 86 5,349,741 15 Commercial departm ent......... 3,353,404 15 908,168 91 744,474 11 Savings departm ent................. 690,788 16 1,943,824 84 9,142,086 20 7,339,842 00 8,769,095 43 C urrency:.............. Com’l. dept. 6,637,433 74 8av. dept. 10,939,899 02 9,278,666 40 9,690,199 00 8,835,775 97 Gold coin:.............. Com’l. d e p t. 1,237,722 08 1,116,165 07 980,450 00 851,374 36 2,847,121 90 Sav. dept. 3,440,493 56 2,466,095 00 1,666,182 82 Silver coin:............. Com’l. dept. 1,256,831 41 1,053,344 00 1,292,963 67 1,040,470 52 431,582 05 404,949 35 482,499 00 Sav. d e p t. 496,285 48 255,749 71 Nickels and cents:..Com’l. dept. 216,598 64 200,636 74 233,237 07 59,944 26 55,206,29 99,174 14 Sav. dept. 58,561 54 372,924 70 Overdrafts.................................... 381,259 18 374,737 43 465,210 55 Premium account........................ 109,246 21 101,976 57 73,573 00 70,633 35 14,801,024 59 Banking house, furn. & fixtures.. 14,046,180 27 14,852,163 94 14,934,908 01 Other real estate........................... 1,447,760 94 1,332,192 11 1,960,745 84 1,448,239 16 Due from banks other than in 2,121,631 72 reserve cities............................. 2,209,109 22 2,699,410 69 2,832,764 36 6,544,532 16 Cash items in tran sit................ 6,996,712 75 2,698,693 35 927,708 00 2.413,772 06 Outside cks. and other cash items 1,138,545 64 1,874,155 59 886,000 00 1,011,867 '50 Stock of Federal Reserve B an k . . 776,500 00 1,073,224 46 836,804 28 Other assets.................................. 1,172,411 45 T otals.................................... $680,526,816 60 $683,556,876 50 $694,432,378 13 $703,972,398 78 Liabilities. Capital stock................................ $42,491,320 00 Surplus fund................................. 25,818,691 89 Undivided profits, n et........' ? . . . . 10,347,895 27 Dividends unpaid......................... 48,088 69 Reserved for taxes, interest, e t c .. 1,189,601 46 Com’l. dep sits subject to check. 189,347,801 09 34,561,084 73 Demand certificates of deposit... Certified checks............................ 839,173 88 Cashier’s checks........................... 1,393,373 87 Due to Federal .Reserve R ank. . . Due to other banks and bankers. 16,992,320 28 4,196,755 24 State moneys on deposit.............. Postal savings deposits................ 3,079,547 37 U. S. Government deposits.... Time com’l. cert, of deposit. . . . Savings deposits........................... 273,160,416 45 Savings certificates of deposit__ 57,954,589 64 Club sav.depfTXma.pjThrift etc ) 7,777,788 41 Notes and bills rediscounted....... 7,398,680 91 Bills payable................................. 3,892,687 42 Bonds sold subject to repurchase. Ronds borrowed 37,000 00 Customers’ letters of credit......... Other liabilities............................ $42,706,875 25,824,471 11,809,237 17,894 1,370,275 199,934,774 33,305,565 668,807 1,458,408 00 89 42 68 08 83 97 15 30 14,607,596 25 5,207,400 92 2,822,057 68 274,525,990 98 55,893,337 71 5,921,320 65 6,667,861 99 815,000 00 $42,819,680 26,146,446 10,574,964 764,384 986,925 180,632,407 27,703,585 1,433,488 1,388,174 1,104,956 14,697,698 5,872,885 2,985,631 19,246,376 5,580,520 273,419,016 53,982,053 1,670,785 6,749,412 8,642,531 346,550 65,000 4,952 1,613,949 00 43 26 18 68 61 42 88 18 54 06 48 30 91 92 97 75 35 42 42 00 00 89 48 $43,045,311 26,089,479 10,966,576 40,326 1,056,255 198,682,147 24,350,728 794,261 1,069,380 737,683 12,949,731 2,959,334 3,205,047 8,852,595 5,428,226 275,542,250 53,740,018 2,409,962 7 j 231(549 23,198,256 1,105,650 89,500 102,550 325,575 20 06 99 09 13 10 60 66 47 02 30 73 39 88 65 44 77 74 92 40 00 00 13 11 T otals.................................... $680,526,816 60 $683,556,876 50 $694,432,378 13 $703,972,398 78 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Nov. 1, 1918, 510 state banks, 2 industrial banks, 9 trust companies. $178,271,090 97 68,955,659 02 73,330,146 26 268,584,283 66 12,625,808 06 8,190,262 32 27,478,278 44 18,306,483 00 17,453,858 76 626,909 74 889,210 00 3,703,418 2,480,122 8,550,355 9,398,011 647,729 1,426,375 1,142,376 483,524 248,093 93,768 457,502 74,924 14,558,701 1,945,388 85 10 75 10 04 39 18 03 44 64 97 67 10 44 2,358,415 3,657,221 1(900(478 1,162,449 841,093 96 34 79 51 39 $729,841,940 92 $43,254,500 26,045,018 11,782,707 36,171 1,360,583 205,224,651 22,834,195 977,587 1,615,601 317,303 13,460(902 2,180,064 3,225,554 9,757,213 5,678,384 283,018,282 52,210 158 2,076,294 7(175(436 34,795,635 1,460,610 1,235,650 10(190 109(242 00 08 02 74 39 81 69 67 30 38 94 84 45 89 59 73 33 39 23 55 00 00 00 90 $729,841,940 92 cxxii STATE BANKING DEPARTMENT. S T A T E M E N T O F T H E C O N D I T I O N O F T H E A V E R A G E S T A T E B A N K I N M IC H I G A N A T T H E C L O SE O F B U S I N E S S N O V E M B E R 1, 1918. RESOURCES. L oan s an d d isco u n ts: C om m ercial d e p a r tm e n t............. S a v in g s d e p a r tm e n t...................... $ 3 4 2 ,1 7 1 00 1 3 2 ,3 5 2 52 B o n d s, m o rtg a g es a nd secu rities: C om m ercial d e p a r tm e n t............. S a v in g s d e p a r tm e n t...................... $ 1 4 0 ,7 4 8 84 5 1 5 ,5 1 6 86 $ 4 7 4 ,5 2 3 52 6 5 6 ,2 6 5 70 RESERVE. D u e from F ed era l R e serv e B a n k ................................ D u e from ban k s in reserv e c it ie s ................................ U . S. B o n d s a n d C ertifica tes o f In d e b te d n ess (carried as le g a l r e s e r v e )............................................. U . S. C ertifica tes o f In d e b te d n ess (carried as ca sh r e s e r v e ) ................................................................................ E x ch a n g es for clearin g h o u se a n d ch eck s on ban ks in sa m e p la c e ..................................................................... C u r r e n c y .................................................................................. G o ld c o in .................................................................................. S ilv er c o in ............................................................................... N ic k e ls a n d c e n t s ................................................................ C om m ercial. $ 2 4 ,2 3 3 80 5 2 ,7 4 1 42 S avin gs. $ 1 5 ,7 2 0 27 3 5 ,1 3 7 20 3 3 ,5 0 0 69 1 ,2 0 3 28 7 ,1 0 8 1 6 ,4 1 1 1 ,2 4 3 2 ,1 9 2 476 29 43 24 66 19 $ 1 0 5 ,6 1 0 31 O v e r d r a fts ..................... .............................................. P rem iu m a c c o u n t...................................................... B a n k in g ho u se, fu rn itu re a n d fix tu r e s ........... O ther real e s t a t e ........................................................ D u e from ban k s o th er th a n in reserv e cities C ash ite m s in tr a n s it............................................... O u tsid e ch eck s a n d oth er c a sh it e m s ............. S to ck o f F ed era l R e se r v e B a n k ......................... O ther a s s e t s .................................................................. T o t a l.......................................................... ............ 1 ,7 0 6 74 4 ,7 6 0 1 8 ,0 3 8 2 ,7 3 7 928 179 31 41 76 07 98 $ 1 1 2 ,7 0 9 43 $ 2 1 8 ,3 1 9 74 878 143 2 7 ,9 4 3 3 ,7 3 3 4 ,5 2 6 7 ,0 1 9 3 ,6 4 7 2 ,2 3 1 1 ,6 1 4 12 81 76 95 71 62 75 19 38 $ 1 ,4 0 0 ,8 4 8 25 LIABILITIES. C a p ita l s t o c k .............................................. ....................................... Surplus f u n d ....................................................................................... U n d iv id e d profits, n e t ................................................................... D iv id e n d s u n p a id ............................................................................ R e se r v ed for ta x e s, in ter e st, e t c ............................................... C om m ercial d e p o sits su b je c t to c h e c k ................................. D e m a n d certifica tes o f d e p o s it................................................. C ertified c h e c k s ................................................................................ C a sh ier’s c h e c k s ................................................................................ D u e to F ed era l R e serv e B a n k .................................................. D u e to o th er b a n k s a n d b a n k e r s ............................................. S ta te m o n ey s on d e p o s it..................................... ........................ P o sta l sa v in g s d e p o s its ................................................................. U . S. G o v e r n m e n t d e p o s its ..................................................... T im e co m m ercia l certifica tes o f d e p o s it.............................. S a v in g s d e p o s its ................................................................................ S a v in g s certifica tes o f d e p o s it................................................... C lu b sa v in g s d e p o sits (X m a s, T h rift, e t c . ) ...................... N o te s a n d bills r e d isc o u n te d ..................................................... B ills p a y a b le ....................................................................................... B o n d s so ld su b je c t to r ep u r c h a se ........................................... B o n d s b o r r o w ed ................................................................................ C u sto m e r s’ le tte r s o f c r e d it........................................................ O ther lia b ilitie s ................................................................................. T o ta l https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 8 3 ,0 2 2 4 9 ,9 9 0 2 2 ,6 1 5 69 2 ,6 1 1 3 9 3 ,9 0 5 4 3 ,8 2 7 1 ,8 7 6 3 ,1 0 0 609 2 5 ,8 3 6 4 ,1 8 4 6 ,1 9 1 1 8 ,7 2 7 1 0 ,8 9 9 5 4 3 ,2 2 1 100,211 3 ,9 8 5 1 3 ,7 7 2 6 6 ,7 8 6 2 ,8 0 3 2 ,3 7 1 19 209 07 44 56 43 48 28 63 37 96 03 66 38 08 86 01 27 44 19 43 25 47 69 59 68 $ 1 ,4 0 0 ,8 1 8 25 cxxiii REPORT OF THE COMMISSIONER. NATIONAL BANKS. 1918. F ig u res g iv e n b y O o m p tro l’er o f C urren cy in e v e n th ou san d s. Abstracts of reports made by the National banks of Michigan to the Commissioner of the Banking Department, March J+, May 10, June 29, August 31 and November 1, 1918. For reports of individual national banks see succeeding pages. Resources. Report of March 4, 1918, 106 national banks. Report of May 10, 1918, 105 national banks. Report of June 29, 1918, 105 national banks. Report of A ugust31,1918, 105 national banks. Loans and discounts.................... $153,619,000 00 $150,739,000 00 $154,199,000 00 $153,055,000 00 Customers' liability account of acceptances.............................. 16,000 00 312,000 00 769,000 00 940,000 00 Customers’ liability under letters of credit..................................... 64,000 00 56,000 00 36,000 00 80,000 00 Overdrafts, secured & unsecured. 121,000 00 134,000 00 111,000 00 169,000 00 U. S. bonds and certificates of indebtedness............................. 29,985,000 00 30,434,000 00 31,907,000 00 37,625,000 00 Stock of Federal Reserve B ank. . Other bonds, securities & stocks. Lawful reserve with Federal Reserve Bank and in vau lt.......... Due from other banks & bankers. Exchanges for clearing house.. . . Outside cks. and other cash items Banking house, furn. and fixtures Other real estate........................... Due from U. S. Treasurer............ Other assets.................................. Report of Nov. 1, 1918 105 national banks. $155,007,000 00 1,728,000 00 126,000 00 153,000 00 42,980,000 00 821,000 00 44,342,000 00 827,000 00 43,849,000 00 827,000 00 43,621,000 00 828,000 00 43,513,000 00 840,000 00 43,001,000 00 14,929,000 00 38,736,000 00 2,566,000 00 14,605,000 00 35,869,000 00 2,526,000 00 15,752,000 00 35,798,000 00 3,824,000 00 15,282,000 00 34,912,000 00 2,864,000 00 15,823,000 00 35,342,000 00 2,975,000 00 1,032,000 5,972,000 1,035,000 843,000 226,000 00 00 00 00 00 966,000 6,011,000 1,146,000 838,000 130,000 00 00 00 00 00 ‘1,509,000 • 6,144,000 1,036,000 763,000 360,000 00 00 00 00 00 1,172,000 6,213,000 1,053,000 744,000 273,000 00 00 00 00 00 T otals.................................... $294,297,000 00 $288,429,000 00 $296,679,000 00 $298,729,000 00 811,000 6,251,000 1,045,000 738,000 292,000 00 00 00 00 00 $307,112,000 00 Liabilities. Capital stock................................ $18,047,000 00 Surplus fund................................. 9,615,000 00 Undivided profits, n e t................. 4,876,000 00 Reserved for taxes, interest, e tc .. 564,000 00 Circulation.................................... 10,179,000 00 $18,030,000 9,662,000 5,266,000 721,000 10,430,000 00 00 00 00 00 $18,030,000 9,990,000 4,681,000 590,000 10,368,000 00 00 00 00 00 $18,055,000 9,997,000 4,998,000 457,000 10,411,000 00 00 00 00 00 $18,055,000 10,007,000 5,427,000 596,000 10,395,000 00 00 00 00 00 Due to Federal Reserve B ank. . . Due to other banks and bankers. 25,949,000 00 Demand deposits......................... 117,198,000 00 U. S. Government dep is it s ........ 6,505,000 00 Time deposits............................... 86,468,000 00 59,000 20,533,000 114,256,000 8,393,000 85,181,000 00 00 00 00 00 21,723,000 113,752,000 9,208,000 86,876,000 00 00 00 00 20,660,000 118,553,000 6,807,000 86,547,000 00 00 00 00 18,901,000 118,258,000 9,593,000 85,384,000 00 00 00 00 644,000 9,432,000 312,000 189,000 3,364,000 1,957,000 00 00 00 00 00 00 592,000 15,008,000 780,000 157,000 2,870,000 2,054,000 00 00 00 00 00 00 1,137,000 15,160,000 941,000 267,000 3,434,000 1,305,000 00 00 00 00 00 00 1,683,000 17,898,000 1,728,000 328,000 3,980,000 4,879,000 00 00 00 00 00 00 Bonds borrowed........................... Bills payable................................. Acceptances exet. for customers.. Customers’ letters of credit......... Notes and bills rediscounted. . .. Other liabilities............................ 529,000 10,265,000 16,000 245,000 2,716,000 1,125,000 00 00 00 00 00 00 T otals.................................... $294,297,000 00 $288,429,000 00 $296,679,000 00 $298,729,000 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $307,112,000 00 STATE BANKING DEPARTMENT. cxxiv STATE AND NATIONAL BANKS. 1918. A b s tr a c ts s h o w in g th e to ta l v o lu m e o f b u s in e s s tr a n s a c te d b y th e S ta te a n d N a t i o n a l b a n k s a n d tr u s t c o m p a n ie s o f M ic h ig a n , a s r e p o r te d to th e C o m m is s io n e r o f th e B a n k in g D e p a r tm e n t, M a r c h 4 , M a y 10, J u n e 29, A u g u s t 31 a n d N o v e m b e r 1 , 1918. Resources. Report of M ardi 4, 1918, 503 state bnks, 106 national banks, 1 industrial bank, 10 trust companies. Report of May 10, 1918, 513 state banks, 105 national banks, 1 industrial bank, 10 trust companies. Report of June 29, 1918, 508 state banks, 105 national banks, 2 industrial banks, 10 trust companies. R eport of Report of August 31,1918, Nov. 1, 1918, 507 state banks, 510 state banks, 105 national 105 national banks, 2 banks, 2 industrial banks, industrial banks, 10 trust 9 trust companies. companies. Loans and discounts.................... $398,832,127 24 $394,969,147 45 $404,112,605 82 $401,424,201 20 Customers’ liability account of 940,000 00 acceptances.............................. 16,000 00 312,000 00 769,000 00 Customers’ liability under letters 86,000 00 of credit..................................... 64,000 00 56,000 00 36,000 00 634,210 55 492,259 18 493,924 70 Overdrafts, secured & unsecured. 508,737 43 70,633 35 Premium account........................ 109,246 21 101,976 57 73,573 00 1,901,224 46 Stock of Federal Reserve B ank. . 1,597,500 00 1,713,000 00 1,838,867 50 Bonds, securities and stocks....... 330,544,149 50 340,747,404 92 351,980,305 73 366,976,387,06 U. S. bonds and certificates of 54,486,921 59 i ndebtedness as reserve............ 51,187,565 13 59,383,926 93 45,788,187 82 Lawful reserve with Federal Re33,854,601 25 serve B ank................................ 14,929,000 00 14,605,000 00 33,348,402 00 47,862,637 31 Due from banks in reserve cities. 75,539,434 31 63,153,901 97 52,564,853 56 37,744,764 36 Due from other banks & bankers. 40,945,109 22 • 37,990,631 72 38,497,410 69 8,131,228 99 Exchanges for clearing house. . . . -7,802,821 70 7,957,026 02 9,918,215 26 15,473,209 71 Currency....................................... 19,708,994 45 18,421,252 60 17,030,041 00 2,518,157 18 Gold coin...................................... 4,678,215 64 3,963,286 97 3,446,545 00 1,536,756 00 Silver coin..................................... 1,697,913 02 Is 688,413 47 1,535,843 00 291,798 61 Nickesl and cents......................... 271,804 93 315,693 97 299,810 88 Outside checks and other cash 3,046,155 59 item s.......................................... 2,170,545 64 1,893,708 00 3,922,772 06 21,147,908 01 Banking house, furn. and fixtures 20,018,180 27 20,812,024 59 20,;,96,163 94 2,385,192 11 Other real esta te.......................... 2,995,745 84 2,593,760 94 2,484,239 16 744,000 00 Due from U. S. treasurer............. 843,000 00 838,000 00 763,000 00 1,445,411 45 Other assets.................................. 226,000 00 130,000 00 1,196,804 28 $405,890,971 33 1,728,000 00 126,000 00 610,502 97 74,924 67 2,002,449 51 384,915,4291! 61,949,978 50 36,639,070 45,784,761 37,700,415 9,158,540 17,948,366 2,074,104 1,625,900 341,862 38 44 96 95 85 43 21 08 2,711,478 20,809,701 2,990,388 738,000 1,133,093 79 10 44 00 39 T otals.................................... $974,823,816 60 $971,985,876 50 $991,111,378 13 $1,002 701,398 78 $1,036,953,940 92 Liabilities. Capital stock paid in ................... Surplus fund................................. Undivided profits, n e t................. Reserved for taxes, interest, etc.. Circulation................................... Due to Federal .Reserve B ank. . . Due to other banks and bankers. Individ, deposits subject to check Demand certificates of deposit... Certified checks............................ Cashiers’ checks........................... Dividends unpaid........................ State moneys on deposit.............. U. S. Government deposits.......... Postal savings deposits................ Time deposits (book accounts)... Time certificates of deposit......... Bonds borrowed........................... Bills payable................................. Bonds sold subject to repurchase. Acceptances exct. for customers.. Customers' letters of credit......... N otes and bills rediscounted....... Other liabilities............................ ■ $60,538,320 35,433,691 15,223,895 1,753,601 10,179 000 00 89 27 46 00 42,941,320 189,347,801 151,759,084 839,173 1,393,373 48,088 4,196,755 6,505,000 3,079,547 359,628,416 57,954,589 566,000 17,663,680 3,892,687 16,000 245,000 10,493,788 1,125,000 28 09 73 88 87 69 24 00 37 45 64 00 91 42 00 00 41 00 $60,736,875 35,486,471 17,075,237 2,091,275 10,430,000 59,000 35,140,596 199,934,774 147,561,565 668,807 1,458,408 17,894 5,207,400 8,393,000 2,822,057 359,706,990 55,893,337 644,000 16,099,861 815,000 312,000 189,000 9,285,320 1,957,000 00 89 42 08 00 00 25 83 97 15 30 68 92 00 68 98 71 00 99 00 00 00 65 00 $60,849,680 36,136,446 15,255,964 1,576,925 10,368,000 1,104,956 36,420,698 186,632,407 147,036,106 1,433,488 1,388,174 764,384 5,872,885 28,454,376 2,985,631 361,965,802 53,982,053 657,000 23,650,531 346,550 780,000 161,952 9,619,412 3,667,949 00 43 26 68 00 54 06 61 34 88 18 18 48 91 30 32 75 00 42 00 00 89 42 48 $61,100,311 36,086,479 15,964,576 1,513,255 10,411,000 737,683 33,609,731 198,682,147 148,331,955 794,261 1,059,380 40,326 2,959,334 15,659,595 3,205,017 364,499,213 53,740,018 1 ,22ö,ö00 38,358,256 1,105,650 941,000 369,550 10,665,519 1,630,575 20 06 99 13 00 02 30 10 25 66 47 09 73 88 39 18 77 00 40 00 00 13 92 11 $61,309,500 36,052,018 17,209,707 1,956,583 10,395,000 317,303 32,381,902 205,224,651 146,770,580 977,587 1,615,601 36,171 2,180,064 19,350,213 3,225,554 370,478,577 52,210,158 2,918,650 52,693,635 1,460,610 1,728,000 338,190 11,155,436 4,988,242 00 08 02 39 00 38 94 81 28 67 30 74 84 89 45 12 33 00 55 00 00 00 23 90 T otals.................................... $974,823,816 60 $971,985,876 50 $991,111 378 13 $1,002,701,398 78 $1,036,953,940 92 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT OF THE COMMISSIONER. cxxv DETROIT. STATE BA NK S. 1918. Abstracts of the 'published reports of the State banks and Trust Companies in the City of Detroit, as made by the Commissioner of the Banking Department, March 4, May 10, June 29, August 31 and November 1, 1918. Resources. Report of Report of Report of Report of Report of May 10, 1918, June 29, 1918, August 31, 1918, Nov. 1, 1918, March 4, 1918, 14 state banks, 14 state banks, 14 state banks, 14 state banks, 14 state banks, 1 industrial bank, 1 industrial bank, 1 industrial bank, 1 industrial bank, 1 industrial bank, 6 trust 6 trust 6 trust 6 trust 6 trust companies. companies. companies. companies. companies. Loans and discounts: Commercial departm ent......... 865,382,781 83 Savings departm ent................. 17,845,715 71 Bonds, mortgages and securities: 42,114,382 06 Commercial departm ent......... Savings departm ent................. 100,877,200 39 Due from Federal Reserve Bank: Commercial departm ent......... Savings departm ent................. Due from banks in reserve cities: Commercial departm ent......... 22,659,283 17 Savings departm ent................. 10,547,851 32 U. S. Bonds and certificates of indebt, (carried as legal res.): Savings departm ent................. 6,202,540 47 U. S. certificates of indebtedness (carried as cash reserve): Commercial departm ent......... Savings departm ent................. Exchanges for clearing house and checks on banks in same place: Commercial departm ent......... 3,511,307 90 Savings departm ent................. 502,233 78 Currency:.............. Com’l. dept. 3,079,481 30 5,566,760 00 Sav. d e p t. 277,962 62 Gold coin:.............. Com’l. dept. Sav. dept. 434,113 05 Silver coin:............Com’l. d e p t. 435,150 15 Sav dept. 120,573 55 Nickels and cents:.Com’l. dept. 84,869 51 Sav. dept. 26,905 41 O verdrafts.................................... 29,573 65 Premium account......................... 13,142 19 Banking house, furn. and fixtures 5,848,450 98 Other real estate........................... 779,935 63 Due from banks other than in 914,494 10 reserve cities............................. Cash items in tra n sit.................... 2,767,819 64 Outside checks and other cash item s......................................... 490,211 34 Stock of Federal Reserve B ank. . 545,700 00 Other assets $68,852,172 58 20,667,545 11 $73,791,965 77 21,434,566 90 $70,975,144 44 20,908,883 87 $63,393,270 99 29,369,599 43 40,675,350 19 104,827,691 69 47,521,967 63 107,756,317 06 52,561,985 87 111,541,759 57 36,782,914 37 135,129,359 33 8,573,030 09 3,924,147 51 8,736,138 73 3,729,443 81 8,480,322 46 5,007,233 65 20,911,782 72 9,841,696 85 15,467,024 65 6,109,963 04 13,127,953 28 5,094,329 47 9,593,218 17 6,932,207 92 12,129,347 06 3,466,702 81 2,634,450 76 5,108,260 76 94,900 00 3,342,602 737,011 2,864,959 3,476,002 161,144 225,327 378,596 163,751 113,277 29,623 63,003 13,142 6,471,407 276,845 61 28 50 00 34 70 39 66 27 35 15 19 57 64 3,806,525 629,049 2,227,683 4,131,575 206,500 191,505 278,175 210,730 73,479 68,221 26,226 11,867 6,528,190 238,955 65 89 00 00 40 75 35 25 70 59 55 73 83 02 1,775,531 1,545,867 2,115,843 3,664,976 261,074 73,115 310,083 180,935 116,902 27,705 32,967 11,867 6,561,508 85,348 13 14 00 00 82 00 60 32 38 99 94 73 37 85 2,292,163 2,204,686 2,974,460 3,810,205 127,288 57,737 329,442 184,962 114,865 62,947 12,162 8,867 6,019,378 715,349 40 06 00 60 49 17 23 32 09 70 14 73 24 73 828,022 10 3,254,288 30 1,503,379 33 1,940,356 83 2,136,110 84 1,304,889 25 2,741,123 28 284,782 06 646,200 00 1,558,323 28 646,200 00 151,720 29 1,251,530 11 646,200 00 771,141 60 1,039,351 04 670,200 00 762,271 79 T otals.................................... $291,058,439 75 $301,235,573 31 $310,533,995 07 $312,819,156 45 $325,323,638 34 Liabilities. Capital stock................................ Surplus fund................................. Undivided profits, n e t......... Dividends unpaid........................ Reserved for taxes, interest, etc.. Com’l. deposits subject to check. Demand certificates of deposit... Certified checks............................ Cashier’s checks........................... Due to other banks and bankers. State monies on deposit............... Postal savings deposits................ U. S. Government deposits .. Time coml. cert, deposit . . Savings deposits........................... Savings certificates of deposit. . . Club sav.dept.(Xmas,Thrift,etc.) Notes and bills rediscounted....... Bills payable................................. Bonds sold subject to repurchase. Bonds borrowed ... Customers’ letters of credit. . . Other liabilities 00 00 03 00 82 26 08 93 38 $17,175,000 12,487,651 5,499,528 212,723 383,979 91,706,235 6,386,684 845,857 884,691 00 89 07 88 02 72 71 80 70 $17,175,000 12,487,651 5,706,312 15,936 368,734 100,544,969 2,874,601 645,662 700,094 00 89 03 00 70 33 22 65 09 $17,175,000 12,488,151 5,721,329 15,492 513,721 99,164,099 2,708,786 821,559 1,189,443 00 89 26 50 74 59 14 93 50 11,504,565 30 1,794,679 00 . 2,349,202 38 10,059,745 72 2,576,657 86 2,306,588 76 10,464,933 3,028,786 2,447,800 14,139,369 14 09 99 18 8,974,714 1,556,112 2,667,449 6,251,068 00 18 64 54 131,483,225 29 7,829,002 26 132,869,854 57 7,895,264 83 3,265,833 47 3,071,305 73 350,000 00 1,225,664 07 1,492,850 00- 132,450,322 7,697,682 274,105 1,475,775 2,367,500 80 92 68 03 00 133,771,560 7,119,398 467,869 427,462 10,905,137 60 45 93 90 82 9,391,177 1,199,983 2,745,306 6,773,497 27,000 139,403,668 7,299,345 468,030 819,084 16,447,571 59 82 04 12 00 10 21 17 32 42 $17,155,000 12,329,825 5,217,670 7,882 438,539 86,910,518 5,590,455 688,045 1,032,689 00 00 55 50 59 64 14 80 10 $17,175,000 12,335,750 5,499,804 4,641 469,215 100,353,941 5,486,707 480,997 1,002,890 89,500 00 973,33 68,947 15 945,550 00 5,840 00 T otals.................................... $291,058,439 75 $301,235,573 31 $310,533,995 07 $312,819,156 45 $325,323,638 34 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 605,366 45 STATE BANKING DEPARTMENT. CXXV1 DETROIT. N A T IO N A L BA NK S. 1918. F ig u r es g iv e n b y C om p troller o f C urren cy in e v en th ou san d s. Abstracts of reports made by the National banks of Michigan to the Commissioner of the Banking Department, March 4, May 10, June 29, August 81 and November 1, 1918. Resources. Report of March 4, 1918, 3 national banks. Loans and discounts.................... 863,379,000 00 Customers’ liability account of acceptances............................... 16,000 00 Customers’ liability under letters of credit..................................... 62,000 00 Overdrafts, secured & unsecured. 14,000 00 U. S. bonds and certificates of indebtedness............................. 7,398,000 00 Stock of Federal Reserve B ank. . 315,000 00 Other bonds, securities & stocks. 9,955,000 00 Lawful reserve with Federal Reserve Bank and in vau lt.......... 7,732,000 00 Due from other banks & bankers. 16,717,000 00 Exchanges for clearing house. . . . 2,061,000 00 Outside checks and other cash item s.......................................... 441,000 00 Banking house, turn, and fixtures 817,000 00 Other real estate............. '............. 561,000 00 Due from U. S. treasurer............. 336,000 00 Other assets.................................. 43,000 00 Report of May 10, 1918, 3 national banks. Report of June 29, 1918, 3 national banks. Report of August 31, 1918, 3 national banks. Report of Nov. 1, 1918, 3 national banks. 862,335,000 00 864,344,000 00 $64,191,000 00 $66,451,000 00 250,000 00 766,000 00 920,000 00 1,699,000 00 51,000 00 10,000 00 32,000 00 15,000 00 81,000 00 16,000 00 122,000 00 23,000 00 6,076,000 00 315,000 00 10,099,000 00 6,782,000 00 315,000 00 9,957,000 00 8,606 000 00 315,000 00 10,077,000 00 8,872,000 00 323,000 00 10,827,000 00 7,604,000 00 16,591,000 00 2,149,000 00 8,914,000 00 17,585,000 00 3,222,000 00 9,373,000 00 15,316,000 00 2,362,000 00 9,637,000 00 15,154,000 00 2,346,000 00 402,000 822,000 561,000 322,000 14,000 677,000 825,000 561,000 242,000 150,000 395,000 825,000 561,000 234,000 225,000 174,000 818,000 561,000 247,000 156,000 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 T otals................................... 8109,847,000 00 8107,601,000 00 $114,387,000 00 $113,497,000 00 00 00 00 00 00 $117,410,000 00 Liabilities. Capital stock................................ Surplus fund................................. Undivided profits, n e t................. Reserved for taxes, interest, etc.. Circulation.................................... Due to other banks & bankers. .. Demand deposits......................... United States Govern, deposits.. Time deposits............................... Bonds borrowed........................... Bills payable................................. Acceptances exct. for customers.. Customers’ letters of credit......... Notes and bills rediscounted. . . . Other liabilities............................ 87,000,000 3,500,000 1,656,000 353,000 1,667,000 17,826,000 59,646,000 4,667,000 7,927,000 220,000 4,850,000 16,000 116,000 00 00 00 00 00 00 00 00 00 00 00 00 00 403,000 00 87,000,000 3,500,000 1,774,000 379,000 1,765,000 14,714,000 60,542,000 4,953,000 8,203,000 220,000 2,800,000 250,000 68,000 1,003,000 430,000 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 $7,000,000 3,750,000 1,501,000 346,000 1,680,000 16,146,000 61,096,000 6,567,000 9,230,000 220,000 5,600,000 766,000 42,000 00 00 00 00 00 00 00 00 00 00 00 00 00 443,000 00 87,000,000 3,750,000 1,697,000 613,000 1,712,000 14,877,000 65,692,000 4,911,000 6,553,000 220,000 5,390,000 920,000 106,000 00 00 00 00 00 00 00 00 00 00 00 00 00 56,000 00 T otals.................................... 8109,847,000 00 $107,601,000 00 $114,387,000 00 $113,497,000 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $7,000,000 3,750,000 1,800,000 286,000 1,760,000 13,628,000 67,520,000 5,765,000 7,192,000 220,000 5,875,000 1,699,000 169,000 200 000 546!000 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 $117,410,000 00 REPORT OF THE COMMISSIONER. cxxvn DETROIT. ST A T E AND N A T IO N A L BA NK S. 1918. Abstracts of the 'published reports of the State and National banks and Trust companies in the City of Detroit, as made to the Commissioner of the Banking Department, March 4, May 10, June 29, August 31 and November 1, 1918. Resources. Report of Report of Report of Report of Report of March 4, 1918, May 10, 1918, June 29, 1918, August 31, 1918, Nov. 1, 1918, 14 state banks, 14 state banks, 14 state banks, 14 state banks, 14 state banks, 3 national banks, 3 national banks, 3 national banks, 3 national banks, 3 national banks, 1 industrial bank, 1 industrial bank, 1 industrial bank, 1 industrial bank, 1 industrial bank, 6 trust 6 trust 6 trust 6 trust 6 trust companies. companies. companies. companies. companies. Loans and discounts.................... 8149,375,317 18 8155,109,005,99 8159,570,532 67 8158,211,139 15 Customers’ liability account of acceptances............................... 250,000 00 16,000 00 766,000 00 920,000 00 Customers’ liability under letters of credit.............................. 51,000 00 62,000 00 32,000 00 81,000 00 73,003 15 Overdrafts, secured & unsecured. 43,573 65 41,226 55 48,967 94 13,142 19 13,142 19 Premium account........................ 11,867 73 11,867 73 Stock of Federal Reserve B ank. . 860,700 00 961,200 00 961,200 00 961,200 00 Bonds, securities and stocks....... 152,946,582 45 155,602,041 88 165,235,284 69 174,180,745 44 U. S bonds and certificates of 18,205,347 06 indebtedness as reserve........... 13,600,540 47 10,248,702 81 11,240,450 76 Lawful reserve with Federal Reserve B ank................................ 7,604,000 00 7,732,000 00 21,411,177 60 21,838,582 54 30,753,479 57 Due from banks in reserve cities. 33,207,134 49 21,576,987 69 18,222,282 75 17,419,022 10 17,631,494 10 Due from other banks & bankers. 19,088,379 33 17,256,356 83 6,228,613 89 6,074,541 68 Exchanges for clearing house. . . . 7,657,575 54 5,683,398 27 Currency....................................... 8,646,241 30 6,340,961 50 6,359,258 00 5,780,819 00 386,472 04 Gold coin...................................... 712,075 67 398,006 15 334,189 82 Silver coin..................................... 542,348 05 555,723 70 488,905 60 491,018 92 Nickels and cents......................... 142,900 62 111,774 92 141,701 29 144,608 37 Outside checks and other cash 686,782 06 item s......................................... 931,211 34 2,235,323 28 1,646,530 11 7,293,407 57 Banking house, furn. and fixtures 6,665,450 98 7,353,190 83 7,386,508 37 837,845 64 Other real estate........................... 1,340,935 63 •799,955 02 646,348 85 322,000 00 Due from U. S. treasurer............. 336,000 00 242,000 00 234,000 00 14,000 00 Other assets.................................. 43,000 00 301,720 29 996,141 60 $161,954,993 70 T otals.................................... 8400,905,439 75 8408,836,573 31 8424,920,995 07 8426,316,156 45 $442,733,638 34 1,699,000 00 122,000 35,162 8,867 993,200 182,739,273 00 14 73 00 70 14,075,160 76 23,124,556 16,525,426 16,458,889 6,842,849 6,784,665 185,025 514,404 177,812 11 09 25 46 60 66 55 79 1,213,351 6,837,378 1,276,349 247,000 918,271 04 24 73 00 79 Liabilities. Capital stock paid in .................... 824,155,000 00 Surplus fund................................. 15,829,825 00 Undivided profits, n et.................. 6,873,670 55 Reserved for taxes, interest, e tc .. 791,539 59 Circulation.................................... 1,667,000 00 Due to Federal Reserve B ank. . . Due to other banks & bankers. . . 29,390,565 30 Individual deposits subject to check......................................... 86,910,518 64 Demand certificates of deposit... 65,236,455 14 Certified checks............................ 668,045 80 Cashiers’ checks........................... 1,032,689 10 Dividends unpaid........................ 7,882 50 1,794,679 00 State moneys on deposit.............. United States Govern, deposits.. 4,667,000 00 Postal savings deposits................ 2,349,202 38 Time deposits (book accounts)... 139,410,225 29 7,829,002 26 'l ime certificates of deposit......... Bonds borrowed........................... 220,000 00 7,921,305 73 Bills payable................................. Acceptances exct. for customers.. 16,000 00 Customers’ letters of credit......... 116,000 00 3,265,833 47 Notes and bills rediscounted. . . . Other liabilities............................ 753,000 00 824,175,000 15,835,750 7,273,804 848,215 1,765,000 00 00 03 82 00 24,773,745 72 100,353,941 66,028,707 480,997 1,002,890 4,641 2,576,657 4,953,000 2,306,588 141,072,854 7,895,264 220,000 4,292,850 250,000 68,000 2,228,664 430,000 26 08 93 38 00 86 00 76 57 83 00 00 00 00 07 00 82’4 ,175,000 16,237,651 7,000,528 729,979 1,680,000 00 89 07 02 00 26,610,933 14 91,706,235 67,482,684 845,857 884,691 212,723 3,028,786 20,706,369 2,447,800 141,954,428 7,697,682 220,000 7,967,500 766,000 42,000 1,475,775 1,048,366 72 71 80 70 88 09 18 99 48 92 00 00 00 00 03 45 824,175,000 16,237,651 7,403,312 981,734 1,712,000 00 89 03 70 00 23,851,714 00 166,236,969 2,874,601 645,662 700,094 15,936 1,556,112 11,162,068 2,667,449 140,792,430 7,119,398 309,500 16,295,137 920,000 106,973 427,462 124,947 33 22 65 09 00 18 54 64 53 45 00 82 00 33 90 15 T otals.................................... 8400,905,439 75 8408,836,573 31 8424,920,995 07 8426,316,156 45 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $24,175,000 16,238,151 7,521,329 799,721 1,760,000 00 89 26 74 00 23,019,177 59 166,684,099 2,735,786 821,559 1,189,443 15,492 1,199,983 12,538,497 2,745,306 147,063,698 7,299,345 1,165,550 22,322,571 1,699,000 174,840 1,019,084 546,000 59 14 93 50 50 82 12 04 27 21 00 42 00 00 32 00 $442,733,638 34 cxxviii STATE BANKING DEPARTMENT. RESERVE CITIES OTHER THAN DETROIT. ST A T E BA NK S. 1918. Abstracts of the published reports of the Slate banks and Trust companies in the cities, other than Detroit, designated as reserve cities by the Commissioner of the Banking Department. Resources. Report of March 4, 1918, 43 state banks, 3 trust companies. Loans and discounts: Commercial departm ent......... $36,405,506 18 Savings departm ent................. 14,120,443 24 Bonds, mortgages and securities: Commercial departm ent......... 8,280,255 65 Savings departm ent................. 40,220,495 45 Due from Federal Reserve Bank: Commercial departm ent......... Savings departm ent................. Due from banks in reserve cities: Commercial departm ent......... 6,384,608 84 Savings departm ent................. 6,033,725 22 U. S. bonds and certificates of indebt, (carried as legal res): Savings departm ent................. 4,385,433 69 U. S. certificates of indebtedness (carried as cash reserve): Commercial departm ent......... Savings departm ent................. Exchanges for clearing house and checks on banks in same place: Commercial departm ent......... 743,398 19 Savings departm ent................. 154,253 43 Currency:................Com’l. dept. 1,808,924 12 Sav. dept. 1,885,799 50 Gold coin:............... Com’l. dept. 255,350 21 Sav. d e p t. 739,105 00 Silver coin:............. Com.l. dept. 269,646 78 Sav. dept. 98,459 60 Nickels and cents:.. Com’l. dept. 35,591 20 Sav. dept. 10,473 32 O verdrafts.................................... 75,727 60 Premium account......................... 25,011 00 Banking house, furn. and fixtures 3,196,447 62 Other real estate........................... 409,514 92 Due from banks other than in reserve cities............................. 498,141 85 Cash items in tra n sit.................... 1,927,847 74 Outside checks and other cash item s.......................................... 214,734 91 Stock of Federal Reserve B an k . . 102,100 00 Other assets.................................. Report of Nov. 1, 1918, 42 state banks, 1 industrial bank, 2 trust companies. Report of May 10, 1918, 43 state banks, 3 trust companies. Report of June 29, 1918, 42 state banks, 1 industrial bank, 3 trust companies. Report of August 31, 1918, 42 state banks, 1 industrial bank, 3 trust companies. $36,919,109 80 15,110,383 72 $39,174,167 62 17,019,068 60 $38,659,438 19 16,680,042 83 $38,790,459 65 17,458,026 17 7,497,668 96 40,325,213 57 10,138,635 68 36,469,906 63 9,853,499 27 39,841,924 53 . 9,650,205 35 45,328,707 53 1,451,416 96 L 222,267 05 1,482,191 48 1,314,283 89 1,435,171 90 1,430,491 97 6,000,587 00 4,381,876 00 5,117,988 85 3,336,763 15 4,653,157 18 3,815,688 38 3,756.487 35 3,954,421 33 4,733,080 89 2,959,474 02 3,046,004 38 2,897,998 26 845,644 80 60;223 88 207,309 74 85,000 00 655,941 156,986 2,123,977 1,925,328 264,613 492,767 269,789 94,748 37,504 12,402 59,323 18,297 3,225,293 405,864 73 07 12 75 46 50 01 45 32 50 26 56 11 57 1,033,985 51,091 1,807,727 1,666,839 213,163 411,282 231,636 83,327 35,002 8,422 83,216 16,939 3,217,617 405,431 27 92 00 25 21 50 88 96 79 91 29 97 55 02 1,018,492 162,830 1,224,189 1,726,301 179,921 342,567 196,813 107,025 29,023 11,181 90,194 13,890 3,210,614 411,206 23 76 31 14 71 50 67 40 54 01 36 09 62 38 958,846 264,013 1,627,375 1,934,823 160,885 319,805 222,595 112,188 35,391 11,514 91,262 23,753 3,277,395 431,614 49 53 75 00 71 00 96 45 94 55 37 86 28 98 468,057 15 1,650,831 86 825,849 95 454,768 93' 286,407 66 587,405 17 535,777 77 235,928 17 102,050 00 400,186 49 186.050 00 154,504 11 275,128 33 218,990 00 164,948 30 521,972 63 228,740 00 59,852 00 T otals.................................... $128,280,995 26 $127,167,624 53 $127,721,963 63 $130,376,593 75 $136,399,493 69 Liabilities. Capital stock................................ Surplus fund................................. Undivided profits, n et.................. Dividends unpaid........................ Reserve for taxes, interest, e tc ... Com’l. deposits subject to check Demand certificates of deposit... Certified checks............................ Cashier’s checks........................... Due to Federal Reserve B an k . . . Due to other banks and bankers.. State moneys on deposit.............. Postal savings deposits................ U. S. Government deposits......... Time com’l. cert, of deposit. . . . Savings deposits........................... Savings certificates of deposit. . . Club sav. Dep.(Xmas,Thrift,etc.) Notes and bills rediscounted....... Bills payable................................. Bonds sold subject to repurchase. Bonds borrowed........................... Customers’ letters of credit......... Other liabilities............................ $8,080,700 5,782,700 1,763,463 7,905 534,677 31,695,469 5,624,691 F78,480 87,085 00 00 79 05 93 44 93 35 53 $8,080,700 5,782,700 1,950,515 5,399 641,442 31,539,448 5,274,924 96,211 106,818 00 00 92 27 84 32 72 90 90 4,403,670 84 1,356,477 90 116,284 87 3,639,867 60 1,433,243 06 111,632 07 50,895,537 41 11,711,939 30 50,851,456 64 11,770,574 55 3,161,623 1,755,000 1,188,287 37,000 50 00 42 00 3,539,2i3 25 1,843,475 49 500,000 00 $8,065,500 5,794,200 1,667,291 184,900 383,304 30,480 717 4,596,938 352,398 98,085 962,009 3,394,758 1,615,372 111,406 575,498 410,043 50,381,773 11,332,763 557,448 3,991,982 2,289,746 00 00 98 00 38 29 68 93 90 36 33 39 38 15 33 66 94 16 59 03 $8,096,321 5,769,200 1,744,573 11,894 459,796 30,885,772 4,570,336 58,777 98,540 673,645 3,160,494 835,722 117,275 429,411 248,032 51,970,820 10,438,745 805,990 4,130,868 5,764,447 20 00 75 69 90 92 37 40 41 61 05 55 08 38 16 67 50 84 09 38 $8,106,200 5,744,200 1,893,319 8,989 548,984 33,272,806 4,465,472 88,158 107,463 188,898 3,221,241 689,395 115,491 441,265 237,580 52,786,942 10,413,384 917,924 3,988,063 8,957,810 00 00 23 17 70 28 30 68 12 87 73 14 02 00 74 00 14 79 59 10 101,576 80 41350 00 100,000 00 4,350 00 101,553 09 T otals.................................... $128,280,995 26 $127,167,624 53 $127,721,963 63 $130,376,593 75 $136,399,493 69 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 952 89 470,871 26 R E P O R T OF T H E CO M M ISSIONER. cxxix GRAND RAPIDS. STATE AND N A T IO N A L BANK S. Abstract of the published report of the six State banks, one Industrial bank, two Trust Com panies and three National banks in the City of Grand Rapids as made to the Commis sioner of the Banking Department, November 1, 1918. Resources. , Loans and discounts........................................................... Report of 6 state banks 1 industrial bank, 2 trust companies. Report of 3 national banks. $15,359,568 75 $17,373,817 88 Total. $32,733,386 61 Customers’ liability account of acceptances.................... 3,000 00 3,000 00 Customers’ liability under letters of credit...................... 4,436 00 4,436 00 Overdrafts, secured and unsecured................................... U. S. Bonds and Certificates of indebtedness................... 13,723 71 11,437 37 25,161 08 3,829,333 52 6,053,807 50 9,883,141 02 Premiums............................................................................... 9,917 27 Stock of Federal Reserve B ank......................................... 59,700 00 95,250 00 154,950 00 9,917 27 Other bonds, securities and stocks..................................... 9,492,023 27 . 2,473,999 26 11,966,022 53 Lawful reserve with Federal Reserve Bank and in vault 1,444,098 94 1,740,701 69 3,184,800 63 Due from banks in reserve cities......................................... 1,613,986 39 1,124,127 07 2,738,113 46 Due from other banks and bankers.................................... 411,290 20 944,444 57 1,355,734 77 Exchanges for clearing house............................................... 403,251 87 301,086 55 704,338 42 Outside checks and other cash item s.................................. 260,607 67 85,578 10 346,185 77 Banking house, furniture and fixtures................................ 1,015,216 19 1,411,977 19 2,427,193 38 Other real estate.................................................................... 106,530 22 46,462 63 152,992 85 142,750 00 142,750 00 59,650 00 36,428 40 96,078 40 $34,078,898 00 $31,849,304 19 $65,928,202 19 Liabilities. Capital stock paid in ................................. $2,175,000 00 $2,100,000 00 $4,275,000 00 Surplus fund................................. ............. 2,025,000 00 1,075,000 00 3,100,000 00 Undivided profits, n et............................... 588,736 53 672,696 15 1,261,432 68 Reserved for taxes, interest, etc............... 294,610 08 139,829 01 434,439 09 1,966,897 50 1,966,897 50 Due from U. S. Treasurer.................................................... Other assets........................................................................... Totals Circulation................................................. Due to Federal Reserve B an k .. .*............ 30,000 00 Due to other banks and bankers............. 644,842 17 2,542,843 57 3,187,685 74 Individual deposits subject to check. . . . 7,757,140 25 7,304,220 60 15,061,360 85 Demand certificates of deposit................ 248,447 58 1,132,329 54 1,380,777 12 Certified checks......................................... Cashier's checks......................................... Dividends unpaid...................................... State moneys on deposit........................... United States government deposits........ Postal savings deposits............................. Tjme dep 9sits (book accounts)................ Time certificates of deposit...................... Bonds borrowed......................................... Bills payable........... .......... . Acceptances executed for customers....... Customers’ letters of credit....................... Notes and bills rediscounted................... Other liabilities.......................................... Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35,823 4,593 4,073 476,320 72,250 13,973 8,654,031 6,208,016 100,000 2,974,310 20 98 23 11 00 91 28 98 00 10 1,670,175 51 101,553 09 $34,078,898 00 30,000 00 11,724 285 2,455 349,149 94,433 72,866 3,837,543 2,787,847 556,550 5,079,680 3,000 157,746 1,300,000 662,205 83 24 31 21 57 72 51 58 00 00 00 00 00 85 $31,849,304 19 47,548 4,879 6,528 825,469 166,683 86,840 12,491,574 8,995,864 656,550 8,053,990 3,000 157,746 2,970,175 763,758 03 22 54 32 57 63 79 56 00 10 00 00 51 94 $65,928,202 19 cxxx ST A T E B A N K IN G D E P A R T M E N T . ADRIAN. ST A T E AND N A T IO N A L BA NK S. Abstracts of the published reports of the three State banks and one National bank in the City of Adrian, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Report of 1 national bank. Report of 3 state banks. S I,464,298 53 Total. $555,314 53 $2,019,613 06 Overdrafts, secured and unsecured............................................................. 405 50 959 47 1,364 97 U. S. Bonds and Certificates of indebtedness........................................... 476,919 00 264,700 00 741,819 00 Stock of Federal Reserve B ank................................................................... 16,200 00 3,600 00 19,800 00 Other bonds, securties and stocks............................................................... 2,501,657 16 258,086 69 2,759,743 85 Lawful reserve with Federal Reserve Bank and in v au lt........................ 305,313 05 63,752 14 369,065 19 Due from banks in reserve cities............................................................... 551,267 70 72,272 65 623,540 35 Due from other banks and bankers........................................................... 244 27 8,291 68 8,535 95 Exchanges for clearing house...................................................................... 16,239 31 2,921 36 19,160 67 Outside checks and other cash item s......................................................... 16,527 70 1,776 98 18,304 68 Banking hnnpp! furniture and fixtures....................................................... 135,000 00 68,300 00 203,300 00 13,500 00 13,500 00 5,000 00 7,500 00 1,132 61 1,132 61 $5,486,572 22 $1,319,608 11 $6,806,180 33 Capital stock paid in .................................................................................... $380,000 00 $100,000 00 $480,000 00 Surplus fund.................................................................................................. 160,000 00 20,000 00 180,000 00 Undivided profits, n e t.................................................................................. 101,628 06 14,153 66 115,781 72 Other real estate........................................................................................... Due from U. S. Treasurer............................................................................ 2,500 00 Other assets................................................................................................... T otals..................................................................................................... Liabilities. 98,600 00 Circulation. ?................................................................................................. Due to other banks and bankers................................................................ Individual deposits subject to check.......................................................... Demand certificates of deposit................................................................... Certified checks............................................................................................. Cashiers’ checks............................................................................................ Dividends unpaid......................................................................................... United States government deposits............................................................ Postal savings deposits................................................................................. Time deposits (book accounts)................................................................... Time certificates of deposit......................................................................... Bonds borrowed............................................................................................ Totals............................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 282,112 1,002,430 39,191 1,986 3,841 13 38 25 57 45 3,388,443 37 126,939 01 $5,486,572 22 98,600 00 90,474 270,750 7 1,447 6,765 20 18 59 50 91 65 00 372,586 1,273,180 39,198 3,434 10,607 20 31 97 75 48 10 00 16,210 1,132 613,718 16,627 69,700 21 10 43 88 00 16,210 1,132 4,002,161 143,566 69,700 21 10 80 89 00 $1,319,608 11 $6,806,180 33 R E P O R T O F T H E CO M M ISSIO N ER. cxxxi ALPENA. STATE A N D N A T IO N A L BA NK S. Abstracts of the'published reports of the one State bank and one National bank in the City of Alpena, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts................ Report of 1 state bank. $846,122 69 Report of 1 national bank. $933,736 70 Total. $1,779,859 36 Customers’ liability account of acceptances............................................. Customers’ liability under letters of credit...................... Overdrafts, secured and unsecured........... U. S. Bonds and Certificates of indebtedness.............. 580 15 3,456 87 4,037 02 483,150 00 350,650 00 833,800 00 Premiums.............. Stock of Federal Reserve B an k .. 6,750 00 3,000 00 9,750 00 1,495,238 64 414,091 06 1,909,329 70 Lawful reserve with Federal Reserve Bank and in v au lt. . 240,856 09 61,258 16 302,114 25 Due from banks in reserve cities__ 133,726 72 38,534 46 172,261 18 Other bonds, securities and stocks.......... Due from other banks and bankers. . . . Exchanges for clearing house........... Outside checks and other cash item s... Banking house, furniture and fixtures___ Other real estate.................. 2,660 61 3,949 32 2,660 61 3,949 32 9,052 13 6,872 42 15,924 55 37,607 24 7,837 07 45,444 31 522 00 20,237 85 20,759 85 2,500 00 2,500 00 $3,257,554 98 $1,844,835 20 $5,102,390 18 $100,000 00 $50,000 00 $150,000 00 125.000 00 50,000 00 175,000 00 1,837 17 36,942 66 38,779 83 50,000 00 25.000 00 50.000 00 126,661 66 499,232 59 32,529 73 372,760 00 159,191 39 871,992 59 556 75 2,492 87 39 00 312 77 300 00 869 52 2,492 87 339 00 3,288 99 2,178,428 88 195,017 07 5,220 08 1,149,302 61 97,467 35 8,509 07 3,327,731 49 292,484 42 $3,257,554 98 $1,844,835 20 $5,102,390 18 Due from U. S. Treasurer.................. Other assets............................ T otals.................................. Liabilities. Capital stock paid in ............... Surplus fund................. Undivided profits, n e t......... Reserved for taxes, interest, etc....... Circulation............................ Due to Federal Reserve B an k ... Due to other banks and bankers......... Individual deposits subject to check.............. Demand Certificates of deposit........ Certified checks................ Cashiers’ checks................. Dividends unpaid................ State moneys on deposit............. United States government deposits............ Postal savings deposits................ Time deposits (book accounts)............................. Time certificates of deposit................ Bonds borrowed............... Bills payable............................... Acceptances executed for customers................. Customer’s letters of credit.............. Notes and bills rediscounted............ Other liabilities............................................ Totals.................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25.000 00 STA TE B A N K IN G D E P A R T M E N T . cxxxii ANN ARBOR. ST A T E AND N A T IO N A L BA NK S. Abstracts of the published reports of the three State banks and one National bank in the City of Ann Arbor, as made to the Commissioner of the Banking Department, November 1, 1918. Report of 1 national bank. Resources. Report of 3 state banks. Loans and discounts..................................................................................... $2,986,392 47 $521,962 59 Total. $3,508,355 06 Overdrafts, secured and unsecured............................................................. 5,117 17 377 83 5,495 00 U. S. Bonds and Certificates of indebtedness........................................... 919,475 00 216,930 00 1,136 405 00 Stock of Federal Reserve B ank.................................................................. 15,750 00 4,200 00 19,950 00 Other bonds, securities and stocks................................................. ........... 4,108,188 46 247,210 00 4,355,398 46 Lawful reserve with Federal Reserve Bank and in v au lt........................ 526,452 69 184,215 91 710,668 60 P up from hanks in rpsprvp. 337,856 97 pi tips ..................................................... 337,856 97 Due from other banks and bankers....................................................... 73,951 06 13,293 99 87,245 05 Exchanges for clearing house....................................................................... 64,943 50 6,376 12 71,319 62 Outside checks and other cash item s......................................................... 2,598 41 60 00 2,658 41 Banking house, furniture and fixtures....................................................... 193,506 90 11,000 00 204,506 90 47,389 07 16,000 00 63,389 07 3,600 00 3,600 00 $9,281,621 70 $1,225,226 44 $10,506,848 14 Capital stock paid in .................................................................................... $600,000 00 $100,000 00 $700,000 00 Surplus fund................................................................................................... 475,000 00 40,000 00 515,000 00 Undivided profits, n e t.................................................................................. 133,060 35 38,429 70 171,490 05 Other real fist.at.fi ................................................................................. P up from TT. S. Trfiasurfir........................................................................... T otals..................................................................................................... Liabilities. t^ppprvor] for t.a^ps mt.p.rpst fit.fi ........................................ Circulation ................................................................................. P up to Fpipral Rpsprvp Rank Due to other banks and bankers................................................................ Individual deposits subject to check.......................................................... Ppmand fifirtififiatfiS of deposit................................................................... Cprtifipd fihfifiks ................................................................................. Cashiprs’ fihfifiks ............................................................................... Pividfinds uop&id ............................................................... ................................................... United States gnvfirnmfint. dfiposits ............................................. Postal savin pa deposits Time deposits (book accounts).................................................................. Timp fiprt.ififi.stps of doposit, ......................................... Rills payahlp. ............................................................................. Ciistnmprs’ Ifit.t.prs of firpdit, 10,000 35,891 4,237,595 311,300 00 38 71 30 327,194 15 727,000 00 28,000 00 119,436 2,673,860 124,358 2,505 14,004 868 26 72 78 77 51 00 10,000 35,891 4,564,789 311,300 00 38 86 30 755,000 00 ................................. 410,742 51 T otals..................................................................................................... $9,281,621 70 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4,229 78 465,414 03 124,358 78 2,505 77 14,004 51 868 00 ............................................. NntfiP ao d h ills rpdisfioiint.pd 97,600 00 97,600 00 115,206 48 2,208,446 69 410,742 51 $1,225,226 44 $10,506,848 14 • cxxxiii R E P O R T OF T H E CO M M ISSIO N ER. BATTLE CREEK. STATE AND N A T IO N A L BANK S. Abstracts of the 'published reports of the two State banks and two National banks in the City of Battle Creek, as made to the Commissioner of the Banking Department, November 1, Resources. Loans and discounts.................. Report of 2 state banks. Report of 2 national banks. 81,885,704 90 $4,458,611 29 Total. $6,344,316 19 Customers’ liability account of acceptances........ Customers’ liability under letters of credit.......... Overdrafts, secured and unsecured.............. 5,454 46 782 98 6,237 44 448,000 00 1,347,555 00 1,795,555 00 27,750 00 97 7*n nn 2,760,908 42 6,372,222 12 9,133,130 54 Lawful reserve with Federal Reserve Bank and in vault 236,782 53 2,187,880 73 2,424,663 26 Due from banks in reserve cities........... 507,224 04 U. S. Bonds and Certificates of indebtedness................ Premiums.................... Stock of Federal Reserve B ank....... Other bonds, securities and stocks.......... Due from other banks and bankers. . . Exchanges for clearing house........... Outside checks and other cash item s. . . Banking house, furniture and fixtures.................... Other real estate...................... 55,860 65 507,224 04 245,438 37 49» 97 34,560 03 90,420 68 382 00 2,672 33 3,054 33 190,221 91 225,501 13 415,723 04 13,238 02 Due from U. S. Treasurer.............. 39,000 00 Other assets.................... Totals.......................... $6,103,776 93 Liabilities. Capital stock paid in .................. Surplus fund....................... Undivided profits, n e t................... Reserved for taxes, interest, etc....................... Circulation.......................... Due to Federal Reserve B ank............. Due to other banks and bankers__ Individual deposits subject to check Demand certificates of deposit.......... Certified checks............ Cashiers’ checks............... Dividends unpaid............ State moneys on deposit........... United States government deposits........ Postal Savings deposits__ Time deposits (book accounts).......... Time certificates of deposit. . Bonds borrowed............. Bills payable......................... Acceptances executed for customers........... Customers’ letters of credit...................... Notes and bills rediscounted............ Other liabilities................ T otals.......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $375,000 00 $600,000 00 110,000 00 325.000 00 28,000 84 30,249 89 268 30 1,416 53 600.000 00 74,123 1,934,105 236,014 2,505 20 70 10,000 24 37 01 24 00 00 00 955 15 3,182,714 78 150,000 00 $6,103,776 93 348,186 3,022,938 674,027 11,341 59 85 67 48 240 00 341,358 35,893 8,295,674 131,291 84 39 99 72 1,684 83 600,000 00 422,309 4,957,044 910,041 13,846 20 310 10,000 341,358 36,848 11,478,389 131,291 83 22 68 72 00 00 00 84 54 77 72 550,550 00 700,550 00 3,045 25 9 H4* 9* $14,971,215 20 $21,074,992 13 C X X X 1V STA TE B A N K IN G D E P A R T M E N T . BAY CITY. ST A T E A N D N A T IO N A L B A NK S. Abstracts of the published reports of the four State banks and one National bank in the City of Bay City, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts............................................................. Report of 1 national bank. Report of 4 state banks. Total. $8,766,818 36 ,678,498 78 $2,088,319 58 7,784 97 37 74 7,822 71 Customers’ liability account of acceptances...................... Customers' liability under letters of credit........................ Overdrafts, secured and unsecured..................................... U. S. Bonds and Certificates of indebtedness................... ,934,863 25 1,179,850 00 4,114,713 25 Premiums............................................................................... 4,552 06 4,552 06 Stock of Federal Reserve B ank........................................... 42,990 00 12,000 00 54,990 00 Other bonds, securities and stocks..................................... ,140,631 22 477,151 41 5,617,782 63 Lawful reserve with Federal Reserve Bank and in vault. 977,535 46 333,848 31 1,311,383 77 Due from banks in reserve cities......................................... 362,951 66 362,951 66 505 35 246,816 97 247,322 32 82,490 81 11,096 14 93,586 95 13,569 29 3,241 50 16,810 79 Banking house, furniture and fixtures............................... 297,158 85 129,375 56 426,534 41 Other real estate.................... ............................................... 29,300 35 24,000 00 53,300 35 Due from U. S. Treasurer.................................................... 11,063 78 11,063 78 Other assets............................................................................ 6,000 00 6,000 00 $4,522,800 99 $21,095,633 04 $ 200,000 Due from other banks and bankers.................................... Exchanges for clearing house....................... *<.................... Outside checks and other cash item s................................. $16,572,832 05 Totals. Liabilities. Capital stock paid in. $850,000 00 00 $1,050,000 00 Surplus fund............. 775,000 00 200,000 00 975,000 00 Undivided profits, net. 114,260 48 85,476 75 199,737 23 76,138 78 2,303 59 194,400 00 Reserved for taxes, interest, etc......... Circulation............................................ Due to Federal Reserve B ank........... Due to other banks and bankers....... Individual deposits subject to check. Demand certificates of deposit.......... Certified checks.................................... Cashiers’ checks................................... Dividends unpaid................................. State moneys on deposit............. ....... United States government deposits.. Postal savings deposits........................ Time deposits (book accounts)........ Time certificates of deposit................ Bonds borrowed................................... Bills payable......................................... Acceptances executed for customers. Customers’ letters of credit. . . . . . . . Notes and bills rediscounted.............. Other liabilities.................................... T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21,000 228,461 2,714,497 663,151 7,103 24,987 307 25,000 00 46 19 73 69 35 50 00 232,748 49 1,719,516 75 34 90 00 00 26 35 11 45 78 ,442 194 ,400 21 ,000 461 ,209 4,434 ,013 663 ,151 7 ,189 25 ,389 450 50 000 116 582 23 ,629 8,759 ,386 1,262 ,512 37 00 00 95 94 73 03 25 50 00 26 35 72 38 8,224,769 61 766,015 93 85 401 143 25,000 116,582 23,629 534,617 496,496 1,779,000 00 455,000 00 2,234,000 00 303,138 33 236,400 00 539,538 33 $16,572,832 05 $4,522,800 99 $21,095,633 04 R E P O R T OF T H E CO M M ISSIONER. cxxxv BENTON HARBOR. ST A T E A N D N A T IO N A L BA NK S. Abstracts of the published reports of the two State banks and two National banks, in the City of Benton Harbor, as made to the Commissioner of the Banking Department, November Resources. Loans and discounts Report of 2 state banks. $719,150 71 Report of 2 national banks. $1,252,585 71 Total. $1,971,736 42 Customers’ liability account of acceptances Customers’ liability under letters of credit.. Overdrafts, secured and unsecured... U. S. Boxds and Certificates of indebtedness.. Premiums.............................. 2,107 90 1,694 94 3,802 84 232,850 00 375,000 00 607,850 00 172 04 9,350 00 9,522 04 Stock of Federal Reserve B ank............. Other bonds, securities and stocks........ 528,973 26 1,045,239 64 1,574,212 90 Lawful reserve with Federal Reserve Bank and in,vault 124,133 44 212,427 79 336,561 23 Due from banks in reserve cities... . 141,574 42 156,284 00 297,858 42 1,805 55 12,341 23 14,146 78 14,575 21 11,402 35 25,977 56 Due from other banks and bankers.......... Exchanges for clearing house......... Outside checks and other cash item s.. Banking house, furniture and fixtures............. Other real estate.............. 325 90 13,072 41 13,398 31 77,297 31 80,000 00 157,297 31 6,537 86 11,675 44 18,213 30 Due from U. S. Treasurer. . . 7,300 00 7,300 00 2,315 95 2,315 95 $1,849,503 60 $3,190,689 46 $5,040,193 06 Other assets.................. T otals............................ Liabilities. Capital stock paid in ............... 150,000 00 225,000 00 375,000 00 Surplus fund............. 77,000 00 85,500 00 162,500 00 Undivided profits, n e t.. 31,977 87 24,518 94 56,496 81 10,000 00 197,300 00 10,000 00 197,300 00 Reserved for taxes, interest, etc....... Circulation............ Due to Federal Reserve Bank Due to other banks and bankers. .. Individual deposits subject to check. . . Demand certificates of deposit Certified checks........ Cashiers’ checks........... Dividends unpaid. . . . State moneys on deposit... United State government deposits... Postal savings deposits................ Time deposits (book accounts).. Time certificates of deposit........ Bonds borrowed........ Bills payable..................... Acceptances executed for customers Customers letters of credit.. Notes and bills rediscounted. . . . Other liabilities......... T otals........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8,687 49 601,586 78 156,200 28 107 35 135 00 87,016 1,163,508 166,765 1,029 213 25 29 56 55 39 49 00 95,703 1,765,095 322,965 1,029 320 160 78 34 83 39 84 00 1,838 22 600,337 09 221,633 52 67,750 4,783 822,339 274,939 00 18 77 29 67,750 6,621 1,422 676 496,572 00 40 86 81 $1,849,503 60 60,000 00 60,000 00 $3,190,689 46 $5,040,193 06 cxxxvi STATE BANKING DEPARTMENT. CADILLAC. STATE AND N A T IO N A L B A N K S . Abstracts of the published reports of the two State banks in the City of Cadillac, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts..................................................................................................................................................... Report of 2 state banks. 21,061,271 90 Customers’ liability account of acceptances............................................................................................................. Customers’ liability under letters of credit............................................................................................................... Overdrafts, secured and unsecured..................................................................... ............... * ..................................... 508 41 U. S. Bonds and Certificates of indebtedness........................................................................................................... 334,925 00 Stock of Federal Reserve B ank......... ....................................... . , . . . ......................................................................... Other bonds, securities and stocks............................................................................... ; ........................................... 1,045,823 64 Lawful reserve with Federal Reserve Bank and in v au lt...................................................................................... 156,194 63 Due from banks in reserve cities............. ................ ....................................... ......... ....................... ................... .. 245,531 33 Due from other banks and bankers............................................................................................................................ 7,054 92 Outside checks and other cash item s......................................................................................................................... 5,455 30 Banking house, furniture and fixtures....................................................................................... ............. ................. 54,500 00 8,818 13 Due from U. S. Treasurer.........................................: ................................... ................. ...,................................... ; • Other assets.................................................................................................................................... ............................... T otals...................................................................................................................................... ............................... $2,920,083 26 Liabilities. Capital stock paid in ..................................................................................................................................................... $200,000 00 Surplus fund............................................................. ..................................................................................................... 80,000 00 Undivided profits, n e t....................... ............................................. ............................................................................. 44,458 65 Reserved for taxes, interest, etc........................... ....................................................................................................... Circulation..................................................................................................... ............................................. ............. ; • Due to Federal Reserve B ank......................................... ................................... ....................................................... Due to other banks and bankers................................................................................................................................ Demand certificates of deposit........................ .................. ....................................................... ............................... 117,773 42,592 852,081 107,447 50 94 26 85 71 00 212 00 United States government deposits.................. ........................................................................................................ Postal savings deposits....................................................... ......................................................... ............................... Time certificates of deposit......................................................................................................................................... 6,392 66 902,129 58 566,944 61 Bills payable.................................................................................................................................................................. Acceptances executed for customers........................................................................................................................... Customers’ letters of credit....................................................................................................... ................................. Notes and bills rediscounted....................................................................................................................................... Other liabilities........................................................................................................................................................— T otals...................................................................................................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $2,920,083 26 R E P O R T OF T H E CO M M ISSIONER. cxxxvii JACKSON. STATE AND N A T IO N A L B A NK S. Abstracts of the published reports of the four State banks and one National bank in the City of Jackson, as made to the Commissioner of the Bankinq Department, November 1 1918. Resources. Loans and discounts.......................................... Report of 4 state banks. Report of 1 national ■bank. $5,816,951 81 $1,922,771 74 Total. $7,739,723 55 Customers’ liability account of acceptances.. Customers’ liability under letters of credit. . . Overdrafts, secured and unsecured.................. 10,194 77 1,244 01 11,438 78 U. S. Bonds and Certificates of indebtedness. 1,946,375 75 1,110,750 00 3,057,125 75 Premiums............................................................ Stock of Federal Reserve Bank....................... 24,800 00 7,200 00 32,000 00 Other bonds, securities and stocks.................. 2,171,652 05 471,627 16 2,643,279 21 Lawful reserve with Federal Reserve Bank and in vault................ 650,948 89 375,334 89 1,026,283 78 Due from banks in reserve cities....................... 392,638 53 Due from other banks and bankers.......................... Exchanges for clearing house............................................................. Ourside checks and other cash item s........................................... 287,433 68 392,638 53 67,781 05 67,781 05 51,202 61 338,636 29 13,115 78 3,378 49 16,494 27 285,698 00 195,846 20 481,544 20 Other real estate...................................... 25,862 37 48,935 68 74,798 05 Due from U. S. Treasurer...................... 605 00 5,000 00 6,605 00 906 28 906 28 $11,626,276 63 $4,261,978 11 $15,888,254 74 Banking house, furniture and fixtures................................. Other assets...................................... T otals.................................... Liabilities. Capital stock paid in ....................... $800,000 00 $100,000 00 $900,000 00 Surplus fund................................... 426,000 00 140,000 00 566.000 00 Undivided profits, n et............... 286,451 76 14,509 58 300,961 34 100,000 00 7,900 00 100.000 00 Reserved for taxes, interest, etc............. C irculation............................ Due to Federal Reserve B an k .. Due to other banks and bankers__ Individual deposits subject to check........ Demand certificates of deposit.......... Certified checks........................ Cashiers’ checks................... Dividends unpaid.................... State moneys on deposit................... United States government deposits. . . . Postal savings deposits...................... Time deposits (book accounts).................. Time certificates of deposit................ Bonds borrowed........................... Bills payable..................................... Acceptances executed for customers__ Customers letters of credit.................. Notes and bills rediscounted.............................. Other liabilities................................ T otals.................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7,900 00 294,671 3,128,521 748,073 17,745 21,183 840 15,000 230,020 9,622 4,144,939 64,922 51 40 60 08 33 44 00 00 85 70 80 907,500 00 28,375 1,307,416 599 3,965 19 20 50 47 30 00 169,898 16,304 1,347,861 343,017 75 84 01 57 690,000 00 4,350 00 518,534 16 $11,626,276 63 323,046 4,435,937 748,673 21,710 21,183 870 15,000 399,918 25,927 5,492,800 407,940 70 60 10 55 33 44 00 75 69 71 37 1,597,500 00 4,350 00 518,534 16 $4,261,978 11 $15,888,254 74 (jX XX V Üi STA TE B A N K IN G D E P A R T M E N T . KALAMAZOO. STATE AND N A T IO N A L BA NK S. Abstracts of the published reports of the two State banks and two National banks in the City of Kalamazoo, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts.......................................... Report of 2 national banks. Report of 2 state banks. $4,118,622 60 Total. $5,071,473 37 $9,190,095 97 Customers’ liability account of acceptances.. Customers’ liability under letters of credit. . . Overdrafts, secured and unsecured................. 10,731 27 3,113 86 13,845 13 U. S. Bonds and Certificates of indebtedness. 465,069 00 941,800 00 1,406,869 00 21,000 00 21,000 00 Other bonds, securities and stocks...................................... 1,184,642 03 889,048 56 2,073,690 59 Lawful reserve with Federal Reserve Bank and in vault. 274,727 29 572,434 38 847,161 67 Due from banks in reserve cities........................................ 530,512 82 114,566 97 645,079 79 Due from other banks and bankers.................................... 10,271 01 145,836 44 156,107 45 Exchanges for clearing house.............................................. 67,340 49 65,069 42 132,409 91 Outside checks and other cash item s.................................. 1,069 20 17,437 91 18,507 11 Banking house, furniture and fixtures............................... 178,749 70 535,604 15 714,353 85 Other real esta te...................................... : ........................... 55,872 45 Premiums. Stock of Federal Reserve B ank........................................... 38,289 12 94,161 57 Due from U. S. Treasurer.................................................... 13,825 00 13,825 00 Other assets........................................................................... 4,685 53 4,685 53 $6,897,607 86 3,434,184 71 $15,331,792 57 Capital stock paid in . $500,000 00 $500,000 00 $ 1 , 000,000 00 Surplus fund............. 150,000 00 150,000 00 300,000 00 Undivided profits, net. 98,006 50 136,776 42 234,782 92 Reserved for taxes, interest, etc......... Circulation............................................ Due to Federal Reserve B ank........... Due to other banks and bankers....... Individual deposits subject to check. Demand certificates of deposit.......... Certified checks.................................... Cashiers’ checks................................... Dividends unpaid................................ State moneys on deposit..................... United States government deposits. . Postal savings deposits........................ Time deposits (book accounts).......... Time certificates of deposit................ Bonds borrowed................................... Bills payable....................................... A cceptances executed for customers. Customers’ letters of credit.............. No es and bills rediscounted............ Other liabilities.................................. 27,254 97 29,527 72 138,597 50 Totals. Liabilities. T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 170,102 2,188,619 21,638 481 1,218 305 35 84 79 17 41 00 9,864 107,982 2,409,524 1,568,834 98 42 07 73 56, 782 69 138, 597 50 20 , 124 93 457, 047 45 4,053, 894 31 712, 327 75 3, 759 42 1, 359 50 692 50 25 000 00 9 .864 98 107 ,982 42 4,393 ,557 08 1,568 ,834 73 300,000 00 570,000 00 870,000 00 946,473 08 152,831 81 277,879 50 1,099,304 89 277,879 50 $6,897,607 86 1,434,184 71 $15,331,792 57 20,124 286,945 1,865,274 690,688 3,278 141 387 25,000 93 10 47 96 25 09 50 00 1,984,033 01 cxxxix R E P O R T OF T H E CO M M ISSIO N ER. LANSING. ST A T E A N D N A T IO N A L B A N K S . Abstracts of the-published reports of the two State banks and two National banks in the City of Lansing, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Report of 2 state banks. Report of 2 national banks. Loans and discounts..................................................................................... $1,892,880 88 $2,758,033 72 Total. $4,650,914 58 Customers’ liability account of acceptances............................................. Customers* liability under letters of credit............................................... Overdrafts, secured and unsecured............................................................. 1,429 43 526 91 1,950 34 U. S. Bonds and certificates of indebtedness............................................ 987,787 82 1,091,850 00 2,079,637 82 Premiums....................................................................................................... Stock of Federal Reserve B ank................................................................... 7,500 00 12,000 00 19,500 00 Other bonds, securities and stocks............................................................. 1,416,968 74 1,141,694 86 2,558,603 60 Lawful reserve with Federal Reserve Bank and in v au lt........................ 426,053 38 430,522 05 856,575 43 Due from banks in reserve cities................................................................ 423,050 95 47,901 95 470.952 90 652,953 09 652.953 09 Exchanges for clearing house...................................................................... 77,566 24 60,876 77 138,443 01 Outside checks and other cash item s......................................................... 23,758 78 17,216 70 40,975 48 Banking house, furniture and fixtures....................................................... 129,446 12 305,000 00 434,446 12 Due from other banks and bankers........................................................... Other real esta te........................................................................................... 7,077 12 7,077 12 Due from U. S. Treasurer........................................................................... 10,000 00 10,000 00 Other assets................................................................................................... 1,785 38 1,785 38 $5,386,442 32 $6,537,438 55 $11,923,880 87 Capital stock paid in .................................................................................... $266,200 00 $200,000 00 $466,200 00 Surplus fund.................................................................................................. 163,200 00 200,000 00 363,200 00 Undivided profits, n et.................................................................................. 85,192 49 183,024 69 268,217 18 8,000 00 196,195 00 8,000 00 196,195 00 T otals...................................................................................................... Liabilities. Reserved for taxes, interest, e tc ................................................................. Circulation..................................................................................................... Due to Federal Reserve Bank..................................................................... Due to other banks and bankers................................................................ Individual deposits Bubject to check.......................................................... Demand certificates of deposit.................................................................... Certified checks............................................................................................. Cashiers’ Checks........................................................................................... Dividends unpaid.......................................................................................... State moneys on deposit................................................ ............................. United States government deposits........................................................... Postal savings deposits................................................................................. Time deposits (book accounts)................................................................... Time certificates of deposit......................................................................... Bonds borrowed............................................................................................. Bills payable.................................................................................................. Acceptances executed for customers........................................................... Customers’ letters of c redit......................................................................... Notes and bills rediscounted....................................................................... Other liabilities............................................................................................. T otals..................................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16,814 1,997,196 6,516 7,848 122 60 98 54 87 03 70,575 03 19,728 79 1,600,371 94 782,675 05 370,000 00 $5,386,442 32 264,237 11 2,606,072 01 27,393 7,410 540 109,888 56,750 39,454 1,446,722 651,749 100,000 440,000 95 28 00 59 34 24 43 91 00 00 $6,537,438 55 281,051 4,603,268 6,516 35,242 7,532 540 180,463 56,750 59,183 3,047,094 1,434,424 100,000 810,000 71 99 54 82 31 00 62 34 03 37 96 00 00 $11,923,880 87 cxl ST A T E B A N K IN G D E P A R T M E N T . MARQUETTE. ST A T E A N D N A T IO N A L B A NK S. Abstracts of the published reports of the one State bank and two National banks in the City of Marquette, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts..................................................................................... Report of 1 state bank. Report of 2 national banks. 8445,062 89 Total. 82,992,324 01 83,437,386 90 Customers’ liability account of acceptances............................................. Customers’ liability under letters of credit............................................... Overdrafts, secured and unsecured............................................................. 66 23 1,101 46 1,167 69 U. S. Bonds and Certificates of indebtedness........................................... 33,000 00 970,652 50 1,003,652 50 10,500 00 10,500 00 Other bonds, securities and stocks............................................................. 248,547 14 737,280 22 985,827 36 1,041,825 42 1,079,384 95 81,281 68 84,892 14 Premiums....................................................................................................... Stock of Federal Reserve B ank................................................................... Lawful reserve with Federal Reserve Bank and in v au lt........................ 37,559 53 Due from banks in reserve cities................................................................ 75,561 23 Due from other banks and bankers........................................................... 3,610 46 Exchanges for clearing house...................................................................... 3,326 41 5,782 88 9,109 29 Outside checks and other cash item s......................................................... 167 72 13,309 51 13,477 23 Banking house, furniture and fixtures........................................................ 57,692 60 101,500 00 159,192 60 Other real estate........................................................................................... 46,219 48 5,383 01 51,602 49 Due from U. S. Treasurer........................................................................... 12,500 00 12,500 00 Other assets................................................................................................... 2,599 57 2,599 57 8950,813 69 85,976,040 26 86,926 853 95 Capital stock paid in .................................................................................... 8100,000 00 8250,000 00 8350,000 00 Surplus fund................................................................................................... 25,000 00 150,000 00 175,000 00 Undivided Profits, n e t........................................................ ......................... 3,959 63 110,491 32 114,450 95 22,036 91 247,750 00 22,036 91 247,750 00 T otals..................................................................................................... 75,561 23 Liabilities. Reserved for taxes, interest, etc.................................................................. Circulation..................................................................................................... Due to Federal Reserve B ank..................................................................... Due to other banks and bankers................................................................ Individual deposits subject to check.......................................................... Demand certificates of deposit.................................................................... Certified checks............................................................................................. Cashiers’ checks............................................................................................. Dividends unpaid.......................................................................................... State moneys on deposit.............................................................................. United States government deposits............................................................ Postal savings deposits................................................................................. Time deposits (book accounts)................................................................... Time certificates of deposit......................................................................... Bonds borrowed............................................................................................. Bills payable.................................................................................................. Acceptances executed for customers........................................................... Customers’ letters of c redit......................................................................... Notes and bills rediscounted....................................................................... Other liabilities............................................................................................. T otals...................................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 33,784 357,569 93 786 98 41 75 10 66,865 1,657,807 33,226 421 9,112 15 40 30 79 87 47 00 745,255 5,029 2,399,576 78,452 200,000 30 03 45 42 00 15,000 00 727 53 383,927 33 29,964 96 8950,813 69 85,976,040 26 100,650 2,015,376 33,320 1,207 9,112 15 15,000 745,255 5,756 2,783,503 108,417 200,000 38 71 54 97 47 00 00 30 56 78 38 00 86,926,853 95 REPORT OF THE COMMISSIONER. c x li MUSKEGON. STATE A N D N A TIO NAL BA N K S. Abstracts of the published reports of the one State bank and three National banks, in the City of Muskegon, as made to the Commissioner of the Banking Department, November 1, 1918. Resources. Loans and discounts..................................................................................... Report of 1 state bank. $375,382 18 Report of 3 national banks. $1,969,682 06 Total. $2,345,064 24 Customers’ liability account of acceptances............................................. Customers' liability under letters of credit............................................... Overdrafts, secured and unsecured............................................................. 443 91 5,584 06 0,027 97 U. S. Bonds and certificates of indebtedness............................................ 228,850 00 1,479,064 00 1,707,914 00 Premiums....................................................................................................... Stock of Federal Reserve B ank.................................................................. Other bonds, securitiesjand stocks............................................................. 819,382 50 1,684,994 81 2,504,377 31 Lawful reserve with Federal Reserve Bank and in vault........................ 80,328 10 1,279,062 98 1,359,391 08 Due from banks in reserve cities................................................................ 194,060 32 88,855 52 282,915. 84 Due from other banks and bankers........................................................... Exchanges for clearing house...................................................................... 10,541 86 17 5Q2 17 5Q2 g5 37,871 17 48,413 03 Outside checks and other cash item s......................................................... 420 99 34,584 33 35,005 32 Banking house, furniture and fixtures....................................................... 47,000 00 293,307 69 340,307 69 Other real estate........................................................................................... 1,608 29 1,507 26 3,175 55 1,584 15 1,584 15 $1,758,018 15 $6,925,747 55 $8,683,765 70 Capital stock paid in .................................................................................... $100,000 00 $300,000 00 $400,000 00 Surplus fund.................................................................................................. 25,000 00 225,000 00 250,000 00 Undivided profits, n et.................................................................................. 39,420 51 133,723 43 173,149 94 Reserved for taxes, interest, etc.................................................................. Circulation.................................................................................................... Due to Federal Reserve B ank.................................................................... . Due to other banks and bankers................................................................ Individual deposits subject to check......................................................... Demand certificates of deposit................................................................... Certified checks............................................................................................ Cashiers’ checks............................................................................................ Dividends unpaid......................................................................................... State moneys on deposit.............................................................................. United States government deposits........................................................... Postal savings deposits................................................................................ Time deposits (book accounts)................................................................... Time certificates of deposit......................................................................... Bonds borrowed............................................................................................ Bills payable.................................................................................................. Acceptances executed for customers.......................................................... Customers’ letters of credit......................................................................... Notes and bills rediscounted....................................................................... Other liabilities............................................................................................. 14,832 35 24,500 00 274,000 00 39,332 35 274,000 00 400,196 53 126,212 93 140 63 1,981,563 76 135,839 07 1,492 62 2,381,760 29 262,052 60 1,633 25 200 00 7,500 00 51 00 50,000 00 251 00 57,500 00 1,101 54 1,043,407 66 65 !000 54 2,090,592 82 1,364,073 69 66,102 08 3,134,000 48 1,364,073 69 275,000 00 275,000 00 1,556 08 1,556 08 $6,925,747 55 $8,683,765 70 Due from U. S. Treasurer........................................................................... Other assets......................................................................................... \ . . . T otals..................................................................................................... Liabilities. Totals...................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $1,758,018 15 i non no cxlii STATE BANKING DEPARTMENT. PORT HURON. STATE A N D N ATIO NAL B A N K S. Abstracts of the published reports of the two State banks and one National bank in the City of Port Huron, as made to the Commissioner of the Banking Department, November 1, Resources. Loans and discounts.............................................. Report of 2 state banks. Report of 1 national bank. $2,314 ,9 7 6 66 «1 97ft 7A.fi 91 Total. «9 PÌQ9 799 C7 Customers’ liability account of acceptances................... Cuslomers’ liability under letters of credit........... Overdrafts, secured and unsecured...................... U. S. Bonds of Certificates of indebtedness.............. 6,956 64 9 474 Jg 9,430 77 767,499 43 636,820 00 1,4 0 4 ,319 43 Premiums......................................................... Stock of Federal Reserve Bank.......................... 6 ,0 0 0 00 6,750 00 12,750 00 Other bonds, securities and stocks..................... 1,439 ,59 6 46 8 93,557 36 2 ,3 3 3 ,15 3 82 Lawful reserve with Federal Reserve Bank and in v a u lt.. 294,655 68 191,64 7 68 486,303 36 Due from banks in reserve cities.................. 2 4 1,17 3 04 400,398 86 6 4 1,571 90 Due from other banks and bankers................. 31,2 7 4 21 26 ,733 26 nn7 ai Exchanges for clearing house................................ 10 ,38 1 19 19,850 98 999 17 Outside checks and other cash items................... 11,8 7 4 46 15 ,10 3 77 26,978 23 119 ,7 6 7 42 54,000 00 173,76 7 42 Banking house, furniture and fixtures................................ Other real estate................................... 9,033 45 9,033 45 Due from U. S. Treasurer................................... 7 p;nn nn Other assets.............................................. G 90ft 79 Totals.................................................. $ 5 ,2 5 3 ,18 8 64 $3,542,980 98 , /yo, ioy oz «inn nnn uu nn $-±UU,UUU Liabilities. Capital stock paid in........................ $250,000 00 $150,000 00 Surplus fund............................................. 58,000 00 100,000 00 I O O j UUU uu Undivided profits, net.............................. 20,418 80 4 5,537 75 R P; ,yo OPifi no j ijtj Reserved for taxes, interest, etc........................ Circulation...................................... Due to Federal Reserve Bank...................... Due to other- banks and bankers...................... Individual deposits subject to check....................... Demand certificates of deposit................... Certified checks........................................ Cashiers’ checks............................ Dividends unpaid......................... State moneys on deposit........... United States government deposits.................. Postal savings deposits............................ Time deposits (book accounts)........................ Time certificates of deposit................... Bonds borrowed..................... Bills payable....................................... Acceptances executed for customers................ Customers letters of credit............... Notes and bills rediscounted............... Other liabilities........................... ft 71Q 9ft 1ag gopì nn 296,196 1,8 3 7 ,7 8 1 41,695 3,2 9 1 1,0 17 00 15,000 00 8,496 69 2 ,35 4 ,6 12 35 227,679 18 292,876 622,985 12 6 ,533 zz,yul 01 12 34 7o ........................ .. oU 00 9,838 72 1,6 50 ,178 22 PiftQ n79 Afi 9 , 40U, ARO 7RR 1ft Z / DO lo 1 Rft 99G zy 90 loo.zzy 26 ,192 97 1 nR7 l,UO/ 15,000 99 ftEi9 18 ,3 35 A 4 , DCiA uu'*, 700 /yu 227,679 nn uu 00 9A 41 PC/7 o 18 mn nnn uu nn 1UU,UUU Totals....................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39 06 95 22 ' 139,000 00 139,000 00 990 Pi19 40 AP i zoy,oiz $ 5 ,2 5 3 ,18 8 64 <5>o,/yo,lOy 0Z REPORT OF THE COMMISSIONER. cxliii SAGINAW. ST A T E A N D N A T IO N A L BA NK S. Abstracts of the 'published reports of the three State banks and two National banks in the City of Saginaw, as made to the Commissioner of the Banking Department, November 1, 1 9 1 8 . - Resources. Report of 3 state banks. Report of 2 national banks. Loans and discounts.................................................................................. $8 ,5 75 ,2 7 6 93 $ 5 ,7 15 ,14 8 39 Total. $14 ,29 0 ,4 25 32 Customers’ liability account of acceptances............................................ Customers’ liability under letters of credit............................................. Overdrafts, secured and unsecured........................................................... 30,883 77 6,436 93 37,320 70 U. S. Bonds and Certificates of indebtedness.......................................... 2,876,937 34 2,40 0,310 50 5,2 7 7 ,2 4 7 84 Premiums................................................................................................... 1,54 8 06 Stock of Federal Reserve Bank.......................... ...................................... 36,000 00 36,000 00 72,000 00 1,54 8 06 Other bonds, securities and stocks........................................................... 4 ,54 2 ,516 47 1,6 9 8 ,0 11 31 6,240,527 78 Lawful reserve with Federal Reserve Bank and in vault....................... 1,16 5 ,8 8 5 65 580,819 21 1,746,704 86 Due fron banks in reserve cities............................................................... 1,49 4 ,148 46 Due from other banks and bankers......................................................... 37,672 44 551,9 34 64 589,607 08 Exchanges for clearing house.................................................................... 98,409 22 19,403 61 117 ,8 12 83 Ou’ side checks and other cash items....................................................... 144,687 75 11,5 3 4 95 156,222 70 Banking house, furniture and fixtures..................................................... 264,333 04 83,750 00 348,083 04 Other real estate........................................................................................ 19 ,120 10 1,49 4 ,148 46 6 ,0 0 0 00 25 ,12 0 10 Due from U. S. Treasurer......................................................................... 18,500 00 18,500 00 Other assets................................................................................................ 2,923 90 2,923 90 $19 ,28 7,4 19 23 $ 11 ,1 3 0 ,7 7 3 44 $ 30 ,4 18 ,19 2 67 Capital stock paid in................................................................................. $800,000 00 $600,000 00 $1,400,000 00 Surplus fund................................................................................... - ........ 900,000 00 600,000 00 1,500,000 00 Undivided profits, net............................................................................... 288,366 57 311,0 2 0 84 599,387 41 350,000 00 76,180 22 350,000 00 Totals.................................................................................................. Liabilities. Reserved for taxes, interest, etc................................................................ Circulation................................................................................................. Due to Federal Reserve, Bank.................................................................. Due to other banks and bankers.............................................................. Individual deposits subject to check........................................................ Demand certificates of deposit................................................................. Certified checks.......................................................................................... Cashiers’ checks......................................................................................... Dividends unpaid...................................................................................... State moneys on deposit ...................................................................... United States government deposits......................................................... Postal savings deposits.............................................................................. Time deposits (book accounts)................................................................. Time certificates of deposit....................................................................... Bond sborrowed......................................................................................... Bills payable............................................................................................... 76,180 22 650,672 4 ,12 4 ,7 5 3 922,493 3,690 19,021 737 2 0 ,000 17 07 86 19 26 00 00 1,606 02 8 ,934,618 23 850,280 64 1,695,000 00 Custoners* letters of cred it...................................................................... Notes and bills rediscounted..................................................................... Other liabilities ...................................................................... Totals.................................................................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $19 ,28 7 ,4 19 23 600,500 3,776 ,36 2 552,935 4 ,18 1 17,460 60 58 38 18 95 60 00 368,000 00 11,6 28 77 2,388,0 37 75 250,000 00 740,000 00 1 , 2 5 1 ,1 7 2 7 ,9 0 1,115 1,475,4 29 7,8 72 36,481 797 2 0 ,000 368,000 13,2 34 11,3 2 2 ,6 5 5 850,280 250,000 2,435,000 75 45 04 14 86 00 00 00 79 98 64 00 00 560,585 39 560,585 39 $ 11,13 0 ,7 7 3 44 $30 ,4 18 ,19 2 67 cxliv STATE BANKING DEPARTMENT. SAULT STE. MARIE. STATE A N D N ATIO NAL BA N K S. Abstracts of the published reports of the two State banks and one National bank in the City of Sault Ste. Marie, as made to the Commissioner of the Bankinq Department, November 1, 1918. Resources. Loans and discounts....................... Report of 2 state banks. Report of 1 national bank. $937,146 35 $617,407 85 Total. $ 1,5 5 4 ,5 5 4 20 Customers’ liability account of acceptances....................... Customers’ liability under letters of credit............................................ Overdrafts, secured and unsecured......................................................... U. S. Bonds and Certificates of indebtedness........................... Premiums...................................... Stock of Federal Reserve Bank............................................... Other bonds, securities and stocks............................................ 1,5 7 3 58 651 43 2,225 01 291,0 35 00 261,900 00 552,935 00 snn on 4,050 00 3,900 00 7,950 00 590,100 02 334,876 99 924,977 01 Lawful reserve with Federal Reserve Bank and in vault....................... 152,78 7 66 99,840 66 252,628 32 Due from banks in reserve cities............................ 215,444 87 98,436 27 3 13 ,8 8 1 14 16,780 62 51,899 98 68,680 60 Due from other banks and bankers........................... Exchanges for clearing house........................................... 7 379 49 Outside checks and other cash items............................................ 3,358 46 4,384 50 7,74 2 96 42,200 00 45,000 00 87,200 00 5,230 83 8,440 00 13,670 83 Banking house, furniture and fixtures.................................... Other real estate...................................................... 7 379 4Q Due from U. S. Treasurer................................. Other assets............................................ Totals.............................................................. r 202 00 nnn nn 202 00 $2,267,788 88 $ 1 ,5 3 1 ,7 3 7 68 $3,79 9,526 56 $300,000 00 Liabilities. Capital Block paid in................................. $200,000 00 $ 100,000 00 Surplus fund........................................ 55,000 00 30,000 00 85,000 00 Undivided profits, net............................ 11,2 0 7 11 21,664 10 32 ,8 7 1 21 Reserved for taxes, interest, etc............ Circulation.................................................. Due to Federal Reserve Bank........... Due to other banks and bankers.................................. Individual deposits subject to check................................. Demand certificates of deposit................................... Certified checks........................................ Cashiers checks..................................................... Dividends unpaid.......................................... State moneys on deposit.................................... United States government deposits..................................... Postal savings deposits.................................... Time deposits (book accounts)........................................ Time certificates of deposit............................................ Bonds borrowed.......................................... Bills payable................................................... Acceptances executed for customers......... Customers letters of credit......................... Notes and bills rediscounted....................... Other liabilities........................................... 16,800 00 11,5 5 4 77 28,354 77 Totals...................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 849,818 122,694 741 5,696 102 54 26 12 39 50 437,833 63,896 357 1,29 2 53 00 78 76 1,28 7 ,6 52 186 ! 590 1,098 6,989 102 07 26 90 15 50 10,964 28 932,770 59 61,994 09 6,249 17,424 707,219 22,10 6 07 17 95 73 6,249 28,388 1,639,990 84,100 07 45 54 82 $2,267,788 88 | $1,531,737 68 $3,799,526 56 cxlv REPORT OF THE COMMISSIONER. TRAVERSE CITY. STATE AND N ATIO NAL BANKS. Abstracts of the published reports of the two State banks and one National bank in the City of Traverse City, as made to the Commissioner of the Banking Department, November l, 1918. Resources. Loans and discounts........................................................... Report of national bank. Report of state banks. 1 2 *1,306,954 58 T tal. 8761,750 95 $2,068,705 53 Customers’ liability account of acceptances..................... Customers’ liabilitity under letters of credit.................... Overdrafts, secured and unsecured.................................... 364 93 623 38 988 31 U. S. Bonds and Certificates of indebtedness................... 500,865 00 152,500 00 653,365 00 Premiums............................................................................ Stock of Federal Reserve Bank......................................... 9,000 00 3,750 00 12,750 00 Other bonds, securities and stocks.................................... 925,436 29 619,498 32 1,544,934 61 Lawful reserve with Federal Reserve Bank and in vault. 195,931 22 120,022 82 315,954 04 Due from banks in reserve cities.................................... 250,199 23 22,904 22 273,103 45 21,718 10 21,718 10 Due from other banks and bankers......................... ......... Exchanges for clearing house............................................. 12,115 85 7,049 04 19,164 89 Outside checks and other cash items................................ 11,896 09 15,755 28 27,651 37 Banking house, furniture and fixtures.............................. 152,000 00 64,500 00 216,500 00 Other real estate................................................................. 56,332 36 2,884 96 59,217 32 2,279 11 2,279 11 66 95 66 95 $1,795,303 13 $5,216,398 68 Due from U. S. Treasurer.................................................. Other assets......................................................................... $3,421,095 55 Totals. Liabilities. 00 $360,000 00 Surplus fund................. 115,000 00 25,000 00 140,000 00 Undivided Profits, net. 16,329 91 24,634 11 40,964 02 Reserved for taxes, interest, etc........ Circulation........................................... Due to Federal Reserve Bank........... Due to other banks and bankers....... Individual deposits subject t9 check. Demand certificates of deposit.......... Certified checks.................................. Cashiers’ checks.................................. Dividends unpaid................................ State moneys on deposit............. United States government deposits.. Postal savings deposits...................... Time deposits (book accounts)........ Time certificates of deposit.............. Bonds borrowed................................ Bills payable....................................... Acceptances executed for customers. Customers’ letters of credit............. Notes and bills rediscounted........... Other liabilities....................... ......... 10,000 00 Capital stock paid in.. Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $260,000 00 119,470 1,142,173 594,130 106 11,251 09 72 63 00 51 10,000 128,995 903 957,735 00 00 01 68 55/000 00 $3,421,095 55 $ 100,000 10,000 00 26,294 429,042 50,570 8 7,574 13 39 78 55 87 06 00 9,867 1,189 570,955 110,123 51 71 75 60 145,764 1,571,216 644,701 114 18,825 13 10,000 138,862 2,092 1,528,691 110,123 48 50 18 87 57 00 00 51 72 43 60 234,500 00 289,500 00 205,528 80 205,528 80 $1,795,303 13 $5,216,398 68 cxlvi STATE BANKING DEPARTMENT. ABSTRACT OF STATE AND NATIONAL BANKS BY COUNTIES. Abstracts of the published reports of the State and National banks in the counties as made to the Commissioner of the Banking Department November 1, 1918. Alcona county. Alger county. Allegan county. Alpena county. Antrim county. • 1 state and 1 national bank. 9 state and 1 national bank. 2 state and 1 national bank. 4 state banks. Resources. Loans and discounts....................................... 3125,414 84 Bonds, securities and stocks.......................... 102,360 36 $602,628 86 $2,107,693 56 $1,798,106 07 207,121 95 1,748,646 96 1,919,309 70 $428,115 90 438,642 85 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U . S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve bank and in v au lt................................................. 10,999 23 91,822 15 399,057 75 303,848 28 93,505 40 Due from banks in reserve cities.................. 12,784 01 70,698 89 253,417 80 177,063 86 96,034 13 Due from other banks and bankers.............. 17,930 92 18 880 11 2 660 61 2,001 88 Exchanges for clearing house........................ 910 84 6,877 35 3,949 32 205 00 4,400 00 135,389 29 10,000 00 143,883 00 833,800 00 163,400 00 9,455 00 106,500 00 Overdrafts, secured and unsecured............... 548 29 3,734 02 11,727 77 4,037 02 575 22 Outside checks and other cash item s........... 911 38 1,643 43 6,157 59 15,924 55 4,370 12 Banking house, furniture and fixtures......... 3,600 00 38,358 66 125,227 90 48,831 36 29,172 10 3,000 00 5,550 00 0 750 00 697 52 55,567 78 20,759 85 3,000 00 3,638 00 2,500 00 Stock of Federal Reserve bank..................... Other real estate............................................. 2,000 00 Due from U. S. Treasurer.............................. Other assets..................................................... T otals....................................................... 9,809 76 14,817 61 8273,018 11 $1,176,936 53 $5,064,748 18 $5,140,540 62 $1,219,682 36 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve bank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates on deposit..................... Certified checks............................................. Cashiers’ checks............................................ Dividends unpaid........................................... State moneys on deposit................................ United States government deposits.............. Postal Savings deposits.................................. Time dep sits (book accounts)..................... Time certificates of deposit........................... Bonds borrowed.............................................. Bills payable.................................................... Acceptances executed for customers............ Customers’ letters of credit........................... Notes and bills rediscounted......................... Other liabilities............................................... Totals....................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $25,000 00 18,000 00 2,926 11 84,153 92 $85,000 45,000 16,997 13 188 59,997 00 00 08 92 50 543 22 457,607 73 205 78 18 00 112,075 28 10,862 80 20,000 00 4,815 98 440,169 59 53,392 73 $324,000 91,000 55,865 4 700 50 000 15’040 12 085 1,215,455 254 751 108 4 714 ’320 9,500 1,067 1,362,933 1,102,820 7,000 804 520 25,680 00 00 18 08 00 00 70 53 81 05 70 25 00 56 45 22 00 00 18 $170,000 176,189 38,937 25 000 50!000 00 53 46 00 00 150 101 80 879!439 61 860 52 2 408 87 $95,000 47,000 14,045 236 00 00 14 13 303,130 49 114 034 86 1,295 43 ’33 9 00 2,500 00 8 500 07 3,334!387 25 295,184 42 5 035 45 424,494 18 64,508 45 143,500 00 167,800 01 54,390 50 $273,018 11 $1,176,936 53 $5,064,748 18 $5,140,540 62 $1,219,682 36 REPORT OF THE COMMISSIONER. cxlvii Abstract of State and National banks by counties.—Continued. Arenac county. county. Barry county. Bay county. Benzie county. Resources. 3 state banks. Loans and discounts............. $432,518 82 Bonds, securities and stocks. 175,435 38 Premiums....................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve bank and in vault................................................. Due from banks in reserve cities. .. Due from other banks and bankers. 1 national bank. 6 state and 1 9 state and 1 3 Btate banks, national banks. national banks. $138,950 52 $1,818,095 42 $9,300 116 02 16,684 31 1,166,653 41 5,994 ,667 73 $153,403 14 180,487 96 5 ,075 16 26,725 00 16,000 00 36,110 00 741,,848 94 31,611 35 6,250 00 168,900 00 2,789,,850 00 9,000 00 93,572 57 14,335 11 314,676 62 2,076,,365 62 61,759 01 50,646 53 2,000 00 21,796 39 338,463 33 . 5,087 56 419,,284 09 247 ,322 32 51,058 69 1,619 54 750 51 95 ,394 28 Exchanges for clearing house.............. Overdrafts, secured and unsecured.. . 3,211 34 11,967 50 9 ,684 17 Outside checks and other cash item s.. 722 75 7,997 17 17 ,073 62 524 10 Banking house, furniture and fixtures. 18,953 13 11,779 85 86,536 00 458 951 94 20,300 00 Stock of Federal Reserve bank........... 3,393 43 1,050 01 3,000 00 54 ,990 00 3,814 14 62 ,261 30 2,500 00 11 ,063 78 Other real estate.................................... Due from U. S. Treasurer................... 312 50 Other assets........................................... T otals....................................................... 360 02 14,979 36 6 ,000 00 $838,790 30 $227,158 69 $3,964,551,6 $22,289,948 97 $493,491 82 00 $1,160 ,000 00 00 994 300 00 69 225! ,947 77 00 78, 442 37 00 194, 400 00 $60,000 00 10,000 00 4,365 78 Liabilities. Capital stock paid i n .......................... Surplus fund........................................ Undivided profits, n e t .. ................... Reserved for taxes, interest, etc........ Circulation........................................... Due to Federal Reserve bank........... Due to other banks and bankers Individual deposits subject to check. Demand certificates of deposit.......... Certified checks................................... Cashiers’ checks.................................. Dividends unpaid............................... State moneys on deposit.................... United States government deposits.. Postal savings deposits....................... Tjme deposits (book accounts)......... Time certificates of deposit................ Bonds borrowed................................... Bills payable........................................ Acceptances executed for customers.. Customers’ letters of credit............... Notes and bills rediscounted............. Other liabilities.................................... T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $70,000 00 13,000 00 6,639 19 $25,000 00 12,500 00 531 35 6,250 00 234,005 36 165,060 06 7 00 1,409 51 10,000 00 255,058 51 30,610 67 53,000 00 $838,790 30 ÌÒ5Ì35Ì' ÌÒ 10,000 00 320 97 67,205 21 $262,000 136,800 118,378 1,000 48,700 2,389 835,104 268,934 725 431 208 5,000 22,590 2,738 1,360,553 604,361 40 22 02 00 50 00 00 00 77 33 53 21, 000 00 461, 671 4,705, 476 739, 520 7, 363 34, 787 450 50, 000 116, 582 23, 629 9,333, 841 1,303, 265 2,424 00 86 87 54 79 36 50 00 26 35 35 33 165,977 15 79,677 10 167,500 00 2,284,000 00 14,000 00 127,137 20 555,269 62 $227,158 69 $3,964,551 66 $22,289,948 97 153,707 16 356 18 $493,491 82 STATE BANKING DEPARTMENT. cxlviii Abstract of State and National banks by counties.—Continued. Calhoun county. Branch county. Berrien county. Charlevoix county. Cass county. Resources. 3 state and 1 4 state and 2 9 state and 3 10 state and 5 4 state and 5 national banks. national banks. national banks. national banks. national b ank. Loans and discounts............. 4,385,565 68 $2,513,756 49 Bonds, securities and stocks. 3,141,923 00 Premiums................................. _....................... U. S. bonds and certificates of indebtedness on hand................................ _•..................... U. S. bonds and certificates of indebtedness pledged...................................................... Lawful reserve with Federal Reserve Bank bank and in v au lt..................................... 511,730 66 $1,676,761 49 $857,520 52 787,514 58 611,689 83 697,040 90 10,831,425 74 4,615 76 51,810 00 1,270,648 50 590,764 00 1,278,387 06 4,579 09 1,057 50 322,392 00 38,600 00 82,000 00 414,570 00 111,000 00 740,000 00 166,000 00 1,004,060 91 527,034 73 3,144,041 33 303,098 38 78,798 38 Due from banks in reserve cities........ 1,110,406 50 388,231 32 803,027 65 410,977 07 151,840 84 Due from other banks and bankers... 65,420 99 30,041 74 249,438 37 12,149 09 4,420 42 Exchanges for clearing house.............. 55,780 10 4,945 00 100,123 30 6,949 62 5,182 27 Overdrafts, secured and unsecured. . . 11,817 49 5,989 22 13,565 08 13,733 28 2,415 90 Outside checks and other cash item s.. 24,255 55 2,885 60 8,911 60 13,817 29 Banking house, furniture and fixtures. 358,856 21 48,737 40 527,788 28 63,571 44 Stock of Federal Reserve bank........... 19,850 00 20,200 00 41,250 00 7,400 00 1,900 00 Other real estate.................................... 22,836 15 10,000 00 53,875 87 885 42 21,738 14 Due from U. S. Treasurer.................... 10,600 00 14,875 00 42,600 00 3,500 00 2,500 00 Other assets........................................... 2,939 17 33 68 9,543 47 18 53 6,049 49 $11,904,146 01 $5,017,345 08 $26,355,708 41 $3,793,347 28 $1,929,888 78 $345,000 00 101,850 00 27,658 94 $150,000 00 32,312 06 11,664 26 69,997 50 50,000 00 T otals. 64,175 49 Liabilities. Capital stock paid i n .......................... Surplus fund......................................... Undivided profits, n e t........................ Reserved for taxes, interest, etc. Circulation........................................... Due to Federal Reserve bank— Due to other banks and bankers Individual deposits subject to check. Demand certificates of deposit.......... Certified checks............................. Cashiers’ checks................................... Dividends unpaid........................ State moneys on deposit.................... United States government deposits.. Postal savings deposits....................... Time deposits (book accounts). . . . . . Time certificates of deposit................ Bonds borrowed................................... Bills payable........................................ Acceptances executed for customers. Customers’ letters of credit............... Notes and bills rediscounted............. Other liabilities............................ T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $905, 000 303, 300 111, 083 10 , 000 286, 100 00 119. 064 5,158, 373 1,332 613 1 668 13 436 495 31 10 46 52 55 00 67, 750 49, 949 2,339 259 1,068 583 36 800 70 000 00 76 50 96 00 00 85 00 00 $560,000 00 $1,410,000 00 586,000 00 331,000 00 174,162 67 159,539 95 1,898 66 690,900 00 296,300 00 4.000 1,205,617 282,942 4,991 5,408 25 10.000 20,052 4,835 915,566 1,146,798 3,150 41,000 422,309 83 00 05 6,603,368 61 69 1,473,210 77 14,145 53 27 20 00 99 510 00 00 10,000 00 00 344,770 66 00 66,885 86 37 59 13,397,923 99 235,030 71 78 00 755,550 00 00 937 969,104 852,832 8,144 70 97 36 26 12,997 495,518 58,173 973 3,381 49 67 18 81 43 273 50 2,500 00 11,497 71 666,726 90 517,470 80 4,398 91 497,458 29 258,714 57 151,000 00 203,000 00 70,738 14 114 50 117,826 11 30,970 00 $11,904,146 01 $5,017,345 08 $26,355,708 41 $3,793,347 28 _____________ $1,929,888 78 00 ,000 00 668 00 4,000 00 22,117 39 165,975 87 3,045 25 REPORT OF THE COMMISSIONER. cxlix Abstract of State and National banks by counties.—- Continued. Cheboygan county. Chippewa county. Clinton county. Clare county. Delta county. Resources. 5 state and 1 3 state banks. 3 state and 1 national banks. national banks. 4 state and 3 7 state and 1 national banks. national banks. Loans and dicounts......................................... $944,614 39 $1,698,578 21 $548,840 46 $1,728,517 61 $3,332,858 77 Bonds, securities and stocks.......................... 994,194 64 249,319 36 1,156,358 54 920,752 32 112,050 00 155,852 00 300,545 00 57,500 00 453,500 00 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness p'edged......................................................... Lawful reserve with Federal Reserve Bank and in vault................................................. 479,424 40 248 34 500 00 190,440 00 382,135 00 60 000 00 140,000 00 139,009 30 317,479 29 56,694 39 400-, 679 71 502,554 11 119,060 10 8,032 77 682 08 365,136 35 69,144 38 7,379 49 127,597 54 1,626 95 1,463 67 311,634 35 10,208 77 6,652 60 447,890 28 65,777 71 16,779 72 Overdrafts, secured and unsecured............... 1,787 01 3,513 30 4,945 88 3,856 12 8,374 79 Outside checks and other cash item s........... 3,788 80 8,190 15 11,730 37 1,975 47 6,898 25 Banking house, furniture and fixtures......... 42,427 84 103,521 57 21,727 00 75,295 20 158,667 57 3,000 00 14,200 00 Due from banks in reserve cities.................. Due from other banks and bankers.............. Exchanges for clearing house........................ Stock of Federal Reserve bank..................... 1,800 00 7,950 00 Other real estate............................................. 7,231 58 13,670 83 Due from D. S. Treasurer.............................. 2 500 00 Other assets..................................................... 692 84 2,556 14 16,272 45 5,000 00 750 00 12,450 00 202 00 2,505 72 5,079 86 T otals....................................................... $2,001,491 11 $4,116,595 21 $1,139,009 87 $3,917,342 23 $6,262,849 17 3,014 25 Liabilities. Capital stock paid in ..................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve bank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks............................................... Cashiers’ checks.............................................. Dividends unpaid........................................... State moneys on deposit................................ United States government deposits.............. Postal savings deposits................................... Time deposits (book accounts)..................... Time certificates of deposit........................... Bonds borrowed.............................................. Bills payable.................................................... Acceptances executed for customers............. Customers’ letters of credit........................... Notes and bills rediscounted......................... Other liabilities............................................... $170,000 00 27,880 00 19,566 23 50,000 00 3,483 442,811 61,888 106 73 00 63 71 4,675 08 376,860 27 677,309 46 166,000 00 $360,000 87,800 40,846 28,354 100,000 00 00 56 77 00 2,138 1,437,991 186,590 1,098 7,277 102 20,000 6,249 28,388 1,693,003 102,753 • 14,000 82 63 26 90 55 50 00 07 45 50 20 $65,000 00 39,000 00 10,772 48 $278,000 00 172,673 10 66,161 00 15,000 00 290,821 211,546 118 1,180 41 42 40 71 2,500 00 313 55 413,003 10 86,753 80 00 9,547 1,033,261 303,296 640 2 955 20,000 84 37 57 49 44 14 00 1,518 1,178,611 749,174 1,000 77,500 59 22 47 00 00 $445,000 207,500 116,065 78,700 248,000 00 00 34 74 00 31,592 1,485,135 219,498 370 54,335 422 12,500 58,220 13,530 2,639,977 500,606 30,000 95,000 75 43 41 42 15 00 00 00 93 82 05 00 00 10,000 00 26,121 06 '273 07 T otals....................................................... $2,001,491 11 $4,116,595 21 $1,139,009 87 $3,917,342 23 $6,262,849 17 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18,000 00 910 00 STATE BANKING DEPARTMENT. Ol Abstract of State and National banks by counties.—Continued. Eaton county. Dickinson county. G'adwin county. Genesee county. Emmet county. Resources. 9 state and 2 3 state and 1 12 state and 1 4 state banks. 1 state and 2 national banks. 'national banks. national banks. national banks. Loans and discounts............. Bonds, securities and stocks. Premiums................... ............. ....................... U. S. bonds and certificates of indebtedness on hand............... ................. _..................... U. S. bonds and certificates of indebtedness pledged....................................................... Lawful reserve with Federal Reserve bank and in vault............................................... ,685,812 77 $2,395,399 89 ,063,330 47 110,213,144 12 $781,294 52 1,382,732 37 531,742 67 8,928,944 60 30,996 78 1,000 00 2,751 44 921,802 25 174,360 00 675,968 00 112,460 00 1,657,962 09 120,000 00 310,500 00 114,500 00 2,481,022 19 9,200 00 224,358 17 384,578 19 174,857 19 2,832,321 80 50,863 24 Due from banks in reserve cities........ 313,273 58 331,279 17 140,200 52 770,009 36 160,220 84 Due from other banks and bankers... 14,336 15 30,370 30 76,255 12 26,970 44 1,064 42 Exchanges for clearing house............... 8,399 67 4,385 51 559 78 118,793 44 846 96 Overdrafts, secured and unsecured. . . 284 48 10,546 07 1,277 85 24,659 06 4,677 40 33,250 00 Outside checks and other cash item s.. 4,938 80 8,003 43 7.713 88 26,299 90 2,168 50 Banking house, furniture and fixtures. 38,000 00 98,188 50 68,073 00 233,760 32 33,225 46 Stock of Federal Reserve B an k .......... 6,900 00 8,500 00 5,400 00 69,650 00 Other real estate.................................... 20,738 61 75 00 2.714 40 113,109 77 Due from U. S. Treasurer.................... 5,000 00 4,375 00 7,000 00 Other assets............................................ 8,100 00 3,588 87 3,685 70 $3,546,304 48 $5,648,490 30 T o tals. 3,523 93 2,059 38 2,310,770 58 $27,501,457 91 $1,111,332 05 00 $1,392,500 00 00 1,019,800 00 465,698 38 46 81,795 33 00 1,200 00 00 $115,000 00 21,000 00 15,005 90 Liabilities. Capital stock paid i n .......................... Surplus fu n d ........................................ Undivided profits, n e t........................ Reserved for taxes, interest, etc........ Circulation........................................... Due to Federal Reserve bank........... Due to other banks and bankers Individual deposits subject to check. Demand certificates of deposit.......... Certified checks................................... Cashiers’ checks................................... Dividends unpaid............................... State moneys on deposit.................... United States government deposits.. Postal savings deposits....................... Time deposits (book accounts)......... Time certificates of deposit................ Bonds borrowed.................................. Bills payable........................................ Acceptances executed for customers. Customers’ letters of credit............... Notes and bills rediscounted............. Other liabilities................................. T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $250,000 130,000 77,779 75,653 96,797 00 00 21 25 50 $487,500 128,000 72,636 4,256 87,500 00 00 98 58 00 2,761 1,195,806 84,612 637 6,211 4,505 43 40 09 40 67 00 4,226 1,705,970 285,190 5,662 50 552 03 67 50 00 50 115,750 00 83,083 14 1,347,707 39 20,000 2,460 1,303,376 1,243,154 31,550 257,000 00 72 93 20 00 00 $195,000 56,000 58,988 7,500 97,600 33,955 20 745,558 24 83,837 27 13,699 57 270 00 10,000 00 7,436 48 541,759 31 434,603 95 50,074 838,792 292,265 2,770 99 840 42,500 986,254 87,007 10,980,101 2,444,403 36 05 59 84 97 00 00 27 00 37 54 14,500 00 2,204,755 00 3,856 10 6,206 00 1,610,600 21 100 00 $3,546,304 48 $5,648,490 30 ,310,770 58 7,501,457 91 75,000 00 ,302 50 500,858 359,215 8 12,440 66 04 91 43 20,000 00 15,503 11 50 00 52,250 00 1,111,332 05 REPORT OF THE COMMISSIONER. cli Abstract of State and National banks by counties.—Continued. Gogebic county. Grand Traverse county. Gratiot county. Hillsdale county. Houghton county. Resources. 5 state, 8 3 state and 1 11 state and 2 9 state and 1 national banks 2 state and 2 national banks. national banks. national banks. national banks. and 1 trust company. Loans and discounts....................................... $1,283,418 59 $2,100,886 57 $2,760,317 41 $2,050,117 48 $11,770,733 41 Bonds, securities and stocks........................ Premiums......................................................... U. S. bonds and certificates of indebtedness on hand......................................................... U. S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve Bank and in v au lt................................................. Due from banks in reserve cities.................. 1,449,782 97 1,557,014 90 1,197,959 53 1,058,549 98 4,283,902 46 2,145,161 99 230 50 3,299 11 6,789 26 367,615 00 186,022 59 257,650 00 40,500 00 177,500 00 59,500 00 129,150 00 520,000 00 254,600 78 434,478 44 585,951 13 313,343 93 2,889,433 19 241,720 00 344,198 63 277,287 74 420,429 83 366,159 85 2,234,413 35 Due from other banks and bankers.............. 1,793 89 17,352 38 3,338 91 17,151 28 281,062 83 Exchanges for clearing house........................ 2,681 49 19,164 89 7,343 47 7,861 02 42,125 03 Overdrafts, secured and unsecured............... 3,287 23 1,077 27 12,131 40 5,207 74 11,833 77 Outside checks and other cash item s............ 8,174 69 30,785 00 12,616 57 10,911 67 64,566 20 Banking house, furniture and fixtures......... 135,085 74 221,350 00 125,957 66 99,215 70 443,225 00 Stock of Federal Reserve bank..................... 7,650 00 12,750 00 2,750 00 7,350 00 52,5001) Other real estate............................................. 7,450 08 59,691 24 27,426 42 18,927 92 58,396! Due from U. S. T reasurer............................. 2,500 00 2,279 11 3,000 00 687 50 41,250 00 Other assets..................................................... 5,650 34 103 77 842 00 20 28 6,987 20 T otals....................................................... $3,791,793 54 $5,279,336 31 $5,405,817 42 $4,342,304 35 $24,852,379 96 Liabilities. Capital stock paid in ...................................... $285,000 00 Surplus fund.................................................... 81,500 00 Undivided profits, n e t.................................... 58,549 37 Reserved for taxes, interest, etc.................... 2,500 00 Circulation....................................................... 47,400 00 Due to Federal Reserve b an k....................... Due to other banks and bankers................ 2 446 79 Individual deposits subject to check............ 1,304,552 20 Demand certificates of deposit...................... Certified checks............................................... 1,353 12 Cashiers’ checks.............................................. 22,790 10 Dividends unpaid........................................... 270 00 State moneys on deposit................................ United States government deposits.............. 18,982 50 Postal savings deposits................................... 414,688 10 Time deposits (book accounts)..................... 1,200,928 32 Time certificates of deposit........................... 263,833 04 Bonds borrowed.............................................. Bills payable.................................................... 87,000 00 Acceptances executed for customers............. Customers’ letters of credit........................... Notes and bills rediscounted......................... Other liabilities............................................... $380,000 145,000 40,964 10,000 00 00 02 00 145,764 1,422,287 644,701 114 21,357 13 10,000 138,862 2,092 1,535,584 127,445 48 56 18 87 02 00 00 51 72 95 59 $351,000 148,900 43,869 1,500 58 000 00 00 69 00 00 1,526,337 525,796 571 204 400 46 55 23 00 00 167 96 1,108,242 37 1,323,142 26 $355,000 00 137,600 00 66,791 85 13,750 00 1,233 992,720 1,222,762 400 5,427 24 87 77 00 10 55,785 8,218 763,247 587,621 00 76 01 50 289,500 00 100,000 00 119,000 00 205,528 80 160,119 61 217,685 90 12,746 25 $1,475,000 1,285,500 837,251 17,199 798,400 00 00 98 67 00 141 897 8,469,922 536,129 3J61 6,846 900 16,338 79,687 86,748 10,602,024 484,635 42 54 54 74 77 53 23 51 36 35 66 10,135 66 T otals....................................................... $3,791,793 54 $5,279,336 31 $5,405,817 42 $4,342,304 35 I$24,852,379 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. clii Abstract of State and National banks by counties.— Continued. Huron county. Ingham county. Iron county. Ionia county. Isabella county. Resources. 9 state banks. 11 state and 2 10 state and 1 2 state and 3 national banks. national banks. national banks. 6 state banks. Loans and discounts.............. $1,911,438 20 ¡5,750,463 19 ¡2,759,316 65 ,275,607 24 $1,321,137 60 Bonds, securities and stocks. 991,023 33 3,376,482 55 1,637,822 85 775,245 38 823,093 08 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged................................................... — Lawful Reserve with Federal Reserve bank and in v au lt................................................. Due from banks in reserve cities........ 1,900 00 24,125 00 1,377,502 26 393,010 00 118,150 00 12,895 00 6,000 00 1,016,960 00 157,500 00 155,083 00 101,500 00 344,727 27 1,048,122 22 599,254 34 258,244 81 276,535 18 259,561 03 848.999 63 383,567 60 108,901 94 322,247 85 652 953 09 26,447 06 32,374 37 13,385 88 Due from other banks and bankers... Exchanges for clearing house.............. 34,173 42 141.999 91 11,313 07 1,307 31 7,691 02 Overdrafts, secured and unsecured__ 5,932 67 6,701 86 14,919 53 5,057 85 6,581 32 Outside checks and other cash item s.. 6,167 28 42,969 37 5,841 24 13,972 32 1,701 37 Banking house, furniture and fixtures. 98,908 08 494,297 36 140,943 20 106,548 17 64,357 00 19,500 00 7,950 00 3,050 00 4,400 00 12,331 63 1,833 46 3,850 00 Due from U. S. Treasurer.................... 10,000 00 2,500 00 3,000 00 Other assets........................................... 2,368 49 833 00 1,341 08 Stock of Federal Reserve bank........... Other real estate.................................... T otals. 29,344 57 $3,713,299 77 $14,801,651 56 ,143,052 00 $2,863,633 47 $2,955,525 30 Liabilities. Capital stock paid i n .......................... Surplus fund......................................... Undivided profits, n e t........................ Reserved for taxes, interest, etc........ Circulation........................................... Due to Federal Reserve bank............ Due to other banks and bankers Individual deposits subject to check. Demand certificates of deposit.......... Certified checks................................... Cashiers’ Checks................................. Dividends unpaid................................ State moneys on deposit.................... United States government deposits.. Postal savings deposits....................... Time deposits (book accounts)......... Time certificates of deposit................ Bonds borrowed................................... Bills payable........................................ Acceptances executed for customers. Customers’ letters of credit............... Notes and bills rediscounted.............. Other liabilities.................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $215,000 59,000 83,343 3,883 00 00 66 40 22,592 120 1,154,480 663,148 1 352 50 61 13 74 00 34 20,000 2,000 1,747 415,796 1,013,301 00 00 12 28 49 $736,200 485,200 371,259 8,000 196,195 00 00 18 00 00 $435,000 215,500 88,862 700 50,000 00 00 94 00 00 $ 200,000 65,000 59,144 2,500 58,200 00 00 87 00 00 $190,000 55,500 12,958 7,120 00 00 80 00 281,117 5,633,643 140,349 35,678 7,532 540 192,963 56,750 60,725 3,276,904 2,403,591 03 99 98 11 31 00 62 34 86 87 27 59,518 1,567,178 821,579 2,210 294 278 7,500 83 51 17 51 28 17 00 995 890,049 18,005 584 15,591 80 77 76 80 53 81 00 67,068 10,000 862,569 76,108 289 641 125 2,656 01 00 41 21 73 65 00 55 14,060 45 1,407,999 79 1,080,668 61 51,950 106,474 1,326,507 43,496 00 72 83 06 25,000 00 100,000 00 228,500 00 33,532 50 815,000 00 163,200 74 396 80 699,416 70 855,941 89 110,000 00 25,000 00 52 32 4,732 55 5,713,299 77 $14,801,651 56 $6,143,052 00 $2,863,633 47 $2,955,525 30 REPORT OF THE COMMISSIONER. cliii Abstract of State and National banks by counties.—Continued. Jackson county. Kalamazoo county. Kalkaska county. Kent county. Keweenaw county. 17 state, 1 industrial, 3 national banks and 2 trust . companies. 1 state bank. Resources. 8 state and 1 9 state and 2 national banks. national banks. 1 state bank. Loans and discounts....................................... $8,183,957 99 $9,929,217 84 Bonds, securities and stocks.......................... 3,292,727 37 2,726,213 53 $130,741 16 $34,146,087 68 $141,428 88 62,087 49 13,500,994 69 76,705 20 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve bank and in v au lt............................................... 1,094,280 00 361,274 08 1,771,500 00 968,500 00 1,430,083 96 1,164,571 62 18,776 92 4,179,988 61 32,974 72 Due from banks in reserve cities.................. 620,831 53 871,044 53 12,628 80 3,001,969 21 54,973 22 Due from other banks and bankers.............. 67,781 05 156,107 45 1,362,844 91 8,450 36 Exchanges for clearing house........................ Overdrafts, secured and unsecured.............. 338,786 93 13,913 70 132,755 72 16,755 28 221 29 706,837 86 35,848 22 68 80 Outside checks and other cash item s............ 16,647 82 19,921 25 18 00 351,438 13 796 38 Banking house, furniture and fixtures.......... 518,39.4 20 759,770 40 13,699 70 2,508,028 16 2,904 00 Stock of Federal Reserve bank..................... Other real estate.............................................. 32,414 15 75,398 05 21,000 00 103,606 26 883 27 156,000 00 155,912 67 Due from U. S. Treasurer.............................. Other assets..................................................... 5,605 00 906 28 13,825 00 4,685 53 142,750 00 100,929 27 T otals....................................................... $17,463,228 03 $17,249,248 49 $239,056 63 $69,877,772 70 $318,301 56 Capital stock paid i n ...................................... $1,020,000 00 $1,155,000 00 Surplus fu n d ................................ 648,000 00 331,500 00 Undivided profits, n e t.................................. 327,073 83 250,385 49 Reserved for taxes, interest, etc.................... 56,7S2 69 7,900 00 Circulation............................................... 100,000 00 138,597 50 Due to Federal Reserve bank....................... 20,124 93 Due to other banks and bankers.................. 323,046 70 509,145 22 Individual deposits subject to check............ 4,936,460 30 4,532,763 85 Demand certificates of deposit...................... 748,673 10 829,614 48 Certified checks..................................... 21,710 55 3,759 42 Cashiers’ checks................................... 21,183 33 1’479 12 Dividends unpaid........................................... ' 1,038 44 722 50 State moneys on deposit................................ 15,000 00 25,529 33 United States government deposits.............. 399,918 75 9,864 98 Postal savings deposits................................... 27,319 23 108,472 62 Time deposits (book accounts)..................... 5,838,527 46 4,724,930 73 Time certificates of deposit........................... 906,992 18 2,254,948 63 Bonds borrowed.............................................. Bills payable.................................................... 1,597,500 00 918,442 61 Acceptances executed for customers............ Customers’ letters of credit........................... 4,350 00 Notes and bills rediscounted......................... 518,534 16 1,099,304 89 Other liabilities............................................... 277,879 50 $40,000 00 $4,513,000 00 2,269 02 3,179,750 00 2,306 64 1,305,455 31 436,773 49 1,966,897 50 30,000 00 3,190,903 89 86,183 98 16,426,534 38 770,230 04 37,490 98 47,747 53 11’556 14 8,628 54 825,469 32 166,683 57 87,571 94 70,806 01 13,447,062 54 11,131,782 03 656,550 00 8,211,990 10 3,000 00 157;746 00 3,000,175 51 302,264 87 $25,000 00 12,500 00 6,808 64 T otals....................................................... $17,463,228 03 $17,249,248 49 $239,056 63 $69,877,772 70 $318,301 56 9,917 27 3,088,003 52 6,430,222 50 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 233 141,189 425 40 1fi 95 00 45 105,562 19 26,542 17 STATE BANKING DEPARTMENT. cliv Abstract of State and National banks by counties.—Continued. Leelanau county. Lapeer county. Livingston county. Lenawee county. Luce county. Resources. 9 state and 1 3 state banks. national banks. Loans and discounts....................................... $2,160,253 98 Bonds, securities and stocks.......................... Premiums ...................................................... U. S. bonds and certificates of indebtedness on hand ....................................................... U. S. bonds and certificates of indebtedness pledged ............................................. Lawful reserve with Federal Reserve Bank and in vault................................................. Due from banks in reserve cities.................. Due from other hanks and bankers . . Pvehanges for elearing house 2,158,947 97 15 state and 2 4 state banks. national banks. $270,527 16 $4,767,036 76 386,162 00 5,720,398 34 $640,473 12 $155,429 31 1,299,906 18 138,941 30 252 77 4,874 06 219,645 00 1 state bank. 93 00 1,022,680 00 597,697 18 84,130 75 1,196,060 91 190,161 06 80,338 86 203,332 28 31,730 82 1,532,927 47 206,609 78 59,867 53 85,000 00 29,997 00 38,000 00 25,964 09 10,390 28 734 55 745 97 25 662 56 3,767 28 2,985 34 Overdrafts, secured and unsecured............... 7,978 38 405 34 10,555 66 9,481 00 Outside checks and other cash item s............ 46,212 37 847 49 30,197 44 943 47 410 99 Banking house, furniture and fixtures......... 97,356 70 12,901 72 324,059 35 60,513 91 17,280 00 $797,437 18 $14,741,040 73 $2,442,587 35 $455,506 10 Stock of Federal b an k . . . Other real estate Due from U. S. Treasurer.............................. Other assets 9,900 00 1,050 00 35,350 00 19,436 00 1,275 00 4,280 41 13,690 75 6,250 00 1,139 74 5,308 49 2,907 15 T otals........................................................ $5,634,884 66 Liabilities Capital stock paid in ........ .'........................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve bank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks............................................... Cashiers’ checks.............................................. Dividends unpaid........................................... State moneys on deposit................................ United States government deposits.............. Postal savings deposits................................... Time deposits (book accounts)..................... Time certificates of deposit............................ Bonds borrowed.............................................. Bills payable.................... Acceptances executed for customers............ Customers’ letters of credit........................... Notes and bills rediscounted......................... Other liabilities............................................... $405,000 00 207,400 00 104,603 30 24,800 00 24,100 888^446 499,592 11 11,611 49 50 04 80 19 13,500 184 2,223,154 974,545 00 59 43 26 306,260 47 135,391 73 193,000 00 93,000 00 64,143 88 791 18 T otals....................................................... $5,634,884 66 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $65,000 00 $1,011,000 00 19,500 00 428,500 00 1,367 32 333,174 94 18,376 23 123,600 00 10,180 00 47,292 32 383 018 17 104,459 35 3,142,444 61 506 50 311,852 76 37 50 7,699 65 14.346 99 10,672 60 95 00 343 00 16,210 1’134 8,074,344 595,811 69,700 85i567 21 09 70 32 00 00 87,231 45 40,360 00 $245,000 52,500 41,444 62 00 00 33 07 $30,000 6,000 3,736 2,145 00 00 11 04 2,760 554\624 8,236 397 51 18 27 08 192,220 33 1,412 22 120 00 2,139 01 220,284 19 1,314,144 54 978 84 205,062 06 13,831 50 995 17 $797,437 18 $14,741,040 73 $2,442,587 35 $455,506 10 civ REPORT OF THE COMMISSIONER. A b s t r a c t o f S t a t e a n d N a t i o n a l b a n k s b y c o u n t i e s . —Continued. M arquette ¡¡f county. Manistee county. Macomb county. Mackinac county. Mason county. «*sj M Resources. 4 state and 1 5 state and 5 1 national bamk 13 state and 2 1 state and 1 national banks. national banks. national banks. national banks. Loans and discounts....................................... bonds, securities and stocks........................... Premiums ................................................. U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds andcertificates of indebtedness pledged......................................................... Lawfulreserve with Federal Reserve Bank and in vault................................................. $327,887 50 $3,806,462 29 $1,251,076 61 $6,515,375 76 $1,370,267 97 2,310,085 73 913,440 06 1,791 50 313 50 284,350 00 176,635 25 4,563,118 54 607,592 31 634,566 75 190,525 00 610,702 50 670,300 00 68,000 00 1,359,910 00 74,000 00 86,983 86 1,246,539 35 294,247 98 1,582,853 28 292,035 10 Due from banks in reserve cities.................. 49,460 89 473,140 02 422,567 56 447,015 16 157,313 21 Due from other banks and bankers.............. 530 24 19,332 49 4,621 94 135,480 50 12,544 93 17,505 64 10,067 51 64,030 13 4,578 59 61,025 00 Exchanges for clearing house........................ Overdrafts, secured and unsecured............... 1,407 75 11,509 33 2,951 33 3,158 75 1,892 48 Outside checks and other cash item s........... 1,529 38 12,802 98 3 336 96 24,888 17 2,438 53 Banking house, furniture and fixtures......... 16,000 00 138,329 30 101,502 08 333,893 09 164,217 50 Stock of Federal Reserve bank..................... 2,250 00 13,700 00 9,750 00 27,450 00 7,500 00 Other real estate.............................................. 300 00 48,069 59 15,870 92 70,200 95 11,636 40 4 351 00 3,750 00 1 250 no 27,447 50 4,752 45 2,066 29 1,053 80 4,448 84 1,474 76 $733,113 32 $11,661,192 57 $2,984,414 00 $13,518,731 86 $3,298,003 03 Other assets..................................................... T otals....................................................... Liabilities. Capital stock paid i n ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks............................................... Cashiers’ checks.............................................. Dividends unpaid State moneys on deposit................................ Postal savings deposits................................... Time deposits (book accounts)..................... Time certificates of deposits......................... R o n d s h o rro w ed Bills payable.................................................... Notes and bills rediscounted......................... Other liabilities T otals....................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 25,000 17,444 4,700 12,500 00 00 66 00 00 223,675 15 15,962 25 73 50 445 88 253,796 89 129,514 99 $560,000 00 365,500 00 196,533 06 71,900 00 2,136,263 337,125 1,145 8,024 135 2,500 22,327 3 |702 6,558,569 281,854 13,800 1,007,750 21 74 14 36 00 00 50 71 63 46 00 00 $200,000 114,100 71,502 12,754 25,000 00 00 74 70 00 $800,000 506,250 240,743 70,762 544,550 00 00 36 81 00 $285,000 88,500 18,202 447 25,000 00 00 38 13 00 8,164 1,101,774 228,152 277 91 55 25 93 127,902 3,477,751 42,358 1,827 11,811 390 25,000 897,515 59,955 6,248,216 163,697 200,000 80,000 84 61 43 38 16 00 00 30 17 27 53 00 00 10,409 747,206 152,920 98 12,747 62 71 99 67 82 490 25 25 000 00 13,440 56 1,168,756 11 15,000 00 7,500 00 7,445 78 1,155,664 63 490,856 76 248,649 85 20,000 00 47,352 69 $733,113 32 $11,661,192 57 $2,984,414 00 $13,518,731 86 $3,298,003 03 93,794 43 267 33 STATE BANKING DEPARTMENT. C VI Abstract of State and National banks by counties.—Continued. Mecosta county. Menominee county. Midland county. Missaukee county. Monroe county. 2 state banks. 8 state and 1 national banks. Resources. 6 state banks. 4 state and 2 4 state banks. national banks. Loans and discounts....................................... $1,105,194 26 $1,968,453 98 $920,314 63 $225,425 26 $1,795,126 17 628,444 37 560,659 13 68,410 57 2,819,523 73 243,296 44 165,400 31 140,250 00 3,600 00 677,886 75 123,600 00 485,000 00 45,000 00 183,666 74 243,669 45 243,458 79 24,953 10 720,999 52 Due from banks in reserve cities.................. 138,901 77 114,681 43 209,636 76 73,821 30 445,789 08 110 61 ' 19,213 23 Bonds, securities and stocks.......................... 524,690 44 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand......................................................... U. S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve bank and in vault................................................. 814 37 6,023 87 Due from other banks and bankers.............. 25,098 04 202,099 62 Exchanges for clearing house........................ 4,101 40 2,976 08 233,500 00 13,567 57 Overdrafts, secured and unsecured............... 2,280 03 5,027 57 4,636 26 517 22 8,039 95 Outside checks and other cash item s............ 1,167 58 12,923 67 4,643 28 765 -60 19,733 26 Banking house, furniture and fixtures......... 45,161 01 92,702 80 56,407 85 3,893 00 130,203 12 Stock of Federal Reserve bank..................... 4,050 00 12,000 00 Other real estate............................................. 2,124 75 548 86 2,464 08 488 46 14,250 00 Due from U. S. Treasurer.............................. Other assets..................................................... 8,668 72 8,100 00 10,302 50 2,500 00 3,158 87 338 51 T otals....................................................... $2,412,815 55 $3,947,389 51 $2,187,470 78 $401,985 12 $6,914,794 76 $40,000 00 9,000 00 3,094 69 $390,000 78,800 97,908 3,845 50,000 00 00 41 99 00 29,038 2,652,788 401,902 430 8,718 515 10,000 138,365 7,829 1,641,498 1,102,117 31 72 82 00 64 00 00 00 70 45 91 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve bank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks............................................... Cashiers’ checks.............................................. Dividends unpaid........................................... State moneys on deposit................................ United States government deposits.............. Postal savings deposits................................... Time deposits (book accounts)..................... Time certificates of deposit........................... Bonds borrowed.............................................. Bills payable.................................................... Acceptances executed for customers............. Customers’ letters of credit......................... . Notes and bills rediscounted......................... Other liabilities............................................... $190,000 00 52,000 00 43,097 31 $425,000 164,500 41,754 18,705 295,300 00 00 54 82 00 19,142 1,000,187 146,639 1,357 5,875 84 5,000 254,694 10,164 1,218,271 288,050 62 33 35 26 41 00 00 89 61 58 18 $145,000 00 55,000 00 41,676 23 7,500 00 10,772 675,693 409,287 3,487 3,632 88 54 46 89 56 2,500 00 2,373 669,827 198,142 6,350 115,000 69 50 72 00 00 30,650 00 823,323 73 101,535 32 21,545 83 99 00 2,500 00 670,927 77 241,231 81 17,734 95 35,781 60 11,000 00 30,000 00 10,000 00 29,800 00 11,861 92 49,631 09 T otals....................................................... $2,412,815 55 $3,947,389 51 $2,187,470 78 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 152,034 80 131,591 95 247 13 253,750 00 47,285 81 $401,985 12 $6,914,794 76 REPORT OF THE COMMISSIONER. clvii Abstract of State and National bants by counties.—Continued. Montcalm county. Montmorency county. 13 state banks. 1 state bank. Muskegon county. Newaygo county. Oakland county. Resources. Loans and discounts....................................... $1,873,964 33 Bonds, securities and stocks.......................... 1,235,919 98 6 state and 3 6 state banks. national banks. $954,532 52 $6,391,798 49 3,003,508 44 944,921 22 7,493,539 03 786 21 116 43 150 00 706,046 55 $85,619 85 $2,917,037 88 57,940 50 17 state and 2 national banks. Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged ....................................................... 64,850 00 1,195,174 00 16,557 50 122,500 00 504,279 00 62,000 00 605,100 00 Lawful reserve with Federal Reserve bank and in v au lt................................................. Due from banks in reserve cities.................. 447,710 03 357,418 49 11,199 00 18,315 56 1,597,952 54 327,071 68 303,833 27 194,453 42 2,176,424 06 980,665 27 Due from other banks and bankers.............. 12,146 84 910 29 17,592 85 1,014 82 111,722 77 Exchanges for clearing house........................ 2 fi41 79 Overdrafts, secured and unsecured............... Outside checks and other cash item s............ Banking house, furniture and fixtures......... Stock of Federal Reserve bank..................... Other real estate............................................. 400 00 48 412 02 34,058 05 8 531 05 8,098 15 6,376 23 55 73 36,011 61 5,608 74 20,443 75 94,242 29 7,375 00 388,675 34 69,270 00 257,159 28 4 400 00 IS 750 00 3,700 00 16,100 00 2,643 65 12 756 18 6,579 22 28,873 72 8 120 09 15,915 28 Due from U. S. Treasurer.............................. 15 900 00 3,425 00 Other assets..................................................... 1,601 18 3,201 88 T otals....................................................... $4,233,333 72 $181,415 93 $10,091,040 99 $2,570,685 29 $18,844,623 13 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, net..................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve b ank ....................... Due to other banks and bankers. . . Individual deposits subject to check............ Demand certificates of deposit................ Certified checks............................................... Cashiers’ checks ........................................... Dividends unpaid........................................... State moneys on deposit United States government deposits .. Postal savings deposits Time deposits (book accounts)..................... Time certificates of deposit........................... Bonds borrowed Bills payable.................................................... Acceptances executed for customers . . Customers’ letters of credit Notes and bills rediscounted Other liabilities 00 00 52 00 3 05/5 1,045| 616 540 078 44 2,944 72 38 29 25 13 5 000 7 ’000 9711 478!636 1,286,256 00 00 fil 32 38 65,352 72 6,491 51 267,468 90 7,000 00 63,871 22 T otals....................................................... $4,233,333 72 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 00 13,000 00 2,394 09 $350,000 91,850 56,205 25,000 67,138 61 39 00 $520,000 279,500 183,854 39 332 274,000 00 00 95 35 00 16 450 2,834,’760 337 084 1,633 2,405 263 57,500 1,000 70,519 3,487,762 1,646,618 43 20 57 25 31 00 00 00 86 60 39 $155,000 83,000 37,193 2,000 00 00 08 00 $1,055,000 464,900 291,566 35,055 62,500 00 00 04 31 00 328,300 00 50,000 00 19,046 94 4,671 129,39 736,978 91 6,568 66 13,974 31 470 00 7,500 00 68,725 00 50,193 34 8,584,473 60 2,347,591 63 8,050 00 336,900 00 8,500 00 R556 08 107,074 54 84,000 00 500,716 68 80,298 85 142 39 641,368 58 913,891 17 $181,415 93 $10,091,040 99 $2,570,685 29 $18,844,623 13 STATE BANKING DEPARTMENT. clv iii Abstract of State and 'National banks by counties.—Continued. Oceana county. Ogemaw county. 2 state and 1 national banks. 1 state bank. Loans and discounts............. $332,046 18 $129,551 65 $460,230 59 ,411,582 53 $75,064 76 Bonds, securities and stocks. 420,754 28 7,820 65 147,020 20 335,200 58 7,481 21 181,831 00 107,000 00 2,649 30 60,000 00 103,500 00 2,000 00 Ontonagon county. Oscoda county. Osceola county. Resources. Premiums............................................. ......... U. S. bonds and certificates of indebtedness on hand...................................................... U. S, bonds and certificates of indebtedness pledged....................................................... Lawful reserve with Federal Reserve Bank and in vault............................................... 3 state and 2 4 state and 1 national banks, national banks. 1 s tate bank. 209 00 37,300 00 3,850 00 55,000 00 110,812 28 4,072 30 87,176 34 190,238 52 5,283 50 Due from banks in reserve cities........ 56,664 01 26,777 55 110,160 13 79,581 95 17,595 64 Due from other banks and bankers... 8,703 35 9,903 28 Exchanges for clearing house.............. 370 00 726 84 Overdrafts, secured and unsecured__ 3,331 74 122 36 8,973 13 282 54 Outside checks and other cash item s.. 2,199 73 1,617 53 3,740 75 2,134 87 Banking house, furniture and fixtures. 36,103 72 26,647 63 57,200 00 5,375 00 Stock of Federal Reserve B ank .......... 3,100 00 2,100 00 1,800 00 ,000 00 Other real estate.................................... 5,726 23 Due from U. S. Treasurer.................... 500 00 2,500 00 Other assets........................................... 396 66 141 07 Totals. $1,073,008 18 6,883 89 2,827 48 13,663 99 2,500 00 $186,956 04 $1,090,385 97 $2,317,808 93 $117,866 82 Liabilities. Capital stock paid in .......................... Surplus fund ...................... , ............... Undivided profits, n e t........................ Reserved for taxes, interest, etc........ Circulation........................................... Due to Federal Reserve bank........... Due to other banks and bankers. . . . Individual deposits subject to check. Demand certificates of deposit.......... Certified checks................................... Cashiers’ checks.................................. Dividends unpaid................................ State moneys on deposit.................... United States government deposits.. Postal savings deposits....................... Time deposits (book accounts)......... Time certificates of deposit............... Bonds borrowed.................................. Bills payable........................................ Acceptances executed for customers. Customers’ letters of credit............... Notes and bills rediscounted............. Other liabilities.................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $95,000 00 44,500 00 34,979 91 $20,000 00 5,000 00 1,446 66 9,500 00 241,028 52 23,310 01 16 44 68,829 09 81,680 29 20,000 00 2,693 89 380,618 81 138,360 60 83,000 00 10,000 00 $115,000 38,500 15,044 1,417 50,000 00 00 97 01 00 3,223 485,107 43,126 11 897 195 80 31 93 75 66 50 19,680 9 r675 227,137 67,368 00 42 48 14 554 40 799,727 56 371,285 61 14,000 00 207,000 00 $175,000 41.800 15,023 300 50,000 00 00 98 00 00 $ 20,000 00 431,440 197,463 26 3,259 51 7,500 95 01 25 47 00 00 64,812 81 27,706 85 1,208 38 1,813 11 311 67 14 00 2,000 00 17,376 70 $1,073,008 18 $186,956 04 $1,090,385 97 $2,317,808 93 $117,866 82 clix REPORT OF THE COMMISSIONER. Abstract of State and National banks by cotmties.—Continued. Otsego county. Ottawa county. Presque Isle county. Roscommon county. Saginaw county. 2 state banks. 14 state banks. 3 state banks. 1 state bank. 10 state and 2 national banks- $329,690 25 $4,622,724 59 $230,163 12 Resources. Loans and discounts....................................... Bonds, securities and stocks.......................... Premiums ......................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged .............................. Lawful reserve with Federal Reserve bank and in v au lt................................................. 159,321 12 3,548,780 01 $63,625 28 $15,475,507 69 713,455 89 46,239 97 7,269,596 30 5,000 00 3,511,957 84 1,548 06 61 30 38,200 00 217,240 00 48,050 00 60,000 00 618,400 00 105,000 00 1,736,500 00 53,153 07 972,521 38 96,595 77 18,999 80 2,368,184 39 Due from banks in reserve cities.................. 45,700 61 537,642 76 151,866 95 11,922 27 1,726,411 12 P up from other hanks and bankers.............. 4,328 59 FxchangCS for clearing house Overdrafts secured and unsecured Outside chocks and other cash items Banking house, furniture and fixtures......... 117,812 83 10,873 31 43 02 451 75 fi 32fi 24 921 46 12 004 75 305 75 21,000 00 241,278 72 30,085 75 10 251 72 1,450 00 Stock in Federal Peserve hank Other real estate............................................. Pue from li S Treasurer 538 827 17 3,027 14 Other assets * 25,633 32 12,983 00 9,900 00 388,380 43 6,321 71 42,810 10 18,500 00 73,950 00 2,923 90 3,122 81 T otals..................................................... i 38,154 58 160,001 88 $715,385 26 $10,827,861 02 $1,389,956 23 $162,460 78 $33,471,066 29 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... pp^rypfl for taxes interest, etc.. . . Circulation Pue to Federal Peserve hank Pue to other hanks and hankers Ondividual deposits subject to check........... Pemand certificates of deposit Certified checks ... Cashiers’ checks. . . Pividends unpaid........................................... State moneys on deposit United States government deposits Postal savings deposits Time deposits (book accounts)..................... Time certificates of deposit........................... Ronds borrowed Bills payable.................................................... Acceptances executed for customers Customers’ letters of credit Mote« and hills rediscounted Of.her li alii li ties Totals....................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 00 11,500 00 12,564 15 141,209 02 153,246 40 246,865 69 100,000 00 $675,000 229,100 114,125 11,838 00 00 75 38 8 184 2 ,202Ì322 1 258 fill 9 ’543 57 181 5 000 23,420 1,828 3,951,115 1,549,044 50,000 637,489 52 03 25 40 63 00 00 00 79 05 05 00 17 $85,000 00 22,762 00 11,453 22 $20,000 00 4,000 00 1,826 44 243,458 07 60,787 35 47,615 41 245 60 377 09 30 00 785,618 18 88,803 75 40,547 06 19,892 84 105,000 00 15,000 00 1,000 00 $715,385 26 $10,827,861 02 $1,389,956 23 $1,585,000 1,575,500 641,754 76,180 350,000 00 00 60 22 00 1,251,172 8,446,463 1,776,760 7,930 43,098 818 20,000 368,000 15,570 12,914,763 1,079,049 250,000 2,490,000 75 29 33 83 01 00 00 00 26 45 96 00 00 579,004 59 $162,460 78 $33,471,066 29 clx STATE BANKING DEPARTMENT. Abstract of State and National banks by coimties.—Continued. St. Clair county. Resources. St. Joseph county. Sanilac county. 8state and 4 9 state and 3 national banks national banks. 18 state banks. Loans and discounts....................................... $5,358,373 25 $2,915,295 29 $4,027,413 95 Bonds, securities and stocks.......................... 3,540,590 21 1,772,418 51 1,117,806 54 Schoolcraft county. Shiawassee county. 2state and 1 national banks. 10state banks. $648,916 40 $2,591,749 43 381,346 81 2,531,694 09 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. S. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve bank and in v au lt................................................ Due from banks in reserve cities.................. Due from other banks and bankers.............. Exchanges for clearing house........................ Overdrafts, secured and unsecured............... 707 42 835,234 93 384,223 77 135,210 00 222,533 00 83,805 00 641,500 00 195,197 00 35,720 00 34,000 00 196,000 00 956,252 54 435,370 84 533,749 28 97,977 73 586,556 18 879,339 06 664,840 38 790,724 37 68,402 28 400,115 40 74,991 04 28,375 84 26,259 60 9,242 19 1,796 04 32,975 25 12,659 12 2,495 85 17,409 64 2,059 08 19,324 40 2,413 06 3,492 43 30,701 24 6,534 22 60 72 48 27 6,482 94 164,196 38 5,300 00 13,215 02 129,650 55 3,817 15 56,708 01 2,400 00 6,939 80 149,874 39 52 913 26 87,950 19 Due from U. S. Treasurer.............................. 10,100 00 6,400 00 Other assets..................................................... 9,398 73 3,649 00 Outside checks and other cash item s............ Banking house, furniture and fixtures......... Stock of Federal Reserve bank ..................... Other real estate............................................. Totals..................................................... 29,999 225,713 18,144 10 008 8,462 06 3,000 00 368 98 5,849 96 $12,614,280 20 $6,654,568 70 $6,919,451 96 $1,540,099 02 $6,594,935 27 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation................................................... Due to Federal Reserve b ank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks......................................... Cashiers’ checks....................................... Dividends unpaid........................................... State moneys on deposit................................ United States government deposits.............. Postal savings deposits................................... Time deposits (book accounts).................... Time certificates of deposit........................... Bonds borrowed....................................... Bills payable................................................ Acceptances executed for customers............ Customers’ letters of credit................... Notes and bills rediscounted....................... Other liabilities.......................................... T otals............................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $680,000~ 00 217,800 00 196,527 07 12,692 88 198,895 00 591,742 3,334,374 418,542 26,274 8,860 1,405 17 500 23,853 20,154 5,742,168 663,978 $465,000 00 138,000 00 62,149 35 148,595 00 $470,000 107,750 142,710 14,062 00 00 99 56 $140,000 00 45,000 00 19,504 87 $331,000 135,000 36,284 1,431 00 00 72 22 60,000 00 14 15 14 07 07 75 00 24 75 09 78 1,706,621 32 924,672 63 11 00 10,371 80 276 00 7 500 00 3,449 49 7,802 30 1,483,285 50 1,542,339 13 100,000 00 142,000 00 80,000 00 149,095 63 240,416 44 12,495 18 23,708 66 1,606,172 2,743,771 1,424 10,051 25 40 50 82 9 239 539,535 79,681 532 67 17 32 93 3 680 1,234 ,’750 531,378 3,299 22 56 05 19 68,345 8,129 510,512 41,589 00 69 16 60 6 000 23,000 14 183 2,018,747 1,908,952 00 00 23 24 86 50,000 00 726,745 52 923,008 30 220,000 00 17,000 00 1 028 61 124,427 98 3,900 00 $12,644,280 20 $6,654,568 70 $6,919,451 96 $1,540,099 02 $6,594,935 27 REPORT OF THE COMMISSIONER. clxi Abstract of State and 'National banks by counties.—Continued. Tuscola county. Resources. Van Buren county. Washtenaw county. Wayne county. Wexford county. 41 state, 1 industrial, 11 state and 1 9 state and 2 13 state and 2 5 national national banks. national banks. national banks. banks, 6 trust companies. 3 state banks. Loans and discounts....................................... $1,704,004 23 $2,349,146 77 $6,629,696 81 $171,256,542 22 $1,125,157 39 Bonds, securities and stocks.......................... 1,125,655 50 1,819,891 92 7,178,790 12 168,284,669 86 1,890 05 13,243 03 1,111,357 61 Premiums......................................................... U. S. bonds and certificates of indebtedness on hand........................................................ U. ¡8. bonds and certificates of indebtedness pledged......................................................... Lawful reserve with Federal Reserve Bank and in v au lt................................................. 49,426 88 227,590 00 658,798 50 22,610,835 83 30,300 00 162,000 00 956,255 00 25,405,260 00 4,500 00 236,622 44 364,830 66 1,534,399 78 41,055,907 60 368,362 41 Due from banks in reserve cities.................. 257,487 45 285,171 27 692,942 02 29,730,210 85 259,547 28 12,581 77 90,258 52 5,690,372 79 Due from banks and bankers........................ 162,885 00 Exchanges for clearing house........................ 1,146 48 17,057 50 76,430 62 6,869,521 21 7,054 92 Overdrafts, secured and unsecured............... Outside checks and other cash item s........... Banking house, furniture and fixtures......... 18,317 68 2,826 84 103,551 83 6,032 94 31,485 01 100,661 50 18,708 75 6,883 36 392,230 60 42,250 74 1,242,990 64 7,673 261 04 1,734 16 5,696 03 63,250 00 Stock of Federal Reserve bank..................... 900 00 8,800 00 34,199 15 1,050,450 00 Other real estate............................................. 3,910 20 30,980 59 85,487 75 1,308,902 45 Due from U. S. Treasurer............................. 312 50 1,475 00 8,600 00 250,099 00 Other assets................................................... 934 09 836 00 5,743 36 930,659 49 Totals....................................................... $3,535,396 12 8,818 13 $5,418,540 93 $18,371,314 39 $483,415,176 75 $3,118,362 93 Liabilities. Capital stock paid in ...................................... Surplus fund.................................................... Undivided profits, n e t.................................... Reserved for taxes, interest, etc.................... Circulation....................................................... Due to Federal Reserve bank....................... Due to other banks and bankers.................. Individual deposits subject to check............ Demand certificates of deposit...................... Certified checks............................................... Cashiers’ checks.............................................. Dividends unpaid................................... State moneys on deposit................................ United States government deposits.............. Postal savings deposits................................... Time deposits (book accounts)..................... Time certificates of deposit........................... Bonds borrowed.............................................. Bills payable.................................................... Acceptance! executed for customers .......... Customers’ letters of credit........................... Notes and bills rediscounted......................... Other liabilities............................................... $355,000 97,569 42,271 179 6,250 812,238 187,293 1,393 7 00 16 58 28 00 45 13 39 08 $405,000 00 $1,085,000 00 868,500 00 206,250 00 347,581 88 87,553 53 37,100 00 197,600 00 37,880 1,428,076 708,466 244 5,943 390 69 79 02 78 78 00 119,436 4,211,307 520,941 2,580 16,769 1,454 26 12 44 77 82 00 40,000 2,989 594,855 1,422,637 35,000 406,152 00 14 83 87 00 50 229,236 40,656 7,721,046 1,537,081 00 01 70 88 12,500 00 2,242 13 666,579 42 1,142,871 90 207,000 00 2,000 00 1,019,000 00 452,778 94 343- 57 $26,598,300 17,430,316 7,949,631 822,465 1,871,795 00 89 72 96 00 23,522,400 174,567,189 5,439,755 1,182,324 1,518,078 18 322 2,179,024 13,710,904 4,620,669 159.760,484 13,949,311 1 170,950 23,260,571 1,698,912 175,245 1,422,155 546i367 20 80 66 89 05 25 69 97 20 17 93 00 42 44 38 04 09 $220,000 00 85,000 00 49,460 49 117,773 42,592 906,604 146,463 50 94 26 47 40 00 212 00 7,001 71 918,694 41 620,510 25 4,000 00 T otals....................................................... $3,535,396 12 $5,418,540 93 $18,371,314 39 $483,415,176 75 $3,118,362 93 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * P P # -- ' >9 ^ : * • - '7 . • . lif e , |BK£v •;',■->■ * ■EVA'^ •- %-■''■ .':"A"' • • . ' I -A A y ? >--> ' * ' A . •' •'•■• ' A P A ' - T A A ... . ... - :j y.v | | | | j - ¿ " A A a / A A a V' ■ ; : * -A • , "" -AS B 7 7 7 ’- 7 ’7 . A ^ | - ' A¿ y ■A ' \ -/A J A A - Í ' p ; , ; A I [A i Ar^H . ip p . A ' a, .. ... ' ’ ' - " Ip fe f ' Ay -A : 7 f^ M 7-'. ' - 1 a a A m - ’' ■’ , ' . ■ , V *. ’ , ‘ - • •. K-.-'- :■&< A-A •■- -’■ .« IgL. ■■JrA. ' 1J ! » A ■' ■- • A 7 ■7 . - 7 7- ■ - ■ r AA ; - ••^ a | 1 ■;'¥- , . • - '. P' 7 - ' . • : . 7 .• ' A - ' ■ .' ' . ' ; \. ■. " , v _^'- -; :7 7 .. . 9 1 1 n r - A -7 7 7 A 1 \ ' ■" . ■ - I ', ■ '’■ A 'A ’A ; ..1 Bp?ÍC;v• ■• -A BL. 1 7 A . A 7 'A ' 7 7 .7 7 7 7 7 7 :A 'A P 7 y77 " 7 A ■ , ' ■ .. - . :7;*'7 - ’.: : ' 1 |g A " \ 1 .. a A.-:A-^ a -7 ■ . A '" . :A: y ;. 1 fe • r • » ■ • '• 7 ’ '■ • • • ,7 A-^B j . . ■■■•■- a '■ J g ’• ■ ‘a •. - -<s. „'/¡JM 7. 7 -V,A•. * > .-a "11 II A •• .: ✓ fe ' ' . . .. . ' 'T r - ^ m A l|? - R v - ■* - - I A I V A “ :7" A 7 \ > .?■'■■ • ■** ■ -;m Ê l A .'■.y, a 1 - :rm •?.. I S É i^ B v.:J- 9 p K ' . - ;A A ' -•• - : ::"• ■ ' ;. ' - . ■• PA. • ' •>•". -. a a a -. A,; $ ;; ". ;. ..-. - a À* -7 ; . ' .7' ■.P ■• | A .• ■ m b* Kt: 1 ■piA 1 FA v I A; '■- ¿ i ÿ ; j- A P T; AA>‘ a v , 1".: A • P P 'V 1' \ A ¡ ' 7 ': : ; 7 ’= ... AA. : . % A t ‘;-7:: • ; - "a ' ■ "A Æ ■ . ■ A; •• A ■■ 7ÁA A a aI ' - A"A f ' ; ■’ • ■ 1 j •'., . ■V '. / • : A, , V. ' '• A. ¿1 •yj’faSB •■•■'> - -<■ ,j& ¿ ; - ;, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t. i fe i '£ 7 i • 1 REPORTS OF T H E STATE BANKS AND TRUST COMPANIES AS MADE TO THE COMMISSIONER OF TH E STATE BANKING DEPARTM ENT DECEMBER 31, 1917, MARCH 4, MAY 10, JUNE 29 AND https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AUGUST 31, 1918 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 3 No. 325. THE ADDISON STATE SAVINGS BANK, ADDISON. Organized October 11, 1905. W ade M il l i s , P r e s i d e n t ; D . A. C u r t is * V i c e P r e s i d e n t ; F . B. C. A. F o o t e , A s s i s t a n t C a s h i e r . D ir e c t o r s .— D . A . C a s h ie r ; Cleveland, C urtis, F . B. C leveland, W ade M illis, C. A. F oote, E. M. R aw son. Resources. Report of Dec. 31, 1917 Report of Mar. 4,1918. Report of May 10,1918. Report of June 29, 1918. Loans and discounts.......... Com’l. dept Sav. dept Bonds, mtgs. and securities:... .Com’l. dept Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept Sav. dept $70,611 42,920 4,275 96,574 $72,413 30,220 4,275 113,874 $79,661 30,854 4,275 116,127 04 87 00 23 $115,435 88 $117,757 00 4,275 00 161,870 67 4,275 00 128,469 74 14,720 01 4,082 69 56,250 00 22,761 54 15,586 04 32,390 40 829 10 25,000 00 00 00 00 00 2,098 00 12,000 00 330 00 1,814 00 10,000 00 305 00 Due from bks. in res. cities:... .Com’l. dept Sav. dept U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l.dept. Sav. dept. Currency:.................................... Com’l. dept. . Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts....................... Premium account............. Expenses, int. & taxes pcL exceeding earnings Banking house.............. Furniture and fixtures................... Other real estate..................... Due from banks other than in reserve citie s.. Outside checks and other cash item s. Items in transit............... Stock of Federal Reserve B ank. . Other assets........................ Totals................................. 09 09 00 94 86 26 00 94 52,380 74 38,662 61 15,916 00 25,622 56 40,376 30 44,364 00 425 14,000 140 3,000 2,221 10,000 1,200 2,000 00 00 00 00 00 00 00 00 205 8,950 280 3,050 Report of Aug. 31, 1918. 4,535 85 4,320 00 603 50 1,832 40 2,000 00 617 58 3,717 45 623 25 579 25 2,990 85 2,000 00 419 64 1,272 97 92 35 887 49 280 86 98 88 5,582 45 3,489 92 5,525 00 3,450 00 5,546 52 3,562 50 5,546 52 3,962 50 5,546 52 4,440 37 417 86 200 00 1,682 38 1,243 29 886 20 546 51 447 68 $355,027 77 $362,241 15 $335,031 82 $348,990 22 $336,784 18 $20,000 00 8,000 00 4,743 54 $20,000 00 10,000 00 2,133 39 $20,000 00 10,000 00 4,017 65 $20,000 00 10,000 00 1,939 53 62,760 39 60,467 53 63,511 23 63,532 64 60,611 26 55,290 45 51,277 69 55,531 29 199,056 31 203,063 89 185,112 46 54,934 30 210,838 70 55,914 77 192,557 39 $355,027 77 $362,241 15 $335,031 82 Liabilities. Capital stock paid in ............... Surplus fund........................... Undivided profits, n e t................. Dividends unpaid....................... Reserved for taxes, interest, e tc......... Commercial deposits subject to check.......... Demand certificates of deposit__ Certified checks.................... Cashier’s checks ... Due to federal Reserve Bank. Due to other banks and bankers........... State moneys on deposit......... Postal savings deposits............................ U. S. Government deposits..................... Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit.................... Club savings deposits............................ Notes and bills rediscounted....... Bills payable..................... Bonds sold subject to repurchase__ Bonds borrowed......... Acceptances executed for customers............. Customers’ letters of credit... Other liabilities................... Totals................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . $20,000 00 10,000 00 2,780 73 ........................1 $348,990 22 j $336,784 18 4 STATE BANKING DEPARTMENT. No. 162. THE ADRIAN STATE SAYINGS BANK, ADRIAN. Organized May 29, 1893. R . B. E. T o b ia s , P r e s id e n C h a s . S. W h i t n e y , A. W a t t s , C h a i r m a n o f t h e B o a r d . t ; G e o r g e A. W i l c o x , R. H. W a t t s , V i c e P r e s i d e n t s ; C a s h i e r ; F r a n k A. F a u l h a b e r , A s s i s t a n t C a s h i e r . A. W a tts, Geo. A. W ilcox, W. E. .Tewett, R. A. K aiser, C. G . W esley, W . H un t, B. E, T obias, A. D. E llis, C. S. W hitney, R. II. W atts, W. W. Cooke, C. E. B aldw in. D i r e c t o r s .— R . O. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. 8373,254 27 192,606 59 $468,159 33 152,781 10 $461,410 17 109,946 10 $548,991 17 148,927 05 $523,145 72 142,097 73 1,006,822 89 979,801 80 966,026 92 1,066,557 38 30,254 05 37,719 31 1,095,144 61 32,254 05 37,719 31 63,881 61 101,954 00 86,650 00 69,488 08 245,925 03 106,500 00 54,346 73 108,345 93 129,750 00 34,610 58 84,343 73 35,111 15 112,776 62 16,835 91 13,707 12 10,440 07 4,060 93 5,631 67 19,280 38.000 617 25.000 00 00 50 00 31,756 00 13,296 00 30,000 00 1,022 50 22,558 00 4,940 00 15,137 00 5,000 00 917 50 1,155 00 1,202 50 5,301 85 5,855 30 4,518 00 3,572 25 3,238 50 1,011 27 1,203 79 952 81 108 91 685 38 47 27 785 16 195 44 288 51 292 01 40,000 00 40,000 00 40,000 00 40,000 00 40,000 00 341 20 49,704 46 217 63 26,220 08 5,250 00 138 50 21,704 32 5,250 00 23,694 04 16,960 58 5,250 00 5,250 00 $2,021,370 46 $2,148,468 14 $1,957,195 32 $2,057,902 60 $2,071,830 95 Due from bks. in res. cities:__ Com'l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.............................. \ .Com’l. dept. Sav. dept. Nickels and cents:...................... Com’l. dept. Sav. dept. Overdrafts......................................... Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tra n sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals....................................... Report of Aug. 31, 1918. 869 50 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified cheeks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ $120,000 00 55,000 00 55,424 92 $120,000 00 55,000 00 49,116 16 $120,000 00 55,000 00 61,054 31 $120,000 00 80,000 00 32,978 43 $120,000 00 80,000 00 31,892 96 277,275 68 11,500 00 329,503 65 11,500 00 294,126 58 224,913 97 215,485 73 746 67 710 40 248,077 96 319,329 26 209,560 17 329,948 23 343,937 65 1,198,492 64 42,099 26 1,216,544 68 47,474 39 1,157,933 84 48,020 42 1,178,028 04 64,191 63 1,187,922 25 91,845 69 25,000 00 27,131 90 Totals........................................................ $2,021,370 46 $2,148,468 14 $1,957,195 32 $2,057,902 60 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $2,071,830 95 STATE BANKS OF MICHIGAN. ' No. 89. THE COMMERCIAL SAVINGS BANK, ADRIAN. Organized May 10, 1888. A. P r e s i d e n t j C h a k l e s G. H a r t , V i c e P r e s i d e n t ; B. N . S m i t h , C a s h i e r P. J . D u n n , J o s e p h P . L i b s , A s s i s t a n t C a s h i e r s . J A. B en n ett, E. C. Sw ord, C harles G. H art, A m os K ells, H. W. M iddleton, H. R. Jew ett, W. H. B a rrett, John E. Bird, A. E . Palm er, E. N. Sm ith, P. J. D unn, Ladd J L ew is, Jr. v B en n ett, D i r e c t o r s .— Resources. Loans and discounts:.................Com’l. dept Sav. dept Bonds, Mtgs. and securities. .. .Cam’l dept Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept Sav. dept Due from bks. in res. cities....... Com’l. dept. Sav. dept, U. S. Bds. & cert, indebt, as sav. legal res. Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res. :Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:................................... Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts................................... Premium account................... Expenses, int. & taxes p d . exceeding earnings Banking house...................... Furniture and fixtures................ Other real estate............... Due from banks other than in reserve cities Outside checks and other cash items Items in transit................ Stock of Federal Reserve Bank Other assets.................... Totals.................................... Report of Dec. 31, 1917. $108,812 150,492 132,887 455,619 05 98 02 74 Report of Mar. 4, 1918. $145,593 156,391 132,437 500,330 72 62 02 76 Report of May 10,1918. $209,573 149,338 124,295 482,879 Report of June 29, 1918. 13 87 02 38 $251,803 144,246 136,986 485,548 21,700 31,004 53 19 52 72 00 78 Report of Aug. 31, 1918. $227,881 141,001 134,325 497,322 21,900 25,614 46 53 52 26 00 18 24,100 00 132,687 75 20,400 00 132,283 49 21,600 00 144,265 54 60,063 38 76,823 41 2,328 26 4,639 00 3,113 00 5,406 91 3,162 60 24,100 00 19,831 00 24,105 00 21,803 00 25,965 00 17,123 00 17,215 00 1,525 00 1,720 00 532 50 595 00 3,523 15 3,359 10 3,276 15 4,656 40 2,586 02 277 41 720 22 209 19 119 25 246 59 48 40 600 95 16 96 354 41 103 54 50,000 00 60,000 00 50,000 00 50,000 00 50,000 00 3,586 58 2,390 70 3,377 ÓÒ 4,712 48 4,200 00 5,509 43 3,850 90 4,200 00 1,735 46 2,786 70 4,200 00 4,200 00 $1,188,571 86 $1,183,682 63 $1,225,719 41 $1,224,467 30 $1,205,779 63 Liabilities. Capital stock paid in ................. Surplus fund........................... Undivided profits, n e t................. Dividends unpaid................. Reserved for taxes, interest, e tc ... Commercial deposits subject to check.......... Demand certificates of deposit... Certified checks........................ Cashier’s checks...................................... Due to Federal Reserve Bank......... Due to other banks and bankers................... State moneys on deposit..................... Postal savings deposits............................... U. S. Government deposits....... Time commercial certificates of deposit....... Savings deposits (book accounts)............ Savings certificates of deposit................ Club savings deposits............................ Notes and bills rediscounted.......................... Bills payable..................................... Bonds sold subject to repurchase.................. Bonds borrowed........................... Acceptances executed for customers............. Customers’ letters of credit............ Other liabilities................................. Totals.................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $110,000 00 30,000 00 1,474 59 $110,000 00 30,000 00 6,501 16 $110,000 00 30,000 00 16,847 25 02 02 47 00 280,910 63 10,912 26 137 85 287,675 13 21,043 93 252,823 56,440 279 1,110 724,721 76 745,220 73 760,153 10 755,720 18 733,008 22 10,445 00 12,471 79 309,788 12,201 148 238 $1,188,571 86 $1,183,682 63 $1,225,719 41 $110,000 00 30,000 00 7,649 22 „1 77 10 03 00 $110,000 00 30,000 00 6,192 33 281,410 32,549 97 50 73 20 36 00 U U j «¡P-l, iJ\JKi y 1 1 iJ UO STATE BANKING DEPARTMENT. 6 No. 66. LENAWEE COUNTY SAYINGS BANK, ADRIAN. Organized December 16, 1S69. Corporate existence extended February 1, 1902. H . B . W a l d b y , C h a i r m a n ; H . V . C. H a r t , P r e s i d e n t ; C. U . H a r d y , R . S. M o r e l a n d , D . B. M o r g a n , V i c e P r e s i d e n t s ; J. C. M u r p h y , C a s h i e r j A. W . W r i g h t , A s s i s t a n t C a s h i e r . D i r e c t o r s .— R ia l Clay, J. V. D eF oe, C has. E v a n s, H. Y. C. H art, V ernon H oxie, C. D . H ardy, H enry H art, .T. W. Kirk, H. B. K now les, H. L. L a rw ill, D . B. M organ, R. S. M oreland, J . C. M urphy, F . W. P ren tice, F . A. S tev en so n , A. J. W alper, A. W . W ood, H. B. W aldby. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. $305,966 02 258,678 00 $282,398 28 240,476 38 $319,224 25 219,316 14 $381,956 25 255,476 06 $381,055 25 219,978 69 Sav. dept. Com’l. dept. Sav. dept. 1,145,540 64 1,124,546 73 1,091,947 40 1,095,608 68 26,764 93 49,029 87 1,034,288 25 19,370 64 63,221 97 Due from bks. in res. cities:___Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 34,400 19 200,927 55 56,491 38 85,846 43 244,404 60 92,179 72 104,774 38 261,388 32 83,196 22 117,975 14 264,517 75 77,396 00 47,755 89 163,243 84 201,785 50 1,255 42 1,278 79 2,602 94 1,837 57 3,012 21 362 51 1,386 86 1,054 13 5 206 90 Due from Fed. Res. Bk.:. XT S pert of indebf, as cash res *Com M dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................... * ............Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures Other real estate Due from banks other than in reserve cities Outside checks and other cash item s............ ítem s in transit Stock of Federal Reserve B ank..................... Other assets Report of Aug. 31, 1918. 18,208 72,010 140 8,850 25 00 00 00 17,094 18,797 132 2,800 00 00 50 00 22,893 15,260 67 2,780 00 00 50 00 14,863 17,199 70 2,750 00 00 00 00 14,553 18,305 120 2,755 00 00 00 00 2,069 462 295 305 6 60 80 32 80 08 1,626 417 141 264 359 45 65 83 06 33 2,899 403 301 288 550 05 10 84 70 12 1,689 435 217 378 163 90 70 55 61 17 1,987 335 105 416 166 80 30 98 20 34 45,000 00 45,000 00 45,000 00 45,000 00 45,000 00 4,626 99 2,720 56 1,492 80 1,273 25 848 81 6,000 00 6,000 00 6 000 00 6,000 00 Totals........................................................ $2,156,512 92 $2,169,646 03 $2,181,157 54 $2,361,205 85 $2,226,500 36 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends un p aid .. Reserved for taxes interest, etc ... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve Bank Due to other banks and bankers................... State moneys on deposit Postal savings deposits U. S. Government deposits Time commercial certificates of deposit Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted Bills payable..................................................... Bonds sold subject to repurchase Bonds borrowed Acceptances executed for customers Customers’ letters of credit ... Other liabilities $150,000 50,000 8,897 11,180 00 00 72 00 168,530 343 241 2,159 58 73 50 29 $150,000 00 50,000 00 26,336 09 200,497 343 500 1,147 70 73 00 05 $150,000 00 50,000 00 42,897 36 231,105 343 5 2,371 39 73 39 01 $150,000 50,000 17,149 5,894 00 00 72 00 374,859 343 5 7,147 13 73 39 96 $150,000 00 50,000 00 29,794 28 273,009 343 5 3,530 76 73 39 97 34,332 38 47,385 63 21,202 92 22,750 85 16,265 93 1,708,741 24 22,086 48 1,668,199 85 25,235 98 1,658,(35 76 24,595 98 1,694 480 93 31,532 98 7,041 16 1,665,151 64 31,301 48 7,097 18 Totals......................................................... $2,156,512 92 $2,169,646 03 $2,181,157 54 $2,361,205 85 $2,226,500 36 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. No. 179. ALBION STATE BANK, ALBION. Organized March 29, 1895. D. A. G a r f ie l d , P r e s i d e n t ; W. S. K D i r e c t o r s .— , V ic e D a v is , e ssl e r R oger H. P r e s i d e n t ; R. E. S A u d ito r . c h u m a c h e r , C a s h ie r W. S. K essler, D. A. Garfield, W. H. R odenbach, Geo. T. B ullen, D . M M cA uliffe O. A . Leonard, G. W. Schneider, G. W. P erkin s, J. K. O’H ara. Resources. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’i. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. Due from bks. in res. cities:... .Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res___ Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. C urrency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts....................... Premium account... Expenses, int. & taxes p d . exceeding earnings Banking house........... furniture and fixtures............... Other real estate............... Due from banks other than in reserve cities Outside checks and other cash item s........... Items in tra n sit... . Stock of Federal Reserve Bank Other assets....................... Totals............................... . Report of Dec. 31, 1917. • $433,516 48,033 29,100 268,990 85 00 00 18 Report of Mar. 4, 1918. $395,303 48,033 34,100 264,731 59 00 00 14 Report of M ay 10, 1918. $391,919 47,933 34,100 245,927 75 00 00 31 Report of June 29, 1918. $412,404 47,533 33,100 243,185 44 00 00 05 Report of Aug. 31, 1918. ' $410,141 45,840 53,100 252,230 92 00 00 79 16,014 42 20,097 45 40,000 00 16,673 94 1,647 29 41,000 00 27,802 43 1,096 29 50,000 00 33,957 76 2,804 38 45,000 00 7,347 05 39,267 18 3,000 00 2,870 25 2,707 24 3,181 35 1,704 55 4,993 81 00 00 00 00 20,529 00 18,000 00 6,040 00 21,619 00 18,000 00 7,332 50 12,090 00 17,000 00 620 00 11,120 00 2,636 02 2,237 95 3,890 80 1,116 15 875 00 356 76 190 31 303 63 240 28 213 50 802 70 1,071 72 98 64 26 37 221 96 4,500 00 12,532 72 4,500 00 12,492 72 4,500 00 12,512 55 4,500 00 12,512 55 4,500 00 12,512 55 15 30 32,861 10 323 05 33,657 42 277 61 18,617 69 22 76 I d non no 18,237 13,000 995 5,000 242 50 2,250 00 $949,558 75 $903,238 37 $889,112 55 $867,817 29 $862,S56 26 Liabilities. Capital stock paid in ............. Surplus fund............... Undivided profits, n e t........... Dividends unpaid............... Reserved for taxes, interest, etc. .. Commercial deposits subject to check.......... Demand certificates of deposit......... Certified checks.................... Cashier s checks.................... Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit............... Postal savings deposits.............. U. S. Government deposits............... Time commercial certificates of deposit .'.. . . Savings deposits (book accounts).............. Savings certificates of deposit.................. Club savings deposits.................................... Notes and bills rediscounted.................... Bills payable............................... Bonds sold subject to repurchase................ Bonds borrowed................ Acceptances executed for customers............. Customers’ letters of credit.................. Other liabilities..................................... Totals. . ....................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 25,000 21,891 1,014 00 00 35 00 00 00 10 00 15 63 15 192 15 273,117 80 113,364 15 1,494 04 1,500 00 1,455 00 1,473 29 1,473 29 338,130 54 342,861 34 314,471 04 310,662 42 319,978 80 103,213 45 15,000 00 76, ¡ 00 00 30,001 00 40,075 09 40,000 00 73,627 92 30,000 00 92,472 74 15,000 00 $949,558 75 $903,233 37 $889,112 55 $SG7,817 29 $862,856 26 291,436 03 102,349 44 $50,000 25,000 27,815 60 192 229,111 120,698 $50,000 00 25,000 00 31,437 22 $50,000 40,000 12,110 2,520 192 246,287 100,9i3 00 00 33 00 15 20 98 $50,000 40,000 16,741 96 192 225,062 101,838 00 00 66 00 15 83 79 STATE BANKING DEPARTMENT. 8 No. 167. THE COMMERCIAL AND SAVINGS BANK OF ALBION. Organized September 30, 1893. C. H om er B l a ir , P r e s i d e n t ; W. C. M C. D i r e c t o r s .— S. , V i c e P r e s i d e n t ; C. G. B A s s i s t a n t C a s h ie r . a r s h L oud, ig e l o w , C a s h ie r ; H om er C. B lair, Sam uel D ickie, W a sh in gton Gardner, C. G. B igelow , G eorge E. D ean, H. It. W ochholz, E. R. Loud, B. D . B row n, W. C. M arsh. Report of Aug. 31, 1918. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts.................. Com’l. dept. Sftv, dc.ptBonds, mtgs. and securities ... .Com’l. dept. Sav. dept. Due from Fed Res. Rk Cnm’l dept. Sav. dept. $332,548 13 $322,406 27 $338,070 32 $349,390 57 135,956 62 268,022 59 166,271 30 282,827 23 226,753 00 278,880 63 Due from bks. in res. cities:....... Com’l. dept. Sav. dept. TJ. S. Bds. & pprt. in debt., as sav. legal res. Exch. for clearing house & checks on banks in same place:...........................Com’l. dept. Sav. dept. 23,380 73 41,130 19 27,859 63 30,642 92 22,273 36 ' 21,368 80 11,951 70 2,975 66 15,904 88 7,382 55 6,407 60 4,463 17 6,334 77 6,196 97 1,767 00 3,985 00 17,000 00 2,827 50 4,465 00 17,000 (0 6,725 00 6,134 00 17,000 00 1,117 50 994 00 15,000 fO 532 50 10,752 00 3,286 00 3,362 00 2,858 00 364 20 699 20 690 30 1,857 50 1,000 00 377 75 50 327 70 1,903 97 3,180 63 267 29 513 78 2,634 49 35,716 16 10,184 01 4,562 48 35,716 16 10,184 01 5,659 63 35,716 16 10,184 01 5,620 83 35,716 16 10,184 01 2,693 87 35,716 16 10,184 01 2,643 87 127 31 22,525 00 3,450 00 14 71 111 98 3,450 00 52 91 89 29 1,025 00 3,450 00 3,450 00 3,450 00 $914,352 44 $927,881 58 $974,974 06 $897,180 42 $936,978 14 00 00 13 00 $75,000 00 40,000 00 15,243 83 $75,000 00 40.000 00 20.001 76 $75,000 40,000 13,873 4,500 231,182 06 107,323 02 259,616 11 121,276 38 279,861 50 117,579 93 227,617 85 103,7/1 35 215,512 53 104,994 06 35,250 45 34,055 11 30,950 47 30,977 79 29,030 24 326,152 78 330,470 15 317,249 43 300,667 43 306,004 91 3,906 67 136,382 54 10,000 00 $936,978 14 Resources U. cert, of indebt, as cash res.:Com’l. dept Sav. deptCnm’l. dept. Sav. dept. Gold coin: Cnm’l. dept. Sav. dept. 147,379 272,070 24.352 10.353 00 63 61 00 $390,732 40 147,869 272,052 11,317 21,859 00 52 79 06 S. Currency: Silver coin: . f Cnm’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities Outside checks and other cash item s.... Items in transit Stock of Federal Reserve Bank..................... Other assets...................................................... Totals........................................................ 232 50 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, etc.................... Commercial deposits subject to check.......... Demand certificates of deposit.. ................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................. State moneys on deposit ................. Postal savings deposits................................... U. S. Government deposits...................... Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed................................. Acceptances executed for customers Customers’ letters of credit............................ Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $75,000 40,000 10,368 4,500 00 00 56 00 84,576 00 52,220 00 94,330 97 13,534 47 74,237 97 13,000 00 $914,352 44 $927,881 58 $974,974 06 $897,180 42 $75,000 40,000 16,117 30 00 00 19 00 STATE BANKS OF MICHIGAN. 9 No. 498. ALGONAC SAVINGS BANK, ALGONAC. Organized April 13, 1912. C u r t is R. C h a m p io n , P r e s id e n t; J G lenn D i r e c t o r s .— D . E a s t , V ic e Y o u n g , A s s is ta o h n P r e s i d e n t ; W . E. F n t C a s h ie r . o l so m , C a s h ie r ; C urtis R. C ham pion, John E a st, Geo. W. C arm an, F red W. Parker, A lex V ancom berg. Report of Dec 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918 Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $29,613 28 *25,529 53 $33,998 61 *39,238 46 $31,775 73 60,182 44 92,478 99 67,707 86,078 4 9 77,365 00 78,070 04 78,657 20 74,670 04 73,603 04 76,330 04 Due from bks. in res. cities:... .Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res... . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 12,303 40 10,900 00 7,603 10,000 3 0 3,101 25 2,000 00 50 00 3,498 09 2,000 00 6,000 00 10,478 61 5,500 00 8,700 00 3,434 00 5,000 00 565 00 2,500 3,776 0 0 7,000 00 4,490 00 510 00 0 55 00 50 00 7,062 74 4,910 00 537 50 587 2,771 5,600 267 300 200 M) 398 0 127 9 457 5 8 1 309 100 575 100 459 55 00 52 00 78 250 05 90 00 Resources. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts................................................... Premium account............................................ Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tran sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals.................................................... Report of Aug. 31, 1918. • 380 85 400 00 527 10 244 49 40 79 763 410 492 100 374 40 00 64 00 51 0 2,300 00 2,300 00 2,200 00 1,151 93 1,073 42 739 20 584 40 281 05 88 99 241 37 168 36 445 05 370 34 2,013 60 200 50 *221,294 10 $208,228 58 *207,368 98 $220,070 26 *224,942 07 00 00 83 00 $20,000 00 4,000 00 4,638 46 *20,000 00 4,000 00 4,023 88 *20,000 00 4,000 00 3,390 77 81,590 15 3,708 89 77,724 7 1,595 )3 72,100 88 1,300 69 81,791 49 2,825 11 100,483 43 1,900 39 108,734 99 101,608 55 85,328 95 87,429 78 95,167 48 20,000 00 20,000 00 *207,368 98 *220,070 26 2,300 00 2,300 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, etc................ ... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve Bank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits........................ ;. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ *20,000 00 3,500 00 3,760 07 Totals........................................................ *221,294 10 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *20,000 4,000 3,270 30 *208,228 58 $224,942 07 STATE BANKING DEPARTMENT. 10 No. 314. ALLEGAN STATE SAVINGS BANK, ALLEGAN. Organized May 24, 1905. H. A. D eL ano, P r e s id e n t; W. H . Ch C. F . D i r e c t o r s .— a d d o c k P eck, , E. W . D eL ano, V ic e P r e s id e n ts ; C a s h ie r . H. A. D eL ano, W . II. Chaddock, E. W . D eL ano, A . B rand, O. S. Cross. Resources. Report of Dec 31, 1917 Report of Mar. 4, 1918. Report of May 10,1918. Report of June 29, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:__ Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $56,117 69,168 12,000 231,728 $51,577 69,558 8,000 232,906 $65,507 68,298 8,000 225,166 $72,977 62,681 44,300 215,190 Due from bks. in res. cities:... .Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts............................................. Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................. Furniture and fixtures................................... Other real estate.......................................... Due from banks other than in reserve cities. Outside checks and other cash item s....... Items in transit............................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals.......................................... 27 76 00 48 66 99 00 35 57 87 00 35 35 38 00 61 Report of Aug. 31,1918. $63,202 64,090 24,000 221,640 70 10 00 61 6,004 11 29,043 65 20,800 00 6,000 00 18,030 33 24,550 00 7,014 61 19,051 95 25,492 50 5,008 91 13,928 18 2,000 00 6,008 50 27,101 44 1,800 00 3,599 48 2,783 38 879 68 706 23 941 70 1,872 00 3,825 00 7,000 00 4,351 00 4,902 00 2,849 00 5,000 00 2,400 00 8,444 00 10,595 00 10,532 50 10,535 00 5,565 00 3,792 4,404 190 10,300 00 00 00 00 90 3,650 10 399 1,279 00 00 03 76 95 218 4,200 23 389 750 95 00 30 06 43 1,000 2,768 120 256 828 210 00 05 32 65 65 00 1,000 1,656 52 315 573 210 00 30 33 70 54 00 3,084 88 148 1,960 205 05 90 37 08 00 15.000 00 11.000 00 4,143 49 15.000 00 11.000 00 4,189 44 15.000 00 11.000 00 4,211 44 15,000 00 10,900 00 4,211 44 15,000 00 10,900 00 4,082 19 318 49 10,259 07 602 37 7,406 31 109 47 1,002 90 339 44 569 40 $493,298 54 $473,478 57 $477,802 51 $469,337 47 $466,232 04 $30,000 00 3,800 00 1,890 14 $30,000 00 3,800 00 2,154 63 $30,000 00 3,800 00 3,698 57 $30,000 00 4,000 00 1,342 21 $30,000 00 4,000 00 2,474 09 80,141 16 3,000 00 608 40 63,468 82 3,000 00 824 40 84,761 37 3,000 00 829 40 85,128 26 764 40 69,203 33 Liabilities. Capital stock paid in ................................... Surplus fund............................................. Undivided profits, n e t..................................... Dividends unpaid........................................ Reserved for taxes, interest, e tc.................. Commercial deposits subject to check.......... Demand certificates of deposit.................. Certified checks................................ Cashier’s checks................................... Due to Federal Reserve B ank..................... Due to other batiks and bankers............... State moneys on deposit....................... Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit__ Savings deposits (book accounts)................ Savings certificates of deposit................ Club savings deposits................................... Notes and bills rediscounted.................. Bills payable................................................. Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities.............................................. Totals............................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40 974 93 5,000 00 586 70 5,000 00 568 70 5,000 00 275 54 275 29 206,132 65 162,359 66 209,358 83 155,501 19 198,283 31 133,866 16 198,080 18 112,481 88 195,409 53 105,605 00 14,000 00 32,200 00 58,500 00 $477,802 51 $469,337 47 $466,232 04 5,000 00 $493,298 54 $473,478 57 STATE BANKS OF MICHIGAN. 11 No. 323. THE FIRST STATE BANK OF ALLEGAN, ALLEGAN. Organized May 15, 1905. F. H. W il l ia m s , P r e s id e n t; B. B. H erm an D i r e c t o r s .-— S u t p h in , V aupell, V ic e P r e s i d e n t ; H . D . A s s i s t a n t C a s h ie r . P r it c h a r d , C a s h ie r ; F . I I W i lli a m s , C. R . W ilk e s , W . J . O liv e r , E . W . S to n e , B . B . S u t p h i n , H e r m a n V a u p e ll, H . F . M a r s h , H . D . P r i t c h a r d , B . P . W ilk e s . Resources. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed R.ps Bk.*. flom’1. dept,. Sav. dept Due from bks. in res. cities.......Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. TT. S cert. of indeht. as cash rcs.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures...................................... Other real estate............................................... Due from hanks other than in reserve cities. . Dutside checks and other cash items Items in transit Stock of Kederal Reserve Bank Other assets ...................................... Totals........................................................ Report of Dec. 31, 1917. $292,039 71,919 40,377 258,294 94 45 00 53 Report of Mar. 4, 1918. $264,(98 72,842 40,377 256,742 33 26 00 53 Report of May 10, 1918 $291,536 65,731 36,602 238,867 47 08 00 86 Report of June 29, 1918. $277,747 57,518 36,058 237,859 38 78 08 76 Report of Aug. 31, 1918. $271,611 54,848 36,056 233,766 43 20 58 76 4,140 70 16,956 10 42,100 00 4,169 69 48,451 74 12,786 77 4,206 24 26,488 39 13,343 35 4,217 63 17,818 78 10,800 00 10,250 15 11,903 02 68,550 00 1,624 31 1,641 57 1,903 56 2,668 74 3,118 76 14,400 10,000 162 8,000 00 00 50 00 11,145 10,000 245 8,000 00 00 00 00 7,854 10,000 462 8,000 00 00 50 00 2,740 10,000 295 8,000 00 00 00 00 11 10,000 770 3,000 00 00 00 00 544 40 951 80 657 42 1,256 60 558 25 97 06 287 93 225 26 248 91 116 00 2,712 61 850 27 980 74 529 63 1,009 51 6,091 24 3,998 07 391 59 6,091 24 3,998 07 2,841 06 6,091 24 3,998 07 2,799 06 6,091 24 3,998 07 2,796 06 6,091 24 3,998 07 2,796 06 37 31 182 50 22 67 284 46 1,488 56 310 69 1,468 95 1,090 25 $681,415 26 $720,211 43 680 00 $746,133 01 $722,145 67 00 00 02 00 $50,000 00 11,000 00 6,834 69 $50,000 00 11,000 00 10,835 26 $50,000 11,000 6,652 816 129,365 49 134,789 94 35 00 124,865 79 109,919 79 905 93 139,908 23 67, 68 88 35 00 123,535 05 33,646 53 38 00 138,241 80 .3,655 54 38 00 .542 42 855 82 362 04 713 66 788 66 261,610 99 131,148 85 60,940 85 140,310 14 235,187 20 156,645 06 233,952 25 170,557 62 221,606 49 171,413 40 12,500 00 00 26,825 00 24,179 00 26,3 5 00 24,179 00 36,325 00 29,179 00 29,400 00 $746,133 01 $722,145 67 $681,415 26 $720,211 43 $774,476 71 Liabilities. Capital stock paid in ....................................... Surplus fund ............................................... Undivided profits, n e t..................................... Dividends unpaid Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit...................... ................................... Certified checks Cashier’s checks............................................... D u e t o Federal R e s e r v e R a n k D l l ° tn cither h^nks and hankers State moneys on deposit Postal savings d ep o sits.................................. U S Government deposits Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Notes and hills rediscounted.......................... Bills payable ............................................. Bonds sold subject to repurchase.................. Totals ............................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 11,000 6,404 90 14,490 00 35,000 00 $774,476 71 2 8 ,0 0 0 00 00 15 00 $50,000 11,000 8,547 16 00 00 54 00 12 STATE BANKING DEPARTMENT. No. 487. ALLEN STATE SAVINGS BANK, ALLEN. Organized March 7, 1911. A. L. P r e s i d e n t ; E. J. B e n g e , V i c e - P r e s i d e n t ; H . P. T i l l o t s o n , C a s h i e r . B. W . B rockw ay, A. M. W inchester, A. L. N orton, J. E. M cC onnell, E. C. W atk ins, C. H. Shepard, E dson J. B enge. N orton^ D i r e c t o r s .— Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Loans and discounts:................. Com’l. dept. Sav. dept Bonds, mtgs. and securities:.. . . Com’l. dept Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept $72,057 1,171 8,434 2,470 $75,131 1,550 11,200 2,470 Due from bks. in res. cities:... .Com’l. dept. Sav. dept, U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:....................................Com’l.dept, Sav. dept. 31 90 00 00 ,807 81 200 00 U* S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.............................................. Com’l.dept 3,532 00 Sav. dept. 1,000 00 Gold coin:...............................................Com’l.dept. 1,425 00 Sav. dept. Silver coin:............................................. Com’l.dept. 1,027 80 Sav. dept. 200 00 Nickels and cents:.................................Com’l.dept. 161 17 Sav. dept. 8 29 Overdrafts................................................... 54 15 Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house............ ................................... 5,275 18 Furniture and fixtures................................... 1,830 32 Other real estate............................................ Due from banks other than in reserve cities Outside checks and other cash item s........... 326 31 Items in transit.............................................. Stock of Federal Reserve B ank................... Other assets...................................... Totals. 16 68 91 00 Report of Report of May 10, 1918. June 29, 1918. 54 10 91 00 $70,539 89 3,815 10 11,658 32 $ 6 5 ,7 0 1 4 3,655 10 12,016 36 500 00 7,671 49 5,748 56 12,864 26 500 00 500 00 1,000 00 5,302 00 800 00 1,450 00 2,572 00 6,077 00 267 00 145 00 2,065 00 367 00 175 00 996 55 52 00 597 15 68 00 187 89 58 168 97 566 80 525 80 208 74 26311 111 84 724 65 5,275 18 1,830 32 5,275 18 1,830 32 5,275 18 1,830 32 5,275 18 1,830 32 93 60 120 75 158 30 443 83 2,000 00 $106,902 05 $111,411 75 9,673 47 200 00 $64,555 1 /3 5 14,695 2,180 Report of Aug. 31, 1918. 2,000 00 217 36 211 00 100 00 1,450 00 $107,981 24 $116,454 23 $20,000 00 $20,000 00 1,400 00 2,374 34 $20,000 00 2,000 00 $20,000 00 2,000 00 726 23 $20,000 00 2,000 00 1,100 79 2,000 00 966 27 21,609 60 57,547 11 26,609 31 62,054 77 19,494 08 56,904 89 19,497 77 59,450 52 23,200 16 60,677 83 5,050 19 5,072 85 4,483 68 4,852 97 4,567 49 $107,981 24 $116,454 23 $103,608 88 $106,902 05 $111,411 75 $103,608 Liabilities. Capital stock paid in ............................... Surplus fund............................................. Undivided profits, n e t............................. Dividends unpaid..................................... Reserved for taxes, interest, e tc............. Commercial deposits subject to check.. Demand certificates of deposit............... Certified checks........................................ Cashier’s checks....................................... Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits............................ U. S. Government deposits..................... Time commercial certificates of deposit. Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable............................................. Bonds sold subject to repurchase........... Bonds borrowed....................................... Acceptances executed for customers__ Customers’ letters of cred it................... Other liabilities......................... Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 687 30 30 00 STATE BANKS OF MICHIGAN. 13 No. 232. ALMA STATE SAVINGS BANK, ALMA. Organized May 1, 1901. P r e s i d e n t ; J o t h a m A l l e n , V i c e P r e s i d e n t ; K a r l R. A d a m s , C a s h i e r ; H. M. G l a s s , A s s i s t a n t C a s h i e r ; F. M. W i s e , A u d i t o r . i r e c t o r s . — W illia m A . B ahlke, D a n iel L. Sharrar, Geo. C. P arson s, K arl R. A dam s, E. A. B a g ley , J a m es E. M itch ell, Jo th a m A llen. W il l ia m D A. B a h lk e, Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:........... . .Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $227,316 88 63,583 94 $206,223 43 35,336 76 $213,849 25 51,463 02 $209,238 32 52,547 34 $211,231 27 63,612 36 160,691 32 167,921 32 165,587 79 164,267 79 160,782 79 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 38,961 07 3,621 87 45,000 00 51,402 70 36,039 63 49,850 00 38,828 25 32,690 55 38,715 00 11,530 59 42,871 05 25,550 00 26,750 50 38,198 37 31,200 00 4,324 52 3,735 78 4,041 31 7,783 50 5,276 02 10,625 00 10,200 00 13,649 00 9,500 00 3,933 00 9,600 00 2,857 00 18,650 00 3,866 00 11,500 00 4,312 50 4,355 00 4,357 50 4,345 00 371 2,300 11 292 919 8 711 1,800 98 355 291 U. S. cert, of indebt, as cash res.:Com’l. dept. SaV. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................. ............... Furniture and fixtures.................... ................ Other real estate............................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tra n sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals......................................................... 4,107 50 3,110 65 92 50 585 59 4,540 19 132 25 , 2,272 1,300 297 187 1,117 293 80 00 24 50 55 13 569 930 114 315 444 90 00 27 00 91 55 50 86 CO83 95 Report of Aug. 31, 1918. 20 00 45 00 54 15,000 00 5,000 00 15,000 00 5,000 00 15,000 00 5,000 00 15.000 00 15.000 00 15,000 00 5,000 00 436 73 4,702 78 3,694 61 11,578 92 2,053 62 6,155 10 2,528 13 2,678 45 $602,032 79 $618,712 87 $593,645 97 $566,085 91 $582,696 95 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................. Time commercial certificates of deposit.. . . Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customer’s letters of credit............................ Other liabilities................................................. Totals....................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $40,000 10,000 6,902 2,800 00 00 61 00 $40,000 10,000 7,370 70 00 00 14 00 $40,000 00 10,000 00 8,507 87 $40,000 10,000 7,536 2,800 00 00 97 00 $40,000 00 10,000 00 6,806 55 226,216 26,726 365 1,724 80 68 37 20 229,448 25,143 420 1,811 66 74 64 98 227,306 34 3,985 15 62 50 127,75 192,922 1,161 502 325 56 90 40 90 213,041 1,011 43 -100 79,712 07 224,735 64 79,291 67 224,364 69 78,941 92 231,894 26 79,937 49 231,756 03 $566,085 91 $582,696 95 72,478 55 214,818 58 23 90 75 00 r $602,032 79 $618,712 87 $593,645 97 14 STATE BANKING DEPARTMENT. No. 233. FIRST STATE BANK OF ALMA, ALMA. Organized June 15, 1901. L. D A. S h arp, P r e s id e n t; F r a n c is K in g , K n o e r t z e r , F . O. P a r k e r , V ic e P r e s id e n t; Carl H . W a sh bu r n , C a s h ie r ; J. S. W m . M c F a d d e n , A ss is ta n t C a s h i e r s . i r e c t o r s . — L. A. Sharp, F r a n c is K ing, P . M. Sm ith, C arl H. W ashburn, Chas. O. W ard, C. G. R hodes, H enry H. Soule. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. B k.:...........Com’l. dept. Sav. dept. $317,053 50 191,805 44 $478,160 73 108,179 66 $528,329 51 174,572 79 $543,574 75 145,169 47 $478,146 69 132,057 67 351,467 35 358,830 95 346,617 85 411,458 93 381,625 01 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res....... Exch. for clearing house & checks on banks in same place...........................Com’l. dept. Sav. dept. 41,077 58 103,859 27 84,149 00 21,917 44 36,282 60 75,815 44 93,586 99 26,364 94 64,311 36 166,242 69 27,095 94 90,264 26 31,022 23 60,000 00 5,301 81 3,633 39 2,804 97 2,992 41 6,556 68 U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept Sav. dept. Nickels and cents....................... Com’l. dept. . Sav. dept. Overdrafts..................................... Premium account........................................... Expenses, int. & taxes p d . exceeding earnings Banking house.......................... Furniture and fixtures................................. Other real estate....................................... Due from banks other than in reserve citie s.. Outside checks and other cash item s........... Items in tra n sit.............................................. Stock of Federal Reserve B ank..................... Other assets.................................... Totals............................................. 23,765 17.500 922 10.500 00 00 50 00 13,944 17.500 952 10.500 00 00 50 00 25,642 17.500 967 10.500 00 00 50 00 26,423 21.500 867 10.500 00 00 50 00 Report of Aug. 31, 1918. 4,981 21.500 692 10.500 00 00 50 00 4,101 65 3,555 95 3,184 40 3,854 80 208 05 458 28 361 81 662 28 703 01 2,267 00 214 26 305 09 530 69 602 49 25,000 00 5,000 00 4,851 55 25,000 00 5,000 00 4,950 75 25,000 00 5,000 00 5,018 70 25,000 00 5,000 00 5,189 52 25,000 00 5,000 00 5,189 52 46 81 116,594 26 174 55 138,847 30 154 86 48,719 44 69 30 59 70 $1,305,470 77 $1,303,917 80 $1,378,942 21 $1,396,131 28 $1,257,023 16 3,122 40 Liabilities. Capital stock paid in ........................... Surplus fund................................................. Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit................... Certified checks.................... Cashier’s checks....................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable................................................... . Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................. $50,000 00 35,000 00 7,642 68. $50,000 35,000 10,329 7 00 00 93 00 $50,000 00 35,000 00 14,694 50 $50,000 40,000 4,145 4,000 484,001 24 56,650 81 834 38 390,598 57 59,583 29 2,383 48 437,187 16 40,338 96 1,012 58 462,643 33 36,502 32 477 46 373,410 85 30,925 22 554 38 139,526 88 455,685 29 152,457 18 475,011 79 150,278 14 438,245 75 158,752 06 440,065 78 174,021 99 439,352 62 76,129 49 128,546 56 212,185 12 199,544 71 141,477 15 T otals......................................................... $1,305,470 77 |$1,303,917 80 $1,378,942 21 $1,396,131 28 $1,257,023 16 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 00 00 62 00 $50,000 40,000 7,272 8 00 00 95 00 15 STATE BANKS OF MICHIGAN. No. 437. THE ALMONT SAVINGS BANK, ALMONT. Organized May 5, 1909. W. W. n d r u s , V ic e P r e s i d e n t ; G e o . D. H a r t , C a s ln e r , C. S a n b o r n , A s s i s t a n t C a s h i e r . i r e c t o r s . — T. C. T aylor, F . C. B allard, F . P. A ndrus, D avid C ochrane, W. W . P aton , J. E. L eete, A. H. L eete, Geo. D. H art, Joh n S u llivan . P aton, P r e s id e n t; F. P. A L. D Resources. Report of Dec. 31, 1917. Report of Mar 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com'l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. B k.:........... Com’l. dept. Sav. dept. $60,917 49,568 10,000 121,430 $47,896 69,426 10,000 117,893 $71,824 61,189 9,275 115,877 $76,159 52,280 17,775 167,454 $79,698 48,287 17,775 174,245 Due from bks. in res. cities:... .Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res. . . . Exch. for clearing house & checks on banks in same place...........................Com’l. dept. Sav. dept. U. S. cert, of indebt. as cash res.:Com’l. dept. Sav. dept. C urrency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 23 49 00 73 754 96 10,682 17 14,735 05 2,348 4.000 167 6.000 00 00 50 00 80 33 00 75 1,012 06 14,445 67 54,350 00 17 4.000 175 6.000 00 00 00 00 85 34 00 52 1,413 60 7,834 44 56,497 50 732 4.000 177 6.000 00 00 50 00 49 50 00 40 96 16 00 48 1,624 42 13,434 30 4,299 08 8,655 21 145 39 181 34 2,042 6,000 1,632 4,000 00 00 50 00 5.000 472 3.000 27 700 00 00 00 50 00 1,352 60 1,383 65 1,468 80 1,459 50 361 03 397 20 413 16 405 40 316 35 1,300 00 401 75 1,025 13 689 56 721 96 327 44 819 63 3,571 03 1,987 09 3,569 53 1,947 09 3,569 53 1,943 64 3,569 53 1,937 64 3,569 53 1,930 79 15 22 ¿9 28 86 $288,916 23 $333,204 33 $342,967 70 $350,247 51 $350,679 78 Capital stock paid in ....................................... Surplus fund ..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, etc..................... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed ............................................. Acceptances executed for customers............. Customers’ letters of cred it.... Other liabilities ............................................... $25,000 00 5,000 00 9,008 69 $25,000 00 5,000 00 8,332 50 $25,000 00 5,000 00 11,257 47 $25,000 00 5,000 00 10,008 92 $25,000 00 5,000 00 9,506 32 24,730 11 10,968 17 25,387 26 17,984 60 64,623 32 14,760 62 28,495 12 12,378 98 24,076 36 14,421 40 350 50 1,376 73 1,450 00 420 00 263 38 189,704 53 24,154 23 219,278 16 20,845 08 180,138 31 26,237 98 214,068 00 30,931 55 5,944 94 214,438 29 24,323 95 5,650 08 10,000 00 14,500 00 18,000 00 28,000 00 Totals......................................................... $288,916 23 $333,204 33 $342,967 70 $350,247 51 $350,679 78 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities.. Outside checks and other cash item s............... Item s in tra n sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals......................................................... Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 STATE BANKING DEPARTMENT. No. 169. THE ALPENA COUNTY SAYINGS BANK, ALPENA. Organized April 12, 1894. W. A. P r i n c e , P r e s i d e n t ; F. I. H o l m e s , V i c e P r e s i d e n t ; B y r o n H . O l d s , C a s h i e r ; A . W . K u n n a , A s s i s t a n t C a s h ie r . D ir e c t o r s .— R. E. G ilch rist, W . A. P rin ce, T hos. M cDade, D. D . H anover, R obert M ontrose, W. H. D a v iso n , P a u l H o eft, W. H. Sanborn, F . I. H olm es, H. E. F letch er , F . L. R ichardson, W. P . H arris. Resources. Loans and discounts:.................Com’l. dep Sav. dep Bonds, mtgs. and securities:... .Com’l. dep Sav. dep Due from Fed. Res. B k .:.......... Com'l. dep Sav. dep Due from bks. in res. cities.......Com’l. dep Sav. dep U. S. Bds. & cert, indebt, as sav. legal res.. . Exch. for clearing house & checks on bank in same place:........................ Com’l. dept Sav. dept U. S. cert, of indebt, as cash res.:Com’l. dep Sav. depi Currency:................................... Com’l. dept Sav. dep Gold coin:.................................. Com’l. dept Sav. dept Silver coin:................................. Com’l. dept Sav. depi Nickels and cents:..................... Com’l. dept Sav. dept Overdrafts................................................. Premium account......................................... Expenses, int. & taxes pd. exceeding earning Banking house.............................................. Furniture and fixtures................................ Other real estate........................................... Due from banks other than in reserve cities. Outside checks and other cash items......... Items in transit............................................. Stock of Federal Reserve Bank.................. Other assets.................................................. Totals........................................... Report of Dec. 31, 1917. Report of Mar. 4 1918. Report of M ay 10, 1918. Report of June 29, 1918. $39 1,16 4 32 377,570 03 $428,734 67 330 ,773 54 $564,977 16 343,425 59 $682,639 39 348,168 94 $525,9 67 35 316 ,5 56 80 1,84 9 ,142 74 1,8 13 ,4 4 2 67 1,7 5 7 ,5 5 7 31 1,7 7 9 ,29 5 13 12 3,2 55 60 1,724 ,79 8 01 42,600 00 78,664 83 Report of Aug. 31, 1918. 69,045 58 275,664 82 67,542 45 37 8 ,132 64 5 3 ,1 1 8 48 112 ,8 2 5 13 00 80,174 54 53,970 92 62,623 55 324,369 50 2 ,13 0 89 6,824 42 1 ,1 2 7 39 2 ,4 1 1 53 2,0 57 37 43,625 00 00 64,085 00 00 15,000 00 100,000 21,100 6,200 00 00 00 00 22,602 7 2 ,17 5 10 ,255 37,000 00 00 50 00 34,097 9 2,18 7 10,037 37,000 00 00 50 00 9 ,231 80 20 959 22 51 80 698 44 7,005 774 1,279 50 902 25 75 73 25 71 7,499 763 1,040 49 490 65 45 59 55 17 8,201 25 510 75 02 40 47 999 62 34,607 24 3,000 00 1,065 79 34,607 3,000 1,065 8 ,214 677 24 00 79 85 35 34,607 24 3,000 00 522 00 34,607 24 3,000 00 522 00 34,607 24 3,000 00 522 00 4,587 00 11,2 6 5 67 3,27 6 95 2,56 3 28 6,750 00 6,750 00 $ 3 ,17 0 ,17 7 88 $3,29 0 ,4 12 35 $3,244,464 1 6 4 8,731 96,882 14,860 31,8 6 5 1,201 52 40 15 ,6 17 57 $ 3 ,2 2 3 ,5 4 1 84 $3,225,060 81 $100,000 125,000 1,698 1,3 2 3 $100,000 125,000 29,658 90 101,002 00 1,960 00 15,000 00 1,001 717 9,900 150 1,490 741 50 00 73 00 00 Liabilities. Capital stock paid in...................................... Surplus fund........................................ Undivided profits, net.................................... Dividends unpaid........................................... Reserved for taxes, interest, etc.................... Commercial deposits subject to check.......... Demand certificates of deposit........'........... Certified checks..............."............................ Cashier’s checks.............................................. Due to Federal R eserve Bank.................... Due to other banks and bankers.................. State moneys on deposit................................ Postal savings deposits.................................. U. S. Government deposits.......................... Time commercial certificates of deposit Savings deposits (book accounts)................. Savings certificates of deposit..................... Club savings deposits..................................... Notes and bills rediscounted....................... Bills payable................................................... Bonds sold subject to repurchase.................. Bonds borrowed.............................................. Acceptances executed for customers............. Customers’ letters of credit......................... Other liabilities........................................... 00 00 41 00 464,060 12 00 00 86 00 403,442 50 00 00 18 00 00 17 $100,000 125,000 81 3,009 00 00 21 00 $100,000 125,000 15 ,7 8 1 36 00 00 56 00 512,930 59 5 2 1,1 3 0 00 225 00 2 ,59 1 72 680 00 1,6 19 50 25 00 22 44 159,709 58 75,000 00 4,896 16 73,280 18 75,000 00 4,749 16 1 1 5 , 1 1 1 05 75,000 00 3,749 16 83,029 66 15,000 00 3,808 63 2,041,676 19 297,047 21 2,059,900 67 267,363 04 2,080 086 97 249,501 22 2,10 7 ,20 2 41 232,682 21 12,830 00 2,159,0 9 2 59 20 1,730 5 5 17 ,5 5 5 67 $ 3 ,17 0 ,17 7 88 $3,29 0 ,4 12 35 $3,244,464 16 134 ,3 4 1 5,000 4,835 48,560 Totals.......................................................J $ 3,2 2 3 ,5 4 1 84 $3,225,060 81 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $100,000 125,000 9,126 39 41,500 4 11,8 9 5 17 STATE BANKS OF MICHIGAN. No. 302. THE FARMERS’ STATE BANK OF ALTO, ALTO. Organized October 18, 1904. E d sg h O ’H a r r o w , P r e s i d e n t ; A l e x . R o b e r t s o n , V i c e P r e s i d e n t ; C. M. C a m p a u , C a s h ie r ; H e n r y V o l k e r , A s s is t a n t C a s h i e r . D ir e c t o r s .— E dson O’H arrow , V. C. W alton , C. M. Campau, F red C. T illyer, C harles B a n cro ft, J. E. R ockefellow . Resources. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities ... .Com’l. dept. Say. dept. Report of Aug. 31, 1918. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. $69,287 55 42,552 62 $66,126 80 36,863 39 $73,353 21 36,931 15 $77,000 59 32,931 15 138,068 30 144,768 30 146,229 00 134,644 00 10,000 00 31,097 84 950 00 10,000 00 45,383 15 2,100 00 13,000 00 17,401 55 1,900 00 11,000 00 20,906 47 3,200 00 3,128 00 10,500 00 295 00 4,523 00 10,700 00 265 00 700 00 8,900 00 280 00 3,338 00 8,900 00 275 00 380 50 478 20 409 50 842 30 685 25 170 53 176 89 190 21 246 72 264 57 44 94 $104,063 31,931 2,850 119,542 08 15 00 00 Sav. dept. Due from bks. in res. cities:....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res... . Exch. for clearing house & checks on banks 7,000 00 17,164 91 9,450 00 Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept. C urrency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts......................................................... 3,500 3,398 8,400 290 00 00 00 00 115 31 174 94 70 32 52 30 Expenses, int. & taxes p d . exceeding earnings Banking house.......................... ....................... Furniture and fixtures..................................... 2,500 00 800 00 2,500 00 800 00 2,500 00 800 00 2,500 00 800 00 2,500 00 800 00 Outside checks and other cash item s............ 25 65 22 75 200 00 208 77 17 84 355 63 Totals........................................................ $309,894 05 $325,059 67 $302,873 71 $296,654 37 $312,239 53 00 00 74 00 $20,000 00 10,000 00 2,565 28 $20,000 00 10 000 00 74 20 $20,000 00 10,000 00 377 23 78,441 39 92,092 47 88,029 81 98,936 99 4,000 00 1,685 00 2,068 20 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. $20,000 10,000 559 1,380 00 00 34 00 Commercial deposits subject to check.......... 69,800 78 Certified checks................................................ 115 84 Due to other banks and bankers................... $20,000 10,000 643 100 Savings deposits (book accounts).................. Savings certificates of deposit........................ 71,485 92 136,552 17 72,726 62 139,147 92 69,775 98 106,754 98 71,051 00 105,431 16 73,775 31 109,150 60 T otals......................................................... $309,894 05 $325,059 67 $302,873 71 $296,654 37 $312,239 53 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 STATE BANKING DEPARTMENT. No. 609. AMBLE STATE BANK, AMBLE. *Organized April 16, 1917. S. M. D i n s m o r e , P r e s i d e n t ; P e t e r H a n s e n , V i c e P r e s i d e n t ; L e n a O. H a n s e n , C a s h i e r . — H arry F . B eckley, S. M. D insm ore, P e te r H ansen, F ran k P . C hurch, N els Olsen. B. L. Gaffield, J. M. R ossm an. D ir ec to rs. Report of Dec. 31, 1917. Report of M ar. 4, 1918. Report of M ay 10, 1918. Report of June 29, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:__ Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $25,992 61 $25,050 80 $25,551 33 8,018 00 8,168 00 1,000 00 6,100 00 Due from bks. in res. cities:... .Com’l. dept. Sav. dept. 1). S. fids. & cert, indebt, as sav. legal res___ Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 5,776 52 9,297 88 423 15 6,669 25 Resources. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Report of Aug. 31, 1918. 1,000 00 3,000 00 4,283 00 1,731 00 200 00 170 00 597 00 200 00 170 00 291 20 236 50 46 33 35 00 60 5 10 3,233 29 1,250 00 3,300 00 1,250 00 3,300 00 1,250 00 40 00 47 25 46 32 $49,934 01 $50,976 21 $47,160 50 Capital stock paid in ....................................... Surplus fund ..................................................... Undivided profits, n e t................................... Dividends unpaid......................................... Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit..................... Certified checks............ ........................... Cashier’s checks................................. Due to Federal Reserve B ank..................... Due to other banks and bankers................... State moneys on deposit............................. Postal savings deposits.................................... U. S. Government deposits........................... Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits................................ Notes and bills rediscounted.......................... Bills payable........................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................. $20,000 00 $20,000 00 $20,000 00 70 97 435 04 756 95 15,340 25 13,853 20 11,288 28 18,883 70 7,693 58 16,853 10 669 59 369 19 1,856 87 Totals......................................................... $49,934 01 $50,976 21 $47,160 50 ■Liver coin:.................................. Com’l. dept. Sav. dept. iickels and cents:...................... Com’l. dept. Sav. dept. O verdrafts....................................... Premium account........................................... Expenses, int. & taxes pd. exceeding earnings Banking house.................................. Furniture and fixtures................. Other real estate............................................. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tra n sit................................................ Stock of hederal Reserve B ank..................... Other assets....................................... Totals........................................... _ . 160 00 74 50 40 00 66 09 Liabilities. »Com m enced b u sin ess A pril 8, 1918. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 STATE BANKS OF MICHIGAN. No. 48. ANN ARBOR SAYINGS BANK, ANN ARBOR. Organized February 4, 1869. Reorganized December 9, 1889. C h a s . E . H i s c o c k ,, C h a i r m a n o f t h e B o a r d . M i c h a e l J . F r i t z , P r e s id e n t; W m . D . H a r r i m a n , C a r l F . B r a u n , V ic e P r e s id e n ts ; W m . L . W a l z , C a s h i e r ; J o h n C. F r i t z , A l f r e d F. S t a e b , R o y B . H i s c o c k , A s s i s t a n t C a s h i e r s D i r e c t o r s .— Chas E. H iscock, Wm. D. H arrim an, W alter C. M ack, M ichael J. F ritz, C arl F . B raun, W m. L. W alz, E m ory E. L eland. Report of Dec. 31, 1917. Resources. Loans and discounts:......... .. Bonds, mtgs. and securities:. Due from Fed. Res. Bk.:__ U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept C urrency:..................................... Com’l. dept Sav. dept Gold coin:.................................... Com’l. dept Sav. dept Nickels and cents: Report of May 10, 1918. Report of June 29, 1918. Com’l. depl 11,366,341 86 $1,250,697 29 $1,130,417 30 $1,219,094 76 170,000 00 150,000 00 Sav. dept 140,000 00 90,000 00 93,882 64 60,761 46 Com’l. dept 21,143 19 20,549 12 Sav. dept 1,818,878 72 1,751,444 80 1,717 353 76 1,695,085 01 Com’l. dept Sav. dept Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks Com’l. dept in same place: Sav. dept Silver coin:........... Report of Mar. 4, 1918. Com’l. dept Sav. dept Com’l. dept Sav. dept. Overdrafts........... Premium account. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures.................................... Other real esta te............................................ Due from banks other than in reserve citie s.. Outside checks and other cash item s............ Items in tra n sit................................................ Stock of Federal Reserve Bank Other assets. $1,313,384 130,000 309,212 1,674,216 91 00 40 30 69,164 59 57,193 26 181,230 00 44,942 11 60,392 50 205,000 00 98,992 26 78,635 15 150,000 00 91,588 24 30,074 52 200,000 00 66,805 60 53,933 72 146,850 00 34,897 88 11,643 22 16,301 44 15,191 48 16,832 95 72,346 00 120,000 00 11,050 00 50,000 00 25,482 121,600 7,877 50,000 00 00 50 00 71,635 80,000 15,720 45,000 00 00 00 00 41,816 80,000 17,080 45,000 00 00 00 00 48,279 55.000 11,902 50.000 00 00 50 00 3,500 29,700 297 300 587 00 00 06 00 86 1,000 28,000 301 400 508 00 00 37 00 56 2,900 24,600 393 400 805 00 00 99 00 91 3,000 24,600 293 400 1,008 00 00 16 00 74 4,400 24,500 360 500 1,661 00 00 27 00 27 30,000 16,208 2,335 42,396 435 62,049 00 20 66 78 81 08 30,000 16,208 2,335 36,437 675 86,853 00 20 66 64 90 89 30,000 16,208 5,038 36,589 823 71,638 00 20 07 89 26 63 30,000 00 16,208-20 5,038 07 36,667 37 2,703 84 30,000 16,208 5,038 36,820 1,246 00 20 07 46 96 $4,080,055 95 $3,900,349 76 $3,824,214 32 $3,798,732 03 Totals. Report of Aug. 31, 1918. $3,997,152 61 Liabilities. Capital stock paid in ................................. Surplus fund............................................. Undivided profits, n e t............................. Dividends unpaid..................................... Reserved for taxes, interest, e tc .. ......... Commercial deposits subject to check.. Demand certificates of deposit............... Certified checks........................................ Cashier’s checks........................................ Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits............................ U. S. Government deposits..................... Time commercial certificates of deposit. Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable............................................. Bonds sold subject to repurchase........... Bonds borrowed....................................... Acceptances executed for customers__ Customers’ letters of credit.................... Other liabilities......................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $300,000 00 200,000 00 34,648 86 5,548 00 $300,000 200,000 58,177 64 00 00 48 00 $300,000 200,000 70,381 489 00 00 75 00 $300,000 200,000 12,553 5,682 00 00 72 00 $300,000 250,000 33,148 978 00 00 32 00 911,040 08 861,076 51 820,624 01 795,721 28 799,090 69 5,062 47 7,430 07 1,899 84 1,969 00 782 98 7,951 09 ■"767 14 6,701 01 1,723 95 3,430 51 83,485 65 109,925 63 82,522 35 67,376 12 2,153,677 59 112,394 39 2,117,171 56 142,665 74 2,093,266 47 172,722 44 266,768 84 107,400 00 85,828 67 72,167 50,000 00 2,029,477 167,791 27,891 69,625 46 05 02 00 $4,080,055 95 $3,900,349 76 $3,824,214 32 $3,798,732 03 92,500 00 1,999,400 109,467 26,131 163,905 150,000 58 76 68 00 00 3,997,152 61 20 STATE BANKING DEPARTMENT. No. 26. FARMERS’ AND MECHANICS’ BANK, ANN ARBOR. Organized October 13, 1882. Corporate existence extended July 20, 1912. H erbert A . W il l ia m s , P r e s id e n t; J F red E . B e a l , G e o . W . M il l e n , S t o w e , C a s h ie r . u n iu s T. V ic e P r e s id e n ts ; D. F . Schairer, J u n iu s E. B eal, O liver M. M artin, H oratio J. A bbott, G eorge J B urke C has. C. F reem an, Ja m es F oster, Sh irley W. Sm ith, C has A. Sink, Jacob Schu ltz, B u r t F. Schum acher, H erbert A. W illia m s, G eorge S. V andaw arker, Geo. W. M illen, W W W adliam s. D ir e c t o r s l — R esou rces. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts.................. Com’l. dept $575,821 Sav. dept. 206,967 Bonds, mtgs. and securities:___ Com’l. dept, 163,812 Sav. d eft 657,720 Due from Fed. Res. Bk.:.....................Com’l.dept Sav. dept 77 53 92 61 Due from bks. in res. cities:___ Com’l. dept. 20,887 Sav. dept. 8,727 U. S. Bds. & cert, indebt, as sav. legal res.. . . 100,673 Exch. for clearing house & checks on banks in same place:.................................... Com’l.dept. 28,474 Sav. dept, 30 61 00 144,228 55 77,431 14 149,746 11 40,642 57 131,580 00 59,708 91 10,585 36 24,655 96 7,720 36 01 20,557 39 14 00 9,108 85 944 43 26,364 91 310 78 20,949 04 21 28 00 00 00 00 44,096 7,727 1,395 5,140 30 00 00 00 31,324 6,604 1,280 5,375 00 00 00 00 53,521 16,486 1,297 390 00 00 50 00 26,761 11,254 1,300 395 00 00 00 00 89 00 94 7,118 42 697 8 1,898 55 20 92 45 41 6,665 204 743 38 979 45 40 24 40 96 6,198 131 863 43 4,548 90 60 85 20 71 4,830 34 1,321 27 4,894 75 20 05 15 76 U.S. cert, of indebt, as cash res.:Com’l. dept, Sav. dept. Currency:.............................................. Com’l.dept 10,183 . Sav.dept. 25,000 Gold coin:..............................................Com’l.dept 1,185 Sav. dept. 5.000 Silver coin:............................................. Com’l.dept. 2,525 Sav. dept. 5.000 Nickels and cents................................... Com’ldept. 729 Sav. dept. Overdrafts......................................................... 1,289 Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. 55.000 Furniture and fixtures..................................... 17.000 Other real estate.............................................. 3,000 Due from banks other than in reserve cities.. Outside checks and other cash item s............. 2,564 I terns in tran sit................................................ 11,715 Stock of Federal Reserve B ank..................... Other assets................................... Totals. 30 $505,514 203,260 224,512 657,478 78 03 92 95 $463,232 189,726 153,412 649,803 38 70 92 95 00 00 00 50.000 00 3,000 00 50.000 00 22.000 00 20,000 00 50 42 1,545 65 17,453 05 6,750 00 652 31 3,437 63 6,750 00 22.000 00 $455,053 186,105 201,644 703,688 45,120 26,000 80 14 92 95 67 00 $483,396 187,568 181,486 938,413 46,140 27,000 13 03 96 95 88 00 50.000 00 50.000 00 21.000 00 21.000 00 17,000 00 17,000 00 2,978 83 6,750 00 12,500 00 $1,910,277 80 $2,001,870 29 $1,944,252 33 $1,908,293 03 303 56 6,750 00 $2,063,224 66 Liabilities. Capital stock paid in ............................... Surplus fund............................................. Undivided profits, n e t............................. Dividends unpaid..................................... Reserved for taxes, interest, e tc............ Commercial deposits subject to check.. Demand certificates of deposit.............. Certified checks........... + ......................... Cashier’s checks....................................... Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits............................ U. S. Government deposits..................... Time commercial certificates of deposit. Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable..................................... . Bonds sold subject to repurchase........... Bonds borrowed....................................... Acceptances executed for customers__ Customers’ letters of credit.................... Other liabilities......................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $150,000 75,000 63,542 4,032 00 00 22 00 $150,000 75,000 56,251 136 00 00 44 00 $150,000 75,000 . 60,179 88 00 00 84 00 $150,000 75,000 66,775 6,080 00 00 54 00 $150,000 75,000 62,062 104 00 00 50 00 429,482 71 711,244 01 760,083 50 668,401 49 613,553 87 3,285 67 5,942 05 430 10 10,295 32 217 59 3,100 12 365 39 11,037 57 510 98 9,782 80 42,298 85 28,803 02 21,219 76 16,375 91 15,566 03 767,712 07 108,982 23 758,168 78 111,541 62 773,368 24 100,995 28 761,533 26 95,815 98 6,907 89 789,822 43 87,637 07 9,184 98 215,000 00 45,000 00 20,000 00 50,000 00 250,000 00 $1,910,277 80 $2,001,870 29 $1,944,252 33 $1,908,293 03 $2,063,224 66 80,000 00 21 STATE BANKS OF MICHIGAN. No. 144. *STATE SAVINGS BANK OF ANN ARBOR, ANN ARBOR. Organized November 18, 1892. W m . P r e s i d e n t ; G e o . J. M a n n , D . F Z i m m e r m a n , V i c e P r e s i d e n t s ; C. J. W C a s h i e r ; R. A. B e a l , R. B. R e i c h e r t . A s s i s t a n t C a s h i e r s ; E. L. S e y l e r , M a n a g e r B o n d a n d M o r tg a g e D e p a r tm e n t. A rnold, a lz , D i r e c t o r s .— C. W. G ill, Wm. A rnold, John K och, C hristian M artin, V ictor C. V aughan, B. F. M ills, D a n ie l F. Zim m erm an, H. W. D ou glas, A. R. P eterson , Geo. J. M ann, C has. W. W agner, B. L. Seyler, R. E. R eich ert, Geo. W alker, John M. F ein er, F red Jedele, A rthur B row n, John L in d en sch m itt, M. J. C avanaugh, C. J. W alz. Resources. Loans and discounts:...............Com’l. dept Sav. dept Bonds, mtgs. and securities:. . .Com’l. dept Sav. dept Due from Fed Tips Rk • Cnm’l dept Sav. dept Due from bks. in res. cities: . .Com’l dept. Sav. dept. U. S. Bds. A cert, indebt, as sav. legal res. Exch. for clearing house A checks on banks in same p la ce:......................Com’l. dept. Sav. dept. Currency:....................................Com’l. dept Sav dept Gold coin:................................... Com’l. dept. Sav. dep*. Silver coin:................................ Com’l. dept. Sav. dept. Nickels and cents:....................Com’l. dept. Sav. dept. Overdrafts.................................. Premium account Expenses, int A taxes p d . exceeding earnings Banking house................................. Furniture and fixtures.................................... Other real estate............................................. Due from banks other than in reserve cities.. Outside checks and other cash item s.............. Items in transit Stock of Federal Reserve B ank................ Other assets .. T otals........................................ Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10,1918. Report of June 29, 1918. Report of Aug. 31,1918. $565,277 177,610 287,589 1,367,748 $580,102 159,971 83,900 1,350,364 $560,963 151,446 73,400 1,466,263 12 81 00 30 $550,027 37 142,371 81 197,025 00 1,443,489 15 50,247 00 50,290 83 $598,849 137,371 433,300 1,414,120 38,000 56,701 80 00 00 66 01 81 00 30 98 81 00 15 00 78 33,269 79 119,904 71 20,900 00 73,287 06 148,487 54 260,600 00 60,8 ¡7 57 134,851 14 240,950 00 13,482 82 144,019 65 100,000 00 12,644 12 86,886 53 11,262 86 63 39 6,144 03 9,492 52 9,199 11 10,828 72 00 00 50 00 20,375 9,676 4,655 16,000 00 00 00 00 77,742 8,008 5,015 16,000 00 00 00 00 7,040 95 236,95 247 02 24 90 931 72 9,421 163 370 16 716 80 20 88 49 83 9,893 101 539 10 200 70 10 27 26 00 65.000 00 12.000 00 25,000 00 36,214,36 1,476 08 55,315 32 65.000 12.000 25,000 36,437 442 24,046 9,000 00 00 00 64 29 34 00 65.000 12.000 25,000 36,589 634 12,447 9,000 00 00 00 89 80 48 00 73,778 42,644 1,347 50,015 00 00 50 00 37,783 11,410 5,242 16,000 00 00 50 00 4,879 00 74 25 678 63 10 29 862 34 5,605 39 527 5 909 85 90 49 62 12 65.000 10,500 25.000 36,820 2,090 00 00 00 46 59 53,649 7,686 5,287 16,000 65.000 10,500 25.000 36,667 4,069 00 00 00 37 68 9,000 00 9,000 00 $2,918,898 01 $2,896,178 22 $2,976,416 36 $2,939,516 80 $3,014,637 62 Liabilities. Capital stock paid in ........................ Surplus fund .................................... Undivided profits, n e t.................................. Dividends unpaid........................................... Reserved for taxes, interest, e tc ................. Commercial deposits subject to check......... Demand certificates of deposit Certified checks............................................... Cashier’s checks............................................ Due to Federal Reserve Rank Due to other banks and bankers................ State moneys on deposit Postal savings deposits.......................... U. S. Government deposits. . . Time commereial certificates of deposit Savings deposits (book accounts)................. Savings certificates of deposit....................... Club savings deposits................... Notes and bills rediscounted......................... Bills payable. . Bonds sold subject to repurchase Bonds borrowed Acceptances executed for cnstorners Customers’ letters of credit Other liabilities $150,000 150,000 36,518 9,024 1,800 499,846 00 00 03 00 00 15 4,025 18 5,908 09 00 00 51 00 00 82 $150,000 00 150,000 00 47,737 40 9 00 1,800 00 780,716 87 $150,000 00 150,000 00 :0,729 52 9,009 00 2,080 00 641,610 77 666 40 1,096,97 5,697 38 1,371 05 716 20 1,315 98 $150,000 150,000 41,101 66 1,800 544,012 $150,000 150,000 42,451 21 00 00 92 00 513,029 03 684 08 306 53 59,724 78 74,020 39 48,829 79 44,903 14 45,529 01 33,715 45 33,368 00 30,518 16 32,034 56 75,027 75 36,144 38 45,000 00 1,581,972 11 226,364 22 1,617,308 04 218,738 09 1,530 074 46 217,662 25 14.000 00 50.000 00 12,000 00 160 000 00 1,504,862 218,216 16,705 12,000 62 87 01 00 1,593,697 138,265 22,508 52,000 225,000 69 65 33 00 00 40,305 38 T otals....................................................... $2,918,898 01 $2,896,178 22 $2,976,416 36 $2,939,516 80 $3,014,637 62 *On J a n u a ry 30, 1918, th e nam e o f th is bank w a s changed from th e “ S ta te an d G erm anA m erican S a v in g s B ank o f A nn A rbor’’ to “ S ta te S a v in g s B ank of A nn A rbor.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT No. 512. THE STATE BANK OF APPLEGATE. Organized September 5, 1912. A l b e r t E. S l e e p e r ,, P W a l t e r C a l k in s , D i r e c t o r s .— r e s id e n t; J C a s h ie r ; C o h n P. h a s . O. N i g g e m a n , J r ., V ic e M u r r a y , A s s is ta n t C P r e s id e n t; a s h ie r . A lbert E. Sleeper, John S ch o ettle, John P . N iggem an, Jr., W a lter C alkins, R obert M urray. Resources. Loans and discounts:.................Com’l. dent. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com'l. dept. Sav. dept. Currency...................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Report of Dec. 31 1917. Report of Mar. 4, 1918. Report of May 10,1918. Report of June 29, 1918. 12 $107,458 00 $111,322 87 88 $106,510 41 11,962 85 3,394 65 11,662 85 3,394 65 11,662 85 3,250 00 11,312 85 10,102 35 8 ,1 0 0 00 8 ,1 0 0 00 25,641 40 650 00 2,500 00 15,895 40 650 00 2,550 00 8,204 92 650 00 5,150 00 13,764 27 700 00 14,608 47 700 00 584 17 2,767 46 $101,606 $109,182 Report of Aug. 31, 1918. 2,059 00 550 00 2,212 50 2,916 00 550 00 2,212 50 4,430 00 550 00 2,212 50 3,493 00 600 0 0 2,212 50 3,000 00 1,280 0 0 600 0 0 2,207 50 345 55 298 90 358 10 423 90 420 70 29 34 30 93 54 97 96 53 73 62 47 74 401 73 151 30 97 266 17 3,800 00 1,060 0 0 3,800 00 1,060 0 0 3,800 00 1,060 0 0 1,015 09 3,800 00 1,060 0 0 1,015 09 3,800 00 1,060 0 0 1,015 09 1,517 22 604 97 539 61 $157,376 37 $153,485 93 $154,412 21 $156,354 16 $156,511 77 Capital stock paid in ............................... Surplus fund..................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks............................................. Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit.........",............ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................. $2 0 , 0 0 0 0 0 2,500 00 4,067 96 $2 0 , 0 0 0 0 0 3,000 00 444 23 $2 0 , 0 0 0 0 0 3,000 00 1,116 54 $2 0 , 0 0 0 0 0 3,000 00 1,405 71 $2 0 , 0 0 0 0 0 3,000 00 1,099 02 31,695 79 89,264 52 29,641 44 88,741 8 6 26,294 8 8 85,355 07 24,955 95 84,117 34 25,857 58 86,834 98 1,790 90 1 ,1 58 09 1,142 56 3,184 94 1,064 22 2,500 00 5,000 00 5,000 00 5,000 00 5,000 00 5,557 20 5,470 31 7,503 16 7,690 22 6,655 97 5,000 00 7,000 00 7,000 00 Totals......................................................... $157,376 37 $156,354 16 $156,511 77 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts..................................... Premium account............................. Expenses, int. & taxes p d . exceeding earnings Banking house............................................ Furniture and fixtures............................. Other real estate................................ .. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tr a n s i t...................... Stock of Federal Reserve1Bank..................... Other assets................................................ Totals............................................. 8 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $153,485 93 $154,412 21 STxlTE BANKS OF MICHIGAN. No. 468. THE ARMADA STATE BANK, ARMADA. Organized November 10, 1910. S a b in I. S t u m p , P W il l ia m W. L y o n s , D r e s id e n t; W C a s h ie r ; G il l ia m C. B ottom ley, V ic e P r e s id e n t; H. H e b b l e w h i t e , A s s i s t a n t C a s h i e r . i r e c t o r s . — Sabin I . Stum p, J. E . L aw son, G . H. H ebblew hite, W illiam C . B ottom ley, J. H . Spencer, E. P. C udw orth, W m. W. L yons. Resources. eo Report of Dec. 31, 1917. . Report of Mar. 4, 1918. Report of May 10, 1918. $91,422 55,174 3,000 154,655 $88,800 61,853 3,000 163,755 Report of ne 29, 918. Report of Aug. 31, 1918. Loans and discounts:................. Com'l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $93,423 70 54,280 57 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.... Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 8,500 00 11,312 19 21,200 00 8,625 69 11,709 07 18,650 00 2,285 22 10,500 50 55,450 00 11,557 84 10,471 32 31,550 00 9,084 86 4,011 22 17,850 00 129 70 5 00 49 95 18 28 8 05 U. S. cert, of indebt as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts............................................... Premium account......................................... Expenses, int. & taxes p d . exceeding earnings Banking house.............................. Furniture and fixtures.................. Other real estate............................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tran sit............................................ Stock of Federal Reserve B ank..................... Other assets........................................ Totals................................. 162,355 00 3,589 10,000 1,900 1,000 00 00 00 00 5,140 10,000 1,395 1,500 95 29 00 00 00 00 00 00 2,922 8,700 907 2,000 45 61 00 00 00 00 50 00 $83,562 63,609 3,000 168,305 262 7,500 307 2,600 82 37 00 00 00 00 50 00 $86,414 94,420 3,000 162,405 98 58 00 00 5,000 105 5,300 47 300 00 00 00 50 00 32 800 20 150 811 40 00 59 00 41 632 50 500 00 118 69 1,128 35 130 55 293 30 1,000 00 141 48 75 15 1,400 00 168 83 2,482 99 2,245 62 799 46 493 08 4.000 00 2.000 00 4.000 00 2.000 00 4.000 00 2.000 00 4.000 00 2.000 00 4.000 00 2.000 00 582 44 2,578 52 1,021 90 10,499 98 3 U 27 3,661 46 4,615 55 931 31 . $380,585 30 $382,303 40 $412,434 23 $395,521 74 $396,692 90 $25,000 00 12,500 00 677 28 $25,000 00 12,500 00 3,066 99 $25,000 00 12,500 00 7,803 45 $25,000 00 14,000 00 1,975 20 $25,000 00 14,000 00 2,166 70 61,260 95 31,733 98 80,909 20 33,519 45 73,675 05 32,905 84 64,646 96 29,959 62 55,676 46 20,865 27 5,000 00 5,000 00 230,549 86 234,939 96 238,984 47 25,000 00 20,000 00 40,000 00 $412,434 20 $395,521 74 $396,692 90 25 ¿6 Liabilities. Capital stock paid in ................................. Surplus fund................................. Undivided profits, n et................................. Dividends unpaid......................... Reserved for taxes, interest, etc................. Commercial deposits subject to check........ Demand certificates of deposit................... Certified checks............................... Cashier s checks...................................... Due to i ederai Reserve B ank..................... Due to other banks and bankers................... State moneys on deposit....................... Postal savings deposits....................... U. S. Government deposits............. Time commercial certificates of deposit.... Savings deposits (book accounts).................. Savings certificates of deposit.............. Club savings deposits............ ............... : . . Notes and bills rediscounted................ Bills payable........................................... Bonds sold subject to repurchase.................. Bonds borrowed......................... Acceptances executed for customers....... Customers' letters of credit Other liabilities............................................... Totals....................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 227,413 09 227,307 76 22,000 00 $380,585 30 $382,303 40 24 STATE BANKING DEPARTMENT. No. 473. THE FARMERS’ STATE BANK OF ARMADA, ARMADA. Organized December 4, 1910. TFe s l e y C harles A. D udley, J '. K h s n e r , P r e s i d e n t ; C h e s t e r S. P r i e s t , V i c e P r e s i d e n t ; C a s h ie r ; C h a s . F . L a t h r o p , A s s i s t a n t C a s h ie r . D i r e c t o r s .— W esley A. D udley, C hester S. P r ie st, S. B. A nderson, Chas. F. B rockm an, G. W. B earss, J e sse D . Sim m ons, U ria l H u lett, F red H. W olcott, C has. J. K esner, W. C. H a rtw a y , W. M. Spencer. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $76,300 21 54,208 22 $75,942 25 54,588 60 $93,300 00 56,556 06 91,270 00 91,407 00 102,662 62 Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 14,721 06 10,367 88 9,390 00 34,398 40 13,531 00 10,390 00 18,116 19 10,417 86 6,200 00 Resources. U. S. cert, of indebt, as cash res.:Com*l. dept Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Eurniture and fixtures..................................... Other real estate............................................ Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in transit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals.................................... Report of June 29, 1918. $88,740 54,314 7,150 102,756 11 20 00 62 17,847 80 15,887 91 5,850 00 Report of Aug. 31, 1918 $92,524 48,165 19,800 99,710 06 61 00 62 5,345 40 17,041 57 4,000 00 * 1,431 4,400 1,070 4,000 00 00 00 00 1,694 4,600 1,105 4,000 00 00 00 00 2,887 4,720 1,095 4,000 342 250 33 46 404 85 00 77 63 43 288 340 16 2 303 45 50 81 47 26 4"2 507 32 27 500 00 00 00 00 75 ' 50 73 05 65 150 3,638 295 4,800 00 00 00 00 5,157 4,300 1,090 4,000 00 00 00 00 19 921 1 45 355 60 70 90 65 92 248 565 18 24 428 95 60 08 81 08 3.800 00 1.800 00 3.800 00 1.800 00 3.800 00 1.800 00 3.800 00 1.800 00 970 12 1,011 78 110 23 202 00 1,975 48 $307,387 64 $310,349 89 $274,801 17 $299,219 52 3.800 Ó6 1.800 00 75 67 $308,095 45 Liabilities. Capital stock paid in ....................................... Surplus fund................................................. Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, etc.................... Commercial deposits subject to check.......... Demand certificates of deposit.................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $25,000 6,000 1,036 753 00 00 83 00 $25,000 6,000 2,273 18 00 00 19 00 40,232 79 22,843 82 59,728 72 22,270 61 7 00 69 50 173,932 73 $25,000 6,000 4,579 6 00 00 29 00 $25,000 7,500 787 753 00 00 63 00 60,135 87 21,575 39 49,981 21,511 1,600 2 53 65 00 00 5,000 00 5,000 00 5,000 00 178,859 57 185,091 09 187,748 78 5,000 00 $274,806 17 $299,219 52 $307,387 64 $25,000 7,500 884 15 00 00 45 00 44,254 96 23,632 83 177,141 61 465 30 666 60 10,000 00 29,000 00 $310,349 89 $308,095 45 25 STATE BANKS OF MICHIGAN. No. 582. FIRST STATE BANK, ASHLEY. Organized January 28, 1916. A. G. A l d r i d g e , V i c e P r e s i d e n t ; G. A. L e w i s , C a s h i e r ; L. W. M u r r a y , A s s i s t a n t C a s h i e r . i r e c t o r s .— Ja m es A n stey , A. G. A ldridge, G. A. L ew is, P . E. W alsw orth , L. W. M urray. E dw in A. C hisholm . J D am es A nstby , P r e s id e n t; Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. $79,352 67 $86,077 27 $89,521 28 $90,510 91 $86,030 25 dept. dept. dept d ept 7,376 00 2,800 00 7,276 00 2,800 00 7,276 00 4,100 00 13,476 00 3,400 00 13,842 23 3,400 00 Due from bks. in res. cities:__ Com’l. dept. Sav. dept. 1J. S. Rds. A cert, indebt, as sa.v. legal res Exch. for clearing house & checks on banks in same place:..................... Com’l. dept. Sav. dept- 53,515 28 300 00 36,052 42 300 00 500 00 23,662 42 300 00 20,122 47 300 00 23,065 08 300 00 7,204 00 300 00 210 50 8,053 00 300 00 210 50 7,338 00 300 00 213 00 10,339 00 300 00 263 00 6,806 00 300 00 263 00 664 35 745 94 737 95 529 20 486 55 123 97 148 74 113 77 112 31 28 48 2,000 00 1,000 00 2,000 00 1,000 00 2,000 00 1,000 00 2,000 00 1,000 00 2,000 00 950 00 66 63 566 58 89 87 47 75 4 21 Loans and discounts:.................Com’l. dept. Bonds, mtgs. and securities:.. . . Com’l. Sav. Due from Fed. Res. Bk.:. Com’l. Sav - U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept. — C u rren cy .................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav, deptSilver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts....................................... Premium account..................... Expenses, int. & taxes p d . exceeding earnings Banking house.......................... Furniture and fixtures....................... Other real estate........................ Due from banks other than in reserve cities Outside checks and other cash items Items in transit............................ Stock of Federal Reserve B an k .... Other assets.................................. Totals...................................... 280 95 $154,913 40 $146,030 45 $136,700 04 $142,357 10 $137,752 54 $20,000 00 1,700 00 1,651 30 $20,000 00 1,700 00 2,397 77 $20,000 00 1,700 00 1,262 30 $20,000 00 1,700 00 $20,000 00 1,900 00 622 82 43,409 04 86,251 09 29,683 27 85,035 69 21,495 35 85,167 02 27,637 94 90,227 75 26,051 28 86,825 28 5,000 00 5,000 00 2,213 72 2,075 37 2,310 66 2,353 16 Liabilities. Capital stock paid in ......................... Surplus fund....................................... Undivided profits, net. Dividends unpaid..................... Reserved for taxes, interest etc Commercial deposits subject to check. . . . Demand certificates of deposit.................... Certified checks......... Cashier’s checks................... Due to F ederal Reserve Bank Due to other banks and bankers State moneys on deposit.. Postal savings deposits. U. S. Government deposits Time commercial certificates of deposit Savings deposits (book accounts). ( .............. Savings certificates of deposit Club savings deposits Notes and bills rediscounted Bills payable................... Bonds sold subject to repurchase Bonds borrowed. . . . Acceptances executed for customers Customers’ letters of credit Other liabilities Totals........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,901 97 480 75 $154,913 40 $146,030 45 $136,700 04 $142,357 10 $137,752 54 26 STATE BANKING DEPARTMENT. No. 414. ATHENS STATE BANK, ATHENS. Organized November 28, 1908. G . W o o d r u f f , P r e s id e n t; G e o . W . B r o k a w , F r a n k W o l f , F r a n k E . E s t e s , C a s h i e r ; H o w a r d O. W e l l s , A s s i s t a n t F rank V ic e P r e s id e n ts ; C a s h ie r . D i r e c t o r s .— E. F rank W olf, Geo. W . B rokaw , F rank G. W oodruff, A. E. U nderw ood, D . A lbertson, Jo h n S ta n to n , F ra n k E. E stes, S. W. Lehr, Jo s. J. W ells. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Loans and discounts:................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:.......... Com’l. dept. Sav. dept. $68,619 57 90,194 00 $77,194 10 80,229 70 $77,906 99 71,627 70 $96,254 37 48,011 70 $95,979 41 48,022 92 105,867 15 109,207 15 108,347 15 101,484 65 98,209 65 Due from bks. in res. cities.......Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. .. Exch. for clearing house & checks on banks in same place:........................Com’l. dept. Sav. dept. 6,523 70 27,571 11 3,550 00 11,639 88 29,115 54 5,550 00 8,803 33 16,331 55 3,750 00 12,429 10 25,024 40 8,290 00 5,216 68 26 / 66 49 10,850 00 5,000 00 5,476 00 5,000 00 4,093 00 4,500 00 2,466 00 3,700 00 6,620 00 2,000 2,000 3,000 5,946 3,720 00 3,845 00 3,860 00 1,150 00 1,160 00 1,528 40 1,371 00 1,276 10 1,258 75 1,331 60 164 78 140 71 185 83 201 00 198 61 357 36 185 57 135 43 140 86 85 66 5.000 00 2.000 00 5.000 00 2.000 00 5.000 00 2.000 00 5.000 00 2.000 00 5.000 00 2.000 00 5,000 00 63 45 5,530 25 5,000 00 104 54 425 00 5,000 00 198 85 1,847 20 5,000 00 39 88 5,000 00 25 99 $335,949 12 $340,161 74 $313,470 84 $316,583 85 $312,035 26 $30,000 00 10,000 00 463 86 $30,000 00 10,000 00 2,987 60 $30,000 00 10,000 00 3,890 40 $30,000 00 10,000 00 4,071 37 $30,000 00 10,000 00 5,169 58 85,360 76 6,603 32 82,414 52 7,559 96 6,180 00 68,656 48 20,758 13 61,368 40 10,416 89 1,472 94 56,739 17 9,152 16 Resources. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................. Com’l. dept. Sav. dept. Gold coin:................................. Com’l. dept. Sav. dept. Silver coin:................................ Com’l. dept. Sav. dept. Nickels and cents:.................... Com’l. dept. Sav. dept. Overdrafts............................... Premium account.................... Expenses, int. & taxes pd. exceeding earnings Banking house...................... Furniture and fixtures.................... Other real estate.......................... Due from banks other than in reserve cities.. Outside checks and other cash-items__ Items in transit................. Stock of Federal Reserve Bank....... Other assets........................... Totals............................. Report of Report of Report of May 10, 1918. June 29, 1918. Aug. 31, 1918. 00 00 00 00 Liabilities. Capital stock paid in................................... Surplus fund............................ Undivided profits, net.............. Dividends unpaid................................ Reserved for taxes, interest, etc................... Commercial deposits subject to check......... Demand certificates of deposit..................... Certified checks.......................... Cashier’s checks................................... Due to I*ederal Reserve Bank.............. Due to other banks and bankers.................. State moneys on deposit........................... Postal savings deposits................... U. S. Government deposits........................... Time commercial certificates of deposit....... Savings deposits (book accounts)................. Savings certificates of deposit....................... Club savings deposits.................................... Notes and bills rediscounted........................ Bills payable.............................................. Bonds sold subject to repurchase................. Bonds borrowed........... ................... Acceptances executed for customers............ Customers’letters of credit.......................... Other liabilities............................................. Totals................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 75 65 88,949 89 114,571 29 86,748 46 114,271 20 84,814 40 95,351 43 9Ó,8Ò8 Ì8 108,310 42 94,663 47 106,310 88 $335,949 12 $340,161 74 S313,470 84 $316,583 85 $312,035 16 STATE BANKS OF MICHIGAN. 27 No. 418. THE PEOPLE’S STATE SAVINGS BANK, AUBURN. Organized January 6, 1909. C. W. M c P h a il , P r e s id e n B . W. G i l l m a n , C D i r e c t o r s .-— C. t ; C. H. M a s h ie r ; J o , W. R eder, a c o m ber h n A . J. B ie r d , V ic e P r e s id e n ts ; A s s i s t a n t C a s h ie r . W. M cP hail, C. H . M acom ber, W . J. B ierd, Jos. B ierd, B. W . G illm an. Report of Aug. 31, 1918. Report of Dec. 31, 1917. Report of Mar. 4, 1918 Report of M ay 10, 1918. Report of June 29, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $41,481 41 30,429 34 $55,495 82 35,487 80 $37,817 22 53,725 59 $51,707 85 39,207 24 $63,269 72 33,741 97 129,214 87 124,688 37 124,794 59 127,074 59 122,343 74 Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res___ Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 11,028 38 16,286 90 12,200 00 11,435 63 19,119 79 13,900 00 4,508 91 5,184 66 15,550 00 1,792 09 7,809 20 9,000 00 2,898 10 2,468 41 16,350 00 Resources. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account....................................... Expenses, int. & taxes pd. exceeding earnings Banking house.............................................. Furniture and fixtures..................................... Other real estate Due from banks other than in reserve cities Outside checks and other cash item s............ Items in transit............................ Stock of Federal Peserve Bank Other assets...................... Totals........................................................ 732 00 9,000 00 932 50 2,483 8,800 12 800 00 00 50 00 1,430 00 7,400 00 1,035 00 425 252 234 64 294 00 00 20 68 31 1,110 11,830 2 1,025 00 00 50 00 47 600 30 6 32 50 00 32 33 31 5.000 5.000 700 3.000 00 00 00 00 1.025 00 i00 00 561 50 523 55 56 07 64 83 14 26 23 13 2,200 00 1,900 00 1,179 49 2,200 00 1,800 00 1,159 49 2,200 00 1,800 00 2,200 00 1,700 00 2,200 00 1,700 00 35 20 8,542 56 69 03 2,473 14 Ì ,¿48 32 546 56 138 67 25 67 $265,794 48 $280,536 08 $258,911 04 $255,313 60 $260,483 16 375 18 100 167 00 51 00 04 Liabilities. 25,636 67 22,065 25 35,568 06 39 90 1,006 53 162 27 199,975 40 4,683 40 185,913 71 5,781 28 178,493 55 5,914 53 13,078 74 14,382 64 $255,313 60 $260,483 16 45,025 28 53,791 39 151 55 1,175 50 191,517 00 6,288 42 Totals........................................................ $265,794 48 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 00 5,000 00 962 11 $20,000 00 5,000 00 3,575 67 $20,000 00 5,000 00 3,103 58 $20,000 5,000 2,749 14 00 00 09 00 00 00 77 00 Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid Reserved for taxes interest etc Commercial deposits subject to check.......... Demand certificates of deposit Certified checks................................................ Cashier’s checks Due to Federal Peserve T ank Due to other banks and bankers State moneys on deposit Postal savings deposits II. S. Government deposits Time commercial certificates of deposit Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits Notes and bills rediscounted Bills payable Bonds sold subject to repurchase.... Bonds borrowed Acceptances executed for customers Customers’ letters of credit Other liabilities $20,000 5.000 468 2.000 830 00 184,422 81 7,261 26 $280,536 08 $258,911 04 STATE BANKING DEPARTMENT. 28 No. 522. AU GRES STATE BANK, AU GRES. Organized December 4, 1912. E. D G. P r e s i d e n t ; H. A. C h a m b e r l a i n , V i c e P r e s i d e n t ; J. R. P e t t y , C a s h i e r ; T i i e o . E. R e i c h l e , A s s i s t a n t C a s h i e r . — E. G. Cole, H. A. C ham berlain, J. R. P e tty , C. A. F ran cis, J. W. D unn. C o l e ., ir ecto rs. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29,1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:.. . . Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $33,859 29 5,729 35 $42,286 46 $43,682 31 $47,349 16 $46,268 54 41,761 70 41,761 70 43,312 80 34 65 42,318 52 3,017 72 42,368 52 Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 10A71 57 4,355 50 6,000 00 23,426 00 4,365 75 8,000 00 3,540 17 5,092 85 8,440 00 12,476 11 5,105 81 8,850 00 3,065 05 5,131 42 10,500 00 1,032 00 1,200 00 2,787 00 2,270 00 1,107 00 1,775 00 694 00 2,075 00 200 00 1,000 00 Resources. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts..................................... Premium account.......................... Expenses, int. & taxes pd. exceeding earnings Banking house.................................. Furniture and fixtures......... Other real estate...................... Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tran sit...................... Stock of Federal Reserve Bank .. Other assets.............................. Totals......................... Report of Aug. 31, 1918. 797 50 822 50 822 50 822 50 822 50 425 35 2 50 94 89 332 60 7 50 107 60 346 65 2 50 82 96 285 65 2 50 101 27 260 00 224 45 103 28 4,700 00 1,629 00 205 64 4,700 00 1,629 00 4,700 00 1,629 00 4,700 00 1,629 00 4,760 00 1,629 00 79 31 70 00 440 66 50 00 102 71 50 00 300 12 156 25 $112,532 41 $133,295 69 $114,686 48 $126,744 29 $119,242 52 $20,000 00 3,000 00 $20,000 00 3,000 00 $20,000 00 3,000 00 284 05 3,000 00 633 00 36,392 78 $20,000 00 3,000 00 374 52 $20,000 00 3,000 00 339 50 84 39 55,627 60 21 64 39,250 98 30,580 58 1 00 29,697 31 97 01 26 51 Liabilities. Capital stock paid in ................................... Surplus fund................................. Undivided profits, n e t................................. Dividends unpaid................................. Reserved for taxes, interest, etc..................... Commercial deposits subject to check.......... Demand certificates of deposit... Certified checks................ Cashier’s checks......................................... Due to Federal Reserve Bank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................ U. S. Government deposits................. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable....................................... Bonds sold subject to repurchase.................. Bonds borrowed..................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities........................................ Totals............................ ■.............. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 19 1 00 5,000 00 20,207 25 29,295 19 $112,532 41 19,297 71 35,285 99 $133,295 69 15,431 23 36,698 58 $114,686 48 16,069 52 41,718 67 16,259 10 39,945 61 10,000 00 10,000 00 $126,744 29 $119,242 52 STATE BANKS OF MICHIGAN. 29 No. 420. THE STATE BANK OF AUGUSTA, AUGUSTA. Organized February 8, 1909. A. D U. K i r e c t o r s .— i n g , P r e s i d e n t ; C. B. S c u d d e r , V i c e P r e s i d e n t ; E. A. W i l d e y , C a s h i e r . A . U. K ing, Josep h H ud son , C. B. Scudder, F rank J. W ing, E. A. W ildey. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com'l. dept. Sav. dept. $51,444 9,900 4,000 32,587 $44,981 9,875 4,000 32,437 $49,024 9,905 4,000 32,365 $50,889 9,705 6,542 33,587 $48,338 10,705 13,143 38,109 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l.. dept. Sav. dept. Overdrafts................................... . Premium account............................. Expenses, int. & taxes p d . exceeding earnings Banking house.................... Furniture and fixtures...................................... Other real estate............................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tra n sit.......................................... Stock of Federal Reserve B ank..................... Other assets...................................................... Totals........................................................ 33 00 00 79 39 00 00 79 66 00 00 79 83 00 50 59 57 00 78 31 ... 6,115 70 6,500 00 14,950 00 9,604 10 6,500 00 15,150 00 5,862 70 6,500 00 16,800 00 13,328 93 6,500 00 9,000 00 3,340 00 1,830 00 1,222 00 3,000 00 1,370 00 1,666 00 3,000 00 1,470 00 4,598 00 1,520 00 4,000 00 4,097 00 1,430 00 1,480 00 1,570 00 311 05 389 40 494 00 621 45 1,005 15 65 06 70 68 128 91 125 69 112 17 196 97 8 84 211 26 25 99 458 93 3,000 00 1,712 28 3,000 00 1,712 28 3,000 00 1,712 28 3,000 00 1,712 28 3,000 00 1,712 28 146 98 2,306 84 42 00 408 08 77 75 $135,828 32 $136,590 68 $142,715 01 $156,235 72 00 00 52 00 $20,000 00 500 00 585 13 $20,000 00 500 00 1,152 20 $20,000 00 500 00 1,014 41 $20,000 00 1,000 00 298 81 52,487 67 16,581 98 51,839 59 15,562 03 59,973 10 12,874 44 53,689 32 12,563 19 66,000 77 14,089 35 43,448 09 42,346 79 11,500 00 12,500 00 $142,715 01 $156,235 72 1,170 00 $137,270 16 20,356 63 8,192 90 4 00 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, etc..................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks.......................... ..................... Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 500 611 800 362 78 46,288 99 47,341 57 41,728 16 * $137,270 16 $135,828 32 $136,590 68 30 STATE BANKING DEPARTMENT. No. 236. STATE BANK OF FRANK W. HUBBARD & CO., BAD AXE. Organized July 10, 1001. F rank W . D i r e c t o r s .— H ubbard, Jos. F rank W P r e s id e n t; J N . . R a n ic in , o h n R yan, J am es C a s h ie r ; J . R . H L. a r r is B urg ess, , A u d ito r . V ic e P r e s id e n ts ; H ubbard, E liza b eth L. H ubbard, Joh n R yan, J . N. R ankin, Ja m es L. B urgess. Resources. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities . . . . Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. Due from bks. in res. cities:....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:........................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts....................................... Premium account................... Expenses, int. & taxes p d . exceeding earnings Banking house......... Furniture and fixtures............... Other real estate..................... Due from banks other than in reserve cities. . Outside checks and other cash item s__ Items in tran sit.............................. Stock of Federal Reserve B ank................... Other assets.............................. Totals............................. Report of Dec. 31, 1917. $293,117 62,094 13,611 145,723 63 79 49 35 Report of Mar. 4, 1918. $328,403 43,705 13,411 153,007 86 79 49 35 Report of May 10, 1918. $307,788 36,627 13,331 164,105 65 72 49 05 Report of June 29, 1918. $344,214 32,948 13,331 163,095 98 22 49 05 Report of Aug. 31, 1918. $316,997 44,261 13,231 159,499 67 93 49 86 14,903 09 25,430 49 23,100 00 21,211 99 16,729 54 40,350 00 26,233 20 25,767 13 29,850 00 29,070 14 15,796 62 31,800 00 25,066 31 16,240 87 56,750 00 24,810 60 10,615 68 20,306 80 17,702 69 25,600 22 16,412 4.500 452 8.500 6,459 10,500 512 2,500 10,993 4.500 162 8.500 00 00 50 00 7,468 4.500 392 8.500 00 00 50 00 00 00 50 00 00 00 50 00 4,723 00 10,000 00 72 50 3,000 00 3,375 60 3,073 80 3,578 00 4,089 75 596 58 784 76 847 70 748 86 679 89 1,850 69 1,573 97 4,185 34 1,608 42 2,994 96 15,000 00 8,000 00 9,737 69 15,000 00 8,000 00 9,737 69 15,000 00 8,000 00 9,737 69 15,000 00 8,000 00 9,737 69 15,000 00 8,000 00 9,737 69 1,373 44 7,635 44 1,116 02 25,728 38 1,122 97 19,912 53 1,559 94 2,211 94 $674,516 38 $713,310 82 $716,258 77 $708,675 35 $718,378 89 $30,000 00 10,000 00 11,565 35 $30,000 00 10,000 00 17,867 84 $30,000 00 10,000 00 20,178 44 $30,000 00 10,000 00 15,462 26 $30,000 00 10,000 00 15,738 42 327,109 87 21,592 86 359,762 42 19,859 72 364,321 51 21,664 12 2,500 00 343,596 58 2.1,101 01 2,500 00 342,083 12 21,730 57 905 11 120 61 120 61 7,841 63 120 61 16,585 82 120 61 3,199 14 3,227 20 3,015 40 2,518 02 2,135 12 52,606 36 217,537 69 57,133 52 215,339 51 53,186 28 213,772 41 60,240 41 216,294 83 61,159 14 216,326 09 $674,516 38 $713,310 82 $716,258 77 $708,675 35 $718,378 89 4,310 56 Liabilities. Capital stock paid in ..................................... Surplus fund....................... Undivided profits, n e t............... Dividends unpaid................................. Reserved for taxes, interest, etc.................... Commercial deposits subject to check.......... Demand certificates of deposit..................... Certified checks.............................. Cashier’s checks......................... Due to Federal Reserve B ank................... Due to other banks and bankers................. State moneys on deposit............. Postal savings deposits................ U. S. Government deposits......................... Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable....................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals......................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 31 No. 237. STATE SAVINGS BANK OF BAD AXE, BAD AXE. Organized June 22, 1901. A. E. S le eper , P r e s i d e n t ; A . L. W r ig h t , V i c e P r e s i d e n t ; J a m e s B a l d w in , C a s h i e r ; J a p h e t h H in d , H. P. P r a sc h a n , A s s i s t a n t C a s h i e r s . D ir ectors .— A . E. Sleeper, A. L. W rig h t, J a m es B a ld w in , C. D . T hom pson, Jap h eth H ind. Report of Dec. 31, 1917. Resources. Loans and discounts:......... . .Com’l. Sav. Bonds, mtgs. and securities:... .Com’l. Sav. Due from Fed. Res. B k.'. Com’l. Sav. dept. dept. dept. dept. dept. dept. Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res___ Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:................................... Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in transit.............................................. Stock of Federal Reserve B ank..................... Other assets...................................................... Totals........................................................ Report of Mar. 4, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. 01 00 68 75 $397,294 04 26,307 70 12,141 51 15,500 00 60,150 37 18,197 94 13,000 00 48,049 65 18,230 81 13,000 00 42,195 32 12,065 51 8,000 00 3,159 99 2,837 15 2,868 60 6,437 07 13,870 00 16,567 00 18,945 00 14,395 00 3,165 00 6,850 00 2,305 00 7,700 00 1,430 00 8,600 00 2,017 50 8,000 00 2,058 20 1,789 90 2,217 00 166 56 28 94 209 08 2,102 75 33 51 126 72 2,276 75 149 12 6 74 879 23 680 77 88 81 119 26 330 81 278 10 77 312 80 8,750 00 2,500 00 2,817 02 8,750 00 2,500 00 2,868 12 8,750 00 2,500 00 1,634 85 8,750 00 2,500 00 1,177 53 8,750 00 2,500 00 1,162 53 $366,178 10,000 15,131 118,905 68 00 68 57 35,297 90 12,107 56 14,200 00 $370,833 8,000 15,281 123,741 Report of May 10, 1918. 17,181 68 129,591 75 $389,279 6,000 20,548 125,131 02 00 48 75 3,419 65 $382,770 8,000 25,651 123,017 13,000 5,000 13,728 4,364 27 07 00 68 95 00 00 00 00 50 818 23 $616,286 35 $617,850 24 $683,056 53 $662,763 97 $660,296 53 $25,000 00 10,000 00 22,414 11 $25,000 00 10,000 00 19,911 89 $25,000 00 10,000 00 25,133 05 $25,000 00 10,000 00 19,971 50 $25,000 00 10,000 00 19,647 43 161,728 61 232,982 25 91 51 166,067 43 230,054 56 204 16 228,201 44 215,278 34 20 50 215,906 98 211,203 37 33 50 222,522 2S 207,172 73 5 88 10,000 00 10,000 00 10,000 00 10,000 00 7,500 00 65,022 33 89,047 54 64,495 69 92,116 51 63,752 30 105,670 90 67,685 16 102,963 46 65,741 40 102,706 83 $616,286 35 $617,850 24 $683,056 53 $662,763 97 $660,296 53 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, etc..................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. 32 No. 337. THE STATE EXCHANGE BANK, BANCROFT. Organized April 24, 1906. T. M. E uler , P r e s i d e n t ; C. L. P a r so n s , E. E. H a r r is , V i c e P r e s i d e n t s ; H. W . P arker , C a s h i e r ; C. H . M c Clure , A s s i s t a n t C a s h i e r . D ir ecto rs .— T. M. E uler, C. L. P a rso n s, H. W . Parker, E. E. H arris, Ira H em psted, Geo. W . Sym es, H en ry P each. Report of Aug. 31, 1918. Resources. Report of Dec. 31, 1917. Report of M ar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:__ Com’l. dept. Sav. dept. $128,452 23 $133,212 89 $124,770 82 $125,850 13 $129,449 08 136,890 69 143,709 26 128,734 26 111,134 26 118,384 26 13,852 55 39,092 44 30,799 36 31,227 10 10,945 88 27,548 77 33,112 48 23,768 12 21,061 39 11,775 61 Currency:.................................... Com’l. dept. 10,623 00 9,870 00 12,410 00 6,592 00 6,357 00 Gold coin:....................................Com’l. dept. Sav. dept. 1,010 00 8,000 00 550 00 8,500 00 527 50 8,500 00 562 50 8,500 00 557 50 8,500 00 Silver coin:.................................. Com’l. dept. Srv fjp.pt-. Nickels and cents:......................Com’l. dept. Srv d ppt, Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes p d . exceeding earnings Banking house.................................................. Furniture and fixtures...................................... Other real estate Due from hanks other than in reserve eities Outside checks and other cash items Items in transit Stock of Federal Reserve Bank Other assets 465 25 462 95 483 75 599 00 642 60 293 35 352 40 422 35 410 96 464 03 25 50 16 55 4 78 16 55 137 63 16 55 127 84 16 55 168 23 16 55 7,500 00 2,582 00 7,500 00 2,582 00 7,500 00 2,582 00 7,500 00 2,482 00 7,500 00 2,482 00 5 47 2,328 60 32 55 695 62 24 08 113 49 $351,137 63 $369,515 46 $324,579 51 $320,679 92 $307,471 74 00 00 17 00 $20,000 00 4,000 00 814 46 $20,000 00 4,000 00 1,285 66 $20,000 4,000 468 600 00 00 65 00 $20,000 00 4,000 00 512 20 54,150 02 119,663 47 67,725 15 115,396 51 46,599 02 105,383 41 41,019 81 112,097 36 42,967 29 103,410 47 36,593 12 115,364 85 36,455 12 125,124 22 36,159 24 111,152 18 35,525 22 106,968 88 35,398 51 101,183 27 $351,137 63 $369,515 46 $324,579 51 $320,670 92 $307,471 74 Sav. dept. Due from bks. in res. cities....... Com’l. dept. Sav. dept. Exch. for clearing house & checks on banks Totals........................................................ Liabilities. Capital stock paid in ..................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid................... Reserved for taxes, interest, etc Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks... Cashier’s checks... Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit Postal savings deposits. U. S. Government deposits Time commercial certificates of deposit Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits......... Notes and bills rediscounted Bills payable............................. Bonds sold subject to repurchase . Bonds borrowed .. Acceptances executed for customers ... Customers’ letters of credit.................... Other liabilities...................................... Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 4,000 566 800 STATE BANKS OF MICHIGAN. 33 No. 62. WEST MICHIGAN SAVINGS BANK, BANGOR. Organized April 8, 1880. Corporate existence extended January 12, 1911. J. E. S eb r in g , P r e s i d e n t ; W il l ia m H . C h a p m a n , V i c e P r e s i d e n t ; C h a s . E. C r o ss , C a s h i e r . D ir ecto rs .— J. E. Sebring, W illiam S. C harles, W illia m H. C hapm an, R ebecca F au sn au gh , J. P. R yan, Chas. E. C ross, W. M. B road w ell. Resources. Report of Dec. 31, 1917. Loans and discounts.................. Com’l. dept Sav. dept Bonds, mtgs. and securities:__ Com’l. dept Sav. dept Due from Fed. Res. B k.:...........Com’l. dept Sav. dept Due from bks. in res. cities....... Com’l. dept Sav. dept U. S. Bds. & cert, indebt, as sav. legal res.. . . . Exch. for clearing house & checks on banks in same place.. t ..................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res. :Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:................................... Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents....................... Com’l. dept. Sav. dept. Overdrafts........................................... Premium account....................... Expenses, int. & taxes pd. exceeding earnings. Banking house........... Furniture and fixtures........................... Other real estate...................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tra n sit.............. Stock of Federal Reserve B ank..................... Other assets............................................ Totals...................................... Report of M ar. 4, 1918. Report of M ay 10, 1918. Report of June 29, 1918. 24 00 16 07 $162,849 99 $183,246 02 $187,107 38 $169,855 80 9,435 16 232,594 92 54,805 16 233,070 68 10,605 16 234,008 29 10,580 16 226,785 12 59,169 84 59,667 76 23,555 93 50,194 66 59,735 70 32,010 00 43,650 64 40,243 24 14,201 44 15,812 12 20,500 00 75,783 86 6,649 98 20,500 00 $167,183 10,000 9,490 236,522 Report of Aug. 31, 1918. « 12,753 9,200 80 5,800 00 00 00 00 8,555 9,200 157 5,800 00 00 50 00 15,200 8,000 22 6,000 00 00 50 00 7,432 8,000 20 6,000 00 00 00 00 10,000 14,462 4.000 45 6.000 00 00 00 00 00 1,202 75 1,422 25 1,478 75 1,920 65 397 85 406 10 404 88 333 74 239 07 581 53 724 40 792 98 1,741 55 802 99 12,500 00 1,900 00 12,500 00 1,800 00 12,500 00 3,000 00 12,500 00 3,200 00 12,500 00 3,000 00 5,000 00 84 47 5,000 00 391 60 5,000 00 272 96 469 73 201 09 $615,088 60 $592,777 28 $607,687 81 $523,852 06 $563,081 17 $25,000 00 27,000 00 7,015 43 $25,000 00 30,000 00 2,725 42 $25,000 00 30,000 00 4,256 06 $25,000 00 30,000 00 4,723 62 $25,000 00 31,000 00 2,293 53 213,377 99 46,747 45 190,221 84 45,813 56 241,014 43 42,971 79 156,355 57 39,007 06 201,388 46 34,881 98 1,533 91 1,524 73 1,099 53 1,099 53 1,102 37 8,726 83 85,124 60 209,289 22 87,133 23 210,358 50 79,213 62 184,132 38 81,067 93 186,598 35 80,590 96 178,097 04 $615,088 60 $592,777 28 $607,687 81 $523,852 06 $563,081 17 1,676 10 Liabilities. Capital stock paid in ................................... Surplus fund........................................... Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks. . . . Due to Federal Reserve Bank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits .. Notes and bills rediscounted ... Bills payable.. Bonds sold subject to repurchase Bonds borrowed... Acceptances executed for customers............. Customers’ letters of credit . Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. 14 No. 458. THE BARK RIVER STATE BANK, BARK RIVER. Organized August 17, 1910. J. B. F rec he tt e , P r e s i d e n t ; M. B. H a r r is , V i c e P r e s i d e n t ; E. J. B ergm an , C a s h i e r ; It. H. L abre , A s s i s t a n t C a s h i e r . D ir ectors .— M. B. H a rris, J. B. F r e c h e tte , J. H. B oyle, E. J. B ergm an, Joh n G asm an. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. $73,786 4,000 480 38,847 $66,622 3,220 480 37,181 $71,301 3,220 480 39,256 34 00 00 30 95 14 00 62 69 14 00 62 Report of Aug. 31, 1918. $74,216 3,220 480 41,374 05 14 00 62 Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from F pH T?ps Bk * CnmM Hppt. Sav. dept. $77,901 61 Due from bks. in res. cities:__ Com’l. dept. Sav dept U. S. Bds. & cert, indebt, as sav. legal res. . . . Exch. for clearing house & checks on banks in samp place rinm’1 dppt,. Sav d apt 12,145 03 4,249 59 7,850 23 19,012 47 9,700 00 4,950 00 5,750 00 4,750 00 6,984 00 2,518 00 400 00 3,452 50 6,191 00 4,259 00 11,850 00 4,718 00 432 50 3,200 00 492 50 3,200 00 602 50 3,200 00 396 25 347 50 234 75 805 90 76J 25 831 45 208 45 248 72 317 27 294 27 T T . S. port of indpht its cash rps ‘ComT dppt. Sav dppt. Currency:.................................... Com’l. dept. Sav d ept Gold coin:....................................Com’l. dept. Sav. dept. 480 00 37,747 30 242 50 3,200 00 847 75 16,277 68 Silver coin:.................................. Com’l. dept. Sav d ept Nickels and cents:......................Com’l. dept. Sav d ept Overdrafts......................................................... Prpminm account Expenses int. &. taxes pd. exceeding earnings. Banking house................................................. Furniture and fixtures..................................... Other real estate Due from banks other than in reserve cities.. Outside checks and other cash item s.............. Items in transit Stock of Federal Reserve Bank Other assets 194 95 284 45 257 07 310 79 3 06 2,093 02 2,134 55 2,093 02 2,034 55 2,093 02 2,034 55 2,093 02 2,034 55 2,093 02 2,034 55 6,987 50 370 43 1,417 48 619 36 3,595 10 63 85 273 85 148 82 658 68 28 17 Totals........................................................ $161,237 09 $140,111 09 $140,026 65 $151,915 97 $161,882 19 00 00 17 00 22 76 62 $20,000 00 10,000 00 2,108 33 $20,000 00 10,000 00 3,197 36 $20,000 00 10,000 00 3,685 88 148 22 44,202 88 12,221 99 46,656 59 61,184 07 1,532 04 2,076 29 1,671 24 1,344 90 49,268 94 21,493 80 48,896 98 21,606 60 44,060 74 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid Reserved for taxes interest etc. Commercial deposits subject to check.......... Demand certificates of deposit, Certified checks Cashier’s checks............................................. Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit Postal savings deposits TJ. S. Government deposits Time commercial certificates of deposit.... Savings deposits (book accounts)................ Savings certificates of deposit Club savings deposits Notes and bills rediscounted Bills payable Bonds sold subject to repurchase Bonds borrowed Acceptances executed for customers Customers’ letters of credit Other liabilities T o ta s ........................................................ j https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 7,500 3,333 450 00 00 10 00 44,723 53 21,880 54 6,353 25 $20,000 10,000 1,169 30 148 42,795 13,520 114 93 56,996 67 50,800 35 1 $161,237 09 $140,111 09 $140,026 65 $151,915 97 $161,882 19 STATE BANKS OF MICHIGAN. 35 No. 394. THE BARRYTON STATE SAYINGS BANK, BARRYTON. Organized March 9, 1908. W. J. S h a n k s , P r e s i d e n t ; W. T. L a f l in , V i c e P r e s i d e n t ; O. S. W ood, C a s h i e r ; A delbert M y e r s , A s s i s t a n t C a s h i e r . D ir ectors .— W. .T. Shanks, A delbert M yers, O. S. W ood, W . T. L aflin, Jake O tterbine. Resources. Report of Dec. 31, 1917. Report of M ar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. B k.:...........Com’l. dept. Sav. dept. 8110,522 09 $107,197 41 $100,295 80 9,000 00 $91,694 4,000 1,400 11,510 $83,619 4,000 2,400 15,251 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. B ds.& cert. indebt, as sav. legal r e s .. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 17,087 27 U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept, Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts........................... Premium account........... Expenses, int. & taxes pd. exceeding earnings. Banking house.............. Furniture and fixtures............... Other real estate............... Due from banks other than in reserve cities.. Outside checks and other cash item s......... Items in tran sit....... Stock of Federal Reserve Bank. Other assets.................... Totals......................... 3,895 57 1,498 69 16,574 88 14,950 35 4,447 72 40 00 00 72 14,537 72 91 00 00 13 9,345 25 2,150 00 7,000 00 4,000 00 4,432 00 3,569 00 3,440 00 3,480 00 5,605 00 1,000 00 3,495 00 696 25 581 35 458 95 109 65 210 45 107 62 141 33 137 03 143 56 131 53 368 73 107 73 86 41 67 61 75 11 2,538 00 2,505 00 1,000 00 1,738 00 1,000 00 65 00 14 39 1,615 00 1,490 00 2,141 70 2,141 70 2,141 70 5,856 30 1,103 33 2,834 80 5,181 79 60 18 2,725 79 2,965 09 3,108 69 2,966 83 $152,511 11 $152,005 03 $142,812 14 $136,907 05 $130,596 01 00 00 47 00 $20,000 00 10,000 00 562 81 $20,000 00 10,000 00 $20,000 00 10,000 00 346 62 $20,000 00 10,000 00 314 15 68,363 98 50,112 17 68,368 61 52,863 11 55,783 06 47,265 66 45,833 94 44,527 81 45,542 27 44,556 41 429 49 210 50 ' 6 00 15 00 374 22 9,757 42 16,183 68 9,808 96 $142,812 14 $136,907 05 $130,596 01 1,163 73 3,648 10 Liabilities. Capital stock paid i n ... Surplus fund................. Undivided profits, n e t......... Dividends unpaid......... Reserved for taxes, interest, e tc ... Commercial deposits subject to check. . . Demand certificates of deposit Certified checks.......... Cashier s checks............. Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit.. . Postal savings deposits . U. S. Government deposits Time commercial certificates of deposit... Savings deposits (book accounts)............ Savings certificates of deposit . Club savings deposits__ Notes and bills rediscounted Bills payable................. Bonds sold subject to repurchase . Bonds borrowed. . . . Acceptances executed for customers Customers’ letters of credit. Other liabilities............... Totals................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 10,000 605 3,000 $152,511 11 $152,005 03 STATE BANKING DEPARTMENT. 36 No. 93. THE CITY BANK, BATTLE CREEK. Organized June 14, 1871. Corporate existence extended June 4, 1901. C h a s . C. G r ee n , P r e s i d e n t ; F . A. A llw ardt , N. E. H ubbard , V i c e P r e s i d e n t s ; E R M orton , V i c e P r e s i d e n t a n d C a s h i e r ; N . Y. G r ee n , A s s i s t a n t C a s h i e r . D ir e c t o r s — H F . B echm an, S. B. Cole, L. A. D udley, C has. C. Green, N. E. H ubbard, M. M aas, Geo. W . M echem , E. R. M orton, F . A. A llw ard t, F . K. B erry, C has. B inder, Jacob W eickgenant, John L. K ellogg, W illia m I. F e ll. Resources. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. DUC IrOIil rctl. XVct). d a ............. vuiu x. ucpu. Ssv. dept. Report of Dec. 31, 1917. $340,543 342,648 806,854 1,054,175 45 81 09 48 Report of M ar. 4, 1918. $754,735 388.560 340.561 1,050,595 35 56 32 49 Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918 $698,600 433,746 337,356 1,049,307 $741,009 446,305 522,971 1,048,070 $765,979 466,425 521,699 1,025,697 00 23 48 78 40 37 83 56 38 70 50 33 63,387 50 85,471 12 139,300 00 149,557 24 123,264 09 134,350 00 88,186 36 57,217 93 214,200 00 95,211 68 78,045 95 135,900 00 152,440 01 83,968 87 150,000 00 37,625 23 700 00 26,830 30 108 74 39,424 30 6,093 51 39,114 33 120 02 13,646 60 20,531 35 Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 40,662 78,000 16,665 4,000 50 00 00 00 16,361 65.000 4,722 20.000 00 00 50 00 71,455 59,200 13,042 20,000 00 00 50 00 62,622 62,024 13,282 20,000 00 00 50 00 36,830 58.000 1,222 2,000 00 00 50 00 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O v erd rafts....................................................... 8,196 250 1,209 50 2,048 80 00 23 00 99 13,004 2,600 1,546 291 1,002 80 00 35 26 05 12,762 2,600 1,811 106 3,407 70 00 79 49 26 14,559 7,518 1,574 237 5,231 60 40 19 58 08 10,043 10.000 1,388 268 1,566 65 00 30 65 05 Expenses int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures..................................... 125,000 00 41,316 18 125,000 00 42,065 88 125,000 00 42,065 88 125,000 00 39,891 38 P up fi*nm hanks other than in reserve cities Outside checks and other cash item s............ Items in transit................................................ 366 03 2,805 23 15 00 250 00 2,117 13 1,087 90 1,930 73 125,000 40,145 7,260 3,947 250 00 01 25 80 00 Due from bks. in res. cities: — Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res. . . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 5,619 42 518 72 250 00 Totals........................................................ $3,191,275 64 $3,262,539 06 $3,278,602 84 $3,465,078 01 $3,498,308 95 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Tlndividcd profits, n e t..................................... $250,000 50,000 1,594 832 00 00 67 00 Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... 835,224 366,724 635 17 77 83 40 00 $250,000 00 50,000 00 8,183 60 813,409 342,881 2,440 112 35 17 32 74 $250,000 00 50,000 00 7,587 73 883,213 282,287 3,008 1,529 90 42 99 72 , $250,000 50,000 1,911 200 00 00 17 00 989,249 227,652 2,844 9 37 52 74 90 $250,000 00 50,000 00 2,671 50 977,479 196,710 740 9 21 13 16 97 Due t,n other banks and bankers................... State mnnpys on deposit Postal savings deposits................................... 19,991 36 10,509 43 25,000 00 972 30 16,303 14 25,000 00 19,988 43 25,000 00 960 20 14,056 01 10,000 00 955 15 Savings depGsit.s (book accounts).................. 1,665 295 41 1,759,030 15 1,759,671 94 1,771,210 63 1,781,576 26 27,011 25 100,000 00 35,313 64 3,796 92 175,000 00 .................................................... $3,191,275 64 $3,262,539 06 $3,278,602 84 $3,465,078 01 $3,498,308 95 TiT i ] Totals ? *ii ^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis j * ‘ i -j STATE BANKS OF MICHIGAN. 37 No. 178. THE MERCHANTS’ SAYINGS BANK, BATTLE CREEK. Organized March 28, 1895. A . M . M in t y , P r e s i d e n t ; A . O . J o n e s , R . F . H offm a ste r ., V i c e P r e s i d e n t s ; H . A . R o w le s , C a s h ie r ; L . N . Cu r t is , E . H . S p o r e , A s s i s t a n t C a s h i e r s ; M . D . H a r riso n , A u d ito r . D ir ectors .— A . M . M in ty , L . M . T u r n e r , A . O . J o n e s , R . F . H o f f m a s te r , F r a n k H . B o o s , H. A . R o w le s , M . L a f e v e r , A . E . M a c G r e g o r . Resources. Loans and discounts:.................Com’l. dept Sav. dept Bonds, mtgs. and securities:.. . . Com’l. dept Sav. dept Due from Fed. Res. B k .............Com’l. dept Sav. dept Due from bks. in res. cities:... .Com’l. dept Sav. dept U. S. Bds. <fc cert, indebt, as sav. legal res. .. Exch. for clearing house & checks on banks in same place:......................... Com’l. dept Sav. dept U. S. cert, of indebt, as cash res. :Com’l. dept Sav. dept Currency:.................................... Com’l. dept . Sav. dept Gold com :....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. XT- , i , Sav. dept. Nickels and cents:......................Com’l. dept. Overdrafts............... ^ ^ Premium account........... Expenses, int. & taxes pd. exceeding earnings. Banking house....... Furniture and fixtures... . Other real estate....... Due from banks other than in reserve cities Outside checks and other cash item s.. . Items in transit__ Stock of Federal Reserve Bank Other assets............. Totals........... Report of Dec. 31, 1917. $141,648 182,780 97,286 1,024,179 33 24 14 90 Report of Mar. 4, 1918. $416,293 258,956 97,286 991,782 12 96 14 38 Report of May 10, 1918. $454,630 207,565 108,570 1,065,898 74 82 24 91 Report of June 29, 1918. $513,009 217,243 118,557 993,913 Report of Aug. 31,1918. 44 40 74 76 $324,340 287,610 294,720 875,877 06 04 24 40 57,852 57 238,976 96 35,000 00 53,459 68 164,138 42 102,000 00 39,364 44 114,613 66 84,000 00 29,340 57 95,123 99 86,000 00 16,950 93 14,315 61 15,090 80 12,719 19 30.000 49,941 10.000 17,475 00 00 00 00 24,084 45,900 10,340 20,330 00 00 00 00 23,670 41,352 12,040 23,200 00 00 00 00 40,000 40,487 5.000 6,605 00 00 00 00 22,199 20,000 7,320 5.000 00 00 00 00 7,500 7,924 165 464 526 00 69 00 02 75 9,752 5,252 1,384 506 1,282 00 00 00 33 26 9,420 6,401 1,534 2,256 229 00 10 00 68 12 5.000 9,822 1,705 739 292 00 80 00 96 72 6,011 8.000 2,173 1,250 906 50 00 59 46 80 53,928 28 102,969 42 155,000 00 4,770 91 25,000 00 25,000 00 25,000 00. 25,000 00 25,000 00 1,442 77 1,442 77 1,442 77 1,667 77 199 00 10,587 13 220 00 10,051 95 140 00 4,731 81 1,667 77 2,284 20 177 00 $2,255,900 43 $2,253,777 62 $2,241,152 09 $2,204,689 54 186 00 9,786 70 $2,208,718 17 Liabilities. Capital stock paid in ... Surplus fund........... Undivided profits, n e t......... Dividends unpaid. ... Reserved for taxes, interest, etc Commercial deposits subject to check. Demand certificates of deposit Certified checks__ Cashier’s checks... Due to federal Reserve Bank Due to other banks and bankers State moneys on deposit... . Postal savings deposits.......... U. S. Government deposits. Time commercial certificates of deposit... Savings deposits (book accounts). . . Savings certificates of deposit Club savings deposits.............. Notes and bills rediscounted.. Bills payable........... Bonds sold subject to repurchase . Bonds borrowed....... Acceptances executed for customers Customers letters of credit . Other liabilities............. Totals................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $125,000 60,000 11,835 8,750 00 00 10 00 $125,000 00 60,000 00 18,806 03 $125,000 00 60,000 00 21,653 82 483,691 62 149,805 52 2,046 32 439,246 24 153,114 52 .5,114 68 440,406 00 171,596 46 194 20 421,381 63 150,585 99 273 44 10,000 00 10,000 00 10,000 00 1,442,496 15 1,412,301 61 1,407,479 66 1,414,771 87 $2,255,900 43 $125,000 60,000 21,218 8,750 00 00 82 00 $125,000 60,000 23,945 70 00 00 75 00 457,971 59 107,414 84 948 13 », 1,433,367 86 $2,253,777 62 $2,241,152 09 $2,204,689 54 | $2,208,718 17 STATE BANKING DEPARTMENT. 38 No. 63. THE BAY CITY BANK, BAY CITY. Organized September 4, 1871. Corporate existence extended September 4, 1901. G eo H Y oung , P r e s i d e n t ; .Ta m e s E . D u f f y , J o h n C. R o s s , V i c e P r e s i d e n t s ; D avid M il l e r , C a s h i e r : J. I. P. S h ea r e r , J. D . K in n e y , ,7. F . A s m a n , A s s i s t a n t C a s h i e r s . D ir ectors .— Geo. H. Y oung, F rank E. T yler, J a m es E. D uffy, D avid M iller N orris W en tw orth . H. A. V allez, John C. R oss, C arroll W in d ia te, T hos. L. H andy, E. W ilson C ressey. Report of Dec. 31, 1917. Resources. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:................. Com’l. dept. $1,434,301 57 $1,624,483 49 $1,494,371 53 $1,629,265 46 527,657 72 527,003 86 409,837 29 487,737 22 Sav. dept. 88,360 00 89,950 00 90,950 00 90,950 00 Bonds, mtgs. and securities:... .Com’l. dept. 1,159,340 11 892,749 95 902,330 29 929,633 63 Sav. dept. 05 48 00 54 113,949 56 113,790 47 115,738 19 154,850 00 94,150 32 131,151 53 8,889 31 14,821 25 220,208 44 493,451 70 108,850 00 136,028 77 292,343 74 388,500 00 19,645 96 16,773 24 13,993 90 Currency:.................................... Com'l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 87,904 55,419 2,815 31,207 00 00 00 50 39,129 61,524 3,370 31,047 00 00 00 50 44,871 00 72.781 00 3,647 50 31,005,00 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents....................... Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account.................................... . Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures...................................... 15,131 2,262 1,296 760 209 6,222 05 25 55 69 27 26 18,513 2,236 1,259 614 1,296 5,800 40 30 97 97 73 00 19.782 2,304 946 498 432 5,700 28,244 89 33,500 00 28,538 89 34,500 00 28,538 89 34,500 00 28,538 89 34,000 00 Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tran sit................................................ 1,808 01 12,435 90 27,700 21 1,899 07 10,669 39 20,957 54 168 25 7,004 80 9,616 64 i,317 02 12,746 35 30 00 29 54 15 00 $1,554,792 458,898 82,160 1,576,229 123,560 01 57,210 86 279,292 60 302,300 00 Due from bks. in res. cities:. . . . Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal re s . .. Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Report of Aug. 31, 1918. 37,259 106,074 3,502 1,020 00 00 50 00 13,912 102,953 3,765 1,005 00 00 00 00 18,017 2,363 1,207 507 2,045 5,500 05 75 71 13 56 00 15,767 2,580 960 477 4,111 4,883 35 20 34 89 72 06 15,000 00 44,350 00 Totals........................................................ $4,091,695 10 $4,122,603 58 $3,918,669 06 $4,234,900 23 28,538 89 34,000 00 6,938 09 15,000 00 $4,261,045 27 Liabilities. Capital stock paid in ........................................ Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid........................................... Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks.............................................. Cashier’s checks............................................. $250,000 00 250,000 00 42,225 10 20 00 10,000 00 1,137,366 84 191,233 68 4,946 55 1 62 $250,000 250,000 32,330 36 10,000 1,078,436 201,664 2,355 00 00 14 00 00 32 12 00 $250,000 250,000 31,687 20 10,000 659,742 88,355 1,630 98 00 00 26 00 00 85 97 37 50 171,697 81 199,330 13 111,279 73 Savings deposits (book accounts)................ Savings certificates of deposit...................... 1,788,711 49 1,868,254 51 3,400 00 1,780 639 20 327,468 70 Notes and bills rediscounted........................ Bills payable................................................... Bo ds so d su je p 170,492 01 75,000 00 151,797 36 75,000 00 197,746 48 210,000 00 Due to other banks and bankers................. P A t 1 i~| posits t t ^ f 00 00 36 00 00 12 79 83 49 186,962 34 $250,000 250,000 39,816 20 10,000 603,600 72,845 1,571 1,103 00 00 06 00 0J 66 71 09 00 143,698 43 100,000 00 1,751,672 257,328 33,237 263,271 265,000 48 91 20 82 00 1,875 672 74,173 43,846 249,695 645,000 53 91 38 50 00 fmY1 4’ T otals..................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $250,000 250,000 45,024 20 10,000 706,551 81,894 33,212 121 602 89 $4,091,695 10 $4,122,603 58 $3,918,669 06 $4,234,900 23 $4,261,045 27 STATE BANKS OF MICHIGAN. 39 No. 43. THE BAY COUNTY SAYINGS BANK, BAY CITY. Organized February 1, 1884. Corporate existence extended January 31, 1914. C l e m e n t s , P r e s i d e n t ; A. E. B o u s f ie l d , A dam K olb , V i c e P r e s i d e n t s ; VARJ BIU T reasw rer; I ra B kicker , G. A. H e l m r e ic h , A s s i s t a n t T r e a s u r e r s . D ir ectors . A. E. B ousfield, G u sta v es H in e, F. T. N orris, D . L. G albraith, F . W B rad ley F ' s ' GlPaHrnhr Aw a ? \ ^ 0lb’ T IL B ’ C has. A. Eddy, C. R. W ells, G. A. P rescott,’ C arter, O E S o v ^ reS n tChmgS’ Irv in g H ' B aker’ W m ' L - C lem ents, S. P. C ranage, W. V . Resources. Loans and discounts:................. Com’l. dept Sav. dept Bonds, mtgs. and securities:... .Com’l. dept _ _ Sav. dept Due from Fed. Res. B k.:...........Com’l. dept Sav. dept Due from bks. in res. cities:... .Com’l. dept _ Sav. dept U. b. Bds. <fc cert, indebt, as sav. legal res___ R ich, for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’I. dept. „ Sav. dept. Currency:.................................... Com’l. dept. „ . Sav. dept. Gold coin:................................... Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. ... , , , Sav. dept. Nickels and cents:......................Com’l. dept. ~ „ Sav. dept. Overdrafts................... Premium account.. Expenses, int. & taxes pd. exceeding earnings^ Banking house. ... Furniture and fixtures. Other real estate....... Due trom banks other than in reserve cities Outside checks and other cash items Items in tra n sit....... Stock of Federal Reserve Bank Other assets........... Totals........... Report of [Dec. 31, 1917. $513,325 281,306 140,685 1,043,825 28 41 00 79 Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. $522,002 254,215 200,660 1,031,442 $465,675 326,800 130,585 1,032,655 $504,807 356,487 130,535 1,034,784 02 10 00 00 98 55 00 63 44 00 00 35 Report of Aug. 31, 1918. $483,545 336,241 276,395 1,011,011 93 14 77 13 90,956 62 90,279 00 53,301 99 191,327 15 91,310 09 44,939 70 83,596 64 201,682 51 39,184 65 178,993 51 219,978 43 162,673 26 208,820 76 21,503 56 34,207 45 10,659 24 13,519 19 18,669 95 60,188 90.000 1,710 12.000 00 00 91 00 48,114 70.000 1,250 12.000 00 00 91 00 36,529 76,500 3,735 10,000 25 00 71 00 33,953 80,000 3,503 10,000 75 00 21 00 21,983 80,000 3,135 10,000 95 00 71 00 8,121 400 1,039 34 435 2,500 50 00 15 85 09 00 7,244 500 1,001 41 70 00 25 80 7,653 60 1,184 5 05 00 23 02 4,353 4,200 794 23 40 00 08 33 6,489 450 683 10 90 00 24 33 2,500 00 49,439 25 34,598 88 15,117 60 49,439 25 34,598 88 15,117 60 5,027 13 41,711 00 1,843 27 71,889 11 49,608 20 32,698 88 15,117 60 5,453 01 58,188 80 8,398 87 $2,504,205 02 $2,694,934 78 1,750 77 $2,719,720 60 Liabilities. Capital stock paid in ... . Surplus fund............... Undivided profits, n e t .. Dividends unpaid.. Reserved for taxes, interest, etc Commercial deposits subject to check Demand certificates of deposit Certified checks......... Cashier’s checks......... Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit. Postal savings deposits... U. S. Government deposits.. Time commercial certificates of deposit Savings deposits (book accounts). . . Savings certificates of deposit Club savings deposits__ Notes and bills rediscounted. Bills payable............... Bonds sold subject to repurchase Bonds borrowed.............. Acceptances executed for customers Customers’ letters of credit Other liabilities............. Totals................... ................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $100,000 80,000 27,543 2,045 00 00 39 00 355,067 137,484 2,463 7,247 40 65 89 60 $100,000 00 19,291 50 50 00 444,866 161,962 868 4,607 82 33 89 33 $100,000 00 14,455 87 7,500 375,377 157,645 227 01 00 00 68 56 42 4,719 55 7,500 374,116 15 00 00 65 $100,000 00 100,000 00 9,806 89 6,138 78 451,509 83 199,372 92 m Qts si 3,251 94 56,700 89 63,451 77 25,000 00 47,254 13 25,000 00 45,455 38 25,000 00 25,018 49 15,000 00 1,568,697 20 1,650,836 14 1,731 300 35 165,389 35 1,846,974 23 1,759,784 66 56,955 00 110,000 00 24,000 00 100,000 00 $2,504,205 02 $2,694,934 78 37,492 39 25,000 00 m **• - STATE BANKING DEPARTMENT. 40 No. 5G2. FARMERS STATE SAYINGS BANK OF BAY CITY. Organized May 17, 1915. F rederick M ohr , P r e s i d e n t ; S a m u e l M e is t e r , V i c e - P r e s i d e n t ; W il l ia m S. F o t h e r in g h a m , C a s h i e r ; D a n ie l J. Cody , A s s i s t a n t C a s h i e r . D irectors .— W illia m S. F o th erin g h a m , John P . Ittn e r , Joh n L. L am ont, John M eyer, E rn est I. M cCuen, P eter C. P ardee, A u g u st Q uintel, J oh n E. K innane, Sam uel M eister, F rederick Mohr, Clifford G. O lm sted, John R. P e tty , C larence A. T raphagen, M. I. Jacobson, John M cLurg. Report of Aug. 31, 1918. Resources. Report of Dec. 31, 1917.- Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. B k .............Com’l. dept. Sav. dept. $186,594 34 138,972 55 $239,435 69 118,563 64 $250,241 35 127,469 34 $265,727 23 135,091 32 $385,641 46 45,000 00 417,550 85 481,049 28 455,048 53 534,869 53 38.500 00 21.500 00 641,248 60 13,888 24 21.500 00 Due from bks. in res. cities:___Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res. . . . Exch. for clearing house & checks on banks in same place* Cnm’l Hp.pt. Sav. dept. 85,314 93 20,000 00 80,350 00 97,818 20 20,000 00 79,300 00 43,458 69 17,915 50 10.500 95 89,775 00 34,625 00 5,789 12,740 740 7,000 00 00 00 00 22,413 30,749 3,002 5,000 00 00 50 00 11,821 30,000 3,070 5,000 00 00 00 00 6,375 7.000 980 3.000 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts Premium account.................: ......................... F,xpenses int, & taxes pH exceeding earnings 730 241 214 18 64 273 82 75 29 25 84 00 723 163 158 87 10 45 92 55 1,465 250 279 50 117 20 00 76 00 09 1,398 10 906 30 230 60 210 03 118 37 95 27 Furniture and fixtures..................................... 8,000 00 340 00 8,000 00 340 00 8,220 50 8,220 50 8,220 50 1,750 30 28,803 40 823 50 22,827 04 667 79 12,776 13 TT S port of indeht, as cash res 'Cnm’l dept Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Due from hanks other than in reserve cities Outside checks and other cash item s............ Items in tra n sit................................................ Stock of Federal Reserve Rank Totals........................................................ 00 00 00 00 5,258 7.000 910 3.000 00 00 00 00 273 00 1,491 27 392 97 3,750 00 3,750 00 $995,488 32 $1,131,327 87 $1,039,710 38 $1,080,792 42 $1,147,522 32 Liabilities. Capital stock paid in ..................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................ $100 „000 25.000 4,684 4 00 00 25 00 $100,000 25,000 11,308 4 00 00 29 00 $100,000 25,000 5,483 150 00 00 43 00 $100,000 25,000 56 102 00 00 90 00 $100,000 25,000 1,125 96 00 00 44 00 Commercial deposits subject to check.......... 143,484 97 127,200 49 109,244 07 119,115 60 135,261 36 Certified checks................................................ Cashier’s checks............................................... 1,695 44 12,388 03 3,906 72 974 20 1,725 94 865 71 1,746 10 1,037 78 1,714 83 1,210 18 Due to other banks and bankers................... State moneys on deposit................................. 48,133 85 94,580 77 50,000 00 41,840 36 50,000 00 35,612 44 50,000 00 30,725 66 15,000 00 Savings deposits (book accounts).................. Savings certificates of deposit........................ 481,889 10 178,208 68 514,891 47 203,461 93 525,330 84 180,070 03 Chib savings deposits Notes and hills rediscounted Totals...................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 525,381 170,221 12,517 40,000 97 79 84 00 $995,488 32 $1,131,327 87 $1,039,710 38 j$ l,080,792 42 540,547 155,593 16,247 125,000 10 98 77 00 $1,147,522 32 STATE BANKS OF MICHIGAN. 41 No. 30. THE PEOPLES COMMERCIAL AND SAVINGS BANK, BAY CITY. Organized August 15, 1888. J a m b s E. D a v idso n , P r e s i d e n t ; C. R. H aw ley , J a s . R. T a n n e r , V i c e P r e s i d e n t s ; J. R. W atr ou s , C a s h i e r ; C. H. Cook , R. W. S p ik e , G. H. W atr ou s , A s s i s t a n t C a s h i e r s . D ir ectors .— C. R. H aw ley, J. C. W eadock, J. R. W atrous, Guy H. M oulthrop, W. H. Sharp, Ja m es E. D avid son , C. B. C hatfield, Geo. B. J en n iso n , Jam es D avid son , C urtis E. P ierce, Ja m es R. T anner, L ouis W . H ine, C. H. Cook, L. J. W eadock, F . C. F in k e n sta e d t, W . H. B o u tell, G. A . T om lin son, C. C. W hitney. Resources. Report of Dec. 31. 1917. Loans and discounts:................. Com’l. dept $1,157,144 76 Sav. dept 1,973,831 61 395,339 94 Bonds, mtgs. and securities:... .Com’l. dept Sav. dept 2,305,675 55 Due from Fed. Res. Bk.:........ .Com’l. dept Sav. dept Due from bks. in res. cities:... .Com’l. dept Sav. dept TJ. S. Bds. & cert, indebt, as sav. legal res. . . . Exch. for clearing house & checks on banks in same place:...................................Com’l.dept Sav. dept Report of M ar. 4, 1918. (1,139,589 1,755,485 394,186 2,273,189 Report of May 10, 1918. Report of June 29, 1918. 11 $1,463,467 01 $1,597,923 40 57 1,495,704 58 1,503,993 92 399,124 21 398,148 03 89 72 2,203,462 20 2,215,962 68 Report of Aug. 31, 1918. $1,392,245 1,525,240 384,721 2,192,250 32 95 47 48 215,508 97 107,154 20 191,968 90 899,400 00 268,832 54 206,869 85 605,500 00 87,528 59 59,103 83 774,000 00 97,846 29 94,860 53 530,350 00 198,536 73 327,233 70 404,700 00 34,886 59 22,881 69 14,674 64 26,333 89 47,125 96 U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept Currency:.............................................. Com’l.dept 59,656 179,000 Sav. dept Gold coin:............................................. Com’l.dept 14,946 40,000 Sav. dept 00 00 00 00 53,000 152,567 7.000 47,597 00 00 00 50 126,000 150,244 10,000 44,017 00 00 00 50 102,009 185,407 21,100 13,217 00 00 00 50 39,400 129,262 8,165 6.435 00 00 00 00 5,224 1,498 705 186 2,736 50 00 68 45 16 3.000 5,040 1,074 979 1,739 00 95 69 48 03 4,500 4,687 726 903 332 00 10 29 52 45 2,841 3,185 756 912 4,953 00 50 80 54 47 2.435 4,407 1,060 747 1,785 00 45 45 46 71 Silver coin:............................................ Com’l.dept Sav. dept Nickels and cents................................. Com’l.dept Sav. dept Overdrafts................................................. Premium account..................................... Expenses, int. & taxes pd. exceeding earnings Banking house.............................................. Furniture and fixtures................................. Other real estate........................................... Due from banks other than in reserve cities Outside checks and other cash item s......... Items in tra n sit............................................ Srock of. Federal Reserve B ank................. Other assets.................................................. Totals. 118,970 20 28,704 13 976 18 118,970 20 25,095 18 976 18 118,970 20 25,095 18 976 18 118,970 20 25,095 18 11,155 16 118,970 20 25,095 18 11,155 16 15,328 36 50,505 72 9,304 84 52,321 81 16,699 80 35,488 30 9,882 73 12,869 42 42,562 42 24,240 00 $7,583,838 93 $7,145,202 23 $7,034,729 40 $6,965,881 00 $7,116,15’ 03 Liabilities. Capital stock paid in .............. ................... Surplus fund............................................... Undivided profits, n e t............................... Dividends unpaid...................................... Reserved for taxes, interest, etc.............. Commercial deposits subject to check... Demand certificates of deposit............... Certified checks........................................ Cashier’s checks....................................... Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits................. .. U. S. Government deposits................. Time commercial certificates of deposit. Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable............................................. Bonds sold subject to repurchase........... Bonds borrowed. . . . ! .............................. Acceptances executed for customers — Customers’ letters of credit.................... Other liabilities......................................... $400,000 400,000 110,412 12,000 00 00 00 00 1,283,053 20,591 217 4,826 04 30 50 96 00 00 51 00 00 53 33 50 45 $400,000 400,000 ' 106,935 129 50,000 1,221,837 36,498 92 2,620 00 00 17 00 00 28 66 50 08 $400,000 400,000 122,006 12,000 00 00 03 00 1,052,013 15,046 1,609 835 20 38 53 02 $400,000 400,000 125,275 171 20,000 1,073,299 11,957 2,983 9,019 00 00 35 00 00 99 64 12 82 100,000 00 74,020 40 25,000 00 3,180,032 23 1,051,488 64 20,584 50 3,613,549 35 710,238 36 150,639 00 550,000 00 500,000 00 $7,145,202 23 $7,034,729 40 $6,965,881 00 $7,116,151 03 34,049 13 5,000 00 57,641 32 50,000 00 35,578 32 100,000 00 3,190,798 63 1,222,890 37 3,138 865 41 984,833 18 3,234,590 52 1,096,447 87 900,000 00 375,000 00 Totals........................................................ $7,583,838 93 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $400,000 400,000 113,747 129 20,000 1,535,129 65,407 194 3,254 60,235 47 42 STATE BANKING DEPARTMENT. No. 513. THE STATE BANK OF BEAVERTON. Organized September 25, 1912. C. H. N i g g e m a n , P r e s id e n t ; J o h n F r a n k A . N ig g em an, C a D i r e c t o r s .— P. N i g g e m a n , A. E. S l e e p e r , V i c e P r e s i d S h e l l , A s s i s t a n t C a s h ie r . e n ts ; s h ie r ; G u s J o h n P . N iggem an, A. E. Sleeper, F rank A. N iggem an, C harles H . N iggem an, H enry C roll, Jr., M ark E. T hom pson. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. B k.:...........Com’i. dept. Sav. dept. 3155,558 18 $166,023 69 $153,330 23 $146,416 59 $152,301 65 12,770 99 15,070 99 13,770 99 14,650 99 23,471 38 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res....... Eich. for clearing house & checks on banks in same place.......................... Com’l. dept. Sav. dept. 15,891 22 11,054 56 10,685 92 10,287 02 15,094 37 2,790 00 2 500 00 3,638 00 3,300 00 3,934 00 4,333 00 1,790 00 1,867 50 1,787 50 1,827 50 1,852 50 1,887 50 574 00 691 95 808 15 922 50 905 40 100 83 178 28 188 48 212 53 243 19 134 66 782 00 268 46 327 85 777 15 4,322 97 1,531 76 4,322 97 1,531 76 4,322 97 1,531 76 4,322 97 1,531 76 4,322 97 1,531 76 1,953 19 245 21 55 55 345 01 257 34 523 47 8 18 $199,480 87 $207,846 05 $191,200 11 $190,670 67 $207,104 56 Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit................... Certified checks................................................ Cashier’s checks............................................. Due to Federal Reserve B ank ....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ $20,000 00 5,000 00 * 3,017 90 $20,000 00 5,000 00 4,754 54 $20,000 00 5,000 00 6,263 07 $20,000 00 5,000 00 3,102 93 $20,000 00 5,000 00 2,835 34 Totals........................................................ Resources. TJ. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:................................... Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents....................... Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures................................. Other real estate.............................................. Due from banks other than in reserve cities.. Outside checks and other cash item s....... . Items in transit............................................ Stock of Federal Reserve B ank..................... Other assets.................................................. Totals............................................ Report of Aug. 31, 1918. 72 74 5,148 74 664 22 21 00 1,797 80 934 46 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 66,385 57,270 55 1,261 92 32 51 22 80,945 52,463 18 2,173 78 73 50 50 56,821 52,316 13 1,070 59 40 25 80 54,155 58,326 16 329 44 64 00 66 64,208 57,726 5 1,079 13 00 18 91 10,000 00 10,000 00 10,000 00 10,000 00 5,000 00 36,490 00 32,490 00 39,715 00 39,740 00 51,250 00 $199,480 87 $207,846 05 $191,200 11 $190,670 67 $207,104 56 43 STATE BANKS OF MICHIGAN. No. 602. PEOPLES STATE BANK OF BEAVERTON. Organized August 23, 1917. A . R. N il e s , P r e s i d e n t ; G. A. M cG regor, T i c e P r e s i d e n t ; I. D . C rawford , C a s h i e r ; A. J. N il e s , A s s i s t a n t C a s h i e r . D ir ectors .— A. R. N iles, G. A. M cGregor, W . J. M cCaren, J. L. M cK im m y, W . J. Scott, J. C. M usser, I. D . C raw ford. Report of Aug. 31, 1918. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:................. Com’l. dept. Rav (jp.pt Bonds, mtgs. and securities:... .Com’l. dept. Rav (jp.pt Pup frnyp j^Pf] ftps ft 1c • fVmi’l dept Rjvv dept $67,708 29 $63,798 61 $74,293 94 $72,721 84 $69,651 83 11,637 00 13,284 00 11,760 00 13,730 00 15,915 00 Due from bks. in res. cities:__ Com’l. dept. Rav (Jp.pt 4,819 54 4,567 36 4,179 61 5,799 01 5,945 79 5,081 00 3,603 00 2,215 00 2,605 00 1,588 00 45 00 45 00 75 00 85 00 100 00 470 00 Resources. Exch. for clearing house & checks on banks in same place Dnfn'l. dept,. Rav. dept P R cert nf i(i(jpht as cash rep ‘Cnm’l dept Rav- dept Currency:.................................... Com’l. dept. Rav d ppt Gold coin:....................................Com’l. dept. Rav Hppt Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav, dept. Overdrafts........................................................ Premium account Expenses int. & taxes pd. exceeding earnings. Banking house................................................. Furniture and fixtures.................................... Other real estate Pup from hanks other than in reserve cities Outside checks and other cash item s.............. Ttoms in transit, Rtoc.k of Federal Reserve Bank Other assets Totals........................................................ 28 85 118 65 268 85* 309 50 50 36 10 68 1 40 23 60 49 43 84 22 96 52 113 49 62 32 109 49 5,500 00 2,000 00 5,500 00 2,000 00 5,500 00 2,000 00 5,500 00 2,000 00 5,500 00 2,000 00 257 50 108 30 630 82 494 61 723 85 $97,211 76 $93,138 12 $101,038 11 $103,330 94 $102,053 39 $25,000 00 2,000 00 2,500 40 $25,000 00 2,000 00 443 94 $25,000 00 2,000 00 2,149 13 $25,000 00 2,000 00 3,367 74 $25,000 00 2,000 00 1,093 05 Liabilities. Capital stock paid in ...................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid Reserved for taxes interest, etc Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks Cashier’s checks............................................... Due fo Federal Reserve Rank Due to other hanks and hankers State moneys on deposit Pnpt.al savin gR deposits U S Ooverpment, deposits Time commercial certificates of deposit Savings deposits (hook accounts) Savings certificates of deposit Opih savings deposits Notes and hills rediscounted Bills payable. ........................ Bonds sold subject to repurchase ftonds borrowed .............................. Acceptances executed for customers Customers’ letterR of credit Other liabilities Totals ................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 26,875 39,626 150 1,058 81 57 00 98 20,476 10 44,857 35 360 73 24,065 46,831 548 443 72 00 28 98 25,968 45,586 700 708 32 03 00 85 22,368 01 44,703 06 888 67 6,000 00 $97,211 76 $93,138 12 $101,038 11 $103,330 94 $102,053 39 44 STATE BANKING DEPARTMENT. No. 2. THE BELDING SAVINGS BANK, BELDING. Organized January 15, 1889. H. J. L eonard , P r e s i d e n t ; A. N. B el d in g ., V i c e P r e s i d e n t ; W. S. L am b ertso n , C a s h i e r ; H . A. P arker . A s s i s t a n t C a s h i e r . D irectors .— H. J. L eonard, A. N. B elding, W . P . H eth erin gton , M. M. B elding, E. E. Chappie, W . C. Spicer, E. C. L loyd, W. S. L am bertson. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:.................Com’l. dept Sav. dept Bonds, mtgs. and securities:... .Com’l. dept Sav. dept Due from Fed. Res. B k.:...........Com’l. dept Sav. dept $72,577 45,662 25,618 180,743 $75,497 64,315 25,618 176,058 $82,510 41,776 25,618 168,847 $89,333 28,626 24,368 176,797 $89,714 26,951 25,455 172,422 Due from bks. in res. cities.......Com’l. dept Sav. dept U. S. Bds. & cert, indebt, as sav. legal r e s .. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept Sav. dept TL S. cert, of indebt, as cash res.:Com’l. dept Sav. dept Currency:.................................... Com’l. dept Sav. dept. Gold coin:................................... Com’l. dept. . Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts...................................................... Premium account......................................... Expenses, int. & taxes pd. exceeding earnings. Banking house.............................. Furniture and fixtures........................... Other real estate...................................... Due from banks other than in reserve cities.. Outside checks and other cash item s........... Items in tra n sit.......................................... Stock of Federal Reserve B ank..................... Other assets............................................ Totals...................................... 47 92 28 90 40 44 28 90 69 49 28 00 08 49 28 00 61 01 28 00 37,031 34 49,167 49 30,000 00 33,221 71 20,072 90 12,850 00 32,089 97 35,701 35 75,400 00 52,819 93 21,807 88 13,600 00 41,740 73 19,151 80 26,750 00 374 74 1,110 49 316 07 688 42 353 41 10,000 00 4,911 6,450 213 13,550 00 00 50 00 2,210 55 5,479 4,449 212 13,551 00 00 50 00 2,626 55 5,445 6,149 12 13,851 00 00 50 00 818 50 13,000 00 1,711 10 1,281 75 4,838 00 5,806 00 5,854 00 146 00 1,345 50 84 57 57 96 87 09 67 30 164 52 1,034 45 1,497 30 279 70 20 54 592 00 7,500 00 500 00 7,500 00 500 00 7,500 00 500 00 7,500 00 500 00 7,500 00 500 00 3,563 14 3,001 23 927 30 3,404 24 68 98 979 82 144 71 858 40 734 97 77 74 81 66 125 00 $485,121 88 $448,091 65 $499,778 17 $436,951 88 00 00 48 00 $50,000 00 15,000 00 13,607 70 $50,000 00 15,000 00 16,012 10 $50,000 15,000 12,636 2,250 00 00 69 00 $50,000 00 15,000 00 13,249 48 116,061 15 88,627 91 132,128 71 120,835 13 135,530 76 25 00 129 85 256 06 136 37 1,202 79 1,601 79 1,558 57 1,361 60 1,149 00 145,179 55 143,132 91 132,966 02 146,158 38 117,35) 27 167,463 46 108,124 90 123,051 61 3,555 58 103,167 10 112,070 43 4,486 ¡5 $485,121 88 j $448,091 65 $499,778 17 $436,951 88 $434,653 52 72 00 $434,653 52 Liabilities. Capital stock paid in ............................... Surplus fund........................................... Undivided profits, n e t......................... Dividends unpaid............................................ Reserved for taxes, interest, etc..................... Commercial deposits subject to check. .. . Demand certificates of deposit................ Certified checks.......................................... Cashier’s checks....................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit............................... Postal savings deposits................................... U. S. Government deposits............................ 1 ime commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable....................................... Bonds sold subject to repurchase.................. Bonds borrowed................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities.......................................... Totals.............................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 15,000 11,520 3,000 i STATE BANKS OF MICHIGAN. 45 No. 159. THE PEOPLE’S SAYINGS BANK OF BELDING, BELDING. Organized May 12, 1893. B rinto n P . H all , P r e s i d e n t ; F rank R. C h a s e , V i c e P r e s i d e n t ; W . L. C u s s e r , C a s h i e r ; A m brose S p en c er , A s s i s t a n t C a s h i e r . D ir ectors .— B rin to n F . H a ll, F ra n k R. Chase, C harles E ddy, G eorge H oppough, H . L. P age, F ran k L. Moon, W . L. C usser, J n o . G. H essler, F red U nderw ood, Geo. W. M oulton. Resources. Loans and discounts.................. Com'l. dept Sav. dept Bonds, mtgs. and securities:.. . . Com’l. dept Sav. dept T)i]P ffnm JT'oij Rpp fair • Pom’l dept, Sav. dept. Due from bks. in res. cities: — Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res... . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. firiv dept, U. S. cert, of indebt, as cash res.:Com” . dept Rav. Hep Currency:.................................... Com'l. dept. SfVY dept Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com'l. dept. Rav Hppt Nickels and cents:..................... Com’l. dept. Sav Hppt Overdrafts......................................................... Report of Dec. 31, 1917. *256,563 25,265 21,500 117,391 36 44 00 76 Report of Mar. 4, 1918. *247,368 20,196 4,500 117,361 86 44 00 76 Report of May 10, 1918. *237,605 20,546 24,500 119,078 64 44 00 03 19 95 00 24 *202,386 53,224 10,838 129,749 59 55 00 40 63,563 13 15,754 84 1,300 00 44,041 93 3,269 73 26,000 00 39,818 12 16,055 63 1,250 00 21,818 47 8,302 47 15,650 00 1,986 52 600 77 1,328 73 3,195 39 756 12 17,699 00 15,058 00 11,741 00 2,594 50 9,500 00 2,742 00 9,500 00 3,034 50 9,500 00 1,503 35 2,291 45 2,182 75 2,236 50 2,209 30 419 82 589 39 533 82 508 24 456 19 305 19 337 79 849 93 266 04 564 39 8,000 00 3,643 20 8,000 00 3,643 20 8,000 00 3,643 20 8,000 00 3,643 20 8,000 00 3,643 20 225 40 734 74 217 50 870 11 817 96 80 24 *535,795 04 *513,759 87 *516,725 81 *511,522 46 *487,001 92 7,500 00 P up from hanks other than in reservp eities Outside checks and other cash item s............ *257,047 16,510 8,500 121,636 Report of Aug. 31, 1918. 49,958 42 3,238 48 16,000 00 Fypensps int, &taxes pH expending earnings Banking house.................................................. Furniture and fixtures..................................... Report of June 29, 1918. 14,945 4,500 2,592 10,000 00 00 00 00 6,691 10,500 632 4,000 00 00 00 00 Pt-Ppk of Federal Bpsprvp Bank Totals........................................................ Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit....................... *40,000 10,000 6,141 95 700 106,628 176,237 00 00 32 00 00 90 64 *40,000 10,000 6,142 176 700 97,420 174,865 00 00 06 00 00 00 55 CprtifipH phppks Cashier's checks P up to Federal i'eserve Bank Pijp to nthpr hanks and hankers State moneys on deposit, *40,000 10,000 7,073 140 700 106,692 157,620 00 00 12 00 00 07 33 *40,000 10,000 7,231 120 700 126,767 137,052 00 00 38 00 00 55 94 *40,000 10,000 5,995 125 700 108,157 92,000 00 00 51 00 00 91 71 Postal savings deposits................................... 1,443 00 1,043 00 1,012 00 1,012 00 1,026 18 Savings deposits (book accounts).................. Savings certificates of deposit........................ 113,257 07 61,292 11 117,760 65 55,652 61 108,174 34 85,313 95 110,012 39 77,475 77 1,150 43 107,328 93 120,485 21 1,182 47 20,000 00 10,000 00 *535,795 04 *513,759 87 *516,725 81 *511,522 46 *487,001 92 TT S f-rovernment deposits Time pommerpial oertifinates of deposit, P,lnh pavings deposits Notes and hills rediscounted Bonds sold subject, t,o repnrnhase Bonds borrowed Accept an CPS expedited for customers Customers’ letters of credit Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 STATE BANKING DEPARTMENT. No. 347. THE BELLAIRE STATE BANK, BELLAIRE. Organized August 14, 1906. C. C. P otter , P r e s i d e n t ; G. \V. B echtold , V i c e P r e s i d e n t ; W . H. R ic h a r d s , C a s h i e r . D irectors .— G. W. B echtold, W. II. R ichards, C. C. P o tte r, II. H . B echtold, M axi B echtold. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of M ay 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept Sav. dept Bonds, mtgs. and securities:.. . . Com’l. dept Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $64,165 20,120 24,881 32,939 $52,309 22,841 23,851 30,664 $52,297 21,111 23,701 29,527 $52,465 17,836 22,891 31,038 $52,774 16,076 31,051 30,743 Due from bks. in res. cities:... .Com’l. dept. Sav. dept. U. b. B.ds. & cert, indebt, as sav. legal res___ Exch. for clearing house & checks on banks m same place:......................... Com’l. dept, Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. „ ,. . Sav. dept. Gold com :....................................Com’l. dept. • Sav. dept. Silver coin:.................................. Com’l. dept. XT. , , , „ Sav. dept. Nickels and cents:.................... Com I dept n , ,. Sav. dept. 59 00 15 07 15,201 56 2,500 00 3,000 00 6,229 1,000 175 3,000 00 00 00 00 68 22 15 07 01 22 15 42 13,464 15 7.000 00 3.000 00 12,842 55 3.000 00 3.000 00 4,073 1,000 175 3,000 5,216 500 160 3,000 00 00 00 00 44 22 15 50 95 22 15 50 16,107 01 2,000 00 4,000 00 5,906 09 2,000 00 4,000 00 3,251 00 4,078 00 3,000 00 120 00 00 00 00 00 115 00 3,000 00 1,386 60 1,719 05 2,082 40 2,230 35 175 63 2*3 00 213 41 285 0 . 77 42 Premium account....... Expenses, int. & taxes pd. exceeding earnings Banking house......... Furniture and fixtures... Other real estate... . Due from banks other than in reserve cities Outside checks and other cash items Items in tra n sit................ 38 39 77 32 31 26 276 35 74 09 5,243 79 3,000 00 1,164 83 5,243 79 3,000 00 1,164 83 5,243 79 3,000 00 1,065 85 5,243 79 3,000 00 964 83 5,243 79 3,000 00 964 83 527 63 211 29 108 25 429 38 637 81 Totals..................... = ■ ..... ...... ...... ...................— -------------- $184,748 24 $173,017 55 $166,130 31 $165,134 11 $161,822 74 $20,000 00 7,000 00 2,721 63 $20,000 00 7,000 00 1,403 92 $20,000 00 7,000 00 3,187 50 $20,000 00 7,000 00 2,099 35 $20,000 00 7,000 00 2,818 28 ............... : : : : : 1,062 15 1,012 74 Liabilities. Capital stock paid in ....... Surplus fund............... Undivided profits, n et....... Dividends unpaid............. Commercial deposits subject to check Demand certificates of deposit Certified checks........... Cashier’s checks................. Due to Federal Reserve auk Due to other banks and bankers State moneys on deposit....... U. S. Government deposits.. Time commercial certificates of deposit Savings deposits (book accounts). Savings certificates of deposit... Notes and bills rediscounted......... Bills payable............... Bonds sold subject to repurchase__ 48,677 69 18,830 62 498 54 53,460 20,881 132 18 99 33 84 05 62,019 76 64,120 42 1,000 00 24,000 00 6,000 00 $184,748 24 $173,017 55 59,378 18,048 42 52 90 68 34 25 59,470 53 18,723 86 50 03 55,238 21,409 1 120 58,420 64 57,790 34 55,234 77 $166,130 31 $165,134 11 $161,822 74 39 45 85 00 Acceptances executed for customers .. Customers’ letters of credit....... Totals......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 STATE BANKS OF MICHIGAN. No. 527. THE PEOPLE’S STATE BANK OF BELLEVILLE. Organized January 24, 1913. .Tam e s R. C lark ,, P r e s i d e n t ; F r a n k l in L. R o bbe , V i c e P r e s i d e n t ; F rank H. C l a r k , C a s h i e r . D ir e c t o r s — J a m e s R . C la r k , F r a n k l i n L . R o b b e , J o h n C . S te l lw a g e n , G e o r g e T . C la r k , I r v i n g H . R ig g s . Resources. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:.. . . Com’l. dept. Sav. dept. Due from Fed. Res. B k............. Com 1. dept. Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res---Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. Report of Dec. 31,1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. $40,874 45,193 2,200 116,763 $48,280 40,868 2,200 113,566 $50,980 34,440 2,200 113,727 $50,679 26,500 6,327 111,913 81 00 00 00 12,555 61 25,825 93 30,000 00 70 00 00 57 17,225 50 24,550 00 33,000 00 28 00 00 02 8,809 80 16,581 35 47,000 00 06 00 94 00 Report of Aug. 31, 1918. $50,279 27,950 5,068 113,513 05 00 75 00 12,441 26 16,590 77 34,134 00 35,523 37 16,597 46 35,584 00 13,156 9.000 247 6.000 16,384 9.000 230 6.000 XJ. S. cert, of mdebt. us cash res..Com 1. dept. C urrency:.................................... Com’l. dept. Sav. dept. Gold coin:...................................Com’l. dept. Sav. dept. 13,263 9.000 7 6.000 00 00 50 00 4,183 9.000 107 6.000 00 00 50 00 9,712 9.000 155 6.000 00 00 00 00 00 00 50 00 00 00 00 00 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. 1,142 80 1,311 50 1,097 95 1,164 65 1,170 75 130 25 183 78 189 92 166 60 129 6Ì Overdrafts......................................................... 127 30 638 39 1,244 02 1,514 64 86 65 Expenses, mt. & tuxes pd. exceeding earnings. Bunking house ................................................ Furniture and fixtures .................................... 10,000 00 4,000 00 10,000 00 4,000 00 10,000 00 4,000 00 10,000 00 4,000 00 10,000 00 4,000 00 Due from bunks other thun in reserve cities.. Outside checks und other cash item s............ 3 07 655 77 3 07 141 05 i l i ÒÓ 591 68 204 71 Totals...........: ........................................... $317,742 04 $315,259 06 $315,248 34 $304,42 10 $331,721 35 Liabilities. Capital s to c k paid in ..................................... Surplus fund . , , , .................................. Undivided profits n e t..................................... Dividends unpaid ...................................... $20,000 11,500 2,584 29 00 00 88 50 $20,000 13,000 1,227 67 00 00 02 00 $20,000 13,000 2,574 52 00 00 30 00 $20,000 13,000 3,040 27 00 00 44 00 $20,000 15,500 1,105 139 00 00 28 50 Commercial deposits subject to check.......... Demand certificates of deposit....................... 94,425 07 88,104 92 1,172 03 81,726 05 2,392 32 69,667 14 1,769 99 79,250 22 2,186 47 Savings deposits (book accounts).................. Savings certificates of deposit ................. 151,733 42 37,469 17 153,836 19 37,851 90 157,787 84 37,715 83 156,916 69 40,005 84 171,98 ) 94 41,549 94 Totals....................................................... $317,742 04 $315,259 06 $315,248 34 $304,427 10 $331,721 35 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 48 STATE BANKING DEPARTMENT. No. 548. THE BELLEVUE STATE BANK, BELLEVUE. Organized April 16, 1914. ....................... , P r e s i d e n t j F . A . B row n , V i c e P r e s i d e n t ; C. D . K im berl y , C a s h i e r M. H. K im ber l y , A u d i t o r . D ir ectors .— C. D . K im berly, F . A. B row n, W . C. D yer, C has. H . L egge, G. R. B urt A llen H aven s, N. II. Jo h n so n , J. H. York, A . J. H ager. Resources. Loans and discounts.................. Com’l. dep Sav. dep Bonds, mtgs. and securities___Com’l. dep Sav. dep Due from Fed. Res. Bk.:........... Com’l. dep Sav. dep Due from bks. in res. cities:........Com’l. dep Sav. dep U. S. Bds. & cert, indebt, as sav. legal res... Exch. for clearing house & checks on bank in same place:......................... Com’l. dep Sav. dep U. S. cert, of indebt, as cash res.:Com’l. dep Sav dep Currency:.................................... Com’l. dept . Sav. dept Gold coin:....................................Com’l. dep Sav. dept Silver coin:.................................. Com’l. dept Sav. dept Nickels and cents:......................Com’l. dept Sav. dept Overdrafts........................... Premium account....................... Expenses, int. & taxes pd. exceeding earnings Banking house.......................... Furniture and fixtures................... Other real estate......................... Due from banks other than in reserve cities. Outside checks and other cash items Items in tra n sit.................. Stock of Federal Reserve Bank Other assets....................... Totals................................. Report of Dec. 31, 1917 $113,357 34,058 4,300 111,512 54 01 00 46 Report of Mar. 4, 1918. $114,232 35,786 4,300 108,412 23 13 00 46 Report of May 10, 1918 $120,639 31,971 4,300 100,212 10 13 00 46 Report of June 29, 1918. Report of Aug. 31, 1918. $91,527 32,203 4,500 30,805 $104,536 37,518 4,500 136,967 52 63 00 46 27 63 00 70 34,435 34 44,165 63 23,600 00 49,279 56 49,465 57 23,250 00 3,817 11 47,816 55 23,500 00 35,324 57 48,449 49 28,500 78 39,867 37 1,539 39 2,790 69 1,133 65 1,475 98 3,354 14 4,862 00 12,000 00 6,687 50 4,358 00 12,000 00 6,970 00 5,813 00 11,000 00 6,880 00 6,105 00 12,000 00 2,950 00 312 00 9,070 00 1,819 50 1,562 48 2,004 05 1,555 60 185 59 185 41 180 31 185 65 96 21 1,012 08 186 32 287 87 504 45 833 89 3,313 65 3,313 65 3,313 65 3,313 65 3,199 00 431 09 1,988 25 5,244 01 185 93 391 50 361 21 15 00 $399,268 03 $421,336 51 $363,054 81' $375,611 50 $373,258 30 $20,000 00 4,000 00 2,737 78 $20,000 00 5,000 00 3,373 57 $20,000 00 5,000 00 1,999 73 $20,000 00 5,000 00 2,335 58 $20,000 00 5,000 00 2,352 54 87,398 34 59,795 81 102,365 82 59,182 96 2,500 00 80,420 91 41,134 03 84,134 81 40,682 53 68,607 03 50,945 03 225,336 10 228,914 16 214,500 14 223,458 58 226,353 70 $399,268 03 $421,336 51 $363,054 81 $375,611 50 $373,258 30 2,930 00 1,196 10 4,319 00 Liabilities. Capital stock paid in ..................... Surplus fund............................... Undivided profits, n e t............. Dividends unpaid..................... Reserved for taxes, interest, etc Commercial deposits subject to check. Demand certificates of deposit.. Certified checks.......................... Cashier’s checks......................... Due to Federal Reserve B ank......... Due to other banks and bankers State moneys on deposit........... Postal savings deposits...................... U. S. Government deposits........... Time commercial certificates of deposit Savings deposits (book accounts).. Savings certificates of deposit....... Club savings deposits.............................. Notes and bills rediscounted.............. Bills payable......................................... . Bonds sold subject to repurchase....... Bonds borrowed................................... Acceptances executed for customers............. Customers letters of credit.............. Other liabilities................................. Totals.......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 49 No. 598. FARMERS’ STATE BANK, BELLEVUE. Organized August 2, 1917. B . N . K e is t e r , P r e s i d e n t ; C. E. S cott, I. W. Cargo, W . A . Y oung , V i c e P r e s i d e n t s ; K. D . K im ber l y , C a s h i e r . D ir ecto rs .— B. N. K eister, C. E. S cott, I. W . Cargo, W. A. Y oung, B er t C arroll, D an L. H all, C harles York, M. S h ilts, W . E . Sim on, R ay E. S teven s. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept Sav. dept Bonds, mtgs. and securities:... .Com’l. dept Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept Sav. dept $8,190 13,421 11,030 8,715 $12,890 21,485 11,569 9,265 $16,676 22,833 5,000 5,550 $20,168 26,981 2,000 8,717 $34,789 21,306 2,000 15,588 Due from bks. in res. cities:__ Com’l. dept Sav. dept U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept Sav. dept. U. S. cert, of indebt, as cashres.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts................................................. Premium account................................. Expenses, int. & taxes pd. exceeding earnings. Banking house................................ Furniture and fixtures.......................• Other real estate........................................ Due from banks other than in reserve cities. Outside checks and other cash item s........... Items in transit...................................... Stock of Federal Reserve B ank................. Other assets................................................ Totals.............................................. 00 08 08 60 00 37 00 60 90 36 00 00 94 47 00 00 52 56 00 75 7,150 77 8,194 07 4,504 91 7,484 79 6,155 51 4,436 40 4,250 00 9,209 20 9,599 58 4,778 61 3,224 19 2,838 00 2,000 00 535 00 3,273 00 2,000 00 160 00 1,718 00 4,000 00 200 00 3,072 00 3,000 00 130 00 454 00 4,000 00 240 00 900 00 925 00 756 00 816 00 761 00 85 12 150 59 226 87 223 85 223 49 4 45 22 51 28 09 282 99 5 50 1,206 47 1,056 30 598 24 10,000 00 5,000 00 1,045 49 1,162 50 388 66 1,500 00 393 34 255 66 1,200 00 433 53 2,178 47 2,492 56 $66,159 30 $75,180 41 $88,885 03 $85,680 05 $93,205 15 $25,000 00 2,500 00 $25,000 00 2,500 00 $25,000 00 2,500 00 $25,000 00 2,500 00 $25,000 00 2,500 00 17,087 87 17,283 71 16,923 80 21,213 09 26,544 44 13,456*38 8,115 05 19,765 72 10,630 98 21,037 04 23,424 19 23,384 39 13,582 57 24,286 66 14,874 05 $66,159 30 $75,180 41 $88,885 03 $85,680 05 $93,205 15 Liabilities. Capital stock paid in ....................................... Surplus fund........................................... Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, etc.................. Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks.................................... Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit......................... Postal savings deposits.................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................. Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT. 50 No. 219. THE BENTON HARBOR STATE BANK, BENTON HARBOR. Organized December 20, 1899. H. D . P oole, P r e s i d e n t ; G. M. V a l e n t in e , V i c e P r e s i d e n t ; M. P . R e s c h , C a s h i e r ; B. F . W ells, A s s i s t a n t C a s h ie r . D ir ectors .— I. W . C onkey, H . D . P oole, G. M. V a len tin e, S. L. VanCam p, M. B. W ells, C. A. C onkey, L. F . Su th erlan d , F . L. B rad ford, M. P. R esch, D . B. Su th erlan d , W m. W allace, E. C. B ow lby. Report of Dec. 31, 1917. Resources. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. $374,310 74,872 13,100 473,947 13 00 00 46 Report of Mar. 4, 1918. $391,118 70,772 13,100 409,962 25 00 00 35 Report of May 10, 1918. $419,150 65,072 12,900 398,295 31 00 00 77 Report of June 29, 1918. $430,330 93,072 12,900 396,665 26 00 00 50 Report of Aug. 31, 1918. $397,770 92,572 12,400 395,321 97 00 00 00 9,903 16 105,000 00 84,260 00 35,682 01 65,000 00 73,850 00 13,383 66 65,000 00 83,150 00 36,224 76 65,000 00 60,750 00 101,627 82 59,950 00 25,000 00 7,429 40 5,523 01 6,159 00 7,233 54 9,903 75 Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 26,535 22,000 10,332 8,000 00 00 50 00 25,592 25.000 7,860 10.000 00 00 00 00 Silver coin:.................................. Com’l. dept. Sav. dept’ Nickels and cents:......................Com’l. dept Sav. dept.. Overdrafts......................................................... 2,164 4,600 371 400 2,239 85 00 02 00 44 3,378 4,500 466 500 1,081 00 00 25 00 67 Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures...................................... Other real estate............................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in transit........................ ....................... 37,500 8,000 6,496 3,658 1,303 591 00 00 69 20 79 15 37,500 8,700 6,520 3,010 296 583 00 00 76 63 83 27 17,889 15,000 12,837 5,000 00 00 50 00 15,529 11,000 9,695 8,000 00 00 00 00 18,481 25.000 7,777 10.000 00 00 50 00 1,139 17 5.798 40 1,000 00 396 28 3,804 25 5,000 00 331 63 733 99 1,090 51 3,164 35 3,366 07 37,500 8,700 6,520 937 5,279 10,600 00 00 76 51 13 00 37,500 8,700 6,520 989 2,286 00 00 76 24 81 Totals........................................................ $1,277,014 79 $1,201,997 03 $1,188,613 87 $1,210,682 06 37,500 8,700 6,520 3,248 36 2,645 00 00 76 02 43 00 $1,226,754 48 Liabilities. 00 00 35 00 $75,000 52,000 16,111 75 00 00 43 00 $75,000 52,000 16,714 25 00 00 01 00 $75,000 52,000 15,992 3,005 00 00 83 00 $100,000 27,000 16,910 85 00 00 33 00 Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends^unpaid........................................... $75,000 52,000 13,151 3,760 Commercial deposits subject to check ................. Demand certificates of deposit...................... 304,852 17 100,590 17 279,648 70 88,384 65 274,290 54 86,379 30 WrVi nhrnlrn........... D ^ Ftdfeiil Ii csGrvc Csnk Due to other banks and bankers................... 371 06 4,271 11 6,856 86 2,007 87 2,042 22 461,059 83 212,448 18 266,887 51 86,536 06 2,850 22 Postal savings deposits ..................................... 2,858 84 2,894 87 2,807 87 Savings deposits (book accounts)................. Savings certificates of deposit........................ 480,254 88 204,176 32 470,073'59 213,537 68 443,266 28 206 ,'274 01 431,386 27 196,873 24 993 28 25,000 00 80,000 00 VT . 1? Ml woies ana s re A 40,000 00 Buiuls sold subject to A i J i p 1 r Totals........................................................ $1,277,014 79 |S1 , 201 , 997 03 $1,188,613 87 $1,210,682 06 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 316,906 02 87,452 68 $1,226,754 48 STATE BANKS OF MICHIGAN. 51 No. 561. BERRIEN COUNTY BANK, BENTON HARBOR. Organized January 5, 1915. C has s. Rr °Bv L. S Y oung, B o a r d ; F r a n k H . E l l s w o r t h , P r e s id e n t; A r t h u r B . H i g m a n , V i c e P r e s i d e n t s ; J a m e s M . R o s e , C a s h i e r ; D w i g h t M . R u t h , A s s ’t C a s h i e r . John R obinson, F . H. E llsw o rth , C has L. Y oung, C laude P . Sykes, J a m es M. R ose, A rthur B. H igm an, W. W orth B ean, Jr., C has. H andy, D w ig h t M. R uth. D i r e c t o r s .— Resources. Loans and discounts.................. Com’l. dept D Sav. dept Bonds, mtgs. and securities ... .Com’l. dept _ , „ Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept Sav. dept. Due from bks. in res. cities:....... Com’l. dept. „ Sav. dept. U. o. r>ds. & cert, indebt, as sav. legal res. EiXch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indcbt. as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. „ ,, . Sav. dept. Gold coin:............................. Com’l. dept. Sav. dept, Silver coin:.................................. Com’l. dept. '. , , , Sav. dept. INlckcls and cents:.............. Com’l dept ~ , r Sav. dept. Overdrafts............. Premium account. Expenses, int. & taxes pd. exceeding earnings. Banking house... Furniture and fixtures Other real estate. Due from banks other than in reserve cities Outside checks and other cash items Items in tra n sit.. Stock of l ederal Peserve Bank Other assets — Totals......... Report of Dec. 31, 1917. $198,819 43,100 64,261 66,115 54 67 00 25 Report of Mar. 4, 1918. $199,585 42,221 64,261 76,115 48 56 00 25 Report of May 10, 1918. $203,974 46,712 64,261 75,865 54 66 00 25 Report of June 29, 1918. $209,474 48,988 64,415 76,665 47 71 13 25 Report of Aug. 31, 1918. $179,193 46,631 64 396 69,415 96 27 17 25 10,428 68 11,538 61 13,554 38 20,178 27 39,564 62 13,554 38 36,078 50 6,769 51 33,862 67 44,154 32 7,611 34 19,350 00 75,615 21 6,842 81 21,500 00 2,441 21 3,894 69 849 59 5,063 33 5,924 22 21,446 00 10,230 00 27,000 00 12,776 00 23,590 14,000 1,800 1,087 00 00 00 50 21,000 15,972 1,732 1,400 00 00 50 00 13,500 8,430 2,000 1,117 00 00 00 50 1,277 55 1,700 00 232 46 144 14 920 36 172,04 1,156 1,100 103 114 287 172 30 00 11 61 41 04 2,000 518 251 140 1,032 172 50 00 41 80 08 04 162 50 1,500 597 176 146 1,666 172 00 40 29 71 10 04 457 50 1,223 550 72 30 1,495 172 75 00 42 83 53 04 18,684 50 7,537 81 18,684 50 7,537 81 18,684 50 7,537 81 18,684 50 8,112 81 23,684 50 8,112 81 897 59 4,490 46 209 24 5,184 88 2,390 42 5,241 99 1,206 91 233 44 $486,793 75 $534,029 65 $531,390 77 $539,823 81 $545,327 71 $50,000 00 50,000 00 3,940 36 $50,000 00 50,000 00 3,842 49 $50,000 00 50,000 00 6,678 17 $50,000 00 50,000 00 3,498 64 $50,000 00 50,000 00 4,829 62 136,802 48,367 59 1,508 142,862 35,629 244 171 149,699 57,590 26 64 170,767 56,858 38 4,366 212,161 66,029 65 141 Liabilities. Capital stock paid in Surplus fund......... Undivided profits, n e t....... Dividends unpaid Reserved for taxes, interest, etc. Commercial deposits subject to check.. . . Demand certificates of deposit. Certified checks......... Cashier’s checks....... Due to Federal Reserve I ank Due to other banks and bankers. State moneys on deposit.. Postal savings deposits........ U. S. Government deposits 1 ime commercial certificates of deposit Savings deposits (book accounts). Savings certificates of deposit.. . Club savings deposits............ Notes and bills rediscounted....... 57 78 78 35 64 62 75 57 18 66 80 07 94 34 95 15 42 49 17 87 8,427 74 16,236 16 45,000 00 3,915 50 45,000 00 5,541 88 45,000 00 3,896 48 125,356 37 62,330 80 124,110 61 65,931 81 117,561 91 50,854 48 117,025 43 36,726 48 124,814 18 33,389 48 $531,390 77 $539,823 81 $545,327 71 Bonds sold subject to repurchase Bonds borrowed.............. Acceptances executed for customers ... Customers’ letters of credit... Other liabilities............... Totals........................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *48fi 70S 7Ä 1 ' STATE BANKING DEPARTMENT. 52 No. 448. THE BERLIN STATE BANK, BERLIN. ? Organized January 21, 1910. F rank J . G oodenow , P r e s i d e n t ; A ll en C. B u t t e r f ie l d , V i c e P r e s i d e n t ; C h a s . P . G oodenow , C a s h i e r . D ir ecto rs .— C harles P . G oodenow , A llen C. B utterfield , John R. Coffee, F rank J. G oodenow, W m. R iem ersm a. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. D ub from Foil. R ts. Bk............. Com 1. dept. Ssv. dept. $9,765 57,236 2,000 91,799 $10,565 48,569 12,000 74,549 $23,386 42,235 12,000 73,534 $23,761 43,364 12,025 71,178 00 59 00 10 00 41 00 33 13,159 38 16,475 03 12,500 00 52 07 00 33 52 18 00 73 Report of Aug. 31, 1918. $23,701 39,537 11,526 81,366 52 45 60 06 4,443 28 6,514 49 1,750 00 3,847 12 9,522 91 850 00 6,365 57 525 53 8,000 00 2,304 3.000 17 4.000 949 2,000 37 4,000 1,180 2,000 37 4,000 Due from bks. in res. cities:__ Com’l. dept. Sav. dept, U. S. Bds. <fe cert, indebt, as sav. legal res.... Exch. for clearing house & checks on banks in siiiiiL place...........................Corn 1. dept. Sav. dept. 9,475 60 9,396 94 Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 1,482 6,000 3,012 1,000 Silver coin:.................................. Com’l. dept. 1,296 80 1,218 55 1,032 25 704 70 Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... 93 20 72 68 159 85 125 82 70 14 162 48 125 71 212 67 54 66 238 13 Banking house.................................................. Furniture and fixtures..................................... 3,800 00 2,200 00 3,800 00 2,200 00 3,800 00 2,200 00 3,800 00 2,100 00 3,800 00 2,100 00 71 33 5 00 $202,823 92 $180,594 96 $178,321 14 $184,946 40 00 00 50 00 Outside checks and other cash item s............ Totals........................................................ $198,720 21 1,500 2,000 17 4,000 00 00 50 00 00 00 50 00 00 00 50 00 00 00 50 00 497,90 Liabilities. $20,000 2,000 1,043 30 00 00 26 00 Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................ $20,000 00 2,000 00 1,071 80 Commercial deposits subject to check.......... 36,882 91 40,520 68 67,547 16 71,218 34 66,262 38 72,967 60 00 00 32 00 $20,000 00 2,300 00 304 73 21,529 11 21,428 37 27,470 03 64,047 72 62,877 22 63,590 26 61,166 44 66,662 44 60,209 20 8,000 00 9,000 00 8,000 00 $180,594 96 $178,321 14 $184,913 40 $20,000 2,000 2,110 30 00 00 91 00 $20,000 2,300 230 600 Certified checks......... • Savings deposits (book accounts).................. Savings certificates of deposit........................ Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $198,720 21 $202,823 92 STATE BANKS OF MICHIGAN. 53 No. 416. THE BERRIEN SPRINGS STATE BANK, BERRIEN SPRINGS. Organized October 21, 1908. W m . II. S y lv ester , P r e s i d e n t ; I ra R. S te m m , E. F . G arland , V i c e P r e s i d e n t s ; G. L. V a l e n t in e , C a s h i e r . D ir ectors .— Wm. H. S y lv ester, Ira R. Stem m , J a m es D . B oone, E. F . G arland, W m. E. Sheffield, H. S. Gray, J. N. Klock, C. M. N iles, Geo. R. D ater, G. L. V alen tin e. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com'l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $107,783 68 54,071 96 $110,072 52 65,282 75 $89,533 61 71,612 46 $102,894 95 60,634 21 89,881 45 95,431 45 97,616 45 95,191 45 $116,777 43,985 5,100 100,294 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Eich. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 16,007 36 64,451 68 4,150 00 11,681 51 42,290 08 3,650 00 9,000 00 19,308 32 7,950 00 9,193 85 27,217 96 7,850 00 105 88 1,141 44 1,189 12 3,400 47 3.000 7,800 2.000 3,820 U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents........................Com’l dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures...................................... Other real estate............................................... Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in transit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... 29 50 00 59 43,720 60 35,307 01 19,650 00 5,501 47 4,707 4,800 552 5,000 00 00 50 00 6,110 5.000 827 5.000 00 00 50 00 3.000 8,395 1.000 4,747 00 00 00 50 117 1,200 34 300 223 65 00 94 00 27 523 1.000 114 300 70 05 00 85 00 57 300 737 200 289 152 00 00 00 04 03 00 00 00 00 817 55 510 52 388 54 6,628 6,000 990 5,000 00 00 00 00 426 600 153 400 73 80 00 15 00 98 10,000 00 4,500 00 616 29 10,000 00 4,500 00 616 29 10,000 00 4,500 00 599 57 10,000 00 4,250 00 591 21 10,000 00 4,250 00 591 21 100 32 2,500 00 2,385 57 208 23 366 58 437 61 $371,103 98 $365,997 58 $330,338 33 $339,927 29 $405,887 21 Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid ........................................... Reserved for taxes, interest, e tc .................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................ Time commercial certificates of deposit....... Savings deposits (book accounts)................ Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ $20,000 00 4,000 00 744 54 $20,000 00 4,000 00 2,414 07 $20,000 00 4,000 00 2,541 48 $20,000 00 4,250 00 21 36 $20,000 00 4,250 00 1,301 76 113,709 50 100,252 66 88,514 30 93,537 94 134,059 90 54,245 40 61,686 09 170,963 85 66,295 38 173,035 47 65,620 44 149,021 83 72,414 72 149,703 27 82,438 55 109,591 60 Totals........................................................ $371,103 98 $365,997 58 $330,338 33 $339,927 29 $405,887 21 Totals........................................................ Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • 640 28 t 54 STATE BANKING DEPARTMENT. No. 500. THE PEOPLE’S STATE BANK, BESSEMER. Organized March 22, 1912. J acob G oldm an , P r e s i d e n t ; E d w in R. B a y l is s , V i c e P r e s i d e n t ; M. A. H aglkman , C a s h i e r ; A lo is M azanec , A s s i s t a n t C a s h i e r . D ir ectors .— J a c o b G o ld m a n , E d w in R . B a y l is s , J o s e p h O c h is , J . S. R u m m a g e , M. A. H a g e r m a n , S o lo m o n S a x , G . S. B a r b e r . Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10,1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:__ Com’l. dept. Sav. dept. P up from Fpd B ps Bk • CrvmM rip.pt. Sav dept «62,502 22,751 65,825 76,772 «72,065 22,085 65,825 63,714 «67,790 40,749 83,787 60,382 «81,906 36,576 76,787 58,894 «97,519 34,051 80,087 47,904 6,871 17 Due from bks. in res. cities:__ Com’l. dept. Sav dept U. S. Bds. & cert, indebt, as sav. legal res... . Exch. for clearing house & checks on banks in same place: Com'l. dept. Sav dept. 72 23 60 99 21,355 73 697 95 2,650 00 311 18 TJ S cert of inrjpbt as rach rps 'ComM rip.pt. Sav dept. Currency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 92 59 50 05 10 40 50 59 84 99 50 65 33,859 37 17,898 32 25,893 26 15,200 00 22,250 00 61,250 00 345 59 773 30 14,000 00 1,209 16 3,936 00 12,000 00 1,192 50 936 00 5,000 00 1,155 00 1,105 8,000 120 1,000 00 00 00 00 856 00 1,000 00 150 00 293 00 8,000 00 1,240 00 2,407 35 2,258 35 3,299 00 4,202 55 449 50 484 19 731 68 488 56 2,333 00 2,000 00 722 21 38 24 1,049 11 41 04 1,049 11 158 48 1,049 11 501 52 1,049 11 17,543 11 7,814 57 17,500 00 7,912 32 17,500 00 7,852 32 17,500 00 7,812 32 17,500 00 7,752 32 2,490 00 632 90 986 55 146 27 2,332 00 105 17 1,760 35 5,415 25 «284,587 42 *285,864 05 *345,367 78 *344,406 62 $394,271 96 «35,000 00 6,000 00 813 51 190.00 *35,000 00 6,000 00 897 07 «35,000 00 6,000 00 1,932 06 «35,000 6,500 1,136 573 00 00 51 75 $35,000 00 6,500 00 1,493 85 104,023 38 115,882 09 156,210 19 132,620 94 152,5:0 70 304 68 9,273 70 213 10 3,502 93 382 90 1,912 80 72 93 2,255 46 130 66 860 06 15,481 60 15,481 60 15,017 60 15,206 31 2,500 00 15,208 31 16,311 82 72,119 89 21,380 66 76,957 61 16,929 65 87,842 47 16,069 76 90,340 81 15,199 91 94,986 55 14,222 01 20,000 00 15,000 00 25,000 00 43,000 00 57,000 00 *284,587 42 *285,864 05 $345,367 78 «344,406 62 «394,271 96 Silver coin:.................................. Com’l. dept. Sav dept. Nickels and cents:......................Com’l. dept. Sav dept. Overdrafts......................................................... Premium account............................................. F/spenaes int A taxes pri exceeding earnings. Banking house.................................................. Furniture and fixtures..................................... Oth pr rpal estate P up from banka othpr than in fpaprvp cities Outside checks and other cash item s............ Ttp.ma in transit Stork of Fpripral Peserve Bank Other assets Totals........................................................ 45 56 60 18 45 67 . 1,049 11 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Pivirirnria unpaid Keservrd for t.axps interest efc Commercial deposits subject to check.......... Pp.mand certificates of rippoajt Certified checks................................................ Cashier’s checks. . . ....................................... P up to Fpripral Peperve T ank P ijp f,o othpr banka and bankpra State monpya on rippoaif, Postal savings deposits.................................... TJ. S. Government, riepoaita Time.r.ommerrial rertifiratpa of riepoait, Savings deposits (book accounts).................. Savings certificates of deposit........................ Club pavings riepoaita NotPfl and hilla rediaeonnted Bills payable..................................................... Bonds Sold subject, to rppnrr.haap Bonds borrowed Acceptance* executed for mi atom era Customer«* letters of r red it Other liabilities Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - STATE BANKS OF MICHIGAN. 55 No. 536. THE CENTRAL STATE BANK OF BENZONIA, BEULAH. Organized August 18, 1913. H erbert B. W oodward, P r e s i d e n t ; F rank L. O rcutt , V i c e P r e s i d e n t ; I rving P . J o n e s , C a s h i e r . D ir ecto rs .— H erbert B. W oodw ard, F ran k L. O rcutt, C harles E. C ase, W illiam R eim er, G. M. Sprout, I rv in g P . Jon es. Resources. Report of Dec. 31,1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:.. . . Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com'l. dept. Sav. dept. $49,398 24,799 6,937 42,522 $44,801 24,174 6,887 42,406 $37,639 27,406 6,462 38,755 $37,979 28,008 6,202 44,205 $34,112 29,792 4,952 44,121 Due from bks. in res. cities:__ Com'l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com'l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts..................................................... Premium account............................................. Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tra n sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals.................................................... 52 99 00 93 4,386 41 4,500 00 3,600 00 2,227 2,850 357 1,400 00 00 50 00 91 27 00 93 13,052 10 2,000 00 6,000 00 1,104 2,600 360 1,400 00 00 00 00 28 73 00 98 42 20 00 79 9,052 17 5,500 00 9,835 00 5,717 89 4,000 00 4,985 00 946 2,600 330 1,400 481 2,300 245 1,400 00 00 00 00 00 00 00 00 39 87 00 79 7,199 31 16,935 00 2,393 2,300 332 1,400 00 00 50 00 322 78 355 70 405 86 311 50 285 08 219 99 178 37 231 74 322 29 278 71 81 00 99 06 101 09 66 15 90 14 6,000 00 2,300 00 5,000 00 è,óòó ÓÒ 2,300 00 5,000 00 6,000 00 2,300 00 5,000 00 6,000 00 2,300 00 5,250 00 1,091 91 519 62 239 30 3,498 61 00 00 00 00 00 67 $158,514 65 $162,457 25 $154,842 52 $149,524 24 $157,742 79 $20,000 00 5,000 00 319 18 $20,000 00 5,000 00 157 95 $20,000 00 5,000 00 926 00 $20,000 00 5,000 00 1,230 44 $20,000 00 5,000 00 831 01 37,083 40 41,919 63 48,678 62 29,305 51 42,428 39 3,911 11 2,395 41 1,252 19 1,633 92 1,464 13 5,000 00 5,000 00 5,000 00 41,850 08 41,350 88 39,804 70 40,179 56 36,954 90 37,030 81 37,231 24 38,123 13 39,633 07 40,452 67 9,000 00 8,000 00 12,000 00 7,933 52 $158,514 65 $162,457 25 $149,524 24 $157,742 79 6,000 2,300 5,000 500 80 296 Liabilities. Capital stock paid in ....................................... Surplus fund................................................. Undivided profits, n e t..................................... Dividends unpaid............................................ Reserved for taxes, interest, e tc.................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks........................................... Due to Federal Reserve B ank....................... Due to other banks and bankers................... State moneys on deposit................................. Postal savings deposits................................... U. S. Government deposits............................. Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals...................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $154,842 52 STATE BANKING DEPARTMENT. 56 No. 259. BIG RAPIDS SAVINGS BANK, BIG RAPIDS. Organized May 1, 1902. W o o dbridg b N. F e r r is, P r e s i d e n t ; C. R eam er D i r e c t o r s .— S . D . C a r p e n t e r , E . C. N e w c o m b e , W . W i g l e , C a s h ie r . V ic e P r e s i d e n t s ; J. Throp, J. J. Henderson, A. K . Hanchett, A. B. Knapp, J. A. A. Worcester. Report of Dec. 31, 1917. Resources. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept, Sav. dept. Di]P from Fed Rpp Rk • flnTn'l dept. SftV deptDue from bks. in res. cities....... Com’l. dept. Sav, Hppt,. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks $286,435 10,000 10,500 228,307 39 00 00 76 Report of Mar. 4, 1918. $272,178 10,000 51,600 224,604 23 00 00 23 Report of May 10, 1918. $291,548 15,000 13,600 219,345 23 00 00 31 K. Report of June 29, 1918. $282,505 15,000 47,413 207,786 59 00 17 25 23,660 47 43,976 52 42,452 53 40,092 33 44,530 00 47,500 00 61,432 50 28,300 00 1,778 58 1,945 18 * Brower, Report of Aug. 31, 1918. $274,592 14,755 69,688 207,233 66 00 66 74 21,251 88 28,300 00 1,263 50 Sav. Hppt,. 3,370 94 XT S cert nf in debt as cash res *CnmM. Hppt. Sav, dept. Currency:.................................... Com'l. dept. Sav. dept. Cn|d enid • Cnm’l. Hppt,. Sav. dept. 11,000 00 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Fixpenses int, taxes pd. exceeding earnings. Ranking house Furniture and fixtures...................................... Other real estate Due from banks other than in reserve cities.. Outside’checks and other cash item s.......... Stock of Federal Reserve Bank Other assets 20,391 00 10,400 00 24,561 00 7,000 00 20,200 00 13,000 00 11,000 00 8,000 00 5,325 00 5,192 50 5,000 00 5.000 00 5,000 00 2,822 420 239 22 220 214 2,889 70 332 5 9 214 1,774 800 325 56 1,616 214 2.000 200 245 84 429 214 1,200 300 149 82 163 814 24,164 00 8,200 00 92 00 47 46 59 37 30 00 29 60 35 37 75 00 18 80 11 37 00 00 98 06 05 37 00 00 12 43 44 37 2,909 26 2,994 31 2,994 31 3,019 31 875 28 10,764 90 238 02 18,247 24 969 86 496 50 9,031 94 17,362 22 55 00 7,506 10 55 00 1,000 00 $661,305 72 $712,703 09 $699,482 89 $682,882 33 $668,482 65 2,824 53 ........... Totals........................................................ Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... $25,000 15,000 43,249 1,250 00 00 97 00 $25,000 00 15,000 00 42,365 65 $25,000 00 15,000 00 38,532 69 Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... 122,370 164,199 1,956 1,333 70 37 26 60 161,340 175,257 61 730 1,078 193,931 150,302 2 367 DiviHenHs unpaid Reserved for taxes interest etc................... X)ije t,n Federal Reserve Bank Due to other banks and bankers................ State moneys on deposit .................... 44 02 25 78 04 25 66 00 47 $25,000 15,000 42,857 1,250 1,078 189,229 134,960 4 314 00 00 72 00 04 82 15 00 57 $50,000 00 10,000 00 23,534 34 1,078 176,247 125,403 10 930 04 43 60 00 38 Postal savings deposits................................... 4,670 60 4,574 62 4,274 12 3,817 72 3,407 09 Savings deposits (book accounts).................. 253,775 22 28,500 00 259,673 33 28,700 00 239,894 66 31,100 00 242,170 31 27,200 00 236,971 17 26,700 00 XT S Onvernment deposits Time pommereial certificates of deposit Savings certificates of deposit...................... Club savings deposits Notes and bills rediscounted . Bills payable Bonds sold subject, to repurchase Bonds borrowed Acceptances executed for customers Customers’ letters of credit Other liabilities Totals........................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10,000 00 4,200 00 $661,305 72 $712,703 0J $699,482 89 $682,882 33 $608,482' 65 57 STATE BANKS OF MICHIGAN. No. 248. CITIZENS’ STATE BANK, BIG RAPIDS. Organized September 28, 1901. G eorge A. W r ig h t , P r e s i d e n t ; F red E. H ood, V i c e P r e s i d e n t ; D . C. M orrill , C a s h i e r ; F red A. A sh l e y , A s s i s t a n t C a s h i e r . D ir e c t o r s — G eorge A. W right, A. W . B en n ett, Geo. F. F airm an , W. T. D odge, W m. E. B a ilie, F. E. Hood, L. F . B ertran, W m. T. Jon es, C. W. D oe. Report of Dec. 31, 1917. Resources. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. $363,378 88,449 2,890 215,067 56 01 00 67 Report of Mar. 4, 1918. $393,143 71,099 36,691 281,442 03 01 10 67 Report of M ay 10, 1918. $420,902 57,029 7,041 282,428 70 01 10 97 Report of June 29, 1918. $357,966 105,111 12,313 266,889 97 93 21 47 Sav. dept. Due from bks. in res. cities:___Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place...........................Co^ ^ p^ 44,117 56 52,185 80 117,713 26 36,113 83 22,682 79 18,300 00 18,460 78 4,524 30 36,000 00 39,388 46 7,416 31 37,000 00 Report of Aug. 31, 1918. $359,493 107,034 75,061 318,389 24,379 13,977 90 84 97 6Ì 85 90 20,365 66 11,657 85 1,833 10 U. S. cert, of indebt, as cash res.:Com'l. dept 10,000 00 12,814 00 Currency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 24,071 15,000 5,000 4,597 00 00 00 50 10,000 10,992 5,000 4,752 00 00 00 50 17,136 15,000 5,830 4.000 00 00 00 00 10,085 15,000 4.000 1,222 00 00 00 50 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... 6,674 2,400 294 150 196 05 00 60 63 12 5,500 5,432 236 117 94 00 30 55 39 83 12,306 1.000 165 47 347 80 00 56 46 44 3.000 5,722 89 142 130 00 10 94 55 53 1,400 1,442 114 193 352 00 50 76 46 78 20,000 6,000 971 3,613 667 00 00 41 76 45 -pi " t ^ t d p Deeding earnings Banking house ................................................ Furniture and Fixtures................................... Other real estate.............................................. Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tran sit................................................ Totals........................................................ 2Ò, ÒÒÒ ÒÒ 5,000 00 4,234 40 20,000 00 5,000 00 2,161 59 20,000 00 6,000 00 1,953 29 20,000 00 6,000 00 1,953 29 4,230 12 7,898 44 2,181 84 13,167 00 2,320 08 10,902,91 4,227 45 $983,548 72 $944,099 43 $923,396 40 420 00 5,528 00 2,250 00 7,945 00 $903,167 71 $1,000,379 81 Liabilities. Capital stock paid i n ..................................... Surplus fund ................................................ Undivided profits n e t..................................... $50,000 25,000 7,134 2,500 00 00 46 00 $50,000 25,000 7,782 150 00 00 39 00 $50,000 00 25,000 00 9,479 70 $50,000 25,000 7,000 2,500 00 00 61 00 $50,000 00 25,000 00 8,234 10 Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................................................ Cashier’s checks............................................... 253,310 92 221,875 95 866 79 75 206,255 221,002 3,389 44 95 25 32 78 200,290 211,604 11 ' 32 184,951 172,059 1,798 45 77 97 19 27 208,088 135,457 11 848 Due to other banks and bankers................... 17,009 24 15,665 08 6,947 86 6,307 04 1,809 72 Savings deposits (book accounts).................. Savings certificates of deposit........................ 383,850 61 22,000 00 392,809 66 22,000 00 376,129 74 23,900 00 361,759 54 51,600 29 25,145 03 353,003 84 82,672 25 30,254 08 20,000 00 15,000 00 105,000 00 $923,396 40 $903,167 71 $1,000,379 81 Bills payable ...................................... T otals......................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $983,548 72 $944,099 43 82 73 52 03 34 96 52 00 58 STATE BANKING DEPARTMENT. ' No. 505. THE BIRCH RUN STATE BANK, BIRCH RUN. Organized June 13, 1912. E r n e st R. M a y ., P r e s i d e n t ; Ch a s . W o lo h a n , V i c e P r e s i d e n t ; R aymond G. F rost , C a s h i e r ; H . F . W alter , A s s i s t a n t C a s h i e r . D ir ecto rs .— E rn est R. M ay, R aym ond G. F r o st, C has. W olohan, M iles L. H ad sall, F ra n k J. N ew m an. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of M ay 10, 1918. Report of June 29, 1918. Report of Aug. 31 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com 1. dept. Sav. dept. $48,199 50,023 6,100 65,755 $56,913 45,247 6,100 75,538 $67,324 44,546 9,200 66,224 $61,073 58,014 14,800 56,603 $65,764 53,699 9,346 63,872 Due from bks. in res. cities:. . . . Com'l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts................................. Premium account................. Expenses, int. & taxes pd. exceeding earnings. Banking house............................................ Furniture and fixtures................... Other real estate........................ Due from banks other than in reserve cities. Outside checks and other cash item s............ Items in tra n sit.................... Stock of Federal Reserve Bank . . . Other assets............................ Totals........................... 30 10 00 52 41 79 00 99 70 87 00 59 73 37 00 29 38 25 49 39 19,040 08 10,000 00 6,900 00 29,665 61 10,000 00 24,800 00 15,799 81 10,000 00 3,000 00 16,868 81 10,000 00 8,500 00 17,707 03 10,000 00 7,600 00 5,012 00 6,500 00 1,760 00 2,368 00 6,000 00 1,710 00 2,860 00 7,000 00 1,710 00 2,529 00 7,000 00 1,712 50 304 45 384 25 757 60 632 95 121 44 180 74 139 36 31 89 26 85 27 43 5 36 86 45 231 09 46 82 1,939 80 2,705 43 4,815 00 1,939 80 2,705 43 4,815 00 1,939 80 2,705 43 6,2S0 00 1,939 80 2,705 43 6,290 00 1,939 80 2,705 43 6,290 00 429 18 742 91 794 95 785 80 740 53 $258,158 26 $233,451 49 $246,948 56 $249,6*4 88 $251,471 02 $20,000 00 4,500 00 2,055 47 $20,000 00 5,500 00 649 59 $20,000 00 5,500 00 1,567 44 $20,000 00 5,500 00 2,000 00 $20,000 00 6,500 00 765 46 65,816 66 25,110 95 57,959 26 25,431 86 50,929 72 23,246 80 47,345 46 31,157 05 47,075 34 31,802 96 12,391 41 771 13 376 57 1,043 21 640 27 118,283 77 113,139 65 136,060 63 133,361 76 129,419 59 9,267 40 9,267 40 10,000 00 10,000 00 9,267 40 6,000 00 $258,158 26 $233,451 49 $246,948 56 $249,674 88 $251,471 02 2,000 1,990 5,000 1,725 00 00 00 00 384 00 18 00 Liabilities. Capital stock paid in ................... Surplus fund............................................... Undivided profits, n e t........... Dividends unpaid... Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit...................... Certified checks................ Cashier’s checks..................................... Due to FederakPeserve P an k ............... Due to other banks and bankers................... State moneys on deposit..................... Postal savings deposits.................... U. S. Government deposits....... Time commercial certificates of deposit....... Savings deposits (book accounts).................. Savings certificates of deposit...................... Club savings deposits.............. Notes and bills rediscounted........................ Bills payable................................... Bonds sold subject to repurchase.. Bonds borrowed.................... Acceptances executed for customers............. Customers' letters of credit......... Other liabilities......................... Totals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 STATE BANKS OF MICHIGAN. No. 411. THE FIRST STATE SAYINGS BANK OF BIRMINGHAM, BIRMINGHAM. Organized September 15, 1908. F rank F ord, P r e s i d e n t ; F rank H agerm an , V i c e P r e s i d e n t ; T h o s . H. C obb, C a s h i e r ; R obert C. P ec Kj A s s i s t a n t C a s h i e r . D ir ectors .— F rank Ford, F rank H agerm an, T hom as H. Cobb, F rank Schlaack, W . W. M asters, T. B. Sm ith, W. B. H arris. Report of Dec. 31, 1917. Resources. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:.. . . Com’l. dept. Sav. dept. D ijp from F ed R es Rk • 80 91 00 81 $194,669 137,833 4,500 312,045 61 29 00 81 Report of May 10, 1918. $187,729 130,664 4,500 309,281 91 24 00 06 Report of June 29, 1918. $193,604 118,042 4,500 311,618 58 43 00 21 Report of Aug. 31, 1918. $195,249 105,771 4,500 306,977 33 90 00 76 CfvmM. d ep t. SfVVr d ep t. Due from bks. in res. cities....... Com’l. dept. Sav. dept. U . S. Bds. & cert, indebt, as sav. legal res— Exch. for clearing house & checks on banks' in sam p p lace' $195,160 142,483 4,500 305,551 Report of Mar. 4, 1918. 7,988 78 14,367 15 27,000 00 43,679 18 14,390 58 32,550 00 24,486 31 14,406 46 38,050 00 33,511 42 12,414 74 35,300 00 8,365 6,000 1,040 16,000 13,113 5,000 2,162 15,000 14,418 3,000 140 17,000 4,974 3,000 115 17,000 11,280 98 9,931 03 73,150 00 C nm ’1. d ep t. Rav, dept- 4,000 00 IT. S. cert. o f in d eh t. a s cash res.:C om ’l. d ep t. S a v . dept,. C urrency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... 00 00 00 00 1,310 00 46 67 00 00 50 00 1,549 00 78 83 00 00 00 00 8,847 00 20,000 00 5 00 1,605 00 1,615 00 2,225 25 343 85 48 18 96 50 1,619 06 00 00 00 00 1,461 67 660 09 1,418 02 1,619 75 20,000 00 6,900 00 20,000 00 4,875 00 20,000 00 4,875 00 20,000 00 4,875 00 20,000 00 4,875 00 1,255 94 54 00 777 01 1,982 86 1,896 10 3,181 73 1,009 22 1,601 80 $759,485 73 $802,883 90 $775,796 81 $765,420 04 $771,139 83 $40,000 00 10,000 00 10,044 91 $40,000 00 15,000 00 1,336 24 $40,000 00 15,000 00 3,906 04 $40,000 00 15,000 00 3,670 20 $40,000 15,000 1,912 40 00 00 93 00 116,089 100,873 674 250 204,496 122,928 1,362 197 02 17 62 66 159,499 54 102,066 03 841 66 144,002 71 78,950 42 1,848 60 154,337 55,460 622 1,898 54 25 26 00 345,180 87 88,371 78 334,597 44 49,965 75 324,566 61 76,966 93 350,256 84 85,541 27 364,314 53 91,454 32 48,000 00 33,000 00 52,950 00 46,150 00 46,100 00 $759,485 73 $802,883 90 $775,796 81 $765,420 04 $771,139 83 Prem iu m account, E xp en ses, in t. &. ta x e s pd ,exceed in g earnings. Banking house.................................................. Furniture and fixtures...................................... O th er real e sta te D u e from h ank s oth er th an in reserve cities Outside checks and other cash item s............ Items in transit S tock o f F ederal R eserve B ank O ther assets Totals........................................................ Liabilities. Capital stock paid in ..................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid R eserved for ta x e s in terest etc Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks.. , D u e to Fed eral R eserve B ank D u e to oth er h ank s and hankers S ta te m o n ey s on deposit, P ostal sa v in g s d ep osits TI. S. G overn m en t d ep osits T im e com m ercial certificates o f d ep osit Savings deposits (book accounts).................. Savings certificates of deposit........................ 15 98 76 28 C lu b savin gs d ep osits Notes and bills rediscounted.......................... B ills n ayab le R on d s sold subject, to repurchase R on d s borrow ed A ccep tan ces execu ted for cu stom ers C u sto m ers’ letter s of credit, O ther liab ilities Totals......................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 STATE BANKING DEPARTMENT. No. 481. THE BLANCHARD STATE BANK, BLANCHARD. Organized April 4, 1911. W il lia m J. Ore , P r e s i d e n t j A aron A mok , V i c e P r e s i d e n t ; A ndrew W . O rr , C a s h i e r ; C h e st e r M. M c D onald ,, A s s i s t a n t C a s h i e r . D ir e c t o r s . — Wm. J. Orr, G eorge B ilbrough, A aron Am on, A ndrew W. Orr, E. M. Orr. Resources. Report of Dec. 31, 1917. R eport of Mar. 4, 1918. Report of May 10, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtg8. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $69,368 44,357 300 39,798 $63,785 36,455 300 48,123 $81,334 44,091 300 22.Î23 Due from bks. in res. cities:. . . . Com’l. dept. Sav. dept. TJ. S. BdB. & cert, indebt, as sav. legal res.. . . Exch. for clearing house <fc checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept. Currency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts....................... Premium account....... Expenses, int. & taxes pd. exceeding earnings. Banking house.................... Furniture and fixtures..................... Other real estate................. Due from banks other than in reserve cities Outside checks and other cash items Items in tra n sit.................... Stock of Federal Reserve Bank .. Other assets................. 14 80 00 25 78 25 00 25 13 26 00 25 Report of June 29, 1918. $93,241 14 28,670 00 300 00 28,298 25 Report of Aug. 31, 1918. $73,398 41,887 977 29,663 22 78 91 62 4,755 26 5,099 04 4,204 00 30,613 69 5,119 77 4,204 00 11,061 56 5,157 48 2,900 00 3,974 80 2,670 05 5,700 00 6,914 59 1,239 46 4,050 00 327 67 331 70 58 65 229 95 794 44 3,381 00 5,000 00 2,802 50 4,255 2.500 297 2.500 00 00 50 00 4,283 4.000 807 2.000 00 00 50 00 6,441 3,200 1,000 1,767 00 00 00 50 5.000 1,378 1.000 767 2,000 00 00 00 50 00 544 30 670 80 514 80 698 05 100 11 127 41 198 14 301 95 32 50 174 53 45 58 1,089 05 108,57 14 47 5.000 00 1.000 00 5.000 00 1.000 00 5.000 00 1.000 00 5 ,ÒÒÒ ÓÓ 1,000 00 1 19 10,887 04 97 34 3,984 13 7,449 10 $197,098 38 $210,298 67 $192,870 69 $182,767 60 $175,745 71 Capital stock paid in Surplus fund................... Undivided profits, n e t........... Dividends unpaid......................... Reserved for taxes, interest etc Commercial deposits subject to check.......... Demand certificates of deposit..................... Certified checks......... Cashier’s checks . Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit................................. Postal savings deposits U. S. Government deposits $20,000 00 5,000 00 . 3,585 50 $20,000 00 5,000 00 3,091 17 $20,000 00 5,000 00 3,075 20 $20,000 00 5,000 00 2,172 07 $20,000 00 5,000 00 1,845 53 2,500 00 7,500 00 Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits Notes and bills rediscounted Bills payable Bonds sold subject to repurchase Bonds borrowed... Acceptances executed for euptnmerp Customers’ letters of credit Other liabilities 44,543 62 45,458 46 Totals......................................................... $197,098 38 Totals................... 129 89 5.000 00 1.000 00 751 46 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41,786 29,393 938 3,891 80 90 94 16 55 43 48 83 36,963 54 30,916 84 7,500 00 7,500 00 5,000 00 48,678 52 42,866 73 49,037 15 28,714 06 49,681 77 29,359 47 48,287 87 27,562 89 $210,298 67 $192,870 69 $182,767 60 $175,745 71 45,508 36,947 333 372 79 58 88 00 38,014 39,744 19 1,765 01 88 75 64 28,859 39,982 2 209 169 04 61 STATE BANKS OE MICHIGAN. No. 163. THE BLISSFJELD STATE BANK, BLISSFIELD. Organized May 31, 1893. L. H. R o t h f u s s , P r e s i d e n t ; G eo . F . F ord, W m . R o t h f u s s ., V i c e P r e s i d e n t s ; K. B. G laser , C a s h i e r ; C. H. A rch er , A s s i s t a n t C a s h i e r . D ir ectors .— Geo. F . F ord, W illia m R o th fu ss, Geo. W. D avenport, L. H . R oth fu ss, G. A. H a th a w a y , J a m es G. H ill, E. A. Beam er. Report of Aug. 31, 1918. Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:................. Com'l. dept Sav. dept Bonds, mtgs. and securities:... .Com'l. dept Sav. dept Due from Fed. Res. Bk.:...........Com’l. dept Sav. dept $206,853 95 81,445 50 $219,723 09 38,465 00 $179,335 53 32,655 00 $131,079 66 33,510 00 $142,418 87 36,801 14 206,605 00 222,700 00 244,150 00 244,525 00 248,375 00 30,031 80 Due from bks. in res. cities:__ Com’l. dept 34,368 19 Sav. dept 15,400 00 U. S. Bds. & cert, indebt, as sav. legal res. Exch. for clearing house & checks on banks in same place:....................................Com’l.dept, 1,710 73 Sav. dept 72,351 25 90,145 03 23,550 00 93,281 12 51,608 25 84,050 00 104,958 10 136,664 15 38,950 00 127,502 43 107,509 48 42,450 00 64 13 1,747 63 U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept Currency:.............................................. Com’l.dept 8,944 00 12,000 00 Sav. dept Gold coin:..............................................Com’l.dept 4,500 00 5,000 00 Sav. dept Silver coin:............................................ Com’l.dept Sav. dept Nickels and cents:................................Com’l.dept Sav. dept Overdrafts................................................. Premium account..................................... Expenses, int. & taxes pd. exceeding earnings Banking house................................................ Furniture and fixtures.. , .............................. Other real estate............................................ Due from banks other than in reserve cities Outside checks and other cash item s........... Items in tra n sit.............................................. Stock of Federal Reserve B ank................... Other assets.................................................... Totals. 6,537 14,500 4,500 5,000 00 00 00 00 5,352 15,350 4,400 5,000 00 00 00 00 3,485 17,622 4,400 5,000 00 00 00 00 5.000 10,000 3,873 5.000 2.000 7,400 00 00 00 00 00 00 947 500 127 100 266 823 35 00 39 00 25 28 1,007 440 67 44 162 913 55 00 21 00 90 28 654 10 543 00 112 63 1,139 30 463 00 137 20 1,075 10 522 00 193 48 433 51 821 08 269 18 821 08 58 64 763 28 5,000 00 2,800 00 5,000 00 2,500 00 5,000 00 2,500 00 5,000 00 2,500 00 5,000 00 2,500 00 70 00 48 13 1,706 12 $617,236 34 $707,896 83 $725,364 40 $730,570 44 $751,918 61 $30,000 00 8,000 00 5,489 06 $30,000 00 9,000 00 3,735 12 $30,000 00 9,000 00 5,463 54 $30,000 00 9,000 00 5,234 20 $30,000 00 115,176 71 107,695 94 153,928 05 111,968 91 151,843 32 111,610 75 113,797 72 108,090 81 139,667 42 110,310 4.5 350,874 63 399,264 75 417,446 79 464,447 71 457,699 41 $617,236 34 $707,896 83 $725,364 40 $730,570 44 $751,918 61 Liabilities. Capital stock paid in ............................... Surplus fund............................................. Undivided profits, n e t............................. Dividends unpaid..................................... Reserved for taxes, interest, e tc............. Commercial deposits subject to check.. Demand certificates of deposit............... Certified checks........................................ Cashier’s checks....................................... Due to Federal Reserve P an k ............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits........................... U. S. Government deposits.................... Time commercial certificates of deposit. Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable............................................. Bonds sold subject to repurchase........... Bonds borrowed....................................... Acceptances executed for customers__ Customers’ letters of credit.................... Other liabilities......................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10,000 00 4,241 33 62 STATE BANKING DEPARTMENT. No. 221. THE JIPSON-CARTER STATE BANK, "BLISSFIELD. Organized March 1, 1900. Cora A. J ip s o n , P r e s i d e n t ; C h a s . L. K in g , V i c e P r e s i d e n t ; J. G. B auer , C a s h i e r . D ir ectors .— C. E. H ow land , J . C. H o lt, J. J.' W alper, R. M. E ccles, Chas. L. K ing, J . G. B auer J o h n Ick ler, W. H . B urns, T. G. G laser, H. E. M orrow, Cora A. Jip son . Resources. Report of Dec. 31, 1917. Report of M ar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Loans and discounts:.................Com’l. dept. Sav. dept. Bonds, mtgs. and securities:.. . . Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $178,189 71 2,370 55 $156,628 12 344 45 $115,317 23 $100,647 96 $137,059 85 017,862 96 616,032 96 661,039 46 21,174 66 635,899 46 23,601 00 635,724 46 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. 34,106 20 122,330 26 319 00 86,440 01 192,012 11 5,490 66 40,281 07 195,494 33 76,470 16 98,998 59 197,472 24 25,000 00 145,606 28 155,743 94 10,000 00 504 06 371 34 U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.....................................Com’i. dept. Sav. dept. Gpld coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts..................................... Premium account................. Expenses, int. & taxes pd. exceeding earnings. Banking house...................... Furniture and fixtures.............. Other real estate....................... Due from banks other than in reserve cities. . Outside checks and other cash items Items in tran sit.......................... Stock of Federal lleserve Bank . Other assets............................ Totals................................... 4,500 16,921 4,000 17,435 00 00 00 00 4,500 20,074 4,000 17,420 00 00 00 00 5.000 18,391 5.000 16,410 00 00 00 00 5.000 22,727 5.000 16,400 00 00 00 00 Report of Aug. 31, 1918. 50,000 8,000 15,722 5,000 16,400 00 00 00 00 00 3,006 60 2,826 30 3,127 20 3,472 20 3,946 00 254 06 170 50 4,077 49 304 05 104 26 3,965 18 293 01 21 36 4,083 91 281 09 104 12 4,073 61 502 61 848 35 3,934 21 8,301 90 4,694 58 8,300 00 4,690 00 8,300 00 4,690 00 8,300 00 4,690 00 8,300 00 4,690 00 505 81 7,363 15 8,358 45 3,690 00 974 15 2,921 00 $1,026,408 77 $1,135,180 55 $1,157,813 88 $1,149,744 99 $1,225,450 04 Liabilities. Capital stock paid in ................. Surplus fund................................. Undivided profits, n e t............. Dividends unpaid....................... Reserved for taxes, interest, etc............... Commercial deposits subject to check . Demand certificates of deposit. Certified checks.................. Cashier’s checks.................... Due to Federal lleserve Bank. Due to other banks and bankers State moneys on deposit............. Postal savings deposits............ U. S. Government deposits........... Time commercial certificates of deposit . Savings deposits (book accounts).............. Savings certificates of deposit.................... Club savings deposits.................. Notes and bills rediscounted.............. Bills payable......................... Bonds sold subject to repurchase......... Bonds borrowed..................... Acceptances executed for customers............. Customers' letters of credit......... Other liabilities............................. Totals..................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 00 27,500 00 12,590 31 $50,000 29,000 14,700 100 168,236 92 198,166 53 240,457 62 194,339 56 275,071 01 463,611 52 304,470 02 507,319 37 335,893 77 490,219 90 327,013 44 521,720 61 337,437 32 520,649 98 330,250 57 $1,026,408 77 $1,135,180 55 $1,157,813 88 $1,149,744 99 $1,225,450 04 00 00 88 00 $50,000 29,000 21,022 100 00 00 92 00 $50,000 29,000 17,147 100 00 00 50 00 $50,000 30,000 19,278 200 00 00 48 00 STATE BANKS OF MICHIGAN. 63 No. 516. THE PEOPLE’S STATE BANK OF BLOOMINGDALE, BLOOMINGDALE. Organized July 9, 1912. R D uben E. A l l e n , P r e s i d e n t ; A r t h u r B. W i g g i n s , V ic e P r e s i d e n t ; E l l i s S i m o n , C a s h ie r . — Daniel M. Allen, Lowell A. Newcomb, E llis Simon, Ruben E. Allen, Edwin J. Dayton, David Joy, Arthur B. Wiggins. ir e c t o r s . Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Loans and discounts.................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities___Com’l. dept. Sav. dept. Due from Fed. Res. Bk,:. . . , Com’l. dept. Sav. dept,. $73,977 56,043 17,650 86,448 $92,061 53,598 17,650 84,948 Due from bks. in res. cities:....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:. . . . . Com’l. dept,. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. 13 00 00 58 22,663 22 14,000 00 14,571 00 2,469 4,000 167 3,009 00 00 50 92 64 00 00 58 9,277 22 10,000 00 14,487 00 862 3,800 62 3,209 00 00 50 92 Report of June 29, 1918. Report of May 10, 1918. $108,732 44,628 22,650 86,283 $117,719 34,633 25,800 85,833 51 00 00 58 8,402 17 5,000 00 11,500 00 1,679 84 5,000 00 11,500 00 1,338 4,300 152 3,209 15 00 00 58 335 2,150 2 3,359 00 00 50 92 00 00 50 92 Report of Aug. 31, 1918. $115,212 30,953 29,150 85,623 10 00 00 58 9,112 99 600 00 11,500 00 500 2,000 1,184 3,300 45 812 00 00 00 00 00 42 545 00 355 70 508 00 306 25 355 60 132 49 182 64 162 19 189 28 1/5 42 210 00 265 87 666 13 1,219 08 233 77 00 00 00 68 70 97 9,000 00 5,200 00 2,475 00 9,000 00 5,200 00 2,475 00 2 00 250 08 35 50 $312,932 39 $308,902 42 $307,737 75 $313,160 43 $308,437 32 Capital stock paid in ....................................... Surplus fund................................................... Undivided profits, n e t........... Dividends unpaid....... Reserved for taxes, interest, etc Commercial deposits subject to check.......... Demand certificates of deposit Certified checks......... Cashier’s checks......... Due to Federal Reserve Bank Due to other banks and bankers State moneys on deposit. Postal savings deposits U. S. Government deposits Time commercial certificates of deposit Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted Bills payable....................... Bonds sold subject to repurchase Bonds borrowed Acceptances executed for customers Customers’ letters of credit Other liabilities.. . $20,000 00 22,000 00 3,023 03 $20,000 00 22,000 00 1,808 61 $20,000 00 22,000 00 3,788 80 $20,000 00 22,000 00 2,797 06 $20,000 00 22,000 00 1,410 04 94,369 76 79,467 19 85,179 45 15,932 39 60,887 33 68,869 81 40,949 39,148 91,261 116 69,853 42,336 72,818 149 Totals........................................................ $312,932 39 Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:................... Com’l. dept. Sav, dept. Overdrafts................................. Premium account....... Expenses, int. & taxes pd.exceeding earnings. Banking house.......................... Furniture and fixtures........................... Other real estate.................................. Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tran sit.................. Stock of Federal Reserve Bank Other assets..................... Totals.......................................... 8,900 5,200 2,475 80 42 287 00 00 00 50 80 25 8,900 5,200 2,475 596 82 886 9,000 5,200 2,475 547 46 410 00 00 00 40 81 23 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,466 23 38,502 03 135,037 57 39,838 26 144,322 13 $308,902 42 35,176 84 120,660 27 67 13 96 28 30 66 38 13 5,000 00 36,000 00 11,000 00 $307,737 75 $313,160 43 $308,437 32 64 STATE BANKING DEPARTMENT. No. 436. THE FARMERS’ STATE BANK OF BRECKENRIDGE, BIIECKENRIDGE. Organized April 21, 1909. i l e s , V ic e P r e s i d e n t ; R. L. B a l d w i n , C a s h ie r ; C. W. F e a , A s s i s t a n t C a s h ie r . i r e c t o r s . — Alex. Chisholm, B. L. Hodge, A. L. Giles, J. L. Smith, Robert Donnan, R. L. Baldwin, Robert Boswell, C. K. Fox. A D lex . Ch is h o l m , P r e s i d e n t ; A. L. G Resources. Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10, 1918. Report of June 29, 1918. Report of Aug. 31, 1918. Loans and discounts:................. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Rk.:. Com’], dept. Sav. dept. $82,158 19,986 5,000 33,045 $70,223 22,987 25,000 33,450 $90,767 16,448 4,500 41,359 $97,951 16,893 8,500 42,300 $128,761 16,508 9,500 41,559 Due from bks. in res. cities:. . . . Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place: . . . .. Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.................................... Com’l. dept. Sav. dept. Gold coin:.................................. Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. Overdrafts......................................................... Premium account............................................. Expenses, int. & taxes pd. exceeding earnings. Banking house................................................ Furniture and fixtures..................................... Other real estate.............................................. Due from banks other than in reserve cities Outside checks and other cash item s............ Items in transit.................... Stock of Federal Reserve B ank..................... Other assets...................................................... Totals......................................................... 36 41 00 41 54,171 94 5,225 35 10,092 00 80 50 00 00 30,095 33 7,425 35 9,792 00 86 71 00 68 29,965 13 5,175 35 26,000 00 69 68 00 00 42,324 49 2,775 35 4,450 00 17 25 00 00 8,419 34 475 35 8,150 00 5,000 00 00 00 00 00 6,587 1.900 90 1.900 00 00 00 00 2,768 00 2,00Q 00 2,130 00 1,800 00 1,900 00 1,900 00 30 00 23 86 93 173 00 5 00 95 56 47 115 37 353 90 197 6 14 60 00 93 24 87 605 85 29 00 244 58 60 26 87 484 15 20 00 206 84 44 858 24 5.300 00 2.300 00 8,432 22 5,300 00 2,000 00 14,989 13 5,300 00 2,000 00 14,989 13 5,300 00 2,000 00 14,989 13 5,300 00 2,000 00 14,989 13 103 33 16,303 00 269 82 26,416 27 340 09 8,115 88 822 81 389 79 $256,019 34 $258,730 60 $256,101 47 $245,882 05 $248,451 70 00 00 47 00 $20,000 00 5,000 00 835 40 $20,000 00 5,000 00 1,715 94 $20,000 00 5,000 00 1,132 83 $20,000 00 5,000 00 364 55 63,073 16 94,508 68 64,424 04 91,310 84 63,333 59 93,671 96 50,283 05 99,117 54 39,754 42 91,669 06 62,446 54 9,691 49 67,416 27 9,744 05 63,041 93 9,338 05 65,637 83 4,710 80 65,702 24 4,710 80 9,488 1,800 95 1,900 00 00 00 00 300 80 137 8 91 6,802 1,600 90 1,900 Liabilities. Capital stock paid in ....................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unpaid............................................. Reserved for taxes, interest, e tc..................... Commercial deposits subject to check.......... Demand certificates of deposit....................... Certified checks................................................ Cashier’s checks............................................... Due to Federal Reserve B ank....................... Due to other banks and bankers. . State moneys on deposit................................. Postal savings deposits.................................... U. S. Government deposits............................ Time commercial certificates of deposit . .. Savings deposits (book accounts).................. Savings certificates of deposit........................ Club savings deposits...................................... Notes and bills rediscounted.......................... Bills payable..................................................... Bonds sold subject to repurchase.................. Bonds borrowed............................................... Acceptances executed for customers............. Customers’ letters of credit............................ Other liabilities................................................ Totals......................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 4,000 2,284 15 16,250 63 5,000 00 X $256,019 34 $258,730 60 $256,101 47 $245,882 05 $248,451 70 STATE BANKS OF MICHIGAN. 65 No. 187. FIRST STATE SAYINGS BANK OF BRECKENRIDGE, BRECKENR1DGE. , Organized April 7, 1896. B. C r a w f o r d , P r e s i d e n t ; W. O. W a t s o n , A. J o h n s t o n e . V ic e P r e s i d e n t s ; A lf . F. C r a w f o r d . C a s h ie r ; O. G. C o l t h o r p . A s s i s t a n t C a s h ie r . i r e c t o r s .— Jam es B. Crawford, W. O. Watson, A. Johnstone, John Mitchell, Jam es P. Gibbs, Alf. F. Crawford, Thos. Crawford, C. Peterman. J D am es Report of Dec. 31, 1917. Report of Mar. 4, 1918. Report of May 10,1918. Report of June 29, 1918. Report of Aug. 31,1918. dept. dept. dept. dept. dept. dept. $146,111 36 16,029 64 $152,266 86 3,029 64 $168,648 27 $164,272 65 5,000 00 22,955 42 $167,376 15,000 5,000 9,755 Due from bks. in res. cities....... Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. Resources. Loans and discounts:............ . . . Com’l. Sav. Bonds, mtgs. and securities: . . . . Com i. Sav. Due from Fed. Res. B k .:... . . . . Com’l. Sav. U. S. cert, of indebt, as cash res.:Com’l. dept. Sav. dept. Currency:.....................................Com’l. dept. Sav. dept. Gold coin:.................................. Com’l. dept. Sav. dept. Silver coin:...................................Com’l. dept. Sav. dept. Nickels and cents:...................... Com’l. dept. Sav. dept. O verdrafts......................................................... Premium account............................................. Expenses, int. & taxes pd. exceeding earnings. Banking house.................................................. Furniture and fixtures.................................... Other real estate.............................................. Due from banks other than in reserve cities.. Outside checks and other cash item s............ Items in tran sit................................................ Stock of Federal Reserve B ank..................... Other assets...................................................... Totals. 00 00 00 42 22,505 42 10,000 00 14,805 42 21,605 42 13,017 80 3,036 98 11,000 00 24,294 86 9,071 64 14,950 00 7,839 54 9,111 14 16,650 00 10,215 07 4,111 14 13,050 00 11,536 73 3,119 52 14,450 00 7,802 00 3,600 00 9,424 00 4,250 00 8,657 00 3,170 00 7,405 00 1,000 00 6,210 00 1,365 00 1,125 00 1,090 00 1,249 50 1,098 25 1,110 90 48 00 415 35 77 5,321 60 1,111 15 346 93 9 82 2,685 71 1,046 50 153 5 2,105 6,000 00 2,000 00 6,000 00 2,000 00 6,000 00 2,000 00 265 50 483 34 8,879 91 277 72 29,817 47 $243,385 18 $265,177 29 $282,220 17 $239,269 01 $247,734 01 $16,000 00 16,000 00 3,107 16 $16,000 00 16,000 00 123 59 $16,000 00 16,000 00 170 34 $16,000 00 16,000 00 5 98 $16,000 00 16,000 00 249 37 49,011 11 86,252 80 64,754 32 105,107 01 76,145 19 99,390 54 49,019 00 97,207 67 51,459 14 90,758 96 10 00 34,848 66 23,165 45 34,111 31 20,869 16 32,423 52 12,412 86 37,663 61 8,372 75 37,751 17 5,505 37 8,211 90 29,677 72 15,000 00 30,000 00 $239,269 01 $247,734 01 343 87 27 07 5,412 89 6,219 2,000 1,100 2,000 40 00 00 00 00 00 12 61 50 337 50 800 00 1,108 130 394 1 4,247 45 00 79 60 94 6,000 00 2,000 00 266 06 Liabilities. Capital stock paid in ............................... Surplus fund............................................. Undivided profits, n e t............................. Dividends unpaid..................................... Reserved for taxes, interest, e tc............. Commercial deposits subject to check.. Demand certificates of deposit............... Certified checks........................................ Cashier’s checks....................................... Due to Federal Reserve B ank............... Due to other banks and bankers........... State moneys on deposit......................... Postal savings deposits............................ U. S. Government deposits..................... Time commercial certificates of deposit Savings deposits (book accounts).......... Savings certificates of deposit................ Club savings deposits.............................. Notes and bills rediscounted.................. Bills payable............................................. Bonds sold subject to repurchase........... Bonds borrowed....................................... Acceptances executed for customers__ Customers’ letters of credit.................... Other liabilities......................................... Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15,000 00 $243,385 18 $265,177 29 $282,220 17 G6 STATE BANKING DEPARTMENT. No. 570. BRIDGMAN STATE BANK, BRIDGMAN. Organized December 23, 1915. m . H. C a s t , V ic e P r e s i d e n t ; F . W. C a s t , C a s h ie r j H. E. H o w a r d , A s s i s t a n t C a s h ie r . i r e c t o r s .— O. A. D Baldwin, J. M. Ball, T. E. Berk, A. E. Chauncey, F. W. Gast, W. H. Gast, W. D. Young. O. D A. D. B a l d w in , P r e s id e n t; W Resources. Report of Dec. 31, 1917. Loans and discounts............ .. Com’l. dept. Sav. dept. Bonds, mtgs. and securities:... .Com’l. dept. Sav. dept. Due from Fed. Res. Bk.:...........Com’l. dept. Sav. dept. $64,158 5,000 2,550 75,445 Due from bks. in res. cities:__ Com’l. dept. Sav. dept. U. S. Bds. & cert, indebt, as sav. legal res.. . . Exch. for clearing house & checks on banks in same place:......................... Com’l. dept. Sav. dept. U. S. cert, of indebt, as cash res.:Com’l. dept Sav. dept. Currency:.....................................Com’l. dept. Sav. dept. Gold coin:....................................Com’l. dept. Sav. dept. Silver coin:.................................. Com’l. dept. Sav. dept. Nickels and cents:......................Com’l. dept. Sav. dept. O verdrafts........................................... Premium account................................. Expenses, int. & taxes pd.exceeding earnings. Banking house.................... Furniture and fixtures..................... Other real estate................................. Due from banks other than in reserve citie s.. Outside checks and other cash item s............ Items in tra n sit...................................... Stock of Federal Reserve B ank..................... Other assets............................................ Totals..................................... Report of Mar. 4, 1918. Report of May 10, 1918. 29 00 00 50 $75,670 15 $85,553 53 8,550 00 69,370 50 8,050 00 61,933 00 13,072 44 9,500 00 19,461 00 7,634 42 8,300 00 12,008 00 9,791 62 3,700 00 3,650 00 Report of June 29, 1918. Report of Aug. 31, 1918. $75,809 11,300 9,550 60,533 $43,454 43,400 10,051 57,083 40 00 00 00 92 00 60 00 28,965 25 4,000 00 5,347 50 37,244 74 5,000 00 17,750 00 8,513 2,100 2.500 3.500 00 00 00 00 3,811 2,400 3,965 2,000 00 00 00 00 4,505 2,000 4,000 2,035 00 00 00 00 6,556 00 4,400 00 1,075 00 7,787 00 6,500 00 1,155 00 248 80 31 20 17 35 00 88 00 71 260 90 32 10 109 55 00 44 00 04 183 55 29 10 51 25 00 86 00 56 108 85 16 15 142 793 175 86 25 731 2,200 00 1,700 00 2,200 00 1,700 00 2,200 00 1,700 00 75 00 33 00 65 2,200 00 1,700 00 21 88 25 00 91 00 32 2,200 00 1,700 00 25 13 $210,120 05 $198,111 10 $189,447 82 00 00 37 00 $20,000 00 2,000 00 795 60 $20,000 00 2,000 00 1,422 02 89,033 33 92,021 78 2,831 63 44,723 85 50,046 87 $211,803 88 $235,162 87 Liabilities. Capital stock paid in ..................................... Surplus fund..................................................... Undivided profits, n e t..................................... Dividends unp
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