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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


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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


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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,


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H. W. GROSS,
J. W. THURLOW.
SPE C IA L E X A M IN E R .

FRANK J. BATTERSBEE.


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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.


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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 ...........................................................................................................................................


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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.


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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,


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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 (


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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.


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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,


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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.


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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 ....................


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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.”


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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.


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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%


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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)


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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.............................................................................................


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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.


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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.


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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


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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

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xx x v iii
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x x x v iii
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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.............................................


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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

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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 ..............................................


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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.


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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 .


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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,


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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


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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.


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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 .


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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


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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 .


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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 :


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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

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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 .”


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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 .


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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

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'

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

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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.”


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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:


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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 .”


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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 ,


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^ A tto rn ey General. _

REPORT OF THE COMMISSIONER.

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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 .

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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 .

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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.”


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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.

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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

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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 :


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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


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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.


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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 .


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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


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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


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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


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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

.

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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 .

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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


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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


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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 .


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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.


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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 * * * *”


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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 .”


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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 ..............................................................................


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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,


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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 .


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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.

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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


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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


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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,


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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.

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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.


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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.


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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


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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


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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 .


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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


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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 .


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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


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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 ,


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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 ,


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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


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Federal Reserve Bank of St. Louis


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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.......................


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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 . . . .


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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. ..
*


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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 ....


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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


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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


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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


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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


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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.


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Federal Reserve Bank of St. Louis


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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

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

t.

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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


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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