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T H IR T Y -F IR ST AN N U A L REPORT
O F THE C O M M I S S I O N E R
O F TH E
BANKING DEPARTMENT
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Federal Reserve Bank of St. Louis
OF T H E
STATE OF MICHIGAN
D ECEM BER 31, 1919
BY AUTHORITY
rORT WAYNE PRINTING COMPANY
CONTRACTORS POR MICHIGAN STATE PRINTING AND B|NDING
FORT WAYNE. INDIANA
1920
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Federal Reserve Bank of St. Louis
DEPARTMENT OFFICERS
COMMISSIONER,
FRAN K W . MERRICK.
DEPUTY COMMISSIONER,
ALBERT E. MANNING.
CHIEF EXAMINER,
PH ILLIP S. H AN NA.
EXAMINERS.
H. W . HANSON,
H. O. MOHRMANN,
L. E. W ARN ER,
J. T. MALLETT,
F. W . LAW RENCE,
V- J. TOURJE,
L. J. BAKER,
C. W . SNOWDEN,
S. D. THOMAS,
H. A. MILLARD,
A. E. GALE,
L. J. O’BRIEN,
L. P. K ALAH AR ,
W . C. GRISWOLD,
H. W . GROSS,
S. E. LAMB,
B. P. GREENE,
D. J. VAN DER W ERP, JR.,
H. J. McGILL,
F. L. OLIVE,
H. J. STRINGHAM.
D. E. LAW RENCE,
L. J. KTJEHNLE.
ASSISTANT EXAMINERS.
R. H. LARABEE,
L. W . M ARTIN DALE,
E.
R. ROBINSON.
SPECIAL EXAMINER,
%
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F.
J. BATTERSBEE.
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Federal Reserve Bank of St. Louis
COMMISSIONERS OF BANKING
OF M ICH IGAN
[Under Act 205, 1887.]
THEODORE C. SHERWOOD,
Appointed January 7, 1889; resigned November 7, 1896.
D ANEL B. AIN G ER,
Appointed November 11, 1896 ; resigned April 1, 1897.
JO SIAH E. JUST,
Appointed April 1, 1897; died February 19, 1898.
GEORGE L. MALTZ,
Appointed February 26,1 8 98 ; term expired January 8, 1903.
GEORGE W . MOORE,
Appointed January 8, 1903; term expired February 19, 1907.
H EN R Y M. ZIMMERMANN,
Appointed February 19,1907 ; resigned January 11,1911.
E D W A R D H. DOYLE,
Appointed January 18, 1911; term expired February 14, 1915.
FR AN K W . MERRICK,
Appointed January 13, 1915; qualified February 15, 1915.
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TABLE OF CONTENTS.
Abstract, comparative 1889 to 1919, inclusive, state banks..........................................
comparative 1889 to 1919, inclusive, national banks......................... ..........
state banks, 1919..................................................................................................
average state bank as of November 17, 1919.................................................
national banks, 1919............................................................................................
state and national banks combined, 1919.......................................................
state banks in Detroit..........................................................................................
national banks in Detroit....................................................................................
state and national banks in Detroit.................................................................
reserve city banks, other than Detroit................................. ...........................
state and national banks in Grand Rapids.....................................................
state and national banks in Adrian.......................................................
state and national banks in Alpena..................................................................
state and national banks in Ann Arbor...........................................................
state and national banks in Battle Creek........................................................
state and national banks in Bay City..............................................................
state and national banks in Benton Harbor...................................................
state and national banks in Cadillac................................................................
state and national banks in Jackson................................................................
state and national banks in Kalamazoo...........................................................
state and national banks in Lansing.................................................................
state and national banks in Marquette...........................................................
state and national banks in Muskegon............................................................
state and national banks in Port Huron.........................................................
state and national banks in Saginaw................................................................
state and national banks in Sault Ste. Marie.................................................
state and national banks in Traverse City......................................................
state and national banks by counties...............................................................
Bank cashiers in Michigan.....................................................................................................
Banks examined and fees paid..............................................................................................
Banks, members of Federal Reserve System....................................................................
Capital stock, increase o f.......................................................................................................
Certificate^ state treasurer as to fees...............................................................................
Change of name........................................................................................................................
Consolidations......................................................................
Cost of operation............................................................................... ............ . .......................
Dividends...................................................................................................................................
Earnings and dividends..........................................................................................................
Examinations..................... . ....................................................................................................
Extension of corporate existence............................................................ ...........................|
Financial condition............................................................................................
Growth of state banks............................................................................................................
Index to banks. ................. 7..................................................................................................
Liberty bonds, total Michigan subscriptions....................................................
New banks..................................................................................................................................
Number of depositors........... ................................................; ..........xvi
Number of examinations.................................................................................
Number of state banks and trust companies.....................................................................
Opinions of attorney general.................................................................................................
Receipts and disbursements...................................................................................................
Reserves...................................................................................................................................
Reserve cities............................................................................ . I ! ! ! ! ! ! ! ! ! ! ! ! ' . ! ! ' ! ! ! ! . .
Receiverships.............................................................................................! . ! ! ! ! ! . " ! . ! ! ! ! .
Reports of state banks and trust companies (see index).......................................
Reports of national banks (see index)................................................................................
Segregation of deposits...........................................................................................................
Steamship bonds approved by the securities commission..............................................
Steamship ticket agencies.....................................
Trust companies.......................................................................................................
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Federal Reserve Bank of St. Louis
cxix-cv
cvi-cxii
cxiii
cxiv
cxv
cxvi
cxvii
cxviii
cxix
cxx
cxxviii
cxxi
cxxii
cxxiii
cxxiv
cxxv
cxxvi
cxxvii
cxxix
cxxx
cxxxi
cxxxii
cxxxiii
cxxxiv
cxxxv
cxxxvi
cxxxvii
cxxxviii-cliii
651-657
lxxxiii-xcvi
xx-xxii
xiii
cxvi
xiii
xiii
xvii-xviii
xv
xv
xi
xiv
xi
xv
659-677
xvi
xii
xi
xi
xxxiii-lxxix
xvii
xii
xiv
xxiii
3-540
541-649
xx
xix
xxiii-xxv
xiv
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Federal Reserve Bank of St. Louis
lSüli
STATE BANKING DEPARTMENT
REPORT OF THE COMMISSIONER.
STATE OF MICHIGAN,
Banking Department,
Lansing, December 31, 1919.
Hon. A. E. Sleeper, Governor of Michigan:
Herewith is submitted the thirty-first 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, 1919.
During the past year a continued growth is noted in Michigan state banks, as
evidenced by a comparison of the total resources as shown by the call of November 1,
1918, and the call of November 17, 1919. The November 1, 1918, call showed totai
resources of 509 state banks, 2 industrial banks and 9 trust companies were
$729,841,920.92, and on the call of November 17, 1919, total resources o f the 516 state
banks, 2 industrial banks and 10 trust companies were $942,899,109.20, showing a net
increase for the year of 29 per cent, or approximately $213,057,188.28.
A review of the calls herewith submitted would indicate that this growth signifies
a prosperous condition in Michigan, inasmuch as the principal item of increase was
in the deposit account, and also that there was a very large decrease in rediscounts
and bills payable.
On all calls made during the year it was shown that reserves were met in a
satisfactory manner, and that conservative business methods were adopted in placing
the excess funds which have accumulated in our banks through their depositors
Some two years ago a financial plan was inaugurated in this Department for the
purpose of maintaining its accounts in proper condition. The budget system which
was adopted July 1 last does not differ materially from the plan heretofore in opera
tion in this Department, consequently it has not been difficult to adjust ourselves to
the plan suggested by the budget commission.
Michigan state banks continue to interest themselves in the Federal Reserve
System, as is indicated by the increased number of banks securing membership
during the current year. According to our report of December 31, 1918, there were
at that time 117 member banks, and at this date there are 145 members an increase
for the year o f 28 members. So far as we have been able to determine,’ membership
m the Federal Reserve System by our state banks has been generally satisfactory
and we look for a continued increase in membership.
y’
During the year the Attorney General advised that it was the duty of this Depart
ment to supervise and examine trust departments of national banks operated under
the Federal Reserve System, and the work has been given attention along the same
lines as our state trust companies are examined.
At the close of the war considerable activity was shown among dealers in foreign
exchange and by steamship ticket agencies which are under the supervision of this
Department. There are at present sixty licensed, all of which have been examined
according to the provisions of the statute as it applies to agencies of this nature.
With two exceptions I think all of the amendments suggested in our annual
report to you in 1918 received favorable consideration from our legislators and are
now in effect. Other amendments have also been made to our banking law which
materially strengthen the banking situation within our state, and they are all onerating satisfactorily.
^
There have been no failures of Michigan state banks during the current year and
an examination of the reports made by our examiners and reports from banks on
made would indicate that the conditions in Michigan are entirely satisfactory
at this time.
J
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X
STATE BANKING DEPARTMENT.
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. Lists 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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Commissioner of the Banking Department.
REPORT OF COMMISSIONER.
xi
NUMBER OF STATE B A N K S AND TRUST COMPANIES.
There are at the date of this report, under the supervision of this Department,
520 state banks, 2 industrial banks and 10 trust companies transacting business in
Michigan.
FIN AN C IA L CONDITION.
Reports showing the condition of all state banks and trust companies will be
found on pages 3 to 541 inclusive. Reports of condition were called for by the
Department and made by the banks at the close of business, December 31, 1918,
March 4, May 12, June 30, September 12, November 17, and December 31, 1919. The
last named report as to each state bank will appear in the Department’s annual
report for the year 1920. In order that the annual report may be in the hands of the
public in time to be of use as a book of reference, this plan of publishing reports has
been adopted.
Statements of condition of each national bank in Michigan will be found on
pages 541 to 649 inclusive.
Special attention is called to the tables in the text of this report, as evidencing
the increasing wealth and prosperity of the people of Michigan since the organization
o f the Department in 1889. These tables contain abstracts o f the annual reports of
state and national banks for the past thirty years. Again included are the statisics
of the state and national banks located in reserve cities, and statistics of state and
national banks by counties.
NUMBER OF E X AM IN AT IO N S.
The examining staff of the Department, during the year 1919, made examinations,
as follow s:
First examinations................................................................................
527
Second examinations.................................................................
507
Preliminary examinations........................................................................
25
Special examinations..........................................................................
13
Steamship and Foreign Money OrderAgency examinations...........
56
Examinations of trust departments of national banks........................
17
1,145
All of the banks have been examined twice during the year with the exception of
seven of the new banks.
Each of the ten trust companies have been examined once during the year, in
accordance with the provisions of the trust, deposit and security law.
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.
Under the ruling of the Attorney General, it is the duty of this Department to
examine the trust departments of all national banks which have been granted trust
powers under Section 11-K o f the Federal Reserve Act. This has been done.
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 o f the directors’ records in each bank.
All state banks, with the exception of those organized during the year, have made
six reports o f condition, two reports of earnings and dividends, one report of actual
value of the stock of each state bank in Michigan, two reports showing results 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 state bank.
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Federal Reserve Bank of St. Louis
xii
STATE BANKING DEPARTMENT.
RESERVES.
The requirements of Sections 24 and 27 o f the Banking Law as to cash and legal
reserves have been fully met, as is evidenced by the following table:
COMMERCIAL DEPARTMENT.
Deposits.
Legal reserve.
March 4 ............... $273,175,759 93
May 12................
305,849,992 62
June 3 0 ...............
317,493,651 11
September 12 . . . 351,379,069 91
November 17 . . .
360,142,364 83
$69,373,942
75,680,466
72,053,264
79,457,281
87,309,306
81
85
22
06
26
Per cent.
Cash reserve
25.395
24.744
22.694
22.612
24.243
$17,248,536 91
21,359,400 08
19,038,214 64
Per cent.
6.314
6.984
5.996
SAVINGS DEPARTMENT.
Deposits.
March 4 ............... $397,121,033 00
May 12...............
410,714,365 10
June 3 0 ...............
398,260,325 23
September 12. . . 428,202,258 75
November 17. . .
450,453,063 53
Legal reserve.
$62,133,794
68,300,130
67,429,007
67,444,768
70,842,253
23
32
86
03
89
Per cent.
Cash reserve.
15.646
16.629
16.931
15.751
15.727
$14,194,531 46
17,167,337 35
17,238,810 23
Per cent.
3.574
4.18
4.329
Sections 24 and 27 o f the General Banking Law regulating reserve requirements
for Michigan State Commercial and Savings Banks were amended by the 1919 Legis
lature eliminating cash reserve and reducing legal reserve requirements to 12% of
total deposits except in cities of over one hundred thousand population, in which
cities banks are required to maintain a reserve of at least 20% of their total deposits.
TOTAL RESERVE.
March 4 ........................................................................................$131,507,737.04 or 19.619
Mjay 12......................................................................................... 143,980,597.17 or 20.093
.Tune 30............................................................................ ............ 139,482,272.08 or 19.487
September!^............................. .................................................. 146,902,049.09 or 18.843
November 17............................................................................... 158,151,560.15 or 19.510
percent.
percent.
percent.
percent.
percent.
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 BANKS.
During the year 1919 the following Michigan state banks have been authorized
to commence business.
No.
Title.
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
Hanover State Bank....................................
Rouge State Bank........................................
Stanwood State Savings Bank..................
State Bank of Boyne Falls.........................
Fenwick State Bank....................................
American State Bank..................................
Marysville Savings Bank...........................
Moline State Bank......................................
State Savings Bank.....................................
Peoples State Savings Bank......................
Farmers Savings Bank...............................
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Federal Reserve Bank of St. Louis
Location.
Capital.
Hanover............. $20,000 00
20,000 00
Levering.............
50,000 00
River Rouge. . . .
Stanwood...........
20,000 00
Boyne Falls........
20,000 00
20,000 00
20,000 00
Fenwick..............
20,000 00
Sebewaing..........
25.000 00
20.000 00
Dearborn............ 100,000 00
Dimondale.........
20,000 00
Marysville.......... 100,000 00
Moline.................
20,000 00
25.000 00
Britton................
25.000 00
Coleman.............
25.000 00
Commenced
business.
_x __________
Jan. 17,
Jan. 21,
Mar. 1,
Mar. 24,
Mar. 28,
Apr. 4,
Apr. 12,
May 3,
Aug. 1,
Sept. 2,
Sept. 15,
Oct. 8,
Nov. 12,
Nov. 26,
Dec. 1,
Nov. 25,
Dec. 1,
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
1919
REPORT OF THE COMMISSIONER.
xiii
INCREASE 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.
No.
245
109
190
332
460
353
513
614
321
580
574
188
596
573
284
291
465
119
5
149
148
393
275
286
505
454
251
62
608
367
324
547
296
508
491
235
73
71
216
211
Bank.
Location.
New Haven Savings Bank.........
First State & Savings Bank. . . .
Orion State Bank.........................
River Rouge Savings Bank........
Farmington State Savings Bank
Hopkins State Bank....................
State Bank of Beaverton............
Ecorse State Bank.......................
Monroe State Savings Bank. . . .
Commonwealth Federal Savings
Bank...........................................
Peoples State Bank.........
Greenville State Bank. . .
First State Savings Bank
Bank of Detroit...............
Wayland State Bank.. . .
State Bank of Caledonia.
American State Bank
First State Bank..............
First State Bank
Oakland County Savings Bank.
Citizens State Bank.....................
State Savings Bank.....................
American Savings Bank.............
State Savings Bank.....................
Birch Run Statp Bank............
Bank of Fountain.........................
Sebewaing State Bank................
West Michigan Savings Bank...
Peoples State Bank.....................
Lapham State Savings Bank. . .
Commercial Bank........................
Merchants & Miners State Bank
Manton State Bank.....................
Empire State Bank......................
Farmers State Bank....................
Chesaning State Bank.................
Central Savings Bank.................
First State Bank...........................
Brown City Savings Bank.........
Pontiac Savings Bank.................
Former
capital.
Present
capital.
Increase.
New Haven..........
Howell...................
Orion.....................
River Rouge........
Farmington..........
Hopkins................
Beaverton.............
Ecorse...................
Monroe.................
$20,000
50,000
15,000
25,000
25,000
20,000
20,000
25,000
50,000
$25,000
75,000
30,000
50,000
40,000
25,000
30,000
50,000
100,000
$ 5,000
25,000
15,000
25,000
15,000
5,000
10,000
25,000
50,000
Detroit..................
Redford.................
Greenville............
Croswell................
Detroit..................
Wayland...............
Caledonia.............
Highland Park. . .
Petoskey...............
500,000
50,000
25,000
25,000
500,000
20,000
20,000
100,000
50,000
500,000
100,000
50,000
25,000
100,000
50,000
20,000
20,000
20,000
25,000
20,000
25,000
65,000
50,000
20,000
20,000
20,000
25,000
500,000
50,000
25,000
200,000
750,000
100,000
50,000
30,000
1,000,000
25,000
25,000
200,000
60,000
1,000,000
250,000
100,000
26,000
200,000
112,500
25,000
25,000
25,000
50,000
30,000
50,000
100,000
100,000
25,000
25,000
25,000
50,000
1,000,000
125,000
40,000
500,000
250,000
50,000
25,000
5,000
500,000
5,000
5,000
100,000
10,000
500,000
150,000
50,000
1,000
100,000
62,500
5,000
5,000
5,000
25,000
10,000
25,000
35,000
50,000
5,000
5,000
5,000
25,000
500,000
75,000
15,000
300,000
Pontiac.................
South Haven. . . .
Remus...................
Pontiac.................
Caro.......................
Birch Run............
Fountain...............
Sebewaing............
Bangor..................
Farmington..........
Northville............
Menominee..........
Ironwood..............
Manton.................
Empire..................
Montague.............
Chesaning............
Detroit..................
South Haven. . . .
Brown City..........
Pontiac.................
The above table shows an increase in capital stock of $3,078,500; adding to this
amount $545,000 capital stock o f new banks makes a total increase for the year o f
$3,623,500. After subtracting $425,000, the capital of the banks which have consoli
dated during the year, there is a net gain in capital of $3,198,500.00.
CHANGE OF N AM E.
The following banks have amended their original articles of incorporation for the
purpose of changing their corporate name:
“ Hopkins State Bank,” Hopkins, to “ Hopkins State Savings Bank.”
“ Commonwealth Savings Bank,” Detroit, to “ Commonwealth-Federal Savings
Bank.”
“ Cheboygan State Bank,” Cheboygan, to “ Cheboygan State Savings Bank.”
CONSOLIDATION.
On February 15, 1919, the First State Bank of Detroit absorbed the assets and
assumed the liabilities of the First State Bank of St. Clair Heights.
On February 21, 1919, the resources and liabilities of the Federal State Bank of
Detroit were consolidated with and assumed by the Commonwealth Savings Bank of
Detroit, forming the Commonwealth-Federal Savings Bank of Detroit.
On March 1, 1919, the resources and liabilities of the Cheboygan County Savings
Bank were consolidated with and assumed by the Cheboygan State Bank, forming
tbe Cheboygan State Savings Bank.
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Federal Reserve Bank of St. Louis
xiv
STATE BANKING DEPARTMENT.
On August 18, 1919, the Gaylord State Savings Bank purchased the assets and
assumed the liabilities of the Otsego County State Bank of Gaylord.
On November 6, 1919, the Brown City Savings Bank purchased the assets and
assumed the liabilities of the Citizens State Savings Bank.
EXTENSION OF CORPORATE EXISTENCE.
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:
Belding Savings Bank, Belding, thirty years from and after January 7, 1919.
Kalamazoo City Savings Bank, Kalamazoo, thirty years from and after January
12, 1919.
Manistique Bank, Manistique, thirty years from and after April 22, 1919.
Michigan Trust Company, Grand Rapids, thirty years from and after June
1, 1919.
Oxford Savings Bank, Oxford, thirty years from and after June 12, 1919.
Pioneer Bank, North Branch, thirty years from and after July 29, 1919.
Clinton County Savings Bank, St. Johns, thirty years from and after October
2, 1919.
First State Bank of South Haven, thirty years from and after October 12, 1919.
First State Bank of Holland, thirty years from and after October 14, 1919.
Ann Arbor Savings Bank, Ann Arbor, thirty years from and after November
5, 1919.
Commercial Savings Bank of St. Louis, thirty years from and after November
25, 1919.
Farmers & Merchants Bank of Milan, thirty years from and after December
19, 1919.
State Bank of Reading, thirty years from and after December 27, 1919.
TRUST COMPANIES.
The Northern Title and Trust Company of Bay City was organized with a capital
of $150,000.00 and was authorized to commence business May 24, 1919.
RESERVE CITIES.
As required by Sections 24 and 27 of the General Banking Law, I hereby desig
nate for the year 1920 the following cities as reserve cities for Michigan state banks
and trust companies: Adrian, Alpena, Ann Arbor, Battle Creek, Bay City, Benton
Harbor, 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, Pittsburgh, St. Louis, St. Paul and Toledo.
The state banks of Michigan have shown an increase in total resources of 124%
in the last five years.
The national banks of Michigan have shown an increase in total resources of
98% in the last five years.
Upon October 31, 1914, there were 461 state banks and 6 trust companies. Upon
November 17, 1919, there were 516 state banks, 2 industrial banks and 10 trust
companies.
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Federal Reserve Bank of St. Louis
xv
REPORT OF THE COMMISSIONER.
GROWTH OF STATE B A N K S .
December 31, 1919, marks the thirty-first anniversary of the founding of the
present system of state bank supervision in Michigan. The following table shows
the enormous increase in the aggregate footings of the state banks from the close of
the first year's existence of this Department to the present tim e:
80 banks,
Jan. 7, 1889.
Resources.
510 state banks,
9 trust
companies,
2 industrial banks,
Nov. 1, 1918.
516 state banks,
10 trust
companies,
2 industrial banks,
Nov. 17, 1919.
Loans.............. ................................... $30,815,697 13
Banking house, furniture and fix
534,411 76
tures and other real estate........
7,550,661 99
Cash on hand and in banks..........
$616,204,829 08
$753,488,187 26
16,504,089 54
97,133,022 30
18,242,970 51
171,152,154 03
$38,900,770 88
$729,841,940 92
$942,883,311 80
Totals....................................
Liabilities.
Capital stock paid in................•••
Surplus fund and undivided profits
Deposits.............................................
Bills payable and rediscounts. . . .
Totals....................................
$5,519,425
1,818,835
31,284,124
278,385
00
53
39
96
$38,900,770 88
$43,254,500
39,224,480
602,695,628
44,667,331
00
23
91
78
$729,841,940 92
$46,008,370
45,058,213
827,162,867
24,653,860
00
53
76
51
$942,883,311 80
In the period 1889-1919, the following approximate increases are shown: deposits,
$790,000,000.00; loans, $723,000,000.00 ; capital, $41,500,000.00; surplus and undivided
profits, $43,000,000.00.
, ,T
,
1Q1Q
The loans have increased between November 1, 1918, and November 17, 1919,
$137,283,358.18; the deposits, $224,467,238.85. The increase in deposits is divided as
follow s:
$111,318,910.77
Commercial deposits.
113,148,328.08
Savings deposits---EARNINGS AND DIVIDENDS OF STATE B A N K S .
The General Banking Law of the State of Michigan does not fix a uniform divi
dend period for state banks. It provides, however, that each bank shall report to
the Commissioner o f the Banking Department within ten days alter declaring any
dividend, such reports showing amount of dividend, amount carried to surplus and
any earnings 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, 1919.
Gross earnings.......... .......................................................
Losses, bad debts, premiums charged off.........................
Expenses, interest and taxes..............................................
Net profits.......... ...........
Out of which total dividends of
$8,669,358 67
1,155,127.42 were declared.
Total average capital for above period.
Total average surplus for above period
$43,409,656 57
26,720,345 44
Total average capital and surplus.........................
Upon which the net profits were equivalent to ..........
And upon which dividends were paid equivalent to
Total average undivided profits for above period............
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$39,259,801 27
1,793,538 84
28,796,903 76
$70,130,002 01
____
____
12.36%
7.35%
$11,573,835 42
STATE BANKING DEPARTMENT.
xvi
Total average deposits for above period.................................................. $656,212,676 45
Upon which net profits were equivalent to....................................................
1.32%
Total average investable funds................................................................. $639,484,612 42
Upon which net profits were equivalent to ..................................................
1.36%
Upon average capital, surplus, undivided profits and deposits, net profits
were equivalent to........................................................................................
1.19%
NUMBER OF DEPOSITORS.
Reports as to the number of depositors were received from the 519 state banks,
10 trust companies, 2 industrial banks and 110 national banks as o f December 1, 1919.
An abstract of these reports shows total depositors of 2,257,763, divided into the
following classification:
488,816
1,368,522
115,872
284,553
State Banks, commercial deposits. . .
State Banks, savings deposits............
National Banks, commercial deposits
National Banks, savings dep osits....
An increase of 72,443 is shown in the number of commercial depositors of state
banks for the year, while the increase in number of savings depositors is 178,837,
constituting a total increase in number of depositors of state banks 251,280. During
the year the number of commercial depositors in Michigan national banks has
increased 7,165 and number of savings depositors has increased 18,908, making a
total increase for national banks 26,073. The total increase in number of depositors
of both state and national banks for the year 1919 is therefore 277,353.
The following table shows the number of commercial and savings depositors in
the 519 state banks, 10 trust companies, 2 industrial banks and 110 national banks,
the aggregate deposits and per capita of deposits :
Average
to each
depositor.
Banks.
Class of
deposits.
Number of
depositors.
Amount of
deposits.
519 State Banks...................... f
10 Trust Companies.............\
110 National Banks............... j
Commercial.. .
Savings...........
Demand..........
Time...............
488,816
1,368,522
115,872
284,553
$360,142,364
450,453,063
205.160.000
106.032.000
2,257,763
$1,121,787,428 36
83
53
00
00
$736
329
1,770
307
71
15
57
26
$497 01
LIBERTY LOANS.
Michigan can well be proud of her record in the recent liberty loan campaigns.
Individual subscribers together with the Michigan State and National Banks pur
chased bonds to an aggregate amount of $619,754,800. This was an over subscription
of 26.44%.
This immense total is divided as follow s:
L ower P en insula :
Quota.
$50,000,000
74.550.000
75.600.000
147.900.000
110.925.000
Subscription.
$61,475,100
106,179,550
98,033,050
164,784,200
148,849,100
Over
Subscription.
22.95%
42.42%
29.67%
11.41%
34.19%
$458,975,000
$579,321,000
26.22%
(7th Federal Reserve District)
1st Loan
2nd Loan
3rd Loan
4th Loan
5th Loan
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Federal Reserve Bank of St. Louis
....................................
...................................
...................................
................. ................
...................................
xvii
REPORT OE THE COMMISSIONER.
U pper P e n in s u l a :
(9th Federal Reserve District)
1st Loan ...................................
2nd Loan .................................
3rd Loan .................................
4th Loan .................................
5th Loan .................................
$6,172,800
4.500.000
4.500.000
$4,344,650
8,873,500
9,472,750
11,626,250
6,116,650
29.16%*
10.92%
18.41%
158.36%
35.92%
$31,172,800
$40,433,800
29.87%
8 , 000,000
8 ,000,000
* Under subscription.
KECEIPTS AND DISBURSEMENTS OF TH E DEPARTMENT.
In accordance with Section 40 of the General Banking Law and Section 19 of the
Trust Company Act the Department has collected and turned over to the state
treasury the following fees and collections:
First examination fees.......................................................
Preliminary examination fees..........................................
Steamship examination fees..............................................
Federal Reserve copy fees..................................................
Special fees...............................
$79,182
625
460
4,023
674
Total checks turned over to State Treasurer for year
1919 ....................................................................................
Franchise and Filing Fees turned over to Secretary
of State ............................................................................
$84,965 54
T otal D epartmental R eceipts 1919...............................
32
09
00
68
45
$3,271 53
$88,237 07
During the year 1919 the expenses of the Department were as follow s:
S a l a r ie s :
F.
W. Merrick, Commissioner................................................................
A. E. Manning, Deputy Commissioner......................................................
P. S. Hanna, Chief Examiner (appointed July 1, 1919).....................
e x a m in e r s
$4,250 00
3,250 00
1,656 60
:
J. M. Conway (resigned January 20, 1919)........................................
C. F. Spaeth (resigned March 15, 1919)...........................................
C. I. Norman (resigned April 1, 1919)..............................................
Harry Hanson ............................................................................ ............
Carl Wisner (resigned February 1, 1919)..........................................
H. O. Mohrmann......................................................................................
L. E. Warner (resigned December 31, 1919)......................................
F. J. Affeldt (resigned August 31, 1919)..........................................
S. D. Thomas (extended leave of absence May 13, 1918, reap
pointed examiner January 2, 1919)................................................
J. T. Mallett..............................................................................................
V. W. Tourje (resigned December 29, 1919)......................................
L. L. Maxam (resigned August 31, 1919)..........................................
F. W. Lawrence......................................................................
L. J. Baker.............................*................................................................
C. W. Snowden..........................................................................................
H. A. Millard............................................................................................
A. E. Gale.................................................................................................
W. C. Griswold..........................................................................................
D. J. Vander Werp, J r............................................................................
L. J. O’Brien.................
L. P. Kalahar...........................................................................................
F. L. Olive........................................................
B. P. Greene.............................................................................................
S. E. Lamb.................................. ................................ .............................
Harry W. Gross (appointed assistant examiner August 1, 1918,
, appointed examiner February 15, 1919)......................................
H. J. McGill (appointed assistant examiner August 28, 1918, ap
pointed examiner February 15, 1919)..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
133
575
611
2,300
226
2,208
2,200
1,329
33
00
54
00
93
26
00
10
1,994
2,200
2,075
1,303
2,200
1,975
1,975
1,900
1,900
1,816
1,700
1,900
1,900
1,700
1,800
1,767
73
00
00
80
00
00
00
00
00
29
00
00
00
00
00
20
1,752 38
1,636 09
STATE BANKING DEPARTMENT.
xviii
J. H. Thurlow (resigned May 15, 1919)..............................................
D. E. Lawrence (appointed assistant examiner March 3, 1919,
appointed examiner September 15, 1919 ) ..................................
L. J. Ivuehnle (appointed assistant examiner March 10, 1919, ap
pointed examiner September 15, 1919)........................................
Eugene Guillemette (appointed assistant examiner March 10, 1919,
resigned March 29, 1919)...............................................................
H. J. Stringham (reappointed examiner March 31, 1919, resigned
December 15, 1919)...........................................................................
448 35
1,142 09
1,118 75
63 33
1,275 00
AS SIST A N T EXAM IN EE S :
R. H. Larabee............................................................................................
L. W. Martindale (appointed assistant examiner November 17,
1919) ...................................................................................................
E. Robert Robinson (appointed assistant examiner December 1,
1919) ...................................................................................................
1,400 00
149 99
126 40
SPECIAL e x a m i n e e :
Frank J. Battersbee................................................................................
STENOGEAPHEES AND C LEE K S ....................
E xpenses
incueeed in exam in atio n of b a n k s ..........................................
P binting and B in d in g .............................................................................................
Stationeey . . ..................... ....................— ...............................................
P ostage ........................
T elephone ...................................................................................................
T elegeaph ............................................................................... : ...................................
E xpeess .........................................................................................................
F uenituee and E q u ipm en t .......................................................................
Supplies .......................................................................................................
F ixed Ghaeges , R ent , Sueety B onds, E tc. . . ........................................
Total expenses...................................................................................................
Total receipts.....................................................................................................
1,737 58
13,938 94
37,424 75
4,168
1,876
2,051
703
165
241
1,497
289
2,071
73
53
21
79
76
51
80
54
53
$124,127 83
88,225 93
The net cost to the state in 1919, for its present system of bank supervision, is
therefore $35,901.90. As previously stated, 1,145 examinations were made during the
year, which exceeds the number made during 1918 by 78, notwithstanding the fact
the assets of the banks under the supervision of the Department increased approxi
mately $223,000,000.00, or 29.45%.
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
xix
ST EA M SH IP BONDS APPROVED BY TH E SECURITIES COM M ISSION.
The following table shows the steamship bonds which are legal investments for
savings deposits of state banks at the date of this report :
Date of
approval.
No.
Name of company.
Name of steamer.
Amount
bond issued.
$ 1 9 0 , u 00
1 6 0 ,1 0 0
2 0 0 ,0 0 0
1 4 0 .0 0 0
1 9 0 .0 0 0
1
3
5
6
7
Aug. 9,
Sept. 12,
Sept. 12,
Mar. 26,
Mar. 26,
1906
1906
1906
1907
1907
Hawgood Transit Co..................
Toledo Steamship Co..................
Tonawanda Transit Co..............
Dearborn Transit Co..................
Franklin Steamship Co..............
Harvey D. Goulder.
Eugene Zimmerman.
Charles Weston. . . .
E. L. Wallace..........
E. J. Earling............
8
9
13
20
22
Mar. 26,
April 10,
Oct. 8,
April 2,
Aug. 13,
1907
1907
1907
1908
1908
Minerva Steamship Co. ( * ) . . . .
Chicago Navigation C o........... |
Midland Navigation Co.............
Jenkins Steamship Co................
Postal Steamship Co..................
Henry A. Hawgood (f).
Wm. E. Fitzgerald........
Jas. S. Dunham.............
Midland Prince.............
Charles O. Jenkins........
Thomas Barium............
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
Fremont Steamship Co..............
Detroit Steamship Co................
Neptune Steamship Co. ( * ) . . . .
Atlas Steamship Co. (*)............
Holmes Steamship Co................
B. F. Berry.......................
Chas. W. Kotcher..........
Arthur H. Hawgood (Î).
Wm. A. Hawgood ( § ) ...
Salt Lake City (||)..........
1 6 0 .0 0 0
1 4 0 .0 0 0
2 1 5 .0 0 0
2 0 0 .0 0 0
2 0 0 ,0 0 0
30
32
33
34
35
Jan.
Jan.
Jan.
Jan.
Jan.
13,
13,
13,
13,
13,
1909
1909
1909
1909
1909
Frontier Steamship Co...............
York Transit Co..........................
Shenango Steamship Co............
Wainwright Steamship Co........
Alva Steamship Co.....................
Josiah G. Munro.
John J. Boland. . .
Wilpen........
Wainwright..........
M. A. Bradley. . .
2 1 0 ,0 0 0
36
37
38
41
42
Jan.
Jan.
Mar.
Mar.
Mar.
13,
13,
18,
18,
18,
1909
1909
1909
1909
1909
Croxton Steamship Co...............
Emnire Steamship Co................
Valley Steamship Co..................
Hawgood Steamship Co.(*). . . .
Farrar Transportation Co.........
Caldera.......................
Wm. H. Truesdale...
Alexis W. Thompson.
N. F. Leopold (f) . . .
Collingwood...............
1 7 0 .0 0 0
1 0 0 . 000
1 5 7 .0 0 0
2 1 5 .0 0 0
1 3 5 .0 0 0
43
44
45
46
47
May 27,
May 27,
May 27,
June 2,
June 2,
1909
1909
1909
1910
1910
Pennsylvania Steamship Co. . . .
American Steamship Co............
Frontier Steamship Co.............|
Stadacona Steamship C o...........
Douglas Steamship Co...............
Jacob T. Kopp........
Adam E . Cornelius.
James Corrigan. . . .
Daniel B. Meachem.
Stadacona.................
G. A. Tomlinson. . .
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
58
61
62
63
64
65
June 2, 1910
June 2,1910
June 2, 1910
June 2, 1910
June 2, 1910
Nov. 30, 1910
Nov. 30, 1910
Nov. 30, 1910
Nov. 30, 1910
Nov. 30, 1910
Jan. 31, 1912
Kinney Steamship Co................
Postal Steamship Co..................
Tecumseh Steamship Co...........
Shenango Steamship Co............
American Steamship Co.......... j
Wisconsin Transportation C o. .
North American Steamship Co.
North American Steamship Co.
Franklin Steamship Co..............
American Steamship Co.......... j
Shenango Steamship and Trans
portation Co.............................
J. S. Ashley.........................
John J. Barium.................
Andrew S. Upson..............
Shenango.............................
Theodore H. Wickwire. . .
Clifford F. Moll.................
John P. Reiss.....................
A. M. Beyers...................
Peter Reiss.........................
E. H. Utley......................
Theodore H. Wickwire, Jr,
Harry Yates.......................
1 5 0 .0 0 0
1 4 0 .0 0 0
1 2 0 .0 0 0
2 3 0 .0 0 0
3 2 0 .0 0 0
1 5 0 .0 0 0
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. Shoonmaker.
2 3 7 .0 0 0
66
67
Feb. 16,1912
June 26, 1912
Willis L. King...........
1 8 5 .0 0 0
68
69
70
Jan. 23, 1913
Nov. 17, 1916
Jan. 29, 1917
Interstate Steamship Co............
Shenango Steamship and Trans
portation Co.............................
Yale Transportation Co............
Donner Steamship Co................
Franklin Steamship Co..............
Wm. P. Snyder, Jr.
Louis R. Davidson.
Herbert F. Black. .
Emory L. Ford.. . .
2 3 7 .0 0 0
1 6 0 .0 0 0
1 8 5 .0 0 0
1 0 0 . 000
(*)
(t)
(£)
(§)
(||)
(f )
Consolidated with the Commonwea’th Steamship Co.
Name changed to C. Russell Hubbard.
Name changed to Joseph Block.
Name changed to R. L. Agassin.
Name changed to Chester A. Congdon.
Formerly W. R. Woodford.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 6 5 .0 0 0
2 1 0 .0 0 0
1 3 5 .0 0 0
1 5 5 .0 0 0
STATE BANKING DEPARTMENT.
XX
SEGREGATION OP DEPOSITS.
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 o f report.
Savings
deposits.
M arch 4 .............. $397,121,033 00
M a y 12............... 4 1 0 ,71 4,3 65 10
June 3 0 ............... 3 9 8 ,26 0,3 25 23
Sept. 12............... 4 2 8 ,20 2,2 58 75
4 50 ,45 3,0 63 53
N ov . 17___ ____
T ota l savings
investm ents.
$ 390,028,425
4 0 6 ,9 7 9 ,2 5 2
4 22 ,0 6 3 ,2 7 8
4 45 ,38 7,8 96
4 6 3 ,27 0,5 96
60
42
25
51
55
M ortgage
and bond
investm ents
required.
$200,992,343
2 0 5 ,44 8,5 40
1 9 8 ,49 8,7 90
216 ,45 4,4 94
2 2 7 ,76 6,4 85
26
87
42
43
78
T otal
m ortgage
and bond
investm ents.
$ 262,626,749
2 7 5 ,38 1,7 68
2 88 ,5 6 1 ,0 9 0
3 0 4 ,20 3,9 16
3 18 ,0 1 2 ,3 0 7
59
74
52
47
16
Am ount of
A m ount of
savings deposits savings deposits
perm itted to
actually
invested in
be invested in
com m ercial
com m ercial
paper.
paper.
$ 8 6 ,68 4,5 60
8 7 ,2 4 4 ,7 1 4
8 7 ,8 42 ,93 9
89,7 65 ,81 1
9 2 ,0 16 ,74 0
00
00
00
10
00
$65,267,881
6 3,2 97 ,35 3
6 6 ,0 73 ,17 9
73,7 39 ,21 2
7 4 ,4 16 ,03 5
78
36
87
01
50
An analysis of the above shows conclusively that the commercial needs of the
state have not been restricted on account of the operation of the law. The report of
November 17, 1919, shows that commercial or business needs were amply supplied.
State banks on that date had discounts of this character in the savings department
aggregating $74,416,035.50, notwithstanding the fact that they could, if necessary,
have availed themselves to the amount of $92,016,740.00.
The segregation of savings investments has not, in Michigan, led to any lack of
confidence on the part of either savings or commercial depositors. This is evidenced
by the fact that during the year 1919 savings deposits have increased approximately
$113,148,328.08, while the commercial deposits show a gain of approximately
$94,870,904.27.
MEMBER B A N K S OF FEDERAL RESERVE SYSTEM .
There are one hundred forty-four Michigan state banks which are members of
the Federal Reserve System at the present date, and others have made application
for membership. The Federal Reserve Statute as amended provides that state
bank members shall retain their statutory state rights. The reserve requirements
of member banks are governed by the Fedferal Reserve Statute rather than by
the provisions of the laws relating to banking of this State. Upon admission to
the System those sections of the General Banking Law relating to reserves become
inoperative in the case of the member bank. The Federal Reserve Statute further
provides that the Federal Reserve Board may accept, in lieu of their own, the exami
nations 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 follow s:
Adrian State Savings Bank, Adrian.
Commercial Savings Bank, Adrian.
Lenawee County Savings Bank, Adrian.
Albion State Bank, Albion.
Commercial and Savings Bank, Albion.
Alpena County Savings Bank, Alpena.
Farmers and Mechanics Bank, Ann Arbor.
State Savings Bank, Ann Arbor.
Armada State Bank, Armada.
Farmers State Bank, Armada.
Bay City Bank, Bay City.
Farmers State Savings Bank, Bay City.
Peoples Commercial and Savings Bank, Bay City.
Farmers State Bank, Bellevue.
Benton Harbor State Bank. Benton Harbor.
Big Rapids Savings Bank. Big Rapids.
Citizens State Bank, Big Rapids.
First State Savings Bank, Birmingham.
State Bank, Caledonia.
State Savings Bank, Caro.
First State Bank, Carsonville.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:
_ S
REPORT OF THE COMMISSIONER.
Farmers and Merchants State Bank, Carson City.
Cass County State Bank, Cassopolis.
Eaton County Savings Bank, Charlotte.
Farmers and Merchants Bank, Chelsea.
Kempf Commercial and Savings Bank, Chelsea.
State Bank of Coloma, Coloma.
Peoples Savings Bank, Coopersville.
First State Savings Bank, Croswell.
Davison State Bank, Davison.
American State Bank, Detroit.
Bank of Detroit, Detroit.
Central Savings Bank, Detroit.
Detroit Savings Bank, Detroit.
Dime Savings Bank, Detroit.
First State Bank of Detroit, Detroit.
Peoples State Bank, Detroit.
Peninsular State Bank, Detroit.
United Savings Bank, Detroit.
Wayne County and Home Savings Bank, Detroit.
Dearborn State Bank, Dearborn.
Elk Rapids State Bank, Elk Rapids.
Edmore State Bank, Edmore.
First State Savings Bank, Evart.
Farmington State Savings Bank, Farmington.
Commercial Savings Bank, Fenton.
Fenton State Savings Bank, Fenton.
Citizens Commercial and Savings Bank, Flint.
Genesee County Savings Bank, Flint.
Industrial Savings Bank, Flint.
Union Trust and Savings Bank, Flint.
Peoples State Bank, Flushing.
Bank of Fountain, Fountain.
Frankenmuth State Bank, Frankenmuth.
Fremont State Bank, Fremont.
Old State Bank of Fremont, Fremont.
Gladstone State Savings Bank, Gladstone.
Grand Haven State Bank, Grand Haven.
Peoples Savings Bank, Grand Haven.
City Trust and Savings Bank, Grand Rapids.
Commercial Savings Bank, Grand Rapids.
Kent State Bank, Grand Rapids.
Grand Rapids Savings Bank, Grand Rapids.
Peoples Savings Bank, Grand Rapids.
Commercial State Savings Bank, Greenville.
Gwinn State Savings Bank, Gwinn.
Oceana County Savings Bank, Hart.
Hillsdale Savings Bank, Hillsdale.
Highland Park State Bank, Highland Park.
First State Bank, Holland.
Holland City State Bank, Holland.
First State and Savings Bank, Holly.
Hopkins State Savings Bank, Hopkins.
Boies State Savings Bank, Hudson.
Thompson Savings Bank, Hudson.
First State Savings Bank, Howell.
Lapeer County Bank, Imlay City.
Peoples State Bank, Imlay City.
State Savings Bank, Ionia.
Commercial Bank, Iron Mountain.
Central State Bank, Jackson.
Jackson State Savings Bank, Jackson.
Grosvenor Savings Bank, Jonesville.
Lake Odessa State Savings Bank, Lake Odessa.
Lansing State Savings Bank, Lansing.
Lapeer Savings Bank, Lapeer.
Commercial State Savings Bank, Lakeview,
Farmers and Merchants State Bank, Lakeview.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxii
STATE BANKING DEPARTMENT.
State Savings Bank, Laurium.
Macomb County Savings Bank, Lenox.
Ludington State Bank, Ludington.
City State Bank, Lowell.
Peoples Bank, Manchester.
Union Savings Bank, Manchester.
Manistee County Savings Bank, Manistee.
G. W. Jones Exchange Bank, Marcellus.
Commercial Savings Bank, Marshall.
Farmers Bank, Mason.
First State and Savings Bank, Mason.
Commercial Bank, Menominee.
Chemical State Savings Bank, Midland.
Milan State Savings Bank, Milan.
First State Bank of Milford, Milford.
B. Dansard & Sons State Bank, Monroe.
Wakefield State Bank, Morenci.
Ullrich Savings Bank, Mt. Clemens.
Isabella County State Bank. Mt. Pleasant.
Exchange Savings Bank, Mt. Pleasant.
Farmers and Merchants Bank, Nashville.
State Savings Bank, Nashville.
Niles City Bank, Niles.
Lapham State Savings Bank, Northville.
Onsted State Bank, Onsted.
Citizens State Savings Bank, Otsego.
Paw Paw Savings Bank, Paw Paw.
H. C. McLachlin & Co. State Bank, Petersburg.
First State Bank of Petoskey, Petoskey.
American Savings Bank, Pontiac.
First Commercial Bank. Pontiac.
Pontiac Savings Bank, Pontiac.
Federal Commercial and Savings Bank, Port Huron.
Redford State Savings Bank, Bedford.
Rochester Savings Bank, Rochester.
Presque Isle County Savings Bank, Rogers City.
Romeo Savings Bank, Romeo.
First Commercial State Bank, Royal Oak.
Royal Oak Savings Bank, Royal Oak.
American State Bank, Saginaw.
Bank of Saginaw, Saginaw.
Saline Savings Bank, Saline.
Fruit Growers State Bank, Saugatuck.
Central Savings Bank, Sault Ste. Marie.
Sault Savings Bank, Sault Ste. Marie.
Citizens State Bank, South Haven.
St. Charles State Bank, St. Charles.
Commercial and Savings Bank, St. Clair.
Leelanau County Savings Bank, Suttons Bay.
Lilley State Bank, Tecumseh.
Tecumseh State Savings Bank, Tecumseh.
Traverse City State Bank, Traverse City.
Farmers State Bank, Vicksburg.
First State Bank, Vicksburg.
State Savings Bank of Warren, Warren.
Washington Savings Bank, Washington.
Wayne Savings Bank, Wayne.
Crossman & Williams State Bank, Williamston.
Williamston State Bank, Williamston.
REPORT OF RECEIVER.
TH E E. JO SSM AN STATE B A N K , CEABKSTON.
Elmer R. Webster, receiver, under date of December 1, 1919, reports as follow s:
Total assets at date of and received since suspension............................... $187,951 43
Amount collected by receiver to date. ........................................................
152,736 37
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxiii
REPORT OF THE COMMISSIONER.
DISPOSITION OF COLLECTIONS.
13,944
125,575
5,550
500
139
7,026
Loans paid, and other disbursements
Dividends paid......................................
Receiver’s salary paid.......................
Legal expenses paid...........................
Balance in hands of State Treasurer
Balance in hands of receiver............
Total ..........................................................................................................
67
69
00
00
11
90
$152,736 37
ABSTRACT OF RECEIVERSHIPS.
The following table is a condensed abstract of seventeen closed and one active
receivership since the organization of this Department in 1889:
17
Closed
receiverships.
1
Active
receivership.
Total.
Total assets turned over to receivers.................... $9,910,593 32 $187,951 43 $10,098,544 75
Disposition of assets :
Offsets allowed and settled........................... .. •• $ 285,573
Losses on assets compounded or sold under
847,174
order of court.........................................................
Remaining assets................................................... 3,516,851
Collected from assets........................................... 5,260,993
43 $
89
75
25
1,158 12 $
18,224 00
33,641 37
134,927 94
286,731 55
865,398 89
3,550,493 12
5,395,921 19
$9,910,593 32 $187,951 43 $10,098,544 75
Collected from above assets.................................... $5,260,993 25 $136,936 37
15,800 00
281,392 45
Collected from assessments on stockholders. . . .
$5,397,929 62
297,192 45
Total collections........*.................................. $5,542,385 70 $152,736 37
$5,695,122 07
Disposition of collections:
Loans paid and other disbursements................ $ 672,921
Dividends paid....... . . ... ....................................... 4,274,990
296,194
Legal expenses. . . . . ............................................
298,279
Receiver’s salary and other expenses...............
Balance in hands of State Treasurer................
686,866 37
70 $ 13,944 67 $
4,400,565 72
03 125,575 69
296,694 60
500 00
60
303,829 37
5,550 00
37
139 11
139 11
7,026 90
7,026 90
$5,542,385 70 $152,736 37
$5,695,122 07
$20,000 00
215,622 37
$1,041,000 00
6,581,519 35
Capital stock at date of failure. . ......................... $1,021,000 00
Amount of deposits at date of failure............ ..... 6,365,896 98
STEA M SH IP TICKET AGENCIES.
Under the provisions of Act 271 as amended, the Commissioner of the Banking
Department has entire supervision over all persons, firms or corporations that are
engaged in the selling of steamship or railroad tickets for foreign transportation, or
receive deposits of money for the purpose of transmitting the same, or the equivalent
thereof to foreign countries.
.
„ ,
. . .
__
Such agent or agency shall give bond to the State of Michigan in the sum of
$1 000 in cities of 15,000 or less population ; $5,000 in cities of over 15,000 population
and less than 200,000 population ; and $10,000 in cities over 200,000 population
The surety company acting as surety on such bond must be approved by the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxiv
STATE BANKING DEPARTMENT.
Commissioner of the Banking Department before same is accepted and certificate
issued.
In lieu of a surety bond such agent or agency may deposit with the State Treaurer first real estate mortgage or mortgages approved by the Commissioner, the
face value of which shall not be less than the bond required, or may deposit national,
state, or municipal bonds or other securities approved by the Commissioner.
The law requires two examinations a year of these agencies. F. J. Battersbee,
special examiner, has had this work in charge.
There are now 59 authorized agencies. An alphabetical list by towns of these
agencies follows :
ST EA M SH IP AGENCY LIST.
Miscellaneous.
A.
47
Thompson, Edgar C ......................
718 Third St......................................... Alpena.
B.
1
9
22
48
Matthews, Philip S..........................
Higman & Farmer...........................
Bruno, James L................................
Cammilli, Sebastian F ....................
206 Davidson Block...........................
105 West Main St...............................
South Sophie St...........................
South Sophie St............................
41
Stefanac, Lukas...............................
428 Pine St............................................ Calumet.
Bay City,
Benton Harbor.
Bessemer.
Bessemer.
C.
D E T R O IT .
B.
31
15
35
Ban, Thomas.. . .
Belanger, Joseph.
Bolla & Son........
1152 Chene St. t .................
611 Union Trust Building
2218 West Jefferson Ave...
Detroit.
Detroit.
Detroit.
C.
Cardiello, Pietro
381 Rivard St
Detroit.
D.
36
46
7
Detroit Steamship & Foreign
Exchange Agent.....................
Detroit Travel Bureau.............
DeSmyter, Rene C ....................
Duschinsky, Jacob.....................
33
Finn, Matthew
900
88
488
2160
Dubois S t...............
Griswold St............
Coplin Ave.............
West Jefferson Ave
Detroit.
Detroit.
Detroit.
Detroit.
F.
82 Griswold St............
Detroit.
G.
x4
49
3
54
Giuliano, Vinceno........
Goldman Bros..............
Grzezinski, Anthony G.
Grzezinski, Anthony G.
287
393
1558
2408
20
16
17
Halicki, Walter.
Hirschfeld Bros
Hirschfeld Bros
1449 Chene Street..........
68 Griswold St............
2140 West Jefferson Ave.
8
Kronk, John A.
1181 Junction Ave...........
Gratiot Ave............
Hastings St............
Michigan Ave........
West Jefferson. . . .
Detroit.
Detroit.
Detroit.
Detroit.
H.
Detroit.
Detroit.
Detroit.
K.
Detroit.
L.
57
30
Leidich, Christian...
Lubienski, Andrew S
40
May, Samuel L
69 West Fort St............
1275 DuBois St.................
Detroit.
Detroit.
M.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
761 Milwaukee Ave
Detroit.
xxv
REPORT OF THE COMMISSIONER.
STEAMSHIPS— Continued
2
26
53
Poloschan, Daniel.............. .............
Przybylowski, Joseph, Jr..
Pyle, E. W. & Son.............
56
59
Santa, John G.....................
Saghy, Egyed.....................
32
Van Coillie, Camiel...........
18
19
39
Weinberger & Zeigler........
Wohl, Sigmond...................
Wojcik, Louis F..................
775 Franklin St..........................
S.
......... Detroit.
w.
M IS C E L L A N E O U S .
E.
211 N. Norris St..................... ............ Escanaba.
37
Peterson, Peter N .............................
11
10
Goldberger, Daniel........................... 227 South Saginaw St........................ Flint.
Goldberger, Daniel........................... 2811 St. John St.................................... Flint.
50
45
38
29
Ellis, George E .................................
Jackowski, Stanley..........................
Ranney, John G ...............................
Doornink, Rudolph.........................
400
635
125
632
Bridge St. N. W ...........................
Bridge St. N. W ...........................
Pearl St. N. W .............................
Hawthorne St. N. E ....................
42
27
55
13
Mhrjama, Matt W m .......................
Orella, Dominic R ............................ 100
Waara, Edward................................
119
Highland Park Ticket Agency.. . . 3030
Kauth Building, Quincy St. . . .
Quincy St.......................................
Quincy S t.................................... ..
Woodward Ave............................
43
44
6
51
24
Kandelin, John.................................... 200
E. Division St..................
Gunderson, Hans................................
108
Front St.............................
Rigassi, Daprato.................................
108
W. LudingtonSt...............
Coe, Ellsworth S.............................. Genesee and Third St...........................
A. Lieberthal & Son........................... 238
West McLeodAve..............
23
Best, Julius J..................................... 212-213 Carter Building..................... Jackson.
12
28
Chiabotto, Felix................................
Johnson, August R..........................
34
5
Knaak, A lv in o ................................ 401 State St.....................
Barich & Braun................................ Corner Trimountain and
Champion A v e.. .
Groeschel, Otto G............................ Lay St..................................
F.
G.
Grand Rapids.
Grand Rapids.
Grand Rapids.
Grand Rapids.
H.
Hancock.
Hancock.
Hancock.
Highland Park.
I.
Ishpeming.
Ishpeming.
Iron Mountain.
Iron River.
Ironwood.
J.
N.
602 Iron St..................................... ..
Negaunee.
388 Iron St............................................ Negaunee.
S.
52
St. Joseph.
South Range.
Stambaugh.
W.
21
58
First Foreign Exchange and
Steamship Agency........................
Joseph S. Lapezynski......................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
42 Elm Street
309 Oak St.. . .
Wyandotte.
Wyandotte.
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
xxix
REPORT OF THE COMMISSIONER.
IN D E X
(The references in arabic numerals are co consecutive opinions,those in roman numerals are to
pages.)
A.
O
ABSTRACT DEPARTMENT:
Trust companies may own and operate.........................................................
ACCEPTANCES, BANKERS:
Not chargeable to acceptors line of credit.....................................................
ANNUAL M EETING:
Stockholders must be present or represented by proxy a t........................
ARTICLES OP INCORPORATION:
Authority to subscribe, as “ trustee” required................................... •••••
Executor of estate may not subscribe, in his representative capacity. . .
ASSESSMENT:
Directors’ notes not permissible in lieu o f.......................................... ..........
on stockholders:
not authorized in case of impairment.....................................................
not limited to one hundred per cent.......................................................
gag
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1
P,
B AN K : WW&-W P i"’ WF*W W W W * 5* r r
absorbing another cannot continue to hold certain unauthorized invest
ments .................................................................................................................
Branches:
may not be maintained in an unincorporated village by bank in
corporated in another unincorporated village..................................
permitted in certain instances.................................................................
cannot extend its credit to individual or bank............................................
cannot legally sell steamship tickets........................................ ..
Commercial, (strictly) must amend articles to transact savings business
condition of, Commissioner may require information tending to show..
Examiners:
are public officers........................................................................................
bonds.............................................................................................................
salaries................................- .........................................................................
Foreign, not permitted to engage in business in this state.......................
may loan to Building and Loan Associations...............................................
must incorporate under general banking law................................................
National:
not required to report escheated deposits.............................................
Stockholders of, may organize state bank.............................................
not preferred creditor of building and loan associations............................
Private, not depository for public funds........................................................
State:
cannot become surety of public officer..................................................
contemplated in cities or villages only....................•.............................
may be organized by stockholders of national bank..........................
may open on legal holidays with certain restrictions.. .....................
not to pledge assets in lieu of bond to secure county funds.............
stock:
.
corporations to invest in or possess only on certain conditions. ..
may be cancelled and new cer tificates issued.......................................
Taxation of.......... .. .....................................................................................
BANKING:
corporations must incorporate under general banking law.......................
house......................................................................................................................
house......................................................................................................................
house......................................................................................................................
house, Purchase price of lease may be carried as. ................. ..
house, Stock in building company cannot be carried as, under Sec. 11.
Law, General, not affected by act to make uniform law of transfer of
stock..................................................................................................................
BOARD OP DIRECTORS:
, , ,,
, „
cannot fill vacancy on board through failure of stockholders to elect...
cannot increase or decrease their number................... . . . .........................•
Report of examining committee of, to be made matter of proper record
BONDS:
Certain municipal public utility, not legal savings investments..............
Examiners.............................................................; .............................................
Joint trusteeship in certain issues of, permissible........................................
Officers and directors’,’ must be commensurate with size of bank...........
BUILDING AND LOAN ASSOCIATIONS:
Bank not preferred creditor of.........................................................................
may not advertise for deposits.........................................................................
may borrow from banks.....................................................................................
not required to report escheated deposits......................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lion.
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I
XXX
STATE BANKING DEPARTMENT.
BUILDING COMPANY:
Oj
stock may not be carried as banking bouse under Sec. 11........................
C.
CAPITAL:
construed to mean capital stock......................................................................
construed...............................................................................................................
Increase of, not required of banks by extension of corporate limits. . . .
Stock:
Commercial mortgages not to exceed fifty per cent of......................
impairment, Discretionary authority vested in commissioner in. . .
of banks may be cancelled and new certificates issued......................
requirements affected by extension of corporate limits.....................
CERTIFICATES:
of deposit, Trust companies may issue, for deposits...................................
of indebtedness, Certain, are legal investments...........................................
COMMERCIAL BANKS:
(strictly) must amend articles to transact savings business......................
not to loan in excess of fifty per cent of capital on real estate mortgages.
COMMISSIONER:
may require information tending to show bank’s condition.....................
Discretionary authority vested in, in capital stock impairment..............
CONDITION OF BANK:
Commissioner may require information tending to show..........................
CORPORATE LIM ITS:
extension of:
Requirements in connection with increase of capital stock of banks
affected by...............................................................................................
Increase of capital not required of banks by........................................
CORPORATION:
Banking, must incorporate under general banking law..............................
Constituent, entitled to twenty per cent loan limit....................................
municipal, Loans to, limited to twenty per cent of capital and surplus..
stock not trust company investment....................................................... ..
to invest in or possess bank stock only on certain conditions..................
COUNTY FUNDS:
State bank not to pledge assets in lieu of bond to secure.........................
CREDIT:
Banks cannot extend their, to an individual or bank................................
CREDITOR:
Bank not preferred, of building and loan associations...............................
lion.
58
i
Page.
lxx
23
59
10
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lxx
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XXXV
5
23
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45
2
20
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xli
lx
xxxiv
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lii
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6
xxxvi
60
lxxi
D.
DEPOSITS:
Building and loan associations may not advertise for................................
Escheated:
Builoing and loan associations not required to report.......................
National banks not required to report..................................................
Trust companies may receive, and issue certificates therefor...................
DEPOSITORY :
Private bank not, for public funds. ..............................................................
DIRECTORS:
Board of, cannot increase or decrease their number...................................
Bonds of, must be commensurate with size of bank..................................
cannot fill vacancy on board through failure of stockholders to elect...
examination— proper record to be made of report............................. ..
Executor cannot be member of board of, in that representative capacity.
must have fully paid for ten shares of stock at organization...................
notes in lieu of assessment not permissible...................................................
E
ESCHEATED DEPOSITS:
Building and loan associations not required to report...............................
National banks not required to report...........................................................
EXAM IN ATIO N :
_ _ Director’s— proper record to be made of report.........................................
EXAM IN ERS:
bonds................... ..................................................................................................
are public officers.................................................................................................
salaries o f..............................................................................................................
salaries...................................................................................................................
EXCESSIVE LOANS:
EXECUTOR:
cannot be director of state bank in that representative capacity............
_
may not subscribe articles of incorporation in his representative capacity
EXTENSION:
of corporate limits:
affects requirements in connection with increase of capital by banks
does not require increase of capital by banks......................................
F.
FUNDS:
county, State banks not to pledge assets in lieu of bond to secure........
Municipal, not to be deposited by stockholder as treasurer.....................
public, Private banks not depositories for.....................................................
FOREIGN BANKS:
not permitted to engage in business in this state........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
60
lxxi
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32
33
1
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lii
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42
34
41
52
38
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32
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41
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12
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xxxvhi
50
48
17
lxiii
lxii
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xxxt
REPORT OF THE COMMISSIONER.
G.
GENERAL BANKING LAW :
Banking corporations must incorporate under..........................
not affected by act to make uniform law of transfer of stock
jinion
Page
29
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35
67
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H.
HOLIDAYS:
legal, State banks may open on with certain restrictions. . . . .
State banks may not legally close other than those prescribed
I.
i
IMPAIRM ENT OF CAPITAL STOCK:
Assessment on stockholders in case of, not authorized..............................
Discretionary authority vested in commissioner in .....................................
INCREASE OF CAPITAL:
not required of banks by extension of corporate limits..............................
INDEBTEDNESS:
Certain certificates of, are legal investments...............................................
Land contracts not evidences of, as contemplated by banking law........
INVESTMENTS:
Corporation stocks not trust company..........................................................
Legal:
Certain certificates of indebtedness are.................................................
Certain municipal public utility bonds not savings...........................
Savings:
Vendor’s lien notes not permissible as................................ ..........................
Certain certificates of indebtedness are legal.......................................
Certain municipal public utility bonds are not............ .......................
Unauthorized:
Bank absorbing another bank cannot continue to hold certain. . . .
.T.
JOINT TEN AN CY:
not created bv joint deposit.............................................................................
JOINT TRUSTEESHIP:
permissible in certain bond issues...................................................................
L.
LAND CONTRACTS:
not evidences of indebtedness as contemplated by banking law.............
LEASES:
Purchase price of, may be carried as banking house..................................
LEGAL:
Investments :
Savings :
Certain certificates of indebtedness are........................................
Certain municipal public utility bonds not..................................
Vendor’s lien notes not permissible as...........................................
Trust company:
Corporation stocks are not...............................................................
Holidays:
State banks may open on, with certain restrictions...........................
LIEN:
Vendor’s, notes not permissible as savings investments............................
LOANS:
Excessive..'..........................................................................................................
Mortgage:
not to exceed fifty per cent of capital of commercial banks............
Municipal corporation, limited to twenty per cent of capital and surplus
M.
M AKER:
signer on face of note considered as such unless otherwise designated. .
MORTGAGE:
Real estate:
Loans on, not to exceed fifty per cent of capital of commercial banks
not to be deposited with collateral deposit company.........................
MUNICIPAL:
corporations :
Loans to, limited to twenty per cent of capital and surplus............
public utility bonds, certain, not legal savings investments.............
treasurer :
not to deposit funds in bank where he is stockholder or otherwise.
XXXV
2
xxxiv
4
51
XXXV
57
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51
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XXXV
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N.
NATIONAL BANK:
not required to report escheated deposits.....................................................
Stockholders of, may organize state bank.....................................................
Trust powers of....................................................................................................
NOTE:
Signer on face of, considered maker unless otherwise designated............
Director’s, in lieu of assessment not permissible.........................................
O.
OFFICERS AND DIRECTORS:
bonds must be commensurate with size of bank
P.
PLEDGING OF ASSETS:
State banks not to pledge assets in lieu of bond to secure county funds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxxli
STATE BANKING DEPARTMENT.
PRIVATE BANKS:
C
not depositories for public funds.....................................................................
PRO XY:
Stockholders must be represented by, if not present at annual meeting.
PUBLIC FUNDS:
Private banks not depositories for...................................................................
PUBLIC OFFICER:
Bank examiner as.............. .................................................................................
State bank cannot become surety of..............................................................
R.
RECORDS:
must contain report of directors’ examinations............................................
REDISCOUNTING:
Bv bank for reloaning not acting in good faith...........................................
RENEWALS:
with proper signatures to be procured...........................................................
S.
SALARIES:
examiners*........................................................... ..................................................
o v a n r lt i p r o '
SAVINGS INVESTMENTS:..................................................................................
Certain certificates of indebtedness are legal................................................
Certain municipal public utility bonds are not............................................
Vendor’s lien notes not permissible as...........................................................
SIGNER:
on face of note considered maker unless otherwise designated.................
STATE BANK:
cannot become surety of nublic officer...........................................................
cannot legally sell steamship tickets...............................................................
contemplated in city or village only...............................................................
incorporated in an unincorpora ed village cannot legally maintain branch
in another unincorporated village...............................................................
may be organized by stockholders of national bank...................................
may open on legal holidays with certain restrictions.............................
not to pledge assets in lieu of bond to secure county funds.....................
stock— taxation of..............................................................................................
STEAMSHIP TICKETS:
avents of are not exempt................................................................... ................
Banks cannot legally sell...................................................................................
Effect upon railroad and express agents........................................................
STEAMSHIP AND FOREIGN MONEY ORDER AGENTS:
Banking Department has general supervision..............................................
STOCK:
bank, may be cancelled and new certificates issued....................................
Bank— taxation of..............................................................................................
Bank, to be invested in or possessed by corporations only on certain
conditions............................................... ..........................................................
Corporation, not trust company investment................................................
in building company cannot be carried as banking house under Section
11 ................................................. ..............
transfer of, Act to make uniform law of, does not affect general banking
law......................................................................................................................
STOCKHOLDERS:
Assessment on:
not authorized in case of impairment....................................................
not limited to one hundred per cent.......................................................
may not deposit funds in bank as treasurer of municipality.....................
must be present or represented by proxy at annual meeting...................
of national bank may organize state bank....................................................
SURETY:
State bank cannot become surety of public officer......................................
Page.
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T.
TAXATIO N:
of bank stock......... -.............................................................................................
TEN AN CY:
Joint, not created by joint deposit..................................................................
TRANSFER OF STOCK:
Act to make uniform law of, does not affect general banking law..........
TREASURER:
of municipality not to deposit funds in bank where he is stockholder or
otherwise.............................................................................................* ............
TRUST COMPANY:
cannot lawfully purchase shores of their own Capital stock...................
do not have power to execute acceptances.....................................................
investments— corporation stocks are not.......................................................
may deposit securities in other states in order to qualify as trustee.. . .
may own and operate abstract department..................................................
may receive deposits and issue certificate therefor......................................
titles— similarity o f............................................................................................
TRUSTEE:
authority to subscribe articles of incorporation as such required............
TRUSTEESHIP:
Joint, permissible in certain bond issues........................................................
V.
VENDOR’S:
Hen notes not permissible as savings investments.......................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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lxviffi
REPORT OF THE COMMISSIONER.
OPINIONS OF TH E A T T O R N E Y GENER AL
E X C E S S IV E
LOANS.
O n a c c o u n t o f th e im p o r ta n c e o f th e s u b je c t o f e x c e s s iv e lo a n s I d e e m it a d v is a b le to a g a in
p u b lis h th e c o n s t r u c t io n o f s e c t io n 5 2 o f th e B a n k in g L a w in th is r e g a r d a s s u b m itte d to th is
d e p a r t m e n t b y t h e A t t o r n e y G e n e r a l in t h e y e a r 1 9 0 3 :
(
1
)
l i o n . G e o r g e W . M o o r e , C o m m is s io n e r o f B a n k in g ,
L a n s in g , M ic h ., M a y
23, 1903.
L a n s in g , M ic h ig a n :
D e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n ic a t io n o f t h e 1 9 t h in s t., r e f e r r i n g t o t h e G e n e r a l
B a n k in g L a w o f t h is S ta te , a n d r e q u e s t in g m y o p in io n u p o n th e f o l l o w i n g q u e s t i o n s :
“ F ir s t, H o w m u c h m o n e y m a y th e d ir e c t o r s o f a b a n k lo a n to a n y p erso n , o r c o m p a n y , o r
c o r p o r a t i o n , o r fir m , b y a t w o - t h i r d s v o t e o f it s b o a r d o f d i r e c t o r s ?
S e co n d , H o w m u c h m o n e y m a y a n y b a n k lo a n o n a n y o n e lin e o f c o m m e r c ia l p a p e r ?
T h ir d , M a y a b a n k in c r e a s e th e fir s t n a m e d lin e b y t h e b o n d o r p e r s o n a l e n d o r s e m e n t o f th e
o ffic e r s o r d ir e c t o r s o f a fir m , c o m p a n y o r c o r p o r a t i o n , o r b y t h e a s s ig n m e n t o f v a lu e a s
c o lla t e r a l ?”
I n c o n s id e r in g th e s e q u e s tio n s I d e s ir e to c a ll y o u r a tt e n t io n to s e c t io n 6 1 4 1 o f th e C o m
p ile d L a w s , b e in g s e c t io n 5 2 o f t h e G e n e r a l B a n k in g L a w o f t h is S t a t e , w h ic h p r o v id e s in p a r t
as fo llo w s :
“ T h e t o t a l lia b ilit ie s t o a n y b a n k o f a n y p e r s o n o r o f a n y c o m p a n y , c o r p o r a t io n
o r fir m f o r m o n e y s a d v a n c e d in c l u d i n g in t h e l i a b i l it i e s o f t h e c o m p a n y o r fir m t h e l i a b i l i t y o f
t h e s e v e r a l m e m b e r s t h e r e o f, e x c e p t s p e c ia l p a r t n e r s , s h a ll a t n o t im e e x c e e d o n e -t e n t h p a r t
o f th e a m o u n t o f t h e c a p it a l a n d s u r p lu s o f s u c h b a n k ; b u t th e d is c o u n t o f b ills o f e x c h a n g e
d r a w n in g o o d f a it h a g a in s t a c t u a lly e x is t in g v a lu e s a n d t h e d is c o u n t o f c o m m e r c ia l o r b u s in e s s
p a p e r a c t u a lly o w n e d b y th e p e r s o n n e g o t ia t in g th e s a m e s h a ll n o t b e c o n s id e r e d a s m o n e y
borrow ed :
P r o v id e d , h o w e v e r , T h a t th e f o r e g o in g lim it a t io n s s h a ll n o t a p p ly t o lo a n s o n r e a l
e s ta te o r o th e r c o lla te r a l s e c u r itie s a u th o r iz e d b y th is a c t :
P r o v id e d , h o w e v e r, T h a t b y a
t w o -t h ir d s v o t e o f th e d ir e c t o r s th e lia b ilit ie s to a n y b a n k o r a n y p e r s o n , o r c o m p a n y , o r c o r
p o r a t io n , o r fir m m a y b e in c r e a s e d t o a s u m n o t e x c e e d in g o n e - f if t h o f t h e c a p i t a l a n d s u r p lu s
o f t h e b a n k .”
I t is e v id e n t t h a t t h is li m i t a t i o n w a s b o r r o w e d f r o m t h e N a t i o n a l B a n k in g L a w , s e c t io n
5 2 0 0 o f th e R e v is e d S ta tu te s o f th e U n ite d S ta te s, p r o v id in g a s f o l l o w s :
“ T h e t o t a l lia b ilit ie s
o f a n y a s s o c ia t io n , o r a n y p e r s o n , o r a n y c o m p a n y , c o r p o r a t io n , o r fir m f o r m o n e y b o r r o w e d ,
in c lu d in g in t h e l i a b ilit ie s o f t h e c o m p a n y o r firm t h e lia b ilit ie s o f t h e s e v e r a l m e m b e r s t h e r e o f,
s h a ll a t n o t im e e x c e e d o n e -t e n t h p a r t o f t h e a m o u n t o f t h e c a p it a l s t o c k o f s u c h a s s o c ia t io n
a c t u a lly p a id in ; b u t t h e d is c o u n t o f b ills o f e x c h a n g e d r a w n in g o o d f a it h a g a in s t a c t u a lly
e x is t in g v a lu e s , a n d t h e d is c o u n t o f c o m m e r c ia l o r b u s in e s s p a p e r a c t u a lly o w n e d b y t h e p e r s o n
n e g o t ia t in g th e sa m e , s h a ll, n o t b e c o n s id e r e d a s m o n e y b o r r o w e d .”
T h is p r o v is i o n , a s f o u n d in o u r G e n e r a l B a n k in g L a w a n d a ls o in t h e N a t i o n a l B a n k in g
L a w , h a s n e v e r b e e n c o n s t r u e d b y t h e c o u r t s in so f a r a s it r e la t e s t o t h e p a r t ic u l a r q u e s t io n
s u b m itte d b y y o u .
T h e S u p r e m e C o u r t o f P e n n s y lv a n ia , in t h e c a s e o f O ’ H a r e v . S e c o n d N a t io n a l B a n k o f
T i t u s v i l l e , 7 7 P a . S t., 1 0 2 r e f e r r i n g t o t h i s p r o v i s i o n i n i t s a p p l i c a t i o n t o n a t i o n a l b a n k s , m a k e s
u s e o f th e fo llo w in g la n g u a g e :
“ E v id e n t ly th e lim it a tio n o f th e in d e b te d n e s s to th e o n e -te n th
in t h e 2 9 t h s e c t io n , w a s in t e n d e d a s a g e n e r a l r u le f o r c o n d u c t in g t h e b u s in e s s o f t h e b a n k
a r u le la id d o w n f r o m e x p e r ie n c e t o r e g u la te it s lo a n s f o r it s o w n b e s t in t e r e s t a n d th o s e o f
s to c k h o ld e r s a n d c r e d it o r s , n o t a r u le to r e g u la te it s c u s t o m e r s .
I t w a s a s r e m a r k e d in
F o w le r v . S c u ly , a r e g u la tio n to p r e v e n t th e s e a s s o c ia t io n s f r o m s p lit t in g o n th e r o c k w h ic h
h a s r u i n e d s o m a n y b a n k s , t o w i t , t h a t o f le n d in g t o o m u c h o f t h e i r c a p i ta l t o o n e p e r s o n o r
fir m .
T h e in t e n t io n b e in g to p r o t e c t th e a s s o c ia t io n a n d it s s to c k h o ld e r s a n a c r e d it o r s fr o m
u n w is e b a n k in g , w e c a n n o t s u p p o s e it w a s m e a n t t o in ju r e th e m b y f o r b id d in g r e c o v e r y o f th e
in ju d ic io u s l o a n s .”
I n Y o l . 2 9 o f t h e A m e r . & E n g . E n c y . o f L a w s . 2 n d e d . p . 3 8 2 , w e fin d t h e fo lio w in g _ w it h
r e s p e c t t o t h e lim it a t io n f o u n d in t h e N a t io n a l B a n k in g L a w :
“ T h e o b je c t o f t h is p r o v is io n o f
th e s ta tu te w a s to g u a r d N a tio n a l b a n k s fr o m th e h a z a r d o f s p e c u la tiv e lo a n s , b u t it c o n te m
p la t e d a n d p e r m it t e d t o a n u n lim it e d a m o u n t t h e d i s c o u n t o f p a p e r u s e d a n d r e q u ir e d in
f a c i l i t a t i n g t h e t r a n s f e r o f p r o p e r t y a n d m o n e y in t h e t r a n s a c t i o n o f t h e l e g i t i m a t e b u s i n e s s o f
th e c o u n t r y .”
C it in g O s w e g o S e c o n d N a tio n a l B a n k v . B u r t , 9 3 , N . Y . 2 4 4 .
I t w a s e v id e n t ly t h e in t e n t o f th e le g is la t u r e , in e n a c t in g t h e p r o v is io n a b o v e r e fe r r e d t o ,
a s f o u n d in t h e b a n k in g la w o f t h is S t a t e , t o g u a r d t h e b a n k s o r g a n iz e d t h e r e u n d e r f r o m t h e
h a z a r d o f s p e c u la tiv e lo a n s , a n d t o p r e v e n t s u c h b a n k s fr o m a d v a n c in g or lo a n in g to o m u ch
o f t h e ir m o n e y t o a n y o n e p e r s o n , firm o r c o r p o r a t io n , a n d in c o n s t r u in g t h e s ta tu te _ w it h
r e s p e c t t o t h e e x c e p t io n , it is n e c e s s a r y t o k e e p c o n s t a n t ly in m in d t h e p u r p o s e o f t h e l im it a
t io n a n d n o t t o c o n s t r u e t h e p r o v is io n r e la t in g t o t h e e x c e p t io n s t h e r e fr o m in s u c h a w a y a s
to d e s t r o y th e fo r c e a n d e ffe ct o f th e lim it a tio n its e lf.
T h e e x c e p tio n s to w h ic h I r e fe r r e la te
t o t h e d is c o u n t o f b ills o f e x c h a n g e d r a w n in g o o d f a i t h a g a in s t a c t u a lly e x is t in g v a lu e s , a n d
t h e d is c o u n t o f c o m m e r c ia l o r b u s in e s s p a p e r , a c t u a l ly o w n e d b y t h e p e r s o n n e g o t ia t in g t h e
s a m e , a n d w h ic h , in m y o p in io n , s h o u ld b e s t r i c t l y c o n s t r u e d a n d s h o u ld b e h e ld t o a p p ly t o n o
t r a n s a c t io n t h a t d id n o t c le a r ly a n d f u l l y c o m e w it h in t h e p r o v is io n s o f t h e s t a t u t e in t h is
p a r t ic u la r .
B la c k o n in t e r p r e t a t io n o f L a w s , 2 7 5 .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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STATE BANKING DEPARTMENT.
• i
t5?e Q u e s t i o n s w h i c h y o u s u b m i t f o r m y c o n s i d e r a t i o n a r e q u i t e f u l l y c o n s i d e r e d
m P r a t t s D ig e s t , p a g e s 9 3 -9 4 -9 5 , in t h e ir a p p li c a t i o n t o n a t i o n a l b a n k s , b u t I a m u n a b le t o
c o n c u r in s o m e o f th e c o n c lu s io n s r e a c h e d , w h ic h d o n o t s e e m to b e b a s e d u p o n ju d ic ia l d e c i
s io n s , a n d w h ic h , in m y o p in io n , t e n d t o d e f e a t t h e v e r y p u r p o s e o f t h e li m i t a t i o n .
I t is a n
e ie m e n ta r y p r o p o s it io n r e c o g n iz e d b y th e c o u r t s w ith r e s p e c t to s ta t u t o r y o r c o n s t itu tio n a l
in h ib itio n s , t h a t y o u c a n n o t d o in d ir e c t ly t h a t w h ic h y o u a r e p r o h ib ite d fr o m d o in g d ir e c t ly .
In th e ir a p p lic a t io n t o c o m m e r c ia l p a p e r , th e te rm s “ lo a n s ” a n d “ d is c o u n t s ” a re s y n o n y m o u s .
+ m Kr , j k , E n g : E l j c y . o f L a w , V o l . 2 1 , 2 n d e d . 3 8 1 .
T h e q u e s t io n w h o is b o r r o w e r is n o t a lw a y s
to be d e t e r m in e d f r o m t h e p o s i t i o n o f th e p a r t ie s a s t h e y a p p e a r o n t h e p a p e r .
T he b orrow er
m a y be th e m a k er o r th e e n d o rs e r.
P r a t t ’s D ig e s t, 9 4 .
O u r s t a t u t e p r o v id e s t h a t in t h e d is c o u n t o t c o m m e r c ia l o r b u s in e s s p a p e r a c t u a lly o w n e d b y t h e p e r s o n n e g o t ia t in g t h e s a m e , it
s h a ll n o t b e c o n s id e r e d a s m o n e y b o r r o w e d .
T h e a p p li c a t i o n o f t h is p r o v is i o n , in m y o p in io n ,
r e ia te s e x c lu s iv e ly to th e p e r s o n n e g o t ia t in g th e p a p e r .
T h e s ta t u t e c o n te m p la t e s t h a t h e a lo n e
s h a ll b e c o n s id e r e d a s n o t r e c e iv in g a lo a n f r o m t h e b a n k .
W ith re s p e ct to th e m a k e r o f su ch
p a p e r w h o is p r im a r ily lia b le , i f s u c h m a k e r h a s r e c e iv e d c r e d it a t th e b a n k to th e f u l l lim it
im p o s e d b y la w , t h e b a n k s h o u ld n o t b e p e r m it t e d t o d is c o u n t s u c h p a p e r , a s in t h a t e v e n t th e
lia b ilit y o f th e m a k e r w o u ld e x c e e d th e lia b ilit y p e r m itt e d b y t h e G e n e r a l B a n k in g L a w , a n d
rt s u c h a t r a n s a c t i o n s h o u l d b e p e r m i t t e d , i t w o u l d i n d i r e c t l y d e f e a t t h e v e r y p u r p o s e f o r
w h ic h t h is l im it a t io n w a s im p o s e d .
In d e t e r m in in g th e q u e s tio n s s u b m itte d b y y o u , I r e a liz e t h a t th e r e m a y b e s o m e d o u b t
a s t o th e p r o p e r c o n s t r u c t io n o f t h e s e p r o v is io n s in t h e a b s e n c e o f a n y j u d i c i a l d e t e r m in a t io n a s
t o t h e ir p r o p e r m e a n in g .
I n v ie w o f th e f a c t t h a t th e s e v e r a l b a n k s o f th is S ta te o r g a n iz e d
u !™ e r t h e G e n e r a l B a n k i n g L a w , a r e s u b j e c t t o S t a t e s u p e r v i s i o n , n o t o n l y f o r t h e p r o t e c t i o n
o t t h e b a n k s t h e m s e lv e s , b u t f o r t h e p r o t e c t i o n o f t h e p e r s o n s d o in g b u s in e s s w it h s u c h b a n k s ,
t h e la w s r e la t in g t h e r e t o s h o u ld b e c o n s t r u c t e d in s u c h a m a n n e r a s t o a ffo r d s u c h p r o t e c t io n
In e v e r y p o s s i b le w a y , u n t i l s u c h t im e a s t h e c o u r t s m a y d e t e r m in e o t h e r w is e .
. ,I a
y o u J fir s t q u e s tio n , I w o u ld t h e r e fo r e s a y th a t, in m y o p in io n , th e a m o u n t
w h ic h th e d ir e c t o r s o f a b a n k w o u ld be a u t h o r iz e d t o lo a n t o a n y p e r s o n , o r c o m p a n y , o r c o r p o
r a t io n , o r A rm , b y a t w o -t h ir d s v o t e o f it s b o a r d o f d ir e c t o r s , w o u ld n o t e x c e e d o n e -fift h o f th e
c a p it a l a n d s u r p lu s o f th e b a n k , a n d it w o u ld b e im m a t e r ia l w h e th e r s u c h lo a n w a s s e c u r e d o r
u n s e c u r e d , e x c e p tin g o f c o u r s e , lo a n s o n r e a l e s ta te o r o t h e r c o lla te r a l s e c u r itie s a u th o r iz e d
b y th e G e n e r a l B a n k in g L a w .
I n a n s w e r to y o u r s e c o n d q u e s tio n , I w o u ld s a y t h a t th e s a m e r u le w o u ld a p p ly t o a n y o n e
l i n e o t c o m m e r c i a l p a p e r^ t h a t w o u l d a p p l y t o a n y o n e p e r s o n , c o m p a n y , f i r m o r c o r p o r a t i o n .
In a n s w e r t o y o u r t h ir d q u e s t io n , I w o u ld s a y t h a t , in m y o p in io n , i t is im m a t e r ia l w h e t h e r
s u c h lo a n is s e c u r e d b y t h e b o n d o r p e r s o n a l e n d o r s e m e n t o f t h e o ffic e r s o r d i r e c t o r s o f t h e fir m
c o m p a n y o r c o r p o r a t io n , o r b y th e a s s ig n m e n t o f v a lu e a s c o lla t e r a l, e x c e p t w h e r e s u ch lo a n
is m a d e u p o n r e a l e s ta te o r o t h e r c o lla t e r a l s e c u r it ie s r e c o g n iz e d b y t h e G e n e r a l B a n k in g L a w
in t h is c o n n e c t io n I c a ll y o u r a t t e n t io n t o t h e r u le la id d o w n in t h e A m e r . & E n g E n c v
of
L a w , Y o l . 2 1 , 2 n d e d . p a g e 3 8 2 , t o t h e e f f e c t t h a t “ D r a f t s m a y b e b o n a fid e b ills o f e x c h a n g e
d r a w n u p o n a c tu a l e x is tin g v a lu e s w ith in th e m e a n in g o f th e s ta tu te , t h o u g h n o t a c c o m p a n ie d
h y s p e c ific b ills o f la d in g in e a c h c a s e .
I t is s u ffic ie n t i f t h e y a r e d r a w n a g a in s t p r o p e r t y p r e v i o u s i y c o n s ig n e d a n d e x i s t i n g e it h e r in it s o r i g in a l f o r m o r in t h e s h a p e o f p r o c e e d s o f s a le s in
« Y u r f ' i 1<iS
c o n s ig n e e s .
T h is r u le , o f c o u r s e , a p p lie s t o t h e f e d e r a l s t a t u t e .
T h e s ta te
a n d t e d e r a l s t a t u t e b e in g id e n t ic a l in t h is p a r t ic u la r , u n q u e s t io n a b ly t h e s a m e r u le w o u ld a p p ly
to a b a n k o r g a n iz e d u n d e r th e G e n e r a l B a n k in g L a w o f t h is s ta te .
R e s p e c tfu lly y o u rs ,
Ch a s. A .
B l a ir ,
A tto r n e y
i
qi
in g
G e n e r a l.
? h ? o i° o ll0 ^
th e
n^ o p i n i o n s h a v e b e e n r e n d e r e d d u r i n g t h e y e a r s 1 9 0 7 , 1 9 0 8 , 1 9 0 9 , 1 9 1 0 , 1 9 1 1 ,
1 9 1 5 a n d 1 9 1 6 b y th e A tt o r n e y G e n e r a l’ s D e p a r tm e n t o n q u e s tio n s c o n c e r n
c o n s t r u c tio n o f th e B a n k in g L a w .
C O R P O R A T IO N
STOCKS
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COM PANY
( 2)
H on . H en ry
IN V E S T M E N T S .
L a n s in g , M ic h ig a n , M a r c h 2 1 , 1 9 0 7 .
M . Z im m e r m a n n ,
B a n k in g
C o m m is s io n e r ,
L a n s in g ,
M ic h .:
D e a r S ir
T h is d e p a r t m e n t h a s g iv e n c a r e fu l c o n s id e r a t io n o f y o u r in q u ir y o f th e 1 3 th in s t.
a s to w h e th e r tr u s t c o m p a n ie s o r g a n iz e d u n d e r A c t N o . 1 0 8 o f th e P u b lic A c t s o f 1 8 8 9 h a v e th e
r ig h t t o in v e s t in t h e - s t o c k s o f S a v in g s B a n k s ; a n d p a r t ic u l a r l y t o t h e q u e s t io n a s t o w h e t h e r
s e r ? n. lsi a c t ( C o m p i l e d L a w s o f 1 8 9 7 , S e c t i o n 6 1 6 6 ) p e r m i t s s u c h i n v e s t m e n t .
i t is t h e o p i n i o n o f t h i s d e p a r t m e n t t h a t t h e r e i s n o g e n e r a l r i g h t u n d e r t h e l a w s o f t h e
s t a t e o n t h e p a r t o f t r u s t c o m p a n ie s t o in v e s t in t h e s t o c k o f o t h e r c o r p o r a t i o n s ; a n d , fu r t h e r
t h a t t h e c la u s e in S e c t io n 1 1 o f t h e a b o v e a c t , w h ic h a u t h o r iz e s t h e d ir e c t o r s t o in v e s t in “ s u c h
r? , or personal s e c u r i t i e s a s t h e y m a y d e e m p r o p e r ” d o e s n o t a u t h o r i z e i n v e s t m e n t i n t h e
sto ck o f p r iv a te c o r p o r a tio n s
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e sp e c tfu lly
you rs,
J no. E.
B ir d ,
A tto r n e y
G e n e r a l.
REPORT OF THE COMMISSIONER.
Au t h o r it y
to
s u b s c r ib e
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op
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a s
L a n s in g ,
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r
XXXV
“ tru stee”
M ic h ig a n ,
r e q u ir e d
A u gu st
S ta t e B a n k in g D e p a r t m e n t , “ C a p it o l,”
.
7,
1907.
L a n s in g :
D e a r S ir — I t a p p e a r s t h a t s te p s a r e b e in g t a k e n t o o r g a n iz e a b a n k u n d e r t h e G e n e r a l
B a n k in g L a w s o f t h is S ta t e , w it h a c a p it a l s t o c k o f $ 1 0 0 ,0 0 0 .
F r o m th e a r t ic le s o f a s s o c ia tio n
w h ic h h a v e b e e n p r e p a r e d , it a p p e a r s t h a t , a p p r o x im a t e ly , s ix t y p e r c e n t , o f s u c h c a p it a l s t o c k
h a s b e e n s u b s c r ib e d f o r b y c e r t a in p e r s o n s d e s ig n a t e d a s “ t r u s t e e s ” ; t h a t s u c h a r t ic le s d o n o t
d is c lo s e th e n a m e s o r r e s id e n c e s o f th e c e s tu i q u e t r u s t in a n y in s ta n c e , o r th e a u t h o r it y o f
t h e p e r s o n s u b s c r ib in g a s t r u s t e e t o a c t in t h a t c a p a c i t y .
I n th is c o n n e c t io n , y o u a sk m y o p in io n a s t o w h e th e r o r n o t it w o u ld b e p r o p e r f o r y o u to
is s u e th e c e r tific a te o f a u t h o r it y p r o v id e d f o r b y s e c t io n 7 o f th e G e n e r a l B a n k in g L a w .
I n r e p ly t h e r e t o w o u ld s a y th a t s e c t io n 2 o f th e B a n k in g L a w r e q u ir e s th e p e r s o n s a s s o
c ia t in g in th e o r g a n iz a t io n o f a b a n k t o e x e c u t e a r t ic le s o f in c o r p o r a t io n , w h ic h s h a ll s p e c ify ,
a m o n g o t h e r th in g s , “ T h e n a m e s a n d p la c e s o f r e s id e n c e o f th e s to c k h o ld e r s a n d th e n u m b e r
o f s h a r e s h e ld b y e a c h o f t h e m .”
T h e la tt e r p a r t o f s e c t io n 4 p r o v id e s a s f o l l o w s :
“ N o bank
s h a ll t r a n s a c t a n y b u s in e s s e x c e p t s u c h a s is i n c i d e n t a l a n d n e c e s s a r il y p r e l i m i n a r y t o it s
o r g a n iz a t io n u n til it h a s b een a u t h o r iz e d b y 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 t m e n t to
c o m m e n c e th e b u s in e s s o f b a n k in g .”
T h e a r t ic le s o f i n c o r p o r a t io n a r e r e q u ir e d to b e e x e c u te d
in t r i p li c a t e , o n e t o b e r e c o r d e d in t h e o ffic e o f t h e c o u n t y c le r k o f t h e c o u n t y in w h ic h t h e
b a n k is l o c a t e d ; o n e file d in t h e o ffic e o f t h e C o m m is s io n e r o f t h e B a n k in g D e p a r t m e n t ; a n d
o n e file d in t h e o ffic e o f t h e S e c r e t a r y o f S t a t e .
W h e n s u c h a r t ic le s o f in c o r p o r a t io n a re
p r o p e r ly e x e c u t e d a n d file d a n d r e c o r d e d , a s r e q u ir e d b y la w , a n d t h e C o m m is s io n e r o f t h e
B a n k in g D e p a r t m e n t is n o t if ie d t h a t a t le a s t f i f t y p e r c e n t , o f it s c a p i t a l h a s b e e n p a id in , a n d
t h a t s u c h b a n k h a s c o m p lie d w it h a ll th e p r o v is io n s o f th e g e n e r a l b a n k in g la w ; b e fo r e th e
b a n k s h a ll b e a u t h o r iz e d t o c o m m e n c e b u s in e s s , t h e C o m m is s io n e r is r e q u ir e d t o e x a m in e in t o
th e c o n d it io n o f s u c h b a n k , a n d i f it is fo u n d t h a t s u c h o r g a n iz a t io n is in a c c o r d a n c e w it h th e
s ta t u t e a n d t h a t th e v a r io u s p r o v is io n s o f th e la w h a v e b e e n c o m p lie d w it h a c e r tific a te o f
a u t h o r it y t o e n g a g e in t h e b u s in e s s o f b a n k in g is is s u e d b y s u c h C o m m is s io n e r .
W h e n th e
s t a t u t e is n o t c o m p lie d w i t h in a n y e s s e n t ia l p a r t ic u l a r , i t is c l e a r l y m y o p i n i o n t h a t s u c h
c e r tific a te o f a u t h o r it y s h o u ld b e w it h h e ld . I t s e e m s to m e t h a t a r t ic le s o f in c o r p o r a t io n w h ic h
d o n o t f u lly d is c lo s e th e n a m e a n d r e s id e n c e o f th e c e s tu i q u e t r u s t , w h e r e th e s to c k is s u d s c r ib e d f o r b y a t r u s t e e , a n d w h ic h a ls o f a il s t o d is c lo s e t h e a u t h o r it y t o s u b s c r ib e f o r s u c h
s t o c k in t h a t c a p a c i t y , d o n o t c o n f o r m t o t h e r e q u ir e m e n t s o f t h e g e n e r a l b a n k in g la w , a n d ,
u n d e r s u c h c o n d it io n s a s y o u h a v e o u t lin e d , i t w o u ld b e y o u r d u t y t o r e fu s e t o is s u e t h e c e r t ifi
c a te o f a u t h o r it y p r o v id e d f o r b y la w .
I d o n o t d e e m it e s s e n tia l to p o in t o u t th e n u m e r o u s c o m p lic a t io n s t h a t m ig h t a r is e i f s to c k
in a b a n k in g c o r p o r a t i o n s h o u ld b e s u b s c r ib e d f o r in t h e m a n n e r in d ic a t e d .
I t is s u ffic ie n t
t o s a y th a t it d o e s n o t c o n fo r m t o th e re q u ir e m e n ts o f th e G e n e r a l B a n k in g L a w .
R e s p e c tfu lly y o u rs ,
J no. E.
B ir d ,
A tto r n e y
c e r t a in
c e r t if ic a t e s
of
in d e b t e d n e s s
(4 )
H on.
are
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in v e s t m e n t s
L a n s in g , M ic h ig a n ,
H.
M . Z im m e r m a n n ,
M ic h ig a n :
C o m m is s io n e r
of
th e
B a n k in g
D ep a rtm en t,
G e n e r a l.
.
O cto b e r
“ C a p it o l,”
23,
1907.
L a n s in g ,
M y D e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n ic a t io n o f t h e 1 6 t h in s t ., in w h ic h y o u a sk
w h e th e r o r n o t c e r tific a te s o f in d e b te d n e s s is s u e d in p a y m e n t f o r v o t in g m a c h in e s u n d e r th e
p r o v is io n s o f s e c t io n 1 3 o f A c t 2 1 7 o f th e P u b lic A c t s o f 1 9 0 5 a re p r o p e r in v e s t m e n ts f o r s a v in g s
b a n k s u n d e r s u b d iv is io n ( b ) , s e c t io n 2 7 o f th e G e n e r a l B a n k in g L a w , w h ic h p r o v id e s t h a t a
c e r ta in p o r t io n o f th e s a v in g s d e p o s it s o f s u c h b a n k s s h a ll b e in v e s t e d a s f o l l o w s :
“ (b ).
In th e p u b lic d e b t o r b o n d s o f a n y c it y , c o u n ty , to w n s h ip , v illa g e o r s c h o o l d is t r ic t
o f a n y s t a t e o r t e r r i t o r y in t h e U n it e d S t a t e s , w h ic h s h a ll h a v e b e e n a u t h o r iz e d b y t h e l e g is
la tu r e o f s u ch s ta te o r t e r r it o r y :
P r o v id e d th e t o t a l in d e b te d n e s s o f s u c h m u n ic ip a lit y d o e s
n o t e x c e e d fiv e p e r c e n t , o f it s a s s e s s e d v a l u a t i o n , e x c e p t b y a v o t e o f t w o - t h i r d s o f t h e b o a r d o f
d ir e c t o r s , su ch b o n d s m a y b e p u r c h a s e d if th e t o t a l lia b ilit ie s d o n o t e x c e e d te n p e r c e n t, o f its
a ss e ss e d v a lu a t io n .”
Y o u a ls o s ta te t h a t it h a s a lw a y s b e e n th e r u lin g o f th e B a n k in g D e p a r t m e n t t h a t t h e te r m s
“ p u b lic d e b t ” a n d “ b o n d ” w e r e s y n o n y m o u s a n d t h a t a n is s u e o f b o n d s , in o r d e r t o b e a p r o p e r
in v e s t m e n t f o r
s a v in g s b a n k s u n d e r th is s u b d iv is io n
m u s t p r e v io u s ly
h a v e r e c e iv e d
th e
a p p r o v a l o f th e v o t e r s o f th e m u n ic ip a lit y is s u in g th e b o n d s .
F o r a n s w e r t o y o u r i n q u ir y I w o u ld s a y it is m y o p i n i o n t h a t t h e r u li n g o f y o u r d e p a r t m e n t
p la c e s t o o n a r r o w a c o n s t r u c tio n u p o n th e s ta tu te .
T h e te rm s “ p u b lic d e b t” a n d “ b o n d s ”
are n ot syn on ym ou s.
T h e te r m “ p u b lic d e b t” in c lu d e s n o t o n ly a b o n d e d d e b t, b u t a ls o o th e r
f o r m o f p u b lic in d e b te d n e s s .
S ta te v . H ic k m a n , 1 1 M o n t. 5 4 1 , a n d c a s e s c ite d .
T h e s ta tu te u n d e r w h ic h c e r tific a te s o f in d e b te d n e s s a r e is s u e d in p a y m e n t f o r v o t in g
m a c h in e s re a d s a s f o l l o w s :
“ T h e lo c a l a u t h o r it ie s , o n th e a d o p tio n a n d p u r c h a s e o f a v o t in g m a c h in e , m a y p r o v id e f o r
t h e p a y m e n t t h e r e f o r in s u c h m a n n e r a s t h e y m a y d e e m f o r t h e b e s t in t e r e s t o f t h e l o c a l it y
a n d m a y f o r t h a t p u r p o s e is s u e b o n d s , c e r tific a te s o f in d e b te d n e s s o r o t h e r o b lig a tio n s , w h ic h
s h a ll b e a c h a r g e o n t h e c it y , t o w n o r v illa g e .
S u ch b o n d s , c e r tific a te s o r o th e r o b lig a tio n s
m a y b e is s u e d w it h o r w it h o u t in t e r e s t , p a y a b le a t s u c h t im e o r t im e s a s t h e a u t h o r it ie s m a y
d e t e r m in e , b u t s h a ll n o t b e is s u e d o r s o ld a t le s s t h a n p a r .”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxxvi
STATE BANKING DEPARTMENT.
T h e le g is la t u r e h a s th e u n d o u b te d r ig h t to a u t h o r iz e d e b ts o i th is c h a r a c t e r to b e in c u r r e d
w it h o u t th e v o t e o i th e e le c t o r s o f th e m u n ic ip a lit y .
C a lla n v . T h e C it y o f S a g in a w , 5 0 M ic h . 7.
I a m o f th e o p in io n t h a t th e c e r tific a te s o f in d e b te d n e s s is s u e d u n d e r a u t h o r it y o f th is s e c
t io n c o m e w it h in t h e t e r m “ p u b lic d e b t ” a s u s e d in s u b d iv is io n ( b ) , s e c t io n 2 7 o f t h e G e n e r a l
B a n k in g L a w , a n d t h a t , c o n s e q u e n t ly , s a v in g s b a n k s ' m a y l a w f u l l y in v e s t t h e ir f u n d s in s u c h
c e r tific a te s o f in d e b te d n e s s .
R e s p e c tfu lly y o u rs ,
J no. B.
B ir d ,
A tto r n e y
S T R IC T L Y
C O M M E R C IA L
BANKS
M UST
AM END
A R T IC L E S
(5 )
TO
TRANSACT
L a n s in g ,
S A V IN G S
M ic h ig a n ,
G e n e r a l.
B U S IN E S S .
O cto b e r
28,
1907.
H o n . H . M . Z im m e r m a n n , 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 t m e n t , L a n s in g , M ic h . :
D e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n ic a t io n o f t h e 1 6 t h in s t ., r e q u e s t in g a n o p in io n
u p o n th e q u e s tio n o f w h e th e r o r n o t a b an k o r g a n iz e d a s a p u r e ly c o m m e r c ia l b a n k u n d e r th e
G e n e r a l B a n k in g L a w o f th e S ta te is a u t h o r iz e d to a d v e r t is e f o r s a v in g s d e p o s it s a n d d o a g e n
e r a l b a n k in g b u s in e s s u n d e r t h e e x c e p t i o n c o n t a i n e d in s e c t io n 2 4 o f t h a t la w , w h ic h p r o v id e s :
“ C o m m e r c ia l b a n k s m a y a llo w in t e r e s t o n a c c o u n t s o r c e r t ific a t e s o f d e p o s it , b u t a ll d e p o s it s
in s u c h b a n k s s h a ll b e p a y a b le o n d e m a n d w it h o u t n o t ic e , e x c e p t w h e n th e c o n t r a c t o f d e p o s it
o t h e r w is e p r o v id e s .”
F o r a n s w e r t h e r e t o , I w o u ld s a y t h a t t h e G e n e r a l B a n k in g L a w in s e c t io n 1 p r o v id e s t h a t
a n y n u m b e r o f p e r s o n s , n o t le s s t h a n fiv e , “ m a y a s s o c i a t e t o e s t a b lis h o ffic e s o f d i s c o u n t a n d
d e p o s it , t o b e k n o w n a s c o m m e r c ia l b a n k s , a n d a ls o t o e s t a b lis h o ffic e s o f lo a n a n d d e p o s it to
b e k n o w n a s s a v in g s b a n k s , o r t o e s t a b lis h b a n k s h a v in g d e p a r t m e n t s f o r b o t h c la s s e s o f b u s i
n e s s ,” e tc .
U n d e r s e c t io n 2 o f th e G e n e r a l B a n k in g L a w , th e a r t ic le s o f in c o r p o r a t io n a r e r e q u ir e d
t o s p e c i fy t h e n a t u r e o f t h e b u s in e s s t o b e c a r r ie d o n , w h e t h e r t h a t o f a c o m m e r c ia l b a n k ,
s a v in g s b a n k , o r b o th .
S e c t io n s 2 3 , 2 4 a n d 2 5 o f th e s a m e la w c o n t a in c e r ta in p r o v is io n s
r e f e r r i n g t o “ a n y b a n k w h ic h , b y it s a r t ic le s o f i n c o r p o r a t i o n , s h a ll d e s ig n a t e it s b u s in e s s a s
t h a t o f a c o m m e r c ia l b a n k
a n d s e c t io n 2 6 a n d s u c c e e d in g s e c t io n s o f th e s a m e la w c o n ta in
p r o v is io n s g o v e r n in g “ a n y b a n k w h ic h b y it s a r t ic le s o f in c o r p o r a t io n s h a ll d e s ig n a t e it s b u s i
n e s s a s t h a t o f a s a v in g s b a n k
a n d S e c t io n 2 9 c o n t a in s p r o v is io n s g o v e r n in g “ a n y b a n k
c o m b in in g t h e b u s in e s s o f a c o m m e r c ia l b a n k a n d a s a v in g s b a n k ” a n d p r o v id e s t h a t " a l l
r e c e ip t s , in v e s t m e n t s a n d t r a n s a c t io n s r e la t in g t o e a c h o f s a id c la s s e s o f b u s in e s s s h a ll be
g o v e r n e d b y t h e p r o v is io n s a n d r e s t r i c t io n s h e r e in s p e c ific a lly p r o v id e d f o r t h e r e s p e c t iv e
k in d s o f b a n k s .”
R e a d in g a ll th e s e p r o v is io n s o f th e G e n e r a l B a n k in g L a w t o g e t h e r , it is c le a r t h a t it w a s
n o t in t e n d e d t o p e r m it a b a n k o r g a n iz e d a s a s t r i c t l y c o m m e r c ia l b a n k t o e n g a g e in t h e b u s i
n e s s o f a s a v in g s b a n k , a n d t h a t t h e e x c e p t io n c o n t a in e d in s e c t io n 2 4 , t o w h ic h r e fe r e n c e h a s
b een m a d e , w a s n o t in te n d e d to h a v e t h a t e ffe c t.
B e fo r e a c o m m e r c ia l b a n k , o r g a n iz e d a s su ch ,
c a n c o n d u c t a s a v in g s b a n k b u s in e s s , it m u s t a m e n d it s a r t ic l e s o f i n c o r p o r a t i o n s o a s t o
p r o v id e f o r c o n d u c t in g b o t h c la s s e s o f b u s in e s s .
R e s p e c tfu lly
you rs,
J no. E.
B ir d ,
A tto r n e y
b a n k s
can n o t
e x te n d
t h e ir
c r e d it
to
an
in d iv id u a l
or
b a n k
(6 )
H on.
G e n e r a l.
.
June
H . M . Z im m e r m a n n ,
C o m m is s io n e r ,
B a n k in g
D e p a rm e n t,
“ C a p it o l,”
10,
190S.
L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f J u n e fift h , e n c lo s in g c e r t a in c o r r e s p o n d e n c e w it h
t h e .................................................................... b a n k .
I t a p p e a r s fr o m y o u r c o m m u n ic a tio n t h a t th is b a n k , b y a n a r r a n g e m e n t w ith c e r ta in p r iv a t e
b a n k s , p e r m it s t h e l a t t e r t o is s u e d r a f t s p a y a b le o u t o f t h e fu n d s o f t h e fo r m e r b a n k o n d e p o s it
w it h its c o r r e s p o n d e n t b a n k s a t N e w Y o r k a n d C h ic a g o .
Y o u s ta te th a t y o u h a v e ta k en th e
p o s it io n t h a t s u c h p r a c t ic e is ille g a l, a n d r e q u e s t a n o p in io n a s to th e p r o p r ie t y o f t h is h o ld in g .
R e p ly in g t h e r e t o w o u ld s a y , a n y a tt e m p t u p o n th e p a r t o f a n y b a n k t o p e r m it a n y o n e o r
a n y in s t it u t io n t o is s u e d r a f t s p a y a b le o u t o f it s d e p o s it w it h c o r r e s p o n d e n t b a n k s in a n
a tt e m p t to p e r fo r m a n a c t a n d p e r m it a n a r r a n g e m e n t n o t a u t h o r iz e d b y la w .
T he bank pos
s e s s e s n o a u t h o r i t y t o e x t e n d it s c r e d i t t o a n y i n d i v i d u a l o r b a n k in t h e m a n n e r s e t f o r t h in
y o u r c o m m u n ic a t io n . S u ch a p r a c t ic e m a y o p e r a t e to th e d e t r im e n t o f d e p o s it o r s a n d m a y im p a ir
th e fa it h a n d cr e d it o f th e b a n k .
T h e p r a c t i c e in q u e s t io n is w i t h o u t a u t h o r it y o f la w .
Y ou
p o s s e s s g e n e r a l p o w e r u n d e r t h e s ta t u t e t o p r o h ib it s u c h p r a c t ic e a n d it is th e d u t y o f th e
o ffic ia ls o f t h e b a n k t o c a n c e l t h is a r r a n g e m e n t .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e s p e c tfu lly
you rs,
J no. E.
B ir d ,
A tto r n e y
G e n e r a l.
REPORT OF THE COMMISSIONER.
S IM IL A R IT Y
OF T R U ST
COM PANY
xxxvü
T IT L E S .
(7)
June
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r o f
30, 1908.
B a n k in g , L a n s in g , M ic h ig a n :
D e a r S ir — I a m in r e c e ip t o f y o u r s o f t h e 1 9 t h in s t a n t in w h ic h y o u s t a t e t h a t a c e r t a in
c o r p o r a t i o n o r g a n i z e d u n d e r A c t 2 3 2 , P u b l i c A c t s o f 1 9 0 3 , a s t h e “ ....................................... a n d T r u s t
C o m p a n y ” is e n g a g e d in t h e b u s in e s s o f s e llin g v a r io u s k in d s o f s e c u r it ie s , a n d r e q u e s t th e
o p in io n o f t h is u e p a r t m e n t a s t o w h e t h e r it is p e r m is s ib le f o r s u c h a c o n c e r n t o d o b u s in e s s
u n d e r a n a m e so c lo s e ly a llie d to th a t o f in s t it u t io n s o r g a n iz e d u n d e r A c t 1 0 8 , P u b lic A c t s o f
1 8 8 9 , u n d e r w h ic h t r u s t c o m p a n ie s a re o r g a n iz e d .
S u b d iv is io n 1 o f s e c t io n 2 o f A c t 2 3 2 , P u b lic A c t s o f 1 9 0 3 , c o n ta in s t h is p r o v is o :
“ N o n a m e s h a ll b e a s s u m e d a lr e a d y in u s e b y a n y o t h e r e x is tin g c o r p o r a t io n o f t h is S ta te ,
o r c o r p o r a t io n l a w f u l l y c a r r y in g o n b u s in e s s in t h is S ta t e , o r so n e a r ly s im ila r a s t o le a d to
u n c e r t a in ty o r c o n fu s io n .”
U n d e r th e d e c is io n s o f th e c o u r t s o f t h is S ta te , it s e e m s t o b e c le a r t h a t th e q u e s tio n o f th e
r ig h t to u se a c o r p o r a t e n a m e n o t id e n t ic a l w ith t h a t o f a n o th e r e x is tin g c o r p o r a t io n d e p e n d s
u p o n w h e th e r th e n a m e s a r e so s im ila r t h a t p e r s o n s w o u ld b e lik e ly to d e a l w it h o n e c o n c e r n
w h e n t h e y b e lie v e d in g o o d f a i t h t h e y w e r e d e a lin g w it h t h e o t h e r .
g 0 0 -----
L a m b K n i t G o o d s C o . v . L a m b G l o v e & M i t t e n C o ., 1 2 0 M i c h . 1 5 9 ;
P e n b e r t h y I n j e c t o r C o . v . L e e - P e n b e r t h y M f g . C o ., 1 2 0 M i c h . 1 7 4 ;
S u p re m e L o d g e o f K n ig h t s o f P y t h ia s v . Im p r o v e d O r d e r K n ig h t s o f P y t h ia s , 13
M ic h . 1 3 3 ;
•
G r e a t H iv e L . O . T . M . v . S u p re m e H iv e , 1 3 5 M ic h . 3 9 2 , 4 1 5 .
I t w o u ld s eem a ls o i f th e s im ila r it y o f th e n a m e o f a c o r p o r a t io n o r g a n iz e d u n d e r A c t 2 3 2 ,
P u b lic A c t s o f 1 9 0 3 . t o th e n a m e s o f c o r p o r a t io n s o r g a n iz e d u n d e r A c t 1 0 8 , P u b lic A c t s o f
1 8 8 9 , w h ic h is t h e t r u s t c o m p a n y a c t , w a s s u c h t h a t p e o p le d e a lin g w i t h it w o u ld b e d e c e iv e d
in t o b e lie v in g t h a t th e y w e r e d e a lin g w it h a c o r p o r a t io n w h ic h w a s u n d e r th e s u p e r v is io n o f
th e B a n k in g D e p a r t m e n t , t h a t th e u s e o f s u c h a n a m e c o u ld p r o p e r ly b e r e s t r a in e d in a p r o
c e e d in g in s tit u t e d f o r t h a t p u r p o s e .
V e ry re s p e c tfu lly y o u rs,
J
no
. E. B
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H o n , H e n r y M . Z im m e r m a n n , C o m m is s io n e r
o f B a n k in g ,
“ C a p it o l,”
,
G e n e r a l.
A U T H O R IZ E D .
(g )
J u ly
29, 1908.
L a n s in g :
D e a r S i r — W e h a v e c a r e f u l l y e x a m i n e d t h e l e t t e r o f ........................... c a s h i e r o f t h e ...............................
B a n k , o f d a te J u ly 1 8 , 1 9 0 8 , t o g e t h e r w it h th e e n c lo s u r e s a c c o m p a n y in g sa m e .
S e c t io n 4 2 o f th e G e n e r a l B a n k in g L a w , b e in g s e c t io n 0 1 3 1 o f th e C o m p ile d L a w s o f 1 8 9 7 ,
g iv e s th e C o m m is s io n e r o f B a n k in g a u t h o r it y w h e n h e fin d s th e c a p it a l o f a n y b a n k is im p a ir e d
o r r e d u c e d b e lo w th e a m o u n t r e q u ir e d b y la w , to r e q u ir e s u c h b a n k to m a k e g o o d th e d e fic ie n c y
w it h in n in e t y d a y s a ft e r a w r it t e n r e q u is it io n is m a d e , a n d in c a s e th e im p a ir m e n t is n o t m a d e
g o o d it b e c o m e s h is d u t y , w i t h t h e c o n c u r r e n c e o f t h e A t t o r n e y G e n e r a l, t o in s t it u t e p r o c e e u in g s f o r th e a p p o in tm e n t o f a r e c e iv e r to w in d u p t h e a ffa ir s o f th e b a n k .
T h e la w d o e s n o t
p r e s c r ib e th e m e th o d b y w h ic h t h is im p a ir m e n t is to b e m a d e g o o d .
I t m a k e s n o p r o v is io n f o r
a n a s s e s s m e n t u p o n th e s to c k h o ld e r s o f th e b a n k , n o r is th e r e a n y a u t h o r it y u n d e r th e s ta tu te s
o f th is S ta te f o r th e s to c k h o ld e r s o r d ir e c t o r s to m a k e s u ch a n a s s e s s m e n t.
T h e r e b e in g n o
s t a t u t o r y a u t h o r it y f o r m a k in g t h e a s s e s s m e n t, i t f o l l o w s t h a t a n a s s e s s m e n t m a d e b y th e
s to c k h o ld e r s o r d ir e c t o r s c o u ld n o t b e e n fo r c e d a g a in s t d is s e n t in g s h a r e h o ld e r s .
T h e o n ly
m e t h o d o f m a k in g a n a s s e s s m e n t a g a in s t t h e s t o c k h o ld e r s o f a b a n k is u n d e r s e c t io n 4 6 o f t h e
G e n e r a l B a n k in g L a w , s e c t io n 6 1 3 5 o f th e C o m p ile d L a w s o f 1 8 9 7 .
T h is a s s e s s m e n t c a n o n ly
b e m a d e w h e n t h e b a n k is in p r o c e s s o f liq u id a t io n .
I t is o u r v i e w o f t h is s t a t u t e t h a t i t c o n t e m p la t e s a v o l u n t a r y c o n t r ib u t i o n o n t h e p a r t o f
th e s h a r e h o ld e r s in o r d e r to p r e v e n t th e a ffa ir s o f th e b a n k b e in g liq u id a t e d b y o r d e r o f th e
C o m m is s io n e r , a n d le a v e s it o p e n to th e b a n k t o m a k e g o o d th e d e fic ie n c y in a n y m a n n e r t h a t
se e m s to it fe a s ib le .
T h e o n ly a lte r n a tiv e in c a s e o f th e fa ilu r e o f th e b a n k to m a k e g o o d th e
d e fic ie n c y is f o r t h e C o m m is s io n e r t o p r o c e e d a s d i r e c t e d b y t h e s t a t u t e .
W e r e t u r n t h e le t t e r a n d e n c lo s u r e h e r e w ith .
V e r y r e s p e c tfu lly y o u rs ,
J n o . E . B ir d ,
A tto r n e y
F O R E IG N
BANKS
NOT P E R M IT T E D TO ENGAGE
IN
B U S IN E S S
IN
STATE.
(9 )
J u ly
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r o f B a n k in g , “ C a p it o l,”
D e a r S ir — W e a r e in r e c e ip t o f
R e g in a ld F . F e n n e ll, u n d e r d a te o f
“ Is t h e r e a n y lic e n s e n e c e s s a r y
b a n k s d o in g b u s in e s s o u t s id e o f t h e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
you rs o f
June 20,
or oth er
S ta te o f
G e n e r a l.
29,
1908.
L a n s in g :
th e 3 d in s t a n t in w h ic h y o u e n c lo s e a le t t e r f r o m
1 9 0 8 , in w h ic h h e s u b m it s t h e f o l l o w i n g in q u ir y .
le g a l fo r m r e q u ir e d to b e g o n e th r o u g h w it h f o r
M ic h ig a n , to e s ta b lis h a n a g e n c y o r r e p r e s e n t a tiv e
xxxviii
STATE BANKING DEPARTMENT.
in
t h is S ta t e ?
I n th e e v e n t o f t h e r e b e in g a n y r e s t r ic t io n , k in d ly a d v is e t o w h a t e x t e n t .”
I n r e p ly t o th is in q u ir y w ill s a y t h a t th e le g is la t u r e h a s b y s ta t u t e p r e s c r ib e d s t r ic t c o n
d it io n s t o be c o m p lie d w it h b y c o r p o r a t i o n s d e s ir in g t o e n g a g e in t h e b u s in e s s o f b a n k in g , o r
in lo a n in g a n d in v e s t in g m o n e y .
T h e r e is n o s t a t u t o r y p r o v is io n w h ic h p e r m its f o r e ig n c o r
p o r a t io n s t o c o m e in t o t h is S t a t e f o r t h e p u r p o s e o f e n g a g in g in t h a t k in d o f b u s in e s s .
The
f a c t t h a t t h e le g is la t u r e h a s s e e n lit t o la y d o w n t h e s e c o n d it io n s f o r d o m e s t ic c o r p o r a t io n s
d e s ir in g t o e n g a g e in s u c h b u s in e s s a n d t o p la c e t h e m u n d e r t h e s u p e r v is io n o f t h e S ta t e
B a n k in g D e p a r t m e n t in d ic a te s c le a r ly a n in t e n t io n o n t h e p a r t o f t h e le g is la t u r e t o p r o h ib it
f o r e i g n c o r p o r a t i o n s f r o m e n g a g in g in s u c h b u s in e s s .
In t h is c o n n e c t io n w e d e s ir e t o c a ll y o u r a t t e n t io n t o t h e c a s e o f —
N e w Y o r k M o r tg a g e C o . v . S e c. o f S ta te , 5 0 M ic h . 1 9 7 , 2 0 2 ,
w h ic h w a s a m a n d a m u s p r o c e e d in g a g a in s t th e S e c r e t a r y o f S ta t e t o c o m p e l th e is s u a n c e o f a
lic e n s e t o d o b u s in e s s in t h is S t a t e t o a c o r p o r a t i o n d e s ir in g t o e n g a g e in t h e b u s in e s s o f
m a k in g “ lo a n s s e c u r e d b y m o r t g a g e s o n r e a l e s ta t e , t o s e ll s u c h m o r t g a g e s a n d b o n d s o f t h is
c o m p a n y s e c u r e d b y m o r t g a g e s o n r e a l e s t a t e , b u t s a id b o n d s a r e n o t t o b e s o ld o n t h e in s t a l l
m e n t p la n .”
I n r e s p o n s e t o t h e c o n t e n t io n o f t h e r e la t o r in t h a t c a s e t h a t it s h o u ld b e a d m it t e d t o d o
b u s in e s s u n d e r o u r f o r e i g n c o r p o r a t i o n la w , t h e c o u r t s a id :
“ I n o t h e r w o r d s s u c h c o n s t r u c t io n w o u ld o p e r a t e a s t o s u c h fo r e ig n c o r p o r a t io n s a s a
r e p e a l o f a ll th e b e n e fic ia l a n d p r o t e c t iv e p r o v is io n s o f A c t N o . 2 0 5 , P u b lic A c t s o f 1 8 7 7 .
To
h o ld t h a t s u c h w a s t h e le g is la t iv e in t e n t w o u ld b e c o n t r a r y t o e v e r y s u g g e s t io n t h a t a r is e s t o
t h e m in d , u p o n t h e c o n s id e r a t io n o f t h e p r o p o s it io n .
O u r c o n s t r u c tio n o f th e a c t is t h a t
b a n k in g c o r p o r a t io n s a n d th o s e c o r p o r a t io n s w h ic h a r e w it h in t h e c o n te m p la t io n o f o fir b a n k
in g la w s a r e n o t w it h in th e p r o v is io n s o f th e a c t a u t h o r iz in g fo r e ig n c o r p o r a t io n s to t r a n s a c t
b u s in e s s in t h is S t a t e .”
I n v ie w o f th e a b o v e , w e a r e o f th e o p in io n t h a t fo r e ig n b a n k s h a v e n o r ig h t t o e n g a g e in
b u s in e s s in t h is S ta t e , o r t o e s t a b lis h a n a g e n c y o r r e p r e s e n t a t iv e in t h is S t a t e f o r t h e t r a n s
a c t io n o f b u s in e s s .
W e r e tu r n M r . P e n n e ll’ s le tt e r h e r e w ith .
V e ry r e s p e c tfu lly y o u rs ,
J n o . E . B ir d ,
A tto r n e y
IN C R E A S E
OF
C A P IT A L
NOT
R E Q U IR E D
BANKS
OF
BANKS
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H e n r y M . Z im m e r m a n n ,
M ic h ig a n :
C o m m is s io n e r
of
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BRANCH
IN S T A N C E S .
(1 0 )
H on.
G e n e r a l.
B a n k in g
D ep a rtm en t,
C a p ito l,
27,
1909.
L a n s in g ,
D e a r S ir — I a m in r e c e ip t o f y o u r le t t e r o f t h e 2 9 th u lt im o in w h ic h y o u s t a t e t h a t a b a n k
o r g a n iz e d w it h a c a p it a l o f $ 2 0 ,0 0 0 .0 0 in a v illa g e a d ja c e n t t o a l a r g e c i t y s u b s e q u e n t ly
b e ca m e lo c a te d w it h in th e c o r p o r a t e lim its o f th e c it y b y a n e x te n s io n o f th e b o u n d a r ie s o f th e
c it y t o in c lu d e th e t e r r it o r y fo r m e r ly e m b r a c e d w ith in th e lim it s o f th e v illa g e ; th e b a n k th u s
c o m in g in t o th e c it y w it h a c a p it a l le s s th a n is r e q u ir e d b y s ta t u t e o f b a n k s o r g a n iz e d w it h in
th e c ity .
Y o u a ls o s ta t e t h a t it is n o w s u g g e s te d t h a t t h is b a n k m a y e s ta b lis h b r a n c h e s w it h in
th e c it y a n d re q u e st an o p in io n u p o n th e f o l l o w i n g :
F ir s t,
W h e th e r o r n o t y o u h a v e a u t h o r it y t o re q u ir e a b a n k o r g a n iz e d in a v illa g e , w h e n
it b e c o m e s lo c a t e d in a c i t y b y t h e e x t e n s io n o f t h e c o r p o r a t e l im it s o f t h e c i t y , t o i n c r e a s e it s
c a p i t a l in a c c o r d a n c e w i t h t h e n u m b e r o f i n h a b i t a n t s o f t h e c i t y .
S econ d ,
W h e t h e r o r n o t a S t a t e b a n k h a s a u t h o r it y t o e s t a b lis h b r a n c h e s in t h e c i t y o r
v i l l a g e in w h ic h it is a u t h o r iz e d b y it s a r t ic l e s o f i n c o r p o r a t i o n t o t r a n s a c t b u s in e s s .
I n r e p ly w ill s a y t h a t S e c t io n 1 o f t h e G e n e r a l B a n k in g L a w , ( S e c t io n 6 0 9 0 C . L .) p r o v id e s
f o r t h e e s t a b lis h m e n t o f c o m m e r c ia l a n d s a v in g s b a n k s in c it ie s a n d v illa g e s in t h e S t a t e a n d
p r e s c r ib e s t h e m in im u m c a p it a l t h a t b a n k s m a y h a v e , b a s e d o n t h e p o p u la t io n o f t h e c i t y o r
v illa g e in w h ic h t h e b a n k is t o b e lo c a t e d .
S e c t io n 2 o f th e a c t p r o v id e s t h a t th e a r t ic le s o f in c o r p o r a t io n s h a ll s p e c ify a m o n g o t h e r
th in g s :
“ T h e c o u n t y a n d c it y o r v illa g e w h e r e s u ch b a n k is t o b e lo c a te d a n d t o c o n d u c t its
b u s in e s s
S e c t io n 7 p r o v id e s t h a t u p o n c o m p lia n c e w it h th e s ta t u t e t h 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 t m e n t s h a ll g iv e t h e b a n k a c e r t ific a t e u n d e r h is h a n d a n d o ffic ia l s e a l t h a t t h e b a n k
h a s c o m p lie d w i t h t h e s t a t u t e a n d is a u t h o r iz e d t o c o m m e n c e b u s in e s s .
T h e c o n t in g e n c y a r is in g in th e c a s e o f th e b a n k t o w h ic h y o u r e fe r a p p a r e n t ly w a s n o t
a n t ic ip a t e d b y th e fr a m e r s o f th e G e n e r a l B a n k in g L a w , a s th a t la w c o n ta in s n o p r o v is io n
r e q u ir in g a b a n k e s t a b lis h e d w it h in a v illa g e w h ic h b e c o m e s lo c a t e d in a c i t y b y r e a s o n o f t h e
e x te n s io n o f th e c o r p o r a t e lim its o f th e c it y t o in c r e a s e it s c a p ita l in a c c o r d a n c e w it h th e
p o p u la tio n o f th a t c it y .
N e it h e r is t h e r e in t h e B a n k in g L a w a n y p r o v is io n r e q u ir in g a b a n k
a ft e r its o r g a n iz a t io n w it h in a c it y o f c e r ta in p o p u la tio n to in c r e a s e its c a p ita l a s th e p o p u la
t io n o f th e c it y in c r e a s e s .
T h e b a n k u p o n c o m p ly in g w it h th e p r o v is io n s o f th e s ta tu te w a s g iv e n th e r ig h t b y th e
S t a t e t o c o n d u c t it s b u s in e s s w it h in t h e v illa g e .
I t d id n o t v o lu n t a r ily r e m o v e t o th e c it y
b u t b e ca m e lo c a te d th e r e in b y o p e r a t io n o f la w th r o u g h th e e x te n s io n o f th e c o r p o r a t e lim its
o f th e c ity .
T h e p r o v is io n o f th e s ta tu te , r e q u ir in g b a n k s to h a v e a c e r ta in c a p it a l a c c o r d in g
t o t h e p o p u la t io n , e v id e n t ly h a s r e fe r e n c e t o t h e e s t a b lis h m e n t o f b a n k s in t h e fir s t in s t a n c e .
A s h e r e t o f o r e s ta t e d , a b a n k o n c e l a w f u l l y e s t a b lis h e d w it h t h e r e q u ir e d c a p it a l a c c o r d in g t o
th e p o p u la t io n o f th e c it y is n o t r e q u ir e d to in c r e a s e it s c a p it a l a lth o u g h t h e p o p u la t io n o f th e
c i t y m a y in c r e a s e t o s u c h a n e x t e n t t h a t a n e w b a n k c o u ld n o t b e e s t a b lis h e d t h e r e in w it h o u t
h a v in g a m u ch la r g e r c a p ita l.
A c a r e f u l c o n s i d e r a t i o n o f t h e p r o v i s i o n s o f t h e G e n e r a l B a n k in g la w le a d s m e t o th e c o n c lu s io n t h a t a b a n k o n c e l a w fu lly e s ta b lis h e d in a v illa g e w it h th e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xxxix
REPORT OF THE COMMISSIONER.
r e q u ir e d c a p it a l in a c c o r d a n c e w it h S e c t io n 1 o f t h e G e n e r a l B a n k in g L a w is n o t r e q u ir e d u n d e r
th e p r o v is io n s o f t h a t la w to in c r e a s e its c a p ita l w h e n it b e c o m e s lo c a te d w ith in a c it y b y
r e a s o n o f th e e x t e n s io n o f th e c o r p o r a t e lim it s o f t h e c it y t o in c lu d e th e v illa g e .
F o r a n s w e r to y o u r s e c o n d q u e s tio n I w o u ld s a y t h a t n o a u t h o r it y to e s ta b lis h b r a n c h e s is
c o n fe r r e d u p o n b a n k s b y a n y p r o v is io n o f th e la w s o f th is S ta te .
In t h e a b s e n c e o f s t a t u t e a
b a n k h a s n o a u t h o r it y t o e s t a b lis h b r a n c h e s a t w h ic h a g e n e r a l b a n k in g b u s in e s s is c o n d u c t e d .
M a G e e o n B a n k s a n d B a n k in g , p a g e 4 1 ;
A t t y . G e n . v . O a k la n d C o. B a n k , W a lk , p a g e 9 0 .
W h ile a b a n k h a s n o a u t h o r it y t o e s t a b lis h b r a n c h e s u n le s s e x p r e s s ly a u t h o r iz e d b y s t a t u t e
s o t o d o . it s e e m s t h a t i t m a y h a v e a n a g e n c y f o r t h e t r a n s a c t io n o f s o m e p a r t s o f it s b u s in e s s
in t h e c i t y o r v illa g e d e s ig n a t e d in it s c h a r t e r a s t h e p la c e w h e r e t h e b a n k is t o b e lo c a t e d a n d
t o c o n d u c t it s b u s in e s s .
I n M a G e e o n B a n k in g , p a g e 4 1 , a r e c o m p ile d th e p r o v is io n s in f o r c e in th e d iffe r e n t s ta te s
r e la t in g to t h is s u b je c t a n d o f t h is S ta t e it is s a i d :
_
“ T h e r e is n o la w a u t h o r iz in g t h e e s t a b lis h m e n t o f b r a n c h e s . A g e n c ie s a r e p e r m it t e d w h ic h
a r e r e s t r ic t e d in t h e ir o p e r a t io n s t o r e c e iv in g a n d p a y in g o u t o f d e p o s it s a n d is s u in g e x c h a n g e :
a n d s e v e r a l in s t a n c e s o f b a n k s lo c a t e d in t h e c it ie s o f D e t r o i t a n d L a n s in g h a v in g e s t a b lis h e d
a g e n c ie s o f t h is c h a r a c te r a re n o te d .
T h e a g e n c ie s e s t a b lis h e d b y t h e b a n k s a t t h e c it ie s in d ic a t e d h a v e b e e n c o n d u c t e d b y t h e
b a n k s f o r s o m e t im e a n d t h e r i g h t o f t h e b a n k s t o e s t a b lis h s u c h a g e n c ie s d o e s n o t a p p e a r t o
h a v e b een h e r e t o fo r e o u e s tio n e d b y th e b a n k in g d e p a r t m e n t o r a n y o ffic e r o f th e S ta te .
In
v ie w o f t h e f o r e g o in g I a m o f o p in io n t h a t a b a n k m a y e s t a b lis h a g e n c ie s o f t h e c h a r a c t e r o f
t h o s e in d ic a t e d h e r e in w it h in t h e lim it s o f t h e c i t y o r v i l l a g e in w h ic h t h e b a n k is lo c a t e d .
I n a s m u c h a s a b a n k o r ig in a lly lo c a t e d in a v illa g e , a n d w h ic h b e c o m e s lo c a t e d in a c it y b y th e
e x t e n s io n o f t h e c o r p o r a t e lim it s o f t h e c it y , h a s a u t h o r it y t o c o n d u c t i t s b u s in e s s w it h in t h e
c i t y , i t w o u l d h a v e t h e s a m e r i g h t t o e s t a b l i s h ■ a g e n c ie s o f t h i s c h a r a c t e r a s a b a n k o r i g i n a l l y
o r g a n iz e d w it h in th e c it y .
R e sp e c tfu lly y o u rs,
(S ig n e d )
J no. E .
B ir d ,
A t t o r n e y G e n e r a l.
STATE
BANKS
O R G A N IZ E D
BY
STOCKHOLDERS
(11)
H on. H en ry
OP
N A T IO N A L
BANKS.
June
M . Z im m e r m a n n ,
C o m m is s io n e r
of
th e
B a n k in g D e p a r tm e n t, C a p ito l,
10,
1909.
L a n s in g :
D e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n ic a t io n o f th e 2 9 th u lt im o r e q u e s t in g a n o p in io n
u p o n th e q u e s tio n o f w h e th e r o r n o t a S ta te b a n k m a y le g a lly b e o r g a n iz e d in t h is S ta te b y
t h e s to c k h o ld e r s o f a N a tio n a l B a n k u n d e r a p la n s u b s t a n t ia lly a s f o l l o w s :
T h e s to c k h o ld e r s o f th e n a t io n a l b a n k e n te r in t o a n a g r e e m e n t w it h th e o ffic e r s o f th e
n a t io n a l b a n k b y t h e t e r m s o f w h ic h t h e s t o c k h o ld e r s a g r e e t h a t t h e o ffic e r s m a y t a k e n e c e s s a r y
s te p s t o o r g a n iz e a S ta te b a n k w it h a p r e s c r ib e d c a p ita l, t h e s h a r e s o f w h ic h m a y b e p r e s c r ib e d
f o r in t h e fir s t in s t a n c e b y s u c h p e r s o n s a s m a y b e s e le c t e d b y t h e o ffic e r s , b u t w h e n p a id f o r
s h a ll b e h e ld in t h e n a m e s o f s u c h p e r s o n s a s f r o m t im e t o t im e s h a ll b e t h e o ffic e r s o f t h e
n a t io n a l b a n k , a s tr u s te e s , w h ic h s a id tr u s t e e s m a y e x e r c is e d u r in g th e lif e o f t h e t r u s t a ll th e
r ig h t s a n d p o w e r s o f a b s o lu te o w n e r s o f th e s to c k e x c e p t t o th e e x te n t t h a t th e y m a y be
o r d e r e d o t h e r w is e b y e x p r e s s d ir e c t io n s in w r it i n g s ig n e d b y a m a j o r i t y o f a t le a s t t w o -t h ir d s
in in t e r e s t o f t h e p e r s o n s b e n e f ic ia lly in t e r e s t e d in t h e s t o c k .
T h e d iv id e n d s u p o n s a id s to c k
a r e to b e r e c e iv e d b y th e t r u s t e e s a n d p a id b y th e m t o th e n a t io n a l b a n k f o r d is t r ib u t io n
a m o n g th e s to c k h o ld e r s o f th e n a t io n a l b a n k p r o r a t a a c c o r d in g t o t h e ir o w n e r s h ip o f r e c o r d
o f s h a r e s o f s t o c k in t h e n a t io n a l b a n k , t h e t r u s t t o c o n t in u e a s l o n g a s t h e n a t io n a l b a n k s h a ll
c o n t in u e t o d o b u s in e s s u n le s s s o o n e r t e r m in a t e d b y a r e q u e s t in w r it i n g o f a m a j o r i t y o f a t
le a s t t w o -t h ir d s in in t e r e s t o f t h e c a p it a l s t o c k o f s a id b a n k .
T h e n e c e ss a r y c a p ita l f o r th e
S t a t e b a n k is t o b e f u r n i s h e d , b y a s p e c ia l o r e x t r a d iv id e n d d e c la r e d b y t h e n a t i o n a l b a n k .
It
is p r o v id e d t h a t t h e s t o c k in t h e S t a t e b a n k s h a ll b e h e ld b y t h e t r u s t e e s a n d t h a t n o p e rso n
s h a ll h a v e th e r ig h t t o t r a n s fe r h is in t e r e s t t h e r e in o t h e r w is e th a n b y t h e t r a n s fe r o f th e
o w n e r s h ip o f s t o c k in t h e n a t i o n a l b a n k u p o n t h e b o o k s o f t h e l a t t e r .
T h e o n ly e v id e n c e o f
t h e b e n e fic ia l in t e r e s t o f a n y p e r s o n in t h e s t o c k o f t h e S t a t e b a n k is t h a t g iv e n b y a n in d o r s e
m e n t o n th e b a c k o f th e c e r tific a te s o f s to c k o f th e n a t io n a l b a n k to th e e ffe c t t h a t th e o w n e r
o f th e s h a r e s r e p r e s e n te d b y t h a t c e r t ific a t e is b e n e fic ia lly in t e r e s te d in c o m m o n w it h a ll o t h e r
s t o c k h o ld e r s o f t h e n a t io n a l b a n k s in a p r o r a t a a m o u n t o f t h e c a p i t a l s t o c k o f t h e S t a t e b a n k
a n d t h a t s a id b e n e fic ia l in t e r e s t c a n n o t b e s o ld o r t r a n s fe r r e d o t h e r w is e t h a n b y t h e t r a n s fe r
o f th e sh a re s o f sto c k re p re s e n te d b v th e c e r tific a te u p o n th e b o o k s o f th e n a tio n a l b a n k , a n d
t h a t t h e b e n e fic ia l in t e r e s t in t h e s t o c k o f t h e S t a t e b a n k s h a ll p a s s w it h t h e t r a n s f e r o f t h e
s h a r e s o f th e n a t io n a l b a n k r e p r e s e n te d b y th e c e r tific a te .
I t is fu r t h e r p r o v id e d t h a t n o
p e r s o n s h a ll b e e lig ib le t o t h e o ffic e o f d i r e c t o r o f t h e S t a t e b a n k w h o is n o t a d i r e c t o r o f t h e
n a tio n a l b a n k .
.
.
F o r r e p ly to y o u r in q u ir y I w o u ld s a y t h a t th e G e n e r a l B a n k in g L a w o f t h is S ta te c o n ta in s
n o p r o v is io n t h a t w o u ld p r o h ib it t h e s t o c k h o ld e r s in a n a t io n a l b a n k f r o m o r g a n iz in g a S t a t e
b a n k u p o n c o m p lia n c e w it h th e p r o v is io n s o f th e G e n e r a l B a n k in g L a w .
N e i t h e r i s t h e r e _ In
t h a t la w a n y p r o v is io n e x p r e s s ly p r o h ib it in g t h e s t o c k h o ld e r s in a S t a t e b a n k f r o n i e n t e r in g
i n t o a n a g r e e m e n t in s u b s t a n t ia lly t h e f o r m in d ic a t e d a b o v e .
T h e a g r e e m e n t is n o t b e tw e e n
t h e n a t i o n a l b a n k a n d t h e S t a t e b a n k , b u t is b e t w e e n t h e s t o c k h o l d e r s in t h o s e b a n k s .
As
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 a g re e m e n t o f th is c h a r a c te r b e tw e e n th e s to c k
h o ld e r s o f th e b a n k w o u ld b e w h o lly in e ffe c t u a l to p r e v e n t th e S ta te fr o m e x e r c is in g a s u p e r
v i s o r y c o n t r o l o v e r t h e a ffa ir s o f t h e b a n k , o r e n f o r c i n g t h e l i a b i l it y o f t h e s t o c k h o ld e r s in
a c c o r d a n c e w it h th e p r o v is io n s o f th e G e n e r a l B a n k in g L a w .
I t is t r u e t h a t th e r e a r e c a s e s
h o ld in g t h a t a g r e e m e n ts b e tw e e n s to c k h o ld e r s in c o r p o r a t io n s im p o s in g a p e r m a n e n t r e s t r a in t
u p o n th e a lie n a t io n o f t h e ir s h a r e s o f s to c k a r e in v a lid , b u t u n d e r th e te r m s o f th is a g r e e m e n t
a s t o c k h o ld e r m a y t r a n s fe r h is s h a r e s o f s t o c k in t h e S t a t e b a n k p r o v id e d h e a ls o t r a n s fe r s h is
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xl
STATE BANKING DEPARTMENT.
s h a r e s o f s to c k in th e n a t io n a l b a n k .
I t d o e s n o t s eem t h a t th e r e is in t h a t c a s e s u c h a
r e s t r a in t u p o n th e a lie n a t io n o f th e s h a r e s a s w o u ld r e n d e r th e a g r e e m e n t in v a lid .
U p o n d u e c o n s id e r a t io n o f t h e m a t t e r I a m o f o p in io n th a t, s o f a r a s th e S ta te is c o n
c e r n e d , t h e p l a n o u t l i n e d f o r t h e o r g a n i z a t i o n o f a S t a t e b a n k is , i n i t s g e n e r a l f e a t u r e s , v a l i d
u n d e r th e G e n e ra l B a n k in g L a w o f th e S ta te .
I e x p r e s s n o o p in io n , h o w e v e r , u p o n th e v a lid it y
o f th e d e t a ils o f a n y p a r t ic u la r p la n f o r s u ch o r g a n iz a t io n , le a v in g th o s e q u e s tio n s to b e d e t e r
m in e d w h e n it is s o u g h t t o o r g a n iz e a S t a t e b a n k u p o n t h is p la n a n d d e t a ils o f t h e p r o p o s e d
p la n o f o r g a n iz a t io n a re b e fo r e m e.
R e s p e c tfu lly y o u rs ,
(S ig n e d )
J no. E.
B ir d ,
A t t o r n e y G e n e r a l.
BANK
E X A M IN E R S
P U B L IC
(1 2 )
O F F IC E R S .
June
30, 1909.
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r o f B a n k in g D e p a r t m e n t , C a p ito l, L a n s i n g :
D e a r S ir — I a m in r e c e ip t o f y o u r le t t e r o f J u n e 1 7 t h in w h ic h y o u s u b m it t h e a m e n d m e n t
to S e c tio n 3 8 o f th e B a n k in g L a w r e la tiv e to th e s a la r ie s o f e x a m in e r s , a n d r e q u e s t th e o p in io n
o f t h is d e p a r t m e n t a s t o w h e t h e r t h e e x a m in e r s w h o h a v e a lr e a d y b e e n e m p lo y e d b y t h e B a n k
in g D e p a r t m e n t f o r th r e e y e a r s w ill b e e n t itle d t o th e in c r e a s e in t h e ir s a la r ie s w h e n th e
a m e n d m e n t b e c o m e s o p e r a t iv e .
I n r e p ly t h e r e t o w ill s a y t h a t S e c t io n 3 o f A r t ic le X V I o f th e r e v is e d c o n s t it u t io n p r o v id e s ,
in p a r t :
“ S a la r ie s o f p u b lic o ffic e r s , e x c e p t c i r c u i t ju d g e s , s h a ll n o t b e in c r e a s e d , n o r s h a ll t h e s a la r y
o f a n y p u b lic o ffic e r b e d e c r e a s e d , a f t e r e le c t io n o r a p p o in t m e n t .”
I n d e t e r m in in g t h e q u e s t io n s u b m it t e d i t is i m p o r t a n t t o a s c e r t a in fir s t, w h e t h e r a b a n k
e x a m in e r is a p u b lic o ffic e r w i t h i n t h e m e a n in g o f t h is s e c t io n o f t h e r e v is e d c o n s t i t u t i o n .
M e c h e m d e fin e s a p u b lic o ffic e t o b e :
“ T h e r ig h t , a u t h o r it y a n d d u t y , c r e a t e d a n d c o n fe r r e d b y la w , b y w h ic h f o r a g iv e n p e r io d ,
e it h e r fix e d b y la w o r e n d u r in g a t t h e p le a s u r e o f t h e c r e a t i n g p o w e r , a n i n d iv id u a l is in v e s t e d
w it h s o m e p o r t io n o f t h e s o v e r e ig n f u n c t io n s o f th e g o v e r n m e n t , t o b e e x e r c is e d b y h im f o r t h e
b e n e fit o f t h e p u b lic .”
( M e c h e m o n P u b lic O ffic e r s , S e c. 1 .)
A n d h e p o in t s o u t t w o e s s e n t ia ls :
F ir s t , T h e d e le g a t io n o f s o v e r e ig n fu n c t io n s , S e c o n d ,
P o w e r s c r e a te d a n d c o n fe r r e d b y la w .
( S e c . 4 a n d 5 .)
In s e c t io n 9 h e s t a t e s :
“ A n y m a n is a p u b lic o ffic e r w h o h a t h a n y d u t y c o n c e r n in g t h e p u b lic , a n d h e is n o t t h e
le s s a p u b lic o ffic e r w h e r e h is a u t h o r i t y is c o n fin e d t o n a r r o w l i m i t s ; f o r it is t h e d u t y o f h is
o ffic e a n d t h e n a t u r e o f t h a t d u t y w h ic h m a k e h im a n o ffic e r , a n d n o t t h e e x t e n t o f h is
a u t h o r it y .”
S e c t io n 3 8 o f t h e B a n k in g L a w p r o v id e s f o r t h e a p p o in t m e n t o f b a n k e x a m in e r s , fix e s t h e ir
s a la r ie s a n d r e q i r r e s t h e m t o file a b o n d o f te n t h o u s a n d d o l la r s .
S e c tio n 3 9 a u t h o r iz e s th e
e x a m in e r s t o e x a m in e b a n k s a n d t o e x a m in e t h e o ffic e r s , a g e n t s , c le r k s , c u s t o m e r s o r d e p o s it o r s
u p o n o a th , a n d m a k e s fa ls e s w e a r in g b e fo r e s u ch e x a m in e r s p e r ju r y .
S e c tio n 4 0 r e q u ir e s th e
e x a m in e r t o ta k e a n o a t h t o k e e p s e c r e t a ll f a c t s a n d i n f o r m a t i o n o b t a in e d in t h e c o u r s e o f h is
e x a m in a tio n s .
S e c t io n 4 1 a u t h o r iz e s t h e C o m m is s io n e r t o a sk f o r t h e a p p o in t m e n t o f a r e c e iv e r
in c a s e o f a r e f u s a l o f a b a n k t o s u b m it t o a n e x a m in a t io n b y a n e x a m in e r .
T r u e , t h e s t a t u t e , in S e c t io n 3 8 , s ta t e s t h a t t h e C o m m is s io n e r s h a ll “ e m p lo y f r o m t im e t o
t im e s u c h e x a m in e r s ,” b u t t h e f a c t t h a t t h e a p p o in t m e n t o f a b a n k e x a m in e r is d e s ig n a t e d a s
a n e m p lo y m e n t d o e s n o t c h a n g e t h e n a t u r e o f t h e d u t ie s p r e s c r ib e d b y la w . C le a r ly , t h e s t a t u t e
in q u e s t io n d e le g a t e s s o v e r e ig n f u n c t i o n s t o t h e e x a m in e r a n d t h e p o w e r s a r e c r e a t e d a n d c o n
f e r r e d b y la w , t h e t w o e s s e n t ia ls t o t h e c r e a t io n o f a n o ffic e a s p o in t e d o u t b y P r o f . M e c h e m .
S e e a ls o t h e la n g u a g e o f J u s t ic e C o o le y in :
T h r o o p v . L a n g d o n , 4 0 M ic h . 6 7 3 , 6 8 2 ,
T h e a m e n d m e n t t o S e c tio n 3 8 s u b m itte d b y y o u r e a d s a s f o l l o w s :
“ S a la r ie s o f t h e e x a m in e r s s h a ll b e t h e s u m o f s e v e n t e e n h u n d r e d d o lla r s p e r a n n u m d u r in g
t h e fir s t y e a r o f t h e ir e m p lo y m e n t a s s u c h , a n d s h a ll b e in c r e a s e d o n e h u n d r e d d o lla r s e a c h
y e a r o f s u c h e m p lo y m e n t u n t il t h e f u l l s u m o f t w o t h o u s a n d d o l la r s is r e a c h e d , w h ic h s u m
s h a ll b e t h e ir a n n u a l s a la r y t h e r e a f t e r .”
A b a n k e x a m in e r b e in g a p u b lic o ffic e r a s w e h a v e h e r e t o fo r e s h o w n , th e c o n s t it u t io n a l
p r o v is io n a b o v e q u o te d w o u ld a p p ly .
T h e la n g u a g e o f t h e c o n s t i t u t i o n is p la in t h a t t h e s a la r ie s
“ s h a ll n o t b e in c r e a s e d , n o r s h a ll t h e s a la r y o f a n y p u b lic o ffic e r b e d e c r e a s e d a f t e r e l e c t io n
o r a p p o in t m e n t .”
T h e r e a r e c a s e s h o ld in g , a s in t h e c a s e o f b a n k e x a m in e r s , w h e r e t h e t e n u r e
o f t h e o ffic e is a t t h e p le a s u r e o f t h e a p p o in t in g p o w e r , t h a t c o n s t i t u t i o n a l p r o v is io n , t h a t t h e
c o m p e n s a t i o n s h a l l n o t b e i n c r e a s e d o r d i m i n i s h e d d u r in g t h e t e r m w h i c h t h e officer is e l e c t e d
or a p p o i n t e d , d o e s n o t a p p l y t o o f f i c e r s w h o h a v e n o f i x e d t e r m .
29
C yc. 1429,
G ib b s v . M o r g a n , 3 9 , N . J . E q . 1 2 6 ,
S om ers v . S ta te , 5 S. D . 3 21 ,
58 N . W . 804,
id .
5 S. D . 5 84 ,
59 N. W . 962.
B u t a n e x a m in a tio n o f th e s e c a s e s s h o w s t h a t th e d e c is io n s t u r n u p o n th e p r o p o s it io n t h a t
t h e c o n s t i t u t i o n a l p r o v is i o n c o u ld n o t a p p ly t o a n o ffic e r w h o h a d n o fix e d t e r m .
T h e la n g u a g e
o f o u r c o n s t it u t io n a l p r o v is io n m a k e s n o r e fe r e n c e to th e te r m , b u t p r o h ib it s th e in c r e a s e o r
th e d e c r e a s e o f th e s a la r y a ft e r e le c t io n o r a p p o in tm e n t.
I a m t h e r e fo r e o f th e o p in io n t h a t th e a m e n d m e n t to S e c t io n 3 8 o f th e B a n k in g L a w , m a d e
b y S e n a t e E n r o l l e d A c t 4 2 , is v o i d in s o f a r a s it p r o v id e s f o r a n i n c r e a s e o f t h e s a la r ie s o f
b a n k e x a m in e r s n o w in t h e e m p lo y o f t h e d e p a r t m e n t , o r w h o m a y b e in it s e m p lo y w h e n t h e
a m e n d m e n t ta k e s e ffe ct.
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
xli
In th is c o n n e c t io n I c a ll y o u r a t t e n t io n to th e t a c t th a t th e p r o v is io n s o f th e s ta t u t e c a n n o t
he e v a d e d b y a n e x a m in e r r e s ig n in g b e fo r e th e t a k in g e ffe c t o f t h e a m e n d m e n t a n d a c c e n t in g a n
a p p o in tm e n t a ft e r th e a m e n d m e n t is in f o r c e .
S ee— •
29 C yc. 1428,
G reen v . H u d son
C o ., 4 4 N . J . L . 3 8 8 .
V e ry r e s p e c tfu lly y ou rs,
(S ig n e d )
J no. E.
B
ir d
,
A t t o r n e y G e n e r a l.
R E Q U IR E M E N T S
IN
C O N N E C T IO N
W IT H
IN C R E A S E
B Y E X T E N S IO N
OF
OF C A P IT A L
CORPORATE
STOCK
OF
BANKS
AFFECTED
L IM IT S .
(1 3 )
N ov. 12, 1909.
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r
o f B a n k in g ,
C a p ito l,
L a n s in g :
w h e ? h o r £ r _ ! R e p l y in g t0 y o , f
th e 1 9 t h u lt ., in w h ic h y o u r e q u e s t o u r o p in io n a s t o
w n e t n e r t h e .................................... B a n k w h i c h w a s l o c a t e d m t h e v i l l a g e o f ............................
r e c e n t lv
a n n e x e d t o t h e c i t y o f ........................ .. ........... m a y i n c r e a s e i t s c a p i t a l s t o c k f r o m t w e n t y " t h o u s a n d
d o ila r s to fift y t h o u s a n d d o lla r s , w ill s a y t h a t w e h e ld ,
in
an
o p in io n to y o u
9> 19*19, t h a t t h i s b a n k c o u l d n o t b e D e p r i v e d o f i t s r i g h t t o d o b u s i n e s s u n d e r
its o r ig in a l
v i S ^ i f 1101* W l t b a c<;l p i ! i U s t o c k o f t w e n t y t h o u s a n d d o l l a r s , b y t h e f a c t o f a n n e x a t i o n o f t h e
S it
t V " u " \ " ' t o , t h S ^ t y . o f .............................
W e re a ch e d th a t co n c lu s io n b y re a s o n o f th e
i n " - , , i J t t ;ttl c b a n k w a s “
^ i n c o r p o r a t e d w it h a c a p ita l o f tw e n ty th o u s a n d d o lla r s to d o
b u s i n e s s i n . . . . . . . . . . , t h a t t h e a n n e x a t i o n o f ........................... p l a c e d t h e b a n k i n t h e c i t y o f
' *................... w i t h o u t i t s c o n s e n t , a n d t h a t i t c o u l d n o t b e t h u s d e p r i v e d o f i t s
r ig h t to d o
b u s in e s s u n d e r it s o r i g in a l i n c o r p o r a t i o n .
or n s
n g n t to ao
N o w , h o w e v e r , t h is b a n k p r o p o s e s , b y it s o w n v o l u n t a r y a c t , t o in c r e a s e it s c a D it a l s to c k
t h u s , in a m e a s u r e , a ffe c t in g a r e - o r g a n iz a t io n .
T h e w h o le a im a n d p u r p o s e o f th e s t a t u t e '
S e c t io n 1 o f t h e G e n e r a l B a n k in g L a w , is t o p r o v id e a m in im u m c a p i t a l f o r b a n k s g r a d e d
a c c o r d in g to th e p o p u la t io n o f th e c it y o r v illa g e in w h ic h th e y a r e s it u a t e d .
In o rd e r to p re
v e n t a r e d u c t io n o f t h e c a p it a l b e lo w t h e m in im u m , i t is p r o v id e d in S e c t io n 1 0 t h a t " n o
r e d u c t io n s h a ll b e m a d e t o a le s s a m o u n t th a n is r e q u ir e d in S e c t io n 1 f o r c a p i t a l .”
T o p e r m i?
‘lk f ° ®u b s t a l l t i a l l y . r e - o r g a n i z e b y i n c r e a s i n g i t s c a p i t a l , w i t h o u t i n c r e a s i n g i t s C a p i t a l
s t o c k t o a t l e a s t t h e m i n i m u m a m o u n t r e q u i r e d t o r t h e c i t y o f ................................. w o u l d in m v
n ° V1? i e n C v, f v,
n n t e n t o f th e le g is la t u r e , a s e x p r e s s e d in S e c t io n s 1 a n d 1 0 o f th e
B a n n in g L a w , to w h ic h I h a v e r e fe r r e d .
T h e b a n k is n o w a c o r p o r a t io n o f th e c it v o f
...........................
l h e l a w r e l a t i n g t o t h e a m o u n t o f c a p i t a l s t o c k i n ........................... i s d i f f e r e n t t h a n
W h i l e I d o n o t t h i n k t h e b a n k c o u l d b e d e p r i v e d o f i t s r i g h t s t o c o n t i n u e d u r i n g t h e D e r io d
o f its c o r p o r a t e e x is te n c e , w it h a c a p it a l o f t w e n t y th o u s a n d d o lla r s , b y th e a n n e x a tio n P I am
c o n s t r a in e d t o h o ld t h a t in t a k in g a d v a n t a g e o f t h e s t a t u t e r e l a t i v e t o t h e i n c r e a s e o f c a p i t a l
s t o c k , i t m u s t b e g o v e r n e d b y t h e p r o v i s i o n o f t h e s t a t u t e a p p l i c a b l e t o t h e c i t y o f ............ P
a n d m u s t, t h e r e fo r e , i f i t in c r e a s e s it s c a p it a l a t a ll, in c r e a s e i t t o a t le a s t t h e " m in im u m
a m o u n t r e q u ir e d t o r c it ie s h a v in g a p o p u l a t i o n o f o v e r o n e h u n d r e d a n d t e n t h o u s a n d in h a b
lta n ts , a s p r e s c r ib e d b y S e c t io n 1 o f th e B a n k in g L a w .
m ousan a m nab
V ery
tr u ly
(S ig n e d )
you rs,
J no. E .
B ir d ,
A t t o r n e y G e n e r a l.
C O N S T IT U E N T
C O R P O R A T IO N S E N T IT L E D
TO
TW EN TY
PER
CENT LOAN
(1 4 )
H on.
L IM IT .
Jan . 20,
H en ry
M . Z im m e r m a n n ,
C o m m is s io n e r
of
B a n k in g ,
C a p ito l,
1910.
L a n s in g :
D e a r S ir — W e a r e in r e c e ip t o f y o u r le t t e r o f th e 1 4 t h in s t a n t in w h ic h y o u a s k ■
,
. -*-11 t h i s S t a t e , w h e r e a c o r p o r a t i o n i s i n o p e r a t i o n a n d c o n t r o l o f o t h e r c o r p o r a t i o n s h v
h â v in g a c q u ir e d a m a jo r it y o t tn e s to c k o f s u c h c o r p o r a t io n s w h a t w o u ld b e th e lim it a t io n o f
c r e d i t l i n e s w h i c h m i g h t b e e x t e n d e d t h e s e c o r p o r a t i o n s , b o t h parent a n d s u b s i d S y
bv ou ï
H zed
b y^ ta tu ter
f o l l o w s “ 0 '1 0 1 4 1
C" L ‘ 1897
mg
Law>
e x c J u s iv e o f r e a l e s t a t e
aS a m e n c le c l- b e i n S
S e c t io n
52
of
or oth er
th e
c o l l a t e r a l l o a n ’s a u t h o -
B a n k in g
Law ,
p r o v id e s
as
“ T h e t o t a l l i a b i l i t i e s t o a n y b a n k o f a n y p e r s o n o r o f a n y c o m p a n y , c o r p o r a t i o n o r f i r m fo r
m o n e y s a d v a n c e d , in c l u d i n g in t h e lia b i l it i e s o f t h e c o m p a n y o r fir m , t h e li a b i l it i e s o f t h i < f e v
e r a l m e m b e r s t h e r e o f e x c e p t s p e c i a l p a r t n e r s , s h a l l a t n o t i m e e x c e e d o n e - t e n t h part o f th e '
a m o u n t o f th e c a p it a l a n d s u r p lu s o f s u c h b a n k , b u t th e d is c o u n t o f b ills o f e x c h a n g e d r a w n
in g o o d f a i t h a g a in s t a c t u a l ly e x i s t i n g v a lu e s a n d t h e d is c o u n t o f c o m m e r c ia l o r b u s in f s s o a ^ e ?
a c t u a liy o w n e d b y t h e p e r s o n n e g o t ia t in g t h e s a m e s h a ll n o t be c o n s id e r e d a s m o n e y b o rro v v e d
*
*
P r o v id e d , h o w e v e r , T h a t b y a tw o -th ir d s v o t e o f d ir e c to r s , th e lia b ilit ie s to a n v b ln k
2 L ? n y f p ® fs ° n o r c o m p a n y o r c o r p o r a t i o n o r l i r m m a y b e i n c r e a s e d t o a s u m n o t e x c e e d f n g o n e fifth o f th e c a p ita l a n d s u r p lu s o f b a n k .
*
*
*”
e x e e e u in g o n e
,. “ will be noted that in the case of a company or firm the line of credit includes the liahili
ties of the company or firm and the several members thereof, except special partners while no
such restriction appears in the case of the corporation. Corporations are recognized b^law a s
distinct legal entities regardless of the ownership of the stock. While we appreciate t h e ^ e n t
that the effect of extending a 20 per cent, line of credit to ¿ach corporatSn mÿh? In Jo m l
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
u n d e rd a te o f M
STATE BANKING DEPARTMENT.
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c a s e s b e e q u iv a le n t in it s e f f e c t t o e x t e n d in g a 4 0 p e r c e n t , lin e o f c r e d i t t o o n e c o r p o r a t i o n ,
y e t w e a r e s a tis fie d t h a t t h e s ta t u t e d o e s n o t a u t h o r iz e in t e r fe r e n c e b y t h e b a n k in g C o m m is
s io n e r w h e n th e 2 0 p e r c e n t, lin e to e a c h c o r p o r a t io n is n o t e x c e e d e d .
T h e s it u a t io n is o n e
t h a t m ig h t p r o p e r ly b e b r o u g h t to th e a tt e n t io n o f th e le g is la t u r e .
V ery
r e s p e c tfu lly
(S ig n e d )
you rs,
J no. E .
B ir d ,
A t t o r n e y G e n e r a l.
D IR E C T O R S " N O T E S , I N
L IE U
OF A S S E S S M E N T , NOT P E R M IS S IB L E .
M a rch
(1 5 )
16, 1910.
H o n . H e n r y M . Z im m e r m a n n , 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 t m e n t , L a n s in g , M ic h ig a n :
D e a r S i r ___I a m i n r e c e i p t o f y o u r c o m m u n i c a t i o n o f t h e 1 4 t h
u lt im o , r e q u e s t in g m y o p in io n
“ I f in c a s e o f t h e ^ im p a ir m e n t o f t h e c a p it a l o f o n e o f o u r S t a t e b a n k s , in lie u o f a n a s s e s s
m e n t, a p r o m is s o r y n o te w e r e g iv e n b y th e d ir e c t o r s t o th e b a n k , p le d g in g t h e ir p e r s o n a l
r p s n n n s i h i i U v tn i t s n a v m o n t . b u t w i t h t h e e x c e p t i o n t h a t t h e s t o c k h o l d e r s w i l l a u t h o r i z e i t s
“ T h e s t o c k h o ld e r s o f e v e r y b a n k s h a ll b e m a i v ia u a i i y n a m e , e q u a n y a u u r a ia u iy , a u u im t
o n e f o r a n o t h e r , f o r t h e b e n e fit o f t h e d e p o s it o r s in s a id b a n k t o t h e a m o u n t o f t h e ir s t o c k a t
th e p a r v a lu e t h e r e o f, in a d d it io n t o th e s a id s t o c k .”
_
,
..
_
, _
, .
T
A s a g e n e r a l p r o p o s it io n th e d ir e c t o r s o f a b a n k o r g a n iz e d u n d e r th e G e n e r a l B a n k in g L a w s
o f th is S ta te a re n o t lia b le w h e r e th e c a p ita l h a s b e e n im p a ir e d e x c e p t a s s to c k h o ld e r s a n a
u n d e r th e p r o v is io n a b o v e q u o te d t h is lia b ilit y o f th e s to c k h o ld e r s is
e q u a lly a n d r a t a b ly , a n d
n o t o n e f o r a n o t h e r .”
F o r th e p u r p o s e o f a v o id in g liq u id a t io n u n d e r c ir c u m s ta n c e s s u c h a s
y o u h a v e o u t lin e d , 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 t m e n t is c lo t h e d w it h c e r t a in d is
c r e tio n a r y p o w e r s to a p p r o v e o f su ch a c t io n o n th e p a r t o f th e d ir e c t o r s o r s to c k h o ld e r s a s w ill
m a k e g o o d s u c h im p a ir m e n t a n d f u lly p r o t e c t th e d e p o s it o r s a n d c r e d it o r s o f th e b a n k , b u t
s u c h im p a ir m e n t c a n n o t b e m a d e g o o d u n d e r th e la w b y a n y t r a n s a c t io n in th e n a t u r e o t a
lo a n a s s u c h a t r a n s a c t io n w o u ld in c r e a s e th e lia b ilit ie s o f th e b a n k t o a n a m o u n t e q u a l t o
th e su m r e c e iv e d .
In o t h e r w o r d s , a d ir e c t o r o r s t o c k h o ld e r m a y m a k e g o o d th e im p a ir m e n t
o f t h e c a p it a l o f a S t a t e b a n k in lie u o f a n a s s e s s m e n t o r f o r t h e p u r p o s e o f a v o id in g liq u id a
t io n
b u t th e r e c a n b e n o c o n tin g e n t lia b ilit y t h e r e fo r o n th e p a r t o f th e b a n k .
N o a c t io n
s h o u ld b e a p p r o v e d b y 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 t m e n t w h ic h w o u ld le a v e u n c e r
t a in t h e c a p it a l o f a b a n k in th is p a r t ic u la r .
.
,.
^ .
,
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I t is m y o p i n i o n t h a t t h e c o u r s e s u g g e s t e d in y o u r c o m m u n i c a t i o n is n o t m h a r m o n y w i t h
th e s p ir it a n d in t e n t o f th e G e n e r a l B a n k in g L a w o f t h is S ta te , a n d p a r t ic u la r ly th o s e p r o
v is io n s d e s ig n e d f o r th e p r o t e c t io n o f d e p o s it o r s a n d c r e d it o r s th e r e o f.
V ery
r e s p e c tfu lly
you rs,
(S ig n e d )
J no. E .
B ir d ,
A t t o r n e y G e n e r a l.
REAL
ESTATE
M ORTGAGES
NOT
TO
BE
D E P O S IT E D
W IT H
COLLATERAL
D E P O S IT
H on. H en ry
C O M P A N IE S .
O cto b e r
(1 6 )
M . Z im m e r m a n n ,
C o m m is s io n e r
of
th e
B a n k in g
D ep a rtm en t,
C a p ito l,
12,
1910.
L a n s in g :
D e a r S ir — W e h a v e g iv e n c a r e f u l c o n s id e r a t io n t o y o u r le t t e r o f S e p t e m b e r 2 2 d , in w h ic h
y o u s u b m it t h e in q u ir y a s t o w h e t h e r r e a l e s t a t e m o r t g a g e s m a y b e d e p o s it e d w it h c o l l a t e r a l
d e p o s it co m p a n ie s o r g a n iz e d u n d e r th e p r o v is io n s o f A c t 2 4 0 , P u b lic A c t s o f 1 9 0 7 , a n d p a r t ic i
p a tio n n o te s th e r e in th e r e b y b e c o m e la w fu l in v e s t m e n ts f o r s a v in g s b a n k s .
A co n fe r e n c e w ith
th e r e p r e s e n ta tiv e s o f th e in s tit u t io n s a ffe c te d b y th e q u e s tio n a b o v e s ta te d h a s d e v e lo p e d
a d d it io n a l q u e s tio n s , n a m e ly :
I f c o lla te r a l d e p o s it c o m p a n ie s m a y n o t b e th e d e p o s it o r ie s f o r
s u c h m o r t g a g e s , m a y d o m e s t ic t r u s t c o m p a n y b e s u c h d e p o s i t o r y ; a ls o s m a y a fo r e ig n ^ t r u s t
c o m p a n y o r a d o m e s t ic c o r p o r a t io n , p a r t n e r s h ip o r in d iv id u a l n o t s u b je c t to s u p e r v is io n o t
th e B a n k in g D e p a r tm e n t be s u ch d e p o s it o r y ?
T h e s t a t u t o r y p r o v is io n s in v o lv e d in th e q u e s tio n s a b o v e s u b m itte d a r e S e c t io n 9 o f A c t
2 4 0 , P u b lic A c t s o f 1 9 0 7 , w h ic h r e a d s a s fo llo w s :
“ A n y c o r p o r a t io n o r g a n iz e d u n d e r t h is a c t s h a ll h a v e p o w e r to c o n d u c t a s a fe t y d e p o s it
b u s in e s s f o r t h e s a fe k e e p in g o f a n y p e r s o n a l p r o p e r t y , a n d p r o v id e p r o p e r v a u lt s a n d p r e m is e s
f o r t h e s a m e ; a n d s h a ll a ls o h a v e p o w e r t o r e c e iv e o r d e p o s it , in t r u s t , a n y p e r s o n a l p r o p e r t y
d e p o s ite d w ith it b y in d iv id u a ls , p a r tn e r s h ip s o r c o r p o r a t io n s a s c o lla te r a l s e c u r it y f o r th e p a y
m e n t o f b o n d s , o r o t h e r o b lig a t io n s is s u e d b y s u c h in d iv id u a ls , p a r t n e r s h ip s o r c o r p o r a t io n s ,
a n d t o e n te r in t o a n d e x e c u te a n y in s tr u m e n t s in w r it in g n e c e s s a r y a n d p r o p e r t o c a r r y s u ch
t r u s t s in t o e ffe c t.
A ls o s u b d iv is io n 1 o f S e c t io n 2 7 o f t h e B a n k in g L a w w h ic h a u t h o r iz e s S t a t e b a n k s t o lo a n
a n d in v e s t s a v in g s d e p o s it s a s f o l l o w s :
.
■
_
“ U p o n n o t e s o r b o n d s s e c u r e d b y m o r t g a g e lie n u p o n u n in c u m b e r e d r e a l e s t a t e w o r t h a t
l e a s t d o u h l e t h e a m o u n t l o a n e d ; t h e r e m a i n d e r o f s u c h d e p o s i t s m a y b e i n v e s t e d i n n o t e s , b ills
or e v id e n c e s o f d e b t t h e p a y m e n t o f w h i c h is s e c u r e d b y d e p o s i t w i t h t h e b a n k o f co lla tera l
s e c u r it y c o n s is tin g o f p e r so n a l p r o p e r t y or s e c u r itie s o f k n o w n m a r k e t a b l e v a l u e w o r t h t e n p e r
c e n t m o r e t h a n t h e a m o u n t s o lo a n e d a n d in t e r e s t f o r t h e t im e o f t h e lo a n ; o r m a y b e in v e s t e d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
xliii
i n n o t e s , b ills o r o t h e r e v i d e n c e s o f d e b t t h e p a y m e n t o f w h i c h i s s e c u r e r ! b y s u c h p r o p e r t y o r
se c u r itie s d e p o s i t e d in a c o l l a t e r a l d e p o s i t c o m p a n y o r g a n i z e d u n d e r t h e l a w s o f t h i s S t a t e .”
A ls o th e p r o v is o o f S e c t io n 5 2 o f th e B a n k in g L a w , w h ic h is a s f o l l o w s :
“ P r o v i d e d , h o w e v e r , T h a t t h e f o r e g o i n g l i m i t a t i o n s s h a l l n o t a p p l y t o lo a n s o n r e a l e s t a t e
or o th e r co lla tera l se c u r itie s a u th o rized b y t h i s a c t a n d d e p o s i t e d w i t h t h e ba n k o r a s a f e t y
an d c o lla tera l d e p o sit c o m p a n y o r g a n i z e d u n d e r t h e la w s o f t h i s S t a t e .”
I t is a p p a r e n t t h a t th e p r o v is o to S e c tio n 5 2 c a n f u r n is h n o a s s is t a n c e in d e t e r m in in g th e
s c o p e o f th e p r o v is io n s o f S u b d iv is io n 1 o f S e c tio n 2 7 b y r e a s o n o f t h e g e n e r a l r u le o f s t a t u t o r y
c o n s t r u c t io n t h a t a p r o v is o d o e s n o t e n la r g e th e s c o p e o f th e e n a c t in g s e c t io n .
S u th e r la n d ’ s S ta t u t o r y
C o n s tr u c tio n ,
S ec. 3 52 .
I t is a ls o a p p a r e n t t h a t “ n o t e s o r b o n d s s e c u r e d b y m o r t g a g e lie n , e t c .,” a r e n o t in c lu d e d
a m o n g t h e s e c u r it ie s w h ic h a r e a u t h o r iz e d t o b e d e p o s it e d in a c o lla t e r a l d e p o s it c o m p a n y
u n d e r t h e t e r m s o f s a id S u b d iv is io n 1 o f S e c t io n 2 7 a b o v e q u o t e d u n le s s it c a n b e s a id t h a t
s u c h “ n o t e s o r b o n d s s e c u r e d b y m o r t g a g e l i e n ,” a r e a ls o in c lu d e d in “ n o t e s , b ills o r o t h e 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 ic h is s e c u r e d b y d e p o s it w it h th e b a n k o f c o lla t e r a l s e c u r it y
c o n s is t in 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 it ie s o f k n o w n m a r k e ta b le v a lu e , e t c .”
W e a re o f th e
o p in io n th e y a r e n o t so in c lu d e d .
I t is o u r v ie w t h a t th e s e c o n d c la u s e o f S u b d iv is io n 1, b e in g
t h a t la s t a b o v e q u o te d , r e fe r s to n o te s , b ills o r e v id e n c e s o f d e b t w h ic h a r e s e c u r e d b y th e
d e p o s it o f p e r s o n a l c h a t t e ls o r s e c u r itie s s u ch a s p r o m is s o r y n o te s , b o n d s o r o t h e r e v id e n c e s o f
d e b t th e t it le o f w h ic h p a s s e s b y th e m e r e a c t o f d e liv e r y .
T h is w o u ld , o f c o u r s e , e x c lu d e r e a l
e s ta te m o rtg a g e s .
W e t h e r e fo r e h o ld t h a t r e a l e s ta te m o r t g a g e s m a y n o t b e d e p o s ite d w it h
c o lla te r a l d e p o s it c o m p a n ie s o r g a n iz e d u n d e r th e p r o v is io n s o f A c t 2 4 0 , P u b lic A c t s o f 1 9 0 7 ,
a n d p a r t ic ip a t io n s t h e r e in s o ld t o s a v in g s b a n k s a s in v e s t m e n t s .
T h e fir s t c la u s e o f S u b d iv is io n 1 o f s e c t io n 2 7 o f t h e B a n k in g L a w a u t h o r iz e s b a n k s t o lo a n
s a v in g s d e p o s it s “ u p o n n o t e s o r b o n d s s e c u r e d b y m o r t g a g e lie n u p o n u n im e u m b e r e d r e a l e s t a t e
w o r t h a t le a s t d o u b le t h e a m o u n t lo a n e d .”
T h e r e is n o t h in g in t h e B a n k in g L a w d ir e c t l y
r e q u ir in g r e a l e s t a t e m o r t g a g e s t o b e ta k e n in t h e n a m e o f t h e b a n k w h e n s u c h lo a n s a r e m a d e .
W e a r e c o n s t r a in e d , h o w e v e r , t o h o ld t h a t t h e la w c o n t e m p la t e s t h a t t h e b a n k s h a ll h o ld t h e
t it le to s u ch s e c u r itie s .
I t is e s s e n t ia l t h a t t h e B a n k in g D e p a r t m e n t in m a k in g a n e x a m in a t io n
o f t h e a ffa ir s o f th e b a n k h a v e a n o p p o r t u n it y to e x a m in e th e m o r t g a g e s u p o n w h ic h s u c h
n o t e s o r b o n d s a r e p r e d ic a t e d in o r d e r t h a t t h e d e p a r t m e n t m a y k n o w t h e n a t u r e o f t h e in s t r u
m e n t , t h e d e s c r ip t io n o f t h e p r o p e r t y a n d s u c h o t h e r f a c t s a s w i l l e n a b le i t t o d e t e r m in e
w h e t h e r t h e l o a n is p r o p e r u n d e r t h e p r o v is i o n s o f t h e s t a t u t e .
W h e r e , h o w e v e r , s u c h r e a l e s t a t e m o r t g a g e is p la c e d in a t r u s t c o m p a n y o r g a n iz e d u n d e r
t h e M i c h i g a n la_ws_ a n d o v e r w h i c h t h e b a n k i n g C o m m i s s i o n e r h a s a d e q u a t e s u p e r v i s i o n , w e
t h in k th e C o m m is s io n e r w o u ld b e a c t in g w it h in th e s p ir it o f th e la w i f h e p e r m itt e d th e m o r t
g a g e t o b e ta k e n in t h e n a m e o f s u c h t r u s t c o m p a n y a n d d e p o s it e d w it h it a l lo w in g t h e b a n k s
W e do n o t, h o w e v e r , b e l ie v e t h a t a b a n k
t o lo a n u p o n p a r t ic ip a t i n g n o t e s in s u c h m o r t g a g e .
w o u l d b e a u t h o r i z e d t o i n v e s t in p a r t i c i p a t i n g n o t e s s e c u r e d b y a m o r t g a g e h e l d b y a f o r e i g n
tr u s t c o m p a n y o r b y a d o m e s tic c o r p o r a tio n o th e r th a n a tr u s t co m p a n y , a p a rtn e rs h ip o r in d i
v id u a l f o r th e r e a s o n t h a t th e b a n k in g C o m m is s io n e r w o u ld h a v e n o a u t h o r it y u n d e r th e la w to
e x a m i n e t h e m o r t g a g e i n s u c h c a s e s a n d t h u s d e t e r m i n e t h e p r o p r i e t y o f t h e loa n .
W e a r e fu r t h e r o f th e o p in io n t h a t S e c tio n 9 o f A c t 2 4 0 , P u b lic A c t s o f 1 9 0 7 , d o e s n o t
a u th o r iz e a c o lla te r a l d e p o s it c o m p a n y t o b e th e o w n e r o r tr u s te e o f a r e a l e s ta te m o r tg a g e , b u t
lim it s its a u t h o r it y t o t h a t o f a c t in g a s tr u s te e o f p e r s o n a l p r o p e r t y a n d c o lla te r a l s u ch as
w o u ld p a s s b y m a n u a l d e liv e r y .
V e ry re s p e c tfu lly y ou rs,
(S ig n e d )
F ranz
C. K
A tto r n e y
P R IV A T E
BANKS
N O T D E P O S IT O R IE S FO R P U B L IC
(II)
u h n
FU N D S.
D e c e m b e r 7,
H o n . H e n r y M . Z im m e r m a n n , C o m m is s io n e r o f
B a n k in g ,
C a p ito l,
,
G e n e r a l.
1910.
L a n s in g :
D e a r S ir — In re s p o n s e to y o u r r e q u e s t f o r a n o p in io n u p o n th e q u e s tio n o f w h e th e r o r n o t
p r iv a t e b a n k s , s o -c a lle d , m a y b e d e s ig n a t e d a s d e p o s it o r ie s o f c o u n t y f u n d s , u n d e r t h e p r o
v is io n s o f A c t 9 9 , P u b lic A c t s o f 1 9 0 9 , I d e s ir e t o s a y t h a t t h e a c t in t h is t it l e a n d p r o v is io n s
r e fe r s t o th e d e s ig n a tio n o f “ a b a n k o r b a n k s ” a s d e p o s it o r ie s w it h o u t s p e c ify in g w h e th e r
p r iv a t e o r in c o r p o r a t e d b a n k s w e r e in te n d e d .
I a m o f th e o p in io n t h a t th e s ta t u t e s h o u ld n o t b e c o n s t r u e d t o in c lu d e p r iv a t e b a n k s .
G en
e r a lly , w h e n r e fe r e n c e is m a d e to a b a n k t h is m e a n s a n in c o r p o r a t e d b a n k a n d n o t a p r iv a t e
bank.
F o r e x a m p le , w h e n a n o t e is m a d e p a y a b le a t a n y b a n k in a c it y , t h is is h e ld t o m e a n
a n in s tit u t io n in c o r p o r a te d f o r b a n k in g p u r p o s e s a n d d o e s n o t in c lu d e a p r iv a t e b a n k .
W a y v . B u tte r w o rth , 1 06 M a ss. 75 ;
W a y v. B u tte rw o rth , 1 08 M a ss. 509.
T h e le g is la t u r e h a s p a s s e d a la w p r o v id in g f o r th e in c o r p o r a t io n a n d o r g a n iz a t io n o f b a n k s
a n d m a k in g t h e m s u b je c t t o t h e S t a t e s u p e r v is io n .
U n d e r t h a t la w , a s u n d e r t h e fe d e r a l la w
p r o v id in g f o r th e o r g a n iz a t io n o f n a t io n a l b a n k s, th e s to c k h o ld e r s a re lia b le in d o u b le th e
a m o u n t o f t h e s t o c k h e ld b y th e m .
I t s e e m s t o m e t h a t w h e n r e fe r e n c e is m a d e in t h e s t a t u t e
to a b a n k , it m e a n s a n in c o r p o r a te d b a n k o r g a n iz e d u n d e r th e S ta te o r n a t io n a l b a n k in g la w s .
A p r iv a t e b a n k e r , s o -c a lle d , c o n d u c t s h is b u s in e s s u n d e r C h a p t e r 1 3 3 o f t h e C o m p ile d L a w s o f
1 8 9 7 , t h e s a m e b e in g a n a c t r e la t iv e t o b r o k e r s a n d e x c h a n g e d e a le r s .
T h e la w p r o h ib its th e
p r iv a t e b a n k e r f r o m a d v e r t is in g o r p u t t in g u p a n y s ig n t e n d in g t o c o n v e y t h e im p r e s s io n t h a t
t h e p la c e o f b u s in e s s is a n o r g a n iz e d b a n k .
I f h e a d v e r tis e s , h e m u s t u se h is in d iv id u a l n a m e
a n d m a y a d d t h e r e t o “ b a n k ,” “ b a n k in g o ffic e ” o r “ e x c h a n g e o ffic e .”
I d o n o t t h in k t h e p la c e o f b u s in e s s o f o n e c o n d u c t in g a p r iv a t e b a n k is a b a n k w it h in t h e
m e a n in g o f A c t 9 9 , P u b lic A c t s o f 1 9 0 9 .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xliv
STATE BANKING DEPARTMENT.
A s o m e w h a t s im ila r q u e s t io n w a s b e f o r e t h e c o u r t in t h e c a s e o f t h e c i t y o f D u Q u o in v .
K e lly , 1 7 6 H I. 2 1 8 .
A n o r d in a n c e w a s p a ss e d b y th e c it y r e q u ir in g th e tr e a s u r e r to k e e p th e c i t y f u n d s in a r e g u la r ly o r g a n iz e d h a n k .
I t w a s h e ld t h a t th e o r d in a n c e c o n te m p la t e d a h a n k
o r g a n iz e d u n d e r th e S ta te o r n a t io n a l b a n k in g la w a n d n o t a p r iv a t e b a n k o w n e d b y an
in d iv id u a l.
T h e c o u r t s a id :
“ W e a r e o f t h e o p in io n t h a t t h e te r m ‘r e g u la r ly o r g a n iz e d b a n k ’ in t h e C it y a n d V illa g e
a c t m e a n s a b a n k o r g a n iz e d u n d e r e ith e r th e S ta te la w o r th e a c t o f C o n g r e s s , a n d t h a t it w a s
n o t in t e n d e d b y t h e le g is la t u r e t h a t a c i t y o ffic e r w h o h a s g iv e n b o n d f o r t h e s a fe k e e p in g o f
t h e f u n d s in h is h a n d s s h o u ld h e r e q u ir e d t o d e p o s i t t h e m in a p r i v a t e b a n k .
T h e r e w o u ld
s e e m t o h e n o m o r e 'r e a s o n f o r t h a t t h a n t h e r e w o u l d b e f o r t u r n i n g t h e f u n d s o v e r t o a p r i v a t e
in d iv id u a l.
I t is t r u e , p r o v is i o n is m a d e t h a t s u c h b a n k e r o r b a n k e r s s h a ll g iv e b o n d ; b u t w e
d o n o t t h in k t h is a lt e r s t h e c a s e .”
I b e lie v e a s w a s s a id b y t h e c o u r t in t h is c a s e , t h a t t h e r e is n o m o r e a u t h o r it y f o r d e p o s it
in g t h e p u b lic fu n d s in a p r iv a t e b a n k t h a n t h e r e is f o r l o a n in g t h e m o u t t o a n in d iv id u a l, a n d
t h e f a c t t h a t s e c u r it y is r e q u ir e d to b e g iv e n m a k e s n o d iffe r e n c e .
I a m o f th e o p in io n , t h e r e fo r e , t h a t th e B o a r d o f S u p e r v is o r s c a n n o t la w f u l l y d e s ig n a te a
p r iv a t e b a n k a s a d e p o s it o r y o f c o u n t y fu n d s , u n d e r th e p r o v is io n s o f A c t 9 9 , P u b lic A c t s o f
1909.
V e ry re s p e c tfu lly y ou rs,
(S ig n e d )
F ranz
C. K
u h n
A tto r n e y
AS
TO E X A M IN E R S ’
,
G e n e r a l.
S A L A R IE S .
(1 8 )
J an u ary, 19, 1911.
H on . W . D o n o v a n , D e p u ty
B a n k in g
C o m m is s io n e r , C a p ito l, L a n s in g :
D e a r S ir — W e a r e in r e c e ip t o f y o u r l e t t e r o f J a n u a r y 1 1 t h . c a llin g o u r a t t e n t io n t o S e c t io n
6 1 2 7 o f th e C o m p ile d L a w s , a s a m e n d e d b y A c t 1 0 3 o f th e P u b lic A c t s o f 1 9 0 9 , r e la t iv e t o th e
s a la r ie s o f b a n k e x a m in e r s a n d r e q u e s t in g t h e o p in io n o f t h is d e p a r t m e n t a s to th e s a la r ie s
t h e s e e x a m in e r s w ill b e e n t itle d to r e c e iv e w h e n t h e y r e c e iv e c o m m is s io n s f r o m th e n e w ly
a p p o in te d c o m m is s io n e r .
T h e la n g u a g e o f t h e s t a t u t e in q u e s t io n is a s f o l l o w s :
“ S a la r ie s o f t h e e x a m in e r s s h a ll b e t h e s u m o f $ 1 ,7 0 0 p e r a n n u m d u r in g t h e fir s t y e a r o f
t h e ir e m p lo y m e n t a n d s h a ll b e in c r e a s e d $ 1 0 0 e a c h y e a r o f s u c h e m p lo y m e n t u n t il t h e f u l l su m
o f $ 2 ,0 0 0 is r e a c h e d , w h ic h s u m s h a ll b e t h e ir a n n u a l s a la r y t h e r e a f t e r .”
T h is a m e n d m e n t to o k e ffe c t o n S e p te m b e r 1, 1 9 0 9 .
I t is t h e g e n e r a l r u le o f s t a t u t o r y c o n
s t r u c t i o n t h a t s t a t u t e s a r e p r e s u m e d t o b e p r o s p e c t iv e o n l y in t h e ir o p e r a t io n a n d w i l l b e r e t r o
a c t iv e o n ly w h e n th e le g is la t iv e in t e n t is c le a r .
T h e r e is c e r t a i n l y n o t h i n g in t h is a m e n d m e n t
w h ic h in d ic a te s a le g is la t iv e in t e n t to m a k e it r e t r o a c t iv e .
I t is , t h e r e f o r e , o u r v i e w t h a t n o
m a t t e r w h a t le n g t h o f t im e a n e x a m in e r h a d s e r v e d , h e w a s n o t e n t it le d t o a n in c r e a s e in p a y
u n til a s e r v ic e o f o n e y e a r a fte r S e p te m b e r 1, 1 9 0 9 .
E x a m in e r s w h o h a v e b e e n in s e r v ic e c o n
t in u o u s ly s in c e S e p t e m b e r 1, 1 9 0 9 . w o u ld b e e n t it le d , u p o n r e c e iv in g t h e ir n e w c o m m is s io n ,
t o r e c e iv e a s a la r y o f $ 1 ,8 0 0 u n t il S e p te m b e r 1 , 1 9 1 1 , w h e n t h e y w o u ld h e e n t it le d t o r e c e iv e a
s a la r y o f $ 1 ,9 0 0 . a n d so o n .
T h o s e w h o h a v e b e e n a p p o in t e d e x a m in e r s s in c e t h a t t im e w o u ld ,
o f c o u r s e , b e e n t it le d t o a n in c r e a s e b a s e d o n t h e t im e o f s e r v ic e , w h e n t h e y h a v e c o m p le t e d a
y e a r ’ s s e r v ic e in t h e d e p a r t m e n t .
V e r y r e s p e c tfu lly y o u rs ,
(S ig n e d )
F ranz
C. K
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,
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IS S U E D .
<19)
M arch
10,
1911.
H o n . E d w a r d H . D o y le , 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, C a p ito l, L a n s in g , M ic h ig a n :
D e a r S i r — I n y o u r l e t t e r o f F e b r u a r y 2 5 t h . y o u s t a t e t h a t t h e ............................................. B a n k o f
• ; ..........................., M i c h i g a n , r e c e n t l y s o u g h t t o e n f o r c e i t s r i g h t s , u n d e r S e c t i o n 6 0 9 0 o f t h e C o m
p ile d L a iv s o f 1 8 9 7 , b y a s a le o f s h a r e s o f it s o w n b a n k s to c k , w h ic h is a t t h e p r e s e n t t im e h e ld
b y C h ic a g o p a r t ie s a s c o lla t e r a l to a lo a n m a d e b y th e m .
T h is s a le w a s m a d e h v th e s h e r iff.
T h e C h ic a g o p a r t ie s r e fu s e d
b y o r d e r o f t h e c o u r t a n d s t o c k b i d i n b y t h e ........................... B a n k .
t o s u r r e n d e r t h e s t o c k in q u e s t io n , a n d y o u in q u ir e b y w h a t a u t h o r it y , u n d e r t h e s t a t u t e , c a n
th e o ffic e r s o f t h e b a n k c a n c e l t h e o ld o u t s t a n d in g is s u e a n d a n e w is s u e o f s t o c k b e m a d e ,
w h ic h , w h e n s o ld , w ill r e im b u r s e t h e b a n k f o r t h e a m o u n t w h ic h t h e y h a v e a lr e a d y a p p lie d o n
th e s to c k h o ld e r s ’ o b lig a tio n , a s n o t e d a b o v e .
S in c e r e c e iv in g t h is c o m m u n ic a t io n w e h a v e r e c e iv e d a c o p y o f t h e p r o c e e d in g s u n d e r w h ic h
t h e s h e r iff’ s s a le , a b o v e r e fe r r e d t o w a s m a d e .
I t a p p e a r s t h a t th is s a le w a s n o t m a d e p u r s u a n t
t o t h e a u t h o r i t y c o n f e r r e d b y t h e G e n e r a l B a n k in g L a w , S e c t io n 6 0 9 0 , t o w h ic h y o u r e f e r in
y o u r le t t e r , b u t w a s m a d e p u r s u a n t t o a n a g r e e m e n t c o n f e s s in g ju d g m e n t , w h ic h ‘s e e m s t o b e
in c o m p lia n c e w it h S e c t io n 1 0 2 9 9 o f t h e C o m p ile d L a w s o f 1 8 9 7 .' T h e s a le o f s t o c k w a s t h e n
m a d e p u r s u a n t t o a u t h o r it y c o n fe r r e d b y S e c t io n s 1 0 3 3 5 to 1 0 3 3 8 o f th e C o m p ile d L a w s o f
1897.
S e c t io n 1 0 3 3 8 p r o v id e s :
“ A n d th e p u r c h a s e r ( a t s u c h e x e c u t io n s a le ) s h a ll th e r e u n o n b e e n t itle d to a c e r tific a te o r
c e r t i f i c a t e s o f t h e s h a r e s b o u g h t b y h i m , u p o n p a y i n g t h e f e e 's t h e r e f o r , a n d f o r r e c o r d i n g t h e
t r a n s fe r .”
mi
I t is c le a r f r o m th e a b o v e s t a t u t o r y p r o v is io n t h a t th e b a n k h a s a u t h o r it y t o is s u e t o it s e lf
n e w c e r t ific a t e s t o t a k e t h e p la c e o f t h o s e s o ld u p o n t h e e x e c u t io n a n d p u r s u a n t t o t h e
a u t h o r it y c o n fe r r e d u p o n it b y t h e G e n e r a l B a n k in g L a w w o u ld h a v e a u t h o r i t y t o s e ll th e s e
s h a r e s so is s u e d w ith in th e s ta t u t o r y p e r io d .
V e ry re s p e c tfu lly y o u rs,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(S ig n e d )
F ranz
C. K
u h n
,
A tto rn e y General.
xlv
REPORT OF THE COMMISSIONER.
C O R P O R A T IO N S TO
IN V E S T
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B a n k in g D e p a r tm e n t,
C a p ito l,
C O N D IT IO N S .
(2 0 )
M a y 24, 1911.
lio n . E d w a rd
H . D o y le , C o m m is s io n e r o f th e
L a n s in g :
D e a r S ir — Y o u s t a t e in y o u r le t t e r o f A p r il 2 0 t h t h a t t h e b a n k in g d e p a r t m e n t h a s r u le d
t h a t th e s e v e r a l s e c tio n s o f th e b a n k in g la w r e la t in g to s to c k h o ld e r s re q u ir e th e in d iv id u a l
o w n e r s h ip o f c a p i t a l s t o c k o f s t a t e b a n k s ; t h a t in r e c e n t r e p o r t s t o t h e d e p a r t m e n t i t a p p e a r s
t h a t in n u m e r o u s in s t a n c e s c a p i t a l s t o c k o f s t a t e b a n k s is o w n e d b y fir m s , c o p a r t n e r s h ip s , c o r
p o r a t io n s a n d t w o o r m o r e in d iv id u a ls jo in t ly .
Y o u in q u ir e w h e th e r s u ch a h o ld in g is le g a l.
In r e p ly t h e r e t o w ill s a y th a t it is o u r v ie w t h a t tw o o r m o r e in d iv id u a ls h a v e th e a u t h o r it y
to h o ld b a n k s to c k jo in t ly , a ls o t h a t c o p a r t n e r s h ip s h a v e th e s a m e r ig h t.
T h e q u e s t io n o f t h e r i g h t o f a c o r p o r a t i o n t o t a k e a n d h o ld s t o c k in a b a n k is d e p e n d e n t
u p o n t h e s t a t u t e p r o v id in g f o r t h e o r g a n iz a t io n o f s u c h c o r p o r a t io n a n d t h e m a n n e r in w h ic h
t h e s t o c k is a c q u ir e d .
T h e r u le is t h u s s t a t e d in C la r k a n d M a r s h a l l o n C o r p o r a t io n s , p a g e
523 :
“ A c o r p o r a t i o n h a s n o p o w e r t o s u b s c r ib e f o r o r p u r c h a s e s h a r e s o f s t o c k in a n o t h e r c o r
p o r a t i o n u n l e s s s u c h p o w e r i s e x p r e s s l y g r a n te d , o r u n l e s s t h e n a t u r e o f t h e c o r p o r a t i o n a n d
c i r c u m s t a n c e s u n d .e r w h i c h t h e s t o c k i s a c q u i r e d a r e s u c h a s t o r e n d e r t h e t r a n s a c t i o n a n e c e s
s a r y o r r e a s o n a b le m e a n s o f c a r r y in g o u t th e o b je c t f o r w h ic h it w a s c r e a te d o r o f a c c o m
p lis h in g s o m e p u r p o s e w h ic h is a u t h o r iz e d b y its c h a r t e r .”
W it h o u t m a k in g a n e x t e n s iv e e x a m in a tio n in t o th e a c t s p r o v id in g f o r th e c r e a t io n o f th e
d if f e r e n t c la s s e s o f c o r p o r a t i o n s d o i n g b u s in e s s in t h is s t a t e , w i l l s a y t h a t in t h e g r e a t m a j o r i t y
o f ca s e s th e a c t p r o v id in g f o r th e o r g a n iz a t io n o f s u ch c o r p o r a t io n s d o e s n o t a u th o r iz e th e p u r
c h a s i n g a n d h o l d i n g o f s h a r e s in o t h e r c o r p o r a t i o n s , a n d u n d e r t h e g e n e r a l r u le a b o v e s t a t e d
s u c h c o r p o r a t i o n s w o u ld h a v e n o a u t h o r i t y t o p u r c h a s e a n d h o ld s h a r e s in b a n k s u n le s s s u c h
s h a r e s w e r e t a k e n in a m a n n e r t h a t c o u ld b e s a id t o b e r e a s o n a b ly n e c e s s a r y t o t h e c a r r y i n g
o u t o f th e o b je c t s f o r w h ic h th e c o r p o r a t io n w a s c r e a t e d .
N o in s ta n c e o c c u r s t o u s w h e r e it
c o u ld b e s a id t o h e n e c e s s a r y f o r a c o r p o r a t io n t o p u r c h a s e a n d h o ld s h a r e s o f s t o c k in a s t a t e
b a n k e x c e p t a s s u c h s t o c k m ig h t b e t a k e n in p a y m e n t o f d e b ts in g o o d f a it h o w in g t o t h e
c o r p o r a tio n .
S e c t io n 5 0 o f t h e C o m p ile d L a w s r e la t iv e t o t h e c o n s t r u c t io n o f s t a t u t e s p r o v id e s :
“ T h e w o r d ‘p e r s o n ’ m a y e x t e n d a n d b e a p p lie d t o b o d ie s p o l it i c a n d c o r p o r a t e a s w e ll a s to
in d iv id u a ls .”
R e fe r e n c e m u s t be h a d to th e p r o v is io n s o f th e a c t o f in c o r p o r a tio n o f th e c o r p o r a t io n h o ld
in g th e b a n k s to c k a n d a d e t e r m in a t io n m u s t b e m a d e o f th e p u r p o s e f o r w h ic h s u ch s to c k w a s
p u r c h a s e d in o r d e r t o s e t t le t h e q u e s t io n o f t h e r ig h t o f t h e c o r p o r a t io n t o t a k e a n d h o ld
su ch s to c k .
V e r y r e s p e c tfu lly y o u rs ,
(S ig n e d )
F ranz
C. K
u h n
A tto r n e y
BANK
A B S O R B IN G
ANOTHER
CANNOT
C O N T IN U E
TO
HOLD
C E R T A IN
,
G e n e r a l.
U N A U T H O R IZ E D
IN V E S T M E N T S .
(2 1 )
M ay
24,
1911.
H o n . E d w a r d H . D o y le , 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, C a p it o l, L a n s in g , M ic h ig a n :
D e a r S ir — W e a re in r e c e ip t o f y o u r l e t t e r o f M a y 2 0 t h , in w h ic h y o u s t a t e a s f o l l o w s :
A s ta t e b a n k r e c e n t ly p u r c h a s e d th e a s s e ts o f a n o t h e r s ta t e b a n k , a m o n g w h ic h w e r e c e r ta in
b o n d s c o m in g w it h in th e p r o v is io n s o f s u b d iv is io n s ( e ) , ( f ) a n d ( g ) , o r s e c t io n 2 7 o f th e B a n k
in g L a w , w h ic h h a d n o t b e e n a p p r o v e d b y th e S e c u r itie s C o m m is s io n .
T h ese a ssets h a d been
p e r m itt e d to b e h e ld b y th e s e llin g b a n k b y r e a s o n o f th e f a c t t h a t t h e y w e r e in v e s t m e n ts p r io r
t o th e t a k in g e ffe c t o f th e a m e n d m e n ts to S e c t io n 2 7 m a d e b y A c t 2 6 2 o f th e P u b lic A c t s o f
1905.
T h e p u r c h a s in g b a n k c o n t e n d s t h a t b e c a u s e t h e d e p a r t m e n t p e r m it t e d t h e m t o b e h e ld
b y th e s e llin g b a n k , it s h o u ld a ls o a u t h o r iz e th e p u r c h a s in g b a n k to h o ld th e s a m e u n til
m a t u r it y .
Y o u s u b m it th e in q u ir y a s to w h e th e r th e p u r c h a s in g b a n k s h o u ld b e a llo w e d to
c a r r y s u ch s e c u r itie s a s le g a l s a v in g s in v e s tm e n ts .
In r e p ly t h e r e t o w o u ld s a y t h a t it is o u r o p in io n t h a t t h e p u r c h a s i n g b a n k s h o u ld b e h e ld
t o t h e p la in r e q u ir e m e n t s o f S e c t io n 2 7 , a n d t h a t t h e f a c t t h a t t h e s e c u r it ie s m e n t io n e d w e r e
p u r c h a s e d f r o m a n o t h e r s a v in g s b a n k w o u ld n o t j u s t i f y y o u in p e r m i t t i n g t h e b a n k p u r c h a s i n g
s a m e to c a r r y th e m a s le g a l s a v in g s in v e s tm e n ts .
In th is c o n n e c t io n it m a y b e p r o p e r to s a y
t h a t S e c t io n 2 7 r e q u ir e s f if t e e n p e r c e n t o f t h e d e p o s i t s t o b e k e p t o n h a n d a s a r e s e r v e , in c a s h
o r r e s e r v e b a n k s , t h r e e - f if t h s o f t h e r e m a in d e r o f t h e d e p o s it s a r e r e q u ir e d t o b e in v e s t e d in
s e c u r it ie s m e n t io n e d in s u b d iv is io n s ( a ) t o ( i ) i n c lu s iv e o f S e c t io n 2 7 .
Y o u w ill n o te th a t su b
d iv is io n ( i ) p r o v id e s t h a t :
“ A p o r t io n o f s a id r e m a in d e r n o t e x c e e d in g th e c a p ita l a n d a d d it io n a l s t o c k h o ld e r s ’ lia b ilit y
m a y b e i n v e s t e d in n e g o t i a b l e p a p e r a p p r o v e d b y t h e b o a r d o f d i r e c t o r s . ”
T h is w o u ld a u t h o r iz e a s a v in g s b a n k to c a r r y a n a m o u n t o f n e g o tia b le b o n d s o r o t h e r n e g o
t i a b l e p a p e r u p t o t h e a m o u n t n a m e d in t h e a b o v e q u o t e d p r o v i s i o n , e v e n t h o u g h s u c h b o n d s
o r o t h e r n e g o tia b le p a p e r h a d n o t r e c e iv e d th e a p p r o v a l o f th e S e c u r it ie s C o m m is s io n .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
V e ry r e s p e c tfu lly
(S ig n e d )
you rs,
F ranz
C. K
A tto r n e y
u h n
,
G e n e r a l.
xlvi
STATE BANKING DEPARTMENT.
JO IN T
T R U S T E E S H IP
IN
C E R T A IN
BOND
IS S U E S
P E R M IS S IB L E .
( 22 )
Ju n e 29, 1911.
H o n . E . H . D o y le , C o m m is s io n e r o f B a n k in g , C a p ito l, L a n s in g :
D e a r S ir — R e p ly in g t o y o u r le t t e r o f J u n e 1 5 t h , r e la t iv e t o t h e fir s t m o r t g a g e s ix p e r c e n t
b o n d s o f th e O r e g o n -W a s h in g t o n T im b e r C o m p a n y , f o r w h ic h th e U n io n T r u s t C o m p a n y o f
D e t r o i t , a n d t h e M i s s is s ip p i V a l l e y T r u s t C o m p a n y o f S t. L o u is , a r e c o -t r u s t e e s , w i l l s a v t h a t
w e t h in k th is m o r t g a g e c o m e s w it h in o u r r u lin g o f O c to b e r 1 5 , 1 9 1 0 , to th e e ffe c t t h a t i f th e
b o n d s p o s s e s s th e o t h e r r e q u is it e q u a lific a t io n s f o r in v e s t m e n t f o r s a v in g s b a n k s , y o u w o u ld be
w a r r a n t e d in p e r m i t t i n g s a v in g s b a n k s t o in v e s t t h e r e in .
V e ry re s p e c tfu lly y ou rs,
(S ig n e d )
F ranz
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u h n
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ESTATE
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LOANS
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TO E X C E E D
C O M M E R C IA L
F I B 'T Y
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CENT
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C A P IT A L
,
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BANK.
(2 3 )
S ep tem b er 1 4, 1 91 1 .
H o n . E d w a r d H . D o y le , 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, C a p ito l, L a n s in g :
D e a r S ir — I n y o u r l e t t e r o f S e p t e m b e r 1 1 t h , y o u c a l l a t t e n t i o n t o S e c t io n 2 3 o f t h e B a n k in g
L a w , S e c t io n 6 1 1 2 C . L ., w h i c h p r o v id e s :
“ B u t i t ( a c o m m e r c ia l b a n k ) s h a ll n o t le n d to e x c e e d fi f t y p e r c e n t o f it s c a p it a l s to c k u p o n
m o r tg a g e o r a n y o th e r fo r m o f re a l e s ta te s e c u r ity a n d th e n o n ly u p o n th e a d o p tio n o f a re s o
lu t io n b y a t w o -t h ir d s v o t e o f t h e b o a r d o f d ir e c t o r s .”
Y o u a l s o c a l l a t t e n t i o n t o S e c t i o n 5 2 o f t h e B a n k i n g L a w , S e c t i o n 6 1 4 1 C . L ., w h i c h p r o v i d e s
in p a r t , t h a t :
“ T h e t o t a l lia b ilit ie s t o a n y b a n k o f a n y p e r s o n o r a n y c o m p a n y , c o r p o r a t i o n o r fir m f o r
m o n e y s a d v a n c e d , in c l u d i n g in t h e l i a b i l it i e s o f t h e c o m p a n y o r fir m t h e l i a b i l it i e s o f t h e
s e v e r a l m e m b e r s t h e r e o f e x c e p t s p e c ia l p a r t n e r s , s h a ll a t n o t im e e x c e e d o n e -t e n t h p a r t o f t h e
a m o u n t o f th e c a p it a l a n d #s u r p lu s o f s u c h b a n k . . . . P r o v id e d , h o w e v e r , T h a t b y a t w o -t h ir d s
v o t e o f th e d ir e c t o r s th e lia b ilit ie s t o a n y b a n k o f a n y p e r s o n o r c o m p a n y o r c o r p o r a t io n o r
fir m m a y b e in c r e a s e d t o a s u m n o t e x c e e d in g o n e - f if t h o f t h e c a p i t a l a n d s u r p lu s o f t h e b a n k .”
. Y o u s u b m it t h e i n q u ir y a s t o w h e t h e r u n d e r t h e p r o v is i o n s o f S e c t io n 2 3 a b a n k is a u t h o
r iz e d w h e n it h a s a c c u m u la t e d a s u r p lu s to lo a n o n r e a l e s ta te s e c u r it y n o t t o e x c e e d fift y p e r
c e n t o f th e c a p it a l a n d s u r p lu s , o r w h e th e r s u c h r e a l e s ta t e lo a n s m u s t b e lim it e d to fift y
p e r c e n t o f th e a u th o r iz e d c a p ita l s to c k .
,,
i n r e p ly t h e r e t o w ill s a y t h a t it is o u r v ie w t h a t t h e w o r d “ c a p it a l s to c k ” a s u s e d in S e ctm n 2 3 o f th e B a n k in g L a w d o e s n o t in c lu d e s u r p lu s a n d t h a t th e w o r d “ c a p it a l s t o c k ” a s u s e d
in S e c t io n 2 3 is u s e d in t h e s a m e s e n s e a s u s e d in S e c t io n 1 o f t h e B a n k in g L a w , a n d r e fe r s
o n ly to th e a u th o r iz e d c a p ita l s to c k o f th e b a n k .
i t is t h e r e fo r e o u r o p in io n t h a t a c o m m e r c ia l b a n k c a n n o t lo a n t o e x c e e d fift y p e r c e n t o f
its a u th o r iz e d c a p ita l s to c k o n r e a l e s ta te s e c u r ity .
V e ry re s p e c tfu lly y ou rs,
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A tto r n e y
ASSESSM EN T
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O cto b e r 1 4, 1 91 1 .
H o n . E d w a r d H . D o y le , C o m m is s io n e r o f t h e B a n k in g D e p a r t m e n t , C a p it o l, L a n s in g , M ic h ig a n :
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b y la w , i t s h a ll b e t h e d u t y o f t h e C o m m is s io n e r a n d h e s h a ll h a v e t h e p o w e r t o e x a m in e t h e
s a id b a n k a n d a s c e r t a in t h e f a c t s , a n d in c a s e h e fin d s s u c h im p a ir m e n t o r r e d u c t i o n o f c a p it a l,
h e s h a ll r e q u ir e s u c h b a n k t o m a k e g o o d t h e d e f ic ie n c y s o a p p e a r in g w i t h i n s ix t y d a y s a f t e r
th e d a te o f s u c h r e q u is it io n .
T h e d ir e c t o r s o f e v e r y s u c h b a n k u p o n w h ic h s u c h r e q u is it io n
s h a ll h a v e b e e n m a d e s h a ll le v y a n a s s e s s m e n t u p o n th e s t o c k t h e r e o f t o r e p a ir s u c h d e fic ie n c y ,
a n d s h a ll c a u s e n o t ic e o f s u c h r e q u is it io n t o b e g iv e n t o e a c h s t o c k h o ld e r o f t h e b a n k a n d o f
th e a m o u n t o f th e a s s e s s m e n t w h ic h h e m u s t p a y f o r th e p u r p o s e o f m a k in g g o o d s u c h d e fi
c ie n c y , b y a w r it t e n o r p r in t e d n o t ic e m a ile d to s u c h s to c k h o ld e r a t h is la s t k n o w n p la c e o r
r e s id e n c e o r s e r v e d p e r s o n a lly u p o n h im .”
T h e s e t w o s e c tio n s a re p la in ly in te n d e d to s u b s e r v e e n t ir e ly d iffe r e n t p u r p o s e s .
S e c t io n 4 0
r e fe r s o n ly t o c a s e s w h e r e th e b a n k is in p r o c e s s o f liq u id a t io n a n d lim it s th e a m o u n t o f th e
a s s e s s m e n t w h ic h m a y be m a d e u p o n th e s to c k h o ld e r s f o r t h a t p u r p o s e to 1 0 0 p e r c e n t.
S ec
t io n 4 2 , a b o v e q u o t e d , is f o r t h e p u r p o s e o f p r e v e n t in g t h e b a n k f r o m g o i n g i n t o l i q u id a t i o n
a n d m a in ta in in g it a s a g o in g c o n c e r n .
T h e la n g u a g e u s e d is e q u iv a le n t to s a y in g t o th e s to c k
h o ld e r s , “ T h e c a p i t a l o f y o u r b a n k is im p a ir e d , y o u m u s t m a k e i t g o o d o r i t w i l l b e o b lig e d t o
g o in t o liq u id a t io n a t th e h a n d s o f a r e c e iv e r .”
I t is o u r v ie w t h a t th e t w o s e c t io n s h a v e n o r e la t io n t o e a c h o t h e r a n d t h a t u n d e r S e c t io n
4 2 o f A c t 1 o f th e P u b lic A c t s o f 1 9 1 1 , th e C o m m is s io n e r h a s a r ig h t to o r d e r th e b a n k to m a k 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 e th e r le s s th a n o r in e x c e s s o f 1 0 0 p e r c e n t.
I a m a ls o
o f t h e o p in io n t h a t in c a s e a n a s s e s s m e n t h a d b e e n le v ie d p u r s u a n t t o S e c t io n 4 2 t o m a k e g o o d
a n im p a ir m e n t, a fu r t h e r a s s e s s m e n t o r a s s e s s m e n ts c o u ld b e m a d e to m e e t f u t u r e c o n tin g e n c ie s .
I a m fu r t h e r o f th e o p in io n t h a t p a y m e n t b y s to c k h o ld e r s o f a s s e s s m e n ts u n d e r S e c t io n 4 2
w o u ld in n o w a y le s s e n t h e ir l i a b ilit y t o a n a s s e s s m e n t b y t h e r e c e iv e r in c a s e o f t h e liq u id a
t io n o r in s o lv e n c y o f th e b a n k .
V e r y r e s p e c tfu lly y o u rs ,
(S ig n e d )
F ranz
C.
K uhn,
A tto rn e y General.
TRUST
C O M P A N IE S
IN
ORDER TO Q U A L IF Y A S T R U S T E E
S E C U R IT IE S .
IN
OTHER
STATES
(2 5 )
M AY
D E P O S IT
O cto b e r
28, 1911.
H o n . E d w a r d H . D o y le , 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 t m e n t , L a n s in g , M ic h ig a n :
D e a r S ir — W e h a v e h a d u n d e r c o n s id e r a t io n y o u r le t t e r o f O c t o b e r 1 3 t h , in w h ic h y o u s u b
m it th e fo llo w in g in q u ir ie s :
“ C a n a c o r p o r a t io n o r g a n iz e d u n d e r A c t N o . 1 0 8 o f th e P u b lic A c t s o f 1 8 8 9 , a s a m e n d e d ,
a c t in g a s t r u s t e e u n d e r a n is s u e o f b o n d s c o v e r in g p r o p e r t y lo c a t e d in p a r t in M ic h ig a n , a n d
in p a r t in o n e o r m o r e o t h e r s t a t e s , d e p o s it it s b o n d s o r m o r t g a g e s w it h a s t a t e d e p a r t m e n t
o r o ffic ia l, in e it h e r o n e o r a ll o f t h e s ta t e s in w h ic h t h e p r o p e r t y is lo c a t e d in o r d e r t h e r e in t o
le g a lly q u a lify a n d a c t a s s u ch t r u s t e e ?
W o u ld th e d e p o s it in g o f s u c h a s s e ts be c o n s id e r e d
a s g iv in g p r e fe r e n c e t o o n e c r e d it o r o v e r a n o t h e r , a s m e n t io n e d in S e c t io n 3 4 o f s a id a c t ? ”
Y o u h a v e a ls o s u b m itte d a le t t e r o f L o u is H . W it h e y e m b o d y in g h is v ie w s r e la tiv e t o th e
q u e s tio n in v o lv e d .
U n d e r d a te o f O c to b e r 1 7 t h a le t t e r f r o m M e s s r s . B u t te r fie ld & K e n n e y ,
a tt o r n e y s -a t -la w , G r a n d R a p id s , M ic h ig a n , c o n t a in in g a d is c u s s io n o f t h e s e q u e s tio n s w a s
r e c e iv e d b y th is D e p a r tm e n t.
T h e s ta t u t e o f I llin o is r e g a r d in g th is d e p o s it is S e c t io n s 1 2 9 to 1 4 7 o f th e R e v is e d S ta t u t e s
o f Illin o is f o r 1 9 0 9 .
I t is c le a r u n d e r t h e d e c is io n o f t h e U n it e d S t a t e s S u p r e m e C o u r t in B la k e
v . M c C lu n g , 1 7 2 U . S. 2 3 9 , t h a t th e d e p o s it o f s e c u r it ie s m a d e w it h th e S ta te A u d it o r o f I llin o is
c o u ld n o t b e u s e d f o r th e p u r p o s e o f g iv in g p r e fe r e n c e to c r e d it o r s o f a t r u s t c o m p a n y r e s id in g
in I l li n o is .
O n th e o t h e r h a n d , a M ic h ig a n t r u s t c o m p a n y c o u ld n o t b e a d m it t e d t o d o a t r u s t
c o m p a n y b u s in e s s in I l li n o is e v e n t o t h e e x t e n t o f e n f o r c i n g a n a c t iv e t r u s t p a r t ia l l y in I l li n o is
a n d p a r t ia lly in M ic h ig a n w it h o u t m a k in g t h is d e p o s it .
F arm ers’ L oan
C o m p a n y v . E le v a te d
R y. C om pany, 173
111. 4 3 9 .
S e c t io n 6 1 7 9 o f th e C o m p ile d L a w s o f 1 8 9 7 p r o v id e s a s f o l l o w s :
“ A ll t r a n s fe r s o f n o t e s , b o n d s , b ills o f e x c h a n g e , o r o t h e r e v id e n c e s o f d e b t o w in g t o a n y
s u ch c o r p o r a t io n , o r o f d e p o s it to its c r e d it, a ll a s s ig n m e n ts o f m o r t g a g e s o r o th e r s e c u r it y o n
r e a l e s ta te , o r ju d g m e n t s , o r d e c r e e s in it s fa v o r , o r d e p o s it s o f m o n e y , b ills o r o t h e r v a lu a b le
th in g s f o r its u s e , o r f o r th e u s e o f it s s to c k h o ld e r s o r c r e d it o r s , a ll p a y m e n ts o f m o n e y , e ith e r
a ft e r th e c o m m is s io n o f a n a c t o r in s o lv e n c y , o r in c o n te m p la t io n t h e r e o f, w it h a v ie w to p r e
v e n t a p p lic a t io n o f its a s s e ts in th e m a n n e r p r e s c r ib e d in t h is a c t, o r w it h a v ie w t o th e
p r e fe r e n c e o f o n e c r e d i t o r o v e r a n o t h e r , s h a ll b e h e ld t o b e n u ll a n d v o i d .”
T h e in t e r e s t u p o n d e p o s it s o f s e c u r it ie s m a d e p u r s u a n t t o th e I llin o is s ta t u t e is p a id t o th e
d e p o s it in g c o m p a n y a s lo n g a s it r e m a in s s o lv e n t .
W e a re u n a b le t o s ee h o w th e m a k in g o f
t h is d e p o s it u n d e r th e s ta t u t e o f I llin o is a n d th e d e c is io n o f th e S u p r e m e C o u r t o f t h e U n ite d
S ta t e s , h e r e in b e fo r e r e fe r r e d t o , c o n s t it u t e a n y p r e fe r e n c e t o I l li n o is c r e d it o r s in v i o l a t i o n o f
th e p r o v is io n s o f S e c tio n 6 1 7 9 o f th e C o m p ile d L a w s .
W e a re o f t h e o p in io n t h a t it w o u ld n o t b e in v io l a t i o n o f t h e p r o v is io n s o f A c t 1 0 8 o f t h e
P u b lic A c t s o f 1 8 8 9 f o r a M ic h ig a n t r u s t c o m p a n y to m a k e a d e p o s it o f s e c u r it ie s w it h th e
A u d i t o r o f t h e S t a t e o f I l li n o is u n d e r t h e p r o v is io n s o f t h e s t a t u t e s n o w in f o r c e in t h a t s t a t e ,
in o r d e r t o p e r m it s u c h t r u s t c o m p a n y t o c a r r y o u t t h e p r o v is i o n s o f a n a c t o f t r u s t in t h a t
sta te .
V e ry r e s p e c tfu lly ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(S ig n e d )
F ranz
C.
K uhn,
A tto rn e y General.
STAUS BANKING DEPARTMENT.
xlviii
LAND
CONTRACTS
NOT
E V ID E N C E S
OF
IN D E B T E D N E S S
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(2 6 )
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B A N K IN G
LA \ Y .
D ecem b er 7, 1 911.
H on . E d w a rd
H . D o y le , 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, L a n s in g , M ic h ig a n :
D e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n i c a t i o n o f N o v e m b e r 2 3 r d in w h ic h y o u a s k
w h e t h e r o r n o t la n d c o n t r a c t s e v id e n c in g t h e s a le o f r e a l e s t a t e a r e le g a l in v e s t m e n t s f o r
s a v in g s b a n k s u n d e r s u b d iv is io n ( i ) o f S e c t io n 2 7 o f th e G e n e r a l B a n k in g L a w , w h ic h r e a d s
as fo llo w s :
“ T h e r e m a i n d e r o f s u c h d e p o s i t s m a y b e i n v e s t e d i n n o t e s , b i l l s or. o t h e r e v i d e n c e s o t d e b t ,
t h e p a y m e n t o f w h ic h is s e c u r e d b y t h e d e p o s it w it h t h e b a n k o f c o l l a t e r a l s e c u r it 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 it ie s o f k n o w n m a r k e ta b le v a lu e , w o r t h te n p e r c e n t m o r e th a n
t h e a m o u n t s o lo a n e d a n d in t e r e s t f o r t h e t im e o f t h e l o a n .”
I t a p p e a r s f r o m y o u r s t a t e m e n t t h a t c e r t a in s a v in g s b a n k s in t h e s t a t e in v e s t s a v in g s
d e p o s it s in t h e s e c o n t r a c t s , t a k in g a n a s s ig n m e n t t h e r e o f f r o m t h e v e n d o r w h o a ls o t r a n s fe r s
t o th e b a n k th e le g a l t it le to th e r e a l e s ta te c o n tr a c te d to b e c o n v e y e d .
In s o m e in s t a n c e s th e
le g a l t it l e t o t h e p r o p e r t y is t r a n s f e r r e d a n d t h e a s s ig n m e n t m a d e a s c o l l a t e r a l s e c u r i t y f o r a
lo a n to th e v e n d o r a n d I d o n o t u n d e r s ta n d th a t y o u r in q u ir y r e la te s to th e le g a lit y o f th is
p r a c t ic e , it b e in g c o n c e d e d t h a t t h is m a y la w f u l l y b e d o n e , b u t t h a t y o u r in q u ir y r e la t e s t o t h e
r i g h t o f a s a v in g s b a n k t o s o in v e s t it s s a v in g s d e p o s it s in t h e s e c o n t r a c t s w h e n n o lo a n is
m ade to th e v en d or.
T h e s a v in g s b a n k s c la im t h a t th e s e c o n t r a c t s a re “ e v id e n c e s o f d e b t ”
w it h in th e m e a n in g o f th e s u b d iv is io n q u o te d a n d t h a t th e in v e s t m e n t o f s a v in g s d e p o s it s
t h e r e in in t h e m a n n e r o u t lin e d is p e r m is s ib le a n d le g a l.
F o r r e p ly t h e r e t o w o u ld s a y th a t w h e n a c o n t r a c t o f t h is c h a r a c te r f o r th e s a le o f r e a l
e s ta te is m a d e , th e v e n d o r h o ld s th e le g a l t it le o n ly a s tr u s t e e f o r th e v e n d e e a n d e q u ita b le
t it le v e s ts in th e v e n d e e .
T h e v e n d o r r e m a in s t h e le g a l t it le a s s e c u r it y f o r t h e p r o p e r p e r f o r m
a n ce o f th e c o n tr a c t on th e p a r t o f th e v en d ee.
'H o o p e r v . V a n H u s a n , 1 0 5 M i c h . 5 9 2 ;
C it y o f M a r q u e tte v . I r o n & L a n d C o m p a n y ,
132
M ic h .
130,
132.
I n th e c a s e la s t c it e d th e c o u r t h e ld t h a t th e r e w a s n o le g a l d is t in c t io n b e tw e e n th e s e o b li
g a t io n s a n d c r e d its s e c u r e d b y m o r tg a g e s .
W h ile t h e s e c o n t r a c t s m a y u n d e r o u r d e c is io n s b e “ e v id e n c e s o f d e b t ,” I d o n o t b e lie v e t h a t
th e y a r e s u ch w it h in th e m e a n in g o f th e s ta tu te u n d e r c o n s id e r a t io n .
B y th e term s o f th a t
s t a t u t e it is o n ly e v id e n c e s o f d e b t “ t h e p a y m e n t o f w h ic h is s e c u r e d b y t h e d e p o s i t w it h t h e
b a n k o f c o lla t e r a l s e c u r it y c o n s is t in 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 it ie s o f k n o w n m a r k e ta b le
v a lu e , w o r t h t e n p e r c e n t m o r e t h a n t h e a m o u n t s o lo a n e d a n d in t e r e s t f o r t h e t im e o f t h e
lo a n ,” in w h ic h s a v in g s d e p o s it s m a y l a w fu lly b e in v e s t e d .
T h is s t a t u t e , a s I r e a d it , t r e a t s o f “ l o a n s ” b y t h e b a n k u p o n b ills , n o t e s a n d o t h e r e v id e n c e s
o f d e b t, s e c u r e d b y th e d e p o s it w it h th e b a n k o f c o lla te r a l.
A s I u n d e r s t a n d it, t h e b a n k in
d e a lin g in th e s e c o n t r a c t s m a k e s n o lo a n to th e h o ld e r o f th e le g a l t it le to th e la n d , b u t th e
la n d c o n t r a c t a n d th e s e c u r ity o f th e le g a l tit le a r e p u r c h a s e d o u t r ig h t b y th e b a n k .
The
t r a n s a c t i o n is o n e o f d e a lin g in c r e d i t s s e c u r e d b y t h e le g a l t it le t o t h e r e a l p r o p e r t y .
I do not
b e lie v e t h a t t r a n s a c t io n s o f t h is n a t u r e a r e w it h in t h e c o n t e m p la t io n o f th e s t a t u t e a n d c o n s e
q u e n t ly a m o f o p i n i o n t h a t s a v in g s b a n k s m a y n o t l a w f u l l y i n v e s t t h e ir s a v in g s d e p o s it s in
th e se c o n tr a c ts .
V e ry r e s p e c tfu lly y o u rs,
(S ig n e d )
F ranz
C. K
u h n
,
A t t o r n e y G e n e r a l.
TRUST
C O M P A N IE S
M AY
OWN
AND
OPERATE
ABSTRACT
DEPARTM ENT.
(2 7 )
F ebru ary
H on . E d w ard
H . D o y le ,
C o m m is s io n e r
of
th e
B a n k in g
D ep a rtm en t,
L a n s in g ,
16,
1912.
M ic h ig a n :
D e a r S ir — -Y o u r le t t e r o f F e b r u a r y 2 d , c a llin g a t t e n t io n t o p a r t s o f s e c t io n s 9 a n d 1 0 o f A c t
1 0 8 o f th e P u b lic A c t s o f 1 8 8 9 , a s a m e n d e d , (C o m p ile d la w s o f
1 8 9 7 , S e c t io n s 6 1 6 4 -6 1 6 5 )
t iv e t o th e p o w e r o f a t r u s t c o m p a n y o r g a n iz e d u n d e r s a id a c t to a c q u ir e a n d h o ld a s p e r s o n a l
e s t a t e a b s t r a c t b o o k s o f t it l e u s e d b y it in it s b u s in e s s o f g u a r a n t e e in g o r i n s u r in g t h e v a l i d i t y
o f t it le t o r e a l e s ta te , a n d r e q u e s t in g a n o p in io n t h e r e o n , h a s b e e n r e c e iv e d .
I n r e p ly t h e r e t o w o u ld s a y t h a t u n d e r th e p r o v is io n s m e n t io n e d w h ic h g iv e to a t r u s t c o m
p a n y o r g a n iz e d u n d e r t h e a c t p o w e r t o g u a r a n t e e o r in s u r e t o g r a n t e e s t h e v a l i d i t y o f t it l e s in
r e a l e s ta te t r a n s fe r s , a t a r a t e o f c o m p e n s a tio n , a n d u p o n s u ch te rm s a n d c o n d it io n s a s m a y be
agreed u pon .
(S e c t io n 9 ) , a n d w h ic h m a k e s
it l a w f u l “ f o r a n y s u c h c o r p o r a t i o n t o le a s e ,
p u r c h a s e , h o ld a n d c o n v e y s u c h p e r s o n a l e s t a t e a s m a y b e n e c e s s a r y t o c a r r y o n it s b u s in e s s .”
( S e c t io n 1 0 ) , a t r u s t c o m p a n y is la w fu lly e n t itle d to a c q u ir e a n d h o ld a n y s y s te m o f a b s t r a c t
b o o k s n e c e s s a r y t o e n a b le it t o e n g a g e in t h e b u s in e s s o f g u a r a n t e e in g o r in s u r i n g t it l e s t o r e a l
e s ta te .
T h e s e c t io n s o f t h e la w q u o t e d h a v e n o t b e e n a m e n d e d o r m o d ifie d in a n y w a y a n d th e
r u lin g o f y o u r D e p a r t m e n t in a c c o r d a n c e w it h t h e a b o v e s h o u ld t h e r e fo r e b e c o n t in u e d .
Y ou rs
r e s p e c tfu lly ,
(S ig n e d )
F ranz
C. K
u h n
,
A t t o r n e y G e n e r a l.
BANKS
IN C O R P O R A T E D I N A N U N -IN C O R P O R A T E D V I L L A G E C A N N O T L E G A L L Y
B R A N C H E S I N A N O T H E R U N -IN C O R P O R A T E D V I L L A G E .
(2 8 )
H on. E.
M A IN T A IN
F ebru ary
H . D o y le , B a n k in g
C o m m is s io n e r ,
L a n s in g ,
17, 1912.
M ic h . :
D e a r S ir — W e h a v e y o u r s o f t h e 7 t h i n s t a n t e n c lo s in g m a p o f G r e e n la n d T o w n s h ip , s h o w in g
t h e t o w n s it e s in G r e e n la n d a n d M a s s v illa g e s .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r e la
xlix
REPORT OF THE COMMISSIONER.
V o u a sk w h e th e r y o u r d e p a r t m e n t w ill h a v e th e r ig h t o r a u t h o r it y t o p e r m it th e M in e r s
& M e r c h a n t s S t a t e B a n k o f G r e e n la n d t o e s t a b lis h a n a g e n c y in M a s s .
I g a t h e r f r o m y o u r c o m m u n ic a t io n t h a t th e M in e r s & M e r c h a n t s S ta te B a n k o f G r e e n la n d
w a s r e c e n t ly in c o r p o r a t e d u n d e r a u t h o r it y o f y o u r d e p a r t m e n t, a n d t h a t G r e e n la n d is a n u n in
c o r p o r a t e d v illa g e .
1 a ls o i n f e r t h a t M a s s o r M a s s C it y is a ls o a n u n in c o r p o r a t e d v il l a g e .
I
n o t e w h a t y o u s a y r e la t iv e to o n e o f th e o ffic e r s o f th e b a n k c la im in g t h a t to a il in t e n t s a n d
p u r p o s e s M a s s C it y a n d G r e e n la n d is o n e v illa g e a n d t h a t t h e r e a r e n o d e fin e d b o u n d a r ie s o f
th e u n in c o r p o r a t e d v illa g e o f G r e e n la n d .
N e v e r th e le s s th e p la t s u b m itte d s h o w s t w o s e tt le
m e n t s , a n d i p r e s u m e a s im ila r p la t is in a c c o r d a n c e w i t h t h e la w s o f t h is S t a t e , o n file w it h
th e R e g is t e r o f D e e d s o f th e c o u n t y , a n d w h ile th e lim it s o f G r e e n la n d T o w n s h ip m a y n o t be
d e fin e d , s till, it c o u ld h a r d ly b e c la im e d t h a t G r e e n la n d V illa g e w o u ld o r c o u ld in c lu d e t h e
s e ttle m e n t k n o w n a s M a s s.
'
„
T h e a r t ic le s o f in c o r p o r a t io n o f th e M in e r s & M e r c h a n t s S ta te B a n k u n d o u b te d ly c o n fe r s
u p o n t h e b a n k t h e a u t h o r it y t o d o b u s in e s s w it h in t h e u n in c o r p o r a t e d v illa g e o f G r e e n la n d ,
a n d I a m in c lin e d to th e o p in io n t h a t s a id b a n k c o u ld n o t le g a lly e s ta b lis h a b r a n c h a g e n c y
o u t s id e o f th e u n in c o r p o r a t e d v illa g e o f G r e e n la n d a n d t h a t th e s e tt le m e n t k n o w n a s M a s s o r
M a s s C it y w o u ld be o u t s id e o f t h e b o u n d a r y lin e s o f t h e u n in c o r p o r a t e d v illa g e o f G r e e n la n d
c o n s e q u e n t ly a n a g e n c y c o u ld n o t be e s t a b lis h e d in M a s s .
I a m r e t u r n in g h e r e w ith m a p o f G r e e n la n d T o w n s h ip .
V e r y r e s p e c tfu lly ,
(S ig n e d )
Grant
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
C O R P O R A T IO N S
M UST
IN C O R P O R A T E
UNDER
GENERAL
(29)
H o n o r a b le
B A N K IN G
LAW .
M arch
F r e d e r ic k
C . M a r t in d a le ,
S ecreta ry
of
S ta te ,
27,
1912.
L a n s in g , M ic h ig a n :
- H e a r S ir — I a m in r e c e ip t o f y o u r c o m m u n ic a t io n o f M a r c h 1 9 in w h ic h y o u s t a t e t h a t
r e c e n t ly a r t ic le s o f a s s o c ia t io n o r g a n iz in g “ T h e C it iz e n s B a n k in g C o m p a n y , L im it e d ,” a n d
d r a ft e d u n d e r th e p r o v is io n s o f C h a p te r 1 6 0 o f th e C o m p ile d L a w s o f 1 8 9 7 ( T h e P a r t n e r s h ip
A s s o c ia t io n L im it e d A c t ) , w e r e p r e s e n te d f o r r e c o r d ; a n d t h a t th e p u r p o s e s o f o r g a n iz a t io n
s e t u p in t h e s e a r t ic l e s o f a s s o c i a t i o n a r e a s f o l l o w s :
“ T h is a s s o c i a t i o n is o r g a n iz e d f o r t h e f o l l o w i n g p u r p o s e s :
T o o w n a n d o p e r a t e a b a n k in
W a k e fie ld , G o g e b ic C o u n t y , M ic h ig a n , a n d t o t r a n s a c t a g e n e r a l b a n k in g b u s in e s s , t h e l o c a t i o n
o f s a id b a n k a n d o f t h e t r a n s a c t io n in s a id b u s in e s s b e in g a t s a id W a k e fie ld .”
Y o u w is h to b e a d v is e d w h e th e r o r n o t y o u s h o u ld a c c e p t f o r r e c o r d a r t ic le s o f a s s o c ia tio n
u n d e r C h a p t e r 1 6 0 o f t h e C o m p ile d L a w s o f 1 8 9 7 , in w h ic h t h e p u r p o s e s o f o r g a n iz a t io n s t a t e d
a r e t o o w n a n d o p e r a t e a b a n K a n d t o 't r a n s a c t a g e n e r a l b a n k i n g b u s i n e s s .
A c t N o . 1 9 1 o f th e P u b lic A c t s o f 1 8 7 7 (C h a p te r 1 6 0 , S e c t io n 6 0 7 9 e t seq . C o m p ile d L a w s
o f 1 8 9 7 ) , is e n t i t l e d :
., ,
" A n a c t a u t h o r iz in g th e fo r m a t io n o f p a r t n e r s h ip a s s o c ia t io n s m w h ic h th e c a p it a l s u b
s c r ib e d s h a ll a lo n e b e r e s p o n s ib le f o r t h e d e b t s o f t h e a s s o c ia t io n , e x c e p t u n d e r c e r t a in c ir c u m
s t a n c e s .”
.
S e c t io n 1 o f t h is A c t p r o v id e s t h a t th e s e a s s o c ia t io n s m a y b e fo r m e d “ f o r th e p u r p o s e o f
c o n d u c t in g a n y la w f u l b u s in e s s o r o c c u p a t io n w it h in t h e U n it e d S t a t e s o r e ls e w h e r e .”
The
m e m b e r s o f s u c h a s s o c ia t io n s a r e lia b le o n ly t o th e e x t e n t o f t h e ir s u b s c r ip t io n a n d f o r la b o r
d e b ts.
T h e le g is la t u r e h a s e x p r e s s ly r e c o g n iz e d a s s o c ia t io n s o r g a n iz e d u n d e r t h is A c t a s c o r
p o r a t io n s , a s is s h o w n b y S e c t io n 3 6 o f A c t 2 3 2 o f th e P u b lic A c t s o f 1 9 0 3 , th e g e n e r a l c o r p o r a
t io n la w , w h ic h e x c e p ts f r o m it s o p e r a t io n “ th e c o r p o r a t io n s p r o v id e d f o r in th e f o l l o w i n g
s ta tu te s : C h a p te rs 1 6 0 to 1 6 4 b o th in c lu s iv e
*
*
*”
C h a p te r 1 6 0 b e in g A c t 1 9 1 o f th e
P u b lic A c t s o f 1 8 7 7 , th e p a r tn e r s h ip a s s o c ia tio n lim ite d la w .
A n d th e S u p re m e C o u r t o f th is S ta te h a s h e ld t h a t p a r t n e r s h ip a s s o c ia t io n s lim it e d , o r g a n
iz e d u n d e r A c t 1 9 1 , a re to b e g o v e r n e d b y th e g e n e r a l r u le s g o v e r n in g c o r p o r a t io n s .
R o u s e H a z z a r d & C o . v . D e t r o i t C y c l e C o ., I l l
S t a v e r e t c . M fg . C o . v . B la k e , 1 1 1 M ic h . 2 8 3 .
M ic h . 2 5 1 ,
A c t 1 9 1 p r o v id e s t h a t p a r t n e r s h ip a s s o c ia t io n s lim it e d m a y b e fo r m e d f o r th e p u r p o s e o f
c o n d u c t in g a n y la w f u l b u s in e s s o r o c c u p a t io n .
A s th e s e p a r tn e r s h ip a s s o c ia tio n s lim ite d a re
g o v e r n e d b y t h e r u le s r e la t in g t o c o r p o r a t io n s it f o l l o w s t h a t u n d e r t h is g e n e r a l b la n k e t c la u s e
a p a r t n e r s h ip a s s o c ia t io n lim it e d c a n n o t b e o r g a n iz e d t o t r a n s a c t a b u s in e s s a r o u n d w h ic h th e
le g is la t u r e h a s th r o w n s p e c ia l r e s t r ic t io n s a n d f o r w h ic h it h a s p r o v id e d s p e c ia l in c o r p o r a t io n
la w s
I t h a s b e e n h e ld t h a t w h e r e a s ta t u t e a u t h o r iz e s i n c o r p o r a t io n f o r a n y la w fu l p u r p o s e ,
a n d a n o th e r s ta tu te p r o v id e s f o r th e in c o r p o r a tio n o f c e r ta in k in d s o f c o r p o r a t io n s — s u c h as
r a ilw a y , te le g r a p h o r te le p h o n e c o m p a n ie s — n o c o m p a n y c a n b e in c o r p o r a t e d u n d e r th e m o r e
o -e n e r a l s t a t u t e f o r t h e p u r p o s e s w h i c h a r e c o v e r e d b y t h e o t h e r s t a t u t e .
T h e l e g i s la t u r e is
ta k e n to h a v e in te n d e d th a t, n o t w it h s ta n d in g th e g e n e r a l la n g u a g e o f th e o n e s ta tu te , n o c o r
p o r a t io n s h o u ld b e f o r m e d - f o r th e p u r p o s e s m e n tio n e d in th e o t h e r w it h o u t s u b je c t in g it s e lf
t o th e p r o v is io n s o f th e o th e r a n d m o re r e s t r ic t iv e s ta tu te .
M a ch em ’s M od ern
Law
o f C o r p o r a t io n , V o l. 1,
S ec. 63.
T h e le g is la t u r e o f th is S ta te h a s p r o v id e d b y th e G e n e r a l B a n k in g L a w s f o r th e i n c o r p o
r a t io n o f c o m p a n ie s p r o p o s in g t o d o a b a n k in g b u s in e s s , h a s fix e d t h e li a b i l it y o f s t o c k h o ld e r s
in s u c h c o r p o r a t i o n s in e x c e s s o f t h e c a p i t a l s t o c k , a n d h a s p la c e d s p e c ia l r e s t r i c t io n s a r o u n d
su ch c o r p o r a tio n s .
T h e p a s s a g e o f th e s e G e n e r a l B a n k in g L a w s , p r o v id in g f o r th e o r g a n iz a t io n
o f c o r p o r a t io n s u n d e r c o n d it io n s q u ite in c o n s is t e n t w it h th o s e p r e s c r ib e d b y th e p a r t n e r s h ip
a s s o c ia t io n lim it e d la w , se e m s to b e a s tr o n g le g is la t iv e d e c la r a t io n t h a t b a n k in g c o m p a n ie s
c a n n o t be o r g a n iz e d t o a c q u ir e a c o r p o r a t e e x is te n c e u n d e r a c ts su ch a s th e la tte r , a n d s h o w s
a c le a r le g is la t iv e in t e n t to s e p a r a te b a n k in g c o r p o r a t io n s fr o m o t h e r c o r p o r a t io n s , o r f r o m
p a r t n e r s h i p a s s o c i a t i o n s l i m i t e d w h i c h m i g h t l a w f u l l y b e o r g a n i z e d a n d p r o m o t e d u n d e r such
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
STATE BANKING DEPARTMENT.
b r o a d a n d g e n e r a l la n g u a g e a s is c o n t a i n e d in t h e p a r t n e r s i p a s s o c i a t i o n l im it e d la w .
The
G e n e r a l B a n k in g L a w s h a v e p la c e d u p o n b a n k in g c o r p o r a t io n s s p e c ia l r e s t r ic t io n s a n d lim it a
t io n s n o t a p p lic a b le to o t h e r c o r p o r a t io n s o r to p a r t n e r s h ip a s s o c ia t io n s lim it e d
and have
im p o s e d u p o n s to c k h o ld e r s o f s u c h c o r p o r a t io n a s p e c ia l a n d in c r e a s e d lia b ilit y .
T h e s e s p e c ia l
r e s t r i c t i o n s and^ l i m i t a t i o n s c a n n o t b e e v a d e d b y t h e s i m p l e d e v i c e o f i n c o r p o r a t i o n u n d e r t h e
p a r t n e r s h ip lim it e d la w o r o t h e r g e n e r a l in c o r p o r a t io n la w s .
I n m y j u d g m e n t ^t h e l e g i s l a t u r e h a s c l e a r l y e x p r e s s e d i t s i n t e n t i o n t h a t n o c o r p o r a t i o n o r
p a r t n e r s h ip a s s o c i a t i o n lim it e d s h a ll a c q u ir e o r e x e r c is e t h e r i g h t t o d o a b a n k in g b u s in e s s w i t h
o u t s u b je c t in g it s e lf to th e s t a t u t o r y p r o v is io n s o f t h e G e n e r a l B a n k in g L a w s b y in c o r p o r a t in g
u n d e r s u c h la w s , a n d i t is , t h e r e f o r e , m y o p i n i o n t h a t a n a s s o c i a t i o n o r p a r t n e r s h ip lim it e d
c a n n o t b e o r g a n iz e d u n d e r C h a p te r 1 6 0 o f th e C o m p ile d L a w s o f 1 8 9 7 , f o r th e p u r p o s e o f o w n
i n g a n d o p e r a t in g a b a n k o r c o n d u c t i n g a g e n e r a l b a n k in g b u s in e s s .
,,
J o u r c o m m u n ic a t io n c a lls a t t e n t io n to a p r e v io u s r u lin g o f th is d e p a r t m e n t to th e e ffe c t
th a t
T h e r e is n o le g a l o b je c t io n t o a p a r t n e r s h ip a s s o c ia t io n lim it e d , f o r m e d u n d e r a n d p u r
s u a n t t o C h a p t e r 1 6 0 o f t h e C o m p ile d L a w s o f 1 8 9 7 , d o in g a p r iv a t e b a n k in g b u s in e s s b u t t h a t
s u c h b u s in e s s w o u ld h a v e t o b e c o n d u c t e d p u r s u a n t t o a n d in a c c o r d a n c e w it h t h e r e a u ir e m e n t s o f C h a p te r 1 3 3 o f t h e C o m p ile d L a w s o f 1 8 9 7 .”
T h e o p in io n h e r e in g iv e n is c o n t r a r y
to a n d r e v e r s e s th is r u lin g .
&
^
.. 1 h a v e c a r e f u lly e x a m in e d C h a p t e r s 1 6 0 a n d 1 3 3 t o d e t e r m in e t h e ir p o s s ib le r e la t io n t o e a c h
oth er.
C h a p te r lb O , th e p a r t n e r s h ip a s s o c ia t io n lim it e d a c t, a p p e a r s to a t t a c h n o lia b ilit y to
m e m b e rs o f s u ch a s s o c ia tio n s o th e r th a n f o r la b o r d e b ts a n d to th e e x te n t o f t h e ir s to c k su b s c n p t i o n s , w h ile C h a p t e r 1 3 3 , w h ic h is a n a c t r e l a t i n g t o t h e b u s in e s s o f b a n k e r s , b r o k e r s a n d
e x c h a n g e d e a le r s , c r e a t e s n o r e s t r i c t io n o r l i m i t a t i o n s u p o n t h e c o m m o n la w l i a b i l it y o f in e m b e r s o f a p a r t n e r s h ip c a r r y in g o n a b u s in e s s p u r s u a n t t o it s r e q u ir e m e n t s .
I t is t r u e t h a t u n d e r C h a p t e r 1 3 3 in d i v i d u a l s o r p a r t n e r s h i p a s s o c i a t i o n s m a y e n g a g e in a
p r iv a t e b a n k in g b u s in e s s , b u t it b y n o m e a n s f o l l o w s t h a t p a r t n e r s h ip a s s o c ia t io n s o r g a n iz e d
u n d e r C h a p te r 1 6 0 , th e p a r t n e r s h ip a s s o c ia t io n lim it e d la w , m a y t h e r e fo r e a ls o e n g a g e in th e
s a m e b u s in e s s .
T h e li a b i l it y in c u r r e d b y m e m b e r s o f, a p a r t n e r s h ip a c t in g u n d e r th e f o r m e r
l a w is c l e a r l y i n c o n s i s t e n t a n d i r r e c o n c i l a b l e w i t h t h a t i m p o s e d u p o n a n d i n c u r r e d b y m e m b e r s
o r s to c k h o ld e r s o f a p a r t n e r s h ip in c o r p o r a t e d a n d a c t in g u n d e r th e la t t e r la w , a n d it w o u ld
t h e r e fo r e be im p o s s ib le f o r a p a r t n e r s h ip a s s o c ia t io n lim it e d , o r g a n iz e d u n d e r C h a n te r 1 6 0 to
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E . H . D o y le ,
C o m m is s io n e r o f
th e
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D ep a rtm en t,
L a n s in g ,
M ic h ig a n :
D ? a L S iiv— 1 a m i n r e c e i P t o f y o u r c o m m u n i c a t i o n o f M a y 2 1 s t , i n w h i c h y o u a s k w h e t h e r
? w ° n , í í ^ e D e p a r t m e n t s h o u ld a c c e p t a r t ic le s o f in c o r p o r a t io n f o r a s ta te b a n lf w h ic h d is c lo s e s
t h a t o n e o f th e p r o p o s e d in c o r p o r a t o r s is a n e x e c u t o r o f a n e s ta t e a n d s u b s c r ib e s f o r s h a r e s
in h is r e p r e s e n ta tiv e c a p a c ity a s e x e c u to r .
“
BU<ireb
F o r r e p ly t h e r e t o w o u ld s a y t h a t s e c t io n 1 o f th e G e n e r a l B a n k in g L a w a u t h o r iz e s th e
° f c o m m e r c ia l b a n k s b y a n y n u m b e r o f p e r s o n s n o t le s s t h a n fiv e w h o m a y a s s o c ía te to g e th e r fo r th a t p u rp o s e .
T h e p e r s o n s so a s s o c ia tin g a r e r e q u ir e d to e x e c u te a r t ic le s o f
i n c o r p o r a t io n w h ic h a r e a p p r o v e d b y 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 t m e n t
T h e a c t is
s iie n t u p o n t h e s u b je c t o l w h o m a y b e c o m e t h e o r ig in a l in c o r p o r a t o r s .
B y o th e r p r o v is io n s
o í t í,« aCt e a c l? s t o c k h o l d e r is l ia b le f o r t h e b e n e fit o f t h e d e p o s i t o r s t o t h e a m o u n t o f h is s t o c k
P y y a lu e t h e r e o f m a d d it io n to th e s to c k , b u t it is e x p r e s s ly p r o v id e d t h a t p e r s o n s
h o ld in g s to c k a s e x e c u t o r s , a d m in is tr a t o r s , g u a r d ia n s o r tr u s te e s , a n d p e r s o n s h o ld in g s to c k a !
c o lla t e r a l s e c u r it y , s h a ll n o t b e p e r s o n a lly lia b le a s s t o c k h o ld e r s b u t t h e a s s e t s a n d fu n d s in
t h e ir h a n d s c o n s t it u t in g t h e t r u s t s h a ll b e lia b le t o t h e s a m e e x t e n t a s t h e t e s t a t o r in t e s t a t e
w a r d o r p e r s o n in t e r e s t e d in s u c h t r u s t fu n d s w o u ld b e i f li v i n g a n d c o m p e t e n t t o á c t .
’
T h is p r o v is io n , w h ile r e c o g n iz in g t h a t s to c k in s ta te b a n k s m a y c o m e in t o th e h a n d s o f
e x e c u t o r s , a d m in is t r a t o r s , g u a r d ia n s o r t r u s t e e s , d o e s n o t in m y ju d g m e n t , a u t h o r iz e a n e x e c u
t o r o r a d m in is t r a t o r t o ta k e p a r t in t h e o r g a n iz a t io n o f a s t a t e b a 5 k a n d s u b s c r ib í f o r s t o c k
t h e r e in a s o n e o f th e o r ig in a l in c o r p o r a t o r s .
I t se e m s t o m e t h a t in p r in c ip le a n e x e c u t o r o r
a d m i n i s t r a t o r w o u l d n o t h a v e a u t h o r i t y t o b i n d t h e e s t a t e i n t h i s m a m i e r a r fd I a m o f o n i t e o n
c o n s e q u e n t ly t h a t u n d e r t h e p r o v is io n s o f th e G e n e r a l B a n k in g L a w y o u s h o u ld n o t a c c e n t
a r t ic le s o f in c o r p o r a t io n f o r a s ta t e b a n k w h ic h d is c lo s e s t h a t o n e o f th e p r o p o s e d i n c o r S t o r s is a n e x e c u t o r o f a n e s t a t e a n d s u b s c r ib e s f o r s h a r e s in h is r e p r e s e n t a t i F r i a p a c i t y .
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B U IL D IN G AND LO A N A S S O C IA T IO N
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I a m i n r e c e i p t o f y o u r l e t t e r o f J u l y 2 9 t h , w i t h r e f e r e n c e t o t h e r ie -h t o f t h e
A ^ S - 1 0 n e r ° f B a ? k i n g A p a r t m e n t t o d e m a n d o f t h e N o r t h e r n M i c h i g a n B u i l d i n g ^ a n d Loan
n f ^ i v r ^ u p 011 a - r e P ° r t
d e p o s it s w it h th e a s s o c ia t io n w h ic h m a y h a v e e s c h e a te d to th e S ta te
of M i c h i g a n in a c c o r d a n c e w i t h t h e p r o v i s i o n s o f A c t 2 3 8 o f t h e P u b l i c A c t s o£ 1 8 9 7 . It
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Federal Reserve Bank of St. Louis
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REPORT OF THE COMMISSIONER,
a p p e a r s fr o m a c o m m u n ic a tio n o f M r. C . D . H a n c h e tte , S e c r e ta r y o f th e a s s o c ia tio n , w h ic h
a c c o m p a n ie s y o u r le tt e r , t h a t th e N o r t h e r n M ic h ig a n B u ild in g a n d L o a n A s s o c ia t io n d o e s n o t
a c c e p t d e p o s it s a n d th e s e c r e t a r y f o r t h a t re a s o n c la im s t h a t th e a s s o c ia t io n is n o t r e q u ir e d t o
m a k e th is r e p o r t t o th e C o m m is s io n e r o f B a n k in g .
F o r r e p ly to y o u r c o m m u n ic a t io n I w o u ld s a y t h a t s e c t io n 6 o f th e a c t r e fe r r e d t o , sa m e
b e in g s e c t io n 1 2 1 8 o f t h e C o m p ile d L a w s o f 1 8 9 7 , p r o v id e s in p a r t t h a t :
“ O n th e t h ir t ie th d a y o f J u n e , e ig h te e n h u n d r e d n in e ty -s e v e n a n d t h e r e a ft e r o n th e t h ir t ie t h
d a y o f J u n e in e v e r y t h ir d y e a r a s h e r e in a ft e r s e t f o r t h , it s h a ll b e t h e d u t y o f e a c h p e r s o n ,
c o -p a r t n e r s h ip , c o m p a n y o r c o r p o r a t io n w h o s h a ll b e e n g a g e d in t h e t r u s t b u s in e s s o r t h e b u s i
n e s s o f b a n k in g w it h in t h is S ta t e , a n d a s a p a r t o f s u c h b u s in e s s , r e c e iv e in a n y m a n n e r
w h a t e v e r m o n e y s o r s e c u r itie s o f p e r s o n s u p o n d e p o s it, to m a k e a r e p o r t a s h e r e in a ft e r p r o v id e d
o f a ll s u c h d e p o s it s w h ic h h a v e e s c h e a te d to th e S ta te o f M ic h ig a n a n d a ls o r e p o r t a ll s u ch
d e p o s it s w h e r e t h e p e r s o n m a k in g t h e s a m e h a s n o t h a d a n y d e a lin g s w it h s u c h p e r s o n , c o p a r t
n e r s h ip , c o m p a n y o r c o r p o r a t io n in r e la t io n t o s u c h d e p o s it s w it h in t h r e e y e a r s b e fo r e m a k in g
s u ch r e p o r t, a n d th e p e r s o n , c o -p a r tn e r s h ip , c o m p a n y o r c o r p o r a t io n r e c e iv in g su ch d e p o s its
s h a ll h a v e g o o d r e a s o n t o b e lie v e t h a t t h e d e p o s i t o r is d e a d a n d t h a t s u c h d e p o s it s h o u ld
e s c h e a t t o th e S ta t e o f M ic ig a n .”
T h e la w p r o v id e s t h a t t h e r e p o r t s h a ll b e m a d e t o t h e C o m m is s io n e r o f t h e B a n k in g D e p a r t
m e n t a n d s h a ll c o n t a in a s t a t e m e n t in d e t a il o f t h e „ m a t t e r s a n d t h in g s s e t f o r t h in t h e s t a t u t e .
Y o u w ill n o te fr o m th is p r o v is io n a n d o th e r p r o v is io n s o f th e la w r e la tin g to e s c h e a te d e s ta te s ,
t h a t th e r e p o r t o f d e p o s it s is r e q u ir e d o n ly f r o m p e r s o n s , c o -p a r t n e r s h ip s , c o m p a n ie s , a n d c o r
p o r a t io n s e n g a g e d in t h e t r u s t b u s in e s s o r t h e b u s in e s s o f b a n k in g a n d a s a p a r t o f s u c h b u s i
n e s s r e c e iv in g m o n e y s o r s e c u r it ie s u p o n d e p o s it.
In v ie w o f th e fo r e g o in g I a m o f th e o p in io n
th a t b u ild in g a n d lo a n a s s o c ia t io n s d o n o t c o m e w it h in th e s e p r o v is io n s a n d c a n n o t b e r e q u ir e d
to m a k e t h is r e p o r t t o 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.
Y ou rs
r e s p e c tfu lly ,
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O c to b e r 9 th , 1 9 1 2 .
H . D o y le , C o m m is s io n e r
S ta te B a n k in g D e p a r tm e n t, C a p it o l, L a n s in g , M ic h ig a n :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f S e p t e m b e r 1 0 t h in w h ic h y o u a s k t h a t I in d ic a t e
to y o u r d e p a r tm e n t m y o p in io n u p o n th e q u e s tio n o f w h e th e r o r n o t n a t io n a l b a n k s c a n b e
r e q u ir e d to m a k e r e p o r t o f e s c h e a te d d e p o s it s a s r e q u ir e d b y S e c t io n 6 o f A c t 2 3 8 , P u b lic A c t s
o f 1 8 9 7 , (S e c t io n 1 2 1 8 , C o m p ile d la w s o f 1 8 9 7 ) .
F o r r e p ly t h e r e t o w o u ld s a y t h a t th is s e c t io n m a k e s it th e d u t y o f e v e r y p e r s o n o r c o r p o r a
t io n w h o s h a ll b e e n g a g e d in t h e t r u s t b u s in e s s o r t h e b u s in e s s o f b a n k in g w it h in t h is S t a t e
a n d a s p a r t o f s u c h b u s in e s s r e c e iv in g m o n e y s o r s e c u r it ie s o f p e r s o n s u p o n d e p o s it , t o m a k e
a r e p o r t o f a ll s u c h d e p o s it s w h ic h h a v e e s c h e a te d to t h e S ta te o f M ic h ig a n , a n d a ls o t o r e p o r t
a ll s u c h d e p o s it s w h e r e t h e p e r s o n m a k in g t h e s a m e h a s n o t h a d a n y d e a lin g s w it h s u c h p e r s o n
o r c o r p o r a t io n w it h r e la t io n to s u c h d e p o s it s w it h in th r e e y e a r s b e fo r e m a k in g s u c h r e p o r t , a n d
th e b a n k r e c e iv in g s u c h d e p o s it s h a ll h a v e g o o d r e a s o n t o b e lie v e t h a t t h e d e p o s it o r is d e a d
a n d t h a t s u ch d e p o s it w o u ld e s c h e a t to th e S ta te o f M ic h ig a n .
T h e r e p o r t is r e q u ir e d t o b e
m a d e t o t h e C o m m is s io n e r o f B a n k in g , a n d t o c o n t a in a t r u t h f u l s t a t e m e n t in d e t a il o f t h e
m a t t e r s r e fe r r e d t o in t h e a c t .
T h e s u c c e e d in g s e c t io n o f t h e a c t p r o v id e s t h a t i f a n y p e r s o n
o r c o r p o r a t i o n s h a ll a f t e r b e in g r e q u ir e d s o t o d o b y t h e C o m m is s io n e r o f B a n k in g , f a i l t o
m a k e , s ig n a n d s w e a r t o a n d file s u c h r e p o r t in t h e m a n n e r a n d t im e fix e d b y t h e a c t , h e o r it
s h a ll b e c o m e lia b le t o a n d s h a ll f o r f e i t t o t h e P e o p le o f t h e S t a t e o f M ic h ig a n t h e p e n a l s u m o f
th r e e h u n d r e d d o lla r s , a n d a n a d d it io n a l p e n a l s u m o f te n d o lla r s f o r e a c h a n d e v e r y d a y w h ile
s a id r e p o r t s h a ll r e m a in u n file d , t h e p e n a lt ie s t o b e r e c o v e r e d in a n a c t io n o f d e b t a t t h e s u it
o f t h e A t t o r n e y G e n e r a l.
S e c t io n 9 o f t h e a c t m a k e s i t t h e d u t y o f t h e A t t o r n e y G e n e r a l t o s e e t h a t s u c h r e p o r t s a r e
p r o p e r l y m a d e a t t h e p r o p e r t im e a n d m a n n e r , a n d i f t h e y a r e n o t s o file d a n d m a d e , t o t a k e
th e p r o p e r s te p s t o s e c u r e th e m a k in g a n d filin g o f th e sa m e , a n d p r o v id e s t h a t i f h e h a s g o o d
r e a s o n t o b e lie v e t h a t a p r o p e r d is c lo s u r e h a s n o t b e e n m a d e b y a n y p e r s o n o r c o r p o r a t i o n in
a n y o f th e r e p o r t s p r o v id e d f o r b y th e a c t a n d t h a t t h e r e a r e m o n e y s a n d s e c u r it ie s in t h e ir
c u s t o d y w h ic h h a v e e s c h e a te d t o th e S ta te , t o a p p ly to th e C ir c u it C o u r t o f th e p r o p e r c o u n t y
b y s p e c ia l m o t io n f o r le a v e t o file a b i ll in c h a n c e r y , a n d u p o n le a v e g r a n t e d t o file s u c h a b i ll
in b e h a lf o f t h e p e o p le a g a in s t s u c h p e r s o n o r c o r p o r a t io n , t o c o m p e l a fu l l , c o m p le t e a n d
t r u t h f u l s t a t e m e n t r e g a r d in g t h e m a t t e r s r e q u ir e d t o b e c o n t a in e d in t h e r e p o r t s .
I t is c la im e d t h a t r e p o r t s o f th is c h a r a c te r c a n n o t b e r e q u ir e d o f n a t io n a l b a n k s , b y r e a s o n
o f th e p r o v is io n s o f S e c tio n 5 2 4 1 , R e v is e d S ta t u t e s o f th e U n ite d S ta te s , w h ic h fo r m s a p a r t
o f th e n a t io n a l b a n k in g a c t , a n d is a s f o l l o w s :
“ N o a s s o c ia t io n s h a ll b e s u b je c t t o a n y v i s i t o r ia l p o w e r o t h e r t h a n a r e a u t h o r iz e d b y t h is
t it le , o r a r e v e s t e d in t h e c o u r t s o f j u s t i c e .”
T h e s c o p e o f t h is p r o v is io n o f th e a c t o f C o n g r e s s is d is c u s s e d b y th e S u p r e m e C o u r t o f th e
U n it e d S t a t e s in t h e c a s e o f G u t h r ie v . H a r k n e s s , 1 9 9 U . S . 1 4 8 , w h e r e M r . J u s t ic e D a y , a f t e r
r e fe r r in g to th is p r o v is io n o f th e n a t io n a l b a n k in g a c t , a n d th e d e fin itio n o f t h e t e r m “ v is it o r ia l
p o w e r s ” s a id :
“ T h e r ig h t o f v i s it a t io n b e in g a p u b lic r i g h t e x is t in g in t h e S t a t e f o r t h e p u r p o s e o f e x a m
in in g in t o th e c o n d u c t o f th e c o r p o r a t io n w it h a v ie w t o k e e p in g it w it h in it s le g a l p o w e r s ,
C o n g r e s s h a d in m i n d i n p a s s i n g t h i s s e c t i o n t h a t in o t h e r s e c t i o n s o f t h e l a w i t h a d m a d e f u l l
a n d c o m p le te p r o v is io n f o r in v e s t ig a t io n b y th e C o m p t r o lle r o f t h e C u r r e n c y a n d e x a m in e r s
a p p o in t e d b y h im , a n d a u t h o r iz in g t h e a p p o in t m e n t o f a r e c e iv e r , t o t a k e p o s s e s s io n o f t h e
b u s in e s s w it h a v ie w o f w in d in g u p t h e a ffa ir s o f t h e b a n k .
I t w a s th e in te n tio n th a t th is
s ta tu te s h o u ld c o n ta in a f u l l c o d e o f p r o v is io n s u p o n t h e s u b je c t , a n d t h a t n o S ta t e la w o r
e n a c tm e n t s h o u ld u n d e r ta k e to e x e r c is e th e r ig h t o f v is it a t io n o v e r a n a t io n a l c o r p o r a t io n .
E x c e p t i n s o f a r a s s u c h c o r p o r a t i o n w a s l i a b l e tQ c o n t r o l i n t h e c o u r t s o f j u s t i c e , t h i s a c t
w a s t o b e t h e f u l l m e a s u r e o f v is i t o r ia l p o w e r .”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lii
STATE BANKING DEPARTMENT.
I n v ie w o f th is p r o v is io n o f th e n a t io n a l b a n k in g a c t a s th u s c o n s t r u e d b y th e S u p re m e
C o u r t o f th e U n ite d S ta te s , I a m in c lin e d to th e o p in io n t h a t th e M ic h ig a n a c t r e la t in g to
r e p o r t s b y b a n k s o f e s c h e a te d d e p o s its - w o u ld i f c o n s t r u e d to a p p ly to n a t io n a l b a n k s b e h e ld to
b e in v io l a t i o n o f t h e n a t io n a l b a n k in g a c t .
I c o n c lu d e , t h e r e fo r e , t h a t th e M ic h ig a n e s c h e a te d
e s ta te , so fa r a s it r e la te s t o r e p o r t s o f e s c h e a te d d e p o s it s b y b a n k s, s h o u ld b e c o n s t r u e d a s
n o t a p p ly in g t o n a t io n a l b a n k s.
R e s p e c tfu lly y o u rs,
(S ig n e d )
R
oger
I.
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H o n . E d w a r d H . D o y le ,
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THEREFOR.
D ecem ber 31, 1912.
C o m m is s io n e r o f B a n k in g ,
C a p ito l, L a n s in g :
D e a r S i r — I n y o u r c o m m u n i c a t i o n t o this? d e p a r t m e n t o f N o v e m b e r 2 6 t h , 1 9 1 2 , y o u p r e s e n t
f o r c o n s id e r a t io n th e fo llo w in g q u e s tio n s :
“ R e fe r r in g to A c t N o . 1 0 8 o f th e P u b lic A c t s o f 1 8 8 9 , as a m e n d e d , k n o w n a s th e T r u s t,
D e p o s it a n d S e c u r it y C o m p a n y L a w , w e w o u ld a p p r e c ia te y o u r o p in io n a s to w h e th e r o r n o t
a tr u s t c o m p a n y h a s th e r ig h t to is s u e c e r tific a te s o f d e p o s i t ; a n d w h e th e r o r n o t s u c h c e r tifi
c a t e s o f d e p o s it m u s t b e r e s t r ic t e d a s e v id e n c in g t h e r e c e ip t o f m o n e y in t r u s t .
A ls o a d v is e w h e th e r o r n o t a tr u s t c o m p a n y c a n is s u e its c e r tific a te s o f d e p o s it f o r m o n e y
r e c e iv e d in a n y o t h e r m a n n e r t h a n in t r u s t .”
T h e s p e c ific i n q u ir y is , w h e t h e r a t r u s t c o m p a n y in M ic h ig a n c a n r e c e iv e m o n e y s o t h e r w is e
th a n in t r u s t a n d is s u e c e r tific a te s o f d e p o s it a s e v id e n c e th e r e o f.
A ll a u t h o r it y w h ic h a t r u s t c o m p a n y p o s s e s s e s m u s t b e c o n fe r r e d u p o n it b y la w .
A s in
th e c a s e o f a n y o t h e r c o r p ) -a tio n , t h e a c t o f i n c o r p o r a t io n w h ic h c o n s t it u t e s th e c h a r t e r is th e
m e a s u r e o f its p o w e r s .
U n le s s t h a t c h a r t e r (w it h o t h e r s ta t u t e s o f th e S ta te , w h ic h m a y
p r o p e r ly be te rm e d a p a rt o f th e c h a r te r ) c o n fe r s th e a u th o r ity , th e tr u s t c o m p a n y d o e s n ov
p o s s e s s it.
T h e l a w f o r t h e i n c o r p o r a t i o n o f t r u s t c o m p a n ie s in M ic h ig a n is A c t N o . 1 0 8 o f t h e P u b lic
A c t s o f 1 8 8 9 , b e in g S e c t io n s 6 1 5 6 t o 6 1 8 9 (C . L . 1 8 9 7 ) in c lu s iv e .
U n d e r th e te r m s o f th is a ct,
a t r u s t c o m p a n y p o s s e s s e s th e s p e c ific a u t h o r it y ;
(a )
T o a c t in v a r io u s c a p a c it ie s a s a t r u s t e e .
(b )
T o a c t a s a n d to c o n d u c t a d e p o s it o r y f o r th e s a fe k e e p in g o f c e r ta in p e r s o n a l p r o p
e r t y a n d th e r e n tin g o f s a fe t y d e p o s it r e c e p ta c le s , a n d
(c)
T o a c t a s s u r e ty a n d g u a r a n to r u n d e r c e r ta in c ir c u m s ta n c e s .
I n a d d it io n t o t h e s e s p e c ific a u t h o r it ie s , S e c t io n 9 o f s a id a c t c o n f e r s u p o n t h e t r u s t c o m
p a n ie s o r g a n iz e d th e r e u n d e r th e f o l l o w i n g a u t h o r it y :
“ A n y c o r p o r a t i o n o r g a n iz e d u n d e r t h is a c t s h a ll h a v e p o w e r in a n d b y it s c o r p o r a t e n a m e
t o ta k e , r e c e iv e , a n d h o ld , a n d r e p a y , r e c o n v e y a n d d is p o s e o f a n y e ffe c t s a n d p r o p e r t y , b o th
r e a l a n d p e r s o n a l, w h ic h m a y b e g r a n te d , c o m m it t e d , t r a n s fe r r e d o r c o n v e y e d to it w it h its
c o n s e n t , u p o n a n y t e r m s .”
T h e la n g u a g e la s t a b o v e q u o te d , is s u ffic ie n t to c o n fe r u p o n t r u s t c o m p a n ie s t h e a u t h o r it y
t o r e c e iv e m o n e y o n d e p o s it a n d a s in c id e n t to t h a t a u t h o r it y th e r e w o u ld e x is t th e r ig h t to
is s u e n o t e s , c e r t ific a t e s o r o t h e r e v id e n c e s o f t h e in d e b t e d n e s s o r r e la t io n t h e r e b y c r e a t e d .
T h is g e n e r a l la n g u a g e , h o w e v e r , is l im it e d b y t h e e x c e p t i o n c o n t a in e d l a t e r in t h e s a m e
s e c t io n (S e c t io n 9 ) w h ic h i s :
“ B u t n o t h in g h e r e in c o n t a in e d s h a ll b e c o n s t r u e d a s g iv in g t h e r ig h t t o is s u e b ills t o c i r c u
la t e a s m o n e y , o r b u y o r s e ll b a n k e x c h a n g e , o r t o d o a g en era l b a n k in g b u s in e s s .”
I t m a y b e ta k e n f o r g r a n te d t h a t th e is s u a n c e o f c e r tific a te s o f d e p o s it is n o t th e is s u in g
o f b ills t o c ir c u la t e a s m o n e y o r b u y in g o r s e llin g o f e x c h a n g e ; t h e q u e s t io n t h e r e f o r e r e s o lv e s
it s e l f in t o w h e t h e r t h e is s u in g o f s u c h c e r t ific a t e s is d o in g a gen era l b a n k in g b u s in e s s a s t o b e
w i t h i n t h e l i m i t a t i o n u p o n t h e p o w e r s o f. t r u s t c o m p a n i e s a n d t h u s b e y o n d t h e i r a u t h o r i t y .
T h e g e n e r a l s t r u c t u r e o f t h e a c t in q u e s t i o n i n d i c a t e s t h a t t h e a u t h o r i t y o f t r u s t c o m p a n i e s
in r e c e i v i n g e f f e c t s a n d p r o p e r t y i s n o t t o b e l i m i t e d t o t h e r e c e i p t o f t h o s e w h i c h i t r e c e i v e s '
a n d h o ld s a s tr u s te e .
I t is u n n e c e s s a r y t o p o i n t o u t a ll o f t h e p r o v is i o n s o f t h e a c t , w h ic h le a d
to th is c o n c lu s io n :
I t is s u ffic ie n t t o r e f e r t o t h e g e n e r a l p r o v is i o n a b o v e q u o t e d ( S e c t i o n 9 )
w h ic h w a s u n n e c e s s a r y i f th e a u t h o r it y o f t h e c o r p o r a t io n w a s t o b e lim it e d t o t h e t a k in g a n d
r e c e iv i n g o f e f f e c t s a n d p r o p e r t y ( w h ic h w o u ld in c lu d e m o n e y ) t o b e h e ld in t r u s t , a s f u l l
a u t h o r i t y is , b y o t h e r p r o v i s i o n s o f t h e a c t , c o n f e r r e d u p o n t h e c o m p a n y t o a c t a s t r u s t e e .
T h is c o n c l u s i o n is f u r t h e r b o r n e o u t b y th e s t a t e o f t h e la w a n d t h e c h a n g e s m a d e t h e r e in th e
p a s s a g e s o f s a id A c t N o . 1 0 8 o f th e P u b lic . A c t s o f 1 8 8 9 .
P r e v io u s to th e p a ss a g e o f th a t a ct,
th e a c t f o r th e in c o r p o r a t io n o f t r u s t c o m p a n ie s b e in g s e c t io n 3 2 3 7 a n d 3 2 5 1 (H o w e l l ’ s S ta t
u t e s ) in c lu s iv e , c o n fe r r e d q u ite f u l l a u t h o r it y u p o n t r u s t c o m p a n ie s to a c t a s tr u s t e e s f o r a n y
la w fu l p u r p o s e a n d th e e x te n s io n o f th e ir a u t h o r it y , b y th e u s e o f la n g u a g e d e s ig n e d to in c lu d e
o th e r th a n p o w e r s o f tr u s te e s h ip , in d ic a te s a p u r p o s e t o so e n la r g e th e p o w e r s p e r m itte d to
b e e x e r c is e d b y tr u s t c o m p a n ie s as to g o b e y o n d th e u s u a l fu n c t io n s o f a tr u s te e a n d to p e r m it
th e m t o r e c e iv e e ffe c t s a n d p r o p e r t y u p o n o t h e r t e r m s t h a n a s t r u s t e e , a n d in f a c t , a s t h e
s ta t u t e a s a m e n d e d p r o v id e s , “ u p o n a n y t e r m s .”
W e c o m e t h e n t o t h e r e a l q u e s tio n p r e s e n t e d f o r s o lu t io n , n a m e ly , w h e t h e r in t h e r e c e iv in g
o f d e p o s it s a n d is s u in g c e r tific a te s t h e r e fo r , a t r u s t c o m p a n y w o u ld b e d o in g “ a g en era l b a n k
in g b u s in e s s .”
U n q u e s tio n a b ly , th e r e c e iv in g o f d e p o s it s a n d t h e is s u in g o f c e r tific a te s t h e r e fo r , is o n e o f
t h e m a n y f u n c t io n s o r d i n a r i l y a n d u s u a lly p e r fo r m e d b y a b a n k , b u t it d o e s n o t a p p e a r t h a t
s u c h f u n c t io n h a s b e e n e x e r c is e d a lo n e b y b a n k s , o r t h a t it is s u c h a s to b e in s e p a r a b le fr o m
t h e b a n k in g b u s in e s s , o r t h a t it s e x e r c is e w o u ld fix t h e d i v i d i n g l in e b e t w e e n b e in g a b a n k o r
n o t , o r b e tw e e n e x e r c is in g o r n o t e x e r c is in g “ g e n e r a l b a n k in g b u s in e s s .”
I n t h e in c e p t io n a n d g r o w t h o f t h e b a n k in g b u s in e s s t h e r e h a v e b e e n t h r e e t y p e s o f b a n k s —
b a n k s o f is s u e , b a n k s o f d e p o s it s a n d b a n k s o f d is c o u n t .
T h e m o d e r n b a n k in g in s tit u t io n ,
h o w e v e r , u s u a lly c o m b in e s t w o o r m o r e o f t h e s e a u t h o r it ie s a n d h a s m a n y r a m ific a t io n s in t h e
p la n a n d m e th o d o f c a r r y in g o u t it s fu n c t io n .
T h e g e n e r a l b a n k in g a u t h o r it y a s is e x e r c is e d
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Federal Reserve Bank of St. Louis
liii
REPORT OF THE COMMISSIONER,
in M i c h i g a n , b y s t a t e b a n k s a t l e a s t , w i l l b e b e s t d e s c r i b e d i n t h e l a n g u a g e o f t h e G e n e r a l
B a n k in g L a w (S e c t io n 4 , 6 0 9 3 , C . L . 1 8 9 7 ) w h ic h a u t h o r iz e s :
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“ A ll s u c h p o w e r s a s s h a ll b e n e c e s s a r y t o c a r r y o n t h e b u s in e s s o r b a n k in g b y d is c o u n tin g ,
a n d n e g o t ia t in g p r o m is s o r y n o te s , d r a ft s , h ills o f e x c h a n g e o r o t h e r e v id e n c e s o f d e b ts , b y r e c e iv
in g d e p o s its , b y b u y in g a n d s e llin g e x c h a n g e , c o in a n d b u llio n , a n d b y lo a n in g m o n e y o n
p e r s o n a l a n d r e a l s e c u r it y a s p r o v id e d h e r e in a ft e r .”
I f a t r u s t c o m p a n y s o u g h t t o e x e r c is e a ll o r a p r in c ip a l p a r t o f th e a u t h o r it ie s a b o v e c o n
fe r r e d u p o n h a n k s , o r e v e n a s in g le o n e o f t h e im p o r t a n t f u n c t io n s u s u a lly e x e r c is e d o n ly nv
h a n k s , it w o u ld b e w it h in t h e in h ib it io n o f t h e s t a t u t e .
T h e e x e r c is e , h o w e v e r , o f a s in g le
a u t h o r i t y w h ic h a b a n k in t h e c o u r s e o f it s b u s in e s s e x e r c is e s b u t w h ic h is o p e n t o o t h e r s t h a n
b a n k e r s , n a m e ly , t h e b o r r o w in g o f m o n e y a n d is s u in g in e v id e n c e o f t h e d e b t , w o u ld n o t c o n
s t it u t e th e d o in g o f a g e n e r a l b a n k in g b u s in e s s .
T o d o a g e n e r a l b a n k in g b u s in e s s , t r u s t c o m p a n ie s m u s t e x e r c is e t h o s e f u n c t i o n s w h ic h a r e p r i m a r il y b a n k in g f u n c t i o n s a n d w h ic h fix t h e
c h a r a c te r o f th e in s titu tio n d o in g th em as a b a n k .
A t r u s t c o m p a n y d o e s n o t r e c e iv e m o n e y
in t h e s a m e m a n n e r a n d i n t h e s a m e r e l a t i o n t h a t a b a n k r e c e i v e s i t .
A t r u s t c o m p a n y r e c e iv e s
th e m o n e y w h ic h th e d e p o s it o r p la c e s w it h it a s a t r u s t c o m p a n y a n d n o t o t h e r w is e .
I h is
is t h e o n l y p o w e r t h a t i s g i v e n t o s u c h c o m p a n y t o r e c e i v e m o n e y .
I t is n o t i n c o r p o r a t e d a s
a b a n k , n o r a u t h o r iz e d a s a b a n k , to r e c e iv e m o n e y , b u t a s a t r u s t c o m p a n y .
A n d h a v in g
r e c e iv e d s a id m o n e y a s a t r u s t c o m p a n y , t h e o n ly im p lie d a u t h o r it y t h a t s u c h t r u s t c o m p a n y
w o u ld h a v e to r e p a y it w o u ld b e t o r e p a y it a s a t r u s t c o m p a n y a n d n o t a s a b a n k .
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a d e p o s it is m a d e in a b a n k , n o u n d e r s t a n d in g , n o c o n t r a c t , n o a r r a n g e m e n t , n o t h in g is n e c e s
s a r y t o a u t h o r iz e t h e d e p o s it o r t o d r a w h is c h e c k on
su ch
b a n k a n d s u c h b a n k is b y o p e r a t io n
o f la w a lo n e c o m p e lle d t o h o n o r s u c h c h e c k .
W ith o u t th is c h a r a c te r is t ic n o in s tit u t io n
is
u s u a lly a b a n k ; w it h it, a n y i n s t it u t io n is d o in g a b a n k in g b u s in e s s .
I n 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 ig n M u t u a l I n s u r a n c e _ C o m p a n y ( 1 4 O h i o b ) t n e
c h a r t e r c o n t a in e d a p r o v is io n p r o h ib it in g t h e e x e r c is in g o f b a n k in g p o w e r s a n d i t w a s h e ld
t h a t th e r e c e iv in g o f d e p o s it s w a s n o t w it h in th e p r o h ib it io n a g a in s t b a n k in g .
I t d id , h o w e v e r ,
a p p e a r t h a t c e r tific a te s o f d e p o s it w e r e n o t is s u e d . T h e C o u r t th e r e s a id •
..
“ I t d o e s n o t a p p e a r t o u s t h is fin d in g is w it h in t h e p r o h i b i t i o n a g a in s t b a n k i n g ; a n d ,
it
n o t , it is a la w f u l p u r s u it , in w h ic h a c o r p o r a t io n , a s w e ll a s a n in d iv id u a l, m a y e n g a g e ; a n d
it is w e ll s a id b y t h e d e fe n d a n t t h a t, a lt h o u g h r e c e iv in g d e p o s it s is a p a r t ; o f t h e b u s in e s s o t
b a n k s , i t is n o e x c lu siv e p r iv ile g e of th e ir s, n o r is t h e d is c o u n t i n g o f n o t e s .”
.
I n D ie t r ic h v . R o t h e n b e r g e r (7 5 S. E . [ K e n t u c k y ! 2 7 1 ) it w a s h e ld t h a t t h e b o r r o w in g o f
m o n e y b y a t it le c o m p a n y a n d th e is s u a n c e o f a c e r tific a te o f d e p o s it t h e r e fo r d id n o t c o n s t itu te
t h e d o i n g o f a b a n k in g b u s in e s s , t h e C o u r t s a y i n g :
.
“ T h e d is t in c t io n b e t w e e n s u c h a t r a n s a c t io n a n d t h e b u s in e s s o f b a n k in g is p la in , t o r a n y
o n e m a y b o r r o w m o n e y , a n d m a y p u t in s u c h f o r m a s h e p le a s e s t h e e v id e n c e o f h is i n d e b t e d
ness
A n e x p r e s s c o m p a n y is n o t a b a n k , a lt h o u g h it d r a w s a n d s e lls b ills o f e x c h a n g e .
W e lls
F a r g o & C o . v . N o r t h e r n P a c i f i c R a i l r o a d C o . (C . C .) 2 3 F e d . 4 6 9 .
N o r is a c o r p o r a t io n a b a n k ,
w h ic h b o r r o w s f o r its o w n u s e o n b o n d s .
B a r r y v . M e r c h a n t s ’ E x c h a n g e C o m p a n y , 1 S a n d t.
Ch. 280.
I n 3 A m e r ic a n & E n g lis h E n c y . o f L a w , 7 9 1 , it is s a id :
‘T h e d is t in c t io n b e tw e e n a
b a n k a n d a t r u s t c o m p a n y is w e ll d e fin e d .
T h e p o w e rs o f th e tru s t co m p a n y d ep en d u p o n th e
te r m s o f its c h a r te r , o f c o u r s e , b u t th e y a re n o t b a n k in g p o w e r s .
T h e t r u s t c o m p a n y , lik e th e
s a v i n g s b a n k , p a y s i n t e r e s t u p o n d e p o s i t s , b u t i t s d e p o s i t s a r e s t r i c t l y lo a n s,* n o t s u b j e c t t o
ch eck .
I t m a y n o t is s u e it s o w n n o t e s f o r c i r c u l a t i o n , n o r d o e s it b u y o r s e ll e x c h a n g e in t h e
o r d in a r y c o u r s e o f it s d e a lin g s .
In d ir e c t io n s t h a t a re n o t a k in t o b a n k in g , it s p o w e r s a r e
m u ch b r o a d e r , a n d e x te n d o u t s id e th e m o n e t a r y r e a lm in t o r e a l e s ta te t r a n s a c tio n s , t r u s t e e
s h i p s , a n d t h e c o n d u c t o f p r o p e r t y i n t e r e s t s o f. a l l k i n d s .
T h e e x e r c is e b y a t r u s t c o m p a n y o t
som e o f th e fu n c t io n s o f a b a n k d o e s n o t m a k e th e c o m p a n y a b a n k in g in s tit u t io n , n o r la y its
o ffic e r s lia b le t o p r o s e c u t io n s f o r v io l a t i n g t h e b a n k in g la w s .
B a n k s r e c e iv e d e p o s it s s u b je c t to
ch eck .
T h e y a r e p u b l i c a g e n c i e s c r e a t e d f o r t h e p u b l i c s e r v i c e , a n d a r e r e q u ir e d ^ t o s e r v e t h e
p u b lic .
T h e m o n e y in t h is c a s e w a s s im p ly le n t f o r 1 2 m o n t h s .
I t w a s n o t s u b je c t to c h e ck .
T h e r e w a s n o t h i n g in t h e t r a n s a c t i o n t h a t m ig h t h a v e b e e n d o n e , a n d is n o t in f a c t d o n e , b y
m a n y in d iv id u a ls th r o u g h o u t th e S ta te .
I t w a s n o t e x e r c is e b y th e c o r p o r a t io n o f a n y b a n k in g
p r i v ile g e , n o r b e y o n d t lie p o w e r s o f t h e c o r p o r a t i o n u n d e r i t s c h a r t e r .”
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G en era l v. L in c o ln
T ru st C om pany, 144
M o. 562, 588.
T h e p r a c t i c a l c o n s t r u c t i o n w h ic h h a s b e e n g iv e n t o t h e s t a t u t e in q u e s t io n s h o u ld b e g iv e r ,
so m e w e ig h t.
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u n d e r it a s p e r m it t in g th e r e c e iv in g o f m o n e y s f o r s a fe k e e p in g , a n d th e is s u a n c e o f c e r tific a te s
o f d e p o s its th e r e fo r , a n d th a t th is p r a c t ic e h a s b een fo llo w e d w it h o u t s u c c e s s fu l o p p o s it io n o r
o b je c t io n , f r o m th e p a s s a g e o f t h e a c t o f 1 8 8 9 , u n t il t h e p r e s e n t t im e .
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o f t h e a c t is d o u b t f u l, t h e l o n g c o n t in u e d p r a c t i c e u n d e r it is o f t e n p e r m it t e d t o t u r n t h e s c a le
in f a v o r o f t h e c o n s t r u c t i o n e v i d e n c e d b y t h e p r a c t i c e u n d e r i t , a n d t h i s , w e t h i n k , .i s a n i n f l u
e n c e . t o b e c o n s id e r e d in d e t e r m in in g t h a t t r u s t c o m p a n ie s m a y r e c e iv e d e p o s it s a n d is s u e
e v id e n c e th e r e o f.
In o t h e r s ta te s , it h a s b e e n q u ite c o m m o n to c o n fe r u p o n t r u s t c o m p a n ie s th e a u t h o r it y
to r e c e iv e d e p o s it s a n d to is s u e c e r tific a te s t h e r e o n , a n d a t le a s t t w e n t y -t h r e e o f th e s ta te s h a v e
s u c h p r o v is io n s .
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p a n ie s r e c e iv in g m o n e y o n d e p o s it f o r s a fe k e e p in g , a n d t h e q u e s t io n is n o t t o b e ^ v ie w e d in t h e
s a m e lig h t a s t h o u g h a w e ll d e fin e d p u b lic p o lic y p o in t e d t o t h e e x c lu s io n o f t h is p o w e r f r o m
tr u s t c o m p a n ie s .
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c o m p a n y is s u e d s ix c e r t ific a t e s o f d e p o s it , w h ic h w e r e n e g o t ia t e d a t t h e B a n k o f S a g in a w , a n d
t h e h a n k b r o u g h t it s a c t io n in t h e U n it e d S t a t e s C ir c u i t C o u r t in P e n n s y lv a n i a t o r e c o v e r u p o n
th e c e r tific a te s .
T h e c e r t ific a t e s is s u e d b y t h e t r u s t c o m p a n y w e r e in f o r m a s f o l l o w s :
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J . F . B a r r o w s h a s d e p o s it e d w it h t h is c o m p a n y fiv e h u n d r e d
o f J . F . B a r r o w s o n r e tu r n o f t h is c e r tific a te p r o p e r ly e n d o r s e d .
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N o t s u b je c t to c h e c k .
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J . F . B a r r o w s .”
c u i t T j L g l e A i h ne s o n OSsaid e -P e C t in S t h ° r i g h t ° f t h e T r U S t C o n i l ’ a l l y t o i s s u e c e r t i f i c a t e s
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it is d e n ie d t h a t it h a d l a w f u l a u t h o r i t y t o is s u e s u c h c e r t if ic a t e s a s t h o s e in s u it .
T h e r e is
h o w e v e r , n o s ta t u t o r y o r o th e r in h ib itio n o f s u ch c e r tific a te s .
T h e s e c e r t ific a t e s a r e in t h è
f o r m c o m m o n ly u s e d e v e r y w h e r e in t h e c o m m e r c ia l w o r ld b y b a n k e r s a n d c o m p a n ie s r e c e iv in g
in c id e n t
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a - d t h ? d e f R a n t ’ s ,¥ g b t t0 is s u e t h e m
is n o t b e d o u b t e d .”
in t h e c o u r s e o f it s b u s in e s s a n d a l a n
a ® y eli a s i n m a n y o t h e r s t a t e s , a c e r t i f i c a t e o f d e p o s i t i s c o n s i d e r e d t o b e a
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n o t f s u b je c t t o th e s a m e r u le s a n d c o n d it io n s .
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a11
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• t b e s ta te s , n a m e ly , M a s s a c h u s e tts , P e n n s y lv a n ia a n d T e x a s
1 h e a u t h o r it y to r e c e iv e m o n e y w o u ld c a r r y w ith it th e a u t h o r it y t o g iv e
a n e v id e n c e o f
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a n o t e’ a n d t h is w ° n ld e x te n d t o a n d p e r m it th e is s u a n c e o f a c e r tifi-
v. v. ^ h e r e h a s ^ ? e,n . s o m e q u e s t i o n a s t o w h e t h e r a d e m a n d c e r t i f i c a t e c o u l d b e g i v e n
and
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i ì ? * 1* to^ i s s a e c e r t i f i c a t e s e x i s t s i t i s n o t l i m i t e d t o t i m e c e r t i f i c a t e s .
W e t h in k ,
h o w e \ e r , t h a t t h e a u t h o r i t y t o is s u e a c e r t i f i c a t e c a r r ie s w it h i t t h e a u t h o r i t y t o is s u e it
e it h e r p a y a b le a t a s t a t e d t im e , o r u p o n d e m a n d .
I t w ill be n o te d t h a t tr u s t c o m p a n ie s a r e n o t e x p r e s s ly r e q u ir e d to m a in ta in a r e s e r v e as
a s r e l Z f o ^ v b p n T in f at i e -d b y ? t a t S b a a k s *n t h a t t h e y a r e e x p r e s s l y r e q u i r e d t o m a i n t a i n
I ? V ' f o r i w 01. i y , i l ° ^ T Oi t t |eir m a t u r e d o b l i g a t i o n s , w h i l e s t a t e b a n k s a r e r e q u i r e d t o m a i n t a i n
r?
o b lig a tio n s .
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t o d o a d e p o s it b u s in e s s w it h o u t m a in t a in in g a t le a s t t h e s a m e r e s e r v e t h a t is m a in t a in e d b y
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q u e s t , .o r.1 w e w i s h t o d i r e c t t h e a t t e n t i o n o f t h e l e g i s l a t u r e t o t h e n e c e s s i t y
n
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r ef i h^r i n ® t h e m a i n t a i n i n g o f s u f f i c i e n t r e s e r v e s b y t r u s t c o m p a n i e s i n
c a s e th e a u t h o r it y w h ic h th e p r e s e n t la w g iv e s t h e m t o r e c e iv e d e p o s it s is t o b e c o n t in u e d .”
W e c o n c u r in th e a b o v e o p in io n .
(S ig n e d )
G rant F ellow s,
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V A C A N C Y ON BOARD T H R O U G H
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H o n . A lb e r t E . M a n n in g , D e p u t y C o m m is s io n e r o f B a n k in g D e p a r t m e n t ,
L a n s in g ,
8,
1913.
M ic h ig a n :
___ ? e a r f i r — 1 a m i n r e c e i p t o f y o u r c o m m u n i c a t i o n o f D e c e m b e r 3 0 t h e n c l o s i n g c o p y o f l e t t e ih e a r ill^
fr o m t ¥ r - W illia m V . M o o r e , o f D e t r o it , r e la tiv e ^ a m e n d i n g
w ^ . „ a r t lC
a s s o c i a t i o n o f a c e r t a in s t a t e b a n k o r g a n iz e d in t h e y e a r 1 8 7 1 u n d e r w h a t is
t o °th e sam e*6 ° ld b a n k m g l a w ’ a n d a s k in g f o r a n o p i n i o n f r o m t h is d e p a r t m e n t w it h r e f e r e n c e
B a n ^ r in Ml 0R07^e ’ % h a ttf i ^ + Stu-te S +t h a t i n t h e o r i f i n a l a r t i c l e s f i l e d b y t h e W a y n e C o u n t y S a v i n g s
H a n k m 1 8 7 1 , t h e fir s t d ir e c t o r s w e r e n a m e d a n d t h e ir n u m b e r w a s fix e d b y A r t ic le 7 • t h a t
s u b s e q u e n t ly b y a m e n d e d a r t ic l e s file d F e b r u a r y 1 2 , 1 8 8 5 , t h e n u m b e r o f d i r e c t o r s w a s ’ fix e d
a t. , ? : a n d la t e r ,_ a f t e r c e r t i f i c a t e h a d b e e n file d u n d e r t h e n e w b a n k i n g l a w b r i n g i n g t h e b a n k
h o l d e r s ^ d o n t e d 11w n n r v i i ^ i o n n 1 ° i f d i r e c t o r S w a s f i * ecl a t 1 1 b y a r e s o l u t i o n o f t h e s t o c k a d o p te d J a n u a ry 11 1 900.
I t is n o w p r o p o s e d to a m e n d th e a r t ic le s o f a s s o c ia t io n b v
p r o v id in g t h a t t h e b o a r d o f d ir e c t o r s s h a ll b e e le c t e d a t t h e r e g u la r a n n u a l m e e t in g in J a n u a r y
f a a h y ° a r . t h a t t h e n u m b e r o f d i r e c t o r s t o b e e l e c t e d s h a l l b e r e g u l a t e d b y a b y - l a w p re^
s c r ib e d b y th e b o a r d o f d ir e c t o r s , a n d t h a t s u c h b y -la w m a y p r o v id e f o r th e fillin g o f a n v
th rou g h th e
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d a a t h ’, r e s i g n a t i o n o r i n c a p a c i t y o f a n y d i r e c t o r d u l y e l e c t e d .
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S e c t io n 4 o f th e o ld b a n k in g la w (S e c t io n 2 1 8 5 o f th e L a w s o f 1 8 7 1 ) , u n d e r w h ic h th e
¥ a y n a C o^ n t y S a v in g s B a n k w a s o r g a n iz e d , p r o v id e s f o r a b o a r d o f d ir e c t o r s o f n o t m o r e th a n
m em bers
T h e p r e s e n t b a n k in g la w u n d e r w h ic h t h a t b a n k is n o w o p e r a t in g b y v i r t u e o f
flle d ¿ h e c e r t i f i c a t e r e q u ir e d b y s e c t io n 6 0 t h e r e o f ( S e c t io n 6 1 4 9 , C o m p ile d L a w s o f
th e a a m b e r o f d ir e c t o r s . S e c t io n 4 o f th e la w ( S e c t io n 6 0 9 3 , C o m p ile d L a w s
as su ch s h X h a v e p o w e r :
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la t in g t h e m a n n e r m w h ic h it s s t o c k s h a ll b e t r a n s fe r r e d , it s d ir e c t o r s a n d o ffic e r s e le c t e d ^ or
a p p o in te d , its s to c k h o ld e r s c o n v e n e d f o r s p e c ia l m e e tin g s , it s p r o p e r t y t r a n s fe r r e d
its g e n e r a l
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ri o U fe f‘i a n d t h e p r i v i l e g e s g r a n t e d t o i t b y l a w e x e r c i s e d a n d e n j o y e d . ”
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S e c t i o n 1 2 o f Lhe p r e s e n t l a w ( S e c t i o n 6 1 0 1 , C o m p i l e d L a w s o f 1 8 9 7 a s a m e n d e d ) D r o v i d e s
in p a r t t h a t “ t h e a ffa ir s o f e a c h b a n k s h a ll b e m a n a g e d b y a b o a r d o f n o t l e l s t h i n f i v l
d ir e c t o r s w h o s h a ll b e e le c t e d b y t h e s t o c k h o ld e r s .”
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p r o v is io n s a b o v e se t fo r t h w ith r e fe r e n c e t o th e n u m b e r a n d m a n n e r o f e le c tio n o f its d ir e c t o r s
U n d e r th e s e p r o v is io n s th e r e a r e n o lim it a tio n s a s t o th e n u m b e r o f d ir e c t o r s , e x c e p t t h a t th e r e
c a n n o t b « le s s t h a n fiv e .
T h e d ir e c t o r s m u s t, h o w e v e r , b e e le c te d a t th e a n n u a l m e e tin g o f th e
s t o c k h o l d e r s in J a n u a r y , a n d i f
f o r a n y c a u s e a n e l e c t io n is n o t h a d a t t h a t m e e tin g g it m a v
« L n a h 0a fiH 0| UK Ser e ,i.t
c a h e d f o r t h a t p u r p o s e .”
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b J bib e h o a r d , b u t I a m o f t h e o p i n i o n t h a t t h i s d o e s n o t m e a n s u c h
lir e c r e a t e d b y f a i l u r e o f t h e s t o c k h o l d e r s t o e le c t a t a n a n n u a l m e e t in g
T h e p r o p o s e d a m e n d m e n t t o th e o r ig in a l a r t ic le s o f th e W a y n e C o u n ty S a v in g s
r e fe r r e d to , p r o v id e s f o r th e e le c tio n o f a b o a r d o f d ir e c t o r s a t th e r e g i L r S a l
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p r e s c r ib e d b y th e b o a r d o f d ir e c t o r s , a n d p r o v id e s f u r t h e r t h a t s a id b y -la w m a y p r o v id e f o r
th e fillin g o f a n y v a c a n c y o n th e B o a r d a r is in g t h r o u g h a fa ilu r e t o e le c t a t t h e r e g u la r a n n u a l
m e e tin g , o r t h r o u g h t h e d e a th , r e s ig n a t io n o r in c a p a c it y o f a n y d ir e c t o r d u ly e le c t e d .
N one
o f th e s e p r o v is io n s , e x c e p t th e o n e r e la t in g to th e t illin g o f a v a c a n c y o n th e b o a r d c a u s e d b y
fa ilu r e to e le c t a t a n a n n u a l m e e tin g , is in c o n s is te n t w it h th e p r o v is io n s o f t h e p r e s e n t b a n k in g
la w , a n d it w o u ld t h e r e fo r e b e e n t ir e ly p r o p e r a n d le g a l t o in c o r p o r a t e th e m in t o th e o r ig in a l
a r t ic le s b y th e p r o p o s e d a m e n d m e n t.
I a m o f th e o p in io n , h o w e v e r , t h a t th e p r o v is io n r e la tiv e
to th e fillin g o f a v a c a n c y o n th e b o a r d c a u s e d b y f a ilu r e t o e le c t a t th e a n n u a l m e e tin g is
in c o n s is te n t w it h th e te r m s o f s e c t io n 2 1 o f th e p r e s e n t b a n k in g la w a b o v e s e t fo r t h , a n d s u c h
p r o v is io n s w o u ld t h e r e fo r e b e ille g a l.
A s h e r e in b e fo r e s ta te d , a v a c a n c y c a u s e d b y th e fa ilu r e
t o e le c t a t a n a n n u a l m e e t in g is n o t s u c h a v a c a n c y a s c a n b e fille d b y t h e b o a r d o f d ir e c t o r s
its e lf.
I t m a y b e s u g g e s te d , t h a t th e p r o v is io n s w h ic h c a n b e in c o r p o r a te d in to th e a r t ic le s o f a s s o
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 e n d m e n t, a n d w h ic h a r e n o t a lr e a d y a p a r t
o f it s c h a r te r b e c a u s e c o n ta in e d in th e b a n k in g la w , c a n b e m a d e j u s t a s le g a l a n d e ffic a c io u s
b y a b y -la w a d o p te d b y th e b o a r d o f d ir e c t o r s u n d e r s u b d iv is io n 6 o f s e c t io n 4 o f th e b a n k in g
la w , w h ic h g iv e s th e b o a r d o f d ir e c t o r s p o w e r to m a k e b y -la w s n o t in c o n s is t e n t w it h la w , r e g u
la t in g t h e m a n n e r o f e le c t io n o r a p p o in t m e n t o f it s d i r e c t o r s a n d o ffic e r s .
V ery
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A tto rn e y General.
S T A T E B A N K S M A Y OPEN ON L E G A L H O L ID A Y S
W IT H
C E R T A IN R E S T R IC T IO N S .
(3 5 )
M arch
H on. E d w ard
15, 1913.
H . D o y le , B a n k in g C o m m is s io n e r , C a p ito l, L a n s in g :
D e a r S ir — I h a v e y o u r s o f t h e 1 2 t h in s t . in w h ic h y o u s t a t e :
“ W e h a v e h a d s e v e r a l i n q u i r i e s o f l a t e f r o m s t a t e b a n k s a s k i n g w h e t h e r o r n o t a s t a t e bank
c o u ld k e e p o p e n o n a ll h o lid a y s f o r t h e t r a n s a c t io n o f a g e n e r a l b u s in e s s e x c e p t s u c h b u s in e s s
w h ic h r e la te s to th e p r e s e n ta tio n f o r p a y m e n t o r a c c e p t a n c e o r p r o t e s t in g o f p r o m is s o r y n o te s
a n d o t h e r o b lig a tio n s .
W e h a v e a l w a y s t a k e n t h e p o s i t i o n t h a t t h e r e w a s n o t h i n g i n t h e l a w t o p r o h i b i t a bank
f r o m k e e p i n g o p e n o n a n y o f t h e h o l i d a y s m e n t i o n e d i n A c t 1 2 4 o f t h e P u b l i c A c t s o f 1 8 6 5 as
a m e n d e d a n d t r a n s a c t in g b u s in e s s e x c e p t t h a t r e la t in g t o p r e s e n t a t io n , a c c e p t a n c e o r p r o
t e s t in g o f n o te s , e t c .”
I n r e p ly t h e r e t o w o u ld s t a t e t h a t t h e la n g u a g e o f t h e A c t in q u e s t io n is s o m e w h a t c o n f u s
in g .
T h e t it le o f th e A c t b e in g a s f o l l o w s :
“ A n A c t d e s ig n a tin g th e h o lid a y s to be o b se rv e d
in t h e a c c e p t a n c e a n d p a y m e n t o f b ills o f e x c h a n g e a n d p r o m is s o r y n o t e s , in h o ld in g o f c o u r t s
a n d r e la t iv e t o t h e c o n t in u a n c e o f s u it s .”
W h ile S e c t io n 1 , a s a m e n d e d b y A c t 2 4 6 o f th e
P u b lic A c t s o f 1 9 0 9 , p r o v id e s , in p a r t , a s f o l l o w s :
“ P r o v id e d , f u r t h e r , T h a t n o t h i n g h e r e in
c o n t a in e d s h a ll b e c o n s t r u e d to p r e v e n t o r in v a lid a t e t h e e n t r y , is s u a n c e , s e r v ic e o r e x e c u t io n
o f a n y w r it s u m m o n s o r c o n fe s s io n o f ju d g m e n t f o r o t h e r le g a l p r o c e s s w h a te v e r , h o ld in g c o u r t s
o r t h e t r a n s a c t io n o f a n y la w f u l b u s in e s s e x c e p t b a n k in g o n a n y o f t h e S a t u r d a y a ft e r n o o n s
h e r e in d e s ig n a t e d a s h a l f h o lid a y s , n o r t o p r e v e n t a n y b a n k f r o m k e e p in g it s d o o r s o p e n o r
t r a n s a c t in g it s b u s in e s s o n a n y o f t h e s a id S a t u r d a y a ft e r n o o n s , i f b y a
v o t e o f its d ir e c to r s
it e le c ts to d o s o .”
F r o m a r e a d in g o f t h e la s t s e c t io n it m ig h t b e im p lie d t h a t th e r e w a s a le g a l r e s t r ic t io n
a g a in s t k e e p in g a b an k o p e n u p o n a le g a l h o lid a y .
I d o n o t b e lie v e , h o w e v e r , t h a t t h is w a s t h e
le g is la t iv e i n t e n t ; b u t t h a t o n th e c o n t r a r y th e in t e n t w a s , a s is s e t f o r t h in t h e t it le o f th e
a c t its e lf, n a m e ly :
th e p r e v e n t io n o f th e a c c e p t a n c e a n d p a y m e n t o f b ills o f e x c h a n g e a n d
p ro m is s o r y n o te s .
C o n s e q u e n t ly , I a m o f t h e o p in io n t h a t t o k e e p a b a n k o p e n f o r p u r p o s e s
o t h e r th a n th e o n e s s ta te d w o u ld n o t b e a v io la t io n o f th e la w , a n d t h a t y o u r r u lin g in th e
m a tte r h a s b een r ig h t.
V e ry r e s p e c tfu lly ,
A.
B.
D ougherty,
D eputy A tto rn e y General.
C O M M IS S IO N E R
M A Y R E Q U IR E
IN F O R M A T IO N T E N D IN G TO S H O W
B A N K 'S
(3 6 )
H on . E d w ard
C O N D I T I O !}.
M arch
H . D o y le ,
C o m m is s io n e r
of
B a n k in g ,
C a p ito l,
2 4 th , 1 91 3 .
L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f M a r c h 1 7 t h c a l l in g a t t e n t io n t o s e c t io n s 2 1 , 3 9
a n d 5 5 o f t h e G e n e r a l B a n k i n g L a w s r e l a t i n g t o r e p o r t s t o b e m a d e b y s t a t e b a n k s a n d the
fu r n is h in g o f in fo r m a tio n t o th e B a n k in g C o m m is s io n e r .
Y o u sta te :
“ W e w o u ld a p p r e c ia te y o u r o p in io n a s to w h e th e r o r n o t a s ta t e b a n k h a s th e r ig h t to w it h
h o ld in fo r m a tio n o f a n y c h a r a c te r fr o m th e C o m m is s io n e r , h is d e p u ty , o r o n e o f th e b a n k
e x a m in e r s , u p o n b e in g re q u e s te d t o fu r n is h sa m e .
T o w h a t e x t e n t c o u ld th e D e p a r t m e n t g o in
c a s e o f r e fu s a l t o fu r n is h a n y in fo r m a t io n a ffe c t in g th e c o n d it io n o f th e b a n k ?”
I n r e p l y t h e r e t o w o u l d s a y s e c t i o n 2 1 o f t h e g e n e r a l b a n k i n g l a w r e q u i r e s e v e r y b a n k to
m a k e c e r ta in r e p o r t s a c c o r d in g to th e fo r m s w h ic h h e (C o m m is s io n e r o f B a n k in g ) s h a ll p r e
s c r ib e a n d fu r n is h .
T h is s e c t io n a ls o p r o v id e s t h a t “ S u c h r e p o r t s s h a ll e x h ib it in d e t a il, a n d
u n d e r a p p r o p r ia te h e a d s , th e r e s o u r c e s , a s s e ts a n d lia b ilit ie s o f th e b a n k a t th e c lo s e o f b u s i
n e s s o f a n y p a s t d a y b y h im s p e c ifie d ,” e t c .
A l s o t h a t “ S u c h C o m m i s s i o n e r s h a l l a l s o have
the power to c a l l f o r s p e c i a l r e p o r t s f r o m a n y b a n k o r b a n k s w h e n e v e r , i n h i s judgment, the
same are necessary to inform him fully of the condition of such banks.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Section 39 provides :
Ivi
STATE BANKING DEPARTMENT.
“ I t s h a ll b e th e d u t y o f 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 t m e n t , a n d h e s h a ll h a v e
p o w e r f o r h im s e lf, h is d e p u ty , o r a n y e x a m in e r h e m a y a p p o in t f o r t h a t p u r p o s e , t o e x a m in e
t w o o r m o r e t im e s in e a c h y e a r , t h e c a s h , b ills , c o lla t e r a ls o r s e c u r it ie s , b o o k s o f a c c o u n t , c o n
d it io n a n d a ffa ir s o f e a c h b a n k u n d e r th e la w , a n d a ls o w h e n r e q u e s te d b y th e b o a r d o f
d ir e c to r s o f a n y ban k .
F o r t h a t p u r p o s e h e m a y e x a m in e o n o a t h a n y o f t h e o ffic e r s , a g e n t s ,
c le r k s , c u s t o m e r s o r d e p o s it o r s o f s u c h b a n k , t o u c h in g t h e a ffa ir s a n d b u s in e s s o f s u c h b a n k .
A n y w i l f u l f a ls e s w e a r in g in a n y e x a m in a t io n s h a ll b e d e e m e d p e r ju r y .
H e s h a ll a ls o a s c e r t a in
w h e t h e r e a c h b a n k t r a n s a c t s it s b u s in e s s a t t h e p la c e d e s ig n a t e d in t h e a r t ic le s o f i n c o r p o r a
t io n , a n d w h e t h e r it s b u s in e s s is c o n d u c t e d in t h e m a n n e r p r e s c r ib e d b y l a w .”
S e c tio n 5 5 o f th e g e n e r a l b a n k in g la w p r o v id e s a m o n g o t h e r th in g s , t h a t i f th e c o m m is
s io n e r s h a ll b e c o m e s a t is fie d t h a t a b a n k “ is c o n d u c t in g it s b u s in e s s in a n u n s a fe o r u n a u t h o
r iz e d m a n n e r , o r i f a n y b a n k s h a ll r e fu s e to s u b m it it s b o o k s a n d p a p e r s a n d c o n c e r n s to th e
in s p e c t io n o f t h e c o m m is s io n e r , h is d e p u t y o r a n y e x a m in e r , o r i f a n y o ffic e r o f s u c h b a n k s h a ll
r e fu s e to b e e x a m in e d u n d e r o a t h t o u c h in g th e c o n c e r n s o f th e b a n k , o r i f f r o m a n y e x a m in a
t io n m a d e o r r e p o r t h e r e p r o v id e d f o r , th e c o m m is s io n e r s h a ll c o n c lu d e t h a t s u c h b a n k is in a n
u n s o u n d o r u n s a fe c o n d it io n t o t r a n s a c t t h e b a n k in g b u s in e s s , s o t h a t i t is u n s a fe a n d in e x
p e d i e n t t o c o n t i n u e s a m e ,” h e s h a ll in t h e m a n n e r t h e r e i n p r e s c r i b e d m a k e a p p l i c a t i o n f o r t h e
a p p o in tm e n t o f a r e c e iv e r f o r s u c h b a n k .
T h e fo r e g o in g s e c t io n s a r e th e o n ly p r o v is io n s o f s ta t u t e to w h ic h m y a t t e n t io n h a s b e e n
c a lle d e x p r e s s ly b e a r in g u p o n y o u r q u e s tio n .
T h e la n g u a g e o f th e s ta tu te se e m s c le a r ly to
c o n fe r u p o n th e B a n k in g C o m m is s io n e r th e r ig h t a n d a u t h o r it y to d e m a n d , r e c e iv e a n d p r o
c u r e a n y a n d a ll s u c h in fo r m a t io n a s h e m a y r e q u ir e o r d e e m n e c e s s a r y in o r d e r to f u l l y u n d e r
s ta n d th e c o n d it io n o f a b a n k , th e c h a r a c te r o r a m o u n t o f its o b lig a tio n s a n d th e a ffa ir s
th e re o f.
T h e c o m m is s io n e r is e x p r e s s ly c h a r g e d w it h th e d u t y o f d e t e r m in in g w h e th e r o r n o t
a b a n k is c o n d u c t in g it s b a n k in a n u n s a fe o r u n a u th o r iz e d m a n n e r .
H e m u s t a ls o d e t e r m in e
w h e t h e r t h e b a n k is m a n u n s o u n d o r u n s a fe c o n d it io n t o t r a n s a c t t h e b a n k in g b u s in e s s s o t h a t
i t is u n s a f e a n d i n e x p e d ie n t t o c o n t i n u e t h e s a m e .
H e h a s th e r ig h t to se cu re in fo r m a tio n u p o n
f o r m s p r e s c r ib e d b y h im , a n d h e m a y e x a m in e o n o a t h a n y o f t n e o ffic e r s , a g e n t s , c le r k s c u s
t o m e r s o r d e p o s it o r s o f t h e b a n k t o u c h in g it s a ffa ir s a n d it s b u s in e s s .
T h e C o m m is s io n e r or
B a n k in g , a n d n o t th e b a n k , is th e ju d g e o f th e in fo r m a t io n n e c e s s a r y f o r h im to h a v e to p la c e
h im in a p o s it io n w h e r e h e c a n p e r fo r m h is s t a t u t o r y d u t y .
I t w ill be a ssu m e d th a t th e C o m
m is s io n e r o f B a n k in g , o r h is d e p u ty , o r a n y a s s is t a n t d u ly a u t h o r iz e d , w ill n o t d e m a n d o r
r e q u ir e a n y in f o r m a t i o n o t h e r t h a n s u c h a s i t is d e e m e d e x p e d ie n t t o h a v e in o r d e r t o d e t e r
m in e t h e e x a c t c o n d it io n o f a b a n k a n d it s a ffa ir s .
W h e n in fo r m a t io n is d e m a n d e d , it is th e
d u t y o f t h e b a n k t o fu r n i s h it, a n d t h e C o m m is s io n e r ’ s d e m a n d s a r e n o t o p e n t o q u e s t io n b y
th e ban k.
I t w o u ld b e in d e e d a n a n o m a lo u s c o n d it io n i f n o t w it h s t a n d in g a ll t h e d u t ie s d e v o l v
in g u p o n t h e B a n k in g C o m m is s io n e r , t h e b a n k c o u ld d e t e r m in e f o r i t s e l f t h e c h a r a c t e r o r
a m o u n t o f in fo r m a t io n it s h o u ld d is c lo s e .
I t is t h e r e fo r e m y o p in io n t h a t th e b a n k h a s n o t th e r ig h t to w it h h o ld a n y in fo r m a t io n
w h ic h t h e B a n k in g C o m m is s io n e r s h a ll in t h e e x e r c is e o f h is d is c r e t io n a r y a u t h o r it y d e t e r m in e
is n e c e s s a r y in o r d e r t o fu r n i s h h im w it h t h e k n o w le d g e t o p e r f o r m h is d u t y .
S a id s e c t io n 5 5 is v e r y c le a r a n d e x p l i c i t in it s t e r m s .
W h e n a n y s u c h c o n d it io n a s is
t h e r e in r e f e r r e d t o e x is t s , i t is c l e a r l y t h e d u t y o f t h e B a n k in g C o m m is s io n e r t o m a k e a p p li c a
t io n f o r a r e c e iv e r .
T h e B a n k in g C o m m is s io n e r h a s n o r ig h t to a ss u m e th a t b e ca u s e o f th e
f a il u r e o r r e f u s a l o f t h e b a n k t o f u r n i s h t h e i n f o r m a t i o n h e d e s ir e s , t h e b a n k is in a s a f e o r
so u n d c o n d itio n .
T h e v e r y f a c t th a t in fo r m a t io n w h ic h th e B a n k in g C o m m is s io n e r m a y d e t e r
m in e is n e c e s s a r y is r e f u s e d b y a b a n k is in i t s e l f s o m e r e a s o n f o r s u s p ic io n .
If, th e r e fo r e
th ro u g h th e r e fu s a l o f a b an k to fu r n is h s u ch in fo r m a tio n as y o u m a y d eem n e c e ss a r y y o u a ré
u n a b le t o d e t e r m in e w h e t h e r i t is p r o p e r f o r t h e b a n k t o c o n t in u e in t h e b a n k in g b u s in e s s i t is
m y ju d g m e n t t h a t y o u w o u ld b e c le a r ly a u t h o r iz e d t o p r o c e e d in t h e m a n n e r o u t lin e d in s a id
s e c t io n 5 5 o f th e g e n e r a l b a n k in g la w .
V e ry r e s p e c tfu lly ,
G rant
F e l l o w s .,
A t t o r n e y G e n e r a l.
BOARD OF
D IR E C T O R S
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IN C R E A S E
OR D E C R E A SE
T H E IR
NUM BER.
(37)
A p r il 3, 1 9 1 3 .
H o n . E . H . D o y le , B a n k in g C o m m is s io n e r , C a p ito l, L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f M a r c h 2 7 t h , in w h ic h y o u s t a t e t h a t , “ T h e D e p a r t
m e n t h a s a lw a y s h e ld t h a t th e b o a r d o f d ir e c t o r s c o u ld n o t in c r e a s e o r d e c r e a s e th e n u m b e r
o f s t o c k h o l d e r s ’ c o n s t i t u t i n g t h e b o a r d , t h a t t h e o n l y a u t h o r i t y d e le g a t e d t o t h e d i r e c t o r s in
th is r e g a r d w a s th a t t h e y c o u ld in d ic a te th e m a n n e r in w h ic h th e m e m b e r s o f th e b o a r d s h o u ld
b e e le c t e d , a n d in c a s e o f a v a c a n c y o c c u r r i n g o n t h e b o a r d b e tw e e n t h e a n n u a l m e e t in g s o f
s t o c k h o ld e r s , t h e d ir e c t o r s h a v e t h e r ig h t t o fill s u c h v a c a n c y ? ”
Y o u s ta te , “ W e w o u ld a p p r e
c ia te y o u r o p in io n a s t o w h e th e r o r n o t th e b o a r d o f d ir e c t o r s o f a s ta te b a n k h a s th e r ig h t to
in c r e a s e o r d e c r e a s e th e n u m b e r o f m e m b e r s c o n s t it u t in g th e b o a r d .”
I n r e p l y t h e r e t o w o u ld s a y it is m y o p i n i o n t h a t , a t le a s t b e t w e e n s t o c k h o l d e r s ’ m e e t in g s
th e n u m b e r o f d ir e c t o r s c a n n o t b e d e c r e a s e d o r in c r e a s e d b y th e b o a r d o f d ir e c t o r s
S e c tio n
1 2 o f t h e b a n k in g la w p r o v id e s in p a r t t h a t , “ a n y v a c a n c y in t h e b o a r d o f d ir e c t o r s s h a ll b e
fille d b y t h e B o a r d , a n d t h e d i r e c t o r s o a p p o in t e d s h a ll h o ld o ffic e u n t i l t h e n e x t e l e c t io n ” T h e
a b o v e q u o t e d la n g u a g e c le a r ly im p lie s a d u t y d e v o lv in g u p o n t h e b o a r d o f d i r e c t o r s t o fill a n y
v a ca n cy th a t m ay occu r.
I t is n o t a d is c r e t io n a r y d u t y w it h th e b o a r d o f d ir e c t o r s .
I t is a
p o s i t i v e r e q u ir e m e n t t h a t t h e v a c a n c y “ s h a ll b e fille d b y t h e b o a r d .”
T h is is a m a n d a t o r y
p r o v is io n , a n d th e la w c le a r ly c o n te m p la t e s a s t r ic t c o m p lia n c e , t h e r e w it h .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
V ery
(S ig n e d )
r e s p e c tfu lly ,
G rant
F ellow s,
A tto r n e y
G e n e r a l.
REPORT OF THE COMMISSIONER.
D IR E C T O R S
M U ST HAVE
F U L L Y P A ID FO R T E N
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AT
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H on. E d w a rd
A p r il 3, 1 9 1 3 .
H . D o y le ,
C o m m is s io n e r o f
B a n k in g ,
C a p ito l,
L a n s in g :
M y D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f M a r c h 2 2 n d in w h ic h y o u in q u ir e w h e t h e r a s
a c o n d it io n p r e c e d e n t o f th e r ig h t o f a p e r s o n to b e e le c te d a n d a c t a s a d ir e c t o r o f a b a n k h e
m u s t a c t u a l ly p a y in f u l l f o r a t le a s t te n s h a r e s , o r i f h e s u b s c r ib e s f o r te n s h a r e s o f s t o c k a n d
o n ly p a y s f o r fift y p e r c e n t i f h e th e r e b y b e c o m e s e lig ib le a s a d ir e c t o r .
I n r e p l y t h e e r t o w o u ld s a y s e c t io n fiv e o f t h e b a n k in g l a w r e q u ir e s t h a t a t le a s t 5 0 % o f
t h e c a p i t a l s t o c k o f e v e r y b a n k s h a l l b e p a i d in b e f o r e i t s h a l l b e a u t h o r i z e d t o c o m m e n c e b u s i
n ess.
S e c t io n 1 2 o f t h e b a n k in g la w , w h ic h r e la t e s t o d ir e c t o r s , p r o v id e s in p a r t t h a t :
“ E very
d ir e c t o r m u s t o w n a n d h o ld in h is o w n n a m e n o t le s s th a n te n s h a r e s o f th e c a p it a l s to c k o f
s u c h b a n k .”
T h e f a c t t h a t a b a n k m a y b e a u t h o r iz e d t o c o m m e n c e b u s in e s s w it h o n l y 5 0 % o f t h e c a p it a l
s t o c k t h e r e o f p a id in h a s a b s o lu t e ly n o t h in g t o d o w it h t h e s t a t u t o r y p r o v is io n r e q u ir in g e v e r y
d i r e c t o r t o o w n a n d h o ld in h is o w n n a m e n o t le s s t h a n t e n s h a r e s o f t h e c a p i t a l s t o c k .
The
la n g u a g e a b o v e q u o te d m e a n s e x a c t ly w h a t it s a y s : I t m e a n s t h a t e v e r y d ir e c t o r m u s t a c t u a lly
o w n , t h a t is , t h a t h e m u s t h a v e f u l l y p a id f o r a t le a s t t e n s h a r e s o f t h e c a p i t a l s t o c k o f t h e
b a n k a n d n o t t h a t h e m a y a c t u a lly p a y f o r 5 0 % o f th e te n s h a r e s a n d s u b s e q u e n tly h a v e th e
r ig h t o f o w n e r s h ip in t h e b a la n c e t h e r e o f w h e n h e m a k e s p a y m e n t t h e r e fo r .
V ery
(S ig n e d )
r e s p e c tfu lly ,
G rant
F ellow s,
A tto r n e y
t a x a t io n
of
b a n k
.
st o c k
(3 9 )
H on. E d w ard
G e n e r a l.
A p r il 2 6, 1 9 1 3 .
H . D o y le , B a n k in g C o m m is s io n e r ,
C a p ito l,
L a n s in g :
D e a r S ir — I h a v e b e fo r e m e y o u r c o m m u n ic a t io n o f A p r i l I S t h , in w h ic h y o u r e q u e s t a n
o p in io n u p o n th e fo llo w in g p r o p o s it io n :
“ F ir s t.
H a s th e b o a r d o f d ir e c to r s o f an in c o r p o r a te d b a n k b y p ro p e r p r o ce d u re , th e p o w e r
t o a u th o r iz e th e t o t a l s to c k o f th e b a n k , to b e a ss e ss e d t o th e b a n k b y th e s u p e r v is o r w h e r e
t h e b a n k is lo c a t e d , a n d h a v e t h e t a x e s o n s t o c k p a id b y t h e b a n k , r e g a r d le s s o f w h e r e t h e
s to c k h o ld e r s a r e lo c a te d ?
S econ d .
H a s th e v illa g e a s s e s s o r a le g a l r ig h t to a ss e ss th e t o t a l b a n k s to c k t o th e b a n k
in t h e v i l l a g e w h e r e t h e b a n k is lo c a t e d , w h e r e a p o r t i o n is l o c a t e d o n o n § s id e o f t h e c o u n t y
a n d a p o r t io n o u t s id e o f th e v i l l a g e ? ”
I n r e p ly t h e r e t o w o u ld s a y t h e a n s w e r t o y o u r in q u ir ie s s e e m s t o b e c o n t a in e d in t h e l a n
g u a g e o f th e 3 r d s u b d iv is io n o f s e c t io n 1 4 o f th e g e n e r a l t a x la w
as fo u n d on p a y 27 o f th e
p a m p h le t o f g e n e r a l t a x la w s , r e v is io n o f
1 9 0 7 . T h is s u b d iv is io n
p r o v id e s th a t, “ A ll s h a re s
in b a n k s s h a ll b e a s s e s s e d t o t h e ir o w n e r s in t h e t o w n s h ip , v illa g e
o r c it y w h e r e th e b a n k is
lo c a te d : P r o v id e d , T h a t th e s h a re s o w n e d b y
a p e r s o n r e s id in g in t h e c o u n t y w h e r e t h e b a n k
is lo c a t e d s h a ll b e a s s e s s e d in th e t o w n s h ip o r c i t y w h e r e h e r e s id e s .”
M y a tt e n t io n h a s n o t b e e n c h a lle n g e d to a n y p r o v is io n o f th e la w t h a t w o u ld a u t h o r iz e
e it h e r t h e b o a r d o f d i r e c t o r s o r t h e v i l l a g e a s s e s s o r t o c h a n g e t h e m e t h o d p r e s c r ib e d in t h e
a b o v e s ta tu te .
A c c o r d in g ly . I a m in c lin e d t o b e lie v e t h a t e a c h o f t h e in q u ir ie s w h ic h y o u s u b
m it t e d s h o u ld b e a n s w e r e d in th e n e g a tiv e .
V e r y r e s p e c tfu lly ,
(S ig n e d )
Grant
F ello w s,
A tto r n e y
STATE
BANKS
CONTEM PLATED
IN
C IT IE S
OR
V IL L A G E S
G e n e r a l.
ONLY.
(4 0 )
M a y 10, 1913.
H o n . A lb e r t E . M a n n in g , D e p u t y C o m m is s io n e r o f B a n k in g , C a p it o l, L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n i c a t i o n o f M a y 1 s t in w h ic h y o u s t a t e t h a t y o u a r e in
r e c e ip t o f a n a p p lic a t io n t o o r g a n iz e a s t a t e b a n k w it h it s o ffic e a n d p la c e o f b u s in e s s t o b e
lo c a t e d in “ t h e t o w n s h ip o f S p r in g w e lls ,” C o u n t y o f W a y n e a n d S t a t e o f M ic h ig a n , w it h a
c a p it a l o f $ 2 5 ,0 0 0 .0 0 .
Y o u ask :
“ F ir s t.
C an th e D e p a r tm e n t le g a lly a c c e p t th e a r t ic le s o f in c o r p o r a tio n w it h th e lo c a tio n
d e s ig n a t e d , a n d b u s in e s s t o b e c a r r ie d o n , a s in a t o w n s h ip r a t h e r t h a n in a c i t y o r v i l l a g e ?
S econ d .
I f so w h a t c o n s t r u c tio n o n th e la w ca n be p la c e d w it h r e fe r e n c e t o th e c a p ita l
s to c k r e q u ir e m e n ts ?
T h ir d .
In o t h e r w o r d s , w o u ld th e c a p it a l s to c k b o b a s e d u p o n th e p o p u la tio n o f th e t o w n
s h ip a s a w h o le (in c lu s iv e , o f c o u r s e , o f in c o r p o r a t e d c it ie s a n d v il l a g e s ) , o r w o u ld t h e c a p ita l
s t o c k b e b a s e d u p o n t h e p o p u l a t i o n o f t h e s e t t le m e n t , o r c o m m u n it y , in w h ic h t h e b a n k a c t u a l ly
t r a n s a c ts b u s in e s s ? ”
I n a n s w e r to y o u r fir s t in q u ir y , w o u ld .s a y t h a t s e c t io n 1 o f th e G e n e r a l B a n k in g L a w se e m s
t o r e c o g n iz e o n ly c it ie s a n d v illa g e s a s t h e p la c e w h e r e a b a n k in g b u s in e s s m a y b e c o n d u c t e d .
W e h a v e , h o w e v e r , h e ld t h a t a b a n k m a y b e e s t a b lis h e d in a n u n in c o r p o r a t e d v illa g e .
(S e e
A t t o r n e y G e n e r a l’ s R e p o r t f o r 1 9 0 5 , p a g e 9 8 .)
S e c tio n 2 o f th e G e n e r a l B a n k in g A c t r e q u ir e s th e p e r s o n s a s s o c ia t in g to e x e c u t e a r t ic le s o f
in c o r p o r a t io n w h ic h s h a ll s p e c ify :
“ 2nd.
T h e c o u n t y a n d c it y o r v illa g e w h e re s u ch b a n k
is t o b e l o c a t e d a p d t o c o n d u c t it s b u s in e s s .”
I t is m y o p in io n t h a t it w a s c le a r ly th e in t e n t o f
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
lviii
t h e le g is la t u r e t o lim it t h e p la c e w h e r e a b a n k in g b u s in e s s m a y b e c o n d u c t e d t o e it h e r a c i t y o r
v illa g e (in c lu d in g u n in c o r p o r a t e d v illa g e s ) a n d t h a t y o u r d e p a r t m e n t w o u ld h a v e n o a u t h o r it y
t o a c c e p t a n a p p lic a t io n w h ic h s h o w s u p o n it s f a c e t h a t t h e p la c e o f b u s in e s s is a d e s ig n a t e d
“ to w n s h ip ” r a th e r th a n a c it y o r v illa g e .
I n a n s w e r t o y o u r s e c o n d a n d t h i r d i n q u i r i e s , w o u ld _ s a y i f a b a n k i s e s t a b l i s h e d i n a n
in c o r p o r a te d v illa g e th e a m o u n t f o r w h ic h it m a y b e c a p ita liz e d d e p e n d s u p o n th e p o p u la tio n
o f th e v illa g e .
T h e s a m e r u le is a p p lic a b le in t h e c a s e o f a n u n in c o r p o r a t e d v il l a g e .
I have
h e r e t o f o r e h e ld t h a t w h e r e a s t a t e b a n k is a u t h o r iz e d t o d o b u s in e s s w it h in a n u n in c o r p o r a t e d
v illa g e , t h a t it c a n n o t le g a lly e s ta b lis h a b r a n c h a g e n c y o u t s id e o f s u c h u n in c o r p o r a t e d v illa g e
a n d in a n o t h e r s e t t le m e n t o r u n in c o r p o r a t e d v illa g e .
(S e e o p in io n to H o n . E . H . D o y le , B a n k
in g C o m m is s io n e r , u n d e r d a t e o f F e b r u a r y 1 7 , 1 9 1 3 .)
I t is t h e r e fo r e m y o p in io n t h a t th e c a p it a l s to c k in th e c a s e y o u s u g g e s t w o u ld b e b a s e d
u p o n t h e p o p u l a t i o n o f t h e s e t t le m e n t , c o m m u n i t y o r v il l a g e , i n c o r p o r a t e d o r o t h e r w is e , in
w h ic h t h e b a n k is a c t u a l ly a u t h o r iz e d t o t r a n s a c t b u s in e s s .
V e r y r e s p e c tfu lly ,
(S ig n e d )
Grant
F ellow s,
A tto r n e y
PR O P E R RECORD OF
REPORT
OF
G e n e r a l.
D IR E C T O R S ’’ E X A M I N A T I O N S .
(41)
J u n e 3 0 th ,
E d w a rd
H . D o y le ,
C o m m is s io n e r
of
B a n k in g ,
C a p ito l,
1913.
L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f J u n e 2 5 t h , w h ic h r e a d s in p a r t a s f o l l o w s :
“ W e d e s ir e to c a ll y o u r a tt e n t io n t o S e c t io n 1 5 o f th e la w .
W e h a v e r e c e n t ly b e e n a sk e d
b y a s ta te b a n k w h e th e r t h e y w o u ld b e c o m p ly in g w it h t h e p r o v is io n s o f t h is s e c t io n o f th e
la w i f t h e y p e r m itt e d th e r e p o r t o f d ir e c t o r s ’ e x a m in a tio n t o b e r e a d a t b o a r d m e e tin g , a n d
h a v e th e m in u t e s o f s u c h m e e tin g s h o w a s f o l l o w s :
‘T h e c o m m it t e e a p p o in te d o n th e 8 t h d a y
o f O c to b e r t o m a k e th e s e c o n d e x a m in a tio n o f th e y e a r s u b m itte d r e p o r t o f s u c h e x a m in a tio n .
O n m o t i o n o f M r . C . r e p o r t w a s a c c e p t e d a n d o r d e r p l a c e d o n f ile , a n d r e p o r t m a d e a p a r t o f
th e s e r e c o r d s .’ ”
I n r e p ly t h e r e t o w o u ld s a y s e c t io n 1 5 o f t h e B a n k in g la w to w h ic h y o u r e fe r r e q u ir e s th e
b o a r d o f d ir e c t o r s to a p p o in t a n e x a m in in g c o m m it t e e .
T h e s e c t io n p r o v id e s th a t
“ T h e e x a m in in g c o m m it t e e s h a ll r e p o r t t o t h e b o a r d , g iv e in d e t a i l a ll it e m s in c lu d e d in
t h e a s s e t s o f t h e b a n k , w h ic h t h e y h a v e r e a s o n t o b e lie v e a r e n o t o f t h e v a lu e a t w h ic h t h e y
a p p e a r o n t h e b o o k s a n d r e c o r d s o f t h e b a n k , a n d g iv e t h e v a lu e o f e a c h o f s u c h it e m s a s in
t h e ir ju d g m e n t t h e y m a y h a v e d e t e r m in e d .
T h e b o a r d s h a ll m a k e a p r o p e r r e c o r d o f s a id
r e p o r t in th e m in u t e b o o k s o f th e b a n k , e t c .”
T h e m a t e r ia l r e q u ir e m e n t is t h a t th e r e p o r t o f th e e x a m in in g c o m m it t e e s h a ll b e m a d e to
th e b o a r d , a n d t h a t th e b o a r d s h a ll m a k e a p r o p e r r e c o r d t h e r e o f.
T h e s t a t e m e n t s s e t f o r t h in
t h e m in u t e s a s in d ic a t e d b y y o u r le t t e r , s h o w t h a t t h e r e p o r t w a s s u b m it t e d , a c c e p t e d , p la c e d
o n file a n d m a d e a p a r t o f t h e r e c o r d .
T h e s ta t u t e r e q u ir e s t h e r e p o r t t o b e r e c o r d e d in th e
m in u te b o o k s o f t h e b a n k .
I t is b e lie v e d , h o w e v e r , t h a t t h e a c t io n in q u e s t io n is a s u b s t a n t ia l
c o m p lia n c e w it h th e la w .
R e s p e c tfu lly y o u rs,
(S ig n e d )
G rant
F ellow s,
A t t o r n e y G e n e r a l.
A M O U N T OF BO N D S OF O F F IC E R S
AND EM PLOYEES
M UST
BE
CO M M ENSURATE
W IT H
S IZ E
OF B A N K , E TC .
(4 2 )
H on. E d w ard
A u gu st 21, 1913.
H . D o y le ,
C o m m is s io n e r
o f B a n k in g ,
C a p ito l:
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f t h e 2 0 t h in w h ic h y o u s u b m it a n in q u ir y u n d e r
th e F i f t h s u b d iv is io n o f S e c t io n 4 o f A c t 2 0 5 o f th e P u b lic A c t s o f 1 8 8 7 , a s a m e n d e d .
Y our
in q u ir y is a s f o l l o w s :
“ W h e r e t h e d ir e c t o r s o f a b a n k a c c e p t b o n d s f r o m o ffic e r s a n 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 e n c o m p a r e d t o t h e c a s h a n d s e c u r it ie s in t h e ir c o n t r o l, w o u ld t h e D e p a r t m e n t
h a v e th e r ig h t t o r e q u ir e b o n d s o f a g r e a t e r a m o u n t w h ic h w o u ld b e m o r e c o m m e n s u r a te w it h
t h e s iz e o f t h e b a n k , a n d t h e o p p o r t u n i t y f o r d e f a u l t i n g o r m a n i p u l a t i n g ?
W i l l y o u a ls o a d v is e w h e th e r o r n o t u n d e r s a id a m e n d m e n t th e D e p a r t m e n t h a s th e r ig h t
t o r e j e c t p e r s o n a l b o n d s o f b a n k o ffic e r s a n d e m p lo y e e s w h e r e o ffic e r s a n d b a n k d ir e c t o r s
b e c o m e s u r e tie s t h e r e o n ? ”
T h e a m e n d m e n t t o t h e A c t in q u e s t io n is fo u n d in A c t N o . 1 1 o f t h e P u b lic A c t s o f 1 9 1 3 .
T h e F if t h s u b d iv is io n t h e r e o f r e a d s a s f o l l o w s :
“ T o e le c t o r a p p o in t d ir e c t o r s , w h o s h a ll c h o o s e f r o m t h e ir m e m b e r s a p r e s id e n t a n d o n e
o r m o r e v ic e -p r e s id e n t s , a n d s h a ll h a v e p o w e r t o a p p o in t a n d e m p lo y a c a s h ie r o r t r e a s u r e r ,
a n d o t h e r o ffic e r s , d e fin e t h e ir d u t ie s , d is m is s s u c h o ffic e r s so e le c t e d o r a p p o in t e d , o r a n y o f
t h e m , a t p le a s u r e a n d e le c t o r a p p o in t o t h e r s t o fill t h e ir p la c e s , a n d t h e b o a r d o f d i r e c t o r s
s h a ll r e q u ir e e v e r y o ffic e r a n d e v e r y c le r k c o n c e r n e d in t h e h a n d lin g o f m o n e y s , a c c o u n t s a n d
s e c u r it ie s o f t h e b a n k t o b e b o n d e d e it h e r b y a s u r e t y c o m p a n y a u t h o r iz e d t o d o b u s in s s in
t h e S t a t e o f M ic h ig a n o r b y a p e r s o n a l b o n d in s u c h a n a m o u n t a s s h a ll b e d e t e r m in e d b y t h e
b oa rd o f d ir e c to r s :
P r o v id e d , T h a t th e b a n k s h a ll p a y f o r a n y s u r e t y b o n d s r e q u ir e d o f its
e m p lo y e e s .”
I t w ill b e o b s e r v e d f r o m th e fo r e g o in g q u o t a t io n t h a t it is a m a n d a t o r y d u t y d e v o lv in g u p o n
t h e b o a r d o f d ir e c t o r s t o r e q u ir e e v e r y o ffic e r a n d c le r k c o n c e r n e d in t h e h a n d lin g o f m o n e y s ,
a c c o u n t s a n d s e c u r itie s t o g iv e a b o n d .
T h e la w c le a r ly c o n te m p la te s t h a t th e a m o u n t o f th e
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
lix
b o n d s h a ll b e f o r a r e a s o n a b le a m o u n t a n d f o r a n a m o u n t r e a s o n a b l y p r o p o r t i o n a t e t o t h e s iz e
o f th e b a n k , th e c h a r a c te r o f e m p lo y m e n t a n d t h e o p p o r t u n it ie s a ffo r d e d f o r w r o n g d o in g .
A
b o a r d o f d ir e c t o r s w o u ld n o t b e p e r fo r m in g its s t a t u t o r y d u t y i f it a p p r o v e s a b o n d f o r a n
a m o u n t w h ic h c le a r ly s h o w s th e a c t io n to b e a m e r e s u b te r fu g e .
I t is p r o b a b ly tr u e t h a t a
b o a r d o f d ir e c t o r s w o u ld b e lia b le f o r f a il u r e t o r e q u ir e a b o n d in a p r o p e r a n d r e a s o n a b le
a m ou n t.
I a m in c lin e d t o b e lie v e t h a t t h e B a n k in g C o m m is s io n e r h a s a u t h o r it y t o r e q u ir e
a b o a r d o f d i r e c t o r s t o p e r fo r m it s s t a t u t o r y d u t y in a p p r o v in g a n d a c c e p t in g a b o n d f o r a
r e a s o n a b le a m o u n t.
R e la t iv e to th e s e c o n d p o r t io n o f y o u r in q u ir y , th e a b o v e q u o te d la n g u a g e a u th o r iz e s a n y
s u c h o ffic e r o r c le r k t o b e b o n d e d e it h e r b y a s u r e t y c o m p a n y a u t h o r iz e d t o d o b u s in e s s in t h e
S ta te o f M ic h ig a n , o r b y a p e r s o n a l b o n d .
I t n e e d s n o a r g u m e n t to s u p p o r t th e p r o p o s it io n
t h a t th e le g is la t u r e n e v e r in t e n d e d t h a t t h e p e r s o n a l b o n d s r e fe r r e d t o in t h e a b o v e q u o t e d la w
s h o u ld h a v e a s s u r e tie s th e r e o n th e o ffic e r s a n d d ir c t o r s o f th e b a n k .
I t is m y o p i n i o n t h a t t h e b o a r d o f d i r e c t o r s w o u ld h a v e n o a u t h o r i t y t o a c c e p t o r a p p r o v e
a n y s u ch b o n d , a n d t h a t y o u w o u ld b e a c t in g w e ll w it h in y o u r r ig h t s i f y o u r e je c t p e r s o n a l
b o n d s o f b a n k o ffic e r s a n d b a n k e m p lo y e s w h e r e t h e s u r e t ie s t h e r e o n a r e o ffic e r s a n d d ir e c t o r s
o f th e ban k.
R e sp e c tfu lly y ou rs,
(S ig n e d )
G rant
F ellow s,
A t t o r n e y G e n e r a l.
AS
TO
E X A M IN E R S *
S A L A R IE S .
(4 3 )
S ep tem b er 12, 1 9 1 3 .
H o n . O . B . F u lle r , A u d i t o r G e n e r a l, C a p i t o l :
D e a r S ir — Y o u h a v e r e c e n t ly r e q u e s t e d t h is D e p a r t m e n t f o r a n o p in io n a s t o t h e c o n s t r u c
t io n t o b e p la c e d u p o n S e c t io n 3 8 o f th e B a n k in g L a w , a s a m e n d e d b y A c t 4 3 o f t h e P u b lic
A c t s o f 1 9 1 3 , s u c h a m e n d e d s e c t io n r e la t in g to th e s a la r ie s o f b a n k in g e x a m in e r s .
T h e ques
t io n is p r e s e n t e d a s t o w h e t h e r o r n o t a n e x a m in e r h o ld in g s u c h p o s it io n a t t h e t im e o f t h e
a m e n d m e n t o f 1 9 1 3 b e c a m e o p e r a t iv e is e n t it le d t o r e c e iv e t h e in c r e a s e o f $ 2 0 0 .0 0 p r o v id e d f o r
b y th e a m e n d e d s e c t io n .
In o t h e r w o r d s , w h e t h e r s e r v ic e s r e n d e r e d in s u c h e m p lo y m e n t p r e
v i o u s t o t h e t im e t h a t t h e a m e n d m e n t t o o k e ffe c t c a n b e c o n s id e r e d in d e t e r m in in g t h e r i g h t t o
in c r e a s e d c o m p e n s a tio n .
T h e c la u s e t h a t is in q u e s t io n r e a d s a s f o l l o w s :
“ S a la r ie s o f t h e e x a m in e r s s h a ll b e in t h e s u m o f $ 1 ,7 0 0 .0 0 p e r a n n u m d u r in g t h e fir s t y e a r
o f t h e ir e m p lo y m e n t a s s u c h , a n d s h a ll b e in c r e a s e d n o t t o e x c e e d $ 2 0 0 .0 0 e a c h y e a r o f s u c h
e m p lo y m e n t u n t il t h e f u l l s u m o f $ 2 ,2 0 0 .0 0 is r e a c h e d , w h ic h s u m s h a ll b e t h e ir a n n u a l s a la r y
t h e r e a ft e r .”
I t w a s u n d o u b te d ly t h e b e lie f o f t h e le g is la t u r e t h a t e x p e r ie n c e a n d s e r v ic e in th e e m p lo y
m e n t in q u e s t io n w o u ld o p e r a t e t o r e n d e r a b a n k e x a m in e r m o r e p r o fic ie n t in t h e d is c h a r g e o f
h is d u t ie s , a n d t h a t h e s h o u ld in c o n s e q u e n c e o f s u c h in c r e a s e d p r o fic ie n c y r e c e iv e a s a la r y
c o m m e n s u r a te t h e r e w it h .
I n v ie w o f th e u n d e r ly in g r e a s o n s p r o m p tin g th e p a s s a g e o f th is
a m e n d m e n t a s s u g g e s te d a b o v e , it d o e s n o t o c c u r t o m e t h a t it is m a te r ia l w h e th e r th e
e m p lo y m e n t u p o n w h ic h t h e in c r e a s e d c o m p e n s a t io n is b a s e d s h a ll h a v e b e e n r e n d e r e d p r io r t o
t h e t a k in g e ffe c t o f th e a m e n d m e n t o f 1 9 1 3 , o r s u b s e q u e n t t h e r e t o .
I n o t h e r w o r ld s , i t i s m y
o p in io n t h a t s u ch in c r e a s e m a y b e b a s e d u p o n s e r v ic e s r e n d e r e d p r io r t o A u g u s t 1 4 th , 1 9 1 3 .
I d o n o t th in k t h a t t h is c o n s t r u c t io n g iv e s to th e A c t in q u e s tio n r e t r o a c t iv e e ffe c t, th e p u r
p o s e t h e r e o f b e in g , n o t to r e w a r d t h e in c u m b e n ts o f th e p o s it io n s a ffe c t e d f o r p a s t s e r v ic e s ,
b u t r a t h e r t o c o m p e n s a t e th e m f o r fu t u r e e m p lo y m e n t in a c c o r d a n c e w it h t h e ir p r o fic ie n c y
a tt a in e d t h r o u g h a c t u a l e x p e r ie n c e in th e lin e o f w o r k in v o lv e d .
I t f o l l o w s in c o n s e q u e n c e t h a t a n y e x a m in e r w h o u n d e r t h e p r o v is io n s o f S e c t io n 3 8 o f t h e
B a n k in g L a w s , a s a m e n d e d a t t h e s e s s io n o f 1 9 0 9 , w o u ld a t t h e p r e s e n t t im e b e e n t it le d t o a n
in c r e a s e o f $ 1 0 0 .0 0 p e r a n n u m w e r e s u c h a m e n d m e n t s t ill in f o r c e m a y r e c e iv e t h e in c r e a s e o f
$ 2 0 0 .0 0 a s in d ic a t e d in s a id s e c t io n , a s a m e n d e d b y A c t 4 3 o f t h e P u b lic A c t s o f 1 9 1 3 .
R e s p e c tfu lly y ou rs,
(S ig n e d )
G rant
F ellow s,
A t t o r n e y G e n e r a l.
D IS C R E T IO N A R Y A U T H O R IT Y V E S T E D
IN
C O M M IS S IO N E R
IN
C A P IT A L
(4 4 )
H on.
STOCK
IM P A IR M E N T .
O cto b e r
E . H . D o y le , C o m m is s io n e r
of
B a n k in g ,
C a p ito l,
2, 1 91 3 .
L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f S e p t e m b e r 1 1 t h , w h ic h r e a d s a s f o l l o w s :
“ W e r e s p e c t f u lly r e q u e s t y o u r o p in io n a s t o w h e t h e r o r n o t , in c a s e o f a n im p a ir m e n t o f
c a p it a l s to c k , th e D e p a r t m e n t c o u ld p e r m it a s ta t e b a n k to a c c e p t , in lie u o f c a s e , s t o c k h o ld e r s ’
n o t e s p r o r a t a t o m a k e g o o d t h e d e fic ie n c y o f c a p it a l s t o c k in s a id b a n k o n a c c o u n t o f b a d o r
d o u b t fu l a s s e ts , r e q u ir e d b y th e D e p a r t m e n t to b e e lim in a t e d ? ”
I n r e p ly t h e r e t o , w o u ld s a y t h e m a t t e r o f m a k in g g o o d a d e fic ie n c y a s a r e s u lt o f t h e
im p a ir m e n t o f c a p it a l s t o c k in a b a n k s e e m s t o b e g o v e r n e d b y s e c t io n 4 2 o f t h e B a n k in g L a w ,
b e in g c o m p ile r ’ s s e c t io n 5 2 o f th e p a m p h le t o f la w s r e la t in g to b a n k in g , r e v is io n o f 1 9 1 1 . T h is
s e c t io n p r o v id e s in p a r t t h a t :
“ W h e n e v e r it s h a ll a p p e a r f r o m t h e r e p o r t o f a n y b a n k , o r t h e C o m m is s io n e r s h a ll h a v e
r e a s o n t o b e lie v e t h a t t h e c a p i t a l s t o c k o f a n y b a n k is im p a ir e d o r r e d u c e d b e lo w t h e a m o u n t
r e q u ir e d b y la w , it s h a ll b e th e d u t y o f th e C o m m is s io n e r , a n d h e s h a ll h a v e t h e p o w e r to
e x a m in e t h e s a id b a n k a n d a s c e r t a in t h e f a c t s , a n d in c a s e h e fin d s s u c h im p a ir m e n t o r r e d u c
t io n o f c a p ita l, h e s h a ll r e q u ir e s u c h b a n k t o m a k e g o o d t h e d e fic ie n c y s o a p p e a r in g w it h in
s ix t y d a y s a f t e r t h e d a t e o f s u c h r e q u is it io n .”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT?.
lx
T h e s a m e s e c t io n m a k e s it th e d u t y o f th e d ir e c t o r s o f th e b a n k u p o n s u c h r e q u is it io n t o
le v y th e n e c e s s a r y a s s e s s m e n t a n d p r e s c r ib e th e m e th o d f o r th e s a le o f th e s to c k in c a s e th e
a s s e s s m e n t is n o t p a id .
I t w ill b e o b s e r v e d fr o m th e f o r e g o in g q u o t a t io n t h a t th e r e is a m a n d a t o r y r e q u ir e m e n t
t h a t th e C o m m is s io n e r o f B a n k in g s h a ll r e q u ir e th e b a n k to m a k e g o o d th e d e fic ie n c y .
I am
u n a b le t o fin d a n y p r o v is i o n w h ic h is c o n t r o l l i n g in t h e p a r t ic u l a r m a n n e r in w h ic h t h e
d e fic ie n c y s h a ll b e m a d e g o o d .
In th e a b s e n c e o f a s ta t u t o r y r e q u ir e m e n t p r e s c r ib in g w h e th e r
t h e im p a ir m e n t m a y b e r e m e d ie d e it h e r b y t h e p a y m e n t o f c a s h , n o t e o r c o lla t e r a l s e c u r it y , it
is s o m e w h a t d if f ic u lt t o o u t l i n e a h a r d a n d f a s t r u le , t o b e g e n e r a lly a n d u n iv e r s a l l y a p p lic a b le ,
v e s t s in h im a la r g e d i s c r e t i o n a r y a u t h o r i t y .
I t is h is d u t y t o s e e t h a t t h e d e f ic ie n c y is m a d e
good.
H e m u s t b e s a tis fie d , a n y a c t io n o r a p p r o v a l o f th e b o a r d o f d ir e c t o r s to th e c o n t r a r y
n o tw ith s ta n d in g .
C a s h o r it s e q u iv a le n t s h o u ld b e r e q u ir e d .
A s t o c k h o ld e r s ’ n o t e w o u ld n o t
n e c e s s a r ily in e v e r y i n s t a n c e b e a c o m p l ia n c e w it h t h e la w , w h ile in a p a r t ic u l a r c a s e y o u
m ig h t b e w a r r a n t e d in a p p r o v i n g a n o t e , w i t h o r w i t h o u t c o l l a t e r a l s e c u r i t y i n d e t e r m in in g
w h e th e r th e r e h a s b e e n a c o m p lia n c e w it h th e la w a n d y o u r r e q u is it io n .
It is t h e r e fo r e m y o p in io n t h a t it is f o r t h e C o m m is s io n e r o l B a n k in g t o d e t e r m in e w h e t h e r
h is r e q u is it io n r e q u ir in g a b a n k to m a k e g o o d th e d e fic ie n c y so a p p e a r in g is o b e y e d ; t h a t th e r e
m a y b e a c o m p lia n c e w it h th e la w w it h o u t th e p a y m e n t o f c a s h ; t h a t c a s h o r its e q u iv a le n t
s h o u ld b e r e q u ir e d a n d t h a t in d e t e r m in in g w h e t h e r t h e r e h a s b e e n a c o m p lia n c e w it h t h e la w
a n o t e , o r a n o t e a c c o m p a n ie d b y c o l l a t e r a l s e c u r it y m a y in t h e d is c r e t io n a r y a u t h o r it y o f th e
B a n k in g C o m m is s io n e r b e a p p r o v e d in d e t e r m in in g w h e t h e r t h e r e h a s b e e n a c o m p l ia n c e w it h
y o u r r e q u is it io n .
V e ry r e s p e c tfu lly y o u rs,
(S ig n e d )
G rant
F e l l o w s .,
A t t o r n e y G e n e r a l.
LO AN S
TO
M U N IC IP A L
C O R P O R A T IO N S
L IM IT E D
TO
TW ENTY
PER
CENT
(4 5 )
OP
C A P IT A L
AND
N ovem ber
24,
SURPLUS.
1913.
H o n . E . H . D o y le , C o m m is s io n e r o f B a n k in g , C a p ito l, L a n s in g :
D e a r S ir — I h a v e y o u r c o m m u n i c a t i o n o f N o v e m b e r 1 9 t h , d i r e c t i n g a t t e n t i o n t o S e c t io n s 2 7
a n d 5 2 o f th e B a n k in g L a w .
Y o u r le t t e r r e a d s , in p a r t , a s f o l l o w s :
“ T h e la t t e r p r o v id e s t h a t a lo a n t o a n y p e r s o n , fir m o r c o r p o r a tio n s h a ll n o t e x c e e d t w e n t y
p e r ce n t o f c a p ita l a n d s u r p lu s ; a n d th e n o n ly u p o n th e tw o -th ir d s a u th o r iz a tio n o f th e b o a rd
o f d ir e c to r s .
U n d e r s a id s e c t io n w e d e s ir e to be in fo r m e d w h e th e r o r n o t a m u n ic ip a l c o r p o r a
t i o n c a n b o r r o w o n i t s n o t e , s i g n e d b y p r o p e r o f f i c i a l s , a n a m o u n t in e x c e s s o f t w e n t y p e r c e n t
o f c a p it a l a n d s u r p lu s .
I t is m a in t a in e d u p o n t h e p a r t o f s o m e b a n k s t h a t t h e l i m i t a t i o n in
s a id s e c t io n d o e s n o t a p p ly t o lo a n s t o m u n ic ip a l c o r p o r a t i o n s ; t h a t s u c h lo a n s a r e in t h e
n a t u r e o f a p u b lic d e b t, a s m e n t io n e d in s u b d iv is io n ( b ) , s e c t io n 2 7 o f t h e la w , a n d t h e r e b y a r e
s u b je c t t o s u c h lim it a t io n s .”
I n r e p ly t h e r e t o w o u ld s a y i t is b e lie v e d t h a t t h e b a n k s r e f e r r e d t o in y o u r l e t t e r a r e p l a c
in g a n e r r o n e o u s c o n s t r u c tio n u p o n th e s ta tu te .
S e c t io n 5 2 p r o v id e s in p a r t :
“ T h e t o t a l l i a b i l it i e s t o a n y b a n k o f a n y p e r s o n o r o f a n y c o m p a n y , c o r p o r a t i o n o r fir m f o r
m o n e y s a d v a n c e d , in c l u d i n g t h e l i a b i l it i e s o f t h e c o m p a n y o r firm , t h e l i a b i l it i e s o f t h e s e v e r a l
m e m b e r s t h e r e o f e x c e p t s p e c ia l p a r t n e r s , s h a ll a t n o t im e e x c e e d o n e - t e n t h p a r t o f t h e a m o u n t
o f th e c a p it a l a n d s u r p lu s o f s u c h b a n k , e t c .”
T h e s a m e s e c t io n a u t h o r iz e s a lo a n o f n o t to e x c e e d t w e n t y p e r c e n t c a p it a l a n d s u r p lu s
u p o n th e a u th o r iz a tio n o f tw o -th ir d s o f th e b o a r d o f d ir e c to r s .
S e c t io n 3 7 r e fe r s to e n t ir e ly d iffe r e n t m a t t e r .
T h is s e c t io n p r e s c r ib e s a d ir e c t io n c o n c e r n
in g d e p o s it s o r in v e s tm e n ts , w h ile S e c t io n 5 2 p r e s c r ib e s a lim it a t io n o n lo a n s w h ic h m a y
be m ade.
W e d e m e y e r v . H in d e la n g , 1 6 1 M ic h . 6 0 0 ( 6 0 3 ) .
I n th e a b s e n c e o f e x p r e s s a u t h o r it y a u t h o r iz in g a g r e a t e r lo a n to a m u n ic ip a l c o r p o r a t io n
t h a n t o a n y o t h e r p e r s o n , fir m o r c o r p o r a t io n , n o g o o d r e a s o n s u g g e s t s it s e l f t o m e r e q u ir in g
t h e a p p lic a t io n o f a d iffe r e n t r u le .
I n s ta n c e s m ig h t a r is e w h e n it m ig h t b e h a z a r d o u s to a
b a n k t o o v e r s t e p t h is lim it in m a k in g lo a n s t o a m u n ic ip a l c o r p o r a t i o n a s t o a n y o t h e r
c r p o r a tio n .
I t is m y o p in io n t h a t a m u n ic ip a l c o r p o r a t io n is b o u n d b y th e s t r ic t te r m s o f s e c t io n 5 2 ,
a n d t h a t t h e b a n k h a s n o a u t h o r i t y t o lo a n m o n e y t o a m u n i c i p a l c o r p o r a t i o n o n a n o t e s ig n e d
b y t h e p r o p e r o ffic ia ls in a n a m o u n t in e x c e s s o f t w e n t y p e r c e n t o f t h e c a p i t a l a n d s u r p lu s .
R e sp e c tfu lly y ou rs,
(S ig n e d )
G rant
F ellow 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 it h
pro per
s ig n a t u r e s
to
be
(4 6 )
pro cu red
.
M a rch 14, 1914.
H o n . E . H . D o y le , C o m m is s io n e r o f B a n k in g , C a p it o l, L a n s i n g :
D e a r S i r — -Y o u h a v e r e c e n t l y f o r w a r d e d t o t h i s D e p a r t m e n t a l e t t e r f r o m
C h a r le s D .
T h o m p s o n o f B a d A x e , M ic h ig a n , a s k in g m y o p in io n u p o n th e in q u ir y th e r e in m a d e .
T h is le tte r
r e a d s in p a r t a s f o l l o w s :
“ T o a v o i d t h e o b je c t i o n a b l e p r a c t i c e o f c o u n t r y b a n k s in e x t e n d in g t h e ir p o w e r f r o m t im e
t o t im e b e c a u s e o f t h e in a b ilit y t o g e t a ll s ig n e r s t o j o i n in n e w n o t e s , it h a s b e e n s u g g e s t e d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
lxi
to m e t h a t a n o t e f o r th e o r ig in a l lo a n w it h th e g u a r a n to r s s ig n in g u n d e r a g u a r a n ty c la u s e
o f ‘f o r v a l u e r e c e i v e d , I h e r e b y g u a r a n t e e t h e p a y m e n t o f t h e w i t h i n n o t e a t m a t u r i t y , o r a t
a n y t im e t h e r e a f t e r , in c l u d i n g a n y r e n e w a l o f s a m e , w a i v i n g a d e m a n d , n o t i c e o f n o n p a y m e n t
a n d p r o t e s t ’ c o u ld s a fe ly a n d p r o p e r ly b e h a n d le d b y p e r m it t in g th e m a k e r to e x e c u te a n e w
n o te a n d r e t a in in g th e o ld n o t e w it h th e e n d o r s e m e n t u n d e r th e a b o v e g u a r a n ty .
T h is w o u ld g iv e t h e b a n k e r n e w p a p e r a n d a v o id th e q u e s tio n o f e x te n s io n , y e t w o u ld n o t
in c o n v e n ie n c e h is c u s t o m e r .”
Y o u d e s ir e to k n o w w h e th e r th e r e a r e a n y o b je c t io n s to th e m e th o d o u t lin e d in th e a b o v e
c o m m u n ic a tio n .
I n r e p ly t h e r e t o w o u ld s a y t h a t t h e p r in c ip a l id e a c o n t a in e d in t h e s u g g e s t io n s e e m s t o b e
t h a t s u c h a c o n t r a c t w o u ld le s s e n t h e w o r k o f t h e b a n k in p r o c u r i n g r e n e w a ls o f u n p a id n o t e s
b y h a v in g t h e r e n e w a ls s ig n e d o n ly b y t h e p a r t ie s p r im a r ily lia b le .
I t is e n t ir e ly p o s s ib le th a t
s u c h a c o n t r a c t w o u ld b e b in d in g u p o n t h e m a k e r s w e r e t h e m a t t e r t e s t e d in c o u r t , b u t it
o c c u r s t o m e t h a t i t w o u ld e s ta b lis h a b a d p r a c t ic e f o r b a n k s.
A s a m a tte r o f p r a c tic e I d o
n o t t h in k c u s t o m e r s o f b a n k s s h o u ld b e e n c o u r a g e d in th e id e a t h a t t h e s t a t u s o f t h e ir p a p e r
is m o r e a m a t t e r f o r t h e b a n k s t o lo o k o u t f o r t h a n t h e b o r r o w e r s t h e m s e lv e s .
I t is u n q u e s
t io n a b ly th e d u t y o f b o r r o w e r s to see t h a t t h e ir p a p e r is r e n e w e d a s o ft e n a s n e c e s s a r y .
R e g a r d le s s o f th e e x a c t le g a l q u e s tio n in v o lv e d I a m im p r e s s e d t h a t y o u s h o u ld n o t c o u n t e n a n c e
th e s u g g e s tio n m a d e b y M r. T h o m p s o n .
R e s p e c tfu lly y o u rs ,
A. B. D
o u g h e r ty
,
D e p u t y A t t o r n e y G e n e r a l.
I re tu rn
h e r e w ith
M r . T h o m p s o n ’ s le tte r .
PURCH ASE
P R IC E
OF L E A S E S
M A Y BE
C A R R IE D A S B A N K I N G
(4 7 )
H o n . E . H . D o y le , B a n k in g
H OUSE.
L a n s in g , M a r c h
17, 1914.
C o m m is s io n e r , C a p it o l, L a n s in g :
D e a r S ir — Y o u r c o m m u n ic a t io n o f r e c e n t d a te , r e la t iv e t o lo n g t e r m le a s e s b y b a n k s f o r
b a n k in g h o u s e s , r e c e iv e d a n d c o n te n ts n o te d .
In y o u r fir s t c o m m u n ic a t io n y o u s ta t e th e f o l
lo w in g :
“ A s y o u a r e p r o b a b ly w e ll a w a r e , in t h e la r g e c it ie s in M ic h ig a n s t a t e b a n k s a r e e s t a b lis h
in g a n u m b e r o f b r a n c h e s o r a g e n c ie s , a n d in s o m e in s t a n c e s p r o c u r e b a n k in g o ffic e a n d r e a l
e s t a t e u n d e r a lo n g t im e le a s e , in s o m e in s t a n c e s f o r 9 9 y e a r s , c a r r y in g p u r c h a s e p r ic e o f t h e
le a s e in b a n k in g h o u s e a c c o u n t .
I n v ie w o f th e f a c t t h a t w e a r e a d v is e d t h a t c e r ta in b a n k s m a y e r e c t e x p e n s iv e b u ild in g s
o n le a s e d g r o u n d s w it h t h e e x p e c t a t io n o f c a r r y in g s a m e in t h e ir b a n k in g h o u s e a c c o u n t , w e
r e s p e c t fu lly a sk y o u r o p in io n a s to w h e th e r o r n o t th e D e p a r tm e n t h a s th e r ig h t, u n d e r th e
la w a n d a ll t h e c ir c u m s t a n c e s , t o p e r m it b a n k in g h o u s e a n d la n d so h e ld w h e r e t h e fe e o f th e
p r o p e r t y is n o t in t h e b a n k .”
T h e p a r t ic u l a r q u e s t io n is p r e s e n t e d a s t o w h e t h e r a c e r t a in le a s e e n t e r e d in t o b y t h e
• ............ .. ........................ B a n k , a c o p y o f w h i c h y o u h a v e p r o c u r e d a n d f o r w a r d e d t o m e , i s v a l i d s o
f a r a s th e b a n k is c o n c e r n e d ; a n d a ls o w h e th e r b u ild in g s e r e c te d u p o n th e g r o u n d so le a se d
b y th e b a n k s h o u ld b e c a r r ie d a s “ b a n k in g h o u s e .”
I h a v e e x a m i n e d t h i s l e a s e , w h i c h w a s o r i g i n a l l y m a d e b e t w e e n t h e ........................................................
C o m p a n y a n d t h e ................................................ C o m p a n y , p a r t i e s o f t h e f i r s t p a r t , a n d ............................. . . . ! . !
p a rty o f th e secon d p a rt.
I a ss u m e th a t th e le s s e e ’s r ig h t s h a v e b een a s s ig n e d to th e b a n k .
U n d e r t h e t e r m s o f t h is le a s e , w h ic h r u n s f o r 9 9 y e a r s , th e le s s e e is r e q u ir e d t o p a y $ 2 0 ,0 0 0 .0 0
a y e a r g r o u n d r e n t f o r t h e fir s t te n y e a r s , a n d $ 2 5 ,0 0 0 .0 0 a y e a r t h e r e a f t e r .
T h e le s s e e a ls o
a g r e e s t o c o n s t r u c t o n p a r t o f t h e g r o u n d a b u ild in g o f n o t le s s , v a lu e t h a n $ 5 0 ,0 0 0 .0 0 .
P ergi v ,e n
t lle le a s e
w h ic h t h e le s s e e m a y c o n s t r u c t a b u ild in g o f n o t le s s th a n
$ 1 0 0 ,0 0 0 .0 0 , t o ta k e t h e p la c e o f a n y b u ild in g s n o w o r h e r e a f t e r c o n s t r u c t e d .
T h e le a s e c o n t a in s . t h e u s u a l p r o v is io n s f o r f o r f e i t u r e a n d s e c u r it y f o r p e r fo r m a n c e a n d p r o v id e s in c a s e o f
, a r e b e fo r e th e e n d o f th e te r m a n d a ls o u p o n th e t e r m in a t io n o f th e le a s e b y e x p ir a t io n
o f t im e , a ll t h e b u ild in g s e r e c t e d b y th e le s s e e s h a ll b e c o m e t h e p r o p e r t y o f t h le s s o r .
D u r in g
t h e t e r m , h o w e v e r , t h e le s s e e is g iv e n t h e r i g h t t o s u b le t , m a k e im p r o v e m e n t s , a s s ig n o r s e ll
h is in t e r e s t in t h e le a s e , o r u s e it a s s e c u r it y f o r lo a n s , e t c .
T h e in te n t o f th e in s tr u m e n t
a p p a r e n t ly is t h a t t h e le s s e e s h a ll e x e r c is e a ll t h e r ig h t s o f o w n e r s h ip in t h e b u ild in g o r b u ild
in g s in c id e n t to o r d in a r y o w n e r s h ip w ith th e e x c e p tio n th a t th e le s s o r h a s th e r ig h t o f e n t r y
t o r in s p e c t io n o r e x h ib it io n , a n d w it h th e fu r t h e r r e s e r v a t io n t h a t th e le s s e e m a y n o t in c u m b e r
t h e p r o p e r t y in s u c h a m a n n e r a s t o im p a ir t h e l e s s o r ’ s in t e r e s t t h e r e in .
T h e f ir s t q u e s t io n p r e s e n t e d b y y o u r in q u ir y is a s t o w h e t h e r u n d e r t h e M ic h ig a n B a n k in g L a w s it is w i t h i n t h e p o w e r o f a S t a t e B a n k t o e n t e r in t o s u c h a le a s e .
O n th is p r o p o s it io n I th in k w e a r e a g r e e d t h a t S ta te B a n k s m a y u n d e r S e c t io n 6 1 0 0 o f th e
C o m p ile d L a w s o f 1 8 9 7 e n t e r in t o a le a s e o f t h e n a t u r e in d ic a t e d .
T h i s s e c t i o n p r o v i d e s in
p a rt, as fo llo w s :
“ A b a n k m a y p u rch a se , h o ld a n d c o n v e y re a l e s ta te fo r th e fo llo w in g p u rp o s e s, b u t n o
o t h e r :¡ F i r s t , . s u c h a s s h a l l b e n e c e s s a r y f o r t h e c o n v e n i e n t t r a n s a c t i o n o f i t s b u s i n e s s , i n c l u d
in g w it h it s b a n k in g o ffic e s o t h e r a p a r t m e n t s t o r e n t a s a s o u r c e o f in c o m e , b u t w h ic h s h a ll
n o t e x c e e d 5 0 % o f it s p a id in c a p it a l
* * * * > >
T h e N a t io n a l B a n k in g A c t (R e v is e d S t a t u t e s , S e c t io n 5 1 3 7 ) c o n t a in s a v e r y s im ila r p r o
v is io n , n a m e ly :
“ A N a tio n a l B a n k in g A s s o c ia tio n m a y p u r c h a s e , h o ld a n d c o n v e y r e a l e s ta te f o r th e f o llo w m g p u r p o s e s a n d f o r n o o t h e r s : F ir s t , s u c h a s s h a ll b e n e c e s s a r y f o r i t s im m e d ia t e a c c o m m o
d a t io n in t h e t r a n s a c t io n o f its b u s in e s s .
*
*
*
*”
U n d e r t h is p r o v is io n o f th e N a tio n a l B a n k in g L a w , th e S u p r e m e C o u r t o f th e U n ite d S ta te s
h e ld m s e v e r a l in s ta n c e s t h a t N a tio n a l B a n k s p o s s e s s e d th e p o w e r to p u r c h a s e a n d h o ld lo n g
t e r m l e a s e s , p r o v i d e d s u c h l e a s e s a r e b o n a fi d e .
S e e B r o w n v . S c h l e i e r , 1 9 4 U . S ., 1 8 , a f f i r m i n g
th e d e c is io n o f th e C ir c u it C o u r t o f A p p e a ls in th e s a m e ca s e , r e p o r t e d 1 1 8 F e d . 9 8 1 .
I th in k
th is d e c is io n is c o n c lu s iv e u p o n th e p r o p o s it io n , a n d t h a t t h e r e fo r e it is in t r a v ir e s o f o u r S ta te
b a n k s t o e n t e r in t o s u c h a le a s e in p r e fe r e n c e t o o b t a in in g t h e fe e .
Y o u r s e c o n d in q u ir y is a s t o w h e t h e r u n d e r s u c h a le a s e t h e in v e s t m e n t o f t h e le s s e e b a n k
s h o u ld b e c a r r ie d u n d e r t h e h e a d “ B a n k in g H o u s e .”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
lxii
U p o n t h is p r o p o s it i o n s o f a r a s I h a v e b e e n a b le t o fin d t h e a u t h o r i t i e s d o n o t t h r o w a n y
lig h t .
I f th e b a n k h a d o b ta in e d th e fe e in t h e la n d u p o n w h ic h th e b u ild in g is e r e c te d i t w o u ld
b e c a r r ie d in it s a c c o u n t s a s, “ B a n k in g H o u s e .”
H a v in g le s s th a n a fe e , a n d a n in t e r e s t w h ic h
m ig h t b e f o r f e it e d th r o u g h n o n -p e r fo r m a n c e o n t h e p a r t o f t h e b a n k , a n d th e te r m s o f th e le a s e
it s e l f im p o s in g a c o n t in u o u s li a b i l it y u p o n t h e le s s e e b a n k , t h e r e is s o m e q u e s t io n a s t o w h e t h e r
th is le a s e is a n a s s e t o r a lia b ilit y .
I t is a lia b ilit y to th e e x te n t t h a t th e b a n k m u s t p a y its
r e n t w h e th e r it o b ta in s a n y in c o m e f r o m th e b u ild in g o r n o t , a n d it h a s th e fu r t h e r lia b ilit y
t h a t it m u s t e r e c t a b u ild in g w o r t h n o t le s s t h a n $ 5 0 ,0 0 0 u p o n th e la n d , a n d it m u s t a t a ll
t im e s a f t e r t h e e r e c t io n o f s u c h b u ild in g m a in t a in t h e n e w b u ild in g a n d o ld e r b u ild in g s a t a
v a lu e n o t le s s t h a n $ 1 0 0 ,0 0 0 .
U n d o u b t e d ly i f th e p la n s o f t h e b a n k d o n o t m is c a r r y th e le a s e
w ill be a v a lu a b le a ss e t.
I n d e p e n d e n t o f s u c h c o n s id e r a t io n s , h o w e v e r , a n d w h ic h a r e la r g e ly s p e c u la tiv e , th e f a c t
r e m a in s t h a t t h e b a n k h a s in v e s t e d , o r w ill in v e s t , a s p e c ifie d a m o u n t o f m o n e y in t h e e r e c t io n
o f a b u ild in g o r b u ild in g s f o r its o w n u s e a s a b a n k .
I d o n o t see h o w su ch a n in v e s tm e n t ca n
b e t r e a t e d d iffe r e n t ly f r o m t h e in v e s t m e n t in a fe e , b o t h b e in g f o r t h e s a m e p u r p o s e .
T h e o n ly
d iffe r e n c e w o u ld b e a s to a c t u a l v a lu e .
I u n d e r s ta n d t h a t N a tio n a l B a n k s o w n in g t h ir b a n k in g
h o u s e s u n d e r s im ila r le a s e s a r e p e r m it t e d t o c a r r y t h e s a m e in “ B a n k in g H o u s e ” a c c o u n t .
Í
a m t h e r e fo r e o f t h e o p in io n t h a t t h e s a m e r u le s h o u ld a p p ly t o S t a t e B a n k s .
T he am ount
w h ic h s h o u ld b e c a r r ie d a s “ B a n k in g H o u s e ” a c c o u n t s h o u ld n o t e x c e e d th e a c t u a l v a lu e o f th e
b u ild in g s e r e c t e d b y t h e b a n k u n d e r t h e le a s e , a n d s h o u ld n o t in c lu d e t h e a n n u a l r e n t a l p a id f o r
th e g r o u n d o r b u ild in g s e r e c te d b y th e la n d lo r d .
R e s p e c tfu lly y o u rs ,
Grant
F ellow s,
A t t o r n e y G e n e r a l.
L a n s in g , J u n e 5, 1 9 1 4 .
H o n . E . H . D o y le ,
S ta te
B a n k in g
C o m m is s io n e r , C a p i t o l :
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 1 s t in s t . r e c e iv e d , in w h ic h y o u r e q u e s t m y o p in io n
o n a p r o p o s i t i o n s u b m i t t e d t o y o u b y t h e ................................................................. B a n k .
T h is p r o p o s it io n
is a s f o l l o w s :
“ T h e ............................................................B a n k h a s o u t g r o w n i t s p r e s e n t q u a r t e r s a n d i t i s a b s o l u t e l y
n e c e s s a r y t h a t w e o b t a in a la r g e r s it e o r g o t o p r a c t i c a ll y t h e s a m e e x p e n s e o f r e b u ild in g o n
t h e p r e s e n t s it e , a n d t h e n n o t h a v e a d e s ir a b le b u i l d in g o n a c c o u n t o f t h e n a r r o w l o t w h ic h w e
n o w o c c u p y , it b e in g o n ly 21 fe e t .
“ T h e r e is a b u ild in g a d ja c e n t t o o u r p r e s e n t l o c a t io n o f 2 8 fe e t , th e t it le o f w h ic h s ta n d s
a s fo llo w s :
T h e p r o p e r t y w a s w i l l e d b y a M r .............................................. t o h i s t w o d a u g h t e r s , a M r s .
.......................................a n d a M i s s .......................................... , w h o h a v e t h e u s e t h e r e o f f o r t h e i r n a t u r a l l i v e s .
A t th e d e a th o f e ith e r o n e , th e t it le is t o g o t o h e r h e ir s .
M i s s ............................................. i s a m a i d e n
la d y , 6 0 y e a r s o ld .
M r s ..................................... , t h e o t h e r t e n a n t , i s m a r r i e d a n d i s n o w o f t h e a g e o f
56 years.
S h e h a s t h r e e c h ild r e n , w h o w i l l b e t h e r e m a in d e r m e n o f h e r in t e r e s t in t h e p r o p e r t y ,
a n d u n d o u b t e d l y t h e r e m a i n d e r m e n o f t h e m a i d e n l a d y , u n l e s s M r s .................................................. s h o u l d
s u r v iv e h e r .
“ T h e s e li f e t e n a n t s a r e w i l l i n g t o s e ll t o t h e b a n k , b u t t h e r e m a in d e r m e n d o n o t w is h t o
s e ll, c l a i m i n g t h e m o n e y is w e ll in v e s t e d a n d t h a t t h e y w o u ld r a t h e r t h e in v e s t m e n t w o u ld
s ta 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 e s tio n a r is e s a s t o w h e th e r th e b a n k w o u ld h a v e th e r ig h t to ta k e o v e r th e p a r t ie s ’
in t e r e s t s b y a ll o f t h e m j o i n i n g in a le a s e , c o u p le d w it h a n o p t io n t o p u r c h a s e o n t h e d e a t h o f
t h e l i f e t e n a n t s , s o t h a t t h e y c o u ld g o o n a n d e r e c t a b a n k b u ild in g , a n d p a y t h e l i f e t e n a n t s
a r e n ta l d u r in g t h e ir liv e s , a n d a t th e e n d o f th e le a s e p e r io d , o r 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 t io n to p u r c h a s e b e c o m e o p e r a t iv e a n d th e y c o n v e y th e ir in te r e s ts in fe e to
t h e p r e s e n t b a n k o r it s s u c c e s s o r .”
I n r e p ly t h e r e t o w o u ld s a y t h a t t h is p r o p o s it io n is s im ila r t o t h a t in v o lv e d in m y o p in io n
g iv e n y o u M a r c h 1 7 th , 1 9 1 4 , r e la t iv e to b a n k s b u ild in g s o n le a s e d p r o p e r t y .
In t h is p a r t ic u la r
c a s e th e le a s e a n d o p t io n w o u ld n e c e s s a r ily h a v e to in c lu d e b o th th e li f e t e n a n t s a n d a ll th e
p o s s ib le r e m a in d e r m e n .
G rant
F ellow s,
A tto r n e y
TREASU RER
OP
M U N IC IP A L IT Y
NOT
TO
D E P O S IT
FUN DS
IN
BANK
WHERE
HE
IS
G e n e r a l.
STOCKHOLDER
OR
O T H E R W IS E .
(4 8 )
H on . E d w ard
A p r il
H . D o y le , C o m m is s io n e r
2 9 th ,
1914.
o f B a n k in g , C a p i t o l :
D e a r S ir — Y o u r o r a l c o m m u n ic a t io n o n t h e f o l l o w i n g p r o p o s it i o n h a s b e e n c o n s id e r e d .
Y o u h a n d in a c o m m u n ic a t io n f r o m M r . L e o n J . N a v a r r e , o f E s s e x v ille , M ic h ig a n , a s f o l l o w s :
“ T h e w r it e r , w h o is a s t o c k h o l d e r a n d d i r e c t o r in t h e S t a t e S a v in g s B a n k o f E s s e x v ille , h a s
b e e n e le c t e d t r e a s u r e r o f t h e v illa g e o f E s s e x v ille .
“ A n o p in io n h a s b een h a n d e d m e th is m o r n in g w h ic h c o n c e r n s th e d e p o s it o f m o n e y w h ic h
I m a y h a n d le a s s u c h tr e a s u r e r .
T h e o p i n i o n is f r o m t h e la w fir m o f C o u m a n s & G a ffn e y , o f
B a y C it y , a n d is e n c lo s e d h e r e w it h f o r y o u r in s p e c t io n .
“ T h e w r it e r t a lk e d o v e r p h o n e t h is m o r n in g to M r . M a n n in g , w h o s t a t e d t h a t i f t h e v illa g e
d e s ig n a te d th is b a n k a s a d e p o s it o r y e v e r y t h in g w o u ld b e a ll r ig h t .
“ I d o n o t w is h t o d o a n y t h in g c o n t r a r y to th e r u le s o f t h e d e p a r t m e n t a n d w is h y o u w o u ld
w r it e m e in t h is r e g a r d , s o t h a t y o u r d e c is io n m a y b e s u b m it t e d a t t h e d i r e c t o r s ’ m e e t in g a n d
s e t t l e a n y q u e s t i o n w i t h r e g a r d t o y o u r o ffic e .”
A c c o m p a n y in g t h is w a s a ls o a n o p in io n g iv e n b y M e s s r s . C o u m a n s & G a ffn e y , o f B a y C it y ,
b e a r in g u p o n th e p r o p o s it io n , th e c o n c lu s io n o f w h ic h is a s fo llo w s :
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
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I w is h t o a d v is e y o u a s f o l l o w s :
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m o d a t io n p a r t y a n d n o t a s a b e n e fic ia r y .
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A cts o f 1905 :
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T h e p e r s o n p r i m a r il y lia b le o n a n in s t r u m e n t is t h e p e r s o n w h o b y t h e t e r m s
l i a b l e ” l n s ^r u m e n ^ 18 s - b s o l u t e l y r e q u i r e d t o p a y t h e s a m e .
A ll o th e r p a r t ie s a r e s e c o n d a r ily
“ S e c tio n 2 6 .
E v e r y n e g o tia b le in s tr u m e n t is d e e m e d p r im a f a c i e t o h a v e b e e n is s u e d f o r
a v a lu a b le c o n s id e r a t io n ; a n d e v e r y p e r s o n w h o s e s ig n a t u r e a p p e a r s th e r e o n t o h a v e b e c o m e
a p a r t y t h e r e t o f o r v a lu e .”
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v a lu e t h e r e fo r , a n d f o r th e p u r p o s e o f le n d in g h is n a m e t o s o m e o t h e r p e r s o n .
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t a k in g th e in s t r u m e n t k n e w h im t o b e o n ly a n a c c o m m o d a t io n p a r t y .”
.
S e c tio n 6 5 .
W h e n P erso n d eem ed en d orser— A p e r s o n p la c in g h is s ig n a t u r e u p o n a n
in s t r u m e n t o t h e r w is e t h a n a s m a k e r , d r a w e r , o r a c c e p t o r , is d e e m e d t o b e a n e n d o r s e r u n le s s
h e c le a r ly in d ic a t e s b y a p p r o p r ia t e w o r d s h is in t e n t io n t o b e b o u n d in s o m e o t h e r c a p a c i t y .”
In v ie w o f t h e a b o v e p r o v is io n s a n d t h e n u m e r o u s a u t h o r it ie s , t h e r e c a n b e n o d o u b t t h a t
in a n in s t r u m e n t e x e c u t e d in t h e a b o v e f o r m W illia m J o n e s w o u ld b e p r im a f a c i e d e e m e d t o
b e m a k e r o f th e n o te , th e r e b e in g n o t h in g o n th e f a c e o f th e in s tr u m e n t t o s h o w t h a t h e
s ig n e d t h e s a m e in a n y o t h e r c a p a c i t y .
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2 9 th ,
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H o n . A lb e r t E . M a n n in g , D e p u t y B a n k in g C o m m is s io n e r , C a p it o l :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f t h e 2 8 t h in s t . r e q u e s t in g m y o p in io n a s t o w h e t h e r
o r n o t a S ta te b a n k c a n p le d g e it s b o n d s w it h t h e C o u n t y T r e a s u r e r in o r d e r t o s e c u r e o r g u a r
a n te e c o u n t y d e p o s its .
Y o u h a v e a l s o f o r w a r d e d t o m e t h e c o m m u n i c a t i o n f r o m t h e ........................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
lxiv
B a n k , in w h ic h t h e q u e s t io n is r a is e d .
,
..
.
. . . . . .
I n r e p ly t h e r e t o w o u ld s a v th e o n ly d ir e c t a u t h o r it y f o r th e d e p o s it o f c o u n t y b o n d s w ith
b a n k s is f o u n d in A c t 9 9 o f t h e P u b l i c A c t s o f 1 9 0 9 .
B e fo r e th e p a s s a g e o f t h is A c t , a n d ev en
n o w in t h e a b s e n c e o f a ffir m a t iv e a c t io n b y t h e B o a r d o f S u p e r v is o r s o r B o a r d o f C o u n t y
A u d it o r s , t h e C o u n t y T r e a s u r e r w a s h e ld a b s o lu t e ly r e s p o n s ib le f o r a ll c o u n t y fu n d s .
T here
w a s n o d ir e c t a u t h o r it y f o r h is d e p o s it in g th e c o u n t y m o n e y s w it h b a n k s o r o t h e r d e p o s it o r ie s
u n l e s s a s in s o m e c a s e s b y l o c a l l e g i s l a t i o n .
U n d e r th e p r o v is io n s o f A c t 9 9 o f th e P u b lic A c ts
o f 1 9 0 9 . a b o v e r e fe r r e d t o , th e B o a r d o f S u p e r v is o r s m a y d e s ig n a te a d e p o s it o r y f o r c o u n t y
fu n d s u n d e r ce r ta in c o n d it io n s .
Y o u r a tt e n t io n is c a lle d p a r t ic u la r ly t o S e c tio n 3 o f th is A c t ,
w h ic h p r o v id e s a s f o l l o w s :
,
“ B e fo r e a n y d e p o s it s h a ll be m a d e w it h a n y b a n k o r b a n k s a s a fo r e s a id , s u c h b a n k o r b a n k s
s h a ll e x e c u t e a n d d e liv e r t o t h e B o a r d o f S u p e r v is o r s o r t h e B o a r d o f C o u n t y A u d it o r s , a s th e
c a s e m a y b e , a g o o d a n d s u f f i c i e n t b o n d in a n a m o u n t a t l e a s t e q u a l t o t h e m a x i m u m a m o u n t t o
b e d e p o s it e d in s u c h b a n k , a n d w i t h s u c h s u r e t ie s a s s h a ll b e a p p r o v e d b y s u c h b o a r d a n d t h e
P r o s e c u tin g A tt o r n e y o f th e co u n ty .
S a id b o n d s s h a ll b e m a d e t o t h e c o u n t y a n d s h a ll b e c o n
d itio n e d f o r th e s a fe k e e p in g a n d r e p a y m e n t o f s u ch m o n e y s o r a n y p a r t t h e r e o f o n d e m a n d
a n d t h e p a y m e n t o f s a id in t e r e s t , a n d s h a ll c o n t a in s u c h o t h e r c o n d it io n s a s m a y b e r e q u ir e d
b y th e B o a r d o f S u p e r v is o r s o r th e B o a r d o f C o u n ty A u d ito r s , n o t in c o n s is te n t w it h t h e p r o
v is io n s o f th is A c t .’ ’
. .
,
, ,
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, . ,
T h e c o n d i t i o n p r e s c r i b e d i n S e c t i o n ?> i s , m m y o p i n i o n , a n a b s o l u t e o n e a n d t o r w h i c h
t h e r e w o u ld be n o a u t h o r it y t o m a k e a s u b s t it u t io n .
T h e d e p o s it in g o f c o lla te r a l s e c u r itie s
w o u ld n o t , in m y o p in io n , f u l f i l l t h e c o n d i t i o n s p r e s c r ib e d in t h e A c t .
I a m a s s u m in g f o r th e p u r p o s e o f th is o p in io n t h a t th e B o a r d o f S u p e r v is o r s o r th e B o a r d
o f C o u n ty A u d ito r s o f W a y n e h a s u n d e r ta k e n to d e s ig n a te th e d e p o s it o r ie s f o r t h e ir c o u n t y
fu n d s e ith e r u n d e r th e p r o v is io n s o f th e a b o v e A c t o r s o m e o t h e r s im ila r la w .
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(5 1 )
H o n . E . H . D o y le , S ta te B a n k in g
LEGAL
C o m m is s io n e r , C a p i t o l :
D e a r S ir — Y o u h a v e r e fe r r e d t o m e a c o m m u n ic a t io n f r o m a p u b lic c o m m it t e e in t h e C it y
o f Y p s ila n ti, r e q u e s tin g a n o p in io n a s to w h e th e r a p r o p o s e d is s u e o f u t ilit y b o n d s w o u ld c o m e
w it h in th e c la s s o f in v e s t m e n ts p e r m itte d to b e m a d e b y s a v in g s b a n k s o r g a n iz e d u n d e r th e
M ic h ig a n B a n k in g L a w .
T h e C ity o f Y p s ila n t i h a s r e c e n t ly a u t h o r iz e d th e p u r c h a s e o f th e
Y p s ila n t i g a s p la n t a n d h a s a u t h o r iz e d a n is s u e o f o n e h u n d r e d t h i r t y t h o u s a n d d o lla r s o f
m o r t g a g e b o n d s to p a y f o r th is p la n t, t h e b o n d s n o t b e in g a lia b ilit y u p o n th e g e n e r a l c r e d it
o f t h e c it y b u t b e in g s e c u r e d s o le ly b y a t r u s t m o r t g a g e c o v e r in g th e p r o p e r t y a n d r e v e n u e s
o f t h e g a s p la n t , in c l u d i n g a t w e n t y - y e a r f r a n c h i s e in c a s e o f f o r e c l o s u r e .
S e c tio n 2 7 o f th e S ta te B a n k in g L a w p r e s c r ib e s th e c la s s o f in v e s t m e n ts w h ic h m a y b e
m a d e b y s a v in g s b a n k s o f th e s a v in g s m o n e y on d e p o s it.
T h e r e a re s e v e r a l c la s s e s w h ic h a re
d e s c r ib e d in s u b -s e c t io n s ( a ) t o ( i ) o f t h is s e c t io n .
T h e r e a r e t w o c la s s e s o f p u b lic b o n d s :
( a ) B o n d s o f th e U n ite d S ta te s , o f a n y S ta te o r T e r r it o r y o f th e U n ite d S t a t e s ; ( b ) T h e
p u b lic d e b t o r b o n d s o f a n y c it y , c o u n ty , t o w n s h ip , v illa g e , o r s c h o o l d is t r ic t o f a n y S ta te o r
T e r r it o r y in th e ' U n it e d S t a t e s , w h ic h s h a ll h a v e b e e n a u t h o r iz e d b y t h e l e g i s la t u r e o f s u c h
S ta te o r T e r r it o r y .
„
.
T h e a c t io n o f t h e C it y o f Y p s i l a n t i in p u r c h a s i n g t h e g a s p la n t f r o m a p r i v a t e c o r p o r a t i o n
w a s e v id e n t ly b a s e d u p o n t h e p e r m is s io n g iv e n in S e c t io n 4 o f A c t 2 7 9 o f t h e P u b lic A c t s o f
1 9 0 9 . as a m e n d e d b y A c t 5 o f th e P u b lic A c ts o f 1 9 1 3 .
T h is s e c t io n p r o v id e s in p a r t a s
fo llo w s :
“ E a c h c i t y m a y in it s c h a r t e r p r o v id e :
(b )
F o r b o r r o w in g m o n e y o n t h e c r e d it o f t h e c i t y in a s u m n o t t o e x c e e d e ig h t p e r
c e n t u m o f t h e a s s e s s e d v a lu e o f a ll r e a l a n d p e r s o n a l p r o p e r t y in t h e c i t y
*
*
*
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w hen
a c i t y is a u t h o r iz e d t o a c q u ir e o r o p e r a t e a n y p u b lic u t i l it y , i t m a y f o r t h e p u r p o s e o f a c q u i r
in g th e sa m e b o r r o w m o n e y o n th e c r e d it o f th e c it y in a su m n o t to e x c e e d t w o p e r ce n tu m
o f t h e a s s e s s e d v a lu e o f a ll th e r e a l a n d p e r s o n a l p r o p e r t y o f t h e c it y , a n d th e c i t y m a y a ls o ,
f o r th e p u r p o s e o f a c q u ir in g s u c h p u b lic u t ilit y , is s u e m o r t g a g e b o n d s t h e r e fo r b e y o n d t h e
g e n e r a l lim it o f b o n d e d in d e b te d n e s s p r e s c r ib e d b y la w :
P r o v id e d . T h a t s u c h m ortg a g e^ b o n d s
is s u e d b e y o n d th e g e n e r a l lim it s o f b o n d e d in d e b t e d n e s s p r e s c r ib e d b y la w s h a ll n o t im p o s e
a n y lia b i l it y u p o n s u c h c it y , b u t s h a ll b e s e c u r e d o n ly u p o n t h e p r o p e r t y a n d r e v e n u e s o f s u c h
p u b lic u t ilit y , in c lu d in g a f r a n c h is e s t a t in g th e t e r m s u p o n w h ic h , in c a s e o f f o r e c lo s u r e , t h e
p u rch a se r m a y o p e ra te th e sam e
*
*
*
A n d p r o v id e d fu r t h e r . T h a t t h e c h a r t e r s h a ll p r o
v id e f o r t h e c r e a t io n o f a s in k in g f u n d b y s e t t in g a s id e s u c h p e r c e n t a g e o f t h e g r o s s o r n e t
e a r n in g s o f th e p u b lic u t ilit y a s m a y b e d e e m e d s u ffic ie n t f o r th e p a y m e n t o f th e m o r t g a g e
b o n d s a t m a t u r it y .”
,
.
,
T h e q u e s t i o n a r i s i n g f r o m y o u r i n q u i r y is . w h e t h e r b o n d s o f t h e c l a s s d e s c r i b e d a n d i s s u e d
b y th e C it y o f Y p s ila n t i c o m e w it h in th e p r o v is io n s o f s u b -s e c tio n B o f S e c t io n 2 7 o f th e
B a n k in g L a w a b o v e q u o te d .
„„„„
S e c t io n 2 7 o f th e b a n k in g la w w a s la s t a m e n d e d b y A c t 4 4 o f th e P u b lic A c t s o f 1 9 1 3 a n d
w a s t h e r e fo r e r e -e n a c t e d in it s p r e s e n t f o r m s u b s e q u e n t t o t h e p a s s a g e o f S e c t io n 4 o f t h e C it y
H o m e R u le L a w a n d u n d e r t h e o r d in a r y r u le s o f s t a t u t o r y c o n s t r u c t io n m u s t t h e r e fo r e b e
d e e m e d t o h a v e b e n e n a c t e d in v i e w o f t h e p r o v i s i o n s o f t h e C i t y H o m e R u l e L a w . _ T h e p r e
c is e q u e s t io n u n d e r c o n s i d e r a t io n in v o lv e s t h e d e f in it io n o f t h e t e r m “ in t h e p u b lic d e b t o r
bon ds, o f a n y c it y .”
T h e b a n k in g la w d o e s n o t a t t e m p t t o d e fin e t h is t e r m a n y m o r e t h a n is
im p lie d in t h e la n g u a g e u s e d , a n d s o f a r a s I h a v e b e e n a b le t o d i s c o v e r , t h e S u p r e m e C o u r t
o f th is S ta te h a s n e v e r b een ca lle d u p o n to p a s s u p o n th e q u e s tio n .
I t is a ls o o n e o f fir s t
im p r e s s io n s o f a r a s t h is d e p a r t m e n t is c o n c e r n e d ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lxv
REPORT OF THE COMMISSIONER.
T h e p u r p o s e o f th e p r o v is io n s o f S e c t io n 2 7 is t o t h r o w p r o p e r s a fe g u a r d s a r o u n d th e
in v e s t m e n t o f s a v in g s d e p o s it s a n d lik e o t h e r s im ila r p r o v is io n s o f o u r b a n k in g la w , a n d t h e
b a n k in g la w s o f o t h e r s ta te s a n d o f t h e U n ite d S ta te s , m u s t b e s t r ic t ly c o n s t r u e d t o g iv e it its
in te n d e d e ffe c t.
,
.
. .
I n o r d e r t h a t s a v i n g s b a n k s m a y i n v e s t i n s u c h d e b t s o r b o n d s , t h e y m u s t c o r r e s p o n d ti>
a ll o f t h e r e q u ir e m e n t s o f t h e s t a t u t e , t h a t is , t h e y m u s t b e p u b lic d e b t s o r b o n d s a n d m u s t
p e r ta in to th e c it y , c o u n t y , to w n s h ip , v illa g e o r s c h o o l d is t r ic t a s th e c a s e m a y b e a n d m u s t
h a v e b een a u th o r iz e d b y th e L e g is la tu r e .
S o f a r a s th e p a r t ic u la r b o n d s u n d e r c o n s id e r a t io n
a r e c o n c e r n e d , I h a v e n o h e s i t a t i o n i n s a y i n g ‘t h a t t h e y a r e , s t r i c t l y s p e a k i n g , p u b l i c b o n d s ,
a n d m a y be a ss u m e d to h a v e b een a u th o r iz e d b y th e L e g is la tu r e o f t h is S ta te , a t le a s t t o r th e
p u r p o s e s o f th is o p in io n .
W h e t h e r o r n o t t h e y a r e t h e b o n d s o f t h e C it y o f Y p s i l a n t i is , h o w
e v e r , a n o th e r q u e s tio n .
I t is t r u e t h e s e b o n d s a r e a u t h o r iz e d b y t h e C it y o f Y p s i l a n t i a n d t h e y
a r e t o b e p a id a n d r e d e e m e d b y fu n d s b e lo n g in g t o t h e C it y o f Y p s ila n t i.
T h ey are n ot, h ow
e v e r , s e c u r e d b y th e f a it h a n d c r e d it o f th e c it y a s a w h o le .
I t is a g e n e r a l r u le o f la w t h a t w h e r e s p e c ia l fu n d s a r e c r e a t e d f o r t h e p a y m e n t o f a p a r
t ic u la r c la s s o f cla im s , th o s e fu n d s c a n n o t b e u se d f o r a n y o t h e r p u r p o s e .
P e o p le v s . B a y C it y ,
3 6 M ic h . 1 8 6 ; C la im s p a y a b le o u t o f a s p e c ia l f u n d a r e u s u a lly n o t p a y a b le o u t o f a n y o t h e r
fu n d , a n d h e n c e th e m u n ic ip a lit y is n o t lia b le o u t s id e o f s u ch f u n d .
B r o o k s v s . S a n L u is
O b i s p o , 1 0 9 C a l . 5 0 ; D i r e c t o r s C h i c a g o P u b l i c L i b r a r y v s . A r n o l d , 6 0 111. A p p . 3 2 8 ; W i e k v s*
W a u s a n , 1 4 3 W is . 6 4 5 ; R h o d e I s la n d M . & T . C o m p a n y v s . S p o k a n e , 19 W a s h . 6 1 6 ; L o u d e n s ia g e r v s . A t l a n t i c C it y , 8 0 N . J . L . 6 5 8 .
T h is b e in g t h e la w in d e p e n d e n t o f s ta tu te , w e m a y
c o n s id e r o u r o w n s t a t u t e a s n o t o n ly la y in g d o w n a r u le a lr e a d y a d o p t e d b u t a s a b s o lu t e ly
c o n tr o llin g o f th e p r o p o s it io n .
T h e s e b o n d s a r e n o t , t h e r e fo r e , c h a r g e a b le a g a in s t th e C it y o t
Y p s ila n t i a s a w h o le .
. ,
,
A g a in , it w ill b e n o te d t h a t S e c tio n 4 o f t h e C it y H o m e R u le A c t m a k e s a d is t in c t io n
b e t w e e n b o n d s is s u e d o n t h e f a it h a n d c r e d it o f a c it y , a n d b o n d s s e c u r e d b y a p u b lic ly o w n e d
u t ilit y a n d th is d is t in c t io n is n o t , a s I u n d e r s t a n d it, d is tu r b e d b y th e d e c is io n r e n d e r e d b y o u r
S u p r e m e C o u r t in A t t o r n e y G e n e r a l v s . L in d s a y , 2 0 D . L . N . 1 1 6 7 , w h e r e t h is p r o v is io n w a s
u n d e r d is c u s s io n a n d in te r p r e te d .
I t th e r e fo r e fo llo w s th e p u b lic d e b t a n d b o n d s o f a c it y a re
s u b je c t to a v e r y p r o n o u n c e d c la s s ific a t io n to th e e x t e n t t h a t o n e c la s s is d e s ig n a te d a s t h e
d e b t o f a c it y a n d t h e o t h e r c la s s is r e c o g n iz e d a s o f a n o p p o s it e d e s c r ip tio n , a lt h o u g h s t n l a
p u b lic d e b t.
,
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,.
,
I h a v e b e e n u n a b le t o fin d a n y d e c is io n w h ic h is e x a c t l y in p o in t .
In th is c o n n e c t io n , h o w
e v e r , t h e c a s e o f S m it h v s . S m it h , 3 0 K y . 2 3 8 , is o f in t e r e s t .
In t h a t ca s e a s u it w a s b r o u g h t
in c h a n c e r y f o r s e t t le m e n t b e tw e e n a g u a r d ia n a n d h is w a r d s , t h e q u e s t io n p r e s e n t e d b e in g
w h e t h e r t h e g u a r d ia n s h o u ld b e h e ld r e s p o n s ib le f o r a su m o f m o n e y r e c e iv e d b y h im f o r t h e
w a r d s a n d b y h im in v e s t e d in t h e p u r c h a s e o f s h a r e s in t h e B a n k o f K e n t u c k y , w h ic h s t o c k
h a d b e co m e g r e a t ly d e p r e c ia te d .
U n d e r a r u le t h a t s u c h m o n e y s c o u ld o n ly b e in v e s t e d m
p u b lic fu n d s , a n d h o ld in g t h e g u a r d ia n lia b le in c a s e o f lo s s w h e r e o t h e ' in v e s t m e n t s w e r e
m a d e , it w a s h e ld b y t h e C o u r t a s f o l l o w s :
“ W e a r e o f th e o p in io n t h a t th e d e fe n d a n t (g u a r d ia n ) s h o u ld b e c h a r g e d w it h t h e f u l l
a m o u n t o f t h e f u n d i n v e s t e d b y h im in b a n k s t o c k , w h e t h e r h is l i a b i l i t y b e t e s t e d b y c o m m o n
o r s t a t u t o r y la w .
W e c a n n o t c o n s id e r s t o c k in t h e b a n k o f K e n t u c k y a s ‘p u b l i c f u n d s ,’ o r in
o t h e r w o r d s g o v e r n m e n t s to c k , d e p e n d in g f o r it s c r e d it a n d s e c u r it y o n th e fa it h , s o lv e n c y a n d
s t a b ilit y o f t h 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 a s, h o w e v e r, a G o v e rn m e n t b an k (B r is c o e v s. T h e B a n k o f T h e
C o m m o n w e a lth o f K e n tu c k y , 1 1 P e t . 2 5 7 ) , b u t in a s m u c h th e f a it h a n d c r e d it o f th e S ta te o f
K e n tu c k y w a s n o t p le d g e d a s s e c u r ity f o r th e b a n k s to c k , th e s to c k w a s n o t c o n s id e r e d “ p u b lic
fu n d s .”
S o in th e p r e s e n t c a s e I a m im p r e s s e d t h a t w h ile t h e p r o p o s e d b o n d is s u e is t o m e e t a p u b lic
e x p e n d it u r e , a n d is a u t h o r iz e d b y th e C ity o f Y p s ila n ti, th e b o n d s a re n o t “ b o n d s o f t h e C ity
o f Y p s ila n t i” w it h in th e m e a n in g o f th e b a n k in g la w .
T h e o b je c t o f S e c t io n 2 7 o f th e b a n k in g
l a w is t o p r o v i d e t h e h i g h e s t k i n d o f s e c u r i t y , b u t t h e C i t y o f Y p s i l a n t i h a s n o t p r o v i d e d t h e
h ig h e s t k in d o f s e c u r ity .
O n th e c o n tr a r y it h a s e x p r e s s ly r e fu s e d to p le d g e its fa it h a n d
c r e d it a s a c it y t o m e e t th e b o n d is s u e a n d h a s p le d g e d o n ly a p a r t ic u la r p r o p e r t y b e lo n g in g to
th e c ity .
I a m th e r e fo r e o f th e o p in io n t h a t th e s e b o n d s d o n o t m e e t th e r e q u ir e m e n ts o f th e
s e c t io n o f th e b a n k in g la w a b o v e q u o te d .
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D ep a rtm en t,
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C a p ito l:
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 3 1 s t u lt . r e c e iv e d a s f o l l o w s :
“ A n e x e c u t o r o f a n e s t a t e d e s ir e s t o b e c o m e d ir e c t o r in a s t a t e b a n k w h e r e t h e d e c e a s e d
h e ld a la r g e b lo c k o f th e s to c k , th e e x e c u t o r a s d ir e c t o r w is h in g t o h o ld S to ck o f th e b a n k in h is
r e p r e s e n ta tiv e c a p a c ity r a t h e r th a n as a n in d iv id u a l.
T h e D e p a r tm e n t h a s a lw a y s ta k e n th e p o s it io n t h a t a d ir e c t o r , t o m e e t th e p r o v is io n s o f
S e c t io n 1 2 o f th e la w , m u s t o w n th e s to c k in d iv id u a lly .
W e w o u ld a p p r e c ia te y o u r o p in io n
in t h e m a t t e r , a n d c it in g t h e f o l l o w i n g a u t h o r it ie s h a n d e d u s b y t h e e x e c u t o r in s u p p o r t o f
h is c o n t e n t io n t h a t h e c o u ld q u a lif y in h is r e p r e s e n t a t iv e c a p a c i t y a s a d ir e c t o r .
21 E . G. L . 838.
15 L. R . A . 665.
2 C ook C ors. 623, page 1S89.
4 N. Y . Sup. 174.
101 K y. 570.
42 C onn. 560.
W i l l y o u k i n d l y l e t u s h e a r f r o m y o u i n r e . t h e a b o v e a t y o u r e a r l i e s t o p p o r t u n i t y ?”
I n r e p ly t h e r e t o w o u ld s a y t h a t th e q u a lific a t io n s o f d ir e c t o r s a r e fix e d b y S e c t io n 1 2 o f
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Federal Reserve Bank of St. Louis
lxvi
STATE BANKING DEPARTMENT.
th e G e n e r a l B a n k in g L a w s o f th e S ta te .
A m o n g o th e r s , th e f o l l o w i n g q u a lific a t io n is p r e
s c r ib e d , “ E v e r y d ir e c t o r m u s t o w n a n d h o ld in h is o w n n a m e n o t le s s t h a n t e n s h a r e s o f t h e
c a p it a l s t o c k o f s u c h b a n k .”
I h a v e c a r e fu lly e x a m in e d th e c it a t io n s y o u h a v e r e fe r r e d to a n d a m o f th e o p in io n t h a t
th e r u le s th e r e la id d o w n , w h ile a p p lic a b le t o g e n e r a l c o r p o r a t io n s , a r e n o t c o n t r o llin g a s to
b a n k s o r g a n iz e d u n d e r th e M ic h ig a n B a n k A c t , w h e r e p e r s o n a l r e s p o n s ib ilit y , b a s e d u p o n
b e n e fic ia l o w n e r s h ip o f s t o c k , is p l a i n ly c o n t e m p la t e d a s a q u a lif ic a t io n f o r d i r e c t o r s h i p .
T h is
p o s it io n h a s h e r e t o fo r e b een a s s u m e d b y th is D e p a r t m e n t a n d I see n o r e a s o n f o r n o t a d h e r in g
to th e sam e.
I a m c l e a r l y o f t h e o p in io n t h a t a n e x e c u t o r o f a n e s t a t e , w h o s e o n ly i n t e r e s t in
a b a n k r e s u lt s f r o m s u c h o ffice , w o u ld n o t b e q u a lifie d t o b e a d i r e c t o r o f a S t a t e B a n k .
R e s p e c tfu lly
you rs,
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BANKS
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G e n e r a l.
T IC K E T S .
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A p r il 12, 1 91 5 .
H o n . F r a n k W . M e r r ic k , C o m m is s io n e r o f B a n k in g D e p a r tm e n t, C a p i t o l :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f t h e 7 t h in s t . a s f o l l o w s :
“ W e a r e in r e c e ip t o f s e v e r a l le t t e r s f r o m a s t a t e b a n k d e s ir in g t o b e in fo r m e d w h e t h e r o r
n o t it c a n le g a lly t r a n s a c t t h e b u s in e s s o f s e llin g s t e a m s h ip t ic k e t s .
T h is b a n k is lo c a t e d in a c o m m u n it y t h ic k ly p o p u la t e d b y fo r e ig n e r s , a n d c o u ld t r a n s a c t
m o r e o r le s s b u s in e s s in t h e d ir e c t io n o f a c t in g a s a g e n t f o r t h e v a r io u s o c e a n s t e a m s h ip c o m
p a n ie s .”
In r e p ly t h e r e t o w o u ld s a y t h a t th e g e n e r a l p o w e r s o f b a n k s in c o r p o r a t e d u n d e r th e M ic h i
g a n B a n k A c t a r e p r e s c r ib e d in S e c t io n 4 .
A t t e n t io n is p a r t ic u la r ly d ir e c t e d to th e s e v e n th
s u b d iv is io n o f t h is s e c t io n , r e a d in g a s f o l l o w s :
“ T o e x e r c is e b y it s b o a r d o f d i r e c t o r s o r d u ly a u t h o r iz e d o ffic e r s o r a g e n t s , s u b je c t t o la w ,
a ll s u c h p o w e r a s s h a ll b e n e c e s s a r y t o c a r r y o n t h e b u s in e s s o f b a n k in g b y d is c o u n t in g a n d
n e g o t ia t in g p r o m is s o r y n o te s , d r a ft s , b ills o f e x c h a n g e , a n d o t h e r e v id e n c e s o f d e b ts , b y r e c e iv
in g d e p o s it s , b y b u y in g a n d s e llin g e x c h a n g e c o in a n d b u llio n , a n d b y lo a n in g m o n e y o n p e r
s o n a l a n d r e a l s e c u r it y a s p r o v id e d h e r e in a ft e r .”
T h e s e a r e t ile u s u a l p o w e r s g r a n t e d t o b a n k s in c a r r y i n g o n a b a n k in g b u s in e s s .
I t is a
g e n e r a l r u le , la id d o w n b y a ll a u t h o r it ie s , t h a t t h e c h a r t e r o f a b a n k d e t e r m in e s t h e lim it o f
its p o w e r s , a n d t h a t it c a n e x e r c is e n o p o w e r s e x c e p tin g th o s e e x p r e s s ly c o n fe r r e d b y s ta tu te ,
o r n e c e s s a r ily im p lie d a n d in c id e n t a l to g e n e r a l b a n k in g p o w e r s .
M ic h ie , S e c t io n 8 7 , p a g e 6 4 7 .
I a m o f t h e o p in io n t h e r e fo r e t h a t th e b u s in e s s o f s e llin g s te a m s h ip t ic k e t s b y a b a n k in t h is
S ta te w o u ld b e u lt r a v ir e s a n d t h e r e fo r e u n a u th o r iz e d .
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A p r il 2 1 , 1 9 1 5 .
H o n . F r a n k W . M e r r ic k , S ta te B a n k in g C o m m is s io n e r , C a p i t o l :
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 1 3 t h in s t . r e c e iv e d , e n c lo s in g a f o r m o f n o t ic e o f a
m e e tin g o f s to c k h o ld e r s o f a S ta t e b a n k w h ic h c o n ta in s a ls o a f o r m o f b a llo t , u p o n w h ic h
s to c k h o ld e r s m a y e x p r e s s t h e ir p r e fe r e n c e a s to th e d ir e c t o r s t o b e c h o s e n a t s u c h m e e tin g .
T h i s f o r m o f b a l l o t is a s f o l l o w s :
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I f y o u c a n n o t b e p r e s e n t p le a s e m a k e a c r o s s o p p o s it e t h e n a m e s o f a n y fiv e t h a t y o u w o u ld
lik e t o h a v e a c t a s D ir e c t o r s f o r t h e e n s u in g y e a r a n d s e n d o r b r in g t o t h is B a n k o n o r b e fo r e
t h e a b o v e m e n t i o n e d d a t e , J a n u a r y ........................... ..................... .. ....................1 9 1 . . . .
Y o u a r e e n t i t l e d t o v o t e ....................................... s h a r e s .
(S ig n e d )
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Y o u d e s ir e to k n o w w h e th e r o r n o t s u c h a b a llo t w o u ld b e le g a l.
I n r e p ly t h e r e t o w o u ld s a y t h a t it d o e s n o t a p p e a r f r o m y o u r le t t e r o r fr o m th e n o t ic e t h a t 1
t h e s o - c a lle d b a llo t is u s e d f o r a n y o t h e r p u r p o s e t h a n o b t a i n i n g a n e x p r e s s io n o f o p i n i o n f r o m
s to c k h o ld e r s w h o c a n n o t a tt e n d t h e a n n u a l m e e tin g .
I f t h is b a l l o t is u s e d f o r n o o t h e r p u r
p o s e , I c a n n o t see h o w a n y p o s s ib le h a r m o r w r o n g c o u ld r e s u lt f r o m it s u s e .
O n th e o t h e r h a n d i f t h is b a llo t is u s e d f o r th e p u r p o s e o f a c t u a lly e le c t in g d ir e c t o r s , a n d
a s m a r k e d b y a n a b s e n t s to c k h o ld e r is c a s t in th e b a llo t b o x o f t h e m e e tin g a lo n g w it h th e
b a llo t s o f s to c k h o ld e r s w h o a r e p r e s e n t, I a m c le a r ly o f th e o p in io n t h a t s u c h b a llo t is in v a lid .
I k n o w o f n o p r in c ip le o f c o r p o r a t io n la w w h ic h w o u ld p e r m it t h e e le c t io n o f d i r e c t o r s in a n y
o t h e r m a n n e r th a n a t a m e e tin g l a w fu lly c a lle d a n d d u ly a s s e m b le d .
C o o k o n C o r p o r a t io n s ,
7 th E d it io n , S e c t io n s 5 8 8 , 5 9 5 , 5 9 6 , 6 0 4 , 6 0 5 a n d 6 1 0 .
I t is p o s s ib le t h a t u n d e r a p r o p e r
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Federal Reserve Bank of St. Louis
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REPORT OF THE COMMISSIONER.
c h a r te r p r o v is io n a n d b y -la w s e n a c t e d u n d e r th e a u t h o r it y t h e r e o f, o r b y s t a t u t o r y p r o v is io n s ,
s u ch a m e th o d o f e le c t in g d ir e c t o r s c o u ld b e le g a liz e d , b u t I a m o f th e o p in io n t h a t u n d e r o u r
p r e s e n t b a n k in g la w a s to c k h o ld e r m u s t b e e ith e r p e r s o n a lly p r e s e n t o r p r e s e n t b y p r o x y
b e fo r e h is b a llo t c a n be c a s t in t h e e le c t io n o f d ir e c t o r s .
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F ra n k
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B a n k in g ,
L a n s in g ,
M ic h ig a n :
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 2 2 n d in s t a n t r e c e iv e d a s f o l l o w s :
“ R e c e n tly th e d ir e c t o r s o f a s ta te b a n k p a s s e d a r e s o lu t io n a u t h o r iz in g th e b a n k to a ss u m e
a ll lia b ilit ie s o f c e r ta in d ir e c t o r s w h o w e r e s u r e tie s o n b o n d s o f c it y t r e a s u r e r .
C an a s ta te
b a n k a s s u m e a n y s u c h lia b ilit y b y v o t e o f d ir e c t o r s o r b y u n a n im o u s v o t e o f s t o c k h o ld e r s ?
W e w ill a p p r e c ia te y o u r o p in io n in th is r e g a r d .
I n r e p ly t h e r e t o w o u ld s a y t h a t b a n k s a r e a u t h o r iz e d to g iv e b o n d s to s e c u r e c it y m o n e y s
d e p o s it e d w it h t h e m in c e r t a in c a s e s , a s f o r in s t a n c e , u n d e r S e c t io n 3 0 3 8 o f t h e C o m p ile d
L a w s o f 1 8 9 7 , a s a m e n d e d b y A c t 1 5 6 o f th e P u b lic A c t s o f 1 9 0 1 , a n d u n d e r th e p r o v is io n s o f
s o m e o f th e H o m e R u le c h a r te r s a n d le g is la t iv e c h a r te r s .
T h is , h o w e v e r , m u s t n o t b e c o n fu s e d
w it h t h e b o n d g iv e n b y t h e c i t y t r e a s u r e r w h e n h e q u a lif ie s f o r h is o ffic e .
I d o n o t k n o w o f a n y s ta t u t e a u t h o r iz in g a b a n k o r g a n iz e d u n d e r th e M ic h ig a n B a n k in g
L a w to b e c o m e s u r e t y u p o n th e b o n d o f a n y p u b lic o fiic e r .
In th e a b se n ce o f an e x p re ss s ta tu te
u p o n th e s u b je c t , I a m c le a r ly o f th e o p i n o n t h a t a s ta te b a n k c a n n o t le n d it s c r e d it in th is
w a y o r e n te r u p o n a n y s u ch o b lig a t io n , e ith e r w it h o r w it h o u t c o n s id e r a t io n .
A ban k ca n
le n d it s c r e d it a n d a s s u m e t h e o b lig a t io n s o f t h ir d p a r t ie s o n ly in c a s e s w h e r e th e b a n k is
d ir e c t ly in t e r e s te d a n d in th e o r d in a r y c o u r s e o f b a n k in g .
M ic h ie o n B a n k s a n d B a n k in g , p a g e 6 S 1 .
T h o m a s v . C it y N a tio n a l B a n k s , 2 4 L . R . A .
F ir s t N a tio n a l B a n k v . A m . N a tio n a l B a n k ,
B o w e n v . N e e d le s N a t io n a l B a n k , 9 4 F e d e r a l
T h i l m a n y v . I o w a P a p e r B a g C o ., 7 9 N . W .
M in e S u p p ly C o . v . S to c k G r o w e r s B a n k , 1 7 3
2 6 3 (N e b .).
173 M o. 153.
R ep. 925.
68.
F ed era l 859.
I f th e b a n k c a n n o t b e co m e th e d ir e c t su re ty u p o n a c it y t r e a s u r e r ’s b o n d , it ca n n o t a ssu m e
th e lia b ilit ie s o f d ir e c t o r s w h o h a v e b e c o m e s u r e tie s .
N e ith e r th e d ir e c t o r s n o r th e s to c k h o ld e r s
h a v e th e p o w e r to b in d th e b a n k f o r t h is p u r p o s e a n d I a m , t h e r e fo r e , o f th e o p in io n t h a t y o u r
q u e s t io n s h o u ld b e a n s w e r e d in t h e n e g a t iv e .
R e sp e c tfu lly y o u rs ,
G rant
GENERAL
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L a n s in g , J u n e 4 , 1 9 1 5 .
H o n . A lb e r t E . M a n n in g , D e p u t y B a n k in g C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S ir — Y o u r le t t e r o f t h e fir s t in s t a n t r e c e iv e d , c o n t a in in g t h e f o l l o w i n g in q u ir y :
“ I c a ll y o u r a tt e n t io n to A c t 1 0 6 , P u b lic A c t s o f 1 9 1 3 , a n d w o u ld a p p r e c ia te y o u r o p in io n
a s t o w h e t h e r o r n o t t h i s i n a n y wTa y s u p e r s e d e s t h e p r o v i s i o n s o f t h e b a n k i n g l a w w i t h r e f e r
e n c e t o t h e s t a t u t o r y lie n u p o n b a n k s t o c k a s p r o v id e d in S e c t io n 9 .
W e h a v e r e c e n t ly h a d
s e v e r a l in q u ir ie s a s t o w h e th e r o r n o t s a id A c t N o . 1 0 6 r e la te d to t h e s to c k o f s ta te b a n k s , a n d
w ill a p p r e c ia t e y o u r o p in io n in r e g a r d t h e r e t o .”
I n r e p ly w o u ld s a y t h a t th e A c t t o w h ic h y o u r e fe r is e n t itle d “ A n A c t t o m a k e u n ifo r m
th e la w o f t r a n s fe r o f s h a re s o f s to c k in c o r p o r a t io n s .”
T h e e v id e n t p u r p o s e s o f t h is A c t a s
e x p r e s s e d in it s t it l e a n d in t h e v a r io u s p r o v is io n s m a d e w it h r e s p e c t t o t h e m e t h o d s o f t r a n s
f e r r i n g s t o c k , is t o a d o p t a u n ifo r m s e t o f r u le s , m o s t o f w h ic h a r e a lr e a d y r e c o g n iz e d a s s e t t le d
c o r p o r a t io n la w .
W it h r e g a r d t o t h e q u e s t io n a s t o w h e t h e r t h is A c t is a p p lic a b le t o s h a r e s o f s t o c k in b a n k s ,
I a m in c lin e d t o th e o p in io n t h a t in s o fa r a s b a n k s h a r e s m a y b e tr e a te d a s t r a n s fe r a b le p e r
s o n a l p r o p e r t y , th e A c t w o u ld a p p ly to th e m a s w e ll a s to th e s h a r e s o f o t h e r c o r p o r a t io n s .
I n s o fa r , h o w e v e r , a s th is a c t m a y b e in c o n flic t w it h e x p r e s s p r o v is io n s o f th e g e n e r a l b a n k in g
la w o f th e S ta te a s t o th e m e th o d s o f t r a n s fe r r in g b a n k s h a r e s a n d t h e lie n o n th e s a m e c r e a te d
b y a n y p r o v is io n o f th e b a n k in g a c t , q u ite a d iffe r e n t q u e s tio n is p r e s e n te d .
B a n k s , a s c o r p o r a t io n s , a r e c o n t r o lle d a n d r e g u la te d b y t h e g e n e r a l b a n k in g la w o f th is
S ta te .
T o th a t e x te n t th e y a re se p a ra te a n d d is t in c t c o r p o r a tio n s .
S e c tio n 9 o f A r t ic le 1 2 o f
th e C o n s tit u t io n p r o v id e s :
“ N o g e n e r a l la w p r o v id in g f o r th e in c o r p o r a tio n o f t r u s t c o m p a n ie s o r c o r p o r a t io n s f o r b a n k
in g p u r p o s e s , o r r e g u la t in g t h e b u s in e s s t h e r e o f, s h a ll b e a d o p t e d , a m e n d e d o r r e p e a le d e x c e p t
b y a v o t e o f t w o - t h i r d s o f t h e m e m b e r s e l e c t e d t o e a c h h o u s e o f t h e l e g i s l a t u r e ....................................”
A s p a r t ia lly in s u r in g t h e s t r ic t o b s e r v a n c e o f t h is C o n s t it u t io n a l p r o v is io n , th e le g is la t u r e
h a s a d o p te d r u le s a s f o l l o w s :
R u le N o. 2 7 .
“ T h e q u e s t io n o n t h e fin a l p a s s a g e o f a ll b ills , w h ic h b y t h e C o n s t it u t io n ,
r e q u ir e th e a s s e n t o f t w o -t h ir d s o f th e s e n a to r s -e le c t , s h a ll b e ta k e n b y y e a s a n d n a y s , a n d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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STATE BANKING DEPARTMENT.
e n t e r e d o n t h e j o u r n a l , a n d u n le s s t w o -t h ir d s o f a ll t h e m e m b e r s -e le c t v o t e in t h e a ffir m a t iv e ,
t h e b ill s h a ll b e d e c la r e d lo s t .
A n d , w h e n e v e r s u c h b ill s h a ll r e c e iv e s u c h a s s e n t o f t w o -t h ir d s
a s a fo r e s a id , t h e f a c t t h e r e o f s h a ll b e c e r tifie d u p o n s a id b ill.”
H o u s e R u le N o . 6 4 .
“ N o b ill a p p r o p r ia t in g t h e p u b lic m o n e y o r p r o p e r t y f o r lo c a l o r p r i
v a te p u r p o s e s , o r p r o v id in g f o r th e in c o r p o r a tio n o f tr u s t co m p a n ie s , o r c o r p o r a t io n s f o r
b a n k in g p u r p o s e s , o r r e g u la t in g t h e b u s in e s s t h e r e o f, o r a m e n d in g o r r e p e a lin g a n y la w p r o
v id in g f o r s u c h in c o r p o r a t i o n o r r e g u la t io n s h a ll b e p a s s e d u n le s s t w o -t h ir d s o f t h e m e m b e r s
e le c t e d t o t h e H o u s e s h a ll h a v e v o t e d in f a v o r o f t h e p a s s a g e t h e r e o f .”
T h e le g is la t iv e h is t o r y o f A c t 1 0 6 o f th e P u b lic A c t s o f 1 9 1 6 is c o n ta in e d o n p a g e 9 6 o f th e
“ I n d e x a n d H i s t o r y ” o f S e n a te B ills , th is A c t b e in g S e n a te B ill N o . 2 8 .
T h e b ill w a s i n t r o
d u c e d J a n u a r y 1 6 , 1 9 1 6 , b y S e n a to r S m ith , a n d w a s o n th e s a m e d a y r e fe r r e d to th e C o m m itte e
o n B a n k s a n d C o r p o r a t io n s .
I t w a s p a s s e d o n t h ir d r e a d in g in t h e S e n a te M a r c h 1 8 t h , 1 9 1 3 ,
a n d th e jo u r n a l e n t r y is a s f o l l o w s :
“ S e n a te B ill N o . 2 8 (file N o . 8 0 ) , e n t itle d “ A b ill to m a k e u n ifo r m t h e la w o f t r a n s fe r o f
s h a r e s o f s to c k in c o r p o r a t io n s
w a s r e a d a t h ir d t im e a n d p a s s e d , a m a j o r i t y o f t h e S e n a t o r s e le c t v o t in g t h e r e fo r b y y e a s a n d n a y s , a s fo llo w s :
Y eas
N ays
N a m es o f S e n a to rs (2 6 )
N a m es o f S e n a to rs (2 )
T h e t itle o f th e B ill w a s a g re e d t o .”
I r e fe r to th e le g is la t iv e h is to r y a s m e r e ly s h o w in g t h a t th e b ill w a s n o t e v id e n tly r e g a r d e d
in th e S e n a te , w h e r e it w a s in tr o d u c e d , a s a n a m e n d m e n t t o t h e b a n k in g la w s , in a s m u c h a s
t h e S e n a te r u le s a p p lic a b le t o s u c h b ills w e r e n o t o b s e r v e d in t h e p a s s a g e o f t h is m e a s u r e .
Of
c o u r s e , it is n o t a d ir e c t a m e n d m e n t to a n y la w a n d o n ly r e p e a ls o r a m e n d s o t h e r la w s b y
im p lic a t io n .
R e p e a ls b y im p lic a t io n a r e n o t fa v o r e d , a n d I d o n o t t h in k th e p r o v is io n s o f th is
A c t w e r e in t e n d e d t o r e p e a l o r m o d ify th e e x p r e s s p r o v is io n s o f th e g e n e r a l b a n k in g la w .
I n v ie w o f th e s e f a c t s a n d p r in c ip le s , I h a v e n o h e s it a t io n in a d v is in g y o u t h a t n o p r o v is io n
o f th e g e n e r a l b a n k in g la w is a ffe c te d b y th e A c t u n d e r c o n s id e r a t io n .
V ery
r e s p e c tfu lly ,
G rant
F e l l o w s .,
A tto rn e y General.
V E N D O R 'S L I E N
(5 7 )
NOTES
NOT
P E R M IS S IB L E
AS
S A V IN G S
IN V E S T M E N T S .
L a n s in g , J u ly
6, 1 9 1 5 .
H o n o r a b le F r a n k W . M e r r ic k , 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 t m e n t , L a n s in g , M i c h ig a n :
D e a r S ir-— I h a v e b e f o r e m e y o u r c o m m u n i c a t i o n o f t h e 3 0 t h u l t . , i n w h i c h y o u r e q u e s t
m y v ie w s a s t o th e c o n s t r u c t i o n t o b e p la c e d u p o n c e r t a in p r o v is io n s f o u n d in S e c t io n 2 7 o f
th e g e n e r a l b a n k in g la w .
A s I u n d e r s t a n d t h e s it u a t io n , a c e r t a in s a v in g s b a n k in t h is s t a t e
d e s ir e s t o in v e s t a c e r t a in a m o u n t o f it s d e p o s it s in s o -c a lle d “ v e n d o r ’ s lie n n o t e s ” e x e c u t e d
in t h e S t a t e o f T e x a s , a n d b y t h e t e r m s o f w h ic h a lie n is c r e a t e d u p o n r e a l e s t a t e .
T h e ques
t io n p r e s e n te d is a s t o w h e th e r o r n o t s u c h in v e s t m e n t m a y b e m a d e u n d e r th e la w .
I n s o f a r a s it is m a t e r ia l to th e d e t e r m in a t io n o f t h is q u e s tio n , th e s e c t io n o f th e s ta t u t e
a b o v e r e fe r r e d t o p r o v id e s :
“ A s a v in g s b a n k s h a ll k e e p o n h a n d a t le a s t fift e e n p e r c e n t o f i t s t o t a l d e p o s it s , o n e -t h ir d
o f w h ic h r e s e r v e s h a ll b e in la w f u l m o n e y in it s o w n v a u lt s , a n d t h e b a la n c e o n d e p o s it p a y a b le
o n d e m a n d , w it h b a n k s , n a t io n a l o r s ta te , in c it ie s a p p r o v e d b y th e C o m m is s io n e r s a s r e s e r v e
c it ie s , o r in v e s t e d in U n it e d S t a t e s b o n d s ; t h r e e -fift h s o f t h e r e m a in d e r o f t h e s a v in g s d e p o s it s
s h a l l b e i n v e s t e d b y t h e b o a r d o f d i r e c t o r s a s f o l l o w s : ..........................................................................
(h )
S a id b a n k s m a y lo a n t h e s a m e u p o n n e g o t ia b le p a p e r , o r o t h e r e v id e n c e s o f i n d e b t e d - '
n e s s s e c u r e d b y a n y o f th e a b o v e m e n tio n e d c la s s e s o f s e c u r it y ; o r
(i)
U p o n n o te s o r b o n d s s e c u r e d b y m o r t g a g e lie n u p o n u n e n c u m b e r e d r e a l e s ta te w o r t h
a t l e a s t d o u b l e t h e a m o u n t l o a n e d .................................”
T h e a n s w e r to th e q u e s tio n u p o n w h ic h y o u h a v e r e q u e s te d m y v ie w s m u s t d e p e n d u p o n
th e c o n s t r u c tio n to be g iv e n t o th e e x p r e s s io n “ m o r tg a g e lie n ” a s u s e d .
I t a p p e a rs fr o m th e
c o r r e s p o n d e n c e s u b m itte d w it h y o u r in q u ir y t h a t th e la n d u p o n w h ic h th e lie n s ta te d in th e
n o t e s e x is t s h a s b e e n s o ld a t p r ic e s r a n g in g f r o m $ 2 5 t o $ 3 5 p e r a c r e .
O n e -t h ir d o f t h e p u r
c h a s e p r ic e h a s b e e n p a id in c a s h a n d t h e r e m a in d e r in t h e n o t e s r e fe r r e d t o .
S a id n o t e s w e r e
is s u e d in s e r ie s , t h e o b l ig a t i o n s in e a c h s e r ie s m a t u r in g a t d if f e r e n t t im e s , v a r y i n g f r o m o n e to
fo u r yea rs.
T h e d e e d o f th e p r o p e r t y r e fe r s e x p r e s s ly to th e v e n d o r ’ s lie n c r e a te d b y v ir t u e o f
th e cla u s e in th e n o te s .
T h is d e e d h a s , it is s ta te d , b e e n r e c o r d e d .
A lt h o u g h i t is n o t e x p r e s s ly s o s t a t e d , I i n f e r t h a t . t h e in v e s t m e n t is s o u g h t t o b e m a d e o u t
o f th e 5 1 % o f d e p o s its t h a t m a y b e lo a n e d u p o n n e g o tia b le p a p e r o r o th e r e v id e n c e s o f in d e b t
e d n e s s s e c u r e d b y m o r tg a g e lie n u p o n u n e n c u m b e r e d r e a l p r o p e r t y .
T h e r e q u ir e m e n t t h a t s u ch
p r o p e r t y b e u n e n c u m b e r e d n e c e s s a r ily im p lie s t h a t t h e r e s R a ll b e n o o t h e r lie n t h e r e o n p r i o r
to , o r e q u a l in ra n k to . th e m o r tg a g e b y w h ic h th e o b lig a tio n s ta k e n b y th e b a n k a r e s e cu re d .
I f , t h e r e fo r e , a s a v in g s b a n k w e r e t o b e p e r m itt e d u n d e r a n y c ir c u m s t a n c e s to in v e s t m o n e y s
o u t o f th e fu n d in q u e s tio n in v e n d o r ’ s lie n n o te s , a ll o f s u c h n o te s o u t s t a n d in g a g a in s t a p a r
t ic u la r d e s c r ip t io n m u s t n e c e s s a r ily b e ta k e n .
O th e r w is e , i f a n u m b e r o f s u c h n o t e s w e r e o w n e d
b y o th e r s , th e o b je c t io n w o u ld b e e n c o u n t e r e d t h a t th e p r o p e r t y w a s n o t u n e n c u m b e r e d b e c a u s e
th e r e w o u ld e x is t t h e r e o n a lie n e q u a l in r a n k to t h a t h e ld b y t h e s a v in g s b a n k .
Q u it e p o s s ib ly , h o w e v e r , in t h e c a s e t o w h ic h y o u r e fe r , it is d e s ir e d t o b u y a ll o f s u c h o u t
s ta n d in g n o te s so t h a t th e o b je c t io n a b o v e s u g g e s te d w o u ld b e a v o id e d .
T h is b r in g s u s t o a
c o n s id e r a t io n o f t h e p r in c ip a l p o in t a t is s u e ; t h a t is , w h e t h e r o r n o t t h e lie n c r e a t e d b y th e s e
n o t e s c a n b e s a id to b e a “ m o r t g a g e lie n ” w it h in th e m e a n in g o f t h e M ic h ig a n s ta t u t e h e r e
in v o lv e d .
T h e s o -c a lle d “ v e n d o r ’s lie n ” is e x p r e s s ly r e c o g n iz e d b y s ta t u t e in th e S ta te o f
T exas.
T h e p r o v is io n s w it h r e fe r e n c e t h e r e t o a r e a n a lo g o u s in m a n y r s p e c t s t o t h e e n a c t m e n t s
o f th e le g is la t u r e a ffe c t in g m o r t g a g e s u p o n r e a l p r o p e r t y .
T h e d e c is io n s o f th e c o u r t a t la s t
r e s o r t o f T e x a s , c o n s t r u in g th e s e le g is la t iv e e n a c t m e n t s a n d in v o lv in g th e n a t u r e a n d n e c e s s a r y
in c id e n t s p e r t a in in g to th e v e n d o r ’ s lie n , p r o c e e d u p o n th e t h e o r y t h a t s u c h lie n is a n a lo g o u s
t o th e lie n t h a t e x is ts b y v ir tu e o f a m o r tg a g e o r d e e d o f t r u s t .
I t is s ig n ific a n t t o n o t e , h o w -
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
lxix
e v e r , t h a t th e s ta t u t e d o e s n o t t r e a t th e v e n d o r ’s lie n in c o n n e c t io n w it h m o r t g a g e lie n s , n o r
d o e s it d e c la r e t h a t s u c h lie n s s h a ll b e r e g a r d e d a s id e n t ic a l a n d s u b je c t in a ll r e s p e c t s t o t h e
s a m e c o n s id e r a t io n s .
L ik e w is e , th e d e c is io n s o f t h e c o u r t s , w h ile r e c o g n iz in g th e a n a lo g y d o
n o t g o t o th e e x t e n t o f d e c la r in g t h a t f o r a ll p r a c t ic a l p u r p o s e s , th e v e n d o r ’ s lie n a n d th e
m o r t g a g e lie n a r e id e n t ic a l.
T h e c o m p a r a tiv e ly r e c e n t ca s e o f B u s c h v . B r o u n , 1 5 2 S. W . 6 8 3 ,
m a y be c ite d a s s u g g e s tin g th e a tt it u d e o f th e S u p re m e C o u r t o f T e x a s .
I t w a s th e r e h e ld t h a t
a n a s s ig n m e n t o f a v e n u o r ’ s lie n n o t e s h o u ld b e r e g is t e r e d u p o n th e g r o u n d th a t, u n d e r th e
te r m s o f th e s ta tu te a n d p r io r d e c is io n s o f th e c o u r ts , a n a s s ig n m e n t o f a m o r tg a g e m u s t be
r e c o r d e d , in o r d e r to p r o t e c t th e r ig h t s o f th e a s s ig n e e a s a g a in s t t h ir d p a r t ie s a n d t h a t th e
a s s ig n m e n t o f a v e n d o r ’ s lie n n o t e w a s s u b je c t t o s im ila r c o n s id e r a t io n s b e c a u s e s u c h n o t e c o n
v e y e d “ th e s a m e c h a r a c t e r o f lie n .”
I t is o b v io u s f r o m th e r e a d in g o f t h is o p in io n o f th e
c o u r t t h a t in t h e u s e o f t h e w o r d s q u o t e d i t w a s m e a n t t o im p ly t h a t t h e n o t e lik e t h e m o r t
g a g e c r e a t e d a lie n u p o n th e la n d w it h in th e m e a n in g o f th e la w s r e la t in g t o r e g is t r a t io n o f
in s tr u m e n t s a ffe c t in g th e t it le to la n d .
I t w a s n o t in d ic a te d t h a t in th e o p in io n o f th e c o u r t
th e s a m e lie n w a s c r e a t e d b y th e n o t e s a s is c r e a t e d b y a m o r t g a g e .
I t is a ls o o f in t e r e s t to n o t e in t h is c o n n e c t io n t h a t t h e s ta tu te s o f t h e S ta te o f T e x a s
r e la tin g t o c e r ta in m u tu a l in s u r a n c e c o m p a n ie s p e r m it th e in v e s tm e n t o f th e fu n d s o f s u ch
c o m p a n ie s , in n a t io n a l, s t a t e , c o u n t y a n d c i t y b o n d s , a n d a ls o in fir s t m o r t g a g e s u p o n r e a l
e s ta te , s u b je c t to th e r e s t r ic t io n t h a t th e a m o u n t s e c u r e d b y s u c h m o r t g a g e s s h o u ld n o t e x c e e d
5 0 % o f th e v a lu e o f th e la n d .
P e r m is s io n is n o t g iv e n t o s u c h c o m p a n ie s t o in v e s t in v e n d o r ’ s
lie n n o te s .
H a d it b e e n t h e in t e n t io n t o g r a n t s u c h p e r m is s io n , it m a y , I b e lie v e , b e a s s u m e d
th a t th e te r m s o f th e s ta t u t e w o u ld h a v e b een s o e x p r e s s e d .
T h is in fe r e n c e w o u ld s eem to b e
f u lly w a r r a n te d b e c a u s e o f th e v a r io u s s t a t u t o r y p r o v is io n s b y w h ic h m o r t g a g e s a n d v e n d o r ’ s
lie n n o t e s a r e r e c o g n iz e d a s s e p a r a t e a n d d i s t i n c t u n d e r t a k in g s , a lt h o u g h a n a lo g o u s in m a n y
r e s p e c t s , a n d o f th e s a m e c h a r a c t e r in t h a t e a c h c r e a t e s a lie n o n r e a l p r o p e r t y .
A s I v ie w t h e m a t t e r t h e r e a s o n s t h a t m a y h a v e p r o m p t e d t h e le g is la t u r e o f T e x a s in n o t
in c lu d in g v e n d o r ’ s lie n n o t e s in t h e lis t o f s e c u r it ie s in w h ic h m u t u a l in s u r a n c e c o m p a n ie s
m ig h t in v e s t a r e n o t d iffic u lt t o a s c e r t a in .
A s s u g g e s te d b y th e c o r r e s p o n d e n c e s u b m itte d b y
y o u , m a n y s u c h n o te s m a y ba is s u e d , e a c h im p o s in g a lie n u p o n th e s a m e p r o p e r t y .
I f , a s is
u s u a lly th e ca s e , th e s e n o te s a r e h e ld b y d iffe r e n t p a r t ie s , it f o l l o w s n e c e s s a r ily t h a t n o o n e o f
s u ch h o ld e r s h a s w h a t m a y be te r m e d a p r io r lie n .
R a th e r , a ll o f s u c h lie n s a r e o f e q u a l r a n k .
I t s h o u ld be n o t e d a ls o in t h is c o n n e c t io n t h a t e a c h o f s u c h n o t e s im p o s e s a lie n , w h ile in th e
e v e n t t h a t a m o r t g a g e is e x e c u t e d , s e c u r in g a n in d e b t e d n e s s , t h e r e is , o f c o u r s e , b u t t h e o n e
lie n , e v e n t h o u g h s u c h in d e b te d n e s s m a y b e e v id e n c e d b y a n u m b e r o f n o te s , b o n d s , o r o t h e r
o b lig a tio n s .
I t w a s u n q u e s t io n a b ly th e v ie w o f th e T e x a s le g is la t u r e t h a t fir s t p io r t g a g e s w e r e
p r e fe r a b le t o v e n d o r ’ s lie n n o t e s .
U n d o u b t e d ly r e a s o n s o f p u b lic p o lic y w e r e d e e m e d to e x is t
th a t w a r r a n te d th e a p p a r e n t d is c r im in a tio n .
I a m im p r e s s e d t h a t s im ila r r e a s o n s o f p u b lic p o l ic y o b t a in in t h e c o n s t r u c t io n o f t h e p r o
v i s i o n o f t h e M ic h ig a n s t a t u t e t h a t is h e r e i n v o lv e d .
A r e a d in g o f S e c t io n 2 7 is s u ffic ie n t to
in d ic a te c o n c lu s iv e ly t h a t th e le g is la t u r e d e e m e d it w is e to c a r e fu lly s a fe g u a r d th e in v e s tm e n t
o f th e fu n d s o f s a v in g s b a n k s.
1 c h a lle n g e y o u r a tt e n t io n s p e c ific a lly t o s u b d iv is io n s ( e ) , ( f ) ,
a n d (g ) th e r e o f.
I t w a s c le a r ly in t e n d e d t h a t e v e r y p r e c a u t io n s h o u ld b e o b s e r v e d in o r d e r
t o p r e v e n t e v e n a p o s s ib ilit y o f lo s s .
U n d o u b t e d ly th e h is t o r y o f b a n k in g , a s c o n d u c t e d p r io r
to th e p a s s a g e o f s u p e r v is o r y a n d r e g u la t o r y s ta tu te s , e x p la in s in la r g e m e a s u r e th e e x tr e m e
c a r e w it h w h ic h th is a c t w a s d r a w n .
I n p e r m it t in g in v e s t m e n t s in n o t e s o r b o n d s s e c u r e d b y
m o r t g a g e , it w a s p r o v id e d , in a c c o r d a n c e w it h th e g e n e r a l s p ir it o f t h is a c t , n o t o n ly t h a t th e
r e a l e s ta te m u s t be u n e n c u m b e r e d , b u t t h a t it m u s t be w o r th a t le a s t d o u b le th e a m o u n t lo a n e d .
I t o c c u r s t o m e t h a t t h is la s t p r o v is io n m ig h t o p e r a t e t o p r e v e n t in v e s t m e n t in t h e s p e c ific n o t e s
r e fe r r e d t o in y o u r c o m m u n ic a t io n , f o r i t a p p e a r s t h a t s u c h n o t e s w e r e g iv e n f o r t w o - t h ir d s o f
th e p u r c h a s e p r ic e o f th e la n d .
A s s u m in g t h a t s u ch p r ic e m a y b e ta k e n to in d ic a te th e a c t u a l
v a lu e o f t h e la n d , it is p a t e n t t h a t t h e l ie n s c r e a t e d b y s u c h n o t e s e x c e e d in t h e a g g r e g a t e o n e h a lf th e v a lu e o f th e p r o p e r t y .
I f, th e r e fo r e , a ll o f th e n o te s o u t s ta n d in g a g a in s t a n y p a r
t ic u la r d e s c r ip t io n w e r e a c q u ir e d b y th e b a n k to w h ic h y o u r e fe r , th e r e m ig h t s till b e in v o lv e d
t h e q u e s t io n a s t o w h e t h e r o r n o t s u c h in v e s t m e n t is in c o n t r a v e n t io n o f t h is c la u s e .
H ow ever,
I r e g a r d t h is f e a t u r e a s o f m in o r im p o r t a n c e u n le s s it is s o u g h t t o p u r c h a s e n o t e s s e c u r e d b y a
t r u s t m o r tg a g e , t o w h ic h m o r e s p e c ific r e fe r e n c e w ill h e r e a ft e r b e m a d e .
.
T h e s ig n ific a n t fe a t u r e o f th e c la u s e t o w h ic h a t t e n t io n h a s b e e n d ir e c t e d lie s in t h e f a c t
t h a t t h e le g is la t u r e h a s s e e n fit t o r e f e r o n ly t o m o r t g a g e lie n s r a t h e r t h a n t o lie n s g e n e r a lly
th a t m ay cov er rea l p rop erty .
H a d it b e e n t h e in t e n t io n t o in c lu d e lie n s o t h e r th a n th o s e
e x is t in g b y v ir t u e o f a m o r t g a g e , w it h in t h e p u r v ie w o f t h e a c t , it is , I b e lie v e , f a i r t o a s s u m e
t h a t th is p a r t ic u la r c la u s e w o u ld h a v e b e e n e n a c t e d a c c o r d in g ly .
I a m s t r o n g ly im p r e s s e d
t h a t t h e in t e n t io n o f t h e le g is la t u r e c a n n o t b e c a r r ie d o u t u n le s s t h e r e s t r i c t io n s im p o s e d a r e
c a r e f u lly o b s e r v e d in a c c o r d a n c e w it h t h e le t t e r o f t h e la w .
P r e c is e ly th e s a m e r e a s o n s o f
p u b lic p o l ic y t h a t p r o m p t e d t h e i n c lu s io n o f t h e s e p r o v is io n s in S e c t io n 2 7 , r e q u ir e t h a t in
c o n s t r u in g th e sa m e , th e r e s h a ll b e n o e x c e p tio n p e r m itt e d a n d n o p r a c t ic e a llo w e d t h a t w ill
o p e n t h e d o o r t o a m o d ific a t io n o f t h e n e q u ir e m e n t s d e e m e d t o b e n e c e s s a r y t o s a fe g u a r d t h e
r ig h t s a n d in t e r e s t s o f t h e d e p o s it o r s in s a v in g s b a n k s .
In a c c o r d a n c e w it h th e s e s u g g e s tio n s ,
I a m c o n s t r a in e d t o th e o p in io n t h a t th e s a v in g s b a n k to w h ic h y o u r e fe r m a y n o t p r o p e r ly
in v e s t in v e n d o r ’ s lie n n o t e s c o v e r in g p r o p e r t y in t h e S t a t e o f T e x a s o n t h e t h e o r y t h a t t h e
lie n c r e a te d b y s u c h n o t e s is a “ m o r t g a g e lie n ” w it h in th e m e a n in g o f S e c t io n 2 7 o f th e g e n e r a l
b a n k in g la w .
T h is , I b e lie v e , c o v e r s y o u r fir s t q u e s t io n .
W ith r e fe r e n c e to y o u r s e c o n d in q u ir y a s to w h e th e r o r n o t a lo a n s e c u r e d b y t r u s t d e e d o n
r e a lt y in th e S ta te o f T e x a s m a y b e m a d e th e s u b je c t o f a n in v e s t m e n t m a d e b y a s a v in g s b a n k
o u t o f it s d e p o s it s , it w o u ld s e e m t h a t n o fe a s ib le o b je c t io n m a y b e m a d e t h e r e t o .
T h is
s o -c a lle d “ d e e d o f t r u s t ,” a c o p y o f w h ic h is s u b m it te d , is t o a ll in t e n t s a n d p u r p o s e s a m o r t
g a g e a n d in c o n s e q u e n c e th e lie n c r e a t e d t h e r e b y m a y f a ir l y b e s a id t o b e “ m o r t g a g e lie n .”
In
m a k in g in v e s t m e n t in o b lig a t io n s s e c u r e d b y s u c h lie n , i t m u s t b e b o r n e in m in d t h a t t h e a g g r e
g a t e o f s u c h o b lig a t io n m a y n o t e x c e e d o n e -h a lf t h e v a lu e o f t h e p r o p e r t y a n d t h a t s u c h lie n
m u s t b e p r io r in c h a r a c t e r t o a ll o t h e r lie n s o u t s t a n d in g .
T h e f a c t t h a t it is d e e m e d n e c e s s a r y
t o e x e c u t e t h is in s t r u m e n t in c e r t a in c a s e s m a y in i t s e l f b e t a k e n a s a n i n d ic a t io n t h a t t h e
s o -c a lle d v e n d o r ’ s lie n n o t e s a r e n o t a s a m p le s e c u r it y a s is th e lie n c r e a t e d b y a m o r t g a g e o r
deed o f tru st.
I n c a s e o f a n y d e f a u lt u n d e r t h e la t t e r , t h e t r u s t e e is , o f c o u r s e , c h a r g e d w it h
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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STATE BANKING DEPARTMENT.
th e d u ty o f p r o t e c t in g th e r ig h t s o f a ll o f th e h o ld e r s o f th e o b lig a tio n s th a t a re s e c u r e d b y
s u c h lie n .
A s s ta te d , th e r e se e m s to be n o o b je c tio n to a n in v e s tm e n t in o b lig a tio n s s e c u r e d
in t h is m a n n e r p r o v id i n g , o f c o u r s e , t h e n e c e s s a r y r e s t r i c t io n s a n d l i m i t a t i o n s im p o s e d b y t h e
s ta tu te a re o b se rv e d .
R e s p e c tfu lly y o u rs ,
(S ig n e d )
G rant
F ellow s,
A tto r n e y
STOCK
IN
B U IL D IN G
COM PANY
C A N N O T BE
C A R R IE D A S
B A N K IN G
H OUSE
UNDER
(5 8 )
S E C T IO N
O cto b e r
H o n . F r a n k W . M e r r ic k , C o m m is s io n e r B a n k in g
G e n e r a l.
11.
29, 1915.
D ep a rtm en t :
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 2 8 t h in s t . r e c e iv e d a s f o l l o w s :
“ I d e s ir e to c a ll y o u r a tt e n t io n to S e c t io n 1 1 o f t h e b a n k in g la w , w h ic h p r o v id e s t h a t a
b a n k m a y p u r c h a s e a n d h o ld r e a l e s ta te s u c h a s s h a ll b e n e c e s s a r y f o r th e c o n v e n ie n t t r a n s a c
t io n o f it s b u s in e s s , in c lu d in g w it h it s b a n k in g o ffic e o t h e r a p a r t m e n t s t o r e n t a s a s o u r c e o f
in c o m e , b u t w h ic h s h a ll n o t e x c e e d f i f t y p e r c e n t o f it s p a id in c a p it a l.
U n d e r th is p r o v is io n o f
s a id S e c t io n I d e s ir e t o in q u ir e w h e t h e r o r n o t in y o u r o p in io n it w o u ld b e le g a l f o r a S ta t e
b a n k to c a r r y as an a sse t s to c k o f a B u ild in g C o m p a n y u p to fifty p e r ce n t o f c a p it a l?
The
B u ild in g C o m p a n y is o n e o r g a n iz e d f o r t h e p u r p o s e o f e r e c t in g a b a n k a n d o ffic e b u ild in g f o r
th e S ta t e b a n k , w h ic h b a n k h e r e t o fo r e h e ld a n in e t y -n in e y e a r le a s e o f t h e p r o p e r t y
The
c a p it a l s t o c k o f t h e B u ild in g C o m p a n y is $ 2 5 0 ,0 0 0 , a ll h e ld b y t h e d ir e c t o r s o f t h e b a n k , a n d
t h e B u i l d i n g C o m p a n y w i l l a l s o h a v e a b o n d is s u e o f $ 2 5 0 ,0 0 0 , r e t i r a b l e a t t h e e n d o f t w e n t y s e v e n y e a r s f r o m t h e in c o m e o f t h e b u ild in g .
T r u s t i n g t h a t t h i s w i l l h a v e y o u r e a r l y a t t e n t i o n .......................................”
i t is m y u n d e r s t a n d in g f r o m y o u r in q u ir y t h a t th is p a r t ic u la r b a n k c o n te m p la t e s c a r r y in g
th e s to c k m th e B u ild in g C o m p a n y a s a n a s s e t u n d e r its b a n k in g h o u s e a c c o u n t.
, , T h e a u t h o r it y o f a S ta te b a n k t o in v e s t in r e a l e s ta t e is lim it e d b y th e p r o v is io n s o f S e c tio n
11 o l th e G e n e r a l B a n k in g L a w to w h ic h y o u r e fe r .
U n q u e s tio n a b ly th is s e c t io n c o n te m p la t e s
d ir e c t o w n e r s h ip e it h e r b y w a y o f a fe e o r , a s w e h a v e h e r e t o f o r e h e ld , a l o n g t e r m le a s e
See
A t t o r n e y G e n e r a l’s R e p o r t f o r n in e t e e n -fo u r t e e n a t p a g e 5 7 8 .
I d o n o t t h in k t h a t th e p r o v is io n s o r th is s e c t io n c a n b e fu r t h e r e x te n d e d b y c o n s t r u c t io n .
M o r e o v e r t h e a u t h o r it ie s a r e u n if o r m in h o ld in g t h a t u n le s s e x p r e s s ly a u t h o r iz e d b y s t a t u t e ,
S t a t e a n d N a t io n a l b a n k s c a n n o t h o ld s t o c k in o t h e r c o r p o r a t io n s a n d w h e r e t h e y a r e a u t h o
r iz e d to h o ld s u ch s to c k th e y ca n o n ly d o so in th e m a n n e r a n d f o r th e p u r p o s e s p r e s c r ib e d
U p o n th is p r o p o s it io n y o u a re r e s p e c t fu lly r e fe r r e d to A t t o r n e y G e n e r a l’ s R e p o r t f o r n in e te e n fo u rte e n a t p a ge 434.
F u r t h e r d is c u s s io n o f t h is m a t t e r I t h in k is u n n e c e s s a r y , a n d y o u r i n q u ir y is t h e r e f o r e
a n s w e r e d in th e n e g a tiv e .
R e s p e c tfu lly
(S ig n e d )
you rs,
G rant
F ellow s,
A tto r n e y
THE
W ORD "C A P IT A L ”
C O N STRU ED TO M E A N
C A P IT A L
STOCK.
(5 9 )
D ecem ber
H on . F ra n k
W . M e r r ic k ,
B a n k in g
C o m m is s io n e r ,
L a n s in g ,
G e n e r a l.
28,
1915.
M ic h ig a n :
D e a r S ir - A n s w e r i n g y o u r c o m m u n ic a tio n o f r e c e n t d a te a s fo llo w s :
S e c tio n 1 1 o f th e b a n k in g la w lim it s t h e in v e s t m e n t b y a s ta te b a n k
in
rea l
e s ta te
fo r
S h ? a ^ 5 Pi°T1SeL
it r f t y P e r <Cen1L 0 i i i s j?a i(i i n c a p i t a l . ’
T h e q u e s t io n is a s k e d w h e t h e r t h e
P f - ! ? }n c a p i t a l m e a n s c a p i t a l s t o c k o r d o e s i t m e a n t h e e n t i r e a s s e t s o f t h e b a n k , v i z :
m o n e y p a id in f o r s t o c k , s u r p lu s , u n d iv id e d p r o fit s , o r o t h e r p r o p e r t y in t h e b a n k .
W e w ili
a p p r e c ia t e a n o p in io n f r o m y o u r D e p a r t m e n t o n t h is q u e s t io n .”
I n r e p ly t h e r e t o w o u ld s a y t h a t th e p r o v is io n o f s e c t io n 1 1 o f th e S ta te B a n k in g la w to
w h ic h y o u r e f e r r e a d s in p a r t a s f o l l o w s :
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pu rposes,
b u s in e s s ,
but
in c lu d in g
m e a n i n & o f t h e p h r a s e “ p a id in c a p i t a l ” a s it a p p e a r s in t h is s e c t io n is d o u b t le s s m a d e
c ^eai
r e ^ ? rfl? ,c e
t b e p r o v is io n s o f s e c t io n 5 o f t h e s a m e a c t in w h ic h it is p r o v id e d •
o n tw f l f t y p e r ce n u ° ? t h e c a p i t a l s t o c k o f e v e r y b a n k s h a l l b e p a i d i n b e f o r e i t s h a l l b e
a u t h o r iz e d t o c o m m e n c e b u s in e s s , a n d t h e r e m a in d e r o f t h e c a p it a l o f s u c h b a n k s h a ll b e p a id
o f e a ^ h ^ ^ i f c c e e d f n ^ m o i i t h ^ a t l e a s t , P n p e r c e n t 011 t h e w h o l e o f t h e c a p i t a l , p a y a b l e a t t h e e n d
Hiro° h i ^ t n l , 0 f h t h e b a n b i n g f c w c l e a r l y d i s t i n g u i s h b e t w e e n p a i d i n c a p i t a l a n d o t h e r
t P e I P 11? ’ s u c h a s s u r p l u s , u n d i v i d e d p r o f i t s , e t c .
T h is , a s I t a k e it , is t h e v i e w h e ld
w h ic h
i 'w i s h
to
q u o t e a s f o l l o w s : C leVO ted t o a d i s c u s s i o n
o f c a p ita l s to c k a n d d iv id e n d s fr o m
A m ° u n t o f C a p ita l a n d S h a re s.
T h e c a p i t a l o f a b a n k is n o t a n id e a l, fic t ioiQ1^SHcnr i^ i:r a r 5 + s u m o f u ^ o n e y s e t d o w n i n t h e a r t i c l e s o f a s s o c i a t i o n , b u t i s c o m p o s e d o f s u b is th e fo u n d a t io n of ' 1 + 1 ® 3 a
v a l u e a iu l s o li ( l i t y t o t h e s t o c k o f t h e i n s t i t u t i o n .
It
is t h e fo u n d a t i o n o f it s c r e d it in t h e b u s in e s s c o m m u n it y .
C a p ia l u s e d in t h e b u s in e s s o f b a n k u ° n e th e le s s s o b e c a u s e it is b o r r o w e d .
T h e m ere fa c t H ilt t t e m o“
p erm 1 n en H y
lo J n
lo a n
i f h t n i n e d h tn b mSo o + Sf r , 1S b o r r o w e c l ,d o e s n o t a l t e r
o b ta in e d to m e e t a n e m e r g e n c y is n o t c a p ita l.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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REPORT OF THE COMMISSIONER.
T h e c a p it a ] s t o c k o f a b a n k is t h e w h o le u n d iv id e d fu n d p a id in b y t h e s t o c k h o ld e r s , t h e
le g a l r ig h t t o w h ic h is v e s t e d in t h e c o r p o r a t io n t o b e u s e d in t r u s t f o r t h e b e n e fit o f t h e m e m
b ers.
I f a la r g e s u r p lu s b e a c c u m u la t e d a n d la id u p t h a t d o e s n o t b e c o m e a p a r t o f it .
(C it in g
F i r e i n g t o n v . T e n n ., 9 5 U . S . 6 7 9 .)
“ C a p it a l” a n d “ c a p it a l s t o c k ” o f a b a n k , w h ile s o m e tim e s u s e d in t e r c h a n g e a b ly , a r e n o t
o n e a n d th e sa m e t h in g .
“ C a p it a l” in c lu d e s th e e n tir e a s s e ts o f th e b a n k , w h e th e r r e p r e s e n te d
b y m o n e y p a id in f o r s to c k , s u r p lu s , u n d iv id e d p r o fit s , o r o t h e r p r o p e r t y o f th e b a n k ; w h ile
c a p ita l s to c k r e p r e s e n ts o n ly th e t o t a l a m o u n t d e r iv e d fr o m th e is s u a n c e o f th e s h a re s o f
s t o c k .”
( W e s t v . N e w p o r t N e w s , 1 0 4 V a . 2 1 ; M ic h ie B a n k s a n d B a n k in g , p a g e s 7 5 a n d 7 6 .)
T h e t e r m “ p a id in c a p i t a l ” a s u s e d in s e c t io n 1 1 , t h e r e fo r e , m u s t b e t a k e n t o r e f e r o n ly t o
m o n e y p a id in f o r s t o c k , w h ic h a m o u n t is fix e d b y s t a t u t e a s d is t in g u is h e d f r o m r e s e r v e c a p it a l,
u n d iv i d e d p r o f i t s , e t c ., w h ic h a r e m o r e o r le s s u n d e r t h e c o n t r o l o f t h e d i r e c t o r s o f t h e b a n k
a n d m a y v a r y w i t h t h e f o r t u n e s o f t h e b u s in e s s .
R e s p e c tfu lly y o u rs ,
(S ig n e d )
G rant
F ellow s,
A tto r n e y
G e n e r a l.
B U IL D IN G A N D LO A N A S S O C IA T IO N S M A Y N O T A D V E R T IS E F O R D E P O S IT S ; B A N K S ARE N O T P R E F E R R E D
C R E D IT O R S
OF
SUCH
A S S O C IA T IO N S .
(6 0 )
H on.
J an u ary
F ra n k
W.
M e r r ic k ,
S ta te
B a n k in g
C o m m is s io n e r ,
L a n s in g ,
17, 1916.
M ic h ig a n :
D e a r S ir — I h a v e y o u r c o m m u n ic a t io n o f t h e 1 4 t h i n s t . a s f o l l o w s :
“ I a m e n c lo s in g h e r e w ith le tt e r fr o m o n e o f o u r S ta te b a n k s, a s w e ll a s a d v e r tis e m e n ts
a tt a c h e d , u p o n th e s u b je c t m a t t e r m e n tio n e d in th e le t t e r .
W ill y o u k in d ly a d v is e u s a s to
w h e th e r o r n o t a b u ild in g a n d lo a n a s s o c ia t io n c a n le g a lly a d v e r t is e f o r d e p o s i t s ; a n d a ls o
a d v is e u s , w h e t h e r o r n o t , in t h e e v e n t o f a n in d iv id u a l o r b a n k lo a n in g a b u ild in g a n d lo a n
a s s o c i a t i o n m o n e y , w o u ld t h e p e r s o n o r b a n k b e c o m e a p r e f e r r e d c r e d i t o r a s, a g a in s t t h e s t o c k
h o ld e r s o f th e b u ild in g a n d lo a n a s s o c ia t io n .”
In r e p ly t h e r e t o w o u ld s a y t h a t d o m e s t ic b u ild in g a n d lo a n a s s o c ia tio n s a re g o v e r n e d b y
th e p r o v is io n s o f A c t 5 0 o f th e P u b lic A c t s o f 1 8 8 7 , a s a m e n d e d b y A c t 1 7 o f th e P u b lic A c t s o f
1901.
T h e p u r p o s e o f s u c h a s s o c ia t io n s is s t a t e d in s e c t io n 1 o f t h e a b o v e a c t a s f o l l o w s :
“ A n y num ber o f person s
*
*
*
d e s ir in g t o o r g a n iz e a b u ild in g a n d lo a n a s s o c ia t io n
f o r t h e p u r p o s e o f b u ild in g a n d im p r o v in g h o m e s te a d s , r e m o v in g in cu m b ra n c e s ^ t h e r e fr o m ,
a n d lo a n in g m o n e y t o th e m e m b e rs th e r e o f, m a y , b y c o m p ly in g w it h a ll th e p r o v is io n s o f t h is
a c t a n d e n te r in g in t o a r t ic le s o f a s s o c ia tio n , b e c o m e a c o r p o r a t e b o d y .
*
*
*
*”
S e c t io n 5 p r o v id e s , in p a r t, a s f o l l o w s :
“ T h e a u t h o r iz e d c a p it a l s t o c k o f s u c h a s s o c ia t io n s h a ll b e d iv id e d in t o s h a r e s h a v in g a p a r
v a lu e o f n o t le s s th a n t w e n t y -fiv e d o lla r s , n o r m o r e th a n t w o h u n d r e d d o lla r s e a c h , p a y a b le
in p e r io d ic a l in s t a llm e n t s , c a lle d d u e s , n o t e x c e e d in g t w o d o lla r s p e r m o n t h o n e a c h s h a r e :
P r o v i d e d , T h a t t h e b y - l a w s m a y p r o v i d e f o r t h e a d v a n c e p a y m e n t o f i n s t a l l m e n t d u es_ a n d f o r
w h ic h t h e r e m a y b e is s u e d a n a d v a n c e p a y m e n t c e r t ific a t e .
T h e s h a r e s m a y b e is s u e d in s e r ie s ,
o r a t a n y t im e a s t h e b y -la w s s h a ll d e t e r m in e , a n d s u b s c r ip t io n s t h e r e f o r s h a ll b e m a d e p a y a b le
t o t h e a s s o c ia t io n .”
.
.
U n d e r t h e p r o v is io n s o f s e c t io n fiv e a n d s ix o f t h e a c t m o s t b u ild in g a n d lo a n a s s o c ia t io n s
in t h is S ta t e m a k e p r o v is io n f o r in v e s t m e n t in t h e ir c a p it a l s to c k o n t h e in s ta llm e n t p la n .
T h is , h o w e v e r , m u s t b e d is t in g u is h e d f r o m r e c e iv in g d e p o s it s a s b a n k s d o b u s in e s s .
I h a v e e x a m in e d t h e a d v e r t is e m e n t t o w h ic h y o u r e fe r a n d d o n o t t h in k it is o p e n t o th e
o b je c t i o n t h a t t h e b u ild in g a n d lo a n a s s o c ia t io n in q u e s t io n is h o ld in g i t s e l f o u t t o b e a b a n k .
I a m o f t h e o p in io n t h a t w e r e - t h e y d o in g s o i t w o u ld c o n s t it u t e a m is u s e o f t h e ir c h a r t e r .
W ith r e fe r e n c e to th e s e c o n d q u e s tio n w h ic h y o u a sk a s t o w h e th e r a b a n k lo a n in g m o n e y
to a b u ild in g a n d lo a n a s s o c ia t io n w o u ld b e p r e fe r r e d in c a s e o f in s o lv e n c y o v e r s to c k h o ld e r s
in t h e a s s o c ia t io n , I a m o f t h e o p in io n t h a t t h e s a m e r u le w o u ld a p p ly a s in o r d in a r y c o r p o r a
tio n s .
T h e m e m b e r s o f a b u ild in g a n d lo a n a s s o c ia t io n a r e m u t u a lly lia b le f o r it s o b lig a t io n s
a n d t h e fu n d s o f t h e a s s o c ia t io n a n d it s a s s e t s in c a s e in s o lv e n c y r e s u lt s , m a y b e u s e d f o r t h e
p a y m e n t o f d e b ts .
I n t h is c o n n e c t io n I c a ll y o u r a tt e n t io n to T h o r n t o n a n d B la c k le d g e o n
b u ild in g a n d lo a n a s s o c ia tio n s , S e c t io n s 3 7 6 a n d 3 7 7 .
R e s p e c tfu lly y o u rs,
(S ig n e d )
G rant
F ellow s,
A tto r n e y
B A N K IN G
H OUSE.
(6 1 )
H on . F ra n k
G e n e r a l.
A p r il 10, 1 9 1 6 .
W . M e r r ic k ,
S ta te
B a n k in g
C o m m is s io n e r ,
L a n s in g :
D e a r S ir — W e h a v e h a d u n d e r c o n s id e r a t io n f o r s o m e t im e t h e p r o p o s it io n s u b m it t e d t o
y o u r D e p a r t m e n t b y o n e o f t h e S t a t e B a n k s in D e t r o i t r e la t iv e t o t h e p r o p o s e d b u ild in g o f a
b a n k in g h o u s e w h e r e th e c o s t o f th e la n d a n d th e b u ild in g w ill b e a p p r o x im a t e ly t w o m illio n
d o lla r s , w h ic h a m o u n t e q u a ls th e c a p it a l o f t h e b a n k .
I n a s m u c h a s s e c t io n 1 1 o f t h e g e n e r a l
b a n k in g la w o n ly p e r m its 5 0 % o f th e c a p ita l t o b e in v e s te d in a b a n k in g h o u se , t h is b a n k h a s
s u b m itte d s e v e r a l p r o p o s it io n s f o r y o u r a p p r o v a l.
T h e s e p r o p o s it io n s a re a s f o l l o w s :
(1 )
A s t a t e b a n k w it h $ 2 ,0 0 0 ,0 0 0 p a id in c a p it a l d e s ir e s t o in v e s t $ 1 ,0 0 0 ,0 0 0 in a b a n k
i n g o ffic e a n d o ffic e b u ild in g a s a s o u r c e o f in c o m e , a s f o l l o w s :
T o o b t a in a s it e a n d e r e c t a n
1 8 s t o r y b a n k in g a n d o ffic e b u i l d in g a t a t o t a l c o s t o f n o t e x c e e d in g $ 2 ,0 0 0 ,0 0 0 u s in g t h e r e f o r
o n e - h a l f o f i t s p a i d in c a p i t a l , v i z :
$ 1 ,0 0 0 ,0 0 0 a n d is s u in g b u ild in g b o n d s f o r t h e r e m a in in g
$ 1 ,0 0 0 ,0 0 0 , t h e p r i n c ip a l a n d in t e r e s t o f w h ic h b o n d s s h a ll b e p a y a b le s o le ly f r o m t h e n e t
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lxxii
STATE BANKING DEPARTMENT.
in c o m e o f t h e p r o p e r t y , a n d w h ic h b o n d s s h a ll b e , a c c o r d in g t o t h e ir t e r m s , s o le ly p a y a b le f r o m
s u ch n e t in c o m e a s m a y h e d e r iv e d a n d n o t a c la im o r d e h t a g a in s t th e h a n k , n o t a c la im
a g a in s t a n y o f it s p r o p e r t y n o r a s s e ts n o r a g a in s t th e b u ild in g , b u t m e r e ly a g a in s t th e n e t
in c o m e u n t il t h e p r in c ip a l a n d in t e r e s t o f t h e b o n d s a r e p a id .
I s th is p e r m is s ib le ?
(2 )
I n s te a d o f th e is s u a n c e o f th e b o n d s b y th e b a n k , m a y an in d e p e n d e n t c o r p o r a t io n o r
a n i n d iv id u a l o r in d i v i d u a l s p r o c u r e t it l e t o t h e s it e , e r e c t t h e b u ild in g , s e ll i t a b s o lu t e ly t o
t h e b a n k f o r $ 1 ,0 0 0 ,0 0 0 , r e s e r v in g t h e t it le t o t h e n e t in c o m e u n t il t h e a m o u n t r e c e iv e d fr o m
s u c h n e t in e o m e s h a ll r e im b u r s e it o r h im o r t h e m f o r t h e b a la n c e o f t h e c o s t p lu s 5 % p e r
a n n u m u n til p a id ?
(3 )
M a y a n in d e p e n d e n t c o r p o r a t io n , in d iv id u a l o r in d iv id u a ls o w n in g b u ild in g a n d s it e
w o r t h $ 2 ,0 0 0 ,0 0 0 s e ll t o t h e b a n k a n u n d iv id e d o n e - h a lf in t e r e s t t h e r e in f o r $ 1 ,0 0 0 ,0 0 0 , t h e y
h o ld in g a s t e n a n t s in c o m m o n , a n d t h e n le a s e t h e r e m a in in g u n d iv id e d o n e -h a lf in t e r e s t t h e r e in
t o th e b a n k f o r a r e n ta l e q u a l t o th e n e t in c o m e o f th e w h o le b u ild in g , w it h t h e p r o v is o t h a t
w h e n t h e b a n k h a s p a id fr o m s u c h n e t r e n ta l a n a m o u n t s u ffic ie n t t o c o v e r t h e v a lu e o f th e
u n d iv id e d o n e - h a lf in t e r e s t p lu s 5 % in t e r e s t , t h e w h o le t it l e t h e r e t o s h a ll v e s t in t h e b a n k ?
(4 )
I f a n in d e p e n d e n t c o r p o r a t io n , in d iv id u a l o r in d iv id u a ls p r o c u r e d t h e s it e a n d e r e c t e d
t h e b u ild in g a t a c o s t o f $ 2 ,0 0 0 ,0 0 0 , a n d g a v e a t r u s t m o r t g a g e o n t h e p r o p e r t y t o s e c u r e t h e
p a y m e n t o f $ 1 ,0 0 0 ,0 0 0 c o n s t r u c t io n b o n d s a t a r a t e o f $ 1 0 0 ,0 0 0 a y e a r in c lu s iv e o f in t e r e s t ,
c o u ld a s t a t e b a n k o f $ 2 ,0 0 0 ,0 0 0 p a id in c a p it a l b u y t h e p r o p e r t y f o r b a n k in g o ffic e s a n d
a p a r t m e n t s a s a s o u r c e o f in c o m e f o r $ 1 ,0 0 0 ,0 0 0 , s u b je c t t o s u c h t r u s t m o r t g a g e , o n t h e e x p r e s s
s tip u la tio n , h o w e v e r , t h a t th e b a n k d o e s n o t a ss u m e a n d a g r e e to p a y th e m o r tg a g e o r b o n d s
s e c u r e d th e r e b y , b u t th a t, s o f a r a s th e b a n k is c o n c e r n e d , th e h o ld e r s m u s t lo o k t o th e p r o p
e r t y f o r liq u id a t io n , a n d p a y m e n t ?
(5 )
C a n a s t a t e b a n k in v e s t o n e -h a lf o f it s p a id in c a p it a l in a b u ild in g a n d s it e a s
c o - t e n a n t in c o m m o n w i t h a n o t h e r c o r p o r a t i o n , i n d i v i d u a l o r in d i v i d u a l s , a n d l a t e r b y a n
in c r e a s e o f it s c a p it a l p a id in , b u y o u t i t s c o - t e n a n t ?
P r o p o s i t i o n N o . 1, I t h in k , s h o u ld b e a n s w e r e d in t h e n e g a t iv e .
U n d e r th is p r o p o s it io n th e
n e t in c o m e f r o m r e n t a ls , e t c ., w o u ld h e u s e d in d is c h a r g in g t h e p r in c ip a l a n d in t e r e s t o n t h e
bon d s.
S u c h r e n t a ls a r e a s s e t s o f t h e b a n k a n d t h e b a n k w o u ld , t h e r e f o r , u s e it s a s s e t s in
p a y in g o ff t h e m o r t g a g e b o n d s , t h u s in c r e a s in g it s in v e s t m e n t in t h e b a n k in g h o u s e .
The
p r o p o s it io n is c le a r ly a n e v a s io n o f t h e r e s t r ic t io n s im p o s e d b y s e c t io n 1 1 a n d s h o u ld n o t b e
ap p roved .
P r o p o s it io n N o . 2 . T h is is s u b je c t t o t h e s a m e o b je c t io n s a s th e fir s t p r o p o s it io n a n d s h o u ld
lik e w is e b e d is a p p r o v e d .
P r o p o s itio n N o. 3.
T h is p r o p o s it io n is s u b je c t t o th e c r it ic is m t h a t t h e b a n k h a s a lr e a d y
in v e s t e d u p t o i t s lim it in t h e b a n k in g h o u s e a n d t h e n p r o c e e d s t o le a s e t h e o t h e r u n d iv id e d
h a lf in te r e s t fr o m th e o t h e r t e n a n t in c o m m o n f o r a n a m o u n t e q u a l to h a lf th e v a lu e o f th e
b u ild in g .
T h is p r o p o s it io n is s o c le a r ly a n e v a s io n o f th e la w t h a t it s h o u ld b e g iv e n n o fu r t h e r
c o n s id e r a t io n .
P r o p o s itio n N o . 4.
I d o n o t see h o w a d is t in c t io n c a n b e m a d e b e tw e e n th e b a n k b e in g
lia b le f o r a d e b t a n d p r o p e r t y o f th e b a n k b e in g lia b le .
In a n y e v e n t fa ilu r e t o m e e t th e te r m s
o f th e m o r t g a g e lie n w o u ld in v o lv e th e a s s e ts o f th e b a n k , e s p e c ia lly s in c e th e b a n k w o u ld p r o
p o s e t o in v e s t o n e m illio n d o lla r s o f it s c a p it a l in t h e r e a l e s t a t e .
T h is p r o p o s it io n is a n
e v a s io n o f s e c t io n 1 1 a n d p o s s ib ly o f s e c t io n 4 5 , w h ic h p r o v id e s t h a t a b a n k c a n n o t p le d g e its
a s s e t s a s c o l l a t e r a l s e c u r i t y s o a s t<5 g i v e a p r e f e r e n c e t o t h e c r e d i t o r .
P ro p o s itio n N o. 5.
T h is p r o p o s it io n is g o v e r n e d b y a s e p a r a t e o p in io n t h is d a y r e n d e r e d
t o y o u a n d in s h o r t m a y h e a n s w e r e d a s f o l l o w s :
t h a t t h e r e is n o t h i n g in t h e b a n k in g la w
t o p r o h ib it a S t a t e b a n k f r o m b e in g a t e n a n t in c o m m o n w it h a n o t h e r c o r p o r a t io n o r in d iv id u a l
p r o v id e d it d o e s n o t in v o lv e a s a n e c e s s a r y c o n s e q u e n c e a p a r tn e r s h ip a g r e e m e n t.
M y fe a r
w o u ld b e t h a t a p a r t n e r s h ip a g r e e m e n t w o u ld b e n e c e s s a r y , a n d t h a t w o u ld b e e s p e c ia lly tr u e
w h e r e t h e p a r t ie s a s t e n a n t s in c o m m o n c o n t e m p la t e f r o m t h e b e g in n in g t h a t o n e o f t h e p a r t ie s
s h o u ld p u r c h a s e t h e o t h e r ’ s in t e r e s t a n d t h a t in t h e m e a n t im e o n e o f t h e p a r t ie s w o u ld b e
a c t in g a s a t r u s t e e o r a g e n t f o r a ll in t h e c o lle c t io n o f r e n t s , p a y m e n t o f t a x e s , in s u r a n c e , e t c .
I w o u ld s u g g e s t , a s I d id in m y o t h e r o p in io n , t h a t a n y c o n t r a c t m a d e b e t w e e n t h e t e n a n t s in
c o m m o n u n d e r t h is p r o p o s it io n s h o u ld b e s u b m itte d to th e b a n k in g d e p a r t m e n t b e fo r e t a k in g
e ffe c t.
R e s p e c tfu lly y o u rs,
(S ig n e d )
G rant
F ellow s,
A tto r n e y
G e n e r a l.
B A N K IN G H O U S E .
(6 2 )
H o n . A lb e r t E . M a n n in g , D e p u t y
A p r il
S ta te B a n k in g
C o m m is s io n e r ,
L a n s in g ,
10,
1916.
M ic h .:
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 1 3 t h u lt . r e c e iv e d a s f o l l o w s :
“ I a m d ir e c te d b y th e C o m m is s io n e r t o a sk f o r a n o p in io n fr o m y o u r d e p a r tm e n t o n th e
fo llo w in g q u e s tio n s :
F ir s t.
A s t o w h e th e r o r n o t a S ta te b a n k c a n o w n a n d c a r r y a s , B a n k in g H o u s e a n u n d i
v id e d h a l f in t e r e s t in s a m e w h e n t h e t o t a l c o s t o f t h e B a n k in g H o u s e e x c e e d s f i f t y p e r c e n t o f
c a p ita l, th e o t h e r u n d iv id e d in t e r e s t b e in g o w n e d b y a B u ild in g C o m p a n y c o n s is t in g o f b a n k
d ir e c to r s .
S econ d.
W e w ill a ls o a p p r e c ia te y o u r o p in io n a s t o w h e th e r o r n o t a S ta te b a n k c a n c a r r y
a s B a n k in g H o u s e a b u ild in g w it h t it l e t o u p p e r s t o r y o r s t o r ie s in o t h e r c o r p o r a t io n s , f r a t e r n a l
o r o t h e r w is e .”
I n r e p ly t h e r e t o w o u ld s a y t h a t th e a n s w e r to y o u r c o m m u n ic a t io n h a s b e e n d e la y e d b e c a u s e
o f t h e s u g g e s t io n t h a t t h e b a n k s w h ic h a r e in t e r e s t e d in t h is q u e s t io n p r o p o s e d t o s u b m it a
b r ie f.
S in c e t h a t s u g g e s t io n w a s m a d e t h e in t e r e s t e d p a r t ie s h a v e f o r s o m e r e a s o n c o n c lu d e d
n o t t o s u b m it a b r ie f a n d y o u n o w d e s ir e a r e p ly .
A n s w e r in g y o u r fir s t q u e s tio n , w o u ld s a y t h a t th e r ig h t o f a b a n k t o p u r c h a s e , h o ld a n d
c o n v e y r e a l e s t a t e is g o v e r n e d b y S e c t io n X I o f t h e G e n e r a l B a n k in g L a w , w h ic h p r o v id e s ,
in p a r t , a s f o l l o w s :
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE c o m m i s s i o n e r .
no
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oth er:
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h o ld
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lxxiii
fo llo w in g
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but
F ir s t.
S u c h a s s h a ll b e n e c e s s a r y f o r t h e c o n v e n ie n t t r a n s a c t io n o f it s b u s in e s s , in c lu d in g
w it h it s b a n k in g o ffic e o t h e r d e p a r t m e n t s t o r e n t a s a s o u r c e o f in c o m e , b u t w h ic h s h a ll n o t
e x c e e d fift y p e r c e n t o f it s p a id in c a p i t a l ;
*
*
*”
T h is s e c t io n d o e s n o t a t t e m p t t o d e fin e t h e c h a r a c t e r o f t h e t it l e t o t h e r e a l e s t a t e w h ic h
a b a n k m a y p u r c h a s e ; n o r d o e s it p r e s c r ib e a n y lim it a tio n s e x c e p t s u c h a s m a y be in fe r r e d
f r o m th e w o r d s t h e m s e lv e s “ p u r c h a s e , h o ld a n d c o n v e y r e a l e s t a t e .”
W e h a v e h e id t h a t u n d e r
t h is p r o v is io n a b a n k m a y o b ta in le s s th a n a fe e , a s f o r in s ta n c e a n in e t y -n in e y e a r le a s e
¡s e c tio n 8 8 2 5 o f th e C o m p ile d L a w s o f 1 8 9 7 p r o v id e s a s f o l l o w s :
“ E s ta te s , in r e s p e c t to th e n u m b e r a n d c o n n e c t io n o f t h e ir o w n e r s , a r e d iv id e d in to e s ta te s
^ s e v e r a lt y , in j o in t t e n a n c y , a n d in c o m m o n ; th e n a t u r e a n d p r o p e r t ie s o f w h ic h , r e s p e c t iv e ly ,
s fia li c o n t in u e t o b e s u c h a s a r e n o w e s t a b lis h e d b y la w , e x c e p t s o f a r a s t h e s a m e m a y b e
m o d ifie d b y t h e p r o v is io n s o f t h is c h a p t e r .”
J
S e c t io n 8 8 2 6 p r o v id e s :
g r a n t s a n d d e v is e s o f la n d s , m a d e t o t w o o r m o r e p e r s o n s , e x c e p t a s p r o v id e d in t h e
f o l l o w i n g s e c t io n , s h a ll b e c o n s t r u e d to c r e a t e e s ta t e s in c o m m o n , a n d n o t in io i n t t e n a n c v
u n le s s e x p r e s s ly d e c la r e d t o b e in j o i n t t e n a n c y .”
I t h a s b een h e ld t h a t a c o r p o r a t io n c a n n o t ta k e a n e s ta t e in j o i n t t e n a n c y , e ith e r i o i n t lv
w ith a n o th e r c o r p o r a t io n o r w ith a n a tu r a l p e rs o n .
10 C yc. P a ge 1132.
B u t it ca n ta k e a n d
h o ld a s a te n a n t in c o m m o n w it h a n o t h e r c o r p o r a t io n o r w it h a n a t u r a l p e r s o n .
S ee D e w it t
v s . S a n F r a n c is c o , 2 C a l. 2 8 9 ; E s t e ll v s . S o u t h e r n U n iv e r s it y , 1 2 L e a T e r m . 4 7 6 ; H a v e n v s
M e h l g a r t e n , 1 9 111. 9 1 ; H a c k e t t v s . R a i l w a y C o m p a n y , 1 2 O r e . 1 3 1 ; 1 0 C y c . 1 1 3 2
I t is a
g e n e r a l r u le t h a t c o r p o r a t io n s c a n n o t e n t e r in t o p a r t n e r s h ip a g r e e m e n t s , a n d t h is r u le w o u ld
p r o h ib it a c o r p o r a t io n fr o m h o ld in g la n d s in p a r t n e r s h ip o r u n d e r p a r t n e r s h ip a g r e e m e n t s : b u t
th e r u le a s to p a r t n e r s h ip s w o u ld n o t p r e v e n t a c o r p o r a t io n f r o m h o ld in g a n e s ta te in c o m m o n
w ith a n o th e r c o r p o r a t io n o r w ith a p r iv a te p e rs o n .
A n s w e r in g y o u r fir s t q u e s tio n , t h e r e fo r e , i w o u ld s a y t h a t a b a n k m ig h t h o ld t it le in c o m
m o n w it h a n o th e r c o r p o r a t io n o r p r iv a t e in d iv id u a l, to r e a l e s ta te to be u s e d a s a b a n k in g
h o u s e , p r o v id e d th e r e d o e s n o t f o llo w a s a m a tte r o f n e c e s s it y th e e n te r in g in t o o f a p a r tn e r s h ip
a g re e m e n t r e la tiv e to th e u se o f th e p r o p e r ty .
T h is I t h in k w o u ld n o t p r e v e n t t h e t e n a n t s in
c o m m o n f r o m a g r e e in g b y c o n t r a c t a s to w h ic h p o r t io n o f th e p r o p o s e d p r o p e r t y s h o u ld b e u s e d
b y e ith e r p a r t y , b u t w o u ld p r o h ib it a n y a g r e e m e n t b y w h ic h th e o n e te n a n t in c o m m o n s h o u ld
p e r m it t h e o t h e r t e n a n t in c o m m o n t o b in d t h e e n t ir e p r o p e r t y f o r o b lig a t io n s o f a s in g le
com m on - In
c o n n e c t i o n I w o u l d s u g g e s t t h a t a n y a g r e e m e n t s m a d e b e t w e e n H ie
t e n a n t s in c o m m o n a s to th e u s e o f th e p r o p e r t y s h o u ld be s u b m itte d t o th e B a n k in g C o m m is
s io n e r so a s t o a v o id u lt r a v ir e s a c t s o n t h e p a r t o f t h e b a n k .
s
A n s w e r in g y o u r s e c o n d q u e s tio n y o u r a tt e n t io n is c a lle d t o a n o p in io n r e n d e r e d b y m e to
M r . L e la n d b . B e a n o n p a g e s 4 2 7 a n d 4 2 8 o f t h e A t t o r n e y G e n e r a l’s R e p o r t f o r 1 9 1 5 , in w h ic h
th e q u e s tio n w a s r a is e d a s to w h e th e r a t o w n s h ip c o u ld o w n th e fe e in a s e c o n d s to r y o f a
b u ild in g .
I n t h a t o p in io n I s a id :
J
“ I t d o e s n o t o c c u r to m e t h a t th e t o w n s h ip c o u ld o w n th e s e c o n d s t o r y o f a b u ild in g in fe e .
S u c h a n a tt e m p te d p u r c h a s e o f a b u ild in g o r a p o r t io n t h e r e o f a p a r t f r o m th e r e a lt y w o u ld in
a l l p r o b a b i l i t y b e c o n s t r u e d a s a s e v e r a n c e i n 1l e g a l e f f e c t , a n d a n e s t a t e i n f e e c a n e x i s t o n l v
in ia n d , a n d a p p lie s to b u ild in g s o r o t h e r s tr u c t u r e s o n ly in s o fa r a s t h e s a m e a r e r e g a r d e d a s
a tta c h e d to a n d a p a r t o f th e la n d .
I t w o u ld b e im p o s s ib le f o r th e la n d t o b e h e ld in f e e b v
o n e p e r s o n a n d a b u ild in g o n s u c h la n d t o b e h e ld in f e e b y a n o t h e r .”
*
I a m c le a r ly o f t h e o p in io n t h a t t h e t it l e t o u p p e r s t o r ie s o f a b u ild in g c a n n o t b e h e ld in
f e e b y a n y p e r s o n o t h e r th a n th e o w n e r o f th e la n d u p o n w h ic h th e b u ild in g s ta n d s .
R e s p e c tfu lly
(S ig n e d )
you rs,
G rant
F ellow s,
A tto rn e y General.
B A N K IN G
H OUSE.
(63)
H on . F ra n k
July 18, 1916.
W . M e r r ic k ,
C o m m is s io n e r
of
B a n k in g
D ep a rtm en t,
L a n s in g ,
M ic h ig a n :
D e a r S ir — Y o u h a v e r e c e n t ly s u b m it t e d t o m e c o p y o f a t e n t a t iv e a g r e e m e n t e n t e r e d in t o
b y a S ta te b a n k w ith c e r ta in p e r s o n s m e n t io n e d th e r e in a n d h a v e a s k e d t h a t I g iv e v o u m v
v ie w s u p o n th e m a tte r .
I n s o fa r a s th e b a n k is c o n c e r n e d , th e e s s e n tia l p a r t s o f th e a g r e e
m e n t p r o v id e f o r th e c o n v e y a n c e to a c o r p o r a t io n to be h e r e a ft e r fo r m e d o f c e r ta in r e a l e s ta te
f o r a s tip u la te d c o n s id e r a t io n ; f o r th e le a s in g to th e b a n k f o r a p e r io d o f n in e ty -n in e v e a r s o f
la n d o n w h ic h is t o b e e r e c te d a b u ild in g d e s ig n e d f o r h o t e l a n d b a n k p u r p o s e s ; f o r th e p u r
c h a s e o f a c e r ta in p o r t io n o f s a id b u i l d in g ; a n d f o r th e le a s in g o f a ll o f s a id b u ild in g th u s
t h a t is n o t u s e d f o r b a n k in g p u r p o s e s .
W it h o u t r e fe r e n c e to th e p r a c t ic a l o p e r a t io n
o f t h is c o n t r a c t a s w r it t e n , o r to it s e n fo r c ib ilit y , it d o e s n o t o c c u r t o m e t h a t a S ta e b a n k , i f
it p e r fo r m s th e v a r io u s a c t s c o n te m p la t e d , w ill th e r e b y in fr in g e a n y p r o v is io n o f t h e b a n k in g
la w o r a n y o t h e r s ta tu te o f th e s ta te .
U n d o u b t e d ly it h a s t h e p o w e r a s a c o r p o r a t i o n t o s e ll
it s p r o p e r t y , to le a s e p r o p e r t y a n d to p u r c h a s e p r o p e r t y .
I t d o e s n o t a p p e a r th a t a u th o r ity o f
a n y o t h e r o r d iffe r e n t n a tu r e is in v o lv e d .
I d o n o t u n d e r s ta n d t h a t m y o p in io n is r e q u e s te d
e x c e p t a s to th e le g a lit y o f th e s e v a r io u s a c ts , a s s u m in g t h a t e a c h a n d a ll o f th e m m a v a n d w ill
b e p e r fo r m e d m a c c o r d a n c e w ith th e w r it t e n in s tr u m e n t.
T h is o p in io n is lim it e d a c c o r d in g ly
a n d h a s , o f c o u r s e , n o r e fe r e n c e w h a t e v e r t o in c id e n t a l p r o p o s it io n s o f b u s in e s s p o lic y w h ic h
m a y a r is e in c a s e t h e p r o p o s e d a c t io n is t a k e n .
I a m r e t u r n in g h e r e w ith th e c o p y o f th e
c o n t r a c t a n d th e c o r r e s p o n d e n c e s u b m itte d t h e r e w it h .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
V ery
(Signed)
r e s p e c tfu lly ,
G
kant
F
ello w s
,
Attorney General.
STATE BANKING DEPARTMENT.
Ixxìv
E X A M IN E R ’ S BONDS.
D ecem ber
(6 4 )
15,
1916.
H o n . F r a n k W . M e r r ic k , C o m m is s io n e r o f B a n k in g , L a n s in g , M ic h . :
D ear
w h e th e r
S ir — Y o u r c o m m u n ic a t io n o f t h e 1 4 t h in s t . r e c e iv e d , in w h ic h
th e b o n d s o f b a n k e x a m in e r s s h o u ld r u n to th e C o m m is s io n e r o t
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^a i ’ l t ^ i ? H n ? n o t e d ° t h a t t h e b o n d i s f o r “ t h e f a i t h f u l d i s c h a r g e o f t h e i r d u t i e s . ”
T h e s e d u tie s
a r e p r e s c r ib e d b y s ta t u t e , n a m e ly , A c t 2 0 5 o f th e P u b lic A c t s o f 1 8 8 7 , a s a m e n d e d , b e in g t e
g e n e r a l b a n k in g la w o f t h e S t a t e , a n d in t h e a b s e n c e o f a n y s p e c ific p r o v is i o n t o t h e c o n t r a r y
it is m y o p in io n t h a t th e b o n d s s h o u ld r u n to th e “ P e o p le o f th e S ta te o f M ic h ig a n
ra th er
th a n to th e C o m m is s io n e r o f B a n k in g .
R e s p e c tfu lly y o u rs ,
(S ig n e d )
G rant
„
JO IN T
TENANCY
F ellow s,
A t t o r n e y G e n e r a l.
NOT
CREATED
BY
JO IN T
D E P O S IT .
D ecem ber
(6 5 )
H o n . M a th e w
30, 1916.
B u sh , J u d g e o f P ro b a te , C oru n n a , M ic h ig a n :
D e a r S i r ___ I a m i n r e c e i p t o f y o u r c o m m u n i c a t i o n o f t h e 2 2 d i n s t . , w h e r e i n y o u r e q u e s t a n
o p in io n fr o m t h is D e p a r tm e n t a s t o th e c o n s t r u c tio n to b e p la c e d u p o n th e te r m “ jo in t t e n a n ts
a s u s e d in s e c t io n 3 o f A c t 2 4 8 o f t h e P u b lic A c t s o f 1 9 0 9 .
T h e s e c t io n to w h ic h y o u r e fe r
r e a d s ^ e f o l l o w s .^ sif g h a U b e m a d e i n a j l y b a n k o r t r u s t c o m p a n y
by
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p erson
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th e
nam e
o f s u c h d e p o s it o r o r a n y o t h e r p e r s o n , a n d in f o r m t o b e p a id t o e it h e r o r t h e s u r v iv o r o t
th e m s u ch d e p o s it s t h e r e u p o n a n d a n y a d d it io n s t h e r e t o , m a d e b y e ith e r o f s u c h p e r s o n s , u p o n
t h e m a k in g t h e r e o f s h a ll b e c o m e t h e p r o p e r t y o f s u c h p e r s o n s a s j o i n t t e n a n t s , a n d t h e s a m e
t o g e t h e r w it h a ll in t e r e s t t h e r e o n , s h a ll b e h e ld f o r th e e x c lu s iv e u s e o f th e p e r s o n s so n a m e d
a n d m a v b e p a id t o e it h e r d u r in g t h e lif e t im e o f b o t h , o r t o t h e s u r v iv o r a f t e r t h e d e a t h o f o n e
o f th e m a n d s u ch p a y m e n t a n d th e r e c e ip t o f a c q u itta n c e o f th e sa m e to w h o m s u ch p a y m e n t
is m a d e s h a ll b e a v a l i d a n d s u ffic ie n t r e le a s e a n d d i s c h a r g e t o s a id b a n k f o r a ll p a y m e n t s m a d e
o n a c c o u n t o f s u c h d e p o s it s p r io r t o th e r e c e ip t b y s a id b a n k o f n o t ic e in w r it in g n o t to p a y
s u c h d e p o s it s in a c c o r d a n c e w it h th e te r m s t h e r e o f.”
. ..
„
„
, ,,
.
P r io r t o th e e n a c tm e n t o f t h is s ta tu te it h a d b e e n th e h o ld in g o f th e S u p re m e C o u r t th a t
a n e s t a t e in j o i n t t e n a n c y c o u ld n o t b e c r e a t e d in p e r s o n a l p r o p e r t y .
S ee—
W a it e v s . B o v e e , 3 5 M ic h . 4 2 5 ;
S ta te B a n k o f C r o s w e ll v . J o h n s o n , 1 5 1 M ic h . 5 3 8 ;
B u r n s v s . B u r n s , 1 3 2 M ic h . 4 4 1 .
I a m im p r e s s e d t h a t i t w a s n o t t h e in t e n t io n o f t h e le g is la t u r e in e n a c t in g t h is s t a t u t e t o
c r e a t e a n e s ta t e in j o in t t e n a n c y a s it w a s k n o w n to th e c o m m o n la w in b a n k d e p o s it s m a d e
in a c c o r d a n c e w it h th e p r o v is io n s o f th e sa m e, b u t t h a t th e o b je c t o f th is s ta tu te is t o p r o t e c t
t h e b a n k in c a s e p a y m e n t o f t h e m o n e y is m a d e to th e s u r v iv o r b e fo r e th e b a n k h a s r e c e iv e d
n o t ic e o f t h e d e a th o f o n e o f th e p a r t ie s .
T h e la n g u a g e o f th e s ta t u t e w o u ld s eem t o in d ic a t e
t h a t t h is w a s th e in t e n t io n o f th e le g is la t u r e a n d I a m , t h e r e fo r e , o f th e o p in io n t h a t s e c t io n 3
o f t h e a c t d o e s n o t c r e a t e a j o i n t t e n a n c y in p e r s o n a l p r o p e r t y a s t h e t e r m “ j o i n t t e n a n c y ” w a s
know n
to
th e
com m on
la w .
V e r y r e s p e c tfu lly ,
(S ig n e d )
G rant
F ellow s,
A t t o r n e y G e n e r a l.
BANK
(
LO AN S
TO B U IL D IN G
AND
LOAN
H on . F ran k
A S S O C IA T IO N S
ARE
LEGAL.
M arch
66 )
W . M e r r ic k , C o m m is s io n e r B a n k in g
19, 1917.
D e p a r t m e n t , L a n s in g , M ic h . :
D e a r S i r ___Y o u r c o m m u n i c a t i o n o f t h e 1 4 t h i n s t a n t r e c e i v e d r e q u e s t i n g m y o p i n i o n u p o n
th e fo llo w in g p r o p o s it io n :
. .
“ In v e s t ig a t io n d e v e lo p s th e f a c t t h a t n u m e r o u s b a n k s u n d e r th e s u p e r v is io n o f th is D e p a r t
m e n t a r e f r o m t im e t o t im e a d v a n c in g fu n d s t o c e r t a in b u ild in g a n d lo a n a s s o c ia t io n s in th e
S ta te
T h e q u e s tio n h a s a r is e n w h e th e r b u ild in g a n d lo a n a s s o c ia tio n s , a s o r g a n iz e d u n d e r th e
M ic h ig a n s t a t u t e , a r e g iv e n t h e r i g h t t o b o r r o w fu n d s f o r lo a n p u r p o s e s in t h is w a y ; a n d a s a
c o n s e q u e n c e w h e th e r th e lo a n s h e ld b y b a n k s a re le g a l in v e s t m e n ts o r n o t .”
I n r e p l y t h e r e t o w o u l d s n y t h a t u n d e r d & te o f J u l y 3 1 , 1 9 0 1 , H o n o r a b l e H o m c e M . O r e n ,
th e n a t t o r n e y g e n e r a l, a d v is e d th e s e c r e t a r y o f s ta te t h a t b u ild in g a n d lo a n a s s o c ia tio n s h a v e
a r i g h t t o b o r r o w m o n e y t o c a r r y o u t t h e p u r p o s e s o f s u c h o r g a n iz a t io n s , in t h e a b s e n c e o f
s t a t u t o r y p r o h ib itio n , o r b y -la w s o f s u c h a s s o c ia tio n s p r o h ib it in g it ; a n d h a v e im p lie d p o w e r
t o s e cu re th e p a y m e n t o f s u ch lo a n s b y a s s ig n m e n t o f m o r tg a g e s , b o n d s , e tc .
S ee A tto rn e y
G e n e r a l’ s R e p o r t f o r 1 9 0 2 , P a g e 5 9.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
lxxv
I d o n o t fin d t h a t t h is q u e s t io n h a s s in c e b e e n p a s s e d u p o n b y t h is d e p a r t m e n t , a n d I t h e r e
f o r e a s s u m e t h a t th e o p in io n o f M r . O r e n h a s b e e n f o l l o w e d in t h is r e s p e c t .
I f a b u ild in g a n d
lo a n a s s o c ia tio n h a s th e a u t h o r it y to b o r r o w a n d to p le d g e it s s e c u r it ie s it c o n s e q u e n t ly fo llo w s
t h a t a b a n k w o u ld h a v e th e s a m e r ig h t to lo a n its m o n e y to a b u ild in g a n d lo a n a s s o c ia t io n a s
to a n y o th e r b o rro w e r.
R e s p e c tfu lly y o u rs,
(S ig n e d )
A lex
J.
G roesbeck,
A t t o r n e y G e n e r a l.
B A N K M A Y N O T L E G A L L Y C L O S E ON A N Y
DAYS O TH E R ' T H A N
TH OSE
P R E S C R IB E D B Y L A W .
(6 7 )
June
H on. F ran k
W . M e r r ic k ,
1 1 th ,
1917.
L a n s in g , M ic h ig a n :
D e a r S ir — Y o u r c o m m u n ic a t io n o f t h e 1 9 t h u lt . r e c e iv e d a s f o l l o w s :
“ W e h a v e b e e n r e q u e s te d b y a S ta te b a n k to s u b m it t o y o u th e p r o p o s it io n o f w h e th e r a
S ta te b a n k m a y le g a lly c lo s e its b a n k o n a n a fte r n o o n o th e r th a n S a tu r d a y d u r in g th e s u m m e r
m o n th s.
A s y o u n o d o u b t a r e a w a r e S a t u r d a y a f t e r n o o n is a b u s y t im e in t h e s m a lle r t o w n s ,
a n d f o r t h a t r e a s o n b a n k s d is lik e to c lo s e .
“ W ill y o u k in d ly g iv e th is m a tte r y o u r e a r ly a t t e n t io n ? ”
I n r e p ly t h e r e t o , w o u ld s a y t h a t t h e r e d o e s n o t a p p e a r t o b e a n y a u t h o r it y in t h e b a n k in g
a c t u n d e r w h ic h S ta te b a n k s m a y c lo s e t h r o u g h b a n k in g h o u r s o n a n y d a y s e x c e p t th o s e p r e
s c r ib e d .
V e r y r e s p e c tfu lly ,
(S ig n e d )
A. B. D
D ep u ty
B A N K IN G
DEPARTM ENT
HAS
GENERAL
S U P E R V IS IO N
OVER
S T E A M S H IP
,
o u g h e r ty
a t t o r n e y G e n e r a l.
AND
F O R E IG N
M ONEY
ORDER A G E N T S .
(6 8 )
A u gu st 9, 1917.
H o n . F r a n k W . M e r r ic k , S t a t e B a n k in g C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S ir — T h is w ill a c k n o w le d g e r e c e ip t o f y o u r c o m m u n ic a t io n o f t h e 7 th in s t . w h e r e in
y o u re q u e s t to b e a d v is e d b y th is D e p a r tm e n t w it h r e fe r e n c e t o A c t 2 7 1 o f th e P u b lic A c t s o f
191 5 as am en d ed .
S e c t io n o n e o f th e a c t p r o v id e s ,—
“ N o p e r s o n , fir m o r c o r p o r a t i o n s h a ll e n g a g e in s e ll i n g s t e a m s h ip o r r a i l r o a d t ic k e t s f o r
t r a n s p o r t a t i o n t o o r f r o m f o r e i g n c o u n t r ie s , o r in t h e b u s in e s s o f r e c e iv in g d e p o s it s o f m o n e y
f o r th e p u r p o s e o f t r a n s m it tin g th e sa m e, o r th e e q u iv a le n t th e r e o f, to fo r e ig n c o u n tr ie s , u n til
th e r e h a s b e e n o b ta in e d f r o m th e s e c r e t a r y o f s ta te a c e r t ific a t e o f c o m p lia n c e w it h t h e p r o
v is io n s o f th e t w o s e c t io n s n e x t f o l l o w i n g .”
S e c t io n e ig h t p r o v id e s ,
“ I t s h a ll b e th e d u t y o f th e S ta te B a n k in g C o m m is s io n e r t o e x e r c is e g e n e r a l s u p e r v is io n
o v e r a ll p e r s o n s , fir m s o r c o r p o r a t io n s e n g a g e d in a n y b u s in e s s c o n t e m p la t e d b y s e c t io n o n e
h e r e o f, e x c e p t p e r s o n s , fir m s a n d c o r p o r a t io n s e x c e p t e d o r e x e m p t e d f r o m
th e p r o v is io n s
h e r e o f.”
Y o u a s k t o b e a d v is e d w h e t h e r in t h e o p in io n o f t h is D e p a r t m e n t t h e s t a t e b a n k in g c o m m is
s io n e r s h o u ld e x e r c is e g e n e r a l s u p e r v is io n o v e r p e r s o n s , fir m s o r c o r p o r a t i o n s w h o a r e e n g a g e d
in th e b u s in e s s s p e c ifie d in s e c t io n o n e o f t h e s t a t u t e a n d w h o h a v e n o t c o m p lie d w it h t h e
r e q u ir e m e n t s o f s e c t io n o n e w it h r e fe r e n c e t o filin g a c e r t ific a t e o f c o m p lia n c e .
Y o u a re
a d v is e d t h a t it is t h e o p in io n o f t h is D e p a r t m e n t t h a t it w a s t h e in t e n t io n o f t h e le g is la t u r e
t h a t y o u r d e p a r t m e n t s h o u ld e x e r c is e g e n e r a l s u p e r v is io n o v e r a ll p e r s o n s , fir m s a n d c o r p o r a
t io n s w h o a r e e n g a g e d in t h is b u s in e s s .
Y o u r s r e s p e c tfu lly ,
(S ig n e d )
A. B. D
o u g h e r ty
,
D e p u t y A t t o r n e y G e n e r a l.
BANK
D IS C O U N T IN G
IT S
N E G O T IA B L E
NOTES
FOR
PURPOSE
OF
R E L O A N IN G ,
NOT
A C T IN G
IN
GOOD
F A IT H .
(6 9 )
H on. F ran k
F eb ru a ry 19, 1918.
W.
M e r r ic k ,
S ta te
B a n k in g
C o m m is s io n e r ,
L a n s in g ,
M ic h ig a n :
D e a r S ir — I h a v e b e fo r e m e y o u r c o m m u n ic a t io n o f t h e 8 th in s t . w it h r e fe r e n c e t o t h e
a u t h o r it y o f a b a n k o r g a n iz e d u n d e r th e b a n k in g la w s o f th is s ta t e to r e d is c o u n t it s n e g o tia b le
n o te s f o r th e p u r p o s e o f s e c u r in g fu n d s to r e lo a n .
S e c t io n 3 2 o f t h e M ic h ig a n B a n k in g s t a t u t e p r o v id e s in p a r t a s f o l l o w s ,—
“ P r o v id e d fu r th e r th a t a n y b an k m a y b o r r o w m o n e y fo r te m p o r a r y p u rp o s e s, a n d m a y
p le d g e a s s e t s o f t h e b a n k n o t e x c e e d in g f i f t y p e r c e n t in e x c e s s o f t h e a m o u n t b o r r o w e d a s c o l
la te r a l _ s e c u r ity t h e r e fo r :
P r o v i d e d f u r t h e r , T h a t w h e n e v e r i t s h a l l a p p e a r t h a t a b a n k Is
b o r r o w in g h a b itu a lly f o r th e p u r p o s e o f r e lo a n in g , 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 ay . r e q u ir e s u ch b a n k to p a y o ff s u c h b o r r o w e d m o n e y .
N o t h in g h e r e in c o n t a in e d s h a ll p r e
v e n t a n y b a n k f r o m r e d is c o u n t in g in g o o d f a it h a n d e n d o r s in g a n y o f it s n e g o t ia b le n o t e s .”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
lxxvi
Y o u w ill n o t e t h a t t h is s e c t io n p r e v e n t s a b a n k fr o m b o r r o w in g h a b itu a lly f o r th e p u r p o s e
o f r e lo a n in g .
T h is s e c t io n f u r t h e r p r o v id e s t h a t n o t h in g th e r e in c o n ta in e d s h o u ld p r e v e n t a n y
b a n k f r o m r e d i s c o u n t i n g in g o o d f a it h a n d e n d o r s in g a n y o f it s n e g o t ia b le n o t e s .
I t i s m y o p i n i o n t h a t i t w a s n o t t h e i n t e n t i o n o f t h e l e g i s l a t u r e in p r o v i d i n g t h a t a b a n k
m ig h t r e d is c o u n t in g o o d f a it h it s n e g o t ia b le n o t e s t o a u t h o r iz e t h e s a id b a n k t o r e d is c o u n t it s
n e g o tia b le n o te s f o r th e p u r p o s e o f s e c u r in g fu n d s to r e lo a n .
T h is s e c t io n p e r m its a b a n k t o r e d is c o u n t it s n e g o t ia b le n o t e s i f _ d o n e in g ood fa ith , a n d
s h o u ld a b a n k r e d is c o u n t s u c h p a p e r m e r e ly f o r th e p u r p o s e o f s e c u r in g fu n d s t o r e lo a n , I d o
n o t t h in k it c a n b e s a id t h a t s a id b a n k is a c t in g in g o o d f a it h .
T r u s t in g t h is w ill s e r v e to fu r n is h y o u w it h th e d e s ir e d in fo r m a tio n , I a m ,
Y o u r s r e s p e c tfu lly ,
A. B. D
(S ig n e d )
o u g h e r ty
,
D e p u t y A t t o r n e y G e n e r a l.
BANKERS
ACCEPTANCES
PURCH ASED
BY
BANKS
NOT
A C C E P T IN G
CHARGEABLE
TO
THE
L IN E
OF
C R E D IT
OF T H E
BANK.
(7 0 )
O cto b e r
24,
1918.
H o n . F r a n k W . M e r r ic k , S ta te B a n k in g C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S ir -— Y o u h a v e r e c e n t l y r e q u e s t e d t h e o p i n i o n o f t h i s D e p a r t m e n t u p o n t h e f o l l o w i n g :
C e r ta in b a n k s o r g a n iz e d u n d e r th e la w s o f th is s ta te h a v e b een p u r c h a s in g p a p e r k n o w n a s
b a n k er’ s a ccep ta n ces.
W e a r e in fo r m e d t h a t t h e s e a c c e p t a n c e s a r e in t h e n a t u r e o f b ills o f
e x c h a n g e d r a w n u p o n a c e r t a i n b a n k a n d a c c e p t e d b y it , s a m e b e in g d u e in t h i r t y , s ix t y o r
n i n e t y d a y s , a s t h e c a s e .m a y b e . A f t e r t h i s p a p e r h a s b e e n a c c e p t e d b y t h e b a n k u p o n w h i c h i t
is d r a w n , in s o m e in s t a n c e s t h e p a p e r is s o ld t o o t h e r b a n k s .
T h e q u e s tio n n o w p r e s e n ts it s e lf
w h e t h e r b a n k s o r g a n iz e d u n d e r t h e la w s o f t h is s t a t e c a n p u r c h a s e t h i s p a p e r in a m o u n t s in
e x c e s s o f th e lim it a t io n im p o s e d b y S e c t io n 8 0 2 0 o f th e C o m p ile d L a w s o f 1 8 9 7 .
In oth er
w o r d s , w h e th e r o r n o t th e s e a c c e p t a n c e s a r e lia b ilit ie s w it h in th e m e a n in g o f ' S e c t io n 8 0 2 0 , so
t h a t n o b a n k c a n p u r c h a s e t h e m in a m o u n t s in e x c e s s o f o n e -t e n t h p a r t o f t h e a m o u n t o f it s
c a p it a l a n d s u r p lu s .
S e c t io n 8 0 2 0 o f t h e C im p ile d L a w s o f 1 8 9 7 , h e r e t o f o r e r e fe r r e d t o , p r o
v id e s in p a r t a s f o l l o w s :
“ T h e t o t a l lia b ilit ie s t o a n y b a n k o f a n y p e r s o n o r o f a n y c o m p a n y , c o r p o r a t io n o r firm f o r
m o n e y s a d v a n c e d , i n c l u d i n g in t h e l i a b i l it i e s o f t h e c o m p a n y o r fir m t h e li a b i l it i e s o f t h e s e v
e r a l m e m b e r s t h e r e o f, e x c e p t s p e c ia l p a r t n e r s , s h a ll a t n o t im e e x c e e d o n e -t e n t h p a r t o f t h e
a m o u n t o f c a p it a l a n d s u r p lu s o f s u c h b a n k , b u t t h e d is c o u n t o f b ills o f e x c h a n g e d r a w n in
g o o d f a it h a g a in s t a c t u a lly e x is t in g v a lu e s a n d t h e d is c o u n t o f c o m m e r c ia l o r b u s in e s s p a p e r
a c t u a l ly o w n e d b y t h e p e r s o n n e g o t ia t in g t h e s a m e s h a ll n o t b e c o n s id e r e d a s m o n e y b o r r o w e d .”
Y o u w ill n o t e f r o m r e a d in g t h e f o r e g o in g t h a t w h ile t h e t o t a l l i a b i l it y o f a n y p e r s o n , fir m o r
c o r p o r a t io n t o a n y b a n k s h a ll n o t b e in e x c e s s o f o n e -t e n t h p a r t o f th e a m o u n t o f it s c a p it a l
a n d s u r p lu s t h a t t h is l i m i t a t i o n d o e s n o t a p p ly t o t h e d i s c o u n t o f b i ll s o f e x c h a n g e d r a w n in
g o o d fa it h a g a in s t a c tu a l e x is tin g v a lu e s .
F r o m th e in fo r m a t io n w h ic h w e r e c e iv e d f r o m a
r e p r e s e n t a tiv e o f y o u r D e p a r t m e n t it a p e a r s th a t a b a n k a c c e p t a n c e is n o t h in g m o r e th a n a b ill
o f e x c h a n g e , a s d e fin e d b y S e c t io n 6 1 6 7 o f t h e C o m p ile d L a w s o f 1 8 9 7 , s a m e b e in g S e c t io n 1 2 8
o f th e n e g o tia b le in s tr u m e n t s la w .
S u c h b e in g th e c a s e I a m o f t h e o p in io n t h a t th e lim it a t io n
im p o s e d b y S e c t io n 8 0 2 0 d o e s n o t a p p ly t o t h e s e a c c e p t a n c e s , a n d t h e y m a y b e p u r c h a s e d b y
b a n k s i n s u c h a m o u n t s a s t h e y s e e fit .
R e s p e c tfu lly y o u rs,
(S ig n e d )
A. B. D
o u g h e r ty
D ep u ty A tto r n e y
T R U S T C O M P A N IE S
CANNOT L A W F U L L Y PU R C H A S E
S H A R E S OF T H E IR
OWN
,
G e n e r a l.
C A P IT A L S T O C K .
(7 1 )
A p r il
9,
1919.
H o n . F r a n k W . M e r r ic k , S ta te B a n k in g C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S i r — -Y o u r c o m m u n i c a t i o n o f t h e 3 d i n s t a n t r e q u e s t i n g a n o p i n i o n f r o m t h i s D e p a r t
m e n t a s t o th e a u t h o r it y o f a t r u s t c o m p a n y o r g a n iz e d u n d e r A c t 1 0 8 o f th e P u b lic A c t s o f
1 8 8 9 , to p u r c h a s e s h a r e s o f its o w n c a p it a l s to c k , is b e fo r e m e.
In r e p ly t h e r e t o w o u ld s a y t h a t in m y o p in io n y o u r q u e s t io n s h o u ld b e a n s w e r e d in t h e
n e g a tiv e f o r th e fo llo w in g r e a s o n s :
(1 )
T h e s ta t u t e s u n d e r w h ic h t h is c la s s o f c o r p o r a t io n s is o r g a n iz e d e x p r e s s ly e n u m e r a te s
th e c la s s e s o f s e c u r it ie s in w h ic h th e y m a y in v e s t t h e ir fu n d s .
T h is s ta tu te c o n ta in s n o p r o
v is io n a u th o r iz in g a tr u s t co m p a n y to p u rc h a se sh a re s o f its o w n c a p ita l sto ck .
T h e c la s s e s
o f s e c u r itie s e n u m e r a te d in t h is s ta tu te a r e in m y o p in io n th e o n ly s e c u r itie s in w h ic h a tr u s t
c o m p a n y m a y in v e s t it s fu n d s .
(2 )
T h e p u r c h a s e o f s h a re s o f its o w n c a p ita l s to c k b y a tr u s t c o m p a n y is a r e d u c tio n o f
its c a p ita l s to c k .
T h e s ta t u t e u n d e r w h ic h t h e s e t r u s t c o m p a n ie s a r e o r g a n iz e d p r o v id e s
th e m e th o d f o r t h e r e d u c t io n o f c a p it a l s to c k , a n d in m y o p in io n th e s t a t u t o r y m e th o d is
e x c lu s iv e .
(3 )
S e c t io n 1 4 o f th e a c t u n d e r w h ic h M ic h ig a n t r u s t c o m p a n ie s a re o r g a n iz e d im p o s e s
u p o n t h e s to c k h o ld e r s a lia b ilit y t o th e e x t e n t o f th e a m o u n t o f th e s to c k t h e r e in , a t th e p a r
v a lu e t h e r e o f, in a d d it io n t o t h e a m o u n t in v e s t e d in s u c h s h a r e s .
T o p e r m it a t r u s t c o m p a n y
t o p u r c h a s e s h a r e s o f it s o w n c a p it a l s to c k w o u ld p e r m it it t o im p a ir th e s e c u r it y in te n d e d f o r
t h e b e n e fit o f c r e d it o r s .
T r u s t in g t h is w ill s e r v e t o fu r n is h y o u w it h th e d e s ir e d in fo r m a tio n , I a m
R e s p e c tfu lly y o u rs,
A. B. D
, .
,
j
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Federal Reserve Bank of St. Louis
o u g h e r ty
,
D eputy A tto rn e y General.
REPORT OF THE COMMISSIONER.
TKUST
C O M P A N IE S
DO
NOT
HAVE
POW ER
TO
EXECUTE
ACCEPTANCES.
(7 2 )
H o n . F r a n k W . M e r r ic k , C o m m is s io n e r
Ixxvii
O c to b e r 2, 1 9 1 9 .
o f B a n k in g D e p a r t m e n t , L a n s in g ,
M ic h ig a n :
D e a r S ir — W e h a v e t h e f o l l o w i n g c o m m u n ic a t io n f r o m y o u r D e p a r t m e n t :
“ T h e q u e s tio n h a s a r is e n a s to th e r ig h t s o f t r u s t c o m p a n ie s , o p e r a t in g u n d e r th e M ic h ig a n
t r u s t la w , t o e x e c u t e a c c e p t a n c e s in t h e s a m e m a n n e r a s o u r M ic h ig a n s t a t e b a n k s a r e a llo w e d
to d o u n d e r th e b a n k in g la w .
I a m u n a b le t o fin d a n y p r o v is i o n in o u r t r u s t l a w p e r m i t t i n g
th e e x e c u t io n o f a c c e p t a n c e s , a n d f o r t h a t r e a s o n t h e m a t t e r is r e fe r r e d t o y o u f o r a n o p in io n
a s t o t h e ir r ig h t s in t h is c o n n e c t i o n .”
I n a n s w e r in g t h is q u e s tio n w e a s s u m e y o u h a v e r e fe r e n c e in t e r a lia t o t h e a u t h o r it y
e x p r e s s ly g r a n t e d t o b a n k s in s u b s e c t io n 8 o f s e c t io n 4 o f t h e g e n e r a l b a n k in g la w a s f o l l o w s :
“ T o a c c e p t f o r p a y m e n t a t a f u t u r e d a t e , n o t t o e x c e e d s ix m o n t h s , d r a f t s d r a w n b y t h e
p a t r o n s , b u t n o b a n k s h a ll a c c e p t s u c h d r a f t s in t h e a g g r e g a t e t o a n a m o u n t e x c e e d in g 5 0 %
o f it s c a p it a l a n d u n d iv id e d s u r p lu s , s u c h a c c e p t a n c e s t o b e c o n s id e r e d lia b ilit ie s w it h in th e
m e a n in g o f l im it a t io n s p r o v id e d in s e c t io n 5 2 o f t h is a c t .”
T h e a b o v e p r o v is i o n w a s a d d e d b y a m e n d m e n t in A c t 2 9 9 o f t h e P u b l i c A c t s o f 1 9 1 7 .
In
p a s s in g i t s h o u ld b e s a id t h a t i t h a d b e e n h e ld b y t h is D e p a r t m e n t t h a t s u c h a c c e p t a n c e s ( f o r
f u t u r e p a y m e n t a t a f u t u r e d a t e ) c o u ld n o t b e e x e c u t e d b y S t a t e b a n k s in t h e a b s e n c e o f
e x p r e s s s t a t u t o r y p e r m is s io n , s in c e it in v o lv e d a s p e c ie s o f lo a n o f a b a n k ’ s c r e d i t a n d a
s p e c ie s o f lia b ilit y n o t c o n te m p la t e d b y e x is t in g la w a n d n o t e m b r a c e d w it h in t h e ir g e n e r a l
a u th o r ity .
H e n c e th e a b o v e le g is la t io n .
T h e a m e n d m e n t o f 1 9 1 7 m a k e s s u ch tr a n s a c tio n s
le g it im a t e b a n k in g b u s in e s s .
I t h in k it c a n s a fe ly b e a s s u m e d , i f b a n k s c o u ld n o t h a v e in c lu d e d s u c h b u s in e s s in t h e ir
t r a n s a c t io n s , in t h e a b s e n c e o f e x p r e s s s t a t u t o r y a u t h o r it y , t h a t t r u s t c o m p a n ie s e q u a lly
c o u ld n o t s in c e t h e p o w e r s o f t r u s t c o m p a n ie s a r e a ls o s t r ic t l y s t a t u t o r y .
T h e a u t h o r it y g iv e n
t o S t a t e b a n k s in t h e a b o v e a m e n d m e n t c a n n o t i n u r e t o t h e b e n e fit o f t r u s t c o m p a n ie s , s in c e
th e t w o k in d s o f in s tit u t io n s a r e g o v e r n e d b y d iffe r e n t la w s , a n d t r u s t co m p a n ie s , o n th e c o n
t r a r y , a r e n o t p e r m it t e d t o d o g e n e r a l b a n k in g b u s in e s s .
S ee s e c t io n 9 o f A c t 1 0 8 o f th e
P u b lic A c t s o f 1 8 8 9 (s e c t io n 8 0 5 2 o f th e C o m p ile d L a w s o f 1 9 1 5 ).
A c lo s e e x a m in a tio n o f th e t r u s t c o m p a n y a c t f a ils t o r e v e a l a n y d ir e c t o r e x p r e s s p r o v is io n
a u t h o r iz in g t r u s t c o m p a n ie s t o in c lu d e a c c e p t a n c e s so a s to c r e a t e a n r im a r y lia b ilit y a g a in s t
t h e t r u s t c o m p a n y a s d e fin e d in t h e n e g o t ia b le in s t r u m e n t s la w .
W h ile t h e s ile n c e o f th e
s ta t u t e w o u ld d o u b t le s s b e a s u ffic ie n t r e a s o n , a b e tt e r r e a s o n f o r d e n y in g to t r u s t c o m p a n ie s
t h e r i g h t t o e x e c u t e s u c h a c c e p t a n c e s is t o b e f o u n d in t h e s t r ic t l im it a t io n s p r e s c r ib e d b y t h e
t r u s t c o m p a n y a c t it s e lf a s t o th e c h a r a c t e r o f t r a n s a c t io n s o p e n t o th e m , b o th a s t o e m p lo y
m e n t o f c a p ita l a n d in v e s tm e n t o f t r u s t fu n d s .
U n d e r t h e p r o v is io n s o f s e c t io n 8 0 5 2 o f th e
C o m p ile d L a w s o f 1 9 1 5 , t r u s t c o m p a n ie s s h a ll h a v e p o w e r “ t o lo a n m o n e y u p o n r e a l e s t a t e a n d
c o lla t e r a l s e c u r it y , a n d to e x e c u te a n d is s u e its n o t e s a n d d e b e n tu r e s , p a y a b le a t a f u t u r e d a te ,
a n d to p le d g e its m o r t g a g e s o r r e a l e s ta te a n d o t h e r s e c u r it ie s a s s e c u r it y t h e r e f o r .”
U nder
s e c t io n 8 0 5 4 o f th e C o m p ile d L a w s o f 1 9 1 5 , th e c a p it a l s to c k o f s u c h c o m p a n ie s m a y b e
in v e s t e d “ in b o n d s s e c u r e d b y m o r t g a g e s , o r n o t e s a n d m o r t g a g e s o r u n in c u m b e r e d r e a l e s t a t e
w it h in t h e S t a t e o f M ic h ig a n , w o r t h d o u b le t h e a m o u n t s e c u r e d t h e r e b y o r in p u b lic s t o c k s a n d
bonds
*
*
*
a n d s u ch b o a r d o f d ir e c t o r s m a y in v e s t o r lo a n th e b a la n c e o f its c a p ita l
s t o c k a n d o t h e r m o n e y s r e c e i v e d b y s u c h c o r p o r a t i o n i n t r u s t , in b o n d s s e c u r e d b y m o r t g a g e s ,
o r n o t e s a n d m o r t g a g e s , o n u n in c u m b e r e d r e a l e s t a t e w it h in t h e S t a t e o f M ic h ig a n w o r t h
d o u b le t h e a m o u n t s e c u r e d t h e r e b y , o r in p u b lic s t o c k s a n d b o n d s o f t h e U n it e d S t a t e s
*
*
*,
o r in s u c h r e a l o r p e r s o n a l s e c u r it ie s a s t h e y m a y d e e m p r o p e r .”
I t w ill be seen
t h a t a ll o f th e s e in v e s t m e n ts r e q u ir e s e c u r it y , w h e th e r th e fu n d s so in v e s t e d a re d e r iv e d fr o m
s u r p lu s c a p it a l, f r o m lo a n s o r f r o m t r u s t fu n d s in t h e ir k e e p in g .
N o w h e r e a r e t h e y p e r m itte d
to in v e s t b y lo a n in g th e ir fu n d s w it h o u t s e c u r ity .
T h e a c c e p ta n c e s u n d e r d is c u s s io n p r im a r ily d o n o t c a ll f o r s e c u r it y a n d o n th e c o n tr a r y
a re in te n d e d to o p e r a te w it h o u t o r d in a r y d ir e c t s e c u r ity .
I t h in k it c a n a ls o s a fe ly b e s a id t h a t s u c h a c c e p t a n c e s h a v e n o t h e r e t o f o r e b e e n d e e m e d
a n e c e s s a r y p a r t o f t r u s t c o m p a n y b u s in e s s w it h in t h is s t a t e , a n d t h a t in a n y e v e n t t h e y f a l l
m o r e p r o p e r ly w it h in t h e s p h e r e o f g e n e r a l b a n k in g o p e r a t io n s t h a n in t h a t o f t r u s t c o m p a n y
b u s in e s s , t a k in g t h e d i s t i n c t i o n s b e tw e e n t h e t w o i n s t it u t io n s a s g e n e r a lly la id d o w n b y t h e
• a u t h o r i t ie s f o r a c r i t e r i o n .
I n t h is c o n n e c t i o n y o u r a t t e n t i o n in in v it e d t o t h e o p in io n o f
A t t o r n e y s G e n e r a l W y k e s a n d F e llo w s o f D e c e m b e r 3 1 , 1 9 1 2 . A t t o r n e y G e n e r a l’s T tep ort f o r
1 9 1 3 a t p a g e 1 7 0 , w h e r e t h e s e d i s t i n c t i o n s a r e d is c u s s e d in r e la t io n t o t h e r i g h t o f t r u s t c o m
p a n ie s t o is s u e c e r t ific a t e s o f d e p o s it .
A s a lim it a t io n u p o n t h e g e n e r a l p o w e r s o f t r u s t c o m p a n ie s , s e c t io n 9 o f th e t r u s t c o m p a n y
la w c o n ta in s t h e fo l l o w i n g p r o v is io n :
“ B u t n o t h in g h e r e in c o n t a in e d s h a ll b e c o n s t r u e d a s g iv in g t h e r i g h t t o is s u e b ills t o c i r
c u la t e a s m o n e y , o r t o b u y o r s e ll b a n k e x c h a n g e , o r t o d o a g e n e r a l b a n k in g b u s in e s s .”
T h is p r o v is i o n is a d i r e c t l i m i t a t i o n u p o n t h e p o w e r s g r a n t e d t o t r u s t c o m p a n ie s in t h e
s a m e s e c t io n o f th e a c t “ t o a c t g e n e r a lly a s a g e n t s o r a t t o r n e y s f o r t h e t r a n s a c t io n o f b u s in e s s ,
th e m a n a g e m e n t o f s o c ie tie s , th e c o lle c t io n o f re n ts , in te r e s t, d iv id e n d s , m o r tg a g e s , b o n d s ,
b ills , n o t e s a n d s e c u r it ie s f o r m o n e y s .”
T h is la t t e r p r o v is io n , in m y o p in io n , is t h e m e a s u r e
o f t h e p o w e r s o f a t r u s t c o m p a n y w it h r e fe r e n c e to th e h a n d lin g o f n e g o tia b le in s tr u m e n t s
o r ig in a t in g o u t s id e o f t h e t r u s t c o m p a n y it s e lf.
T h is p o w e r f a lls f a r s h o r t o f g r a n tin g to
t r u s t c o m p a n ie s a g e n e r a l a u t h o r it y s u c h a s is c o n fe r r e d u p o n b a n k s in t h e e ig h t h s u b d iv is io n
o f s e c t io n 4 o f th e b a n k in g la w .
T h e o n l y le g it im a t e w a y s , in m y o p in io n , t h a t a t r u s t c o m
p a n y c a n h a n d le n e g o t ia b le in s t r u m e n t s a r e in c o n n e c t io n w it h t h e ir a u t h o r i t y t o m a k e
c o lle c t io n s f o r t h e ir c lie n t s in w h ic h t r a n s a c t io n s t h e y a c t s o le ly a s a g e n t s o r a t t o r n e y s ; a n d
in t h e ir r e g u la r in v e s tm e n ts , p e r m itte d b y la w a n d a s r e s t r ic t e d b y th e te r m s o f th e t r u s t
c o m p a n y a c t ; o r in s u c h lim it e d t r a n s a c t io n s a s b e c o m e n e c e s s a r y in t h e d is c h a r g e o f t h e ir
o w n c o r p o r a t e fu n c t io n s a s d is tin g u is h e d fr o m
th e e m p lo y m e n t o f t h e ir c a p it a l a n d t h e ir
t r a n s a c tio n s o n b e h a lf o f c lie n ts .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lxxviii
STATE BANKING DEPARTMENT.
In c o n c lu s io n , I a m o f th e o p in io n t h a t d ir e c t a n d e x p r e s s le g is la t io n w o u ld b e n e c e s s a r y
b e fo r e tr u s t c o m p a n ie s c a n b e a u th o r iz e d t o e x e c u te a c c e p ta n c e s o f th e n a tu r e c o n te m p la te d
in y o u r in q u ir y .
V e r y r e s p e c tfu lly ,
A lex
J.
G roesbeck,
A t t o r n e y G e n e r a l.
TRUST
POW ERS
OP
N A T IO N A L
BANKS.
(7 3 )
H on . F ra n k
A p r il 25, 1919.
W.
M e r r ic k ,
S ta te
B a n k in g
C o m m is s io n e r ,
L a n s in g ,
M ic h ig a n :
D e a r S ir — I h a v e b e fo r e m e y o u r c o m m u n ic a t io n o f t h e 2 3 d in s t a n t w h e r e in y o u c a ll
a t t e n t io n to S e c tio n 11 ( k ) o f th e F e d e r a l R e s e r v e a c t , w h ic h a c t a u t h o r iz e s n a t io n a l b a n k s to
e x e r c is e t h e p o w e r s o f a t r u s t c o m p a n y in c e r t a in c a s e s .
Y o u a ls o c a ll a tt e n t io n t o c e r ta in
r u le s o f th e F e d e r a l R e s e r v e B o a r d , a n d y o u r e q u e s t t o b e a d v is e d w h e th e r o r n o t a n a t io n a l
b a n k w h ic h e x e r c is e s th e fu n c t io n s o f a t r u s t c o m p a n y is r e q u ir e d to d e p o s it w it h th e s ta te
t r e a s u r e r o f t h is s t a t e t h e s e c u r it ie s p r o v id e d f o r in t h e M ic h ig a n t r u s t c o m p a n y a c t .
Y ou
a ls o re q u e s t to b e a d v is e d w h e th e r o r n o t s u c h c o m p a n ie s a r e s u b je c t t o e x a m in a tio n b y th e
s t a t e b a n k in g d e p a r t m e n t , a s p r o v id e d f o r in s a id a c t .
I n a n s w e r t o y o u r fir s t in q u ir y , I w o u ld r e s p e c t fu lly c a ll y o u r a t t e n t io n to th e p r o v is io n s o f
s u b d iv is io n ( k ) o f s e c t io n 2 o f t h e a c t o f S e p t e m b e r 2 6 , 1 9 1 8 , w h ic h p r o v id e s in p a r t a s
fo llo w s :
“ W h e n e v e r t h e la w s o f a S t a t e r e q u ir e c o r p o r a t i o n s a c t in g in a f id u c ia r y c a p a c it y , t o
d e p o s it s e c u r itie s w it h th e S ta te a u t h o r it ie s f o r th e p r o t e c t io n o f p r iv a t e o r c o u r t tr u s t,
n a t io n a l b a n k s s o a c t in g s h a ll b e r e q u ir e d to m a k e s im ila r d e p o s it s a n d s e c u r it ie s s o d e p o s ite d
s h a ll b e h e ld f o r t h e p r o t e c t i o n o f p r iv a t e o r c o u r t t r u s t s , a s p r o v id e d b y t h e S t a t e l a w .”
Y o u w ill n o te fr o m re a d in g th e fo r e g o in g th a t a n a tio n a l b a n k e x e r c is in g th e fu n c t io n s o f
a t r u s t c o m p a n y is o b lig e d t o d e p o s it w it h t h e t r e a s u r e r o f t h is s t a t e t h e s e c u r it ie s p r o v id e d
f o r in th e a c t g o v e r n in g M ic h ig a n t r u s t c o m p a n ie s .
I n a n s w e r to y o u r s e c o n d in q u ir y , I w o u ld r e s p e c t fu lly c a ll y o u r a tt e n t io n to s u b d iv is io n
( k ) o f s e c t io n 2 o f th e a c t o f S e p te m b e r 2 6 , 1 9 1 8 , w h ic h p r o v id e s in p a r t a s f o l l o w s :
“ N a t io n a l b a n k s e x e r c is in g a n y o r a ll o f t h e p o w e r s e n u m e r a t e d in t h is s u b -s e c t io n s h a ll
s e g r e g a t e a ll a s s e t s h e ld in a n y f id u c ia r y c a p a c i t y f r o m t h e g e n e r a l a s s e t s o f t h e b a n k a n d s h a ll
k e e p a s e p a r a t e s e t o f b o o k s a n d r e c o r d s s h o w in g a p r o p e r d e t a i l a l l t r a n s a c t i o n s e n g a g e d in
u n d e r a u t h o r it y o f th is s u b -s e c tio n .
S u c h b o o k s a n d r e c o r d s s h a ll b e o p e n t o in s p e c t io n b y th e
S ta te a u th o r itie s to th e s a m e e x te n t a s th e b o o k s a n d r e c o r d s o f c o r p o r a t io n s o r g a n iz e d u n d e r
S t a t e la w w h ic h e x e r c is e fid u c ia r y p o w e r s , b u t n o t h in g in t h is A c t s h a ll b e c o n s t r u e d a s
a u t h o r iz in g th e S ta te a u t h o r it ie s to e x a m in e t h e b o o k s , r e c o r d s , a n d a s s e ts o f th e n a t io n a l b a n k
w h ic h a r e n o t h e ld in t r u s t u n d e r a u t h o r i t y o f t h is s u b -s e c t io n .”
Y o u w ill n o t e f r o m th e fo r e g o in g t h a t y o u h a v e t h e s a m e a u t h o r it y t o e x a m in e t h e b o o k s
a n d re c o r d s o f a n a tio n a l b a n k e x e r c is in g th e fu n c t io n s o f a tr u s t co m p a n y , in s o fa r a s th e c o n
d u c t o f its a ffa ir s a s a t r u s t c o m p a n y is c o n c e r n e d , a s is c o n fe r r e d u p o n y o u b y th e s ta tu te s
o f t h is s ta t e in r e fe r e n c e to M ic h ig a n t r u s t c o m p a n ie s .
T r u s t in g th is w ill s e r v e to f u r n is h y o u w it h th e d e s ir e d in fo r m a t io n , I a m
R e s p e c tfu lly
A.
B.
you rs,
D ougherty,
D e p u t y A t t o r n e y G e n e r a l.
M ay
8, 1 91 9 .
H o n . F r a n k W . M e r r ic k , C o m m is s io n e r o f B a n k in g , L a n s in g , M ic h ig a n :
D e a r S ir — I h a v e b e fo r e m e y o u r c o m m u n ic a t io n o f t h e 1 s t in s t a n t , w h e r e in y o u c a ll a t t e n t io n t o o u r le t t e r o f t h e 2 5 t h u lt im o in r e fe r e n c e t o t h e a u t h o r it y c o n fe r r e d u p o n t h e s t a t e
b a n k in g c o m m is s io n b y th e fe d e r a l r e s e r v e a c t to e x a m in e n a t io n a l b a n k s e x e r c is in g th e p o w e r s
o f t r u s t c o m p a n ie s , in s o f a r a s t h e c o n d u c t o f t h e ir a ffa ir s p e r t a in s to th e t r u s t c o m p a n y
b u s in e s s ; a ls o in r e fe r e n c e t o t h e d e p o s it o f s e c u r it ie s b y s a id b a n k s w it h t h e s t a t e t r e a s u r e r ,
a n d r e q u e s t t o b e a d v is e d w h e t h e r o r n o t in m y o p in io n i t is y o u r d u t y , u n d e r t h e s t a t u t e s o f
tm s s ta te , to re q u ir e t h is d e p o s it t o b e m a d e a n d to c o n d u c t a n e x a m in a tio n o f th e a ffa ir s o f
t h e s e b a n k s e x e r c i s i n g t h e f u n c t i o n s o f a t r u s t c o m p a n y , a s is d o n e in t h e c a s e o f t r u s t c o m
p a n ie s o r g a n iz e d u n d e r t h e la w s o f th is s ta te .
I n r e p ly t h e r e t o w o u ld s a y t h a t in a s m u c h a s C o n g r e s s , b y a p p r o p r ia t e le g is la t io n , h a s
p la c e d th e s e b a n k s e x e r c is in g th e fu n c t io n s o f a tr u s t c o m p a n y o n th e sa m e f o o t in g a s t r u s t
c o m p a n ie s o r g a n iz e d u n d e r t h e s ta t e la w , in s o f a r a s th e r e q u ir e m e n ts a s to d e p o s it s a n d
e x a m in a tio n s a r e c o n c e r n e d , I a m o f th e o p in io n t h a t to t h a t e x te n t s u ch b a n k s m u s t be
r e g a r d e d a s d o in g b u s in e s s u n d e r t h e M ic h ig a n s t a t u t e r e la t in g t o t r u s t c o m p a n ie s , a n d t h a t
y o u r d u tie s m t h a t c o n n e c t io n a r e th e sa m e a s y o u r d u tie s in r e la tio n to t r u s t co m p a n ie s
o r g a n iz e d u n d e r th e la w s o f t h is s ta te .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e s p e c tfu lly y o u rs ,
A lex
J.
G roesbeck,
A t t o r n e y G e n e r a l.
REPORT OP THE COMMISSIONER.
EFFECT
OF A C T
2 7 1 ., F . A . O F 1 9 1 5 ., A S A M E N D E D U P O N
R A IL R O A D
lxxix
AND
( 7 4 )I
EXPRESS
AGENTS.
A u g u st 2 0 th ,
1919.
H o n . F r a n k W . M e r r ic k , S ta t e B a n k in g C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S ir — I h a v e b e fo r e m e y o u r c o m m u n ic a t io n o f t h e 9 t h in s t a n t , w h e r e in y o u r e q u e s t
t o b e a d v is e d w h e th e r o r n o t th e p r o v is io n s o f s e c t io n 6 o f A c t N o . 2 7 1 o f th e P u b lic A c t s o f
1 9 1 5 , a s la s t a m e n d e d b y S e n a te E n r o lle d A c t N o. 1 5 8 , e x e m p ts a g e n ts o f r a ilr o a d co m p a n ie s
a n d e m p lo y e s o f e x p r e s s c o m p a n ie s a c t in g a s a u t h o r iz e d g e n e r a l a g e n t s o f s a id c o m p a n ie s f r o m
t h e p r o v is io n s o f s a id a c t w h e n n o t a c t in g in t h e ir r e p r e s e n t a t ic e c a p a c it y .
S e c t io n 6 o f A c t 2 7 1 o f th e P u b lic A c t s o f 1 9 1 5 , a s a m e n d e d b y A c t N o . 2 3 6 o f th e P u b lic
A c t s o f 1 9 1 7 , p r o v id e s in p a r t a s f o l l o w s :
“ N o th in g h e r e in s h a ll a p p ly t o th e is s u a n c e o f t ic k e t s , d r a ft s , m o n e y o r d e r s o r t r a v e le r s ’
c h e c k s , o r t h e r e c e i p t %>f d e p o s i t s o f m o n e y f o r t h e p u r p o s e o f t r a n s m i t t i n g t h e s a m e o r t h e
e q u iv a le n t t h e r e o f t o fo r e ig n c o u n tr ie s , b y a n y r a ilr o a d c o m p a n y o r t r a n s c o n t in e n t a l s te a m
s h ip c o m p a n y
*
*
T h is s e c t io n , a s a m e n d e d b y S e n a te E n r o lle d A c t N o . 1 5 8 , p r o v id e d in p a r t a s f o l l o w s :
“ N o t h in g h e r e in s h a ll a p p ly t o t ic k e t s , d r a ft s , m o n e y o r d e r s o r t r a v e le r s ’ c h e c k s is s u e d
b y a n y r a ilr o a d c o m p a n y , it s d u ly a u t h o r iz e d a g e n t s , o r t o e x p r e s s c o m p a n ie s n o w e s t a b lis h e d ,
t h e ir e m p lo y e s a c t in g a s t h e ir r e g u la r ly a u t h o r iz e d g e n e r a l a g e n t s
*
*
U n d e r th e la w a s it p r e s e n tly s ta n d s , th e r a ilr o a d c o m p a n ie s a n d t h e ir a u th o r iz e d a g e n ts
a n d e x p r e s s c o m p a n ie s n o w e s t a b lis h e d a n d t h e ir e m p lo y e s a c t in g a s r e g u la r ly a u t h o r iz e d
g e n e ra l a g e n ts a re e xem p ted .
T h i s e x e m p t io n o n l y a p p lie s t o s u c h a g e n t s w h ile a c t i n g in
t h e ir r e p r e s e n t a tiv e c a p a c it y a n d p e r fo r m in g a s e r v ic e f o r w h ic h th e c o m p a n ie s a r e r e s p o n s ib le .
tio n
It d o e s n o t a p p ly w h e n su ch
w it h th e ir e m p lo y m e n t.
p erson s are
a c tin g
in
an
in d iv id u a l c a p a c it y
h a v in g
no
con n ec
R e sp e c tfu lly y o u rs,
A lex
J. G
r o e sb e c k
,
A t t o r n e y G e n e r a l.
(7 5 )
H on . F ran k
W . M e r r ic k ,
S ta te B a n k in g
C o m m is s io n e r , L a n s in g , M ic h ig a n :
D e a r S ir — A n s w e r in g y o u r le t t e r o f t h e 9 th in s t a n t r e la t iv e t o t h e b o n d s t o b e fu r n is h e d
b y a g e n t s o f s t e a m s h ip c o m p a n ie s o r b ro k e rs e n g a g in g in s u c h b u s in e s s , in lo o k in g o v e r t h e
m a t t e r I h a v e c o m e t o t h e c o n c lu s io n t h a t a g e n t s o f s t e a m s h ip c o m p a n ie s a r e n o t e x e m p t
f r o m t h e p r o v is i o n o f t h e la w , a n d t h a t t h e r e is n o p r o v is i o n n o w m a d e f o r e x e m p t in g t h e m .
M y c o n c lu s io n is b a s e d u p o n th e h is t o r y o f s e c t io n 6 .
U n d e r t h e o r ig in a l a c t s e c t io n 6
e x e m p t e d in t e r a lia r a ilw a y c o m p a n ie s a n d s t e a m s h ip c o m p a n ie s , a n d t h e ir a g e n t s , a ls o
n a t io n a l b a n k s, e x p r e s s c o m p a n ie s a n d s ta te b a n k s a n d t r u s t co m p a n ie s .
T h is s e c t io n w a s
a m e n d e d b y A c t 2 3 6 o f 1 9 1 7 , w h ic h c o n t in u e d t h e e x e m p t io n a s t o t r a n s a t l a n t ic s te a m s h ip
co m p a n ie s .
T h e s e c t io n w a s f u r t h e r a m e n d e d b y A c t 3 9 9 o f t h e P u b lic A c t s o f 1 9 1 9 , a n d in
t h i s a m e n d m e n t y o u w i l l n o t i c e t h a t s t e a m s h ip c o m p a n ie s a re l e f t o u t e n t i r e l y f r o m
th e
e x c e p te d c la s s e s .
T h e r e m u s t h a v e b e e n s o m e r e a s o n f o r th is , o r a t le a s t, it m u s t b e a s s u m e d
t h a t th e le g is la t u r e in te n d e d t o o m it th e m f r o m th e e x c e p te d c la s s e s .
S e a r c h in g f o r a p o s s ib le
r e a s o n f o r th is a tt it u d e o n th e p a r t o f th e le g is la t u r e , w e h a v e m a d e a n e x a m in a tio n o f th e
c o r p o r a t e r e c o r d s in t h e S e c r e t a r y o f S t a t e ’ s o ffic e a n d fin d t h a t n o n e o f t h e t r a n s a t l a n t ic
s t e a m s h ip c o m p a n ie s a r e a u t h o r iz e d t o d o b u s in e s s in t h is s t a t e , w h ile r a ilr o a d c o m p a n ie s ,
e x p r e s s co m p a n ie s , n a t io n a l a n d s ta te b a n k s a n d t r u s t c o m p a n ie s a re a u th o r iz e d t o t r a n s a c t
b u s in e s s w it h in t h e s t a t e .
I a m t h e r e f o r e o f t h e o p in io n t h a t s t e a m s h ip c o m p a n ie s a s s u c h , o r t h e ir a g e n t s , m a y o n ly
e n g a g e in t h e t ic k e t b u s in e s s in t h is s t a t e u p o n c o m p ly in g w it h t h e p r o v is io n s o f t h e a c t .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R e sp e c tfu lly y o u rs,
A lex
J. G
r o e sb e c k
,
A t t o r n e y G e n e r a l.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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lxxxiii
REPORT OF THE COMMISSIONER.
T h e f o l l o w i n g is a l i s t o f h a n k s a n d t r u s t c o m p a n i e s e x a m i n e d m id ' t h e a m o u n t p a i d
b y e a c h , a s r e q u i r e d b y s e c t i o n ¡¡0 o f t h e g e n e r a l b a n k i n g l a w a n d s e c t i o n 1 9 o f t h e
T ru st C om p a n y A ct.
No.
Nam e o f bank.
L ocation.
D ate second
D ate first
examination, examination,
1919.
1919.
Sept. 2 0 . . . .
325
Am ount
Paid.
$35 79
209 87
162
89
139 96
66
225 92
179
92 25
167
94 73
498
25 00
44 38
314
323
Sept. 3 0 . . . .
69 33
487
O ct.
25 00
7 ....
232
58 52
233
125 77
437
40 99
169
366 15
302
33 60
609
25 00
48
434 67
26
234 98
337 33
144
512
Oct. 1 5 ___
25 00
627
25 00
468
44 62
473
34 58
582
25 00
414
40 44
418
July 2 2 . . . .
30 11
522
O ct.
25 00
1 ___
25 00
420
82 57
236
237
Oct.
7.
.
80 86
337
36 18
62
57 84
458
25 00
25 00
394
93
July 2 1 . . . .
379 00
178
July 2 1 . . . .
259 66
526 55
63
43
B a y C ounty Savings B a n k ..................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B ay C it y ..........................
M ar. 1 0 ___
N ov .
3 ------
330 06
Ixxxiv
STATE BANKING DEPARTMENT.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
L ocation.
562
Farmers State Savings B a n k ...............................................
B a y C ity ...........................
D ate first
D ate second
examination, examination,
1919.
1919.
Am ount
Paid.
OO
Nam e o f bank.
o
N o.
30
Peoples Com m ercial and Savings B a n k ..........................
B a y C it y ...........................
M ar. 1 0 ___
N ov .
3 ___
602
Peoples State B a n k ................................................................
B ea verton .........................
A p ril 2 8 ___
Sept. 1 7 ___
25 00
513
State Bank o f B ea v erton ....................................................
B ea verton .........................
Jan. 1 5 ___
Sept. 1 6 . . . .
25 00
48 53
b ia r. 1 0 ___
B a y C it y ...........................
2
$129 56
1fi 2fi
907 79
B eld in g..............................
A pril 2 1 ___
Sept. 1 6 . . . .
159
People s Savings B a n k ........................................................
B elding..............................
A pril 2 1 . . . .
Sept. 15___
55 85
347
Bellaire State B a n k ..............................................................
Bellaire..............................
A pril 1 5 . . . .
Aug. 11____
25 00
527
Peoples State B a n k ..............................................................
Belleville...........................
M a y 2 0 ____
Aug. 2 5 ___
36 82
548
Bellevue State B a n k ............................................................
Bellevue............................
A pril 17___
O ct.
46 07
598
Farmers State B a n k .......................................................
Bellevue............................
A pril 3 . . . .
Aug. 2 5 ___
25 00
219
B enton Harbor State B a n k ...............................................
Benton H a rb or...............
M ar. 4 ___
July 2 9 ___
125 58
561
Berrien C ounty B a n k ..........................................................
1 ___
Benton H a rb or...............
M ar. 4 ___
July 2 8 . . . .
61 70
Berlin.................................
Feb. 1 8 . . . .
July
2 ___
25 00
416
Berrien Springs..............
A pril 1 0 . . . .
July 14___
42 46
500
Bessem er...........................
M ar. 1 9 ___
July 1 6 ___
38 11
Beulah...............................
M ar. 3 1 . . . .
Sept. 2 4 ___
25 00
Big R a p id s.......................
M ar. 1 7 . . . .
O ct. 1 3 . . . .
79 11
Citizens State B a n k ..............................................................
Big R a p id s.......................
M ar. 1 7 ___
Oct. 1 4 . . . .
109 97
505
B irch R un State B a n k ........................................................
Birch R u n ........................
A pril 1 5 ___
Sept. 1 7 ___
25 00
411
First State Savings B a n k .....................................................
B irm ingham ....................
M a y 13___
Sept. 2 ___
91 27
481
Blanchard State B a n k .........................................................
Blanchard.........................
A pril 2 2 ____
O ct.
25 00
448
536
Central State Bank o f B enzonia........................................
259
248
163
8 ....
Blissfield...........................
M a y 2 1 ___
Sept. 15____
92 70
Jipson-Carter State B a n k ..................................................
B lissfield...........................
June
Sept. 16____
129 34
516
Peoples State B a n k.................................................
Bloom ingdale..................
A pril 5 ___
624
State B a n k .................................................................
B oyne F alls.....................
436
Farmers - State B a n k ...........................................................
Breckenridge...................
A pril 5 . . . .
July 2 4 ___
187
First State Savings B a n k ..........................................
B reckenridge...................
A p ril 5 ___
Aug. 2 6 ____
221
3 ___
Sept.
9 ....
34 55
25 00
570 ^Bridgman State B a n k ............................................
31 89
29 25
32 4Q
452
Brighton State B a n k ................................................
B rig h ton ...........................
M a y 1 3 ___
O ct.
6 ....
27 72
519
Brim ley State B a n k ........................................................
B rim ley.............................
June 3 0 ___
Aug. 2 7 ___
25 00
635
Peoples State Savings B a n k ............................
B ritton ..............................
409
First State Savings B a n k .............................
B ronson.............................
A pril 2 9 ____
Sept. 1 0 ___
64 58
312
Brooklyn State B a n k ................................
B rook ly n ...........................
M a y 2 0 ____
Sept. 2 2 . . . .
50 81
216
Brown C ity Savings B a n k ............................................
B row n C it y ......................
M a y 2 4 ____
Sept. 6 ___
40 06
253
Citizens State Savings B a n k ..............................................
Brown C it y ......................
M a y 2 6 ___
Sept. 8 ____
43 97
588
Buchanan State B a n k .....................................
B uchanan.........................
M hy
5 ....
Sept. 1 1 ___
35 54
610
Burlington State B a n k ..........................................
Burlington........................
A p ril 1 6 ___
Aug. 2 7 ___
25 00
212
Burr Oak State B a n k ..........................................
Burr O ak..........................
April 3 0 ___
Sept. 9 ___
25 00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
L i s t o f h a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
No.
N am e o f bank.
L ocation.
D ate first
examination,
1919.
’ aid.
313
State Bank o f B y ro n ................................... ■..
M a y 3 1 ___
O ct.
7 ..
$26 26
181
Cadillac State B a n k ...............................................
M ar.
3 ___
Aug. 2 7 ..
194 16
261
P eople’ s Savings B a n k ....................................
M ar.
6 ___
Aug. 2 5 ..
112 98
291
State B ank o f C aledonia.....................................
A pril 2 1 . . . .
Sept. 1 5 ..
336
Calum et State B a n k ........................................
June 17___
D ec.
6 ..
125 92
D ec.
1 ..
367 15
48 23
87
M erchants’ and M iners’ B a n k .....................
June
320
First State B a n k ...............................................
April 2 ___
Sept. 2 5 ..
26 57
208
C apac State Savings B a n k .................................................
M ay 2 7 ....
Sept. 2 4 ..
33 76
303
State Savings Bank o f C arleton ........................... ...
A pril 2 8 ___
O ct.
4 ..
40 94
287
Com m ercial Savings B a n k .........................
A pril 1 4 ___
July 1 9 ..
35 53
286
State Savings B a n k ........................................
A pril 1 4 ___
July 2 2 ..
86 56
525
People’ s State B a n k ....................................................
A p ril 14 ___
July 2 1 ..
50 66
558
Farm ers’ and M erchants’ S ta te B a n k .............................
M ay
5 ....
July 1 7 ..
36 25
State B a n k o f Carson C it y .....................................
M ay
5 ....
July 1 5 ..
63 86
234
Exchange State B a n k ..........................................
M a y 2 6 ___
D ec. 2 2 ..
52 4 5
611
First State B a n k ....................................................
M a y 2 6 ___
D ec. 2 2 ..
41 79
571
Farmers’ and M erchants’ State B a n k ..................
A p ril 1 6 ___
Aug. 3 0 ..
25 00
421
Cass C ou n ty State B a n k ...............................................
A p ril 17____
Sept. 2 9 ..
47 42
537
State Ban k o f C e d a r...............................................
A p ril 5 ___
July
1 ..
25 57
581
Cedar Springs State B a n k .........................
A pril 1 4 ___
O ct.
2 ..
28 86
343
First State B a n k ..........................................................
A pril 1 4 ___
A ug. 1 2 ..
25 00
391
W o lf Bros. State B a n k ......................................
A pril 2 8 ___
Aug. 2 5 ..
93 25
315
C harlevoix State Savings B a n k ..........................
A pril 17___
Aug. 1 3 ..
37 02
218
E aton C ounty Savings B a n k ...............................
M ar. 1 9 ___
Sept. 2 0 ..
140 40
June
N ov.
72
509
' Chassell State B a n k .......................................
9 ___
3 ___
1 ..
25 00
305
C heboygan C ounty Savings B a n k ....................................
304
Cheboygan State Savings B a n k ..................................
F eb. 2 7 . . . .
Aug. 2 5 ..
52 90
397
Farmers’ and M erchants’ B a n k ...................
April 2 9 ___
O ct.
2 ..
65 09
203
The K e m p f Com m ercial and Savings B a n k ................
A pril 2 8 ___
Aug. 2 7 ..
93 29
M ar. 1 2 ___
Sept. 1 3 ..
88 86
Citizens S ta te B a n k ..................................
Jan. 1 3 ___
O ct.
6 ..
37 82
235
424
32 33
'T h e Chesaning S ta te B a n k ................................
118
C lare C ou n ty Savings B a n k .......................
A p ril 2 9 ___
D e c. 1 5 ..
77 00
540
Clarkston S t a te B a n k ..................
M a y 1 4 ___
Aug. 3 0 ..
28 20
486
E dw in Nash S ta te B a n k ...................
M ay
7 ____
S e p t .2 2 ..
25 00
376
Clim ax State B a n k ................
M ay
6 ___
June 2 8 . .
25 00
616
Sm ith-Richm ond State B a n k .....................
M ay 2 1 . . . .
Sept 2 4 ..
32 15
483
Clio S ta te B a n k ........................................
F eb.
D ec. 2 0 ..
104
Branch C ounty Savings B a n k ..
636
Farm ers’ S a vin g s...................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C lio
.
4 ....
M ar 1 2 ....
C olem an ...........................
O ct.
6 ..
P relim inary o n ly ............
42 18
118 11
lxxxvi
STATE BANKING DEPARTMENT.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
N o.
Nam e o f bank.
292
State B ank o f C olem an .......................
442
State Bank o f C olom a .........................
427
E. H ill & Sons S tate B a n k .................
433
Columbia ville State B a n k ...................
599
Com stock Park State B a n k ...............
32
F arm ers’ State B a n k ............................
496
Conklin State B a n k ..............................
174
Com m ercial State B a n k ......................
173
First State B a n k ......................................
281
Coopersville State B a n k ........................
D ate first
examination
1919.
, examination
C olem an .........................
. A p ri 2 9 . ..
A p ril 9 ...
C o lo n ...............................
A p ril 1 2. ..
O ct.
7 ....
129 40
C olom a ...........................
Aug. 2 7 ___
48 90
Aug. 2 6 ___
33 00
L ocation.
.
.
D ate second
1919.
Dr-t,
C on k lin ...........................
C onstantine...................
A p ril 1 5 .
..
A pril 2 1 . . . .
Oct.
11
2...
25 00
...
90 41
Sept. 1 6 .
April 21
524
Peoples Savings B a n k ............................
C oop ersville..................
A pril 2 1 . . . .
406
State B ank o f M ontcalm C o u n t y .. . .
C o r a l.................................
April 2 3
339
Old Corunna Sta te B a n k ......................
C oru n n a ...........................
A pril 1 ___
596
F irst Sta te Savings B a n k ......................
C rosw ell............................
M ay 2 4 .
....
...
2 4 . ...
6 ....
July
1. . ..
July
O ct. 1 3 . . . .
101 83
25 00
50 21
State Bank o f C rosw ell..........................
C rosw ell............................
M ay
C rystal...............................
M ay
529
D aggett State B a n k ................................
D a g g ett............................
A pril 1 2 . . . .
...
Sept. 2 9 . ...
A pril 1 7 ___
Oct. 1 1 . . .
July 1 6 .
176
D avison State B a n k ...............................
D av ison ............................
630
Am erican State Bank o f D e a r b o r n ...
D earborn ..........................
July 2 6 . ...
.... Sept. 2 0 . ...
D ecatur............................. A pril 2 3 . . . . Sept. 2 3 ....
D eck er............................... M a y 2 7 .... S e p t.1 7 . ...
D eckerville...................... Jan. 2 1 .... Aug. 2 5 . ...
D eckerville ........
M a y 2 7 . ... Sept. 2 7 . ...
D eerfield..........................
M a y 2 0 . ... O ct. 7 _
D earborn State B a n k .............................
102
First State B a n k ......................................
565
D ecker State B a n k .................................
196
Farmers' State Bank o f D eckerville..
195
State Bank o f D eckerville....................
335
Deerfield State B a n k ................................
301
D earborn..........................
M ay 1 2 . . . .
D eca tur.............................
July
D elton State B a n k ....................................
D e lto n ...............................
Am erican Loan & T rust C o ....................
D etroit..............................
American State B a n k ...............................
D e tro it...........................
1
April 9 ___
61 88
51 80
State Bank o f C rystal............................
Citizens’ State B a n k ...............................
25 00
O ct. 1 4 . . .
182
459
29 51
...
2 3 ....
Sept. 3 .
568
319
Am ount
Paid.
Oct. 1 4 . . . .
25 00
341 60
35 79
43 68
25 00
27 62
58 58
28 03
39 43
41
Jan.
4
....
....
June 1 6 .
...
fi
47
934 80
Bankers T rust C o ......................................
573
Bank o f D etroit..........................................
D etroit..............................
Feb.
1
73
Central Savings B a n k ..............................
D etroit..............................
Jan.
6 ...
8 ___
5 ....
1,569 24
June 1 4 .. ..
July
1 ,378 54
580
Com m onwealth Federal Savings Bank
D etroit..............................
Feb.
47
D etroit Savings B a n k ...............................
D etroit..............................
Jan. 1 8 . . . .
N ov .
1 ....
2 ,0 6 8 ,6 7
Feb.
3 ....
N ov . 2 9 . . . .
3,4 8 2 42
Jan.
6 . ...
June 1 4 . . . .
D etroit T rust C om p an y ..........................
D etroit..............................
D im e Savings B a n k ..................................
D e t r o it .............................
479
Federal State B a n k ...................................
D etroit..............................
5
First State B a n k ........................................
D etroit..............................
Guaranty T rust C o .....................................
D etroit..............................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 1 6 .. . .
347 13
1 096 OK
337 27
936 61
144 13
lxxxvii
REPORT OF THE COMMISSIONER.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
No.
Nam e o f bank.
L ocation.
D ate second
D ate first
examination, examination,
1919.
1919.
F eb
$101 57
8 ....
579
N ov . 1 2 . . . .
563
N ov . 1 2 . . . .
N ov .
15
356
Am ount
Paid.
170 72
55 34
7 ___
3 ,0 3 6 40
O ct. 2 1 . . . .
10,302 32
499 57
Feb. 1 0 . . . .
739 84
576 96
386
6,416 43
6
157
Sept. 1 7 . . . .
48 41
631
578
124 20
A pril 2 8 ___
351
35 05
477
25 00
142
37 48
Aug. 2 3 . . . .
428
124
33 04
72 96
M ay 1 3 ....
462
25 00
238
56 37
583
8 ....
25 00
Oct. 14 . . . .
50 24
Oct.
53
499
25 00
614
25 00
193
April 1 9 . . . .
46 23
129
A pril 2 9 ___
33 64
342
53 81
619
25 00
508
25 00
299
134 23
A pril 1 9 . . . .
520
25 00
295
31 68
M a y 12___
152
O ct. 1 4 . . . .
71 00
553
O ct.
25 00
7 ____
460
48 02
608
25 00
629
215
209
25 00
Com m ercial Savings Bank o f F en ton ..............................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F en ton ..............................
M a y 13___
Aug. 2 5 -----
54 75
STATE BANKING DEPARTMENT.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
N o.
N am e o f bank.
L ocation.
D ate first
D ate second
examination, examination,
1919.
1919.
Paid.
384
Fenton State Savings B a n k.........................
626
Fenw ick State B a n k ......................................
495
State Savings B a n k ........................................
F la t R o c k .........................
A pril 2 6 . . .
101
Citizens Com m ercial and Savings Bank,
F lin t...................................
M ar. 2 4 ___
411 99
844 04
F en ton ...............................
M ay 1 4 ...
O ct.
$61 24
7 ...
25 00
25 00
23
Genesee C ounty Savings B a n k ..................
F lin t...................................
M ar. 2 4 . . .
431
Industrial Savings B a n k..............................
F lin t...................................
M ar. 2 4 ___
636 69
165
Union T rust & Savings B a n k .....................
F lin t...................................
M ar. 2 4 ____
439 17
126
First State and Savings B a n k ....................
F lushing_____
A pril 1 5 . . . .
55 77
223
P eople’ s State B a n k .......................................
F lu s h in g .. . .
A pril 1 4 . . . .
28 05
454
Bank o f F oun tain ...........................................
F ountain ___
M ay
8 ____
25 00
141
State Savings Bank o f F ow ler....................
F ow ler...........
M ay
7 ____
55 68
293
State Bank o f F ow lerville............................
F o w le rv ille ...
M ay
7 ____
45 47
25 00
592
Frankenmuth Germ an-Am erican B a n k ..
Frankenmuth
A p ril 5 . . . .
450
Frankenmuth State B a n k ............................
Frankenm uth.
A p ril 9 . . . .
85 60
229
State Savings Bank o f F ra n k fort..............
F ra n k fo r t.. . ,
A pril 1 . . . .
28 25
461
State Bank o f Fraser.....................................
F raser..............
M ar. 18___
25 00
449
State B ank of F reep ort.................................
Freeport
M ay
1 ____
25 59
297
Frem ont State B a n k.............................
F rem on t. . . . ,
A pril 2 2 . . . .
65 62
345
Old State B a n k ...............................................
Frem ont
A pril 22 . . . .
92 09
362
State Savings B a n k ........................................
G agetown,
M ay 2 8 ....
25 00
426
Galesburg S tate B a n k...................................
G alesburg,
A pril 12____
31 91
447
Garden State Savings B a n k ........................
G a r d e n ...
M ay
25 00
7 ....
153
G aylord State Savings B a n k ......................
G a y lo r d ..
April 8 . . . .
66 76
557
Otsego C ounty State B a n k .........................
G a y lo rd ..,
April 8 . . . .
25 00
507
Gladstone State Savings B a n k ...................
G ladstone.
A p ril 5 . . . .
90 98
594
First State Savings B a n k.............................
G la dw in ..
A pril 3 0 . . . .
47 97
32 09
471
Gladwin State B a n k ......................................
G la dw in ..
A pril 3 0 ____
552
First State B a n k .............................................
G obleville,
April 1 0 ____
25 00
249
Grand H aven State B a n k ............................
G rand H aven.
M ar. 17____
172 02
443
Peoples Savings B a n k ...................................
G rand H aven.
M ar. 1 7 . . . .
78 21
308
Grand Ledge State B a n k .............................
Grand L e d g e .,
M ay
5 ....
65 94
389
Loan and D eposit B a n k...............................
Grand L ed g e..
M ay
5 ____
74 25
316
C ity Trust and Savings B a n k ....................
G rand Rapids.
Jan. 2 7 ____
335 63
276
Com m ercial Savings B a n k...........................
Grand Rapids.
Jan. 2 5 . . . .
285 70
61
G rand R apids Savings B a n k ......................
G rand R apids.
Jan. 2 5 . . . .
,098 92
G rand R apids Trust C om p an y ..................
G rand R apids.
Jan.
402
K en t State B a n k.............................................
Grand R apids.
Jan. 2 7 . . . .
6,
140 34
N ov . 2 4 . . . .
M ichigan Trust C om p an y ...........................
Grand Rapids.
M a r. 3 ............................
M orris Plan Industrial B a n k......................
Grand R apids.
June
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2 ....
D ec. 20,
,045 30
252 17
31 93
REPORT OF THE COMMISSIONER.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
N o.
N am e o f bank.
L ocation.
D ate second
D ate first
examination, cj ami 'tion,
1919.
1919.
108
P eople’ s Savings B a n k ................................
.
Grand R a p id s.................
Jan. 2 7 ____
D ec. 2 0 ___
359
G randville State B a n k ...............................
.
G randville........................
F eb. 2 4 . . . .
Sept. 1 3 ____
340
Grant State B a n k ........................................
.
G ra n t............................ ..
A pril 2 9 ___
Aug. 2 7 . . . .
27
Farm ers State Bank o f Grass L a k e . . . .
.
Grass L a k e ......................
A pril 8 ___
Sept. 6 ___
518
M iners and M erchants State B a n k . . .
.
G reenland........................
M ay
263
Com m ercial State Savings B a n k .............
.
G reenville.........................
M ar. 18___
188
Greenville State B a n k ................................
G reenville........................
M ar. 18___
Aug. 11___
556
Grosse Pointe Savings B a n k ....................
Grosse P oin te..................
M ay 2 1 ....
July 2 9 . . . .
410
G winn State Savings B a n k .......................
G w in n ...............................
April 2 9 ___
Sept. 1 7 . . . .
601
H alfw ay State B a n k ....................................
H alfw ay............................
M ar. 1 7 ___
June 3 0 ___
576
First State B a n k ...........................................
H am tram ck.....................
M a y 2 1 ___
Sept. 2 2 ___
435
H am tram ck State B a n k .............................
H am tram ck.....................
M a y 2 0 ___
Sept. 2 9 ___
617
L iberty State B a n k ......................................
H am tram ck.....................
June 10___
Sept. 2 0 ___
5 ___
N ov .
4 ___
Aug. 1 3 ___
Superior Trust C om p an y ...........................
620
H anover State B a n k ....................................
H a n ov er...........................
A pril 2 ___
O ci.
8 ___
254
Huron C ounty Savings B a n k ...................
H arbor B ea ch .................
M a y 2 6 ___
O ct.
8 ....
412
State B ank o f H arbor B ea ch ....................
Harbor B ea ch .................
M a y 2 6 ___
O ct.
6 ....
326
Em m et C ounty State B a n k ......................
Harbor Springs...............
A pril 2 3 ___
O ct.
7 -----
355
State Savings B a n k .....................................
H arrison...........................
A pril 3 0 . . . .
Sept. 3 0 ___
369
Alcona C ounty Savings B a n k ..................
H arrisville........................
M ay
Sept. 3 . . . .
50
Oceana C ounty Savings B a n k ..................
H a rt...................................
A pril 14___
Sept
3 ___
11
Hastings C ity B a n k .....................................
H astings...........................
A p ril 5 ___
O ct
6 ....
441
H em lock State B a n k ...................................
H em lock ...........................
April 9 ___
June 3 0 . . . .
7 ___
446
State Bank o f H esperia..............................
H esperia...........................
A pril 14___
Sept. 2 ___
465
Am erican State B ank o f Highland P a r k .
Highland P a rk ................
M ar. 2 6 ___
July 2 3 . . . .
434
Highland Park State B a n k ....................... .
Highland P a rk ................
F eb.
July
600
Peninsular State B a n k ................................
Highland P a rk ................
M a y 1 9 ___
361
M ontm orency C ounty Savings B a n k___
H illm a n ............................
M ay
260
First State Savings B a n k ............................
H illsdale...........................
M ar. 3 1 ____
78
Hillsdale Savings B a n k .................................
H illsdale...........................
M ar. 3 1 . . . .
Aug. 1 8 ------
56
First State Bank o f H olla n d ......................
H olla n d.............................
M ar. 1 7 . . . .
July 2 1 . . . .
8 ___
6 ....
5 ------
Sept. 2 3 . . . .
Sept. 2 ____
Aug. 1 9 ___
91
H olland C ity State B a n k.............................
H olla n d .............................
M ar. 17___
July 2 4 . . . .
322
P eople’ s State B a n k ......................................
H olla n d .............................
M ar. 17___
July 2 6 . . . .
106
First State and Savings B a n k ....................
H o lly ..................................
M a y 1 4 ___
Sept. 2 ___
432
H olton State B a n k ........................................
H olton ...............................
April 1 2 ___
Aug. 2 3 ___
255
Calhoun State B a n k .....................................
H om er...............................
April 1 ___
June 2 8 ___
597
H onor State B a n k..........................................
H o n o r................................
April 3 . . . .
Sept. 2 2 . . . .
353
H opkins State Savings B a n k ......................
H op kin s............................
April 9 ____
O ct. 1 1 . . . .
109
First State and Savings B a n k ....................
H ow ell...............................
M ay
July 2 6 ___
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7 ____
STATE BANKING DEPARTMENT.
xc
L i s t o f b a iik s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
Nam e o f bank.
No.
L ocation.
■m
D ate second
D ate first
examination, examination,
1919.
1919.
Am ount
Paid.
$158 67
6 ....
July 2 8 . . . .
M ay 1 9 ....
Aug. 1 8 . . . .
88 71
M ay 1 9 ....
Aug. 2 1 . . .
26 61
M a y 1 9 ___
Aug. 1 9 . . . .
153 70
Feb. 2 5 . . . .
Sept. 2 4 . . . .
29 92
M ay 2 0 ....
Sept. 4 . . . .
34 58
24
M a y 1 2 ___
Sept. 2 9 . . . .
109 48
517
M ay 1 2 ....
O ct.
M ay
143
Thom pson Savings B a n k .....................................................
H u d son .............................
I d a ......................................
135
M ar. 3 1 . . . .
5 01
M ay 1 9 ....
12
287
4 ....
86 02
July 2 8 .. ..
175 67
July 2 8 . . . .
133 81
July 1 9 . . . .
38 01
July 1 4 . . . .
67 38
Dec. 1 3 . . . .
135 23
April 1 5 . . . .
Sept. 3 . . . .
50 46
M ar. 1 0 . . . .
June 2 5 . . . .
154 63
177
N ov . 1 7 . . . .
267 39
180
June 2 4 . . . .
257 88
Feb. 2 1 . . . .
007
115
147
1
337
Sept. 1 7 . . . .
25 00
Oct.
55 20
7 ....
N ov. 1 0 .. ..
169 38
N ov.
7 ....
537 41
O ct, 1 3 . . . .
29 72
25 00
4Q 0
25 00
451
32 84
514
M ay 2 7 ....
485
A pril 2 8 ___
July 2 2 . . . .
25 00
504
A pril 9 . . . .
July 2 3 . . . .
25 00
383
Sept. 2 0 . . . .
27 69
417
Oct.
1 ....
25 00
283
O ct. 1 5 . . .
55 61
35 70
41
M ar. 1 7 . . . .
O ct.
7....
25 00
445
Feb. 2 4 . . . .
July 2 8 . . . .
259 60
Oct, 1 3 . . . .
377 32
575
27 70
300
133
M a y 2 6 ___
271
M ay 1 3 . . . .
64 04
117
Feb. 10. . . .
79 55
138 44
201
545
H om e State B a n k ..........................•.......................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Law rence..........................
A pril 8 . . . .
Aug. 2 8 . . . .
25 00
REPORT OF THÉ COMMISSIONER.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
No.
Nam e o f bank.
8
Peoples’ B a n k .........................................
621
State Bank o f L everin g.......................
Location.
L eslie.................................
D ate second
D ate first
examination, examination,
1919.
1919.
M ar. 3 1 . . . .
Oct.
Sept. 2 9 . . . .
6 ....
184
Lexington State B a n k ..........................
L exington.........................
June 2 8 . . . .
Sept. 3 . . . .
533
State Bank o f L in w ood .......................
L in w ood ...........................
A pril 5 . . . .
O ct. 1 6 . . . .
408
Litchfield State Savings B a n k ...........
Litchfield..........................
A pril 1 . . . .
O ct.
360
C ity State B a n k .....................................
L ow ell...............................
A pril 2 2 . . . .
Sept. 8 . . . .
Sept. 9 . . . .
8 ...
111
Lowell State B a n k ................................
L ow ell...............................
A pril 2 2 . . . .
239
Ludington State B a n k .........................
L udington........................
M ar. 1 9 . . . .
Oct.
503
M cB ain State B a n k ..............................
M c B a in .............................
A pril 1 5 . . . .
Sept. 2 9 . . . .
6 ...
130
Antrim C ounty State Savings Bank
M a ncelona .......................
M ay
242
P eople’ s B ank o f M anch ester............
M anchester......................
April 3 0 . . .
172
Union Savings B a n k ............................
M anchester......................
M ay 1 2 ....
Sept. 9 . . . .
116
M anistee C ounty Savings Bank
M anistee..........................
Feb. 1 1 . . . .
Aug. 3 0 . . . .
21
M anistique B a n k ...................................
M anistique......................
M ar. 1 0 . . . .
Oct. 1 1 . . .
595
State Savings B a n k ..............................
M anistique......................
M ar. 1 2 . . . .
N ov .
296
M anton State B a n k ..............................
M a n ton .............................
April 1 2 . . . .
Sept. 1 3 . . . .
381
First State Savings B a n k ....................
M arcellus.........................
April 1 5 . . . .
Sept. 2 4 . . . .
198
G . W . Jones Exchange B a n k .............
M arcellus.........................
April 2 9 . . . .
July 3 0 . . . .
122
M arine Savings B a n k ...........................
M arine C it y ....................
A pril 2 9 . . . .
July 1 4 ___
346
M arion State B a n k ...............................
M a rion ..............................
A pril 1 6 . . . .
Sept. 1 6 ___
6 ....
Oct. 1 3 . . . .
Sept. 8 . . . .
8 ....
252
Com m ercial State B a n k ......................
M a rlette.............'.............
M ay 2 6 ....
Sept. 9 . . . .
338
State Savings B a n k ...............................
M arlette...........................
M ay 2 6 . . . .
Sept. 9 .. ..
100
M arquette C ounty Savings B a n k ...
M a rq uette........................
M a y 12___
Dec. 1 7 . . . .
137
Com m ercial Savings B a n k ..................
M arshall...........................
A pril 3 . . . .
Oct. 1 3 . . . .
Oct. 1 3 . . . .
632
M arysville Savings B a n k ....................
22
Farmers B a n k .......................................
M a so n ...............................
April 1 . . . .
107
First State and Savings B a n k ...........
M a so n ...............................
April 1 . . . .
Oct. 1 1 . . . .
569
M ayville State B a n k ............................
M a y v ille...........................
A pril 8. . . .
July 2 1 ___
615
M ecosta C ounty State B a n k .............
M ecosta ............................
April 2 2 . . . .
Sept. 2 3 . . . .
334
M em phis State B a n k ...........................
M em phis..........................
M ay 1 4 . . . .
Sept. 1 5 . . . .
168
First State B a n k ....................................
M en d on ............................
A pril 2 8 . . . .
Sept. 3 ___
324
Com m ercial B a n k .................................
M enom inee......................
Feb.
8. . . .
Aug. 3 0 . . . .
Sept. 1 0 . . . .
285
State Bank o f M errill..........................
M errill...............................
A pril 8 . . . .
423
M etam ora State Savings B a n k .........
M etam ora........................
M ay
1 ....
Sept. 1 1 . . . .
555
Peoples State B a n k ...............................
M idd leton ........................
April 2 . . . .
July 1 4 . . . .
274
Farmers State B a n k ............................
M idd lev ille......................
A pril 2 3 . . . .
Sept. 1 6 . . . .
591
Chem ical State Savings B a n k ...........
M id lan d ............................
April 28. . . .
Sept. 1 3 . . . .
97
M idland C ounty Savings B a n k ........
M id lan d ............................
A pril 2 6 . . . .
July 2 8 . . . .
309
People's State Savings B a n k .............
M idlan d............................
A pril 2 6 . . . .
July 2 9 . . . .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
xcii
STATE BANKING DEPARTMENT.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
N o.
Nam e o f bank.
Location.
D ate second
D ate first
examination, examination,
1919.
1919.
77
Am ount
Paid.
$45 10
469
33 25
472
M ilfo rd ................
413
53 26
48 54
M a y 27
550
25 00
363
34 99
633
318
208 65
321
163 66
M a y 21
491
26 29
511
25 00
515
25 00
202
96 50
M a y 21
551
25 00
222
219 66
51
247 87
158
205 05
170
99 80
277
D ec. 1 7 . . . .
126 68
O ct. 2 7 . . . .
25 00
605
July 14___
187 07
19
Oct. 1 5 . . . .
84 05
453
M ay 2 1 ....
77 02
564
311
38 11
439
41 32
38 97
368
Aug. 2 7 ___
399
Oct. 2 8 . . . .
66 35
585
Aug. 2 3 . . . .
25 00
July 16___
47 66
O ct.
6 ....
25 00
July
1 ___
83 00
245
M ay 1 2 ....
523
76 61
590
240
36
M ay 2 7 . . . .
Sept. 1 3 . . . .
82 87
367
M ay 1 9 ....
July 1 2 ___
55 13
145
M a y 19___
July 15___
53 38
606
A pril 2 2 . . . .
J une 2 6 ___
29 72
584
A pril 2 ___
Aug. 2 3 ___
25 00
280
M ay
3 ___
Aug. 2 7 ___
48 23
A pril 3 ___
Sept. 2 4 ___
25 00
612
Farmers State B a n k ...............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O nondaga.........................
REPORT OF THE COMMISSIONER.
xciii
L i s t o f 'ban'ks a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
No.
N am e o f bank.
L ocation.
378
D ate first
D ate second
examination, examination,
1919.
1919.
M ay 2 1 ....
Am ount
Paid.
$28 16
484
25 00
190
50 92
365
25 00
544
Oct.
8 ___
25 00
373
Oct.
8
..
35 61
Oct. 2 8 ___
150 42
112
Oct
197 63
370
July 21
199
51 99
185
328
M a y 12___
34
M a y 12___
28 .
.
115 96
26 32
Sept 30
99 45
59
36 38
247
41 97
466
April 2 4 ___
25 00
478
25 00
132
O ct.
2 ___
463
36 58
48 09
119
A pril 2 1 . . . .
78 61
572
29 50
348
41 59
400
47 92
535
25 00
282
58 07
99
136 26
456
25 00
275
161 59
Deo 2 4 . . . .
146
149
385 27
287 44
211
Oct. 2 8 ___
534
601 41
25 00
502
25 40
M a y 2 7 ___
418 07
98
375
D ec. 1 7 . . . .
143 92
330
60 19
385
49 53
567
25 00
25 00
464
217
Quincy State B a n k ................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Q uincy...............................
April 2 . . . .
O ct.
7 ....
25 00
STATE BANKING DEPARTMENT.
X C lV
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
Location.
Nam e o f bank.
No.
D ate second
D ate first
examination, examination,
1919.
1919.
Am ount
Paid.
M ar. 2 9 . . . .
Sept. 1 6 . . . .
$44 63
574
F eb
2 6 ....
June 2 8 . . . .
50 42
546
June 2 5 . . . .
Sept. 1 3 . . . .
52 64
272
F eb.
3 ....
O ct. 1 1 . . .
25 00
587
A pril 9 . . . .
Aug. 2 5 -----
25 00
292
A pril 2 1 . . . .
Sept. 2 3 . . . .
30 27
521
A pril 2 6 . . . .
Oct.
9 ....
25 00
542
A pril 1 0 . . . .
Oct. 1 1 . . .
25 00
206
M ay 1 3 ....
Aug. 2 5 . . . .
89 72
429
A pril 8 . . . .
July
1 ....
25 00
332
A pril 2 3 . . . .
Sept. 1 6 . . . .
110 97
224
M ay 1 4 ....
Sept. 2 0 . . . .
72 64
331
A p r il2 6 . . . .
Sept. 1 0 . . . .
38 31
69
25 00
470
A pril 1 5 . . . .
July
1 ....
33 57
254
M ay
Aug. 30. . . .
94 83
624
Preliminary o n ly ................
6 ....
152 61
194
M ay 1 2 ....
O ct.
531
M a y 2 0 ___
Aug. 26. ....
25 27
371
A pril 9 . . . .
June 30. . . .
25 00
589
A p r il2 2 . . . .
Sept. 9 . . . .
25 00
532
M av
6 ....
Sept. 2 3 . . . .
25 00
528
M a y 1 2 ___
Aug. 3 0 ___
68 07
374
M a y 12___
Sept. 4 . . . .
114 69
613
June 3 0 .. . .
N ov. 12. . . .
25 00
493
Feb. 2 4 . . . .
D ec. 15 . . . .
312 51
1....
Feb. 2 4 . . . .
D ec. 1 3 . . . .
1 ,610 75
38
Feb. 2 4 . . . .
O ct. 2 8 . . . .
220 00
390
Feb. 2 1 . . . .
Sept. 3 . . . .
45 28
29
A p r il2 8 . . . .
July 1 5 -----
83 46
39
M ay
5. .. .
Sept. 4. . . .
71 17
577
M ay
5 ....
Sept. 2 9 . . . .
39 84
45
M ay
5 ....
31
A pril 5 . . .
Saginaw............................
25
•r
Sept. 3 0 . . . .
Aug. 25 —
74 25
126 96
42
A pril 1 5 . . .
Sept.
6 ....
63 57
197
April 1 6 . . .
July 2 8 . . . .
34 78
265
M ay 1 3 ....
Sept. 1 5 . . . .
82 67
395
M ay 1 3 ....
Sept. 1 3 . . . .
54 22
M a y 2 7 ___
Sept. 3 0 . . . .
71 96
231
State Bank o f Sandusky......................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sandusky..........................
xcv
REPORT OF THE COMMISSIONER.
L i s t o f b a n k s a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
No.
Nam e o f bank.
Location.
D ate second
D ate first
examination, examination,
1919.
1919.
Am ount
Paid.
$25 62
200
Oct. 1 1 . . .
225
44 54
50 06
350
96 06
269
Sept. 2 4 . . . .
54
142 51
50 40
407
M ar. 1 9 . . . .
489
204
Sept. 2 9 ___
32 98
Sept. 3 0 . . . .
45 27
25 00
628
251
Aug. 2 6 . . . .
70 28
398
Sept. 2 7 . . . .
34 16
175
Sept. 2 9 . . . .
38 59
25 00
625
430
A pril 2 2 . . . .
554
549
327
South Grand Rapids State B a n k ......................... -............
South Grand R a p id s ...
A pril 3 0 . . . .
148
Aug. 2 7 ___
25 00
Sept. 2 9 . . . .
25 00
Sept. 1 6 . . . .
25 00
Dec. 2 7 . . . .
104 87
Sept. 2 9 . . . .
118 92
71
93 68
306
32 83
278
D ec.
9 ....
87 72
488
Aug. 3 0 . . . .
29 55
207
Sept. 2 . . . .
38 21
25 00
543
34 16
April 2 . . . .
404
O ct.
539
1 ....
42 48
279
M ay 2 1 . . . .
Sept. 2 9 . . . .
70 84
243
April 2 1 . . . .
Sept. 3 0 . . . .
33 57
623
Sept. 2 7 . . . .
270
Feb. 1 1 . . . .
Sept. 6 . . . .
392
A pril 8 . . . .
July 1 6 . . . .
34 90
25 00
39 62
Sept. 6 . . .
124 57
494
April 2 3 . . . .
Aug. 18 . . . .
29 59
290
June 2 8 . . . .
N ov. 2 6 . . . .
35 11
151
M ay 2 0 . . . .
Sept. 3 0 . . . .
74 68
156
M ay 2 0 . . . .
O ct.
134
1 ....
79 91
258
A pril 3 . . . .
June 2 8 . . . .
29 39
120
April 28. . ..
July 16 . . ..
143 14
M ar. 1 3 . . . .
Sept. 1 1 . . . . ’
266
People’ s Savings B a n k ..........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Traverse C it y .................
50 64
STATE BANKING DEPARTMENT.
xcvi
L is t
0/
b a n fcs a n d t r u s t c o m p a n i e s e x a m i n e d . — Continued.
Nam e o f bank.
N o.
Location.
D ate second
D ate first
examination, examination,
1919.
1919.
Am ount
Paid.
128
M ar. 1 0 . . . .
Sept.
6 ___
$268 21
510
A pril 14___
July
1 ___
25 79
5fi0
M a y 2 4 ___
N ov . 1 1 . . . .
25 00
241
M ay
5 ....
Sept. 2 2 ___
25 00
2RQ
M a y 2 7 ___
Aug. 2 3 . . . .
25 00
Sept. 1 6 . . . .
25 00
July 1 4 . . . .
25 00
A pril 15___
July 1 5 ___
52 18
A pril 2 ___
Aug. 2 6 ___
25 00
April 19___
Oct.
25 00
277
9 -----
.844
July 2 9 ------
42 82
817
July 2 8 . . . .
40 83
401
440
A pril 1 6 . . . .
Aug. 2 3 . . . .
60 71
M ar. 2 0 . . . .
June 3 0 . . . .
35 36
Feb. 2 8 . . . .
June 3 0 . . . .
25 00
M ay 1 3 ....
Sept. 2 4 . . . .
106 32
Sept. 1 8 . . . .
25 00
Aug. 19___
29 05
42 34
58 fi
105
415
M ay
882
7 ___
Aug. 2 5 . . . .
25 00
250
A pril 1 2 . . . .
Aug. 2 5 . . . .
29 70
9Q4
A pril 2 9 . . . .
Sept. 1 8 . . . .
455
30 38
488
37 15
35
44 20
F eb. 2 4 . . . .
89Q
July
1 ....
25 00
101 04
1fifi
470 01
Y a le ...................................
227
M ay 2 7 ....
8fi
307
226
Zeeland State B a n k ................................................................
Zeeland.............................
M ar. 1 9 ___
Sept. 1 5 . . . .
49 37
July 2 1 ___
147 29
July 2 9 ___
57 45
July 3 0 . . . .
195 40
Lansing, Michigan, February 10, 1920.
Hon. Frank W. Merrick, Commissonier of Banking, 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 1919
aggregating $80,473.76 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 1919 fees from all other sources
aggregating $4,491.78, making total receipts by this office from your department
$84,965.54.
Yours very truly,
HOYT WOODMAN,
Deputy State Treasurer.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ABSTRACTS OF REPORTS.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
xcix
COMPARATIVE ABSTRACTS (STATE BANKS).
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, 1918 and 1919 as made to the Commissioner of
the Banking Department.
Decem ber
19, 1890,
106 banks, 2
trust
companies.
D ecem ber
2, 1891,
121 banks, 3
trust
com panies.
Decem ber
9, 1892,
138 banks, 3
trust
companies.
D ecem ber
19, 1893,
159 banks, 3
trust
com panies.
Loans and discounts................................. $22 ,62 4,6 67 12
$27 ,62 8,1 45 16
$ 30 ,54 3,9 59 76
$38 ,88 3,8 92 66
$ 32 ,40 2,8 74 53
2 4,8 0 4 ,3 6 7 45
Resources.
Decem ber
11, 1889,
90 banks, 2
trust
companies.
Stocks, bonds and m ortgages.................
15,6 45 ,03 1 54
1 8 ,8 46 ,63 7 08
2 1,3 08 ,91 3 14
2 6 ,8 43 ,18 3 47
O verdrafts........ ...........................................
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 ,2 7 4 ,4 1 5 65
1 ,5 1 7 ,1 4 6 91
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 p a id ....................... ........................
210,872 79
217,130 03
145,482 78
271,426 84
352,701 34
D ue from banks in reserve cities..........
5 ,1 8 2 ,2 4 1 12
5 ,7 1 2 ,0 2 8 27
7 ,4 8 1 ,8 8 5 31
9 ,4 3 5 ,4 5 2 69
7 ,5 3 6 ,0 2 4 09
D ue from other banks and bankers. . .
298,942 90
371,808 62
468,162 59
526,816 22
4 50,100 31
Exchanges for clearing house.................
200 ,02 4 37
152,723 76
319,354 22
306,521 91
246,416 43
302,096 21
Checks and cash item s.............................
150,252 88
308,018 92
242,213 13
209,662 16
Nickels and cents.....................................
11,720 48
11,047 14
15,630 82
18,382 56
2 4,102 73
G old c o in .....................................................
3 96,827 00
483,564 49
849,656 57
1 ,0 3 9 ,9 3 2 42
1 ,6 9 8 ,7 4 7 47
Silver coin....................................................
171,666 15
167,925 17
215,054 78
2 93 ,81 8 72
259,119 76
United States and N ational bank notes
1 ,2 4 2,8 43 00
1 ,5 7 5 ,8 1 7 00
1 ,8 0 7 ,0 8 1 00
2 ,2 6 6 ,9 7 7 00
2 ,3 1 2 ,8 5 1 00
T ota ls................................................... $47 ,35 4,2 77 90
$56 ,95 0,3 95 68
$ 65 ,19 1,9 72 53
$82 ,64 9,5 33 48
$ 73 ,15 6,1 16 80
$ 9 ,5 2 2 ,4 2 0 00 $ 11 ,10 9,8 27 59
$ 12,311,041 98
Liabilities.
Capital stock paid in ................................
$ 7 ,2 54 ,55 9 10
$8,4 60 ,83 5 00
Surplus fu n d ...............................................
1 ,1 3 2,3 29 90
1 ,5 0 2 ,8 4 9 44
1 ,7 0 4 ,2 4 8 31
2 ,1 2 4 ,4 8 7 81
2 ,4 4 3 ,9 0 6 07
Gross undivided earnings........................
1 ,6 7 9 ,9 2 5 61
1 ,9 1 2 ,3 0 0 21
2 ,1 6 9 ,5 3 2 72
2 ,5 3 4 ,0 1 5 14
2 ,6 3 9 ,5 7 4 57
D ividends u n p aid ......................................
2,571 63
2 ,1 5 8 87
5 ,7 3 9 37
18,081 02
Individual deposits...................................
7 ,8 7 9 ,5 8 6 71
11,750,841 68
1 6 ,9 48 ,80 3 62
14,5 29 ,94 2 64
6,2 3 4 6
9 ,3 0 0 ,3 9 3 00
Certificates o f dep osit.............................
4 ,4 5 2 ,0 8 1 74
6 ,0 5 4 ,7 2 4 25
6 ,7 4 6 ,1 8 7 18
9 ,6 3 2 ,9 1 8 47
6 ,6 8 6 ,8 9 5 92
Savings dep osits........................................
2 3,6 6 9 ,0 3 0 20
2 7 ,7 79 ,13 6 09
3 1 ,1 86 ,30 3 14
3 7,9 0 9 ,0 1 0 12
3 2 ,2 1 6 ,0 6 7 08
Certified ch eck s.........................................
29,9 87 61
4 0,4 50 93
37,541 35
67,981 89
42,0 76 74
Cashier’ s checks outstanding.................
21,097 57
5 ,8 0 2 67
30,5 94 71
36,4 45 82
29,0 31 78
D ue to banks and bankers......................
809,678 07
1 ,3 2 5 ,1 0 3 37
1 ,5 9 9 ,2 2 4 96
1 ,8 6 9 ,5 6 3 31
1 ,4 3 7 ,3 6 0 49
N otes and bills rediscounted..................
386,429 76
517,866 12
391,719 61
2 7 9 ,3 9 0 41
654 ,10 0 98
Bills pa y ab le...............................................
3 7 ,0 0 0 00
4 4 ,7 0 0 00
5 1 ,2 0 0 00
131,349 93
148,037 53
T ota ls.................................................... $ 47 ,35 4,2 77 90
$56 ,95 0,3 95 68
$ 65,191,972 53
$ 82,649,533 48
¡$73,1 56 ,11 6 80
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
s t a t e b a n k in g d e p a r t m e n t .
c
C o m p a r a t i v e a b s t r a c t 3 ( S t a t e B a n k s . ) — Continued.
Resources.
Decem ber
19, 1894
164 banks, 4
trust
com panies.
D ecem ber
13, 1895,
169 banks, 4
trust
com panies.
D ecem ber
17, 1896,
173 banks, 3
trust
com panies.
Decem ber
15, 1897,
177 banks, 3
trust
com panies.
D ecem ber
1, 1898,
182 b a n k s, 3
trust
com panies.
$ 40 ,17 9,9 33 36
$36 ,94 2,4 40 70
$ 38,601,949 09
$ 41,384,075 83
Stocks, bonds and m ortgages.................
2 6 ,5 16 ,60 1 07
2 7 ,8 52 ,30 1 82
2 8,4 5 1 ,4 4 7 71
3 1 ,9 26 ,93 8 07
37,4 53 ,68 9 93
O verdrafts....................................................
192,415 39
224,066 95
199,468 95
227,624 36
298,762 48
Banking house, furniture and fixtures.
1 ,6 9 4 ,9 9 2 89
1 ,7 5 8,1 39 62
1 ,8 1 4 ,7 2 4 74
1 ,8 2 0 ,6 3 9 66
1 ,9 0 6 ,0 9 6 96
882,473 08
1 ,2 3 7,1 83 41
1 ,5 9 3 ,8 0 3 10
2 ,0 5 4 ,8 9 1 06
L oans and discounts................................. $34 ,32 0,1 38 74
Other real esta te........................................
719,150 15
403 575 78
312,758 62
23,493 99
2 6,213 98
41,7 08 51
47,333 15
D ue from banks in reserve cities...........
9 ,6 5 3 ,0 1 2 05
9 ,5 2 7 ,9 1 0 70
1 0,6 89 ,63 1 08
14,4 60 ,85 3 39
1 5 ,6 5 6 ,0 0 8 52
D ue from other banks and bankers. . .
361,668 44
392,582 07
4 81,787 89
837,584 03
893,192 24
Exchanges for clearing h ou se.................
352,725 79
360,473 16
429,334 91
396,454 61
418 ,37 2 26
341,835 45
Checks and cash item s.............................
213,076 23
377,047 46
285,151 36
295,907 52
Nickels and cents............................ ..........
2 6,8 40 53
20,3 84 28
22,4 07 73
22,543 68
2 4,283 58
G old c o in ......................................................
1 ,6 8 3 ,7 3 9 65
2 ,0 2 8 ,4 8 3 58
2 ,2 8 6 ,0 7 6 60
2 ,2 7 3 ,6 8 5 90
2 ,4 4 8 ,1 2 2 25
Silver c o in ....................................................
269,032 24
2 77,618 80
289,380 11
307,663 09
387,684 17
United States and N ational bank notes
2 ,1 5 2 ,4 2 1 00
2 ,0 6 5 ,7 8 1 00
2 ,5 3 0 ,8 1 6 00
2 ,5 9 0 ,1 8 0 00
2 ,7 5 4 ,7 1 1 00
T o ta ls.................................................... $78 ,87 2,1 48 57
$ 85 ,97 0,6 89 87
$85 ,68 6,0 65 17
$95 ,39 7,5 35 01
$106,069,058 88
$ 12 ,51 8,1 17 21
$12 ,45 8,2 75 00
$ 1 2 ,01 0,2 00 00
$ 1 2 ,00 3,6 00 00
2 ,7 3 5 ,7 5 5 49
2 ,8 7 6 ,3 2 2 12
2 ,9 8 6 ,6 5 0 27
2 ,9 8 1 ,3 8 2 73
*1 ,9 5 8,5 31 34
Liabilities.
Capital stock paid in ................................ $12 ,60 0,8 20 00
Surplus fu n d ...............................................
2 ,5 8 9 ,0 5 2 49
G ross undivided earnings........................
2 ,6 9 8 ,3 8 7 31
*2 ,1 1 2,9 33 75
*2 ,0 4 2,3 41 06
*1 ,9 2 7 ,4 9 8 49
D ividends u n p aid......................................
17,696 03
2 3,539 94
14,629 00
16,430 88
8 ,2 0 4 48
Individua deposits...................................
15,4 76 ,10 3 85
1 6,5 62 ,75 5 06
15,2 74 ,26 5 98
18,0 25 ,57 8 88
2 0 ,5 9 9 ,9 0 4 56
Certificates o f dep osit.............................
7 ,0 2 4 ,6 7 6 13
8 ,3 6 4 ,5 6 0 85
7 ,5 3 0 ,5 9 2 54
8 ,5 7 6 ,5 8 7 67
9 ,7 8 2 ,6 4 6 49
Savings d ep osits........................................
3 5 ,9 3 9 ,9 5 7 25
4 1,1 9 2 ,4 8 3 54
4 2 ,0 5 5 ,8 5 2 60
4 8 ,0 7 6 ,2 8 2 71
5 4 ,1 05 ,98 1 76
Certified ch eck s..........................................
65,583 23
85,9 70 78
140,220 18
67,246 32
111,903 86
Cashier s checks outstanding.................
2 4,974 06
33,828 85
22,834 67
13,771 80
19,723 43
D ue to banks and b a n k e r ......................
2 ,0 0 7 ,7 7 3 87
1 ,9 3 6 ,6 1 5 12
2 ,4 4 1 ,4 5 6 29
3 ,6 4 7 ,2 5 3 47
4 ,4 2 0 ,4 2 5 42
N otes and bills rediscounted..................
354,059 88
359,129 28
273,075 73
36,8 86 14
51,7 54 81
Bills p a y a b le ...............................................
73,064 47
4 5 ,0 0 0 00
3 2 ,0 00 00
13,148 38
25,0 00 00
$95 ,39 7,5 35 01
$106,069,058 88
524 ,20 0 00
T o ta ls.................................................... $78 ,87 2,1 48 57
$ 85 ,97 0,6 89 87
•Undivided earnings, less current expenses, interest and taxes paid.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$85 ,68 6,0 65 17
REPORT OF THE COMMISSIONER.
ci
C o m p a r a t i v e a t)str a cts \ ( S t a t e B a n k s . ) — Continued.
J
Resources.
D ecem ber
2, 1899,
187 banks, 3
trust
companies.
s D ecem ber g
13, 1900, *
192 banks, 3
trust
com panies.
D ecem ber
10, 1901,
213 banks, 3
trust
com panies.
N ovem ber
25, 1902,
228 banks, 4
trust
com panies.
$61 ,70 6,1 12 90 $ 7 1 ,02 9,7 27 87
N ovem ber
17, 1903,
242 state
banks, 4 trust
com panies,
1 society
for savings.
Loans and discounts................................. $ 50 ,27 2,9 36 26
$53 ,16 1,0 24 07
Stocks, bonds and m ortgages.................
4 3 ,4 2 0 ,8 0 4 26
4 6,4 9 5 ,5 0 5 41
5 5 ,9 0 3 ,4 7 2 79
6 2 ,7 18 ,88 9 40
O verdrafts....................................................
334,526 17
2 42 ,65 0 61
2 44,675 75
298,124 85
301,921 98
Banking house, furniture and fixtures.
2 ,0 7 5 ,4 2 5 01
2 ,2 4 5 ,9 8 2 87
2 ,3 3 1 ,1 0 4 32.
2 ,4 2 8 ,7 7 9 83
2 ,7 4 7 ,3 8 3 27
Other real estate.......................................
2 ,0 3 2 ,3 6 6 69
2 ,0 6 0 ,5 9 9 30
1 ,7 6 4 ,5 4 7 92
1 ,7 4 0 ,3 0 5 79
1 ,6 5 5 ,9 7 8 73
Premiums p a id ...........................................
213,747 47
337,043 17
323,505 22
295,373 97
2 64,608 79
D ue from banks in reserve cities..........
14,3 95 ,13 8 44
1 6 ,3 04 ,20 0 53
1 9,3 34 ,23 9 13
1 9,5 66 ,87 6 95
2 0 ,4 5 5 ,4 8 2 93
D ue from other banks and bankers. . .
999,267 91
1 ,1 5 4,9 11 42
1 ,5 9 7 ,7 1 4 10
1 ,8 1 8 ,5 2 8 06
1 ,3 6 3 ,6 1 4 21
Exchanges for clearing house.................
4 51,809 45
422 ,41 5 20
906,754 45
643,168 60
628,326 98
Checks and cash item s.............................
385,617 28
320,197 45
3 43 ,58 0 67
531,318 02
418,158 14
$ 76 ,01 3,9 37 01
6 6 ,3 17 ,18 5 97
Nickels and cents.....................................
26,8 44 79
3 0 ,5 07 54
33,336 21
45,2 62 35
58,0 08 1 6
G old c o in .....................................................
2 ,7 8 2 ,6 5 4 49
3 ,2 4 6 ,5 5 0 00
3 ,2 4 5 ,4 9 6 21
3 ,6 3 4 ,0 7 9 16
3 ,8 5 9 ,8 6 8 27
Silver c o in ....................................................
383,374 38
422 ,77 0 86
452,093 97
512,225 31
663,741 42
3 ,0 1 6 ,4 0 2 00
3 ,5 1 4 ,8 5 1 00
4 ,0 0 6 ,3 9 6 11
4 ,4 5 7 ,4 4 8 25
4 ,6 8 6 ,7 5 4 47
Totals.................................................... $120,790,914 60
$129,959,209 43
$152,193,029 75
$169,720,108 41
$179,434,970 33
$15,919,551 21
United States and N ational bank notes
Liabilities.
Capital stock paid in ................................ $12 ,26 2,1 00 00
$12 ,95 3,5 23 85
$ 1 4 ,03 5,8 80 00
$14 ,84 2,4 70 00
Surplus fu n d ...............................................
2 ,9 8 7 ,9 7 1 24
3 ,0 6 5 ,9 2 4 18
3 ,7 6 2 ,6 6 0 91
4 ,9 5 9 ,8 9 3 71
5 ,5 6 0 ,1 1 2 18
U ndivided earnings n e t............................
2 ,1 0 2 ,3 5 0 42
2 ,4 3 0 ,9 6 6 72
2 ,9 3 2 ,1 9 3 32
3 ,2 5 1 ,8 6 4 56
3 ,5 6 5 ,5 7 0 84
D ividends un p aid......................................
11,914 42
10,178 36
4 ,9 2 9 72
2 ,8 7 6 72
3,5 1 1 36
Individual deposits...................................
2 4 ,5 2 2 ,3 2 6 97
2 4 ,8 4 0 ,8 0 3 37
2 9 ,5 4 0 ,1 8 6 91
3 4,5 0 3 ,9 8 4 97
3 7 ,2 8 0 ,3 0 0 03
Certificates o f dep osit.............................
12,2 50 ,23 9 67
1 2 ,3 41 ,53 6 00
1 4,6 64 ,98 6 47
16,9 52 ,74 1 46
17,5 70 ,18 5 09
Savings deposits........................................
6 2 ,6 6 0 ,2 1 2 66
6 9 ,5 4 8 ,2 9 3 05
8 1,6 0 9 ,3 1 8 57
8 9 ,2 7 8 ,6 6 2 99
9 3 ,4 7 3 ,1 3 9 78
110,395 49
Certified checks........................................
66,649 37
98,418 48
9 4,652 52
194,520 09
Cashier’ s checks outstanding.................
8 3 ,4 50 18
27,2 22 23
68,7 34 87
146,271 08
77,541 33
D ue to banks and bankers......................
3 ,7 4 8 ,5 2 6 37
4 ,4 8 1 ,0 7 5 44
5 ,3 6 8 ,9 1 5 27
5 ,2 5 9 ,8 3 4 85
5 ,3 6 5 ,3 7 8 83
State m oneys on deposit..........................
N otes and bills rediscounted..................
14,000 00
35,7 99 00
6 ,0 7 1 19
7 5,479 88
97,711 15
Bills pa y a b le...............................................
81,173 30
125,468 75
104,500 00
251,508 10
411,573 04
T o ta ls.................................................... 5120,790,914 60
$129,959,209 43
$152,193,029 75
$169,720,108 41
$179,434,970 33
Liabilities other than a bove sta ted___
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
cii
C o m p a r a t i v e a b s tr a c t s ) { S t a t e B a n k s . ) — Continued.
Resources.
Septem ber
6, 1904,
248 state
banks, 4 trust
com panies,
1 society
for savings.
N ovem ber
9, 1905,
277 state
banks, 5 trust
com panies,
1 society
for savings.
N ovem ber
12, 1906,
301 state
banks, 6 trust
com panies,
1 society
for savings.
D ecem ber
3, 1907,
328 state
banks, 6 trust
com panies,
1 society
for savings.
$78 ,74 6,3 36 05
$86 ,18 1,9 35 90
$ 101,287,736 39
$106,958,178 47
Stocks, bonds and m ortgages.................
68,3 83 ,33 1 90
7 8,1 2 4 ,7 5 7 40
8 5 ,9 02 ,87 3 96
8 8,9 4 5 ,0 6 7 90
O verdrafts................................................... .
197,553 07
311,210 78
373,212 14
303 ,93 0 99
Banking house, furniture and fixtures.
2 ,9 0 2 ,8 0 6 42
3 ,3 7 7 ,3 7 9 76
3 ,9 3 4 ,4 3 5 08
4 ,7 2 7 ,1 5 8 99
Other real esta te........................................
1 ,6 0 8 ,0 3 5 94
1 ,5 9 0 ,6 3 0 18
1 ,5 9 3 ,3 1 8 80
1 ,3 6 7 ,8 5 3 18
Loans and discounts................................
Expenses and taxes p a id ..........................
Interest p a id ................................................
Prem iums p a id ..............................................
241,162 15
237,081 56
213,682 12
165,612 84
D ue from banks in reserve cities.............
2 1 ,1 3 7 ,5 5 6 22
2 5 ,5 4 2 ,3 8 4 93
2 6 ,6 6 5 ,8 9 5 22
2 1 ,2 9 5 ,8 1 4 35
1 ,2 8 7 ,2 2 0 02
1 ,9 3 4 ,1 7 7 39
2 ,5 5 1 ,7 7 6 64
2 ,3 6 8 ,7 0 8 60
Exchanges fo r clearing h ou se..................
854,065 78
827,349 43
1 ,9 5 9 ,7 0 8 99
1 ,2 8 8 ,1 1 7 10
Checks and cash ite m s..............................
353,232 19
394,181 89
4 83,736 42
389,022 14
Nickels and cen ts..........................................
73,587 98
64,972 73
73,3 00 45
83,879 98
4 ,4 9 9 ,4 3 1 65
4 ,3 2 4 ,8 4 9 84
4 ,5 5 9 ,5 6 9 06
4 ,5 9 6 ,8 2 5 41
D ue from other banks and bankers
G old co in .......................................................
Silver co in .......................................................
599,619 41
687,826 10
7 12,190 77
9 37,065 78
U nited States and N ational bank notes
5 ,0 4 9 ,7 7 4 00
5 ,9 3 7 ,1 5 3 75
6 ,4 5 3 ,1 5 3 95
8 ,6 1 3 ,8 7 8 75
T ota ls.......................................................
$185,933,712 78
$209,535,891 64
$ 236,764,589 99
$ 242,041,114 48
Capital stock paid i n .............
$ 1 6 ,11 1,1 20 00
$ 1 7 ,40 3,1 44 04
$19 ,11 9,9 30 00
$ 2 0 ,35 1,0 64 00
Surplus fu n d .............................
6 ,4 7 1 ,7 0 3 33
7 ,2 3 9 ,3 0 5 31
8 ,5 4 7 ,3 8 5 55
1 0 ,1 96 ,00 0 34
U ndivided earnings, n e t . . . .
3 ,0 5 5 ,4 5 1 39
3 ,8 3 6 ,0 0 0 67
4 ,7 1 0 ,4 3 2 87
4 ,6 1 8 ,5 9 4 41
D ividends u n p aid ...................
5 ,291 14
2 ,9 3 3 29
4,8 5 3 69
7,3 7 5 23
Individual D eposits................
3 8 ,2 8 7 ,4 1 7 40
4 5 ,0 41 ,23 1 95
5 3 ,0 8 5 ,4 7 4 90
4 7 ,5 8 7 ,0 7 8 42
Liabilities.
Certificates o f deposit...........
16,6 79 ,54 0 71
1 8 ,3 64 ,82 6 02
1 8,9 9 1 ,4 8 7 21
16,7 01 ,01 2 53
Savings deposits.....................
9 9 ,7 82 ,93 2 96
111 ,23 4,1 28 86
1 25 ,46 4,5 96 49
1 34,923,712 46
Certified ch eck s......................
191,493 34
9 0,768 06
204,330 21
136,542 84
Cashier’ s checks outstanding
136,795 00
105,934 17
172,294 39
212,989 96
D ue to banks and bank ers. .
4 ,9 0 2 ,8 1 7 34
5 ,9 6 9 ,3 9 8 11
6 ,2 0 5 ,6 2 6 80
5 ,7 5 3 ,4 8 1 15
93,672 88
211,263 14
State m oneys on d ep osit___
N otes and bills rediscounted
76,405 96
Bills pa y a b le............................
232,744 21
90,221 16
1 58,000 00
164,505 00
Liabilities other than above stated
Totals.
‘ Clearing house certificates.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
972,000 00
*370,000 00
$ 185,933,712 78
$20 9,5 35 ,89 1 64
$23 6,7 64 ,58 9 99
$ 242,041,114 48
oiii
REPORT OF THE COMMISSIONER.
C o m p a r a t i v e a b s t r a c t s , ( S t a t e B a n k s . ) — Continued.
Resources.
N ovem ber
27, 1908,
350 state
banks, 6 trust
com panies.
N ovem ber
16, 1909,
376 state
banks, 5 trust
com panies.
N ovem ber
10, 1910,
397 state
banks, 5 trust
com panies.
D ecem ber
5, 1911,
416 state
banks, 5 trust
com panies.
L oans and discounts............................................................
$ 98,397,163 38
$10 5,9 08 ,70 6 77
$12 2,5 47 ,42 0 16
$130,399,352 60
Stocks, bonds and m ortgages............................................
9 5,4 28 ,50 1 97
109 ,04 5,0 73 50
1 20 ,05 6,9 15 38
1 38 ,02 5,8 07 91
O verdrafts................................................................................
361,154 87
370,836 07
430 ,69 8 51
346,852 48
Banking house, furniture and fixtures............................
4 ,9 9 2 ,5 3 7 71
5 ,4 9 5 ,8 8 4 72
5 ,9 2 7 ,6 6 5 67
6 ,7 5 8,5 91 05
Other real esta te.............................................. ......................
1 ,3 9 6,4 44 39
1 ,4 5 7,9 73 02
1 ,2 2 9 ,2 2 7 35
1 ,3 8 5 ,7 8 0 84
Prem iums p a id .......................................................................
132,204 23
131,811 41
114,442 54
141,465 38
D ue from banks in reserve cities......................................
2 6,6 2 3 ,9 8 3 27
3 2 ,8 5 6 ,7 2 4 82
3 2 ,8 2 0 ,8 7 2 78
4 2 ,2 8 7 ,2 5 0 47
D ue from other banks and bankers................................
1 ,9 9 0 ,3 1 6 84
2 ,3 5 8 ,7 3 1 88
3 ,0 9 8 ,7 1 4 79
3 ,4 0 3 ,5 9 3 63
2 ,0 8 8 ,2 1 8 41
Exchanges for clearing h ou se............................................
1 ,1 3 0 ,6 0 4 67
1 ,3 4 2 ,3 3 9 37
1 ,5 0 7 ,3 7 5 56
hitem s........................................................
311,115 78
337,951 20
398,029 49
513 ,06 0 69
Nickels and cen ts.................................................................
92,422 67
95,3 77 97
106,173 88
118,079 49
6 ,1 3 0 ,2 7 2 10
Checks and cas
G old coin .............................................. ...................................
4 ,9 4 8 ,6 8 5 92
5 ,1 5 2,2 11 69
5 ,1 8 9 ,6 9 7 32
Silver c o in ................................................................................
800,440 67
917,863 81
1 ,0 5 5 ,4 5 4 91
1 ,0 2 9 ,8 3 6 46
U n ited S ta tes and N ation al Bank notes........................
7 ,6 8 2 ,1 3 6 00
8 ,2 4 6 ,7 3 0 00
9 ,5 1 3 ,4 2 7 95
1 0 ,6 4 1 ,2 6 3 00
T o t a ls ............................................................................... $24 4,2 87 ,71 2 37
$ 2 7 3 ,7 1 8 ,2 1 6 23 $ 3 0 3 ,9 9 6 ,1 1 6 29 $ 3 4 3,2 69 ,42 4 51
Liabilities.
C apital s to c k pa id i n ............................... ............................
$ 21 ,62 6,2 73 53
$ 2 2 ,16 1,1 33 00
$ 2 3 ,8 6 2 ,8 1 0 00
$26 ,73 6,5 95 00
Surplus fu n d ...........................................................................
1 0 ,7 8 5 ,4 9 7 24
1 1 ,4 02 ,41 9 44
1 2 ,0 1 5 ,1 4 6 57
1 3 ,9 41 ,89 5 37
Undivided earnings n e t .......................................................
5 ,0 3 5 ,7 7 2 52
5 ,3 4 0 ,6 9 6 86
5 ,8 7 6 ,5 0 8 17
6 ,1 5 0 ,1 9 1 02
D iv id e n d s u n p a id .................................................................
6,8 7 3 00
14,272 0 8
1 3,0 24 41
1 7,0 01 50
In dividu a l d e p o s its ..............................................................
5 0 ,4 5 0 ,0 6 1 86
6 1 ,9 5 1 ,3 9 6 26
6 7 ,2 3 8 ,1 8 8 48
7 6 ,6 5 0 ,5 0 5 67
C ertifica tes o f deposit.........................................................
1 1 ,4 0 2 ,9 3 3 69
1 3 ,1 92 ,93 5 86
15,9 37 ,27 2 92
1 8 ,1 0 1 ,3 3 2 81
Saving d ep osits......................................................................
1 3 7 ,81 1,4 70 73
1 5 1 ,2 9 0 ,5 9 0 74
1 69 ,07 2,3 48 81
190 ,59 0,2 12 51
Certified ch e c k s ..............................................., ...................
151,935 26
162 ,90 7 25
196,470 57
310,496 22
Cashier’s checks ou tsta n d in g ............................................
131,766 74
234,924 59
279 ,17 9 90
280 ,50 6 24
D u e to banks a nd b an k ers.................................................
6 ,3 9 2 ,5 7 3 47
■ 7 ,2 7 7 ,9 9 7 59
8 ,2 2 2 ,4 6 5 26
9 ,3 4 4 ,8 7 9 94
185,226 94
390,646 17
200,433 20
N otes and bills red iscou n ted .............................................
170,854 33
80,1 89 01
221,152 22
156,862 21
Bills pa y a b le...........................................................................
321 ,70 0 00
311,000 00
441 ,50 0 00
496,435 50
112,526 61
238,402 71
292 ,07 7 32
$ 273,718,216 23
$30 3,9 96 ,11 6 29
$34 3,2 69 ,42 4 51
L iabilities other than a bov e s ta te d .................................
T o ta ls................................................................................ $24 4,2 87 ,71 2 37
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
civ
STATE BANKING DEPARTMENT.
C o m p a r a tiv e a b s tr a c t^
Continued.
O ctober
21, 1913,
453 state
banks, 6 trust
com panies
O ctober
31, 1914,
461 state
banks, 6 trust
com panies
N ovem ber
10, 1915,
472 state
banks, 6 trust
com panies
N ovem ber
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 m ortgages................. 155,0.32,559 70
164 ,70 0,7 42 59
180,733,973 29
209 ,00 4,5 64 31
2 50 ,94 8,4 38 78
Resources.
N oveinber
26, 1912,
439 state
banks, 5 trust
companies
( S ta te B a n k s .)—
O verdrafts.....................................................
379,555 76
317,622 32
294,035 71
313,337 43
379,570 05
Banking house, furniture and fixtures.
7 ,4 0 7 ,1 7 7 57
8 ,3 0 2 ,0 7 1 05
9 ,1 0 4 ,0 0 7 28
11,0 66 ,54 9 93
1 2 ,8 2 6 ,4 9 8 13
Other real esta te.........................................
1 ,0 6 9 ,2 4 8 80
1 ,0 1 4 ,1 6 9 00
1 ,2 3 3 ,3 3 3 10
1 ,1 7 6 ,3 9 7 21
1 ,2 8 9 ,0 2 2 91
Premiums p a id ...........................................
137,507 81
70,801 98
9 0,293 43
103,913 25
2 03 ,86 7 39
D ue from banks in reserve cities..........
3 6 ,6 45 ,42 1 87
4 1 ,2 2 0 ,1 3 0 38
4 0 ,8 1 5 ,5 4 0 26
6 5,5 7 2 ,7 3 2 22
8 0 ,1 9 6 ,1 0 8 92
D ue from other banks and bank ers. . .
3 ,8 5 1 ,6 1 0 25
4 ,4 0 4 ,7 3 6 61
4 ,0 9 5 ,6 6 8 82
5 ,2 4 6 ,9 5 4 11
2 ,8 0 7 ,1 2 7 95
Exchanges for clearing h ouse.................
1 ,8 8 5 ,1 7 4 70
2 ,3 3 7 ,0 1 8 49
2 ,5 0 7 ,1 3 2 65
3 ,6 8 2 ,0 5 7 95
4 ,6 0 2 ,6 5 4 75
1
Checks and cash item s.............................
415,824 24
464 ,04 5 14
490 ,43 8 94
628,194 07
756,337 39
Nickels and cen ts.......................................
135,815 27
175,348 34
151,064 07
168,810 44
208,415 68
G old c o in ......................................................
6 ,4 5 9 ,7 5 7 35
6 ,5 5 7 ,4 4 3 63
8 ,6 8 4 ,2 5 0 96
8 ,0 7 2,4 51 90
9 ,2 3 7 ,9 6 3 02
Silver c o in ....................................................
1 ,0 5 1 ,2 1 6 86
1 ,1 2 7 ,4 4 2 31
1 ,1 8 1 ,1 1 4 67
1 ,2 6 5 ,5 4 1 82
1 ,4 5 4 ,3 3 8 53
1
U nited States N ational and Federal
Reserve Bank n otes.............................
1 1 ,5 3 5 ,8 3 8 11
12,891 533 90
1 3 ,2 70 ,78 7 90
1 6 ,2 8 9 ,7 0 8 88
2 1 ,9 6 9 ,2 8 9 50
1
Stocks in Federal Reserve B a n k ...........
4 ,0 5 0 00
T ota ls........................................................ $372,640,240 52
$395,304,533 81
$420,965,185 70
$485,740,242 64
$607,382,144 74
1
Liabilities.
$ 30 ,6 3 3 ,0 3 0 00
$ 3 2 ,63 5,0 00 00
$34 ,37 1,5 60 00
$38 ,33 3,0 25 00
1
Surplus fu n d ...............................................
1 4,7 92 ,68 3 93
16,1 49 ,95 1 12
1 8 ,4 2 2 ,8 0 5 61
2 0,1 3 5 ,7 4 2 48
2 2 ,6 5 7 ,8 7 5 98
U ndivided earnings, n e t...........................
7 ,6 9 5 ,6 4 0 95
7 ,7 7 9 ,2 3 4 64
8 ,7 4 0 ,1 5 9 96
9 ,5 7 2 ,5 5 3 85
1 0 ,7 78 ,76 4 05
1
1
D ividends u n p aid ......................................
14,953 40
13,289 77
24,3 78 60
1 0,399 03
11,271 51
Individual deposits...................................
8 1 ,5 3 2 ,3 2 6 62
9 1 ,9 2 1 ,2 3 2 44
1 02 ,96 0,4 33 97
1 30 ,23 8,4 89 61
165,979,081 54
Certificates o f dep osit...............................
2 0 ,1 5 8 ,5 8 8 55
19,1 76 ,58 2 68
18,6 99 ,13 3 42
2 1 ,4 7 3 ,4 4 5 92
2 6 ,8 6 3 ,4 5 7 21
Savings deposits......................................... 2 0 7 ,13 2,4 07 05
217 ,18 7,2 58 99
223 ,86 2,3 33 73
249 ,93 2,4 40 53
3 15,076,571 74
385 ,70 7 77
3 09,306 62
465,933 53
607,802 64
Capital stock paid in ................................ $28 ,64 3,7 10 00
Certified checks..........................................
355,228 63
1
1
1
1
1
Cashier’ s checks outstanding..................
4 80,946 46
624,295 26
544,065 56
1 ,2 1 6 ,9 8 6 85
1 ,7 1 9 ,3 5 9 04
1
D ue to banks and bankers......................
8 ,6 4 4 ,3 5 8 71
8 ,6 7 9 ,8 3 5 48
9 ,0 5 1 ,1 1 2 21
1 4 ,3 40 ,04 8 84
2 0 ,1 0 1 ,4 8 5 66
State m oneys on d ep osit..........................
778,631 50
679,617 19
1 ,6 9 7,3 74 43
436,154 36
1 ,5 4 7 ,6 8 4 50
I
I
Postal savings deposits.............................
666,229 59
640,257 67
1 ,3 4 6 ,8 6 7 42
■
Reserved for taxes, interest, e t c ............
671,712 93
810 264 95
N otes and bills rediscounted..................
441 ,38 6 82
558,698 00
734,533 82
551 ,19 0 28
323,574 48
I
Bills pa y a b le ...............................................
1 ,7 4 0 ,1 5 0 15
1 ,2 5 2 ,4 0 0 00
1 ,7 4 6 ,6 0 5 25
1 ,2 1 8 ,7 3 5 57
807,676 84
■
Liabilities other than a bov e sta ted___
229 ,22 7 75
263 ,40 0 47
200 ,00 0 00
326 ,03 9 17
1 ,2 2 7 ,6 4 7 13
■
T ota ls.................................................... $372,640,240 52
$395,304,533 81
$420,965,185 70
$485,740,242 64
$607,382,144 74
■
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
C o m p a r a tiv e
a b s tr a cts
cv
( S t a t e B a n k s . ) — Concluded.
Resources.
L oans and discounts................................................................
N ovem ber
20, 1917,
500 sta te
banks, 10 trust
com panies,
1 industrial
bank.
N ovem ber
1, 1918,
510 state
banks, 9 trust
com panies,
2 industrial
banks.
N ovem ber
17, 1919,
5 l6 state
banks, 10 trust
com panies,
2 industrial
banks.
$241,383,401 09
$250,883,971 33
$319,422,753 56
Stocks, bonds and m ortgages...............................................................................
3 1 2 ,23 3,3 28 44
361 ,72 5,5 01 81
4 51 ,3 1 3 ,7 1 7 70
O verdrafts...................................................................................................................
5 27,982 33
4 5 7 ,50 2 97
544,378 47
Banking house, furniture and fixtures..............................................................
14,4 88 ,99 1 46
14,5 58 ,70 1 10
1 6 ,8 09 ,17 2 41
1 ,3 7 1,3 35 85
1 ,9 4 5,3 88 44
1 ,4 3 3 ,7 9 8 10
173,653 03
74,924 67
201 ,95 0 91
5 8 ,4 4 5 ,7 7 5 22
66,6 00 ,83 1 82
99,0 29 ,37 3 95
D ue from other banks and bankers.....................................................................
1 ,7 3 9 ,2 5 7 54
2 ,3 5 8 ,4 1 5 96
3 ,7 0 9 ,7 8 4 69
Exchanges for clearing h ouse..................................................................
5 ,8 2 0 ,5 5 2 41
6 ,1 8 3 ,5 4 0 95
1 4 ,2 6 1 ,4 5 7 14
Checks and cash ite m s......................................'...........................
705,585 17
1 ,9 0 0 ,4 7 8 79
9 ,3 0 6 ,6 0 6 59
Nickels and cen ts................................................................
216,304 10
341,862 08
3 43,480 69
7 ,7 8 1 ,0 9 9 59
2 ,0 7 4 ,1 0 4 43
1 ,9 4 6 ,2 1 9 42
Other real e sta te .................................................
Prem iums p a id .............................................
D ue from banks in reserve cities..............................................
G old c o in ....................................
Silver c o i n ......................................................
United States N ational and Federal Reserve B ank n o te s............................
Stock in Federal Reserve B a n k ...........................................................................
T o ta ls...........................................
1 ,5 8 4 ,7 3 9 20
1 ,6 2 5 ,9 0 0 21
2 ,0 1 6 ,8 0 4 25
2 1 ,6 7 6 ,7 2 2 73
17,9 48 ,36 6 85
2 1 ,1 7 4 ,4 5 0 76
364,550 00
1 ,1 6 2,4 49 51
1 ,3 6 9,3 63 16
$668,513,278 16
$72 9,8 41 ,94 0 92
$942,883,311 80
Liabilities.
Capital stock paid in ........................................................................
$ 4 2 ,02 7,0 98 00
$43 ,25 4,5 00 00
$ 4 6 ,00 8,3 70 00
Surplus fu n d ....................................................
2 4 ,3 2 7 ,9 4 0 40
2 6,0 4 5 ,0 1 8 08
2 9 ,0 1 2 ,0 0 5 69
U ndivided earnings, n e t ...........................
12,7 65 ,18 7 2 9
11,782,707 02
14,0 23 ,25 2 08
D ividends u n p aid ..............................................
Individual d ep osits...................................
Certificates o f dep osit....................................
Savings deposits........................................
8 ,9 3 8 64
36,171 74
1 9,702 79
1 88,339,389 65
205 ,22 4,6 51 81
3 0 1 ,0 6 2 ,6 7 7 24
36,2 63 ,20 1 11
8 0 ,7 22 ,73 8 61
3 4 ,6 4 9 ,6 5 3 51
328 ,77 1,7 72 39
286 ,33 0,2 27 12
4 6 1 ,6 6 9 ,9 5 0 00
Certified checks.......................................................
1 ,4 6 3,8 13 51
977,587 67
1 ,6 4 6 ,7 9 6 67
Cashier’s checks outstanding..................................................................................
1 ,5 9 6 ,8 4 7 25
1 ,6 1 5,6 01 30
2 ,9 7 4 ,6 2 7 61
2 0 ,5 8 8 ,5 1 3 93
D ue to banks and bankers..................................................
1 5,7 37 ,56 4 37
1 3,7 7 8 ,2 0 6 32
State m oneys on dep osit.........................................................................................
1 ,3 8 9 ,6 9 0 54
2 ,1 8 0 ,0 6 4 84
1 ,5 0 0 ,3 0 6 51
Postal savings deposits............................................................................................
2 ,8 6 9 ,2 6 6 88
1 2 ,9 82 ,76 8 34
2 ,8 9 7 ,4 9 4 73
Reserved for taxes, interest, etc............................................................................
1 ,1 8 2 ,9 1 0 94
1 ,3 6 0 ,5 8 3 39
2 ,0 0 3 ,2 5 2 97
N otes and bills rediscounted..................................................................................
3 ,2 6 3 ,4 1 4 79
7 ,1 7 5 ,4 3 6 23
2 ,0 8 4 ,3 1 0 51
Bills p a y a b le.............................................................................. ................................
8 ,2 4 8 ,7 4 2 40
3 6 ,2 5 6 ,2 4 5 55
2 2 ,5 6 9 ,5 5 0 00
Liabilities other than above sta ted......................................................................
257 ,50 0 00
119,432 90
172,847 56
T o ta ls.............................................................................. ..................................... $668,513,278 16
$729,841,940 92
$942,883,311 80
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
CV1
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, 1918 and 1919 as made to and furnished
this department by the comptroller of the currency at Washington.
Resources.
D ecem ber
11, 1889,
113 national
banks.
D ecem ber
19, 1890,
109 national
banks.
D ecem ber
2, 1891,
106 national
banks.
D ecem ber
9, 1892,
104 national
banks.
D ecem ber
19, 1893,
99 national
banks.
Loans and discounts................................ $ 45,860,178 79
$ 47 ,52 7,3 75 32
$48,424,955 39
$ 52,752,163 51
$ 40 ,78 3,2 09 13
Stocks, bonds and m ortgages.................
4 ,7 1 6 ,8 3 0 60
4 ,2 8 9 ,6 7 1 45
4 ,2 3 1 ,7 9 8 69
5 ,6 2 3 ,0 7 0 40
6 ,9 4 5,4 99 58
O verdrafts.....................................................
214,415 50
219,314 54
222,506 90
292,210 95
187,479 07
6 ,1 9 1,1 85 16
D ue from reserve agents..........................
5 ,2 7 3 ,8 0 5 17
6 ,0 0 0 ,3 8 3 99
6 ,9 4 2 ,0 3 2 64
8 ,3 0 4 ,1 7 7 63
D ue from other banks and b ank ers. . .
1 ,4 1 7 ,2 4 0 70
1 ,5 3 1 ,5 0 0 83
2 ,0 5 5 ,7 1 2 68
2 ,4 5 7 ,5 9 3 23
1 ,5 0 8,8 33 10
Banking house, furniture and fixtu res.
1 ,1 6 1 ,3 4 7 88
1 ,1 7 5 ,0 0 7 50
1 ,1 4 0,5 93 47
1 ,0 9 2 ,3 3 0 52
1 ,0 5 8 ,0 1 3 55
Other real estate.......................................
696,499 38
807,729 15
654,818 49
597,433 76
523 ,83 7 66
Current expenses and taxes p a id ..........
314,041 78
316,798 82
308,899 32
330,626 32
Exchanges for clearing house.................
351 ,04 0 73
291,486 06
531,466 31
420,011 79
Checks and cash item s.............................
206,917 13
252 ,54 0 59
2 22,864 76
269,288 40
208,277 54
414,646 27
C ash............................ ...................................
5 ,1 5 6 ,4 3 5 60
5 ,3 6 3 ,0 3 3 64
5 ,3 3 7 ,4 6 2 12
5 ,4 7 9 ,1 2 3 70
5 ,3 5 2 ,5 4 4 48
D ue from United States treasurer........
175,937 44
166,537 96
155,501 41
201,723 10
2 69,208 62
Premiums on United States b o n d s .. . .
506 ,81 2 27
416,961 40
326,649 58
4 15,932 79
4 48,743 01
T ota ls.............. ..................................... $ 6 6 ,05 1,5 02 97
$68,358,341 25
$ 70,555,261 76
$78 ,23 5,6 86 10
$63 ,89 1,4 77 17
Capital stock paid in ................................ $15 ,67 4,6 00 00
$ 1 5 ,53 9,6 00 00
$ 15 ,24 4,6 00 00
$15 ,03 4,0 00 00
$14 ,58 4,0 00 00
Surplus fu n d ...............................................
3 ,1 7 3 ,9 3 2 03
3 ,3 3 2 ,7 7 5 18
3 ,7 1 5 ,2 3 8 33
3 ,8 5 8 ,2 8 3 29
3 ,7 6 9 ,2 7 3 96
Gross undivided earnings.......................
2 ,5 8 9 ,6 3 9 53
2 ,7 1 5 ,2 0 7 61
2 ,3 5 9 ,2 2 1 32
2 ,3 7 5 ,5 3 9 99
*1,879,151 51
Liabilities.
D ividends u n p aid ......................................
25,279 32
9,6 3 2 59
36,373 86
18,212 61
17,180 18
Individual deposits........................ ...........
3 5 ,2 1 7 ,9 8 9 08
36,7 92 ,39 9 46
3 8,5 0 0 ,5 1 0 19
4 2,4 0 9 ,0 8 4 23
3 1 ,7 89 ,11 6 14
566,999 05
483,927 31
330,558 68
401,760 31
Due to banks and bankers......................
5 ,8 5 7 ,8 5 9 32
6 ,0 5 2 ,2 6 0 90
7 ,1 4 0 ,9 3 8 64
9 ,9 4 6 ,6 2 4 23
6 ,1 0 0 ,0 3 6 83
N ational banks notes outstanding. . . .
2 ,8 5 3 ,3 0 0 00
2 ,6 6 0 ,2 0 0 00
. 2 ,5 8 7 ,0 2 0 00
3 ,2 8 1 ,3 0 0 00
4 ,5 5 7 ,0 5 5 00
N otes and bills red iscou n ted :...............
658,903 69
689,166 46
462,157 73
466,083 07
426,228 15
100 00
2 3 ,0 00 00
367,442 03
Liabilities other than those above
T o ta ls.................................................... $66 ,05 1,5 02 97
•Undivided earnings, less expenses and taxes paid.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 68 ,35 8,3 41 25
2 ,2 7 4 38
516,000 00
233 06
$70,555,261 76
$78 ,23 5,6 86 10
$ 63 ,89 1,4 77 17
REPORT OF THE COMMISSIONER.
C o m p a r a tiv e a b s tr a c ts
Decem ber
19, 1894,
96 national
banks.
Resources.
cvii
( N a t i o n a l B a n k s . ) — Continued.
Decem ber
13, 1895,
94 national
banks.
D ecem ber
17, 1896,
89 national
banks.
D ecem ber
15, 1897,
82 national
banks.
Decem ber
1, 1898,
81 national
banks.
Loans and discounts................................. $ 43,083,288 41
$44,736,533 88
$40 ,30 4,4 16 58
$ 41 ,14 3,9 27 46
$42,919,871 77
Stocks, bonds and m ortgages.................
6 ,8 0 8,2 19 06
6 ,7 9 5,8 79 01
6 ,4 6 1,2 23 33
6 ,5 7 2,2 65 92
9 ,7 6 6 ,4 4 6 01
O verdrafts....................................................
191,899 31
184,138 47
174,561 83
169,842 80
220,627 59
D ue from reserve agents..........................
7 ,1 5 8,1 87 74
5 ,6 9 7 ,5 4 2 13
8 ,0 5 1 ,4 7 8 98
11,7 77 ,12 5 43
1 0 ,8 16 ,56 0 04
D ue from other banks and bankers. ..
2 ,1 3 8,6 81 61
1 ,7 5 4 ,9 6 0 91
2 ,1 4 5 ,0 6 6 98
3 ,4 9 2 ,4 9 8 90
3 ,7 5 7 ,8 5 0 18
Banking house, furniture and fixtu res.
1 ,0 5 7,1 40 95
1 ,0 1 6 ,2 5 9 30
1 ,0 2 9,0 48 72
943,880 03
1 ,0 1 9 ,1 0 0 09
Other real esta te........................................
556,397 40
690,205 85
796,229 53
880,219 77
1 ,0 6 1,2 31 36
300,541 92
243,688 09
333,694 76
358,309 99
392,218 02
Checks and cash item s.............................
226,913 43
160,616 79
199,702 79
136,857 46
179,112 92
C a sh ................................................................
5 ,0 8 9 ,3 0 5 10
5 ,0 3 9,6 61 46
5 ,3 3 3 ,4 8 7 61
5 ,5 0 5 ,3 3 8 94
5 ,9 8 2,6 21 40
D ue from United States treasurer. . . .
240,670 62
236,528 07
231,775 11
209,475 82
234,094 42
Premiums on United States b on d s. . . .
430,463 13
414,815 00
375,089 75
365,223 50
465,448 84
T o ta ls.................................................... $ 67,281,708 68
$ 66 ,97 0,8 28 96
$ 65,435,775 97
$ 71 ,55 4,9 66 02
$76 ,81 5,1 82 64
Capital stock paid in ................................ $13 ,63 4,0 00 00
$13 ,43 4,0 00 00
$ 12 ,95 9,0 00 00
$ 11 ,94 5,0 00 00
$ 11 ,77 0,0 00 00
Surplus fu n d ...............................................
3 ,5 7 2 ,5 7 0 99
3 ,6 3 1 ,0 1 0 78
3 ,4 1 8 ,2 2 1 47
3 ,2 4 2 ,0 1 8 09
3 ,1 8 8,3 18 72
U ndivided earnings, n e t ..........................
1 ,8 0 3 ,4 8 0 48
1 ,7 8 9 ,4 6 5 90
. 1 ,6 8 7,0 88 73
1 ,3 9 4,9 98 14
1,37 4,0 61 73
D ividends u n p aid ......................................
8,3 4 8 50
11,509 58
9,1 5 6 46
17,563 29
2 0,387 30
Individual deposits...................................
34,7 18 ,21 5 02
3 5 ,6 12 ,37 4 38
3 4 ,3 9 1 ,0 8 7 75
3 9 ,2 1 7 ,0 0 6 25
4 3 ,4 86 ,96 5 94
Liabilities.
United States deposits..............................
383,962 29
357,750 18
409,961 73
401,136 29
1,25 5,8 21 32
D ue to banks and b ank ers.....................
8 ,6 4 1 ,2 4 6 57
7 ,4 0 6 ,2 1 2 51
8 ,2 6 0 ,6 9 5 23
11,7 72 ,97 6 46
11,7 60 ,18 5 28
N ational bank notes outstanding.........
4 ,1 4 1 ,9 9 7 50
4 ,2 0 2 ,7 4 2 50
4 ,0 7 1 ,4 9 5 00
3 ,5 5 1 ,7 6 7 50
3 ,9 5 8 ,3 0 0 00
316,887 33
386,898 33
140,289 20
2 ,5 0 0 00
61,000 00
137,500 00
88,4 00 00
10,000 00
1 ,364 80
380 40
Liabilities other than those above
1 ,1 4 2 35
»
,
T o ta ls.................................................... $ 67 ,28 1,7 08 68
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 66,970,828 96
$ 65,435,775 97
$ 71,554,966 02
$76,815,182 6 4
cviii
STATE BANKING DEPARTMENT.
C o m p a r a t i v e a b s t r a c t s ( N a t i o n a l B a n k s . ) — Continued.
Resources.
Decem ber
2, 1899,
80 national
banks.
Decem ber
13, 1900,
85 national
banks.
Decem ber
10, 1901,
85 national
banks.
N ovem ber
25, 1902,
84 national
banks.
N ovem ber
17, 1903,
87 national
banks.
L oans and discounts................................ $47 ,58 1,0 61 50
$ 5 1 ,65 1,2 36 44
$ 5 4 ,93 8,1 42 28
$ 6 0 ,69 4,9 86 71
$64 ,08 8,2 25 33
Stocks, bonds and m ortgages.................
1 1 ,6 52 ,04 3 11
1 2,3 1 8 ,6 7 2 86
1 4,1 4 1 ,8 2 2 34
1 5 ,1 0 6 ,3 8 5 98
1 6 ,3 3 1 ,2 9 7 13
O verdrafts.....................................................
194,788 80
246,158 27
286,561 65
3 4 9 ,0 4 7 07
351,732 17
D ue from reserve agents..........................
8 ,6 7 1 ,8 1 5 91
1 0 ,6 58 ,39 9 31
1 1 ,2 31 ,30 1 10
1 0 ,1 6 7 ,3 3 5 72
9 ,1 4 7 ,6 1 2 91
D ue from other banks and bank ers. . .
3 ,6 4 7 ,9 7 1 66
3 ,4 6 3 ,3 7 4 00
4 ,0 5 8 ,6 4 1 12
3 ,8 4 5 ,8 4 1 49
4 ,1 7 4 ,2 1 3 53
Banking house, furniture and fixtures.
1 ,0 0 3 ,9 9 9 44
1 ,1 4 2 ,9 7 0 99
1 ,1 5 0 ,9 5 2 69
1 ,3 0 0 ,6 8 1 27
1 ,3 6 3,4 81 00
Other real esta te.........................................
1 ,0 6 0 ,8 1 0 20
927,158 12
696,254 41
455,261 67
393,115 75
Exchanges for clearing h ouse.................
597,274 04
4 1 5 ,4 7 7 92
930,166 52
578 ,21 2 52
499,453 75
Checks and cash item s.............................
240 ,30 8 50
182,689 83
204 ,71 4 74
239 ,57 7 39
182,558 75
C a sh ................................................................
6 ,1 5 1 ,5 5 7 96
7 ,1 0 5 ,0 5 3 78
7 ,3 5 8 ,3 6 2 08
6 ,5 5 4 ,0 9 5 31
6 ,8 3 4 ,8 3 5 11
D ue from U nited States trea su rer.. . .
242,948 86
308 ,42 7 88
336,238 00
3 26 ,77 0 50
378,175 67
Prem iums on U nited States b on d s____
4 53 ,93 7 69
2 03 ,91 7 94
228 ,35 8 81
356 ,31 5 39
311,370 92
T o ta ls .................................................... $ 81 ,49 8,5 17 67
$ 8 8 ,62 3,5 37 34
$95 ,56 1,5 15 74
$99,974,511 02
$104,056,072 02
$ 1 2 ,53 0,0 00 00
Liabilities.
Capital stock paid in ................................. $11 ,44 0,0 00 00
$11 ,57 8,0 00 00
$ 1 1 ,54 8,7 50 00
$ 1 1 ,38 0,0 00 00
Surplus fu n d ................................................
3 ,1 5 7 ,3 8 8 20
3 ,2 7 6 ,1 8 8 20
3 ,0 5 2 ,6 3 8 20
3 ,4 1 6 ,5 3 8 20
3 ,7 8 2 ,5 3 8 20
U ndivided earnings, n e t ...........................
1 ,5 6 3,8 41 93
1 ,8 5 0 ,2 7 4 85
2 ,0 0 7 ,6 8 5 64
2 ,1 5 7 ,2 1 7 18
2 ,4 5 4 ,3 7 4 37
D ividends u n p aid ......................................
1 7,340 81
13,983 81
18,542 81
1 3,357 81
16,440 61
Individual deposits...................................
4 9 ,9 2 0 ,5 3 2 09
5 4 ,2 32 ,09 1 31
59,5 93 ,56 1 95
63,3 16 ,73 1 07
6 5 ,3 0 5 ,6 5 9 11
U nited States d en osits.............................
1 ,3 5 4 ,8 6 4 72
1 ,3 9 1,3 04 19
1 ,7 7 2 ,9 5 9 84
2 ,1 5 0 ,1 1 4 62
2 ,4 0 4 ,8 3 2 56
D ue to banks and bankers......................
9 ,7 3 8 ,6 9 6 81
11,0 24 ,08 3 47
11,7 64 ,87 5 41
11,6 11 ,24 1 60
1 0,4 1 8 ,9 8 0 57
N ational bank notes outstanding.........
4 ,2 5 0 ,3 0 0 00
5 ,1 6 0 ,1 0 2 50
5 ,5 8 0 ,2 0 0 00
5 ,6 3 9 ,2 0 0 00
6 ,7 7 4 ,8 4 0 00
N otes and bills rediscounted..................
2 3,6 44 61
11,989 72
5 ,5 0 0 00
2 1,5 00 00
182,202 70
Bills pa y a b le ................................................
27,0 00 00
/ 75,000 00
205 ,00 0 00
107,000 00
178,000 00
Liabilities other than those a bove
sta ted.........................................................
4 ,9 0 8 50
10,519 29
11,801 89
161,610 54
8,2 0 3 90
T o ta ls .................................................... $ 8 1 ,49 8,5 17 67
$ 8 8 ,62 3,5 37 34
$95 ,56 1,5 15 74
$ 99,974,511 02
$104,056,072 02
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cix
REPORT OF THE COMMISSIONER.
C o m p a r a t i v e a b s t r a c t s ( N a t i o n a l B a n k s . ) — Continued.
Septem ber
6, 1904,
88 national
banks.
N ovem ber
9, 1905,
88 national
banks.
N ovem ber
12, 1906,
88 national
banks.
D ecem ber
3, 1907,
93 national
banks.
L oans and discounts...........................................................
$ 6 5 ,80 3,1 50 16
$72,264,051 95
$ 81 ,50 8,4 44 65
$83 ,94 9,1 98 51
Stocks, bonds and m ortgages............................................
16,8 76 ,75 5 37
1 6,9 43 ,88 6 45
1 9,2 94 ,72 4 24
19,321,131 14
O verdrafts...............................................................................
249,830 11
235,237 50
266,233 92
215,231 50
D ue from reserve a g e n t s ...................................................
10,991,502 16
10,9 83 ,06 5 10
12,3 98 ,88 6 17
1 0,160,561 91
D ue from other banks and bankers.................................
4 ,4 1 4 ,3 6 5 24
5 ,4 6 2 ,8 2 9 33
6 ,3 9 6 ,4 7 4 02
5 ,1 2 7 ,5 9 0 55
Banking house, furniture and fixtures...........................
1 ,4 8 8 ,4 9 8 28
1 ,5 7 7,7 03 17
1 ,6 4 1,5 89 76
1 ,9 4 6,6 29 37
Other real estate.................................................................
380,373 53
3 58,357 49
300,029 77
345,190 33
Exchanges for clearing h ou se............................................
715,114 06
736,445 31
1 ,1 2 6 ,9 1 8 66
753,547 93
Checks and cash ite m s........................................................
270,131 43
213,672 23
297,726 82
341,954 39
C a sh ............................................................................. .............
7 ,5 5 3 ,2 5 9 40
8 ,0 9 3 ,2 7 7 55
8 ,6 7 3 ,0 0 7 28
9 ,3 1 7 ,1 3 8 52
D ue from United States treasurer...................................
399 ,42 0 00
436,085 50
453,002 50
4 28,725 50
Premiums on United States B on d s.................................
255,738 73
190,849 25
158,401 28
188,259 66
Resources.
n
- i
rr
595,194 00
i
T ota ls............................................................................... $109,398,138 47
$ 117,495,460 83
$ 132,515,439 07 $132,690,353 31
Liabilities.
$ 14 ,46 5,0 00 00
Capital stock paid in ............................................................
$ 1 2 ,73 0,0 00 00
$ 1 3 ,03 0,0 00 00
$13 ,00 5,0 00 00
Surplus fu n d ..........................................................................
4 ,2 6 6 ,6 8 8 20
4 ,5 9 5 ,7 8 8 20
5 ,2 6 4 ,2 6 2 50
5 ,4 9 0,6 12 50
U ndivided earnings, n e t ......................................................
2 ,0 9 4 ,9 5 9 00
2 ,1 4 9 ,9 7 5 63
2 ,2 6 0 ,3 1 4 62
2 ,7 5 7 ,1 7 3 91
D ividends u n p a id .................................................................
5 ,1 5 6 93
16,854 34
13,904 54
16,379 16
8 4,8 64 ,15 0 47
Individual dep osits..............................................................
6 9,9 45 ,81 0 33
76,4 75 ,62 8 68
88,7 58 ,55 2 46
U nited States d ep osits.........................................................
1 ,7 1 2,7 39 74
1 ,1 2 8 ,8 2 0 61
2 ,3 2 5 ,7 8 0 85
3 ,5 2 6,0 31 73
D ue to banks and b an k ers................................................
11,3 23 ,97 6 44
12,4 73 ,25 3 68
1 2 ,6 42 ,43 8 95
12,053,642 00
N ational bank notes o u tstanding....................................
7 ,2 1 8 ,9 3 0 00
7 ,4 6 9 ,0 3 0 00
7 ,9 3 9,9 85 00
7 ,8 6 3 ,2 6 5 00
91,495 96
85,948 00
358,538 03
445 ,00 0 00
26,691 01
N otes and bills red iscounted.............................................
41,5 95 00
Bills pa y a b le..........................................................................
3 5,0 00 00
13,000 00
125,000 00
Liabilities other than those a bove s ta te d ......................
23,281 93
51,613 73
32,360 07
R
df
61,892 08
l
65,881 50
563,000 00
194,988 00
T o t a ls ............................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$109,398,138 47
$11 7,4 95 ,46 0 83
$132,515,439 07
$132,690,353 31
ex
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 . ) — Continued.
N ovem ber
27, 1908,
96 national
banks.
N ovem ber
16, 1909,
99 national
banks.
N ovem ber
10, 1910,
102 national
banks.
D ecem ber
5, 1911,
100 national
banks.
L oans and discounts................................
$84 ,06 1,2 75 46
$92 ,36 7,2 38 25
$ 9 4 ,39 9,2 47 59
$98 ,14 1,0 56 79
Stocks, bonds and m ortgages...............
23,3 06 ,14 1 71
2 6 ,3 9 6 ,4 9 6 17
2 6 ,1 9 7 ,3 9 7 50
3 1,1 1 0 ,4 7 0 79
O verdrafts......... .........................................
241,345 49
232,943 08
224.793 19
174,947 27
D ue from reserve a gents........................
1 3,7 61 ,10 2 88
14,6 00 ,68 5 65
12,5 08 ,39 6 52
15,5 06 ,58 5 55
D ue from other banks and ban k ers...
6 ,2 9 2 ,1 3 5 23
7 ,7 9 7 ,6 7 2 74
7,35 4,9 41 25
8 ,6 3 6 ,9 1 6 03
Banking house, furniture and fixtures
2 ,4 7 7 ,8 2 0 19
2 ,6 5 1 ,9 2 8 17
2 ,7 6 0 ,0 9 4 59
2 ,9 7 2 ,5 5 9 94
Other real estate.......................................
291,505 80
285,810 50
233.793 96
315,097 32
Exchanges for clearing h ou se...............
789,398 40
868,545 43
885,419 43
1 ,2 3 3,0 99 06
Resources.
Checks and cash ite m s...........................
311,082 74
255,876 57
282,805 75
289,791 44
C ash..............................................................
11,2 53 ,72 7 70
11,3 05 ,00 3 35
1 1 ,6 46 ,26 7 67
1 2 ,1 14 ,39 6 54
D ue from U nited States treasurer___
530,765 50
593,170 00
660.793 29
653,488 50
Prem iums on U nited States b o n d s. . .
214,339 93
176,160 63
107,956 02
58,0 82 91
$143,530,641 03
$15 7,5 31 ,53 0 54
$ 157,261,906 76
$171,206,492 14
$14 ,70 7,0 50 00
Clearing house certificates.
T otals.
Liabilities.
$ 1 4 ,95 5,0 00 00
$15 ,18 9,5 00 00
$14 ,64 1,3 00 00
Surplus fu n d ...................................................
6 ,0 6 8 ,1 5 0 00
6 ,4 1 6 ,5 1 0 99
6 ,6 8 0,6 03 00
6 ,8 1 9 ,0 6 3 09
U ndivided earnings, n e t ..............................
2 ,6 5 0 ,3 1 6 37
2 ,8 8 1 ,3 0 8 23
3 ,0 7 3 ,3 8 6 99
3 ,4 7 4 ,4 3 3 28
C apital stock paid i n ...............................
D ividends u n p a id .........................................
7 ,9 7 5 85
33,221 55
16,909 31
11,675 51
Individual d ep osits......................................
9 2,5 0 6 ,6 1 9 35
1 03,669,284 41
1 03,479,596 56
1 13,588,635 73
U nited States deposits.................................
2 ,4 4 2 ,0 6 5 88
959,365 22
990,301 63
1 ,1 5 5 ,7 4 7 64
D ue to banks and bankers........................
1 5,2 6 5 ,2 5 0 30
18,011,053 82
17,2 20 ,80 6 46
2 1 ,0 5 5 ,7 6 2 92
N ational bank notes outstanding............
9 ,9 9 9 ,0 0 0 00
9 ,0 1 0 ,4 7 5 00
9 ,8 9 4 ,1 0 0 50
10,1 61 ,98 7 50
N otes and bills rediscounted.......................
124,265 83
142,064 93
270,879 75
8 6,255 70
Bills pa y a b le....................................................
130.000 00
7 4,000 00
456 ,00 0 00
4 0 ,0 00 00
Liabilities other than those above stated
1 3,300 00
29,6 10 00
18,940 00
5 ,0 0 0 00
Reserved for ta xes..........................................
51,222 45
31,510 89
41,995 56
5 1,668 27
Bonds b orrow ed..............................................
306 .00 0 00
200 ,00 0 00
209,200 00
212,200 00
$143,530,641 03
$15 7,5 31 ,53 0 54
$157,261,906 76
$171,206,492 Ì4
Clearing house certificates
T o t a ls ...
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER.
C o m p a r a t i v e a b s t r a c t s ( N a t i o n a l B a n k s . ) — Continued.
Resources.
N ovem ber
26, 1912,
99 national
banks.
Loans and discounts............................................................. $106,614,756 53
O ctober
21, 1913,
99 national
banks.
O ctober
31, 1914,
102 national
banks.
N ovem ber
10, 1915,
106 national
banks.
$ 112,235,907 80
$114,670,732 34
$ 115,107,137 16
3 3,8 6 2 ,4 0 8 93
3 5 ,1 80 ,00 3 48
3 8,3 1 8 ,0 2 8 17
4 6 ,4 5 9 ,3 2 0 47
135,167 84
137,720 24
128,342 33
81,409 54
D ue from reserve agents.....................................................
14,3 92 ,29 8 12
16,462,031 53
14,5 75 ,84 2 12
23,0 93 ,67 1 80
Stocks, bonds and m ortgages............................................
O verdrafts.............................................................................
D ue from other banks and bankers................................
10,1 04 ,05 7 24
10,6 05 ,85 4 58
9 ,4 3 4 ,6 9 0 14
18,3 44 ,78 5 86
Banking house, furniture and fixtures...........................
3 ,2 7 5 ,8 0 2 44
3 ,3 7 5 ,2 7 4 52
3 ,6 0 4 ,6 0 9 08
4 ,2 8 9 ,7 5 4 60
Other real estate....................................................................
369,412 01
374,727 08
699,838 29
652,294 01
Exchanges fo r clearing house.................... r .....................
1 ,2 4 3,6 97 45
1 ,2 4 0 ,3 7 7 21
1 ,0 4 4 ,1 1 4 18
1 ,8 5 2,6 35 87
Checks and cash ite m s........................................................
293,533 69
291,603 26
420 ,19 8 09
4 90,587 21
C a sh ..........................................................................................
12,284,986 40
14,118,514 96
1 3 ,4 52 ,22 7 24
10,4 12 ,78 5 32
D ue from United States treasurer...................................
655,542 50
711,255 00
781,727 50
823,422 50
Prem iums on United States b o n d s ..................................
18,962 78
7 ,0 9 7 20
4 ,0 9 0 17
T ota ls............................................................................... $183,250,625 93
$194,740,366 86
$197,134,439 65
$221,607,804 34
Liabilities.
s i s 01n non on
$15 2fio onn no
Surplus fu n d ...........................................................................
7 ,1 2 7 ,3 0 0 00
7 ,7 3 2 ,6 1 0 00
9 ,0 6 0 ,6 0 0 00
9 ,1 4 2 ,0 3 0 00
U ndivided earnings, n e t ......................................................
4 ,0 7 2 ,4 4 0 70
4 ,2 2 8 ,2 8 9 58
3 ,0 7 7 ,7 9 0 7 5
4 ,0 2 0 ,5 8 9 04
D ividends u n p a id .................................................................
9 ,3 5 4 15
17,555 75
15,065 42
14,062 14
Individual dep osits..............................................................
123,966,021 77
1 31 ,68 0,5 54 31
1 31 ,96 0,1 89 73
1 06 ,62 2,4 33 69
United States deposits.........................................................
1 ,0 3 5 ,4 7 1 93
1 ,9 6 1,8 71 49
2 163 531 14
T im e deposits........................................................................
4 7,0 54 ,08 1 08
D ue to banks and bankers.................................................
2 0,2 5 9 ,2 8 6 71
2 1 ,7 55 ,23 5 59
2 0 ,0 5 7 ,8 2 8 89
2 5 ,4 1 5 ,9 2 8 64
N ational bank notes outstanding....................................
1 0,6 37 ,93 5 00
10,6 80 ,60 5 00
1 1 ,8 98 ,91 5 00
1 0 ,7 84 ,27 2 50
N otes and bills rediscounted.............................................
406,702 45
570,757 71
745,822 96
166,697 01
Bills pa y a b le ..........................................................................
450,000 00
5 40,000 00
512,140 00
312 ,19 0 94
155,269 30
Liabilities other than those above sta ted ......................
19,896 85
12,5 00 00
224,533 90
Reserved for taxes, interest, etc........................................
4 2,8 16 37
52,2 87 43
87,061 86
B ond s b orrow ed....................................................................
213,400 00
248,100 00
2 46,100 00
275 ,25 0 00
T ota ls............................................................................... $183,250,625 93
$194,740,366 86
$197,134,439 65
$ 221,607,804 34
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
c x ii
C o m p a r a t i v e a b s t r a c t s ( N a t i o n a l B a n k s . ) - —Concluded.
F ig u r e s g iv e n b y t h e C o m p t r o lle r o f t h e C u r r e n c y in e v e n th o u s a n d s .
N ovem ber
17, 1919,
110 national
banks.
N ovem ber
1, 1918,
105 national
banks.
N ovem ber
17, 1916,
106 national
banks.
N ovem ber
20, 1917,
106 national
banks.
L oans and d isco u n ts.........................................
$13 5,2 03 ,00 0 00
$15 4,2 35 ,00 0 00
S tock s, bonds and m ortga ges........................
5 2.0 4 9 .0 0 0 00
6 9 .1 7 3 .0 0 0 00
8 5 ,9 8 1 ,0 0 0
O verdrafts............................................................
102,000
198.000 00
153,000
D u e from reserve a g e n ts.................................
2 2 .6 8 0 .0 0 0 00
D ue from other banks and bankers.............
1 7.5 4 0 .0 0 0 00
1 .7 0 1 .0 0 0 00
3 5 .3 4 2 .0 0 0 00
5 .3 0 6 .0 0 0 00
5 .9 1 1 .0 0 0 00
6 .2 5 1 .0 0 0 00
1 .0 2 7 .0 0 0 00
1 .0 4 5 .0 0 0 00
857 .00 0 00
2 .9 7 5 .0 0 0 00
6 ,8 1 7 ,0 0 0 00
Resources.
Banking house, furniture and fixtures
Other real esta te................................................
00
$15 6,8 61 ,00 0 00
$188,905,000 00
00 110 ,60 5,0 00
00
153,000
00
4 7 ,8 9 0 ,0 0 0
00
00
1 3 .7 1 0 .0 0 0 00
720.000 00
Exchanges for clearing h ou se ........................
4 .0 0 7 .0 0 0 00
4 .0 8 1 .0 0 0 00
Checks and cash ite m s....................................
4 75 .00 0 00
6 .4 4 9 .0 0 0 00
Cash and due from Federal Reserve Bank
20 . 210.000 00
2 9 .5 8 4 .0 0 0 00
D ue from United States treasurer...............
842 .00 0 00
794.000 00
904.000 00
821,000
811,000
6 ,6 1 1 ,0 0 0 00
00
7 38 ,00 0
962.000 00
2 6 ,4 8 6 ,0 0 0 00
1 5.8 2 3 .0 0 0 00
00
865 .00 0 00
Premiums paid
Stock in Federal Reserve Bank.
Other assets.................... '..............
961 ,00 0
4 2 5 .00 0 00
00
840.000 00
910,000
00
00
292 .00 0 00
12,000
00
$39 1,0 73 ,00 0 00
$26 0,4 63 ,00 0 00
$28 8,6 45 ,00 0 00
$30 7,1 12 ,00 0 00
Capital stock paid in .....................................
$ 1 7 ,72 0,0 00 00
$17,990, 000 00
$18 ,05 5,0 00 00
Surplus fu n d ....................................................
9 .3 3 8 .0 0 0 00
9 ,4 3 2, 000 00
1 0 ,0 0 7 ,0 0 0
00
1 1 ,3 10 ,00 0
00
U ndivided earnings, n e t ................................
4 .2 6 5 .0 0 0 00
5 ,0 9 0, 000 00
5 ,4 2 7 ,0 0 0
00
7 ,1 3 8 ,0 0 0
00
Totals.
Liabilities.
D ividends u n p aid ...........................................
9 ,0 0 0
00 124,679, 000 00
Individual deposits.........................................
1 19 ,36 7,0 00
00 81,174, 000 00
127 ,85 1,0 00
$ 19 ,63 0,0 00 00
00 177 .90 0.0 00 00
T im e deposits..................................................
6 3 .3 0 0 .0 0 0 00
23,474, 000 00
8 5 .3 8 4 .0 0 0 00
106 .03 2.0 00 00
D ue to banks and bank ers...........................
3 4.1 4 9 .0 0 0 00
9 ,8 8 3, 000 00
1 8 .9 01 .00 0 00
3 0 .0 3 1 .0 0 0 00
National bank notes outstanding..............
1 0 .3 18 .00 0 00
3 ,4 9 6, 000 00
1 0 .3 95 .00 0 00
1 0 .5 91 .00 0 00
N otes and bills rediscounted.......................
200,000
00
9 ,9 1 5, 000 00
3 .9 8 0 .0 0 0 00
Bills p a y a b le ......................................................
181,000
00
2 ,6 1 0 ,0 0 0
596,000
00
19.7 88 .00 0 00
17.8 98 .00 0 00
00
1 .5 9 3 .0 0 0 00
Reserved for taxes, interest, etc...................
505.000 00
585.000 00
Bonds b orrow ed................................................
281 .00 0 00
525 .00 0 00
1 .6 8 3 .0 0 0 00
2 .3 8 7 .0 0 0 00
Liabilities other than those above stated.
830,000 00
2 ,4 0 2 ,0 0 0 00
6 .9 3 5 .0 0 0 00
2 .0 6 3 .0 0 0 00
$26 0,4 63 ,00 0 00
$28 8,6 45 ,00 0 00
$307,112,000 00
$391,073,000 00
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cxiii
REPORT OF TEE COMMISSIONER.
STATE BANKS.
1919.
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 t e 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 i n g D e p a r t m e n t , t h e r e p o r t s b e in g c a l l e d f o r o n p a s t d a y s u n k n o w n t o t h e
b a n k o f f i c e r s , v i z ., M a r c h 4 , M a y 1 2 , J u n e JO, S e p t e m b e r 1 2 , N o v e m b e r _ 1 7 , 1 9 1 9 .
Resources.
L oans and discounts:
Com m ercial departm ent........... $172, 166,709
65, 267,881
Savings departm ent.........
Bonds, m ortgages and securities
Com m ercial departm ent.......... 128, 953,238
Savings departm ent.................. 262, 626,749
D ue from Federal Reserve Banks:
,97 2 ,5 1 5
Com m ercial departm ent. . . .
,69 3 ,1 8 3
Savings departm ent.........
D ue from banks in reserve cities:
,1 5 2 ,8 9 0
Com m ercial departm ent..........
,19 8 ,2 2 2
Savings departm ent. . . _ ...........
U. S. Bonds and cert, o f indebt
(carried as legal reserve):
1 9 ,0 4 7 ,8 5 7
Savings departm ent..................
U. S. certificates o f indebtedness
(carried as cash reserve):
962,900
Com m ercial department.
,36 7 ,2 4 6
Savings departm ent. . . .
Exchanges for clearing house and
checks on banks in same place:
514,483
Com m ercial department
458,279
Savings departm ent..................
C u rren cy:.............................. Com ’ l. dept. 619,300
476,493
Sav. dept.
G old c o in ...............................Com ’ l.dept. 607,356
248,443
Sav. dept.
Silver c o in :........................... C om ’ l.dept. 322,041
540,602
Sav. dept.
222,454
Nickels and cents:. .C om ’l. dept.
103,465'
Sav. dept.
326,261
O verdrafts..........................................
67,111
Prem ium a cco u n t...........................
327,347
Banking house.................................
707,460
Furniture and fixtures..................
4 15,839
Other real estate........................
D ue from banks other than in
983,642
reserve cities................................
2 01,447
Cash items in transit.....................
764,816
Outside cks. and other cash items
202,100
Stock o f Federal Reserve Bank.
200,735
Other assets...................................
T ota ls.
R ep ort o f
M a y 12,1 91 9,
513 state banks,
2 industrial
banks, 9 trust
com panies.
R ep ort o f
June 30, 1919,
513 state banks,
2 industrial
banks, 10 trust
com panies.
R ep ort o f
Rept. 12,1 91 9,
514 state banks,
2 industrial
banks, 10 trust
com panies.
R ep ort of
N ov . 17,1919,
516 state banks,
2 industrial
banks, 10 trust
com panies.
82
78
$18 4,0 98 ,73 7 94
6 3,2 97 ,35 3 36
$207,476,673 37
6 6,0 7 3 ,1 7 9 87
$226,731,988 20
7 3 ,7 39 ,21 2 01
$ 245,006,718 06
7 4 ,4 16 ,03 5 50
54
59
144 ,38 9,8 30 78
2 7 5 ,38 0,7 68 74
124 ,95 6,8 62 33
2 8 8 ,56 1,0 90 52
122 ,63 6,2 58 13
3 0 4 ,20 3,9 16 47
1 1 3 ,66 2,7 97 58
3 1 8 ,01 2,3 07 16
64
37
15,3 21 ,75 3 00
9 ,3 5 9 ,7 2 9 32
14,2 87 ,53 1 06
9 ,3 0 1 ,5 9 9 60
1 7 ,8 64 ,68 5 85
10,9 31 ,57 1 24
19,7 31 ,91 1 42
12,983,751 30
26
35
3 8 ,9 9 9 ,3 1 3 77
2 0 ,9 2 2 ,4 9 4 45
3 8 ,7 2 7 ,5 1 8 52
2 0,0 2 9 ,9 0 1 99
4 0 ,9 9 1 ,9 7 9 89
2 0 ,3 0 4 ,6 1 8 64
4 4 ,5 3 0 ,5 5 8 41
2 1 ,7 8 3 ,1 5 2 82
05
2 0 ,8 50 ,56 9 20
2 0 ,8 5 8 ,6 9 6 04
19,8 99 ,65 2 97
19,6 38 ,61 2 96
00
23
849,097 45
1 ,9 3 6 ,1 4 5 00
689,691 52
1 ,2 4 3,6 85 37
R ep ort o f
M arch 4 ,1 9 1 9 ,
507 state banks,
2 industrial
banks, 9 trust
com panies.
46
86
77
70
22
33
55
64
91
70
24
66
28
58
61
95
27
52
00
27
$785,719,079 15
Liabilities.
Capital sto c k .................................... $ 43 ,34 2,2 80 00
2 6 ,9 1 6 ,0 1 0 36
Surplus fu n d ....................................
11,2 36 ,23 2 43
U ndivided profits, n e t ...................
4 1,309 56
D ividends u n p aid............................
1 ,4 4 4 ,7 3 0 80
Reserved for taxes, interest, etc
C om 'l. deposits subject to check. 1 99,117,266 00
2 3 ,9 8 2 ,7 6 8 84
D em and certificates o f d ep osit...
780,860 43
Certified checks..............................
1 ,4 2 2,6 76 49
Cashier’ s checks...............................
'3 0 4;0 24 17
D ue to Federal Reserve B a n k ...
18,0 46 ,23 5 18
D ue to other banks and bankers.
4 ,6 2 2 ,1 1 4 29
State m oneys on dep osit...............
3 ,1 7 5 ,6 2 2 63
Postal savings d ep osits.._.............
15,8 51 ,73 5 89
U.
S. Governm ent dep osits.....
5 ,8 7 2 ,4 5 6 01
T im e com ’ l. cert, o f dep osit........
Savings deposits................ . . ____ 340 ,50 6,8 23 87
5 5 ,5 7 0 ,1 6 3 45
Savings certificates o f d ep osit. . .
1 ,0 4 4 ,0 4 5 68
Club sav.dept.(X m as,T hrift,etc.)
2 ,8 3 1 ,9 8 5 23
N otes and bills red iscou n ted .. .
24|309,516 96
Bills payable ................................
988;000 00
Bonds soldisubject to repurchase
3 ,8 3 8 ,7 2 9 51
B onds b orrow ed............................
222,860 65
Customers’ letters o f cred it-----A cceptances executed for cus
200 ,00 0 00
tom ers ..........................................
5 0,630 72
Other liabilities.............................
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$785,719,079 15
138
416
304
322
222
1,222 666
1,252 066
521 827
205 570
102 958
378 044
68 947
12,340 239
3,2 0 2 407
1,327 ,212
16
83
30
37
54
63
80
99
83
53
93
10
24
55
23
6 ,5 9 0 ,3 7 3
2 ,4 5 2 ,4 0 5
9 ,5 0 7 ,1 0 8
11,8 37 ,91 5
613,638
1 ,2 3 3,5 11
1 ,3 9 7,5 91
407,055
239,811
64,236
1 ,4 9 3,6 91
68,078
12,9 30 ,70 3
2 ,7 3 6 ,5 4 7
1 ,2 8 8 ,1 2 6
20
99
81
12
89
42
21
42
01
91
23
98
18
98
22
7 ,6 3 3 ,8 6 5
2 ,5 9 6 ,1 5 4
10,5 40 ,63 1
1 2 ,0 81 ,03 8
658,548
1 ,0 8 3 ,4 3 7
1 ,5 1 9 ,0 1 4
471 ,30 2
248,555
76,991
490,110
129,538
13,2 74 ,68 6
2 ,8 4 5 ,1 4 1
1 ,3 4 6 ,5 6 4
67
13
14
23
11
92
95
86
45
74
62
53
64
29
84
1 0 ,7 24 ,34 4
3 ,5 3 7 ,1 1 2
9 ,5 2 3 ,3 7 0
1 1 ,3 92 ,24 0
950,266
995,953
1 ,5 8 8 ,1 6 5
428,639
260,689
8 2,7 90
544,378
201 ,95 0
13,9 87 ,85 5
2 ,8 2 1 ,3 1 6
1 ,4 3 3 ,7 9 8
63
51
86
88
02
40
22
03
70
99
47
91
73
68
10
3 ,1 0 0 ,3 0 5
4 ,0 1 7 ,7 5 3
1 ,8 1 8 ,5 9 7
1 ,2 4 4 ,0 6 9
130,489
13
31
27
70
99
2 ,5 4 0 ,8 3 1
4 ,5 6 1 ,2 2 6
1 ,6 2 3 ,0 1 8
1 ,2 6 3 ,9 0 1
104,597
20
60
32
12
34
3 ,4 1 6 ,8 0 0
7 ,3 9 2 ,1 6 5
1 ,3 3 2 ,5 4 2
1 ,3 7 6 ,1 2 2
129,512
88
99
10
73
10
3 ,7 0 9 ,7 8 4
7 ,6 5 9 ,8 3 1
1 ,6 4 6 ,7 7 4
1 ,3 6 9,3 63
2 58,839
69
08
61
16
02
7 ,694,
2 ,661,
10,740
10,722,
619
$838,782,354 44
$ 43 ,62 2,3 56
2 7 ,0 8 3 ,8 5 0
12,6 81 ,10 9
21,235
1 ,8 5 7 ,3 7 6
221 ,59 3,1 08
2 5 ,7 03 ,06 6
988,985
2 ,4 7 2 ,5 3 6
390,902
1 8,2 61 ,00 3
4 ,5 3 3 ,8 8 6
3 ,2 1 1 ,8 4 7
2 2 ,8 5 1 ,5 4 7
5 ,8 4 3 ,1 0 9
333 ,75 2,9 66
7 5 ,4 8 7 ,7 8 7
1,47 3,6 11
2 ,5 5 4 ,2 7 3
2 7 ,8 2 3 ,3 8 6
347,641
5 ,8 1 7 ,9 9 4
185,022
68
96
77
82
61
69
34
01
58
27
35
51
20
35
32
03
98
09
19
50
94
99
83
$855,160,800 34
$ 43 ,92 1,4 68
2 7 ,4 0 7 ,1 4 7
11,8 45 ,99 7
865,597
1 ,2 8 3 ,2 7 4
244 ,96 3,0 97
26,0 86 ,06 1
1 ,6 4 6 ,1 7 0
2 ,3 4 9 ,0 2 8
132,326
17,6 42 ,61 9
5 ,4 1 4 ,1 2 8
3 ,1 3 4 ,2 3 5
10,4 13 ,90 3
5 ,7 1 2 ,0 7 9
3 38,693,331
5 8 ,1 2 0 ,1 1 6
1 ,4 4 6 ,8 7 6
2 ,9 7 8 ,5 9 7
3 7,4 5 6 ,3 1 0
63,300
7 ,0 3 7 ,1 0 7
345,622
68
33
72
58
87
23
04
29
55
97
59
37
89
85
33
52
98
73
20
00
00
27
01
$905,946,609 62
$ 44 ,88 2,9 05
2 8 ,8 2 2 ,5 0 4
1 2,3 69 ,34 9
53,692
1 ,7 0 2 ,0 0 0
2 7 7 ,33 4,0 47
2 0,4 2 5 ,5 4 6
1 ,4 7 5,8 53
3 ,6 6 4 ,9 8 7
392,739
19,3 46 ,62 2
2 ,7 0 4 ,4 7 5
3 ,0 1 9 ,0 6 4
11,1 92 ,10 8
5 ,8 2 3 ,6 2 5
3 6 5 ,72 5,7 16
6 0 ,6 47 ,26 9
1 ,8 2 9,2 72
2 ,1 6 4 ,1 1 5
2 3 ,9 29 ,20 3
65,915
1 1,1 76 ,25 2
283,737
55
29
96
29
95
85
27
03
83
00
09
44
39
89
12
88
76
11
37
83
00
17
84
$942,883,311 80
$ 46 ,00 8,3 70
2 9,0 1 2 ,0 0 5
14,0 23 ,25 2
19,702
2 ,0 0 3 ,2 5 2
293 ,05 9,9 10
28,8 02 ,56 3
1 ,6 4 6,7 96
2 ,9 7 4 ,6 2 7
243,779
2 0,3 4 4 ,7 3 4
1 ,5 0 0,3 06
2 ,8 9 7 ,4 9 4
2 ,8 2 5,0 61
5 ,8 4 7 ,0 9 0
3 86 ,43 4,3 84
6 1 ,9 09 ,62 0
2 ,1 0 9 ,0 5 7
2 ,0 8 4 ,3 1 0
2 2 ,5 6 9 ,5 5 0
72,550
11,1 44 ,33 6
549,950
00
69
08
79
97
63
44
67
61
00
93
51
73
24
07
89
65
99
51
00
00
47
30
223,747 43
1 ,2 0 0 ,0 0 0 00
5 ,0 0 2 ,4 0 1 34
771,648 75
143,954 96
4 ,6 2 7 ,7 5 5 07
172,847 56
$838,782,354 44
$ 855,160,800 34
$905,946,609 62
$942,883,311 80
cxìv
STATEM EN T
STATE BANKING DEPARTMENT.
OF
T H E C O N D IT IO N O F T H E A V E R A G E S T A T E B A N K
T H E C L O S E O F B U S IN E S S N O V E M B E R 17, 1919.
IN
M IC H IG A N
AT
RESOU RCES.
L o a n s a n d d is c o u n ts :
C o m m e r c i a l d e p a r t m e n t .............................. ......................................
S a v i n g s d e p a j t m e n t .................................................................... ” .
B o n d s , m o r tg a g e s a n d s e c u r itie s :
C o m m e r c i a l d e p a r t m e n t ....................................................................
S a v i n g s d e p a r t m e n t .......................................................................... ’.
$ 4 6 4 ,0 2 7 8 8
1 4 0 ,9 3 9 41
------------------------
$ 6 0 4 ,9 6 7
29
$ 2 1 5 ,2 7 0 5 6
6 0 2 ,2 9 5 9 9
------------------------
$ 8 1 7 ,5 6 6
55
RESERVE.
D u e f r o m F e d e r a l R e s e r v e B a n k . , ..........................................
D u e f r o m b a n k s i n r e s e r v e c i t i e s .............................................
U . S. B o n d s a n d C e r tific a te s o f I n d e b te d n e s s ( c a r
r i e d a s l e g a l r e s e r v e ) ..................................................... ..............
E x c h a n g e s f o r c le a r in g h o u s e a n d c h e c k s o n b a n k s
i n s a m e p l a c e ......................................................................................
C u rren cy
..............................................................................................
G o l d c o i n .............................................................................
S i l v e r c o i n ............................................................................. [ . ! ! ! ! . ' .'
N i c k e l s a n d c e n t s ............................................................
C o m m e r c ia l.
$ 3 7 ,3 7 1 2 1
8 4 R 3 8 18
S a v in g s .
$ 2 4 ,5 9 0
4 1 ,2 5 5
43
97
3 7 ,1 9 4
34
2 0 ,3 1 1
1 8 ,0 3 6
1 ,7 9 9
3 ,0 0 7
493
25
69
59
88
73
6 ,6 9 9
2 1 ,5 7 6
1 ,8 8 6
811
156
07
25
27
81
79
$ 1 6 5 ,3 5 8
O v e r d r a fts
...........................................................................................................
P r e m iu m
a c c o u n t ....................................................................
E x p e n s e s , in t e r e s t a n d t a x e s p a id e x c e e d in g e a r n in g s
B a n k i n g h o u s e ............................................................. -....................................
F u r n i t u r e a n d f i x t u r e s .............................................. ! ! . . ! ! ! ! ! !
O t h e r r e a l e s t a t e ............................................................................................
D u e f r o m b a n k s o t h e r t h a n i n r e s e r v e c i t i e s .....................
C a s h i t e m s i n t r a n s i t ................................................................................
O u t s i d e c h e c k s a n d o t h e r c a s h i t e m s .............................................
S t o c k o f F e d e r a l R e s e r v e B a n k .....................................................
O t h e r a s s e t s ......................................................................
53
$ 1 3 4 ,1 7 0
93
T ota l
$ 2 9 9 ,5 2 9 4 6
$ 1 ,0 3 1 01
382 48
29 92
2 6 .4 9 2 15
5 ,3 4 3 4 0
2 .7 1 5 5 2
7 .0 2 6 11
1 4 .5 0 7 2 5
3 .1 1 8 8 9
2 ,5 9 3 4 9
4 90 22
$ 1 ,7 8 5 ,7 9 3
74
$ 8 7 .1 3 7
5 4 .9 4 6
2 6 ,5 8 9
37
3 ,7 9 4
06
98
11
32
04
$ 6 8 2 ,0 8 7
79
$ 8 5 3 ,1 3 0
3 ,9 4 7
4 2 ,7 4 5
137
2 1 ,1 0 6
8 ,7 6 4
1 ,0 4 1
327
80
56
36
40
70
69
57
36
$ 1 ,7 8 5 ,7 9 3
74
L IA B IL IT IE S .
C a p i t a l s t o c k .......................................................................................................
S u r p l u s f u n d .....................................................................................
U n d i v i d e d p r o f i t s , n e t ...........................................
D i v i d e n d s u n p a i d ................................................................................'. . . .
R e s e r v e f o r t a x e s , i n t e r e s t , e t c ................’ .'.’ . . ’ . '. ’ !
C O M M E R C IA L D E P O S IT S .
C o m m e r c i a l d e p o s i t s s u b j e c t t o c h e c k ...................................................
D e m a n d c e r t i f i c a t e s o f d e p o s i t s ................................................................. ..
C e r t i f i e d c h e c k s .........................................................................................
C a s h i e r ’ s c h e c k s ......................................................................
D u e t o F e d e r a l R e s e r v e B a n k ..............................................................
D u e t o o t h e r b a n k s a n d b a n k e r s ...................................
S t a t e m o n e y s o n d e p o s i t ......................................................................................
P o s t a l s a v i n g s d e p o s i t s .................................................................
U . S . G o v e r n m e n t d e p o s i t s ................................ ........................................."*
T i m e c o m m e r c i a l c e r t i f i c a t e s o f d e p o s i t ...............
S A V IN G S
N o t e s a n d b i l l s r e d i s c o u n t e d .......................................................................
B i l l s p a y a b l e ............................................................................................................. "
B o n d s s o l d s u b j e c t t o r e p u r c h a s e ...........................................................
B o n d s b o r r o w e d ..............................................................................................
A c c e p t a n c e s e x e c u t e d f o r c u s t o m e r s ! . ! ! ! ! ! ! ! ! ! ! ! ! ............
C u s t o m e r s ’ l e t t e r s o f c r e d i t ..............................................................
O t h e r l i a b i l i t i e s ............................................................................... ..
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
71
31
93
76
70
69
49
68
49
03
D E P O S IT S .
B ook
a c c o u n t s ..........................................................................................................
C e r t i f i c a t e s o f d e p o s i t .................................................................
C lu b s a v in g s d e p o s it s ( X m a s , T h r i f t , e t c . ) . . . . . . . . . . . . .
T ota l
$ 5 5 5 ,0 3 7
5 4 ,5 5 0
3 .1 1 8
5 ,6 3 3
461
3 8 ,5 3 1
2 ,8 4 1
5 ,4 8 7
5 ,3 5 0
1 1 ,0 7 4
$ 7 3 1 ,8 8 3
1 1 7 ,2 5 3
3 ,9 9 4
31
06
43
cxv
REPORT OF THE COMMISSIONER.
NATIONAL BANKS.
1919.
Figures given by Comptroller of the Currency in even thousands.
A b s tr a c t s o f r e p o r t s m a d e b y th e N a tio n a l 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 t h e B a n k i n g D e p a r t m e n t , M a r c h 4, M a y 1 2 , J u n e 3 0 , S e p t e m b e r 1 2 a n d N o v e m
b e r 1 1 , 1 9 1 9 . F o r r e p o r t s o f i n d i v i d u a l n a t i o n a l b a n k s s,ee s u c c e e d i n g p a g e s .
R ep ort of
M a y 12, 1919,
108 national
banks.
R eport o f
June 3 0 ,1 91 9,
108 national
banks.
R ep ort of
Sept. 12, 1919,
108 national
banks.
R eport o f
N ov. 17, 1919,
110 national
banks.
Loans and discounts...................... $150,446,000 00
Customers liability account of
acceptances...................................
1 ,6 3 3,0 00 00
Customers liability under letters
6,0 0 0 00
o f cred it........................................
O verdrafts, secured & unsecured.
202,000 00
U. S. bonds and certificates of
5 8 ,2 7 1 ,0 0 0 00
indebtedness.................................
867,000 00
Stock o f Federal Reserve B a n k ..
4 4,0 9 6 ,0 0 0 00
Other bonds, securities & stock s.
Law ful reserve with Federal
17,3 58 ,00 0 00
Reserve Bank and in v a u lt. . .
D ue from other banks & bankers
3 8 ,9 88 ,00 0 00
3 ,0 7 9 ,0 0 0 00
Exchanges for clearing house___
483,000 00
Outside cks. and other cash items
Banking house, furn. and fixtures
6 ,3 0 1 ,0 0 0 00
1 ,0 8 4 ,0 0 0 00
Other real estate.............................
D ue from U. S. Treasurer............
1 ,0 1 5 ,0 0 0 00
54,0 00 00
Other assets......................................
$149,538,000 00
$159,896,000 00
$176,697,000 00
$18 6,2 57 ,00 0 00
1 ,2 5 3 ,0 0 0 00
3 ,1 5 2 ,0 0 0 00
2 ,5 6 7 ,0 0 0 00
2 ,6 3 6 ,0 0 0 00
10,000 00
153,000 00
11,000 00
133,000 00
14,000 00
145,000 00
12,000 00
153,000 00
6 1,3 6 0 ,0 0 0 00
876,000 00
4 7 ,0 9 1 ,0 0 0 00
66,7 60 ,00 0 00
886,000 00
4 9,1 3 8 ,0 0 0 00
6 6 ,8 0 4 ,0 0 0 00
906 ,00 0 00
4 9 ,8 3 0 ,0 0 0 00
5 9 ,5 3 8 ,0 0 0 00
910 ,00 0 00
5 1 ,0 6 7 ,0 0 0 00
1 8,7 71 ,00 0
4 8,4 6 0 ,0 0 0
6 ,5 5 5 ,0 0 0
650,000
6 ,3 5 1 ,0 0 0
1 ,4 6 2 ,0 0 0
704 ,00 0
215,000
2 1.5 50 ,00 0
4 0,8 1 8 ,0 0 0
4 ,1 4 8 ,0 0 0
809,000
6 ,3 7 9 ,0 0 0
1 ,4 2 4 ,0 0 0
691,000
274,000
2 6 ,9 19 ,00 0
4 5 ,1 2 1 ,0 0 0
6 ,6 4 0 ,0 0 0
699,000
6 ,5 3 0 ,0 0 0
860,000
847,000
155,000
2 6 ,4 8 6 ,0 0 0
4 7 ,8 9 0 ,0 0 0
6 ,8 1 7 ,0 0 0
9 6 2 ,C00
6 ,6 1 1 ,0 0 0
857 ,00 0
865,000
12,000
T ota ls........................................ $323,883,000 00
$343,449,000 00
Resources.
R ep ort o f
M arch 4, 1919,
108 national
banks.
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$35 6,0 69 ,00 0 00
00
00
00
00
00
00
00
00
$38 4,7 34 ,00 0 00
00
00
00
00
00
00
00
00
$ 391,073,000 00
Liabilities.
Capital sto c k ...........; .....................
Surplus fu n d ....................................
Undivided profits, n e t...................
Reserved for taxes, interest, e t c .
Circulation........................................
$ 1 8 ,55 5,0 00
1 0 ,6 53 ,00 0
5 ,4 1 9 ,0 0 0
1 ,3 7 8 ,0 0 0
10,5 62 ,00 0
00
00
00
00
00
$18 ,90 5,0 00
1 0 ,6 91 ,00 0
6 ,8 8 8 .0 0 0
1 ,5 4 4 ,0 0 0
1 0 ,4 87 ,00 0
00
00
00
00
00
D ue to other banks and bankers.
D em and deposits............................
Certified ch eck s...............................
Cashiers checks...............................
U . S. Governm ent deposits.........
T im e dep osits..................................
Bonds borrow ed..............................
Bills pa y a b le....................................
Acceptances exct. for custom ers.
Customers letters o f cred it.........
N otes and bills rediscounted. . . .
Other liabilities................................
2 4,6 6 3 ,0 0 0
122 ,49 7,0 00
674,000
387,000
7 ,0 6 5 ,0 0 0
9 6 ,1 4 6 ,0 0 0
1 ,2 4 1,0 00
10,8 34 ,00 0
1 ,6 3 3 ,0 0 0
166,000
2 ,6 1 9 ,0 0 0
9 ,3 9 1 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
2 4,3 8 5 ,0 0 0
143 ,33 5,0 00
647,000
585,000
5 ,9 2 1 ,0 0 0
1 0 0 ,83 8,0 00
949 ,00 0
1 0 ,9 1 0 ,0 0 0
1 ,2 5 3 ,0 0 0
161,000
901 ,00 0
5 ,0 4 9 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
T ota ls......................................... $ 323,883,000 00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$34 3,4 49 ,00 0 00
$ 18 ,90 5,0 00
10,8 49 ,00 0
5 ,8 0 1 ,0 0 0
1 ,4 3 5,0 00
1 0,6 66 ,00 0
1,000
2 5 ,8 2 1 ,0 0 0
1 47,078,000
1 ,2 6 1 ,0 0 0
670,000
7 ,3 9 2 ,0 0 0
9 7 ,8 41 ,00 0
2 ,5 9 8 ,0 0 0
1 0 ,9 05 ,00 0
3 ,1 5 2 ,0 0 0
120,000
671,000
1 0 ,9 0 3 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$35 6,0 69 ,00 0 00
$ 1 9 ,20 5,0 00
1 1 ,1 24 ,00 0
6 ,4 3 9 ,0 0 0
1 ,3 7 3 ,0 0 0
1 0 ,5 07 ,00 0
00
00
00
00
00
$19 ,63 0,0 00
11,3 10 ,00 0
7 ,1 3 8 ,0 0 0
1 ,5 9 3 ,0 0 0
1 0,5 9 1 ,0 0 0
00
00
00
00
00
2 9 ,6 2 5 ,0 0 0
1 7 0 ,64 1,0 00
1 ,1 2 2 ,0 0 0
631,000
4 ,4 4 3 ,0 0 0
102 ,02 4,0 00
1 ,4 0 2 ,0 0 0
1 3,5 8 6 ,0 0 0
2 ,5 6 7 ,0 0 0
141,000
3 ,7 2 6 ,0 0 0
6 ,1 7 8 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
3 0 ,0 3 1 ,0 0 0
171 ,88 7,0 00
818,000
799,000
1 ,6 2 5 ,0 0 0
1 06 ,03 2,0 00
2 ,3 8 7 ,0 0 0
1 9,7 8 8 ,0 0 0
2 ,6 3 6 ,0 0 0
135,000
2 ,6 1 0 ,0 0 0
2 ,0 6 3 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
$384,734,000 00
$391,073,000 00
Cïvi
STATE BANKING DEPARTMENT.
STATE AND NATIONAL BANKS.
1919.
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 sin ess tr a n s a c te d b y th e S ta te an d N a tio n a l
b a n k s a n d T r 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 t e 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
, M a y 1 2 , J u n e 3 0 , S e p t e m b e r 1 2 a n d N o v e m b e r 17 .
4
Resources.
R ep ort o f
M arch 4, 1919,
507 state banks,
108 national
banks, 2
industrial banks,
10 trust
com panies.
R ep ort o f
» M a y 1 2 ,1 9 1 9 ,
513 state banks,
108 national
banks, 2
industrial banks,
10 trust
com panies.
R ep ort o f
K June 30, 1919,
513 state banks,
108 national
banks, 2
industrial banks,
10 trust
com panies.
R eport o f
Sept, 12, 1919,
514 state banks,
108 national
banks, 2
industrial banks,
10 trust
com panies.
R eport of
N ov. 17, 1919,
516 state banks,
110 national
banks, 2
industrial banks,
10 trust
com panies.
]
I
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Loans and discounts...................... $387,880,591 60 $396,934,091 30 $433,445,853 24 $477,168,200 21 $505,679,753 56
Customers liability accoun t o f
2 ,5 6 7 ,0 0 0 00
2 ,6 3 6 ,0 0 0 00
3 ,1 5 2 ,0 0 0 00
1 ,2 5 3 ,0 0 0 00
a cceptances...................................
1 ,6 3 3 ,0 0 0 00
Customers liability under letters
12,0 00 00
14,000 00
11,000 00
1 0,000 00
6 ,0 0 0 00
o f credit..........................................
697,378 47
635,110 62
1 ,6 2 6,6 91 23
531,044 93
O verdrafts, secured & unsecured.
528,261 24
201,950 91
129,538 53
68,0 78 98
68,9 47 10
67,111 66
Premium a cco u n t...........................
2 ,2 7 9 ,3 6 3 16
2 ,2 8 2 ,1 2 2 73
2 ,1 4 9 ,9 0 1 12
2 ,1 2 0 ,0 6 9 70
2 ,0 6 9 ,1 0 0 00
Stock o f Federal Reserve B a n k ..
5 6 1 ,9 1 8 ,7 1 7 7 0
5 63 ,37 3,8 27 57
551 ,85 8,4 11 17
5 52 ,20 8,0 25 78
Bonds, securities and s t o c k s. . . .
5 15,324,991 41
Law ful reserve w ith Federal R e8 4 ,4 23 ,77 8 82
8 2 ,3 9 4 ,7 7 7 49
7 0 ,4 39 ,99 9 45
6 8 ,8 3 9 ,4 2 2 31
serve Bank and cash in v a u l t .
6 3 ,1 6 3 ,8 5 7 83
1 17 ,91 3,4 95 92
109 ,83 4,3 99 71
1 02,116,251 71
111 ,48 7,1 13 35
9 9,3 2 2 ,7 5 5 56
D ue from banks and bankers.. . .
2 1 ,0 7 8 ,4 5 7 14
1 6 ,8 7 0 ,0 1 9 80
1 3 ,1 90 ,77 9 19
1 6 ,9 1 1 ,5 5 4 99
9 ,0 5 1 ,7 6 3 32
Exchange for clearing house........
Outside checks and other cash
1 0 ,2 68 ,60 6 59
9 ,4 2 3 ,7 0 8 09
6 ,9 9 3 ,2 4 4 92
6 ,4 8 6 ,3 5 0 58
5 ,4 4 9 ,2 6 3 79
item s...............................................
2 3 ,4 2 0 ,1 7 2 41
2 2 ,6 4 9 ,8 2 7 93
2 2,0 4 6 ,2 5 1 16
2 1 ,8 9 3 ,6 4 6 79
Banking house, furn. and fixtures
2 1 ,3 3 5 ,8 0 7 86
2 ,2 0 6 ,5 6 4 84
2 ,2 9 0 ,7 9 8 10
2 ,7 8 9 ,2 1 2 23
2 ,7 1 2 ,1 2 6 22
2 ,4 9 9 ,8 3 9 61
Other real esta te.............................
8 65,000 00
847 ,00 0 00
691,000 00
704,000 00
D ue from U. S. treasurer.............
1 ,0 1 5 ,0 0 0 00
2 70,839 02
284,512 10
3 78 ,59 7 34
254,735 27
345,489 99
Other assets......................................
1
1
I
I
I
I
1
I
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T o ta ls ......................................... $1,109,602,079 15 $1,182,231,354 44 $1,211,229,800 34 $1,290,680,609 62 $1,333,956,311 80
1
Liabilities.
C apital sto c k .................................... $ 61 ,89 7,2 80 00
3 7,5 6 9 ,0 1 0 36
Surplus fu n d ....................................
1 6 ,6 55 ,23 2 43
U ndivided profits, n e t ...................
Reserved for taxes, interest, e t c .
2 ,8 2 2 ,7 3 0 80
C ircu la tion ........................................
1 0 ,5 6 2 ,0 0 0 00
304,024 17
D ue to Federal Reserve B a n k ...
D ue to other banks and bankers
4 2 ,7 0 9 ,2 3 5 ,1 8
Individ, deposits subject to check 3 2 1 ,61 4,2 66 00
2 9 ,8 5 5 ,2 2 4 ,8 5
Com m ercial certificates o f deposit
1 ,4 5 4 ,8 6 0 43
Certified c h e c k s ...............................
1 ,8 0 9 ,6 7 6 49
Cashiers ch eck s..............................
41,3 09 56
D ividends u n p a id ..........................
4 ,6 2 2 ,1 1 4 29
State m oneys on d ep osit...............
U. S. Governm ent d ep osits.........
2 2 ,9 1 6 ,7 3 5 89
3 ,1 7 5 ,6 2 2 63
Postal savings dep o sits..................
Savings deposits (b ook accounts) 4 3 7 ,6 9 6 ,8 6 9 55
Savings certificates o f d e p o sit. . .
5 5 ,5 70 ,16 3 45
Bonds b orrow ed..............................
5 ,0 7 9 ,7 2 9 51
Bills p a y a b le ....................................
3 5 ,1 4 3 ,5 1 6 96
Bonds sold subject to repurchase
988,000 00
Acceptances exet. for custom ers.
1 ,8 5 5 ,8 6 0 65
Customers fetters o f c r e d it.........
366 ,00 0 00
5 ,4 5 0 ,9 8 5 23
N otes and bills rediscounted. . . .
Other liabilities...............................
9 ,4 4 1 ,6 3 0 72
$ 62 ,5 2 7 ,3 5 6
3 7 ,7 7 4 ,8 5 0
1 9 ,5 6 9 ,1 0 9
3 ,4 0 1 ,3 7 6
1 0 ,4 8 7 ,0 0 0
3 90,902
4 2 ,6 4 6 ,0 0 3
3 6 4 ,92 8,1 08
3 1 ,5 4 6 ,1 7 5
1 ,6 3 5 ,9 8 5
3 ,0 5 7 ,5 3 6
21,2 35
4 ,5 3 3 ,8 8 6
2 8 ,7 7 2 ,5 4 7
3 ,2 1 1 ,8 4 7
4 3 6 ,0 6 4 ,5 7 7
7 5 ,4 8 7 ,7 8 7
6 ,7 6 6 ,9 9 4
3 8 ,7 3 3 ,3 8 6
347,641
1 ,2 5 3 ,0 0 0
3 46,022
3 ,4 5 5 ,2 7 3
5 ,2 7 2 ,7 4 7
68
96
77
61
00
27
35
69
66
01
58
82
51
35
20
12
98
99
50
94
00
83
19
43
$ 62 ,82 6,4 68 68
38,256,147*33
1 7 ,6 4 6 ,9 9 7 72
2 ,7 1 8 274 87
1 0 ,6 66 ,00 0 00
133,326 97
4 3 ,4 6 3 ,6 1 9 59
3 9 2 ,0 4 1 ,0 9 7 23
3 1,7 9 8 ,1 4 0 37
2 ,9 0 7 ,1 7 0 29
3 ,0 1 9 ,0 2 8 55
865,597 58
5 ,4 1 4 ,1 2 8 37
17,8 05 ,90 3 85
3 ,1 3 4 ,2 3 5 89
4 3 7 ,9 8 1 ,2 0 8 25
5 8 ,1 2 0 ,1 1 6 98
9 ,6 3 5 ,1 0 7 27
4 8,3 6 1 ,3 1 0 00
63,3 00 00
4 ,3 5 2 ,0 0 0 00
465 ,62 2 01
3 ,6 4 9 ,5 9 7 20
1 5 ,9 05 ,40 1 34
$ 6 4 ,08 7,9 05
3 9 ,9 4 6 ,5 0 4
1 8 ,8 0 8 ,3 4 9
3 ,0 7 5 ,0 0 0
1 0 ,5 07 ,00 0
392 ,73 9
48,971 622
4 47 ,97 5,0 47
32,2 49 ,17 1
2 ,5 9 7 ,8 5 3
4 ,2 9 5 ,9 8 7
53,692
2 ,7 0 4 ,4 7 5
1 5 ,6 35 ,10 8
3 ,0 1 9 ,0 6 4
4 6 9 ,5 7 8 ,9 8 8
6 0 ,6 4 7 ,2 6 9
1 2 ,5 78 ,25 2
3 7 ,5 1 5 ,2 0 3
65,915
3 ,3 3 8 ,6 4 8
424 ,73 7
5 ,8 9 0 ,1 1 5
6 ,3 2 1 ,9 5 4
55
29
96
95
00
00
09
85
39
03
83
29
44
89
39
99
76
17
83
00
75
84
37
96
$ 65 ,63 8,3 70 00
4 0,3 2 2 ,0 0 5 69
2 1 ,1 6 1 ,2 5 2 08
3 ,5 9 6 ,2 5 2 97
1 0 ,5 9 1 ,0 0 0 0 0
.2 4 3 ,7 7 9 00
5 0 ,3 75 ,73 4 93
464 ,94 6,9 10 63
3 4,6 4 9 ,6 5 3 51
2 ,4 6 4 ,7 9 6 67
3 ,7 7 3 ,6 2 7 61
19,702 79
1 ,5 0 0 ,3 0 6 51
4 ,4 5 0 ,0 6 1 24
2 ,8 9 7 ,4 9 4 73
4 94 ,5 7 5 ,4 4 2 88
6 1 ,9 0 9 ,6 2 0 6 5
1 3 ,5 31 ,33 6 47
4 2 ,3 5 7 ,5 5 0 00
72,5 50 00
7 ,2 6 3 ,7 5 5 07
684,950 30
4 ,6 9 4 ,3 1 0 51
2 ,2 3 5 ,8 4 7 56
T o ta ls......................................... $1,109,602,079 15 $1,182,231,354 44 $1,211,229,800 34 $1,290,680,609 62 $1,333,956,311 80
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
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fi ll
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REPORT OF THE COMMISSIONER.
cxvii
DETROIT.
STATE B A N K S .
1919.
A b s tr a c t s o f tlie p u b lis h e d r e p o r t s o f th e S ta te b a n k s a n d T r u s t C o m p a n ie s in th e
C ity o f D e tr o it, a s m a d e b y 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 12, J u n e 30, S e p t e m b e r 12, a n d N o v e m b e r 11 , 1919.
Resources.
L eans and discounts:
Com m ercial departm ent..........
Savings departm ent..................
Bonds, mortgages and securities:
Com m ercial departm ent..........
Savings departm ent..................
D ue from Federal Reserve Bank:
Com m ercial departm ent..........
Savings departm ent..................
D ue from banks in reserve cities:
Com m ercial departm ent..........
Savings departm ent..................
U. S. Bonds and certificates o f
indebt, (carried as legal res.):
Savings departm ent..................
U. S. certificates o f indebtedness
(carried as cash reserve):
Exchanges for clearing house and
checks on banks in same place:
Com m ercial departm ent...........
Savings departm ent..................
C u rren cy:.................. Com ’ l. dept.
Sav. dept.
G old c o in :................. C om 'l. dept.
Sav. dept.
Silver c o in :............... C om ’l. dept.
Sav. dept.
Nickels and cen ts:. . C om ’l. dept.
Sav. dept.
O verdrafts..........................................
Prem ium a cco u n t...........................
Banking h ou se..................................
Furniture and fixtures..................
Other real esta te..............................
D ue from banks other than in
reserve cities................................
Cash item s in transit.....................
Outside checks and other cash
item s...............................................
Stock of Federal Reserve B a n k ..
R ep ort o f
R ep ort o f
R ep ort o f
R ep ort o f
R ep ort o f
M arch 4, 1919,
M a y 12, 1919,
June 30, 1919,
Sept. 12, 1919,
N ov . 17,1919,
13 state banks,
13 state banks,
13 state banks,
13 state banks,
13 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
com panies.
com panies.
com panies.
com panies.
com panies.
$61 ,69 3,1 70 24
2 7 ,5 1 3 ,7 4 7 77
$87 ,43 5,5 53 44
2 6,0 1 1 ,8 1 9 67
$ 8 5 ,16 0,1 68 67
2 6 ,2 7 7 ,5 9 3 19
$ 9 0 ,16 2,6 55 47
3 1 ,6 07 ,48 1 68
$100,318,081 11
2 8 ,0 4 1 ,0 5 7 86
8 3 ,3 6 9 ,2 8 0 81
1 17 ,03 9,5 69 96
9 4 ,1 2 2 ,0 6 9 32
123,437,433 45
7 8 ,1 30 ,25 9 94
1 34 ,48 1,9 85 39
7 7,0 3 1 ,2 5 7 90
1 39 ,14 2,6 86 48
64,3 94 ,05 1 16
1 48,839,409 54
8 ,9 7 9 ,1 8 4 79
5 ,2 9 1 ,7 4 1 44
10,0 44 ,58 1 62
5 ,4 2 1 ,4 6 9 28
9 ,4 6 2 ,4 3 2 73
5 ,6 0 3 ,5 4 6 75
1 2 ,3 6 5 ,2 1 2 91
6 ,5 4 0 ,9 4 1 65
1 1 ,8 39 ,50 6 66
7 ,7 0 4 ,3 3 9 94
14,9 62 ,46 5 90
6 ,0 6 5 ,8 6 0 01
14,4 57 ,11 9 28
6 ,0 5 8 ,6 0 2 26
13,2 84 ,66 3 21
5 ,7 1 8 ,3 6 4 29
1 5 ,2 14 ,73 6 66
5 ,7 8 4 ,4 4 7 46
1 6,1 58 ,31 3 69
6 ,1 3 2 ,0 3 3 56
4 ,8 8 8 ,6 4 5 00
6 ,1 0 5 ,4 5 0 00
6 ,6 9 2 ,8 6 0 00
5 ,2 2 8 ,1 1 7 22
5 ,7 8 0 ,6 0 0 00
3 ,0 0 0 00
9 ,0 0 0 00
9 ,0 0 0 00
3 ,0 0 0 00
2 ,0 0 0 00
10,000 00
5 ,9 8 5 ,4 8 4
2 ,1 6 1 ,1 5 9
3 ,8 1 3 ,4 5 7
5 ,8 0 9,5 81
198,702
14,027
607,712
190,830
114,562
4 4 ,8 99
21,8 75
43,5 36
6 ,2 6 8 ,2 7 4
657,329
8 0,318
8 ,0 5 8 ,6 0 8
3 ,0 1 2 ,5 8 3
3 ,7 9 9 ,0 3 9
5 ,6 0 8 ,8 5 0
509 ,59 7
8 ,6 9 5
680,912
142,958
121,338
48,5 95
28,4 09
55,5 72
6 ,7 4 7,8 01
686,116
93,2 80
3 ,1 4 3 ,5 0 3
1 ,2 5 0 ,6 9 4
3 ,7 8 4 ,9 2 9
3 ,7 5 1 ,2 1 4
189,468
15,125
475,875
2 05,637
80,1 36
68,511
1 5,206
8 ,5 6 7
6 ,0 5 6 ,2 4 7
610,337
85,2 35
57
18
00
00
36
41
72
96
31
38
98
73
43
74
55
6 ,2 1 8 ,6 4 6
2 ,1 1 6,5 51
4 ,1 2 8 ,7 2 5
4 ,3 9 7 ,3 6 5
140,064
35,123
4 13,124
250 ,35 0
70,553
7 5,089
19,511
10,740
6 ,1 8 0 ,5 1 6
610,730
8 5,358
35
20
00
38
92
21
82
62
96
22
48
91
31
28
23
4 ,5 3 3 ,0 6 1
2 ,1 0 2 ,2 9 4
3 ,0 2 3 ,5 9 8
4 ,8 1 7,5 11
180,516
9 ,7 5 7
-518,065
154,807
106,492
36,071
762,603
8 ,0 9 2
6 ,1 9 8 ,2 0 9
634,778
75,482
44
51
44
87
56
50
03
20
55
33
28
73
40
20
25
31
82
79
48
95
50
18
40
09
35
14
89
00
59
65
78
61
32
09
04
50
38
40
40
90
95
85
94
34
85
1 ,2 5 1,0 91 43
2 ,4 9 8 ,2 3 7 82
2 ,1 1 1 ,8 4 5 44
3 ,2 9 3 ,6 5 5 32
1 ,6 3 3 ,8 9 4 46
3 ,7 3 0 ,2 3 7 28
2 ,3 5 8 ,1 3 3 50
6 ,2 6 4 ,1 7 7 94
2 ,6 6 8 ,7 5 4 68
6 ,3 4 7 ,2 7 8 78
1 ,0 3 2 ,1 4 3 18
685,200 00
150 00
1 ,0 3 6 ,8 0 2 31
701,800 00
1 ,1 3 4 50
451 ,41 4 56
701,800 00
10,4 29 56
4 2 1 ,2 9 0 75
761,700 00
150 00
666,435 32
761,700 00
T o ta ls ......................................... $ 355,023,179 67
$38 5,0 03 ,78 7 78
$39 4,5 12 ,99 2 32
$418,894,741 76
$42 9,2 53 ,92 3 65
Liabilities.
Capital sto c k ...................................
Surplus fu n d ....................................
U ndivided profits, n e t ...................
D ividends u n p a id ...........................
Reserved for taxes, interest, e t c .
C om ’ l. deposits subject to check
D em and certificates o f d ep osit...
Certified checks...............................
Cashiers’ checks...............................
$ 1 7 ,56 0,1 80
13,0 60 ,49 1
5 ,8 6 7 ,0 0 1
7 ,0 8 7
589 ,42 0
8 6 ,9 58 ,32 9
1 ,4 7 5 ,7 5 5
545 ,48 0
973,270
00
89
32
50
21
06
97
54
83
$ 1 7 ,65 2,5 80
13,2 14 ,19 1
6 ,2 2 2 ,8 5 4
3 ,5 1 9
728,017
100 ,26 5,3 19
3 ,5 3 2 ,9 8 0
697,416
1 ,8 3 3 ,2 1 8
00
89
22
51
31
53
50
92
80
$17 ,76 0,5 00
1 3 ,2 57 ,34 4
6 ,4 7 5,3 11
260,444
743,648
1 1 9 ,35 9,2 80
3 ,5 4 6 ,0 1 3
1 ,2 5 7,5 71
1 ,6 7 7,9 31
00
67
00
78
94
40
23
53
42
D ue to other banks and bankers.
State m oneys on d ep osit...............
Postal savings deposits..................
U . S. G overnm ent dep osits.........
Savings deposits..............................
Savings certificates o f dep osit. . .
Club sa v .d ept.(X m as,T hrift,etc.)
N otes and bills r ed is cou n ted .. . .
Bills pa y a b le ....................................
1 2 ,2 2 2 ,3 2 5
2 ,3 6 5 ,4 7 2
2 ,7 0 9 ,3 3 1
1 2,0 9 1 ,9 4 4
178 ,52 0,7 59
6 ,4 0 6 ,7 7 9
323,233
162,811
1 0 ,9 71 ,10 6
97
52
96
92
03
95
43
26
96
89
24
05
30
77
76
16
29
00
1 ,7 4 5 ,1 5 8
200 ,00 0
222 ,86 0
4 4,3 77
00
00
65
70
73
41
10
28
22
29
69
00
16
00
00
12,0 23 ,84 4
2 ,2 5 7 ,7 1 6
2 ,6 9 3 ,9 1 3
9 ,0 5 8 ,3 3 8
1 65 ,27 4,1 29
6 ,2 5 1 ,5 8 9
517,304
820,315
2 3 ,0 1 9 ,6 0 0
Bonds b orrow ed..............................
Acceptances exct. fo r custom ers.
Customers letters o f credit.........
1 2,5 6 6 ,5 3 8
1 ,5 0 4 ,6 0 7
2 ,7 5 9 ,4 5 3
1 8 ,9 5 0 ,3 4 7
1 66,360,421
2 3 ,3 7 5 ,3 9 4
524,493
152,275
1 2 ,3 07 ,44 5
182,450
1 ,9 8 5,0 23
2 ,0 1 8 ,1 5 3
1 ,2 0 0 ,0 0 0
157,172
4 ,8 8 2 ,8 6 9
00
00
01
88
2 ,8 3 5 ,7 7 6 00
750,000 00
283,737 84
2 ,6 7 7 ,3 7 9 00
4 ,5 5 8 ,2 7 6 13
5 49,950 30
$39 4,5 12 ,99 2 32
$418,894,741 76
$429,253,923 65
185,022 83
217 39
T o ta ls......................................... $355,023,179 67 [$385,003,787 78
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$18 ,17 5,0 00
1 4 ,4 65 ,24 4
6 ,1 1 6 ,6 8 3
2 ,9 7 0
692,015
140 ,71 0,7 47
1 ,8 8 4 ,6 1 2
977,500
2 ,7 0 7 ,2 3 0
21,6 00
1 3 ,8 06 ,43 5
1 ,0 4 0 ,3 2 6
2 ,5 8 5 ,6 3 5
9 ,0 7 2 ,7 3 3
180 ,52 1,5 92
5 ,9 5 2 ,1 9 3
782,511
505,193
1 5 ,0 05 ,00 0
00
67
11
06
99
06
61
99
91
00
66
91
00
34
63
42
67
89
00
$18 ,67 5,0 00
1 4,5 70 ,24 4
6 ,2 6 3 ,0 1 5
5 ,0 9 7
733,858
143 ,97 5,8 15
1 ,7 5 9 ,8 2 9
1 ,2 2 0 ,1 3 4
2 ,0 9 6 ,6 8 8
00
67
55
56
36
87
39
79
91
1 4 ,8 0 6 ,3 6 0
849,816
2 ,4 9 0 ,8 6 5
2 ,0 0 6 ,3 0 7
1 92 ,46 5,1 68
5 ,7 0 2 ,3 1 9
8 83,820
475 ,97 4
1 2 ,4 88 ,00 0
24
67
18
95
94
18
96
00
00
cxviii
STATE BANKING DEPARTMENT.
DETROIT.
NATIONAL B A N K S .
1919.
Figures given by Comptroller of the Currency in even thousands.
A b s t r a c t s o f r e p o r t s m a d e b y t h e 'N a tio n a l b a n k s o f M i c h i g a n t o t h e C o m m i s s i o n e r o f
th e B a n k in g D e p a r t m e n t , M a r c h 4, M a y 12, J u n e 30, S e p t e m b e r 12 a n d N o v e m b e r
11, 1919.
Resources.
Loans and discounts..................
Customers’ liability accoun t o f
a ccep tan ces.. .............................
Customers’ liability under letters
o f cred it.........................................
O verdrafts, secured & unsecured.
U . S. bonds and certificates of
indebtedness........................ '____
Stock o f Federal Reserve B a n k ..
Other bonds, securities and stocks
Law ful reserve with Federal R e serve Bank and in v a u lt...........
D ue from other banks & bankers
Exchanges for clearing h ou se. . . .
Outside checks and other cash
item s...............................................
Banking house, furn. and fixtures
Other real estate............................
D ue from U. S. treasurer.............
Other assets......................................
Totals
R ep ort o f
M arch 4 ,1 9 1 9 ,
3 national
banks.
R ep ort o f
M a y 1 2,1919.
3 national
banks.
R ep ort o f
June 3 0 ,1 91 9.
3 national
banks.
R ep ort o f
Sept. 12,1919,
3 national
banks.
R ep ort of
N ov . 17,1919,
3 national
banks.
$ 6 1 ,71 8,0 00 00
$ 5 9 ,62 3,0 00 00
$ 6 5 ,18 9,0 00 00
$ 7 5 ,30 6,0 00 00
$79 ,82 9,0 00 00
1 ,6 2 9 ,0 0 0 00
1 ,1 9 9 ,0 0 0 00
3 ,0 9 8 ,0 0 0 00
2 ,5 6 4 ,0 0 0 00
2 .6 3 3 .0 0 0 00
6,000 00
10,000 00
11,000 00
8 5 ,0 00 00
5 ,0 0 0 00
7 ,0 0 0 00
13.0 00 00
3 1.0 00 00
2 6 ,0 00 00
1 6 .0 4 0 .0 0 0 00
330 ,00 0 00
1 0.6 1 0 .0 0 0 00
1 6 .2 0 4 .0 0 0 00
3 3 0 ,00 0 09
1 2 .3 6 6 .0 0 0 00
2 7 .8 4 5 .0 0 0 00
330 ,00 0 00
1 2 .3 42 .00 0 00
2 9.5 0 7 .0 0 0 00
330 ,00 0 00
1 1.7 8 2 .0 0 0 00
2 5 .6 9 4 .0 0 0 00
330.000 00
1 1 .0 8 5 .0 0 0 00
9 .4 0 8 .0 0 0 00
1 5,4 0 3 ,0 0 0 00
2 .3 0 8 .0 0 0 00
1 0 .4 9 7 .0 0 0 00
2 4 .6 3 1 .0 0 0 00
5 ,6 0 7 ,0 0 0 00
1 3 .2 4 9 .0 0 0 00
1 6.9 6 5 .0 0 0 00
3 ,0 1 2 ,0 0 0 00
1 7.6 4 0 .0 0 0 00
1 9.7 0 7 .0 0 0 00
5 ,4 9 5 ,0 0 0 00
21 , 121,000 00
00
00
00
00
00
213.000 00
777.000 00
403 .00 0 00
307.000 00
153.000 00
$ 144,475,000 00
$ 164,228,000 00
00
00
00
00
8,000 00
115.000
770.000
565.000
442 .00 0
$119,437,000 00
143.000
760.000
965.000
195.000
213.000
00
00
00
00
00
$13 2,7 48 ,00 0 00
282 ,00 0
750.000
949.000
181.000
265 ,00 0
12,000 00
1 6 .8 2 0 .0 0 0 00
5 .5 1 9 .0 0 0 00
4 3 3 .00 0
7 40.000
400 .00 0
355 .00 0
00
00
00
00
6,000 00
$16 5,0 03 ,00 0 00
Liabilities.
Capital s t o c k ........................... . . .
Surplus fu n d ....................................
U ndivided profits, n e t ...................
Reserved for taxes, interest, e t c .
Circulation........................................
D ue to other banks and bankers.
D em and deposits............................
Certified checks...............................
Cashiers’ ch eck s..............................
U . S. Governm ent dep osits.........
Tim e deposits..................................
Bonds borrow ed..............................
Bills pa y a b le ....................................
Acceptances exct. for custom ers.
Customers’ letters o f cr e d it.........
N otes and bills rediscounted. . . .
Other liabilitias...............................
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 7 ,0 00 ,00 0
4 ,0 0 0 ,0 0 0
1 ,8 2 5 ,0 0 0
762,000
1 ,7 9 9 ,0 0 0
16,7 29 ,00 0
62,9 56 ,00 0
512,000
240,000
3 ,9 5 4 ,0 0 0
7 ,1 2 8 ,0 0 0
234,000
2 ,4 5 0 ,0 0 0
1 ,0 2 9,0 00
10,000
350,000
7 ,8 5 9 ,0 0 0
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$11 9,4 37 ,00 0 00
$ 7 ,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
2 ,7 1 1 ,0 0 0
834,000
1 ,6 8 1 ,0 0 0
16,7 93 ,00 0
79,5 50 ,00 0
496,000
369,000
3 ,6 0 1 ,0 0 0
1 0,8 78 ,00 0
2 0,000
2 ,0 0 0 ,0 0 0
1 ,1 9 9 ,0 0 0
17,000
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
1 ,5 9 9 ,0 0 0 00
$132,748,000 00
$ 7 ,0 00 ,00 0 00
4 .0 0 0 .
000 00
1 .9 2 5 .0 0 0 00
799.000 00
1 .7 0 0 .0 0 0 00
1 7.5 1 2 .0 0 0 00
8 2.6 1 1 .0 0 0 00
930.000 00
417.000 00
5 .3 9 6 .0 0 0 00
6 .0 5 5 .0 0 0 00
1 .3 8 2 .0 0 0 00
4 .0 0 0 .
000 00
3 .0 9 8 .0 0 0 00
19,000
00
3 00 .00 0 00
7 .3 3 1 .0 0 0 00
$144,475,000 00
$ 7 ,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
2 .2 3 8 .0 0 0
740.000
1 .4 9 6 .0 0 0
2 0 .4 5 2 .0 0 0
9 7.8 3 2 .0 0 0
728.000
404 .00 0
1 .9 6 5 .0 0 0
7 .3 0 7 .0 0 0
00
00
00
00
00
00
00
00
00
00
00
100.000 00
10.1 28 .00 0 00
2 .5 6 4 .0 0 0 00
22,000
3 .2 7 5 .0 0 0 00
3 .9 7 7 .0 0 0 00
$164,228,000 00
00
$ 7,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
2 .3 7 6 .0 0 0
838.000
1 . 686.000
2 1.0 5 9 .0 0 0
9 8 .9 8 9 .0 0 0
542.000
547.000
471.000
7 .1 2 6 .0 0 0
100.000
1 4 .8 00 .00 0
2 .6 3 3 .0 0 0
17,0 00
1 .9 5 2 .0 0 0
867 ,00 0
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$16 5,0 03 ,00 0 00
REPORT OF THE COMMISSIONER.
cxix
DETROIT.
STATE AND NATIONAL B A N K S .
1919.
A b s tr a c ts o f r e p o r ts m a d e b y th e N a tio n a l a n d S ta te b a n k s o f D e t r o i t to th e C o m
m i s s i o n e r o f t h e B a n k i n g D e p a r t m e n t M a r c h lt , M a y 1 2 , J u n e 3 0 , S e p t e m b e r 1 2 ,
a n d N o v e m b e r 17, 1919.
Resources.
R ep ort o f
R ep ort o f
R ep ort o f
R ep ort o f
R ep ort o f
M arch 4, 1919,
M a y 12, 1919,
June 3 0 ,1 91 9,
Sept. 1 2,1919,
N ov . 17,1919,
13 state banks,
13 state banks,
13 state banks,
13 state banks,
13 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
com panies.
com panies.
com panies.
companies.
companies.
Loans and discounts..................... $ 150,924,918 01
Customers’ liability accoun t o f
acceptances...................................
1 ,6 2 9 ,0 0 0 00
Custom ers’ liability under letters
6 ,0 0 0 00
o f cred it........................................
Overdrafts secured & unsecured.
100,206 98
8 ,5 6 7 73
Prem ium a cco u n t...........................
Stock o f Federal Reserve B a n k ..
1 ,0 1 5 ,2 0 0 00
Bonds, securities and s to c k ......... 2 3 1 ,95 9,4 95 77
Law ful reserve w ith Federal R e
3 2 ,2 4 9 ,8 2 4 37
serve bank and cash in v a u lt..
3 7 ,6 8 2 ,4 1 7 34
D ue from banks and bankers.. . .
Exchange for clearing h ou se. . . .
6 ,7 0 2 ,1 9 7 75
Outside checks and other cash
3 ,6 4 5 ,3 8 1 00
item s...............................................
7 ,4 3 6 ,5 8 5 17
Banking house, furn. and fixtures
650,235 55
Other real estate............................
D ue from U. S. treasurer.............
442 ,00 0 00
Other assets......................................
8 ,1 5 0 00
$153,070,373 11
$176,626,761 86
$197,076,137 15
$208,188,138 97
1 ,1 9 9 ,0 0 0 00
3 ,0 9 8 ,0 0 0 00
2 ,5 6 4 ,0 0 0 00
2 ,6 3 3 ,0 0 0 00
T o ta ls......................................... $474,460,179 67
$51 7,7 51 ,78 7 78
1 0,000
24,511
1 0,740
1 ,0 3 1 ,8 0 0
2 52 ,24 6,9 52
00
48
91
00
77
3 5 ,4 7 3 ,4 4 8 03
4 7 ,2 5 8 ,5 6 6 98
1 3 ,9 4 2 ,1 9 7 55
4 ,4 7 3 ,4 5 7
7 ,5 5 1 ,2 4 6
1 ,0 5 0 ,3 5 8
195,000
214 ,13 4
63
59
23
00
50
11,000
769,603
8 ,0 9 2
1 ,0 3 1 ,8 0 0
2 5 9 ,50 4,1 05
00
28
73
00
33
' 3 7 ,1 6 1 ,7 9 9 96
3 7 ,6 01 ,92 1 96
9 ,6 4 7 ,3 5 5 95
4 ,4 6 3 ,6 5 1
7 ,5 8 2 ,9 8 7
1 ,0 2 4 ,4 8 2
181,000
275,429
84
60
25
00
56
$538,987,992 32
1 3,000
52,8 75
43,5 36
1 ,0 9 1 ,7 0 0
2 6 2 ,69 1,0 61
00
14
89
00
60
4 7 ,3 3 9 ,9 2 8 30
4 3 ,0 6 4 ,3 1 7 62
1 3 ,6 41 ,64 4 13
6 ,8 9 8 ,4 6 8
7 ,7 0 2 ,6 0 3
483,318
307 ,00 0
153,150
69
59
65
00
00
$583,122,741 76
12,000
54,409
55,5 72
1 ,0 9 1 ,7 0 0
2 5 5 ,79 3,0 60
00
95
85
00
70
4 7 ,2 8 3 ,8 3 3 63
4 6 ,0 80 ,10 1 93
1 6 ,5 90 ,19 2 39
7 ,4 4 6 ,7 1 4
8 ,1 7 3 ,9 1 8
493,280
'
355 ,00 0
6,0 0 0
10
28
85
00
00
$594,256,923 65
Liabilities.
Capital stock paid in .....................
Surplus fu n d ....................................
U ndivided profits, n e t ...................
Reserved for taxes, interest, e t c .
C ircu lation........................................
D ue to other banks and bankers.
Individual deposits subject to
ch e c k ..............................................
Com m ercial certificates o f deposit
Certified checks...............................
Cashiers’ checks...............................
D ividends u n p aid ...........................
State m oneys on dep osit...............
U. S. Governm ent dep osits..........
Postal savings deposits..................
Savings deposits (b ook accounts)
Savings certificates o f dep osit. . .
B onds borrow ed..............................
Bills pa y a b le....................................
Bonds sold subject to repurchase
Acceptances exct. for custom ers.
Customers’ letters o f cred it.........
N otes and bills rediscounted___
Other liabilities...............................
$ 24 ,5 6 0 ,1 8 0
17,0 60 ,49 1
7 ,6 9 2 ,0 0 1
1 ,3 5 1 ,4 2 0
1 ,7 9 9 ,0 0 0
00
89
32
21
00
2 8 ,9 51 ,32 5 97
1 49 ,91 4,3 29
1 ,4 7 5 ,7 5 5
1 ,0 5 7 ,4 8 0
1 ,2 1 3 ,2 7 0
7 ,0 8 7
2 ,3 6 5 ,4 7 2
1 6 ,0 4 5 ,9 4 4
2 ,7 0 9 ,3 3 1
185 ,97 1,9 92
6 ,4 0 6 ,7 7 9
1 ,9 7 9 ,1 5 8
13,4 21 ,10 6
06
97
54
83
50
52
92
96
46
95
00
96
1 ,8 2 9 ,0 0 0
232,860
512,811
7 ,9 0 3 ,3 7 7
00
65
26
70
T o ta ls......................................... $474,460,179 67
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 24 ,6 5 2 ,5 8 0
17,2 14 ,19 1
8 ,9 3 3 ,8 5 4
1 ,5 6 2 ,0 1 7
1 ,6 8 1 ,0 0 0
00
89
22
31
00
2 9 ,3 5 9 ,5 3 8 73
1 79 ,81 5,3 19
3 ,5 3 2 ,9 8 0
1 ,1 9 3 ,4 1 6
2 ,2 0 2 ,2 1 8
3 ,5 1 9
1 ,5 0 4 ,6 0 7
2 2 ,5 5 1 ,3 4 7
2 ,7 5 9 ,4 5 3
177 ,76 2,9 14
2 3 ,3 7 5 ,3 9 4
2 ,0 0 5 ,0 2 3
14,3 07 ,44 5
182,450
1 ,1 9 9 ,0 0 0
202 ,02 2
152.275
1 ,5 9 9 ,2 1 7
53
50
92
80
51
41
28
10
91
29
00
16
00
00
83
00
39
$ 517,751,787 78
$ 2 4 ,76 0,5 00
1 7 ,2 57 ,34 4
8 ,4 0 0 ,3 1 1
1 ,5 4 2 ,6 4 8
1 ,7 0 0 ,0 0 0
00
67
00
94
00
2 9 ,5 35 ,84 4 89
$25 ,17 5,0 00
1 8 ,4 65 ,24 4
8 ,3 5 4 ,6 8 3
1 ,4 3 2 ,0 1 5
1 ,4 9 6 ,0 0 0
21,6 00
3 4 ,2 5 8 ,4 3 5
00
67
11
99
00
00
66
$ 2 5 ,67 5,0 00
1 8,5 70 ,24 4
8 ,6 3 9 ,0 1 5
1 ,5 7 1 ,8 5 8
1 ,6 8 6 ,0 0 0
00
67
55
36
00
3 5,8 6 5 ,3 6 0 24
2 01 ,97 0,2 80
3 ,5 4 6 ,0 1 3
■ 2 ,1 8 7 ,5 7 1
2 ,0 9 4 ,9 3 1
260.444
2 ,2 5 7 ,7 1 6
1 4 ,4 54 ,33 8
2 ,6 9 3 ,9 1 3
171 ,84 6,4 33
6 ,2 5 1 ,5 8 9
3 ,4 0 0 ,1 5 3
2 7 ,0 1 9 ,6 0 0
40
23
53
42
78
24
30
05
93
76
00
00
2 3 8 ,54 2,7 47
1 ,8 8 4 ,6 1 2
1 ,7 0 5 ,5 0 0
3 ,1 1 1 ,2 3 0
2 ,9 7 0
1 ,0 4 0 ,3 2 6
11,0 37 ,73 3
2 ,5 8 5 ,6 3 5
1 8 8 ,61 1,1 04
5 ,9 5 2 ,1 9 3
2 ,9 3 5 ,7 7 6
2 5 ,1 3 3 ,0 0 0
06
61
99
91
06
91
34
00
30
42
00
00
242 ,96 4,8 15
1 ,7 5 9 ,8 2 9
1 ,7 6 2 ,1 3 4
2 ,6 4 3 ,6 8 8
5 ,0 9 7
849,816
2 ,4 7 7 ,3 0 7
2 ,4 9 0 ,8 6 5
2 0 0 ,47 4,9 89
5 ,7 0 2 ,3 1 9
2 ,7 7 7 ,3 7 9
2 7 ,2 8 8 ,0 0 0
87
39
79
91
56
67
95
18
90
18
00
00
4 ,2 9 8 ,0 0 0
176,172
1 ,1 2 0,3 15
12,2 13 ,86 9
00
01
29
88
3 .3 1 4 .0 0 0
305 ,73 7
3 ,7 8 0 ,1 9 3
3 .9 7 7 .0 0 0
00
84
89
00
7 ,1 9 1 ,2 7 6
566,950
2 ,4 2 7 ,9 7 4
867,000
13
30
00
00
$ 538,987,992 32
$583,122,741 76
$594,256,923 65
cxx
STATE BANKING DEPARTMENT.
RESERVE CITIES OTHER THAN DETROIT.
STATE B A N K S .
1919.
A b s tr a c t o f th e p u b lis h e d r e p o r t s o f th e S ta te b a n k s a n d T r u s t C o m p a n ie s in th e
c i t i e s , o t h e r th a n D e t r o i t , d e s i g n a t e d a s r e s e r v e c i t i e s b y t h e C o m m i s s i o n e r o f t h e
B a n k in g D e p a r tm e n t.
Resources.
R ep ort of
M arch 4, 1919,
41 state banks,
2 trust
com panies, |,
1 M orris plan
Industrial.
L oans and discounts:
Com m ercial departm ent.......... $35 ,63 1,9 99 98
Savings departm ent..................
1 4 ,5 9 1 ,0 8 2 22
Bonds, m ortgages and securities:
Com m ercial departm ent...........
1 4 ,1 03 ,47 3 60
Savings departm ent........................
4 7 ,8 3 5 ,0 6 9 76
D ue from Federal Reserve Bank:
Com m ercial departm ent..........
2 ,0 0 8 ,6 5 2 57
Savings departm ent..................
1 ,5 1 3 ,3 1 5 44
D ue from banks n reserve cities:
Com m ercial departm ent...........
5 ,9 9 0 ,8 7 0 24
Savings departm ent..................
4 ,0 2 3 ,7 1 1 69
U . S. bonds and certificates of
indebt. (carried as legal res.):
Savings departm ent..................
3 ,1 7 9 ,9 1 5 50
U. S. certificates o f indebtedness
(carried as cash reserve):
Com m ercial departm ent..........
3 0 ,0 00 00
Savings departm ent..................
155,000 00
Exchanges for clearing house and
checks on banks in same place:
Com m ercial departm ent..........
877 ,797 37
Savings departm ent..................
177 ,115 93
C u rren cy:..............................C o m ’ l.dept1,794 ,883 25
_
Sav. dept.1,702 ,326 75
G old c o in :............................. C om ’ l.dept. 127, 805 91
Sav. dept.
317, 012 50
Silver c o in :............................C om ’l.dept. 226, 526 43
Sav. dept.
150, 074 25
Nickels and cen ts :. . Com ’l. dept.
37, 772 04
Sav. dept.
12, 818 26
O verdrafts.......................................
62, 143 69
Prem ium a cco u n t.........................
16, 782 13
Banking h ou se.................................
2 ,4 1 7 , 440 96
Furniture and fixtures..................
711, 892 68
Other real estate..............................
440, 308 61
D ue from banks other than in
reserve cities................................
155,873 99
Cash items in transit.....................
368 ,58 0 39
Outside checks and other cash
ite m s...............................................
345,983 36
Stock o f Federal Reserve B a n k ..
237 ,15 0 00
Other assets.....................................
139,971 90
T o ta ls.
Liabilities.
Capital s to c k ........... ........................
Surplus........................................... ’ '
Undivided profits, n e t ....................
D ividends u n p a id ...........................
Reserved for taxes, interest, etc.
Com 1. deposits subject to check
D em and certificates o f d ep osit...
Certified checks...............................
Cashier’s checks...............................
D ue to Federal Reserve B a n k ...
D ue to other banks and bankers.
State m oneys on dep osit...............
Postal savings deposits..................
U . S. Governm ent dep osits..........
T im e com ’ l. cert, o f dep osit.........
Savings deposits....... ......................
Savings certificates o f dep osit. . .
Club sav.d ept.(X m as,T hrift etc.)
Notes and bills r ed iscou n ted ..
Bills pa ya b le........ ...........................
Bonds sold subject to repurchase
Bonds borrow ed............................
Acceptances exct. for customers
Custom ers’ letters o f cred it____
Other liabilities.............................
R ep ort of
June 30, 1919,
41 state banks,
3 trust
com panies,
1 M orris plan
Industrial.
R ep ort of
Sept. 12,1919,
41 state banks,
3 trust
com panies,
1 M orris plan
Industrial.
R ep ort o f
N ov . 1 7,1919,
41 state banks,
3 trust
companies,
1 M orris plan
Industrial.
$ 3 8 ,09 2,9 42 31
13,5 85 ,98 1 80
$38 ,92 9,9 43 88
1 4 ,7 15 ,64 8 06
$ 4 2 ,87 2,5 67 65
1 5 ,4 5 8 ,8 4 6 13
$ 45 ,19 7,5 57 54
1 7 ,6 48 ,20 6 45
1 6,4 53 ,02 1 92
5 0 ,8 3 0 ,3 8 1 82
1 6,1 5 5 ,3 5 4 35
5 0 ,5 7 2 ,7 8 5 50
1 4 ,7 24 ,44 9 36
5 0,3 6 9 ,3 8 3 49
1 5 ,3 7 4 ,7 9 0 87
5 0 ,1 6 2 ,5 7 6 59
2 ,0 7 0 ,0 3 5 45
1 ,5 2 9 ,7 5 0 90
2 ,1 0 1 ,9 8 6 94
1 ,5 4 5 ,0 1 4 98
2 ,4 2 1 ,8 2 7 19
1 ,6 6 2 ,1 7 8 36
2 ,6 6 3 ,5 7 2 48
2 ,1 3 3 ,4 0 0 66
6 ,3 9 3 ,0 7 9 20
4 ,2 0 9 ,3 8 7 23
7 ,0 1 6 ,8 5 4 10
3 ,9 0 9 ,3 4 1 65
7 ,1 2 2 ,4 8 7 10
3 ,6 1 7 ,3 7 7 04
7 ,3 8 0 ,4 2 8 38
4 ,3 0 5 ,4 7 1 78
3 ,4 1 3 ,2 1 7 34
3 ,4 4 1 ,1 2 0 53
3 ,2 8 3 ,1 3 6 54
3 ,1 7 7 ,2 0 9 35
5 5,0 00 00
245,000 00
240,000 00
,191
384 ,721
1,906 ,591
2 ,0 6 2 ,193
168 ,839
299 ,612
223 ,512
114 ,256
32 ,955
10 ,630
82 ,192
16 ,518
2,5 7 7 ,341
700 ,571
445 ,163
05
24
29
75
41
50
93
60
69
00
90
03
96
76
39
1 ,076 ,058
2 7 9 :,428
1,809: ,998
2 ,252: 166
159: ,861
3 20 : 692
245, ,374
91, 319
34, 347
12, 196
447, 276
6 , 120
2 ,5 8 0 , 440
707, 211
409, 466
16
01
93
75
41
50
47
01
96
60
60
01
96
69
20
907 ,569 53
421 :,295 68
1 , 868 : 658 96
2 ,0 3 8: ,531
182; 430
273, 043
228, 693
105, 572
31, 929
14, 048
88 , 332
31, 791
2 ,6 1 3 , 133
763, 146
401, 741
75
41
50
49
66
11
10
99
65
51
82
86
1,468 ,870
456 ,594
1,801 ,450
1 ,8 5 1,,844
170,,276
268,,439
244,,143
98,,069
36,,460
14,,461
108,,063
23,,373
2 ,6 7 5 , 158
710, 298
437, 184
04
52
21
25
41
90
10
63
19
93
58
10
35
95
37
393,652 84
393,867 05
311 ,33 7 78
466,414 48
382,699 21
570,316 81
371,118 29
783,872 37
3 8 4 ,72 7 06
237 ,15 0 00
7,000 00
714,296 11
237 ,15 0 00
60,936 51
4 51 ,13 6 01
246 ,75 0 00
7,487 09
402,483 43
250 ,35 0 00
7,000 00
$139,383,351 40
1 ,217,487 42
$15 0,8 50 ,14 4 13
$15 3,1 60 ,56 2 00
$16 0,2 22 ,72 6 72
$7,715 000 00
5,6 9 6 ,000 00
1 ,647 256 14
6 , 959 68
492, 631 07
3 3 ,0 96 , 900 07
5 ,2 1 0 , 432 53
90, 903 81
109, 407 69
228, 019 73
4 ,6 8 3 , 387 43
1 ,2 6 9, 141 77
101 461 49
1 ,0 6 0 , 000 00
$7,715 ,000 00
5,6 9 6 ,0 0 0 00
1 ,799 ,581 56
3 ,804 65
629 ,595 20
36,548 086 36
4,153 ,882 03
151 410 05
122 ,546 05
143 ,000 00
4 ,5 8 0 ,867 45
1 ,677 ,279 10
93 ,310 89
1 ,099 ,500 00
37 ,279 12
59,561 ,541 29
13,325 ,340 95
519 320 92
1 ,846 460 62
6 ,8 8 5 , 000 00
115, 000 00
1 ,4 1 3 , 500 00
,
5 7,5 5 6 ,4 1 2
1 0 ,7 2 2 ,1 3 2
400 ,07 5
1 ,8 0 2 ,3 1 1
6 ,3 3 9 ,0 0 0
67
95
22
42
00
1 ,1 5 4 ,7 5 0 00
1 ,1 6 7 73
T o ta ls.........................................$139,383,351 40
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R ep ort o f
M a y 12,1919,
41 state banks,
2 trust
com panies,
1 M orris plan
Industrial.
$7,865 ,000
5 ,6 9 7 ,000
1,571 ,272
192 410
176 515
39,478 316
4 ,4 0 6 398
188 659
263 031
1 7 : 339
4 ,4 4 5: 725
1,737: 431
86: 175
242; 929
61
80
97
38
27
86
80
36
62
98
42
72
6 1 ,0 5 6 ,6 1 9
1 2 ,5 4 6 ,1 6 8
527,728
1 ,3 1 6 ,0 9 9
7 ,1 5 2 ,0 0 0
83
14
59
78
00
00
00
10,000 00
1 ,7 0 4 ,3 0 0 00
$7,865 ,000 00
5 ,717 ,000 00
1,852 ,781 11
5 ,707 01
628 621 47
42,617 ,143 76
4,661 ,538 34
217 ,908 56
325 ,166 95
117 ,064 02
4 ,3 2 6 ,674 51
908 ,293 23
70 895 60
394 675 83
37 ,279 12
62,478 853 63
12,6 95 ,,309 21
590, 130 13
1 ,1 6 1 , 569 52
4 ,2 6 5 , 250 00
25, 000 00
2 ,0 9 8 , 700 00
$7,865 ,000
5,7 1 7 ,000
2 ,2 5 0 ,276
2 472
760. 035
47,305 ,292
4,9 6 7, 941
165, 024
186, 548
86 , 054
4 ,4 5 8 483
381, 980
64, 933
120, 350
00
92
82
90
71
31
96
95
28
38
20
24
79
00
6 5 ,7 0 6 ,0 1 4
1 2 ,5 90 ,65 1
742,349
754,887
4 ,3 6 3 ,5 0 0
05
36
80
11
00
1 ,6 3 1 ,9 0 0 00
2 ,0 2 8 94
100,181 18
69,0 00 00
100,020 00
100,000 00
100 ,00 0 00
$14 8,2 17 ,48 7 42
$15 0,8 50 ,14 4 13
$153,160,562 00
$ 160,222,726 72
REPORT OF THE COMMISSIONER.
cxxi
ADRIAN.
STATE AND NATIONAL B A N K S .
A b s tr a c t s o f th e p u b lis h e d r e p o r t s o f th e th r e e S ta te b a n k s a n d o n e N a tio n a l b a n k
in t h e C it y o f A d r ia n , a s m a d e to t h e C o m m is s io n e r o f t h e B a n k i n g D e p a r t m e n t ,
N o v e m b e r 17, 1919.
Resources.
R ep ort of
3 state
banks.
R ep ort o f
1 national
bank.
T otal.
Loans and discounts...................................................................
$ 1,8 46 ,62 7.5 2
$796,946 49
2,643,574 01
Overdrafts, secured and unsecured..........................................
1 ,5 3 9 ,2 0
1,831 09
3 ,3 7 0 29
Premium a ccou n ts........................................................................
Stock o f Federal Reserve B a n k ................................................
16,800 00
3 ,6 0 0 00
2 0 ,4 00 00
Bonds, m ortgages and securities..............................................
3 ,1 2 2 ,6 8 1 69
660,720 54
3 ,7 8 3 ,4 0 2 23
Law ful reserve with Federal Reserve Bank and in v a u lt.
656,159 92
100 ,29 3 95
756,453 87
D ue from banks in reserve cities..............................................
299,520 52
123,345 66
422,866 18
D ue from other banks and bankers........................................
Exchanges for clearing house....................................................
19,356 36
6,1 5 2 98
25,509 34
Outside checks and other cash item s......................................
19,797 40
, 8 ,6 8 0 84
28,478 24
Banking house, furniture and fixtures...................................
125,000 00
71,501 06
196,501 06
Other real estate..........................................................................
13,662 34
13,662 34
D ue U. S. T reasurer....................................................................
5 ,0 0 0 00
5 ,0 0 0 00
Other assets....................................................................................
2 1 ,0 02 81
2 1 ,0 02 81
,1 0 7 ,4 8 2 61
$ 1 ,8 1 2 ,7 3 7 76
$ 7,9 2 0 ,2 2 0 37
Capital stock.
$380,000 00
$100,000 00
$480,000 00
Surplus fund.
180,000 00
20,000 00
2 00 ,00 0 00
99,887 12
33,0 92 09
132,979 21
1 ,345 80
100,000 00
1,345 80
100,000 00
T otals.
Liabilities.
U ndivided profits.
Reserved for taxes, interest e t c ...........
Circulation...................................................
D ue to Federal Reserve B a n k ...............
D ue to other banks and bankers..........
Individual deposits subject to ch e c k . .
Commercial certificates o f deposit
Certified checks..........................................
Cashiers’ checks..........................................
Dividends u n p aid ........... .........................
State m oneys..............................................
U. S. Governm ent deposits....................
Postal savings.............................................
Tim e deposits (b o o k ).............................
T im e certificate o f dep osits....................
Bonds borrow ed or left for safekeeping
Bills pa y ab le...............................................
Acceptances executed for custom ers. . .
Custom ers’ letters o f cred it....................
N otes and bills rediscounted..................
Other liabilities..........................................
T o ta ls .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
370,806
1 ,0 5 7 ,3 7 6
22,7 01
1,1 8 2
4 ,8 3 6
60
00
19
34
96
11
00
3 ,8 9 9 ,1 6 7 28
91,465 61
5 ,107,482 61
118,104
402 ,30 8
7
141
3 ,7 3 6
40
46
03
50
47
25
00
488,910
1 ,4 5 9 ,6 8 4
22,7 08
1,324
8,5 7 2
100
46
22
84
43
36
00
582
689,568
11,402
60,1 00
1 77,000
15
01
79
00
00
582
4 ,5 8 8 ,7 3 5
102,868
6 0,100
177,000
15
29
40
00
00
95,3 09 21
95,309 21
1 ,812,737 76
$ 7,9 2 0 ,2 2 0 37
cxxii
STATE BANKING DEPARTMENT.
ALPENA.
STATE AND NATIONAL B A N K S .
A b s tr a c ts o f th e p u b lis h e d r e p o r t s o f th e o n e S ta te b a n k a n d o n e N a tio n a l b a n k
m th e C ity o f A lp e n a , a s m a d e to t h e C o m m is s io n e r o f t h e B a n k in g D e p a r tm e n t,
N o v e m b e r 11, 1919.
Resources.
R ep ort o f
1 national
bank
R ep ort o f
1 state
bank.
T otal.
Loans and discounts.............................................................................................
$ 1 ,1 35 ,08 4 91
$ 1 ,0 50 ,56 7 69
$ 2,1 85 ,65 2 60
Overdrafts, secured and unsecured....................................................................
1,4 0 4 56
1,6 2 8 10
3 ,0 3 2 66
S tock o f Federal Reserve B a n k ..........................................................................
6 ,7 5 0 00
3 ,0 0 0 00
9 ,7 5 0 00
B on d s, mortgages and securities........................................................................
1 ,9 9 7,2 95 18
708,093 27
2 ,7 0 5 ,3 8 8 45
L aw fu l reserve w ith Federal Reserve Bank and in v a u lt..........................
260,943 93
171,912 72
432,856 65
D ue from banks in reserve cities........................................................................
340,083 20
2 8,346 48
368,429 68
5,093 91
5 ,093 91
10,827 19
Exchanges for clearing house..............................................................................
2 ,5 1 6 ,2 9
8,3 1 0 90
Outside checks and other cash item s................................................................
4 ,7 1 2 34
2,7 2 1 84
7 ,4 3 4 18
Banking house, furniture and fixtures...................... .......................................
3 7 ,6 07 24
184 00
37,791 24
Other real estate.....................................................................................................
4 ,8 5 7 03
14,744 88
19,601 91
2 ,5 0 0 00
2 ,5 0 0 00
$ 3 ,7 91 ,25 4 68
$ 1,9 97 ,10 3 79
$ 5 ,7 88 ,35 8 47
Capital stock .............................................................................................................
$100,000 00
$50 ,00 0 00
$150,000 00
Surp’us fu n d .............................................................................................................
125,000 00
5 0 ,0 0 0 00
1 75,000 00
Undivided profits....................................................................................................
9,5 6 9 30
3 6,362 76
4 5,9 32 06
4 6 ,7 00 00
3 0 ,0 0 0 00
4 6 ,7 0 0 00
52,213 18
294,204 80
179,385 98
882,528 28
T ota ls.................................................................................................................
Liabilities.
3 0,0 00 00
Due to other banks and bankers........................................................................
Individual deposits subject to ch eck .................................................................
127,172 80
588,323 48
57
05
00
00
4 ,4 6 4
1,3 8 0
504
1 5,000
07
31
00
00
2 ,3 0 7
1 ,0 3 0
84
10,000
Postal savings...........................................................................................................
T im e deposits (b o o k )............................................................................................
T im e certifies te o f deposits..................................................................................
1 ,225 98
2 ,5 7 1 ,7 7 5 60
224,765 76
1,664 19
1 ,3 2 9 ,6 1 4 94
128,417 30
2 ,8 9 0 17
3 ,9 0 1 ,3 9 0 54
353,183 06
T ota ls..................................................................................................................
$ 3 ,7 91 ,25 4 68
$ 1,9 97 ,10 3 79
$ 5,7 88 ,35 8 47
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
50
26
00
00
2 ,1 5 6
350
420
5 ,0 0 0
Certified checks.......................................................................................................
Cashiers’ checks.......................................................................................................
D ividends un p aid...................................................................................................
State m oneys............................................................................................................
flEPORT OF THE COMMISSIONER.
exxiii
ANN ARBOR.
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f th e p u b lis h e d r e p o r t s o f t h e t h r e e S t a t e b a n k s a n d o n e N a tio n a l b a n k in
th e C ity o f A n n A r b o r , a s m a d e 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
N o v e m b e r 17, 1919.
. ’
Resources.
lo a n s and discounts..................................
Overdrafts, secured and unsecured........................
R ep ort o f
3 state
banks.
R ep ort o f
1 national
bank.
T otal.
$3,7 61 ,03 3 50
$749,223 60
$ 4 ,5 10 ,25 7 10
9 ,2 5 7 57
110 39
9,367 96
Premium accou n ts..............................
Stock o f Federal Reserve B a n k........................
15,750 00
4 ,2 0 0 00
19,950 00
Bonds, mortgages and securities......................
4 ,7 3 6 ,2 2 2 59
506,110 00
5 ,2 4 2 ,3 3 2 59
L aw ful reserve with Federal Reserve Bank and in vault
980,152 67
157,152 00
1 ,1 3 7 ,3 0 4 67
D ue from banks in reserve cities.....................
447,521 77
33,4 10 43
480,932 20
D ue from other banks and bankers.............................
75,976 14
Exchanges for clearing house........................
77,093 87
14,393 86
5 ,8 6 7 83
180 69
6 ,0 4 8 52
187,076 67
10,500 00
197,576 67
60,089 07
Outside checks and other cash it e m s ,.............
Banking house, furniture and fixtures........................
Other real estate...................................
75,976 14
91,487 73
16,000 00
76,089 07
D ue U. S. Treasurer.................................
5 ,0 0 0 00
5 ,0 0 0 00
Other assets.................................................
6,3 4 4 37
6 ,3 4 4 37
$10,356,041 68
$ 1,5 02 ,62 5 34
$ 11 ,85 8,6 67 02
T o ta ls......................................
Liabilities.
Capital sto c k ...................................................
$600,000 00
$100,000 00
$700,000 00
Surplus fu n d .............................................
475 ,00 0 00
4 0 ,0 0 0 00
515.000 00
Undivided profits...........................................
191,355 79
48,572 57
239,928 36
2,993 95
100,000 00
2 ,993 95
100.000 00
178,683 94
3 ,1 6 8 ,6 6 3 57
8 ,761 30
654,729 47
187,445 24
3 ,8 2 3 ,3 9 3 04
16,139 57
27,5 00 53
607 00
1 ,4 9 0 25
16,139 57
28,9 90 78
607 00
Reserved for taxes, interest, e t c ..............................................................
Circulation.....................................................
D ue to Federal Reserve B a n k ..........................
D ue to other banks and bankers................................................
Individual deposits subject to ch eck ...........................
Com m ercial certificates of D e p o sit..............................................................
Certified checks.......................................
Cashiers’ checks................................
Dividends un p aid.......................................................
State m oneys.........................................
U. S. Governm ent deposits.................................................................
Postal savings.................................................
T im e deposits (b o o k )..........................................................
Tim e certificate o f deposits..........................................
Bonds borrowed or left for safekeeping......................................
Bills p a y ab le........................................................
Acceptances executed for custom ers.............................................................
Customers letters o f cred it.............................
N otes and bills rediscounted......................
Other liabilities...........................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11,609 82
5 ,1 1 1 ,4 0 7 53
382,323 93
423 ,80 0 92
8 7,276 88
11,609 82
5 ,5 3 5 ,2 0 8 45
4 6 9 ,60 0 81
143,250 00
3 5,0 00 00
178,250 00
4 9 ,5 00 00
$ 10,356,041 68
4 9 ,5 0 0 00
$ 1 ,5 02 ,62 5 34
$11 ,85 8,6 67 1
STATE BANKING DEPARTMENT.
cxxiv
BATTLE CREEK.
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f th e p u b lis h e d r e p o r t s o f t h e tw o S t a t e b a n k s a n d t w o N a tio n a l b a n k s in
th e C ity o f B a tt le C r e e k , a s m a d e 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,
N o v e m b e r 17, 1919.
R esources,
R ep ort o f
2 state
banks.
R ep ort o f
2 national
banks.
Loans and discounts ...................................................................................................................
$ 2 ,2 51 ,94 5 08
$ 5 ,2 7 8 ,5 9 0 48
$7,5 30 ,53 5 56
Overdrafts, secured and unsecured....................................................................
235 39
1,2 5 6 91
1,492 30
2 9,2 50 00
2 9,2 50 00
Bonds, m ortgages and securities.........................................................................
3 ,5 8 0 ,8 3 2 84
8 ,8 0 6 ,4 4 7 32
1 2,3 87 ,28 0 16
255,175 89
2 ,2 3 1 ,9 5 9 41
2 ,4 8 7 ,1 3 5 30
756,493 77
452,832 89
1 ,2 0 9 ,3 2 6 66
46,1 74 19
97,0 66 33
D ue from banks in reserve cities........................................................................
T otal.
6 ,790 84
6,7 9 0 84
Exchanges for clearing house...............................................................................
50,8 92 14
Outside checks and other cash it e m s . ..............................................................
7,8 6 7 21
16,777 02
24,644 23
Banking house furniture and fixtures..............................................................
190,593 78
226,572 13
417,165 91
Other real estate.....................................................................................................
7,354 25
13,599 50
20,953 75
32,500 00
3 2,5 00 00
Other assets....................................................... •*....................................................
250 00
408,931 58
409,181 58
T o ta ls.................................................................................................................
$7,108,431 19
$17,544,891 43
$24,653,322 62
Capital stock ............................................................................................................
$375,000 00
$600,000 00
$975,000 00
Surplus fu n d ............................................................................................................
120,000 00
375,000 00
495,000 00
4 0,9 82 76
165,035 47
206,018 23
3,2 0 9 72
6 00,000 00
3,2 0 9 72
600,000 00
Liabilities.
U ndivided profits...................................................................................................
Due to other banks and bankers........................................................................
Individual deposits subject to ch eck .................................................................
190,613
1 ,7 4 5,5 15
483,417
14,372
226
09
98
50
42
18
695,447
3 ,4 2 3 ,9 6 5
1 ,2 9 5,3 52
2 0,6 85
15
01
75
43
390 00
Tim e deposits (b o o k )............................................................................................
Bunds buiiow ed or left o
A
C
to
1
pp
s
jn j fo r ciisl
ce ^ ^ ^ ^ credit
e
P
30
29
09
22
24
99
25
85
18
00
210,125
33,319
1 3,980,574
74,495
30
46
18
22
a
m ors
T o ta ls............................................. ....................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
979 17
4 ,1 3 7 ,3 2 4 09
210,125
32,340
9 ,8 4 3 ,2 5 0
74,495
886,060
5 ,1 6 9 ,4 8 0
1 ,7 7 8,7 70
3 5,0 57
226
390
$7,108,431 19
205,595 00
205,595 00
$17,544,891 43
$24,653,322 62
RETORT OF THE COMMISSIONER.
CXXY
BAY CITY.
STATE AND NATIONAL B A N K S .
A b s tr a c t s o f th e p u b lis h e d r e p o r t s o f th e f o u r S ta te b a n k s a n d o n e N a tio n a l b a n k m
t h e C i t y o f B a y C i t y , a s m a d e t o t h e C o m n v i s s o in e r o f t h e B a n k i n g D e p a r t m e n t ,
N o v e m b e r 17, 1919.
Resources.
Loans and discounts..............................................................................................
O verdrafts, secured and unsecured....................................................................
R eport o f
4 state
banks.
R ep ort o f
1 national
bank.
T otal.
$ 8,3 0 3 ,7 8 5 79
$ 2 ,3 08 ,56 5 67
$10,612,351 46
1 2,706 35
14 43
1 2,720 78
57,7 50 00
1,3 2 4 39
1 ,324 39
Stock o f Federal Reserve B a n k ..........................................................................
4 2,7 50 00
15,000 00
Bonds mortgages and securities.........................................................................
9 ,7 5 3 ,0 7 0 71
2 ,1 2 6 ,8 9 2 95
1,87 9,9 63 66
Law ful reserve with Federa IReserve Bank and in v a u lt...........................
2 ,3 1 1 ,8 6 2 98
333,494 86
2 ,6 4 5 ,3 5 7 84
D ue from banks in reserve cities........................................................................
1,42 8,9 01 02
307,814 26
1 ,7 3 6,7 15 28
216,614 94
216,614 94
14,078 33
253,086 65
Exchanges for clearing house...............................................................................
239,008 32
Outside checks and other cash item s................................................................
42,0 44 36
12,523 66
54,568 02
Banking house, furniture and fixtures..............................................................
286,617 11
125,000 00
4 11,617 11
Other real estate.....................................................................................................
2 2,076 75
2 4,0 00 00
46,076 75
10,290 88
10,2 90 88
494,991 35
494,991 35
$ 22 ,44 4,1 47 78
$ 5,989,281 33
$28,433,429 11
Capital s t o c k ............................................................................................................
$850,000 00
$200,000 00
$ 1,0 5 0 ,0 0 0 00
Surplus fu n d .............................................................................................................
775,000 00
3 0 0 ,00 0 00
1 ,0 7 5 ,0 0 0 00
U n d M d ed profits....................................................................................................
216,231 63
30,8 95 65
247,127 28
179,600 00
96,830 94
179,600 00
T o ta ls..................................................................................................................
Liabilities.
96,8 30 94
D ue to other banks and bankers.........................................................................
Individual deposits subject to ch e c k .................................................................
Certified checks.....................................................................................................
Cashiers’ checks.......................................................................................................
D ividends un p aid...................................................................................................
State m on eys............................................................................................................
U. S. Governm ent deposits..................................................................................
T im e deposits ( b o o k ) ...........................................................................................
T im e certificates o f dep osits.................................................................................
Bills p a y a b le.............................................................................................................
413,920
5 ,3 3 0 ,5 0 0
199,900
14;912
2 7,763
116
15,0 00
1 5,512
37
15
99
70
34
00
00
85
1 0 ,3 97 ,94 5
1 ,9 0 3 ,6 1 3
6 0 ,9 00
1,826,'000
27
54
00
00
411 ,17 0 22
2 ,2 4 4 ,6 4 8 20
49
8,6 0 5
40
10,0 00
4 6 ,9 37
16,680
746;343
804,320
28
05
00
00
01
35
94
28
4 9 5 ,00 0 00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 22 ,44 4,1 47 78
59
35
99
98
39
00
00
86
35
21
82
00
00
494,991 35
300 ,00 0 00
494;991 35
$5,9 89 ,28 1 33
$28 ,43 3,4 29 11
3 00 ,00 0 00
T ota ls.................................................................................................................
825,090
7 ,5 7 5 ,1 4 8
199,900
14;961
36,3 68
156
25,0 00
62,449
16,680
11,1 44 ,28 9
2 ,7 7 ,933
6 0,9 00
2 ,3 2 1 ,0 0 0
cxxvi
STATE BANKING DEPARTMENT.
BENTON HARBOR.
STATE AND NATIONAL B A N K S .
A b s tr a c ts o f th e p u b lis h e d r e p o r t o f th e tw o S ta te b a n k s a n d tw o N a tio n a l b a n k s in
th e C ity o f B e n t o n H a r b o r , a s m a d e to th e C o m m is s io n e r o f t h e B a n k in g D e p a r t
m en t, N o v e m b e r 17, 1919.
R esources.
R ep ort o f
2 state
banks.
R ep ort o f
2 national
banks.
L oans a n d d iscou n ts.............................................................................................
$ 1 ,0 70 ,11 0 55
$ 2 ,0 2 8 ,5 9 9 11
$ 3,0 98 ,70 9 66
O verdrafts, secured and unsecured....................................................................
2 ,8 1 6 70
5 ,0 6 4 63
7,881 33
T otal.
581 09
581 09
S tock o f Federal Reserve B a n k ...........................................................................
3 ,8 5 0 00
9 ,5 0 0 00
13,350 00
Bonds, m ortgages and securities........................................................................
1 ,0 9 4,3 64 14
1 ,2 8 4,5 75 36
2 ,3 7 8 ,9 3 9 50
L aw ful reserve w ith Federal Reserve Bank and in v a u lt..........................
296,272 66
276,424 94
572,697 60
D ue from banks in reserve c it ie s ........................................................................
74,931 42
437,406 66
512,338 08
D ue from other banks and b ank ers...................................................................
4 ,0 8 8 62
18,475 29
22,563 91
Exchanges for clearing h ou se...............................................................................
18,226 98
14,732 96
32,9 59 94
Outside checks and other cash ite m s................................................................
3 ,0 6 5 41
5 ,731 40
8,7 9 6 81
Banking house, furniture and fixtu res..............................................................
75,309 73
77,505 30
152,815 03
Other real esta te.....................................................................................................
17,436 85
5,4 6 3 79
22,9 00 64
10,0 00 00
1 0,0 00 00
68 61
68 61
$2,6 61 ,05 4 15
$ 4 ,1 73 ,54 8 05
$ 6 ,8 34 ,60 2 20
C a pital s t o c k .............................................................................................................
$150,000 00
$250,000 00
$ 400,000 00
Surplus fu n d .............................................................................................................
79,0 00 00
65,0 00 00
144,000 00
U ndivided p rofits....................................................................................................
4 3 ,1 3 2 ,7 8
5 3,454 53
96,587 31
1 2,500 00
191,800 00
12,500 00
191,800 00
T o ta ls .................................................................................................................
Liabilities.
22
09
74
09
60
00
10,653
877,310
97,276
1 ,051
5 ,251
80
Postal savings..........................................................................................................
Tim e deposits (b o o k )...........................................................................................
T im e certificates o f dep osits................................................................................
i ,885 46
959,861 00
435 ,55 0 74
3,7 6 3 33
1 ,1 7 9 ,2 6 4 87
498,363 58
5 ,6 4 8 79
2 ,1 3 9 ,1 2 5 87
933,914 32
$ 2 ,6 61 ,05 4 15
$ 4 ,1 73 ,54 8 05
$6,8 34 ,60 2 20
T o ta ls........................................................ o . ....... ............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
77
63
22
98
57
00
8 6,742
1 ,5 4 7 ,4 8 2
281,891
1,662
1,5 3 8
85
D ue to other banks and bank ers........................................................................
Individual deposits subject to ch eck .................................................................
Com m ercial certificates o f deposits....................................................................
Certified checks........................................................................................................
Cashiers’ checks.......................................................................................................
D ividends u n p aid ...................................................................................................
97,395
2 ,4 2 4 ,7 9 2
379,167
2 ,7 1 4
6 ,7 9 0
165
99
72
96
07
17
00
REPORT o f t h e c o m m i s s i o n e r .
cxxvii
CADILLAC.
STATE AND NATIONAL B A N K S .
A b s t r a c t o f t h e p u b lis h e d r e p o r t s o f t h e tw o S t a t e b a n k s o f t h e C it y o f C a d illa c , a s
m a d e to t h e C o m m i s s i o n e r o f t h e B a n k i n g D e p a r t m e n t , N o v e m b e r 1 7 , 1 9 1 9 .
Resources.
Loans and discounts.........................................
Overdrafts, secured and unsecured........................
Report o f
2 state
banks.
8 1,9 30 ,25 7 30
972 63
Premium a ccou n ts..................................................
Stock o f Federal Reserve B a n k ......................
Bonds, m ortgages and securities....................
Law ful reserve with Federal Reserve Bank and in v a u l t ..
D ue from banks in reserve cities...............................
1 ,2 5 6,0 38 20
354,151 18
617,309 92
D ue from other banks and bankers.....................
Exchanges for clearing house...............................
Outside checks and other cash item s..................
Banking house, furniture and fixtures............
Other real estate.................................................
8,2 0 3 72
2,675 46
54,5 00 00
3 ,433 48
D u e U. S. Treasurer.................................
Other assets...................................................
T ota ls.........................................................
84,227,541 89
Liabilities.
Capital s t o c k .................................................
Surplus fu n d ....................................................
Undivided profits..............................
Reserved for taxes, interest, e t c .....................
8200,000 00
95,0 00 00
50,335 31
2 ,5 0 0 00
Circulation...............................................
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers....................
Individual deposits subject to check...................
Commercial certificates o f d ep osit............
Certified checks..........................
Cashier’ s checks................................
Dividends un p aid.............................
State m oneys.............................
U . S. Government deposits..........
Tim e deposits (b o o k )..............................
Tim e certificates ot deposits..........................
Bonds borrowed or left for safekeeping. . .
Bills pa yab le....................................
Acceptances executed for cu stom ers.. .
Customers’ letters o f cred it....................
Notes and bills rediscounted............
Other liabilities.........................
T ota ls.............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 7,083
73,658
1 ,3 9 0 ,5 0 7
372,420
1,0 4 9
71
42
79
47
33
54 00
6,319 58
1 ,0 9 4,5 12 97
904 ,10 0 31
$4,2 27 ,54 1 89
exxviii
STATE BANKING DEPARTMENT.
GRAND RAPIDS.
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f t h e p u b lis h e d r e p o r t s o f t h e fiv e S t a t e b a n k s , t ic o T r u s t C o m p a n ie s , o n e
I n d u s tr ia l b a n k a n d t h r e e N a tio n a l b a n k s in th e C ity o f G ra n d R a p id s , a s m a d e
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, N o v e m b e r 17, 1919.
R ep ort o f
5 state banks,
2 trust companies,
1 industrial bank.
R ep ort o f
3 national
banks.
L oans and discounts...............................................................................................
$15,318,853 43
$ 1 6 ,19 1,3 77 74
$31 ,51 0,2 31 17
O verdrafts, secured and unsecured.....................................................................
33,1 30 46
28,223 66
61,354 12
95,2 50 00
174,750 00
Resources.
T otal.
17,391 76
17,391 76
Stock o f Federal Reserve B a n k ...........................................................................
7 9 ,5 0 0 00
B ond s, m ortgages and securities.....................................................................•••
1 4 ,3 99 ,38 0 95
7 ,7 8 8 ,0 3 8 28
2 2 ,1 8 7 ,4 1 9 23
Law ful reserve w ith Federal Reserve B ank and in v a u lt ...........................
2 ,6 3 2 ,1 0 2 12
2 ,4 9 1 ,6 0 1 28
5 ,1 2 3 ,7 0 3 40
D ue from banks in reserve cities.........................................................................
2 ,0 8 7 ,8 1 2 38
3 ,1 7 9 ,0 5 0 70
5 ,2 6 6 ,8 6 3 08
D ue from other banks and b an k ers...................................................................
Exchanges for clearing h ou se................................................................................
699,155 20
333,626 52
333,626 52
280,534 57
979,689 77
Outside checks and other cash ite m s .................................................................
165,963 85
22,581 19
188,545 04
Banking house, furniture and fixtu res...............................................................
979,430 69
1 ,4 0 9 ,3 9 9 70
2 ,3 8 8 ,8 3 0 39
Other real estate......................................................................................................
134,710 88
34,462 63
169,173 51
149,900 00
149,900 00
Other a ssets................................................................................................................
7 ,0 0 0 00
26,751 46
33,751 46
T o t a ls ...................................................................................................................
$46,554,431 72
$ 2 2 ,03 0,7 97 73
$ 68 ,58 5,2 29 45
Capital sto c k ............................................................................... ........................ ••
$ 2 ,1 5 0 ,0 0 0 00
$ 2 ,1 0 0 ,0 0 0 00
$ 4 ,2 5 0 ,0 0 0 00
Surplus fu n d .............................................................................................................
2 ,0 0 0 ,0 0 0 00
1 ,0 7 5 ,0 0 0 00
3 ,0 7 5 ,0 0 0 00
U ndivided profits....................................................................................................
721 ,85 6 59
840,590 85
1 ,5 6 2 ,4 4 7 44
4 0 0 ,8 2 6 94
225 ,57 6 46
1 ,8 9 0 ,0 9 7 50
Liabilities.
Individual deposits subject to ch e c k .................................................................
Com m ercial certificates o f d ep osit.....................................................................
Certified checks.................................................. .V.................................................
T im e certificates o f d ep osits................................................................................
Bonds borrowed or left for safekeeping............................................................
Bills pa y a b le.............................................................................................................
3 2 ,4 10
786,784
1 0 ,4 6 5 ,6 7 4
196,661
60,061
50,4 63
272
182,161
29
09
69
13
02
58
37
71
12,233
1 0 ,8 6 8 ,4 7 7
5 ,8 8 2 ,4 8 2
640 ,35 0
1 ,8 3 7 ,7 5 0
07
39
69
00
00
Custom ers’ letters o f c r e d i t ................................................................................
1 0 0 ,0 0 0 00
165,966 16
T o ta ls..................................................................................................................
$46,554,431 72
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 ,7 1 9 ,4 0 4
1 0 ,5 4 9 ,5 7 9
272,675
74,194
1,4 0 4
808
301 ,56 8
262,095
57,335
4 ,4 7 2 ,2 3 8
3 ,2 6 7 ,1 3 4
614,750
1 ,5 1 9 ,1 0 0
3 ,0 0 0
117,450
57,331
6 0 9 ,4 6 0
70
21
39
88
14
79
74
51
92
92
92
00
00
00
00
41
39
$ 22 ,03 0,7 97 73
626,403
1 ,8 9 0,0 97
3 2,4 10
4 ,5 0 6 ,1 8 8
2 1 ,0 15 ,25 3
469,336
134,255
5 1,867
1,081
483 ,73 0
262,095
69,5 68
1 5 ,3 40 ,71 6
9 ,1 4 9 ,6 1 7
1 ,2 5 5 ,1 0 0
3 ,3 5 6 ,8 5 0
3 ,0 0 0
2 1 7 ,45 0
223,297
609 ,46 0
40
50
29
79
90
52
90
72
16
45
51
99
31
61
00
00
00
00
57
39
$ 68 ,58 5,2 29 45
REPORT OF THE COMMISSIONER.
CXX1X
JACKSON.
v
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f t h e p u b l i s h e d r e p o r t s o f t h e t h r e e S t a t e b a tik s a n d t w o N a t i o n a l b a n k s
in th e C it y o f J a c k s o n , a s m a d e to t h 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 t m e n t ,
N o v e m b e r 17, 1919.
Resources.
R ep ort o f
2 national
banks.
R ep ort o f
3 state
banks.
Loans and discounts.............................................................................................
$3,7 46 ,09 3 89
Overdrafts, secured and unsecured....................................................................
1 ,7 7 7 83
T otal.
$ 5 ,7 34 ,89 2 78.
$ 9 ,4 80 ,98 6 67
1 ,575 24
3 ,3 5 3 07
15,250 00
15,2 50 00
Stock o f Federal Reserve B a n k ..........................................................................
9 ,8 0 0 00
2 5 ,2 0 0 00
3 5 ,0 0 0 00
Bonds, m ortgages and securities........................................................................
1 ,9 5 1,8 13 06
3 ,0 6 6 ,4 8 2 70
5 ,0 1 8 ,2 9 5 76
900,161 17
1 ,4 8 8 ,0 6 8 21
2 ,3 8 8 ,2 2 9 38
L aw fu l reserve with Federal Reserve Bank and in v a u lt..........................
1 ,0 0 3 ,0 5 4 69
1 ,0 0 3 ,0 5 4 69
Exchanges for clearing h ouse...............................................................................
8 8 ,5 70 57
6 ,9 2 9 63
6 ,929 63
4 0 ,6 8 0 71
129,251 28
Outside checks and other cash item s.......................................•........................
6 ,2 3 9 92
4 ,4 5 0 50
1 0 ,6 90 42
Banking house, furniture and fixtures.............................................................
177,608 00
321,875 01
499,483 01
Other real estate.....................................................................................................
2 9 ,6 3 9 67
17,529 00
47,1 68 67
5 ,0 0 0 00
5 ,0 0 0 00
300 00
300 00
$7,9 14 ,75 8 80
$ 1 0 ,72 8,2 33 78
$ 18,642,992 58
Capital sto c k ............................................................................................................
$ 4 0 0 ,0 0 0 00
$ 5 0 0 ,0 0 0 00
$ 90 0,0 00 00
Surplus fu n d .................................................................................................. ..........
3 2 6 ,0 0 0 00
438,266 62
764,266 62
U n divided p rofits....................................................................................................
134,581 78
32,696 71
167,278 49
R eserved for taxes, interest, e t c .........................................................................
1 0 ,0 0 0 00
4 7,9 97 55
2 74 ,00 0 0 0
T o ta ls .................................................................................................................
Liabilities.
D ue to other banks and bankers........................................................................
Individual deposits subject to ch eck .................................................................
Com m ercial certificates o f d ep osit.....................................................................
Certified ch eck s........................................................................................................
D ividends u n p a id ....................................................................................................
Postal sa v in g s...........................................................................................................
Tim e deposits (b ook )...............................................................................................
T im e certificates o f dep osit....................... ...........................................................
Bonds borrowed or left for safekeeping............................................................
B ills p a y a b le .............................................................................................................
1 6,5 60
2 10 ,62 3
3 ,4 8 0 ,1 7 1
4 0 1 ,1 4 0
14,285
23,9 01
234
3 ,6 0 4
2 ,5 1 6 ,6 9 7
4 7 ,6 35
64,9 00
2 5,0 00
28
79
96
99
29
46
28
93
22
87
00
00
204,963
5 ,9 5 9 ,3 6 3
599
2 ,7 0 7
11
13
50
39
560 00
5 4,7 77
8 ,4 3 7
1 ,8 0 1 ,6 8 8
310,826
4 2 5 ,05 0
4 3 6 ,0 0 0
83
02
87
05
00
00
57,997
2 7 4 ,0 0 0
1 6 ,5 60
415,586
9 ,4 3 9 ,5 3 5
4 0 1 ,7 4 0
16,992
23,901
794
55
00
28
90
09
49
68
46
28
5 4,777
12,041
4 ,3 1 8 ,3 8 6
358,461
489 ,95 0
4 6 1 ,0 0 0
83
95
09
92
00
00
N otes and bills rediscounted................................................................................
239 ,42 0 95
300 00
2 30 ,00 0 00
300 00
4 69 ,42 0 95
T o ta ls .........................................’........................................................................
$ 7 ,9 14 ,75 8 80
$ 1 0 ,72 8,2 33 78
18,6 42 ,99 2 58
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
cxxx
STATE BANKING DEPARTMENT.
KALAMAZOO.
STATE AND NATIONAL B A N K S .
^
A b s t r a c t s o f t h e p u b l i s h e d r e p o r t s o f t h e t w o S t a t e b a n k s a n d t w o N a t i o n a l b a n k s in
th e C ity o f K a la m a z o o , a s m a d e 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,
N o v e m b e r 17, 1919.
.Resources.
O verdrafts, secured and unsecured....................................................................
R ep ort o f
2 state
banks.
R ep ort o f
2 national
banks.
$ 3 ,8 71 ,73 8 60
$ 6 ,3 66 ,49 3 75
$10 ,23 8,2 32 35
2 ,8 2 4 81
2 ,1 9 0 92
5 ,0 1 5 73
3 0 ,0 0 0 00
3 0 ,0 0 0 00
T otal.
2 ,0 7 9 65
Stock o f Federal Reserve B a n k ..........................................................................
2 ,0 7 9 65
Bonds, mortgages and securities.........................................................................
2 ,4 4 3 ,0 4 0 44
2 ,2 1 9 ,9 9 6 21
4 ,6 6 3 ,0 3 6 65
L aw fu 1 reserve w ith Federal Reserve Bank and in v a u lt...........................
351,433 22
901,844 70
1 ,2 5 3 ,2 7 7 92
D ue from banks in reserve cities........................................................................
850 ,04 0 91
244,652 41
1 ,0 9 4,6 93 32
D ue from other banks and b ank ers...................................................................
7,581 39
600,103 45
607 ,68 4 84
Exchanges for clearing h ou se...............................................................................
162,979 17
142,500 98
305 ,48 0 15
Outside checks and other cash item s............................................................ v .
11,277 59
20,3 41 25
31,618 84
B anking house, furniture and fixtu res..............................................................
184,108 70
534,765 68
718,874 38
4 3 ,4 0 0 00
37,2 72 64
80,6 72 64
D ue U. S . Treasurer..............................................................................................
11,0 50 00
1 1,050 00
104,401 25
104,401 25
$ 7 ,9 3 0 ,5 0 4 48
$ 1 1 ,21 5,6 13 24
$ 1 9 ,14 6,1 17 72
$ 50 0,0 00 00
$ 80 0,0 00 00
$ 1 ,3 0 0 ,0 0 0 00
160 ,00 0 00
3 0 0 ,0 0 0 00
4 6 0 ,00 0 00
U ndivided p rofits............................................................................
92,2 77 75
138,769 95
231,047 70
Reserved for taxes, interest, e t c ...............................................................
C ircu la tion ................................................................................................
D ue to Federal Reserve B a n k .........................................................................
D ue to other banks r nd ba n k ers......................................................................
Individual deposits subject to ch e c k .............................................................
C om m ercial certificates o f d ep osit..................................................
Certified ch eck s.........................................................................
Cashiers’ ch eck s.........................................................................
D ividends u n p a id ...................................................................................
State m on ey s..................................................................................
U. S. G overnm ent d ep osits........................................................................
3 9,7 87 50
30,285 82
138,197 50
70,073 32
138,197 50
Other a ssets......................................................■...............................................
Liabilities.
T im e deposits (b o o k )............................................................................
T im e certificates o f dep osit...........................................................................
B onds borrow ed o r left fo r safekeeping..........................................................
Bills p a y a b le.............................................................................
A cceptances executed fo r custom ers................................................
C ustom ers’ letters o f cred it.............................................
N otes and bills rediscounted....................................
Other lia bilities.................................................................
T o t a l s ............................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
615,514
2 ,4 5 2 ,4 3 0
1 ,0 9 9 ,8 1 8
4 ,0 1 0
1 ,0 2 2
167
61
03
26
33
82
50
257 ,55 0
3 ,8 5 5 ,8 6 7
6 ,3 3 4
19,443
1 ,518
374
78
23
68
80
44
50
873,065
6 ,3 0 8 ,2 9 7
1 ,1 0 6 ,1 5 2
2 3 ,4 54
2 ,5 4 1
542
39
26
94
13
26
00
2 ,5 2 2 ,3 2 5 68
1 8,064
107,022
3 ,1 1 8 ,9 9 2
3 ,0 8 7 ,7 0 9
86
03
79
80
18,0 64
107,022
5 ,6 4 1 ,3 1 8
3 ,0 8 7 ,7 0 9
4 43 ,15 0
1 00 ,00 0
86
03
47
80
00
00
4 43 ,15 0 00
100 ,00 0 00
$ 7 ,9 3 0 ,5 0 4 48
1 05,650 05
129,831 01
105,650 05
129,831 01
$11 ,21 5,6 13 24
$ 19 ,14 6,1 17 72
cxxxi
REPORT OP THE COMMISSIONER.
LANSING.
STATE AND NATIO N AL B A N K S .
A b s t r a c t s o f t h e p u b l i s h e d r e p o r t s o f t h e t w o S t a t e b a n k s a n d t w o N a t i o n a l b a n k s in
th e C ity o f L a n sin g , a s m a d e 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,
N o v e m b e r 17, 1919.
Resources.
R ep ort o f
2 national
-banks.
R ep ort o f
2 state
banks.
T o ta l.
L oans and discounts.................................................................
$ 2 ,8 2 0 ,0 9 7 54
$ 4 ,2 26 ,10 1 11
$ 7 ,0 4 6 ,1 9 8 65
O verdrafts, secured and unsecured.......................................
299 06
1,147 89
1 ,446 95
Prem ium a ccou n ts.....................................................................
S tock o f Federal R eserve B a n k .............................................
7 ,5 0 0 00
12,0 00 00
1 9,500 00
Bonds, m ortgages and securities............................................
3 ,2 4 6 ,0 1 7 76
2 ,8 5 7 ,5 7 9 17
6 ,1 0 3 ,5 9 6 93
L aw ful reserve with Federal Reserve Bank and in vault.
641,714 63
8 03,432 50
1 ,4 4 5 ,1 4 7 13
D u e from banks in reserve cities...........................................
8 0 2 ,4 1 5 84
1 ,3 9 3 ,6 6 7 02
2 ,1 9 6 ,0 8 2 86
518,473 81
518,473 81
191,376 03
353,895 58
»
D u e fr o m other banks and bank ers......................................
Exchanges fo r clearing house..................................................
162,519 55
Outside checks and other cash item s....................................
44,1 62 12
5 3,2 28 83
97,39,0 95
Banking house, furniture and fixtures.................................
134,115 89
293 ,00 0 00
427 ,11 5 89
Other real e s t a t e ...
2 2 ,5 82 00
22,5 82 00
D ue U. S. Treasurer
10,0 00 00
1 0 ,0 0 0 00
9 ,373 87
9 ,373 87
$ 7 ,8 5 8 ,8 4 2 39
$10 ,39 1,9 62 23
$ 1 8 ,25 0,8 04 62
Capital sto c k ___
$275,000 00
$200,000 00
$ 475,000 00
Surplus sto c k ___
177,000 00
200,000 00
3 77 ,00 0 00
U ndivided profits
144,984 24
2 2 6 ,6 3 5 79
3 71 ,62 0 03
1 1,5 00 00
12,000 00
2 3 ,5 0 0 00
192,695 00
Other assets.
Totals
Liabilities.
Reserved for taxes, interest, etc
C ircu la tio n ...................................
D ue to Federal Reserve Bank,
Due to other banks and b a n k e r s ..........
Individual deposits subject to ch e c k . . .
Commercial certificates o f d ep osit.........
Certified c h e c k s ........................................
Cashiers’ ch eck s..........................................
D ividends u n p aid .......................................
State m oneys................................................
U. S. Governm ent dep osits......................
Postal savings.................. ............................
Tim e deposits (b ook )................. ...............
Tim e certificates o f d ep osit..............
Bonds borrow ed or left for safekeeping
Bills p a y a b le.............................................
Acceptances executed for cu stom ers.. .
Customers’ letters o f cr e d it....................
N otes and bills rediscounted.................. .
Other liabilities..........................................
Totals
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
192,695 00
540,614
7 ,9 0 3 ,2 7 8
83,4 56
37,2 48
27,0 81
217
212,616
85
50
89
44
30
00
83
82
42
89
65
00
00
49
531,681 03
4 ,5 4 7 ,2 9 3 08
10,000 00
10,000 00
9 ,4 2 7 79
2 ,5 5 2 ,1 5 5 55
1 ,1 2 4 ,3 6 3 54
25,5 94 92
3 ,0 3 3 ,8 1 8 49
1 ,1 8 1 ,0 8 8 59
35,022 71
5 ,5 8 5 ,9 7 4 04
2 ,3 0 5 ,4 5 2 13
70,026 90
70,026 90
$ 1 0 ,39 1,9 62 23
$ 1 8 ,25 0,8 04 62
8 ,933
3 ,3 5 5 ,9 8 5
83,4 56
1 1,171
4 ,9 8 5
60
99,8 18
$ 7 ,8 5 8 ,8 4 2 39
2 6 ,0 7 6
22,0 96
157
112,798
79
30
00
34
cXxxii
S i ATE BANKING DEPARTMENT.
MARQUETTE.
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f th e p u b lis h e d r e p o r t s o f t h e o n e S t a t e b a n k a n d t w o N a tio n a l b a n k s in
th e C ity o f M a r q u e t t e , a s m a d e to th e C o m m is s io n e r o f t h e B a n k in g D e p a r t m e n t
N o v e m b e r I f , 1919.
Resources
Loans and discounts..................................
O verdrafts, secured and unsecured............................
R ep ort o f
1 state
bank.
R e p o rt o f
2 n a tional
bank s.
T ota l.
$ 56 6,0 57 96
$ 3,7 9 2 ,0 3 6 52
$ 4 ,3 58 ,09 4 48
178 68
1 2,0 00 00
1 2 ,1 78 68
Premium a ccou n ts....................................
8 ,3 0 3 86
Stock o f Federal Reserve B a n k ..........................
Bonds, m ortgages and securities.................................
333,799 54
2 ,6 0 7 ,0 2 7 43
2 ,9 4 0 ,8 2 6 97
Lawful reserve with Federal Reserve Bank and in v a u lt............
81,934 24
96,6 32 67
178 ,56 6 91
D ue from banks in reserve cities............
64,9 15 93
1 2 ,5 0 0 00
77,4 15 93
D ue from other banks and b ank ers..................
2 190 50
Exchanges for clearing h ou se.................
4 359 31
Outside checks and other cash item s................
1,5 0 4 54
Banking house, furniture and fixtures.............................
57 692 60
Other real esta te............................................
3 6 ,9 8 8 07
1 504
54
3 6,9 88 07
D ue U. S. T reasurer..........................................
Other assets.....................................................
T o ta ls ...................................................
$ 1,1 49 ,62 1 37
$ 6 ,5 2 8 ,5 0 0 48
$ 7 ,6 7 8 ,1 2 1 85
Capital sto c k .........................................................
$ 1 0 0,0 00 00
$25 0,0 00 00
$ 350,000 00
Surplus sto c k .........................................................
2 5 ,0 0 0 00
1 5 0 ,0 0 0 00
1 7 5 ,0 0 0 00
U ndivided profits...........................................
1 0 ,4 37 92
115,641 10
126,079 02
Liabilities.
Reserved for taxes, interest, e t c ......................................
C ircu lation...............................................
D ue to Federal Reserve B a n k ........................: . . . .
D ue to other banks and bankers..............................
Individual deposits subject to ch e c k ......................................
Com m ercial certificates o f d ep osit............
Certified checks.....................................
Cashiers’ checks.................................
D ividends u n p aid....................................
State m on ey s..............................................
U. S. Governm ent deposits....................................
Postal savings....................................................
Tim e deposits (b o o k )...............................................
Tim e certificates o f dep osit................................
Bonds borrowed or left for safekeeping.............
Bills pa y a b le....................................................
Acceptances executed for custom ers........................
Customers’ letters o f cr e d it......................................
N otes and bills rediscounted...............................
Other liabilities.................................................
T o ta ls .....................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
48
8 2 5 41
4 8 ,8 2 5 41
238,’ 900 00
5 9,4 59 36
476 ,78 1 14
133,739 08
2 ,5 1 6 ,0 0 8 29
076 60
193,198 44
2 ,9 9 2 ,7 8 9 43
4 8 ,0 7 6 60
1 ,1 9 5 74
3 5 ,3 45 69
3 6 ,5 4 1 43
745 84
4 34 ,55 5 33
4 1 ,4 4 6 04
3,’ 501 14
2 ,8 2 2 ,3 7 4 13
113,855 4 0
4 ,2 4 6 98
3 ,2 5 6 ’ 929 46
155 301 44
$ 1 ,1 4 9 ,6 2 1 37
$ 6 ,5 2 8 ,5 0 0 48
$ 7 ,6 78 ,12 1 85
48
51
Q 18 Q6
cxxxiii
REPORT OF THE COMMISSIONER,
MUSKEGON.
STATE AND NATIONAL B A N K S .
A b s t r a c t s o f t h e p u b l i s h e d r e p o r t s o f t h e o n e S t a t e b a n k a n d t h r e e N a t i o n a l b a n k s in
th e C ity o f M u s k e g o n , a s m a d e 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,
N o v e m b e r 11, 1919.
Resources.
R ep ort o f
1 state
bank.
R ep ort o f
3 national
banks.
T otal.
L oans and discou n ts...................................................................
$747,392 56
$ 3 ,8 92 ,55 5 99
1,639,948 55
O verdrafts secured and unsecured...... ...................................
306 34
6,3 0 3 36
6 ,6 0 9 70
3 0 ,0 0 0 00
3 0 ,0 0 0 00
Bonds, m ortgages and securities..............................................
973,151 06
3 ,4 8 6 ,6 1 5 11
4 ,4 5 9 ,7 6 6 17
Lawful reserve w ith Federal Reserve Bank and in v a u lt.
259,219 88
8 5 0 ,96 4 33
1 ,1 1 0,1 84 21
D ue from banks in reserve cities..............................................
119,481 47
670,954 78
79*1', 436 25
Premium a ccou n ts.......................................................................
Stock o f Federal Reserve B a n k ................................................
D ue from other banks and bankers........................................
Exchanges for clearing house....................................................
2 4,255 73
11,907 52
1 1,907 52
81,939 43
106,195 16
Outside checks and other cash ite m s ....................................-.
2 ,4 6 0 35
4 2,345 99
4 4 ,8 0 6 34
Banking house, furniture and fixtures....................................
4 5 ,0 0 0 00
533,321 93
578,321 93
1 ,5 6 7 26
3 ,1 9 2 56
D u e U . S. Treasurer....................................................................
16,620 00
16,620 00
Other assets....................................................................................
11,265 12
11,265 12
2,172,892 69
$ 9 ,6 3 6 ,3 6 0 82
$ 11 ,80 9,2 53 61
Capital stock.
$100,000 00
$ 90 0,0 00 00
Surplus stock.
2 5 ,0 0 0 00
5 5 0 ,00 0 00
575 ,00 0 00
Undivided profits.
4 9,916 40
113,106 14
163,022 54
Reserved for taxes, interest, e t c ..............
C ircu la tio n ..................... ..............................
D ue to Federal R eserve B a n k .................
D ue to other banks and bankers............
Individual deposits subject to c h e c k .. .
Com m ercial certificates o f d ep osit..........
Certified checks............................................
Cashiers’ ch eck s............................................
D ividends u n p aid.........................................
State m oneys..................._............................
U. S. Governm ent dep osits.......................
Postal savings...............................................
T im e deposits (b o o k )...................................
T im e certificates o f dep osit..............
B onds borrow ed or left for safekeeping.
Bills p a y ab le.................................................
Acceptances executed for custom ers —
Customers’ letters o f cr e d it......................
N otes and bills rediscounted....................
Other liabilities.............................................
21,5 73 78
3 5,6 09 45
258 ,20 0 00
5 7,183 23
258 ,20 0 00
Other real esta te................................. . . . . . . . .................
T otals.
1 ,6 2 5 ,3 0
Liabilities.
T o ta ls.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
410 ,06 1 59
139,693 78
643 13
2 00
1 ,3 3 5,7 52 01
9 0 ,2 50 00
...........
■
$ 2 ,1 72 ,89 2 69
3 ,3 3 5
3 ,0 3 4 ,2 4 0
10,1 84
1 6 ,0 6 7
109
113
10,000
1,000
67,2 49
2 ,7 7 8 ,0 9 6
1 ,6 6 4 ,2 7 5
38
31
08
75
11
50
00
00
29
59
38
150 ,00 0 00
$ 1 , 000,000
3 ,3 3 5
3 ,4 4 4 ,3 0 1
149,877
16,7 10
109
115
10,000
1,000
6 7.249
4 ,1 1 3 ,8 4 8
1 ,6 6 4 ,2 7 5
9 0 .2 50
150 ,00 0
00
38
90
86
88
11
50
00
00
29
60
38
00
00
4 4,773 84
44,7 73 84
),6 3 6 ,3 6 0 82
$ 11 ,80 9,2 53 51
cxxxiv
STATE BANKING DEPARTMENT.
I
I
PORT HURON.
STATE AND NATIO N AL B A N K S .
A b s t r a c t s o f t h e p u b l i s h e d r e p o r t s o f t h e t w o S t a t e baaiksi a n d o n e N a t i o n a l b a n k i n
t h e C i t y o f P crrt H u r o n , a s m a d e t o t h e C o m m i s s i o n e r o f t h e B a n k i n g D e p a r t m e n t ,
N o v e m b e r 11, 1919.
R ep ort o f
2 state
banks.
R ep ort o f
1 national
bank.
Loans and discounts..............................................................................................
$ 3 ,1 05 ,80 4 69
$ 2 ,1 10 ,87 4 68
$5,216,679 37
Overdrafts, secured and unsecured....................................................................
5,4 2 9 63
2 ,983 26
8,4 1 2 89
Resources.
T otal.
Premium accou n ts..................................................................................................
Stock o f Federal Reserve B a n k..........................................................................
6 ,0 0 0 00
6 ,7 5 0 00
12,750 00
Bonds, m ortgages and securities.........................................................................
3 ,4 9 4 ,8 2 0 76
2 ,4 0 5 ,6 0 3 47
5 ,9 0 0 ,4 2 7 23
Law ful reserve with Federal Reserve Bank and in v a u lt...........................
500 ,14 6 17
254,394 35
754,540 52
D ue f$ lm banks in reserve cities........................................................................
299,409 50
177,525 03
476,934 53
3 6,2 07 06
D ue from other banks and bankers...................................................................
2 ,5 7 6 63
3 3,6 30 43
Exchanges for clearing house...............................................................................
37,7 90 75
27,212 26
6 5,003 01
Outside checks and other cash item s................................................................
7,0 7 7 82
35,7 20 37
42,7 98 19
Banking house, furniture and fixtures.................... .........................................
174,567 15
111,900 00
286,467 15
Other real estate...................................................................................................
D ue U . S. Treasurer...............................................................................................
7 500 00
7 500 00
74,350 00
74,350 00
$ 7,6 33 ,62 3 10
$5,2 48 ,44 3 85
$ 12,882,066 95
Other assets............................................................................................................
T ota ls.............................................................................................................
Liabilities.
Capital sto c k .................................................................................... ........................
»
$250,000 00
$150,000 00
$400,000 00
Surplus fu n d ...........................................................................................................
6 0,0 00 00
100,000 00
160,000 00
U ndivided profits.................................................................................................
4 4 ,7 50 59
75,583 56
120,334 15
2 8,2 09 56
149,995 00
28 209 56
149 ,’ 995 00
Reserved for taxes, interest, etc..........................................................................
C irculation.............................................................................................
D ue to Federal Reserve B a n k.............................................................................
D ue to other banks and bankers........................................................................
Individual deposits subject to ch e c k ...............................................................
Com m ercial certificates o f dep osit.....................................................................
Certified checks.....................................................................................................
Cashiers’ checks.....................................................................................................
D ividends u np aid.....................................................................................................
State m oneys............................................................................................................
Postal savings.........................................................................................................
T im e deposits ( b o o k ).............................................................................................
B onds borrow ed or left for safekeeping............................................................
Bills pa y a b le..........................................................................................................
390,921
2 ,3 3 6 ,0 1 3
92,2 90
8 ,1 5 4
34
81
58
36
448 67
2 5 ,0 0 0 00
6 ,7 0 8
3 ,2 6 9 ,8 2 1
449 535
2 41,450
4 5 6 \500
2 ,0 2 8
05
37
39
00
00
94
Customers’ letters o f cred it..................................................................................
N otes and bills rediscounted..............................................................................
Other liabilities......................................................................................................
T o ta ls..................................................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$7,6 33 ,62 3 10
3 59,635
1 ,6 2 7 ,7 3 7
171,453
1 ,422
96
77
46
74
750,557
3 ,9 6 3 ,7 5 1
263,744
9 ,5 7 7
30
58
04
10
110 00
558
25 000
17*295
14^123
5 ,3 9 5 ,4 0 0
449 525
2 4R 4 5 0
681,500
2 ,0 2 8
67
00
02
39
81
29
00
00
94
17 295 02
7,4 1 5 34
2 ,1 2 5 ,5 7 9 44
225 ,00 0 00
209,006 00
209,006 00
$5,2 48 ,44 3 85
$12,882,066 95
REPORT OF THE COMMISSIONER.
cxxxv
SAGINAW.
STATE AND NATIONAL B A N K S .
Ib s t r a c t s
o f th e p u b lis h e d r e p o r ts o f th e t h r e e S ta t e b a n k s a n d tw o N a tio n a l b a n k s
in the City of Saginaw,
November 11, 1919.
as
made to the Commissioner of the Banking Department,
R ep ort o f
3 state
banks.
R ep ort o f
2 national
banks.
Loans and discounts.............................................................................................
$ 10 ,41 3,2 90 18
$ 6 ,0 96 ,83 9 05
$ 16,510,129 23
O verdrafts, secured and unsecured....................................................................
29,303 83
1 ,5 0 4 92
30,8 08 75
Resources.
*
1,746 21
Stock o f Federal Reserve B a n k ..........................................................................
T otal.
1 746 21
4 5,0 00 00
3 6 ,0 0 0 00
8 1 ,0 00 00
Bonds, m ortgages and securities......................................................................
10,1 18 ,46 4 31
4 ,5 0 3 ,0 9 8 81
14,621 563 12
Lawful reserve w ith Federal Reserve Bank and in v a u lt........................
1 ,2 8 1,1 16 53
2 ,1 0 8 ,0 3 4 78
3 ,3 8 9 ,1 5 1 31
D ue from banks in reserve cities........................................................................
1 ,9 0 1 ,2 5 8 31
486,481 20
2 ,3 8 7 ,7 3 9 51
D ue from other banks and bankers...................................................................
269,330 50
6,0 0 4 73
275,335 23
Exchanges for clearing house...............................................................................
293,835 54
65,1 27 31
358,962 85
Outside checks and other cash item s................................................................
67,2 15 95
13,417 87
80,633 82
Banking house, furniture and fixtures..............................................................
415,033 04
83,7 50 00
498,783 04
19,500 00
1 9,500 00
8 26
8 26
$25,853,673 69
$ 12,419,766 93
$ 38,273,440 62
Capital sto c k ............................................................................................................
$800,000 00
$600,000 00
$ 1 ,4 0 0 ,0 0 0 00
Surplus fu n d .............................................................................................................
900 ,00 0 00
600 ,00 0 00
1 ,5 0 0 ,0 0 0 00
U ndivided p rofits....................................................................................................
329,995 44
369,510 85
699,506 29
Reserved for taxes, interest, etc..........................................................................
125,031 41
2 5,0 00 00
3 50 ,00 0 00
150,031 41
3 50 ,00 0 00
18,079 29
T o ta ls.................................................................................................................
18,079 29
Liabilities.
D ue to other banks and bankers...................................................... .................
Individual deposits subject to ch e c k ........................... .....................................
Commercial certificates o f dep osit.....................................................................
Certified checks.......................................................................................................
Cashiers’ checks............................................................. ■.........................................
854,643
7 ,8 3 7,9 22
1 ,1 6 5,3 45
12,081
2 5,1 29
186
71
14
69
19
42
00
1 ,1 6 2,6 12
5 ,5 2 5 ,8 8 4
890,895
62,932
2 5 ,0 2 9
79
60
02
81
81
2 ,0 1 7 ,2 5 6
13,363,806
2 ,0 5 6 ,2 4 0
75,014
5 0,1 59
186
50
74
71
00
23
00
U. S. Governm ent dep osits..................................................................................
Postal savings...........................................................................................................
Tim e deposits (b o o k ).............................................................................................
Tim e certificates o f deposit. . . ■ . .........................................................................
62,051
1,647
12,112,171
552,468
40
27
17
85
116 ,00 0
8,1 0 4
3 ,0 4 4,3 61
39,435
00
17
06
82
178,051
9 ,7 5 1
15,1 56 ,53 2
591,904
40
44
23
67
Bills P ayable.............................................................................................................
Totals ...............................................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7 5 ,0 0 0 00
6 0 0 ,0 0 0 00
675 ,00 0 00
$ 25 ,853,673 69 | $12,419,766 93
$38 ,27 3,4 40 62
cxxxvi
STATE BANKING DEPARTMENT.
SAULT STE. MARIE.
STATE AND NATIONAL B A 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 Banking Depart
ment, November 17, 1919.
R e p o rt o f
2 state
banks.
Resources.
R e p o rt o f
1 national
bank.
T ota l.
«
Loans and discounts...............................................
Overdrafts, secured and unsecured.......................................
Premium accou n ts.............................................................
Stock o f Federal Reserve B a n k .................................
$ 1 ,1 50 ,30 3 73
$896,499 4 0
$ 2 ,0 4 6 ,8 0 3 13
1,523 00
463 60
1,986 60
7 ,6 5 0 00
3 ,9 0 0 00
11,5 50 00
1 ,4 5 9 ,3 6 6 13
250 00
250 00
Bonds, m ortgages and securities..............................................
8 5 3 ,1 8 7 61
606 ,17 8 52
L aw ful reserve w ith Federal Reserve Bank and in v a u lt........................
2 02 ,57 6 10
108,841 48
311,417 58
D ue from banks in reserve cities......................................................
201,802 15
151,106 25
352,908 40
2 ,5 8 3 67
7 ,4 8 2 80
10,0 66 47
19,5 07 04
6,9 3 8 41
2 6 ,4 4 5 45
D ue from other banks and bank ers............................................
Exchanges for clearing house..................................................
Outside checks and other cash item s.....................................................
Banking house, furniture and fixtures.......................................................
Other real estate....................................................................
3,7 9 5 39
366 73
4 ,1 6 2 12
4 2,6 04 00
4 3 ,0 00 00
85,6 04 00
3 ,4 3 2 50
5 ,0 4 0 00
8 ,472 50
5 ,0 0 0 00
5 ,0 0 0 00
$ 2 ,4 8 9 ,2 1 5 19
$ 1 ,8 3 4 ,8 1 7 19
$ 4,3 2 4 ,0 3 2 38
D ue IT. S. T reasurer...........................................................................
Other assets...................................................................................................
Liabilities.
Capital sto c k ....................................................................................
$20 0,0 00 00
$ 100,000 00
$ 3 0 0,0 00 00
Surplus fund . ........................................................................
5 5 ,0 0 0 00
3 0 ,0 0 0 00
8 5 ,0 0 0 00
Undivided profits............................................................................
1 8,0 66 12
3 7,2 41 99
5 5 ,3 0 8 11
7 ,3 0 0 00
1 1 ,7 5 4 80
1 0 0 ,0 0 0 00
1 9,054 80
1 0 0 ,0 0 0 00
Reserved for taxes, interest, etc.....................................
C ircu la tio n ...........................................................
D ue to Federal Reserve B a n k ...........................................................................
D ue to other banks and bankers.........................................................
Individual deposits subject to ch eck ......................................
Com m ercial certificates o f dep osit...................................................................
Certified checks..............................................
Cashiers’ checks................................................
D ividends u n p a id ......................................................
State m oneys..................................................
U . S. Governm ent deposits...............................................
Postal savings.............................................
T im e certificates o f deposit.......................................
Bonds borrow ed or left for safekeeping......................
Bills p a y a b le ........................................................................
Assessments executed for custom ers........................
Custom ers' letters o f credit...............................
N otes and bills rediscounted...........................
Other liabilities........................................................
T o ta ls.................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
979,140
4 2 ,1 8 0
2 ,2 5 5
2 ,5 7 6
80
19
35
77
56
00
7 ,9 6 6 73
1 ,1 2 9 ,0 0 4 87
4 5 ,6 4 4 60
$ 2 ,4 8 9 ,2 1 5 19
12,393
508 ,16 8
2 2 ,3 0 5
2 ,5 3 9
6 ,5 4 6
93
77
27
77
99
1 0 ,0 0 0
33,0 89
1 4,374
8 88 ,03 2
•58,303
00
81
29
29
61
12,393
1 ,4 8 7 ,3 0 8
6 4 ,4 8 5
4 ,7 9 5
9 ,1 2 3
80
1 0 ,0 0 0
3 3 ,0 89
22,341
2 ,0 1 7 ,0 3 7
103,948
93
96
62
54
55
00
00
81
02
16
21
65 67
65 67
$ 1 ,8 3 4 ,8 1 7 19
$ 4 ,3 2 4 ,0 3 2 38
REPORT OF THE COMMISSIONER.
cxxxvii
TRAVERSE CITY.
STATE AND NATIONAL B A N K S .
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 Depart
ment, November 11, 1919.
Resources.
Loans and discounts..................................
O verdrafts, secured and unsecured..........................
R ep ort o f
2 state
banks.
R ep ort o f
1 national
bank.
T otal.
$ 1 ,3 8 3 ,4 1 0 74
$603,062 88
$1,986,473 62
3 ,423 72
736 91
4 ,1 6 0 63
Premium accou n ts......................................................
S tock o f Federal Reserve B a n k ..........................
9 ,0 0 0 00
3 ,7 5 0 00
12,750 00
1 ,3 8 7 ,2 7 2 82
969,271 85
2 ,3 5 6 ,5 4 4 67
Law ful reserve with Federal Reserve Bank and in vault
318,513 60
118,433 76
436,947 36
D ue from banks in reserve citie s ..................
3 33,410 82
5 6,0 12 72
389,423 54
28,183 95
28 183 95
16,933 20
5 ,9 0 0 35
22,833 55
6,2 1 4 16
3,0 6 4 16
9,278 32
152,000 00
64,010 00
216,010 00
54,061 23
3,0 7 8 30
5 7,1 39 53
19,069 02
19,069 02
$ 3 ,6 64 ,24 0 29
$1,874,573 90
$ 5 ,5 3 8 ,8 1 4 19
Capital sto c k ..........................................................................................................
$260,000 00
$100,000 00
$ 360,000 00
Surplus fu n d ...........................................................................................................
115,000 00
2 5,0 00 00
140,000 00
U ndivided profits................................................................................................
35,918 80
39,7 39 70
75,658 50
Reserved for taxes, interest, e t c .....................................................................
Circulation.............................................................................................
D ue to Federal Reserve B a n k ...................................................
D ue to other banks and bankers..................................................
Individual deposits subject to ch e c k ...............................................................
Com m ercial certificates o f d ep osit.................................................................
Certified checks.........................................................................
Cashiers’ checks................................................................
Dividends u n p aid...............................................................................................
10,000 00
954 06
10 000 00
'9 5 4 06
Bonds, m ortgages and securities...............................
D ue from other banks and bank ers....................................
Exchanges for clearing house.......................................
Outside checks and other cash item s.............................
Banking house, furniture and fixtu res...............................
Other real estate...........................................................................
D ue U. S. Treasurer...................................................
Other assets.................................................................................................
T ota ls.................................................................................
Liabilities.
U. S. Governm ent deposits..................................................................................
Postal savings........................................................................................................
Tim e deposits (b o o k ).............................................................................................
B onds borrow ed or left for safekeeping............................................................
166,094
1 ,1 8 4 ,6 1 0
571,637
588
10,666
6
50 000
4 2 ,7 86
579
1 ,1 2 5 ,4 5 2
27
56
12
08
38
00
00
54
55
99
90,9 00 00
49,6 76
424,886
117
614
7 ,9 0 8
43
31
00
29
81
48
00
2 1 ,0 5 7
1,0 0 5
730 ,30 4
176 616
2 32 ,40 0
5 0 ,0 0 0
83
20
45
77
00
00
6 3 ’, 844 37
1,584 75
1 ,8 5 5,7 57 44
1 4,250 00
14,250 00
$1,8 74 ,57 3 90
$5,5 38 ,81 4 19
215,770
1 ,6 0 9,4 96
571 ,75 4
1 ,202
18,574
49
58
56
41
89
86
00
50 000 00
176 616 77
3 23!300 00
5 0,0 00 00
Acceptances executed for custom ers.................................................................
Custom ers’ letters o f cr e d it..................................................................................
N otes a nd bills rediscounted................................................................................
T ota ls..................................................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$ 3 ,6 6 4 ,2 4 0 29
cxxxviii
&t A t r Na n k i n g d e r a r t MEn T .
ABSTRACT OF STATE AND NATIONAL BANKS BY COUNTIES.
Abstracts of the published reports of the State and National bank% in the counties
as made to the Commissioner of the Banking Department, November 17, 1919.
Alcona
county.
Alger
county.
Allegan
county.
Resources.
1 state bank.
Alpena
county.
1 state and 1
9 state and 1
1 state and 1
national banks . national banks . national banks
Antrim
county.
4 state banks.
Loans and discount-s........................................
$168,933 99
$ 1,007,365 56
$ 2,401,791 78
$2,1 85 ,65 2 60
$431,466 25
O verdrafts, secured and unsecured.............
466 27
663 24
5 ,0 3 6 68
3 ,0 3 2 66
201 92
Prem ium a ccou n ts.....................
353 38
Stock o f Federal R eserve B a n k ....................
Bonds, mortgages and securities..................
Law ful reserve with Federal Reserve Bank
and in v a u lt..............................................
3 ,3 0 0 00
5 ,6 5 0 00
9,7 5 0 00
1 ,500 00
138,792 79
499,758 15
2 ,2 4 9,6 49 63
2 ,7 0 5,3 88 45
495,153 79
16,277 69
313,741 96
536,408 16
432,856 65
132,765 20
25,156 91
21,191 04
439,849 08
368,429 68
148,977 06
5,093 91
4 ,011 90
44,868 13
10,827 19
D ue from other banks and bankers..............
31,010 45
Exchanges for clearing house..........................
344 76
Outside checks and other cash ite m s ...........
703 36
2 ,432 83
13,795 58
7 ,434 18
6,1 1 0 22
Banking house, furniture and fixtures.........
3 ,4 9 9 50
36,8 32 37
120,511 37
37,791 24
30,551 66
Other real esta te ...............................................
2 ,5 0 0 00
19,601 91
11,808 70
477 52
D ue U. S. T reasurer.......................................
Otner
3 ,0 0 0 00
2 ,5 0 0 00
assets.................................................
T o ta ls.............................................
1,100 00
8356,330 51
$1,9 28 ,68 8 01
$5,8 72 ,84 4 39
$5,7 88 ,35 8 47
$1,2 63 ,64 6 70
.
Liabilities.
Capital sto c k ...............................
Surplus fu n d ....................................
Undivided profits...........................
Reserved for taxes, interest, e t c ..............
Circulation....................................
D ue to Federal Reserve B a n k .............
D ue to other banks a nd bankers.................
Individual deposits subject to check
Com m ercial certificates o f dep osit. . .
Certified checks...............................
Cashiers' ch eck s...........................
D ividends unp aid....................................
State m oneys...................................
U. S. Governm ent deposits..............
Postal savings......................................
T im e deposits (b ook)............................
T im e certificates o f deposit............
Bonds borrowed or left for sa fek eep in g ..
b ills pa y a b le................................
Acceptances executed for custom ers...........
Customers letters o f cred it..............
N otes and bills rediscounted................
Other liabilities...................................
T o ta ls....................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$25,000 00
18,000 00
7 ,875 92
$334,000 00
31,002
18,113
56 j 397
4 ,5 4 9
1 ,188
1 ,0 3 9,9 98
306
756
35
112,308 11
1,092 35
60
79
50
75
51
35
15
58
02
2 ,5 1 2 35
4 7,6 00 00
$150,000
175.000
45,9 32
3 0 .0 00
4 6,7 00
00
00
06
00
00
$95,000 00
4 7,0 00 00
25,202 84
357,827 52
882,528 28
293,805 46
4 ,4 6 4 07
368 75
5 ,0 0 0 00
120,468 34
332 00
6 ,1 9 0 57
504 00
15,0 00 00
1 ,0 0 0 00
3 ,7 1 8 27
5 78,997 47
48,6 24 02
161,703 10
10,351 03
2 0 ,0 0 0 00
1 ,7 1 9,8 25 98
1 ,5 4 5,3 45 19
5 400 no
3 ,9 0 1 ,3 9 0 54
353,183 06
.
3 ,8 4 6
487,861
57,693
2 6 ,2 0 0
3 6 ,0 00
94
20
87
28
00
.........................
44,1 27 14
23 14
$356,330 51
$1 ,92 8 ,6 8 8 01
$ 5 ,8 7 2,8 44 39
$,>,788,358 47
$1,263,646
70
cx x x ix
R E P O R T O F T H E C O M M IS S IO N E R .
Abstract of State and 'National banks by counties.— Continued.
Arenac
coun ty.
Barry
county.
Bay
county.
3 state banks.
6 state and 1
national banks.
Berrien
county.
Benzie
coun ty.
•
Resources.
9 state, 1
national banks
a n d 1 trust
3 state banks.
com pany.
■10 state and 5
national banks.
Loans and discounts..........................................
$481,309 84
$2,095,932 57
$11,218,563 23
$203,711 64
$6,7 56 ,25 7 05
Overdrafts, secured and unsecured...............
6,443 62
17,645 27
13,443 91
273 53
20,988 76
Bonds, mortgages and securities....................
429,636 50
1 ,3 2 4 39
4 ,1 9 8 79
5 ,8 5 0 00
6 1,307 53
2 4,250 00
1 ,7 1 4,9 82 98
12,539,085 88
269,164 82
5 ,2 7 3 ,4 6 4 08
Lawful reserve w ith Federal Reserve Bank
and in v a u lt.....................................................
86,469 37
289,467 95
2 ,7 6 5,8 49 86
95,542 12
1,30 4,1 49 69
D ue from banks in reserve cities...................
218,008 40
392,591 12
1,91 4,3 86 10
93,5 27 86
1 ,762,961 89
Due from other banks and bankers..............
2 ,0 0 0 00
465 08
107,499 43
5,6 4 5 35
216,661 94
5,4 3 8 48
253,086 65
5 8,253 60
Outside checks and other cash item s...........
586 34
14,017 87
59,687 51
5 75 51
3 2,737 20
Banking house, furniture and fixtures.........
19,518 28
84,336 00
445,899 77
22,0 00 00
362,174 57
Other real esta te.................................................
2 ,4 6 3 89
1,779 39
56,083 71
10,583 26
72,563 89
2,5 0 0 00
10,290 88
14,500 00
547,026 19
310 92
T ota ls............................................................ $1,2 46 ,43 6 24
$4,630,186 98
$30,102,697 55
$695,843 82
•
Liabilities.
Capital sto c k .......................................................
Surplus fu n d ........................................................
Undivided profits............' . ................................
$ 70,00 00
1 3,260 00
17,534 69
Individual deposits subject to ch eck ............
Com m ercial certificates o f d ep osit................
357,546 81
225,572 85
5 000 0 0
5', 808 00
T im e deposits (b ook)........................................
T im e certificates o f d eposit..............................
T o ta ls............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$15,794,309 87
$262,000
163,750
114,662
6 ,722
5 0 i000
00
00
81
15
00
$ 1 ,3 1 0 ,0 0 0
1 ,0 9 5 ,1 0 0
287,073
96,830
179,600
00
00
28
94
00
22,418
1,06 9 j 639
284 ,46 5
3 ,4 0 3
101
163
5 ,0 0 0
22
01
53
38
68
00
00
827,255
7 ,8 5 0 i 678
304,141
14,981
43;5 35
'166
2 5,0 00
67,599
16;680
12,0 62 ,61 0
2 ,7 3 7,7 53
6 7,700
2 ,3 2 1 ;0 0 0
51
10
36
23
51
00
00
86
35
08
98
00
00
470,543 36
4 1 ,1 70 53
2,7 2 7 69
1,75 7;4 23 73
793,069 78
4 0,0 00 00
83,0 00 00
$1,246,436 24
7 ,5 0 0 00
4 ,1 4 0 00
3 00 ,00 0 00
494,991 35
$4,630,186 98
$30,102,697 55
$60,000
10,450
6,9 9 0
1,3 4 8
00
00
67
87
$930,000
312,050
191,033
12,500
281;800
00
00
57
00
00
234,634
454
265
5 ,3 9 5
25
18
63
12
136,135
6 ,2 8 7;5 39
1 ,9 0 4,3 32
5,7 2 8
20,821
'5 1 2
03
83
60
52
00
00
221,005 84
97,149 26
58,150 00
38,6 80
3 ,7 6 0,7 71
1,81 6,7 15
89,831
4;611
66
44
59
45
17
1,247 6 i
$695,843 82
$15,794,309 87
cxl
S T A T E B A N K IN G D E P A R T M E N T .
Abstract of State and National banks by counties.— Continued.
Branch
county.
Calhoun
county.
Cass
coun ty.
Charlevoix
coun ty.
Cheboygan
county.
4 state banks,
5 nat’l banks.
9 state banks,
3 nat’ l banks.
4 state banks,
2 nat’l banks.
4 state banks,
1 nat’l bank.
2 state banks,
1 nat’l bafhk.
Loans and discounts.......................................... $ 3 ,3 30 ,86 0 06
Resources.
m
$9,8 98 ,01 8 93
$ 2,0 48 ,94 0 80
$ 1,2 54 .19 7 23
$967,744 04
O verdrafts, secured and unsecured...............
10,691 68
11,160 38
4,8 7 9 15
1,038 86
981 32
Prem ium a ccou n ts.............................................
1,643 75
1,3 3 7 30
230 52
2 1,0 00 00
42,7 50 00
7,8 5 0 00
1,90(0 00
1,8 0 0 00
1 ,4 2 7,5 75 09
14,908,309 08
1,77 8,4 09 51
■ 713,386 66
880,219 09
L aw ful reserve w ith Federal Reserve Bank
579,621 99
2 ,1 9 4 ,4 0 8 26
420,729 72
99,890 01
223,681 20
450,998 99
1 ,0 8 7,5 74 39
765,414 19
232,542 30
38,448 68
96,086 47
1 ,090,571 62
29,602 31
1,373 62
107 50
3,5 3 2 96
211 ,594 85
13,941 40
1,467 84
2 ,5 6 6 86
Outside checks a n d other cash item s...........
7,679 88
490,046 08
2 2,284 96
3,7 5 4 61
22 50
Banking house, furniture and fixtures.........
5 0,916 06
499,001 38
63,231 49
65,878 46
41,823 04
Other assets..........................................................
5 ,5 0 0 00
4 0 ,6 68 87
1,669 80
-19,985 73
1 ,530 00
13,325 00
33,7 00 00
3 ,5 0 0 00
2 ,5 0 0 00
2 ,5 0 0 00
6 ,8 3 9 90
553,415 77
25,9 00 00
1,495 12
$6,0 06 ,27 1 83
$30,621,556 91
$5,1 60 ,45 3 33
$2,4 24 ,04 5 84
$2,1 62 ,91 9 35
116,700 00
$170,000 00
2 4,554 00
2 5,688 11
69,997 50
4 5 ,8 00 00
Liabilities.
$560,000 00
356,415 00
171,628 14
$ 1,4 1 0 ,0 0 0
647,500
358,109
3 ,3 8 0
712;621
00
00
72
03
24
3 ,2 5 0 48
869,639
1 ,4 0 5 ,0 6 6 13
6 ,9 3 2 ,4 0 7
605,933 25
2 ,4 5 7 ,6 5 9
1,721 45
35,8 36
13,095 01
226
206 00
396
10,000 00
2 10 ,12 5
1 ,0 0 0 00
3 5,2 77
3 ,7 9 7 40
3 6,4 17
1,35 2,7 69 50 16,3 74 ,98 6
1 ,1 5 0 ,1 4 2 ,7 9
243,335
5 ,6 5 0 00
4 0 ,0 0 0 00
7 4,5 00
00
03
51
15
18
00
30
14
59
19
83
Reserved for taxes, interest, e t c ....................
309,297 50
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers...................
Individual deposits subject to ch e c k ............
Com m ercial certificates o f dep osit................
Cashiers’ ch eck s................................
Dividends u n p aid ...............................................
State m oneys............................................
U. S. Governm ent deposits...........................
Postal savings..........................................
T im e deposits (b o o k ).................................
Tim e certificates o f d eposit.....................
Bonds borrowed or left for sa fek eep in g .. . .
Acceptances executed for custom ers..........
Customers’ letters o f cred it...........................
N otes and bills rediscounted....................
Other liabilities...............................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2 ,0 7 0 00
13,629 18
$6,0 06 ,27 1 83
1 ,4 3 8 ,8 0 3
1 ,2 7 9 ,8 2 0
322
17,841
5
99
68
35
78
50
6 ,8 0 2
1 1,554
833,822
937,872
60
50
33
02
00
4 ,4 7 2 00
2 19,140 00
8 ,8 2 0
793,451
137,655
1,725
5 ,351
389
2 ,5 0 0
10,000
4 ,8 0 6
8 06,568
249,987
1 2,700
4 8 ,0 0 0
53
50
67
14
44
82
00
00
60
05
43
00
00
$120,000
22,500
2 7,478
4 ,7 8 7
5 0 ,0 0 0
00
00
76
07
00
9
513,365
7 9,810
545
1,853
8
75
13
79
34
50
00
3 ,4 1 0
459,198
731,502
68,450
8 0 ,0 0 0
47
16
38
00
00
51,292 55
24,755 00
$2,4 24 ,04 5 84
$2,1 62 ,91 9 35
R E P O R T O F T H E C O M M IS S IO N E R .
cxli
Abstract of State and National banks by comities.— Continued.
Chippewa
coun ty.
Clare
county.
5 state and 1
national banks.
4 state banks.
Clinton
county.
Delta
county.
Dickinson
county.
Resources.
7 sts te and 1
4 state and 3
1 state and 2
national banks. national banks. n a tion a l banks.
Loans and discou n ts........................................
$2,208,931 89
$743,884 04
$ 1,951,182 18
$4,139,881 14
$2,098,698 i0
O verdrafts, secured and unsecured...............
2 ,895 37
5,643 57
21,699 36
6 ,648 75
345 46
Prem ium accou n ts.............................................
250 0C
3 000 00
14 200 00
B ond s, mortgages and securities....................
1,55 9,1 57 18
545,033 99
1,76 6,0 14 85
2 ,0 7 5,3 46 50
1,29 2,9 64 92
L aw ful reserve with Federal Reserve Bank
and in v a u lt....................................................
336,611 09
94,264 86
444,303 55
547,564 43
295,121 33
D ue from banks in reserve cities....................
370,805 96
176,060 89
324,900 69
500,474 18
151,250 21
D ue from other banks and bankers..............
11,583 30
8,134 31
15,819 27
97,481 01
16,826 01
Exchanges for clearing h ou se..........................
26,506 37
7,203 41
11,048 37
24,860 58
4,1 3 6 04
Outside checks and other cash ite m s...........
4,6 0 7 87
4 ,3 9 2 65
974,68
39,084 92
10,320 11
11,5 50 ,00
Banking house, furniture and fixtures.........
102,139 86
26,235 00
77,297 00
160,702 57
3 8,350 00
Other real estate................................................
8,472 50
2 ,293 00
1,756 14
23,634 29
23,299 91
D ue U. S. Treasurer..........................................
5 ,0 0 0 00
75n nn
12 450 00
3 ,1 8 7 42
10,464 30
7,1 6 0 09
$1,613,145 72
$4,621,933 51
$7,652,801 67
$3,954,872 18
$85,000 00
4 5,0 00 00
17,608 28
$278,000 00
178,594 00
88,194 30
Other assets.........................................................
T o ta ls............................................................
$4,648,511 39
Liabilities.
Capital sto c k .......................................................
Surplus fu n d .........................................................
Undivided p rofits...............................................
Reserved for taxes, interest, e t c ....................
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers....................
Individual deposits subject to ch e c k ............
Com m ercial certificates o f d ep osit................
Cashiers’ checks..................................................
Dividends unp aid...............................................
U. S. Governm ent deposits..............................
Postal, savings.....................................................
Tim e deposits (b o o k )........................................
T im e certificates of deposit..............................
Bonds borrowed or left for safekeeping. . . .
Bills pa y a b le......................................................'.
A cceptances executed for custom ers.............
Customers’ letters o f credit...............................
Notes and bills rediscounted...........................
Other liabilities...................................................
T o ta ls........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$360,000
89,300
66,541
19,254
100,006
00
00
71
80
00
12,393
1 ,626,486
64,485
4 795
9,123
80
10,000
33,089
22,341
2,08 9,5 51
129,501
93
33
62
54
55
00
00
81
02
65
76
15,000 00
373,392 03
271,518 36
1,197 81
50 00
321
613,950
114,403
82,703
48
43
69
64
1 1,5 00 ,00
4 728
1,1 6 9!34 9
528 049
1 700
86
1,614
10,000
27
61
54
17
66
87
00
471
1,37 0,2 01
781,187
118 950
17!000
60
02
47
00
00
8 ,0 0 0 00
65 67
$4,648,511 39
$1,613,145 72
$445,000
209,500
144,344
24 008
245!400
00
00
11
30
00
$250,000 00
140,000 00
100,375 18
1 ,9 4 1!06 4 28
185,181 69
670 ,’ 254 84
70,691 61
71!479 70
449 00
4 ,0 0 4 69
1,096 00
60205
13!162
3 ,4 0 1 ,7 5 9
434,979
120 150
2 00!000
06
62
63
50
00
00
92!795 00
73,852
2,41 5,2 51
2 ,789
7!1 00
81
38
45
40
5 8,800 00
19 490 11
65,275 90
12,821 48
$4,621,933 51
$7,652,801 67
$3,954,872 18
STATE BANKING DEPARTMENT.
cxlii
Abstract of State and National banks by counties.— Continued.
E a ton
county.
Em m et
county.
Genesee
county.
Gladwin
county.
■ G ogebic
county.
Resources.
10 state and 2
national banks.
Loans and discounts.............. .......................... 12,8 61 ,83 4 44
Overdrafts, secured and u n secu red ...............
9 ,083 17
4 state and 1
12 state and 1
national banks. national banks.
4 state banks.
2 state and 2
national b a n k s.
$1,4 81 ,25 0 04
$13,604,631 44
$1,023,831 23
$ 1,808,828 42
2,6 4 3 39
40,8 58 37
12,018 58
3 ,9 3 4 07
900 00
2 7,784 89
2 770 on
7 950 00
Stock o f F ederal R eserv e B a n k .....................
8,5 0 0 0 0
5 ,8 0 0 00
70,950 00
B ond s, m ortgages and securities....................
2,74 8,6 41 52
1,06 5,5 73 62
20,6 50 ,80 9 60
Law ful reserve w ith F ederal Reserve Bank
a n d in v a u lt ....................................................
479,195 79
198,412 51
3 ,1 6 6 ,5 9 6 71
33,571 32
360,362 90
D u e from banks in reserve cities....................
663,438 16
211,741 25
1 ,4 7 3,9 07 01
109,433 10
' 212,819 85
1,358 15
256,358 11
1 ,8 8 8,7 75 18
D ue from oth er banks and bank ers..............
21,719 45
83,445 04
25,696 53
Exchanges for clearing h ou se..........................
5,185 58
6 ,528 56
614,586 78
6 ,212 00
Outside checks and other cash ite m s ...........
11,610 80
3 ,5 2 0 89
91,128 97
2 ,5 0 4 45
16,038 95
Banking house, furniture and fixtu res.........
115,243 69
73,688 45
512,677 97
34,157 00
137,014 32
Other real esta te ................................................
2 ,0 0 0 00
3 ,4 5 8 24
42,9 92 79
2 ,322 12
7,201 40
4,3 7 5 00
5 ,0 0 0 00
3 ,8 2 5 82
3 ,9 6 8 20
18,859 28
T o ta ls ............................................................. $6,934,653 42
$ 3,1 45 ,93 0 19
$40,341,480 34
189,340 97
2 s o n no
2 ,5 0 0 00
$1,481,766 06
$ 4,6 40 ,03 6 06
Liabilities.
C apital sto c k .......................................................
Surplus fu n d .........................................................
U ndivided profits...............................................
R eserved for taxes, interest, e t c ....................
D ue to Federal Reserve B a n k .........................
D ue to other banks and b ank ers....................
Individual deposits subj ect to c h e c k ............
Com m ercial certificates o f d ep osit................
Certified checks............................................
Cashiers ’ ch eck s..................................................
D ividends u n p aid ...............................................
U . S. G overnm ent d ep osits..............................
T im e deposits (b ook )..........................................
Bonds borrow ed or left for sa fekeep ing. . . .
Acceptances executed for custom ers.............
Customers’ letters o f cred it...............................
N otes and bills rediscounted...........................
Other liabilities...................................................
$507,425
139,400
103,629
4 ,2 8 8
8 7,500
00
00
18
08
00
$225,000
5 9 ,0 00
71,598
7,5 0 0
9 4,600
00
00
35
00
00
327
1 ,8 3 0,2 08
484,263
17,408
30
80
77
35
94
00
00
00
31,5 45
1 ,0 3 5 ,6 3 2
235,185
352
• 15,766
81
05
57
50
92
9 ,3 0 7
1,048
2,080^596
1 ,4 4 0,2 04
198,800
1 5,0 00
74
87
41
08
00
00
5 ,4 1 1
7651509
554,148
4 4 ;0 0 0
26
37
36
00
$1,3 92 ,50 0
1 ,1 0 6 ,0 0 0
627,974
123,836
00
00
65
28
138,345
83830
1 2 ,9 4 R 064
306,418
28,569
9,883
420
43,964
606^482
8 2'983
1 6,8 18 ,80 7
3 ,5 2 1 ,2 1 0
2 44,080
2 ,1 9 3 ,0 0 0
58
32
31
04
26
50
00
32
81
51
60
26
00
00
i i ,500 00
3 ,6 3 6 00
680 00
72,109 90
T o ta ls............................................................. $6,9 34 ,65 3 42
$ 3 ,1 4 5 ,9 3 0 19
$40,341,480 34
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$125,000
24,0 00
17,243
2 ,0 0 0
00
00
56
00
740,035
378,111
'7 5 7
37,449
63
27
00
13
$335,000
84,500
106,449
4 ,0 0 0
4 9,0 00
00
00
79
00
00
9 37fi 85
944|780 77
1,158 97
5,7 6 5 53
120 00
1 7,500 00
4 ’ nnn nn
27,226 97
4 1,0 00 00
5 9,9 50 00
1 ,7 9 0 ’ 183 92
257,939 67
4 2,0 00 00
11,492 50
8 ,0 0 0 00
$ 1 ,4 81 ,76 6 06
$4,6 40 ,03 6 06
cxliii
R E P O R T O F T H E C O M M IS S IO N E R .
Abstract of State and National banks by counties.— Continued.
H oughton
county.
Hillsdale
county.
Huron
county.
Grand Traverse
county.
Gratiot
county.
3 state and 1
national bank.
11 state and 2
national banks.
Loans and discounts.........................................
$2,097,666 24
$3,352,715 16
$2,812,780 02
$12,170 261 32
$2,2 77 ,36 7 67
Overdrafts, secured and unsecured...............
4,4 2 3 72
6,6 9 1,2 4
4 ,3 0 3 67
307,735 44
5,443 51
Resources.
5 state, 8
9 state and 1 national banks
national banks.
and 1 trust
com pany.
10 state banks.
6,835 55
110 00
12 750 00
2 ,8 5 0 00
7 ,350 00
62,429 12
Bonds, mortgages and securities....................
Law ful reserve with Federal R eserve Bank
and in v a u lt....................................................
2 ,4 2 2,9 69 57
1 ,923,544 17
1 ,4 5 0,1 47 32
6 ,249,231 22
450,948 45
745,805 36
314,337 95
2,20 6,9 21 15
454,676 87
D ue from banks in reserve cities....................
408,764 63
1 ,2 7 3,1 40 17
450,817 22
1 ,926,726 76
577,797 09
692,395 49
1 ,6 3 6,9 83 89
98 183 95
35 865 06
3 ,715 71
Exchanges for clearing house........... '. ............
22,833 55
21,915 67
10,538 00
35,499 89
27,267 31
Outside checks and other cash item s...........
9 ,312 72
17,709 62
9,7 1 8 17
86,899 77
20,272 91
Banking house, furniture and fixtures.........
221,085 00
129,718 66
125,361 00
431,301 50
117,039 53
Other real estate................................................
57,613 45
24,718 43
10,803 00
52,192 40
28,044 45
3 ,0 0 0 00
8,4 5 0 00
42,500 00
Other assets..........................................................
19,069 02
1,894 72
3 6,460 22
81,975 19
5 ,0 8 6 59
T ota ls............................................................
$ 5,755,620 30
$7,539,678 26
$5,244,782 28
$24 352,604 80
$5,149,979 82
Liabilities.
Capital sto c k ........................................................
Surplus fu n d ..........................................................
U ndivided p rofits...............................................
Reserved for taxes, interest, e t c ....................
Individual deposits subject to ch e c k ............
Com m ercial certificates o f d ep osit................
Certified checks...................................................
Cashiers’ ch eck s..................................................
Tim e certificates o f d eposit..............................
Bonds borrow ed or left for sa fek eep in g .. . .
$351,000
168,565
53,483
2,6 0 2
58,7 00
00
00
93
83
00
$355,000
149,500
75,889
4,2 9 6
55,000
00
00
74
00
00
$ 1 ,5 00 ,00 0
1 ,3 1 1,0 00
936,486
59,367
818,400
00
00
63
54
00
2 ,6 8 2 ,2 1 8
884,634
6,894
12,832
08
61
64
18
1 ,2 5 5 ,2 8 7
1 ,5 7 6 ,9 6 0
134
16,705
4 0,0 00
69
33
00
02
00
130,162
7 ,5 4 6 ,0 6 6
580,783
4 ,6 1 0
13,106
621
14,691
64
73
62
29
42
07
88
8,143
998,912
658,894
31,0 60
19,000
20
30
00
00
00
60,223
10,929,955
382,597
4 5 ,0 0 0
77
71
87
00
$380,000
145,000
76,965
10,076
954
00
00
30
40
06
215 770
1 ,677,711
586,252
1 ,202
2 3,396
74
50,0 00
63 844
1,584
1 ,8 8 5,2 87
'2 2 4,6 00
348,650
50,0 00
58
93
59
89
25
00
00
37
75
18
00
00
00
1 ,4 0 0 ,7 7 3 55
4 8,0 00 00
153,000 00
14,250 00
108,135 00
$5,7 55 ,62 0 30
$7,5 39 ,67 8 26
$246,190
67,937
95,335
4 ,8 6 5
00
46
85
41
18,459
120
1 ,5 0 9 ,9 9 6
845,858
99
16,537
92
61
56
49
05
57
30,0 00 00
1,875
632,718
1 ,6 5 8,8 28
9 ,1 5 0
27
84
19
00
12,006 60
T ota ls........................................................ ..
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19,530 63
$5,2 44 ,78 2 28
$24,352,604 80
$ 5 ,1 49 ,97 9 82
cxliv
S T A T E B A N K IN G D E P A R T M E N T .
Abstract of State and National banks by counties.— Continued.
Ingham
county.
Ionia
county.
Iron
county.
Isabella
county.
Jackson
county.
2 state and 3
national banks.
6 state banks.
8 state and 2
nationa 1 banks
Resources.
11 state and 2 10 state and 1
national banks. national banks.
Loans and discounts.........................................
$8,5 38 ,34 9 38
$ 3,1 45 ,01 2 41
$ 1,5 48 ,60 6 32
$ 1,5 93 ,71 6 65
$10,178,995 35
Overdrafts, secured and unsecured...............
7 ,645 09
17,567 77
3,4 1 5 85
5 ,5 7 4 98
6,0 8 4 15
Premium accou n ts.............................................
47 29
1 ,8 0 0 00
Stock o f Federal Reserve B a n k ......................
25,9 00 00
9 ,7 5 0 00
5 ,7 5 0 00
4 ,4 5 0 00
35,0 00 00
Bonds, mortgages and securities....................
7 ,7 0 3 ,3 2 7 75
2 ,8 0 1 ,6 3 6 67
1 ,1 6 8 ,0 8 8 22
1 ,3 7 3,8 84 25
5 ,8 3 0 ,9 0 3 80
Lawful reserve with Federal Reserve Bank
and in vault..................................................
1 ,6 7 3 ,2 0 0 61
573,850 40
266,196 80
296,501 92
2 ,4 8 1 ,8 8 3 95
D ue from banks in reserve cities...................
2 ,5 0 9,4 98 51
487,969 67
156,806 15
381,512 76
1,19 8,8 33 59
D ue from other banks and bank ers. ............
518,473 81
8,961 57
31,376 78
37,306 35
6 ,9 2 9 63
Exchanges for clearing house..........................
363,978 35
10,072 71
3,1 7 9 51
10,646 86
129,423 52
Outside checks and other cash item s...........
101,022 32
3 ,8 7 5 78
15,733 45
575 46
12,039 80
Banking house, furniture and fixtures.........
488,761 52
142,928 03
114,087 33
66,916 24
539,933 01
Other real estate................................................
2 8,286 83
680 00
2 ,0 0 0 00
D ue U. S. Treasurer..........................................
1 0,0 00 00
5 ,0 0 0 00
3 ,0 0 0 00
Other assets.......................................................
66,973 87
T ota ls.............................................
51 947 ? §
33,140 85
17,852 17
1 ,042 44
$ 20 ,49 3,2 66 52
$22,035,465 33
$ 7 ,2 07 ,30 5 01
$3,3 53 ,18 1 26
$ 3¡78 8 ,9 3 7 64
$745,000
507,000
478,402
23,5 00
192,695
00
00
46
00
00
$485,000
233,200
118,077
1,0 0 0
100,000
00
00
03
00
00
$200,000
8 2,250
73,443
3 ,5 9 4
5 5,600
00
00
85
43
00
$190,000
6 6,000
18,869
12,020
00
00
35
00
$ 1 ,0 40 ,00 0
846,266
203,416
5 7,997
00
62
88
55
540,614
9 ,0 9 4 ,6 0 5
224,793
37,616
27,081
217
212,616
10,000
3 6,512
5 ,9 4 4 ,5 7 3
3 ,7 5 3 ,3 5 9
126,850
10,000
85
34
42
29
30
00
83
00
05
93
96
00
00
39,8 10
1,65 6,9 71
1,04 3,3 61
1 0,055
339
197
12,045
13
01
48
47
14
66
32
3 ,2 8 8
807,228
71,433
2 ,361
23,0 08
'
280
49
57
50
14
38
00
32,669
1,21 3,5 14
138,515
658
3 ,0 4 7
54
66
76
02
12
16560
415 j 586
9 ,9 6 5 ,1 1 9
401 ,74 0
1 7 ,0 7 4
23,901
939
98
90
99
49
48
46
28
10,377
2 ,0 5 8 ,5 3 8
1 ,2 4 6,1 81
7 0,150
122,000
31
56
90
00
00
2 7,5 25
92|828
1 ,7 2 1 ,2 5 4
39,8 56
00
05
19
90
54 777
13|648
4 ,7 7 1,7 21
969,843
489,950
461,000
88
67
53
61
00
00
Liabilities.
Capital sto c k .......................................................
Surplus fu n d ....................................
U ndivided profits....................
Reserved for taxes, interest, e t c ....................
Circulation.............................................
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers...................
Individual deposits subject to ch eck ............
C om m ercial ;e 'tificates o f d e p o s it................
Certified ch eck s.........................
C ashiers’ c h e c k s ...........................
D ivid en ds u n p a id ........................................
Sta te m on ey s.................................
U. S. G overnm ent d e p o sits.............................
P osta l sa v in g s...............................................
T im e d eposits ( b o o k )........................................
T im e certificates o f d e p o s it...........................
B onds borrow ed o r ie ft for sa fe k e e p in g .. . .
Bills P a y a b le........................................................
A ccepta n ces e recuted for custom ers.............
C ustom ersT etters o f cr e d it.............................
N otes and bills red iscou n ted ...........................
Other lia bilities...................................................
T o t a ls ............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
70,026 90
$22,035,465 33
$7,2 07 ,30 5 01
10 000 00
75,000 00
417
911,747
1 ,1 2 0,2 86
3 ,941
50,0 00
56
04
68
91
00
300 00
469,420 95
67,800 00
6,4 2 8 76
1 7,250 00
$3,353,181 26
$3,7 88 ,93 7 64
$20,493,266 52
cxlv
R E P O R T OF T H E C O M M IS S IO N E R .
Abstract of State and National banks by counties.— Continued.
Kalamazoo
county.
Kalkaska
county.
R esources.
9 state and 2
1 state bank.
national banks.
L oan s and d iscou n ts......................................... $11,219,908 96
O verdrafts, secured and u nsecured ...............
7,481 29
K ent
county.
Keweenaw
county.
Lapeer
county.
17 state,
1 industrial,
3 national banks
and 2 trust
companies.
1 state bank.
9 state and 1
national banks.
$151,127 46
$33,431,314 76
$157,133 88
$2,2 04 ,67 8 24
12 95
66,502 98
374 28
10,673 93
17,391 76
2,079 65
9,900 00
3 0,000 00
177,000 00
Bonds, m ortgages and securities....................
5 ,6 0 8 ,7 9 0 84
75,615 91
25,3 00 ,53 2 62
81,207 64
2 ,9 0 7,5 81 60
Law ful reserve with Federal R eserve B ank
and in v a u lt...... ..............................................
1,39 0,6 85 55
20,255 64
5 ,7 7 4,0 09 67
27,6 97 86
809,208 36
D u e from banks in reserve c it ie s ...................
1 ,439,155 13
64,490 17
5 ,7 0 6 ,4 0 0 92
28,741 93
634,494 03
D ue from other banks and b ank ers..............
607,684 84
334,460 02
994 20
80,923 72
307,860 14
987,633 38
14 75
492 86
O utside checks and other cash ite m s ...........
34,234 78
286 76
200,637 57
2,176 00
54,8 80 99
Banking house, furniture and fix tu res.........
765,921 49
13,608 20
2 ,4 8 3 ,1 4 6 69
2 ,4 1 4 00
94,640 00
83 136 09
566 72
177,814 43
59,908 67
11,050 00
149,900 00
1,275 00
104,401 25
51,785 02
38,713 43
T o t a ls ............................................................. $21,612,390 01
$325,963 81
$74,858 529 82
$300,754 54
$ 6,9 07 ,37 0 83
L iabilities.
Surplus fu n d ........................................................
Undivided p r o fits...............................................
D u e t o other banks and b an k ers...................
Individual deposits subject to c h e c k ............
Com m ercial certificates o f d ep osit................
T im e deposits (b o o k )........................................
$1 455 000
'4 9 3 ; 5 0 0
255,112
70,073
138497
00
00
29
32
50
1,06 3,2 48
6 ,8 7 6;9 27
1 ,2 2 8,5 38
23,454
2;5 7 6
650
36
91
82
13
46
00
18 064
107,212
6,10 8;8 73
2 ,9 8 2,3 29
443,150
110;000
86
38
72
20
00
00
$40 000 00
5 4 0 0 00
4,4 8 5 88
123,771 99
61,471 73
91,134 21
105,650 05
129,831 01
T o ta ls............................................................. $21,612,390 01
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$325,963 81
$4,5 18 ,00 0 00
3 ,1 9 8,6 00 00
1 ,6 3 1,8 56 49
632,401 93
1 ,8 9 0,0 97 50
32,410 29
4 ,5 1 1 ,1 4 7 10
2 2,290,616 67
894,871 86
136,123-08
5 2,168 96
1,3 0 0 16
483,730 45
262,095 51
70;095 42
17,003,026 38
11,143,134 24
1,40 9,3 45 82
3 ,5 7 6 ,8 5 0 00
7 0,450 00
117;450 00
223;297 57
709;460 39
$25,000 00
15,000 00
3 ,8 8 7 74
$74 858,529 82
$300,754 54
612
98,122
243
300
81
06
95
00
131,753 34
2 5,834 64
$405,000
208,500
143,756
188
22,2 00
00
00
09
59
00
5 5,379
1,37 8,7 85
598,255
290
18,480
72
94
56
70
00
20
00
199
3 ,5 2 0 ,6 1 2
4 86,500
6 9,150
33
96
46
00
$ 6,9 0 7 ,3 7 0 83
cxlvi
S T A T U B A N K IN G D E P A R T M E N T .
Abstract of State and National banks by counties.— Continued.
Leelanau
county.
Lenawee
county.
Livingston
county.
3 state banks.
15 state and 2
national banks
4 state banks.
1 state bank.
1 national
bank.
Resources.
Loans and discounts.....................
O verdrafts, secured and unsecured.........
Bonds, m ortgages and securities....................
M ackinac
county.
$237,325 61
$6,1 61 ,00 5 67
$831,209 91
$235,546 79
$387,007 14
1 ,0 8 4 62
13,884 54
2,391 52
1 ,1 6 7 44
2 09
4 ,563 88
567 00
15 25
Premium a ccou n ts.....................
Stock o f Federal R eserve B a n k ___
Luce
county.
1,0 5 0 00
36,150 00
2,7 1 2 16
378,937 84
8 ,0 2 9,1 53 50
1 ,5 3 2,4 75 06
129,923 76
2 ,2 5 0 00
281,474 00
Lawful reserve w ith Federal Reserve Bank
and in v ault..........................................
131,877 64
1,32 2,0 06 43
212,494 92
106,512 96
99,534 91
D ue f rom banks in reserve cities.................
105,992 46
1,30 6,8 36 23
256,247 83
137,168 21
104,239 86
D ue from other banks and bankers. . . .
22,061 79
2,1 3 8 47
Exchanges for clearing h ouse...................
36,855 83
2,564 01
Outside checks and other cash ite m s.........
Banking house, furniture and fixtu res.........
Other real estate........................
273 54
58,412 06
2,7 3 4 34
1,445 99
6 ,0 8 4 02
15,382 80
316,213 46
137,343 32
17,545 05
16,000 00
8 ,6 9 2 98
15,891 80
5 ,6 8 6 04
300 00
D ue U . S. Treasurer...............................
Other assets..........................................
T o ta ls...............................................
854 91
6 ,250 00
625 00
3 ,7 0 9 28
21,0 14 22
4,401 37
$884,326 77
$17,350,299 42
$635,011 49
"
Liabilities.
Capital s t o c k ...................................
Surplus fu n d .........................................
Undivided profits...........................
Reserved for taxes, interest, e t c . . . .
Circulation........................................
D ue to Federal Reserve B a n k ...
D u b to other b^uks dinl bunkers........
Individual deposits subject to ch e c k .
Com m ercial certificates o f d ep osit. .
Certified checks........................
Cashiers’ ch eck s..............................
Dividends u n p aid..............................
State m oneys........................
U. S. Governm ent deposits..................
Postal savings.........................
T im e deposits (b o o k )........................
T im e certificates o f dep osit...........
Bonds borrow ed or left for safekeeping.
Bills pa y a b le..................................
Acceptances executed for customers .
Customers’ letters o f cred it. . .
N otes and bills rediscounted.........
Other liabilities......................
T o ta ls................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$902,773 30
$70 ,00 0 00
19,704 66
$ 1 ,0 11 ,00 0 00
$270,000 00
53,0 00 00
2 4 |434 56
125,000 00
18,963 09
156,955 94
6 50
497,682 61
3 ,6 9 0 ,2 4 6 91
295,544 98
12,084 72
10 00
19,444 15
130 00
338 38
770,692 92
245 47
409,091 26
176,210 60
21,3 00 00
9 ,2 1 8 ,6 5 9
676,497
539 ,75 0
272 ,00 0
25
57
00
00
1 ,5 2 3,1 73 17
$30,000 00
6,0 0 0 00
6 ,2 9 3 '3 7
3 ,3 1 2 75
$50,000
25,0 00
12,216
5 ,5 0 0
274,227 80
9,3 1 8 92
318,954 19
8,3 6 0 95
569 92
450 46
282,775 88
22,0 12 31
1 2 6 ,7 i l 17
$884,326 77
17,350,299 42
5 ,3 1 0
168
328,815
131,856
00
00
04
QO
00
97
95
51
3 ,5 2 0 77
12,987,278 54
$635,011 49
$902,773 30
R E P O R T O F T H E C O M M IS S IO N E R .
A
bstract
of
cxlvii
State and National banks by counties.— Continued.
M acom b
coun ty.
M arquette
county.
M anistee
coun ty.
M ason
county.
M ecosta
county.
Resources.
13 state and 2 2 state and 1
5 state and 5
4 state and 1
national banks. national banks. national banks. national banks.
Loans and discounts......................................... $ 4,2 99 ,94 7 38
Overdrafts, secured and unsecured...............
2 6,349 20
7 state banks.
$1,4 61 ,66 9 63
$ 7,6 44 ,29 8 34
$ 1,3 18 ,13 6 41
$ 1,5 25 ,37 6 08
3 ,0 3 1 60
2 ,6 6 0 78
2,1 4 4 97
5 ,2 4 9 48
1,6 5 0 00
452 90
498 50
Stock o f Federal Reserve B a n k ......................
17,850 00
9 ,7 5 0 00
28,9 50 00
8 ,4 0 0 00
4 ,0 5 0 00
Bonds, mortgages and securities....................
7 ,6 9 8 ,4 1 5 85
1 ,0 7 2,8 35 46
4 ,4 6 2 ,6 0 4 19
1 ,8 0 2,2 79 32
1 ,1 7 8 ,7 1 9 24
Law ful reserve w ith Federal Reserve Bank
and in v a u lt....................................................
1,41 5,5 11 64
490,942 37
1 ,6 6 0,4 66 96
2 97,454 71
203,330 50
D ue from banks in reserve cities...................
865,785 37
454 ,78 7 18
548,215 61
302,950 83
172,335 85
D ue from other banks and bankers..............
12,302 33
424 74
79,446 07
4 ,7 3 2 76
12,735 25
Exchanges for clearing house..........................
2 9,149 43
7 ,631 38
3 5,2 80 27
8 ,3 1 4 64
2 ,0 8 2 13
Outside checks and other cash item s............
15,654 75
10,518 22
27,3 86 11
5 ,0 3 5 88
1 ,1 7 9 75
Banking house, furniture and fixtures.........
135,829 90
105,602 99
319,542 30
166,773 76
59,498 64
Other real estate............... .................................
3 8,5 42 88
18,249 34
53,308 24
21,068 11
2 ,2 7 5 25
3 ,7 5 0 00
350 00
22,4 47 50
1 250 00
7,3 5 0 00
2 ,4 5 0 00
31,8 87 99
$ 3 ,6 35 ,79 2 91
$14,893,606 37
$3,9 41 ,44 4 29
$ 3 ,1 98 ,72 0 16
$220,000
100,000
64,001
9 ,9 6 2
24,1 00
00
00
03
72
00
$800,000
531 ,25 0
2 59,902
104,011
537 ,90 0
00
00
87
91
00
$290,000
8 6,0 00
3 8,5 37
618
2 5 ,0 00
00
00
21
34
00
$216,000
5 4 ,0 00
50,801
3 ,0 7 3
00
00
04
08
20,115
1 ,1 4 0 ,3 9 6
177,067
1 ,5 6 8
79
55
86
78
249,152
4 ,6 2 9 ,1 0 1
73,205
636
37,7 06
158
8
97,918
4 4;5 20
7 ,0 4 7 ,5 8 9
375,643
5 9,6 00
30,0 00
88
39
17
53
87
00
00
96
76
40
63
00
00
41 434
972,530
179,984
75
27 436
145
5 ,0 0 0
25
92
20
00
89
00
00
10,556
758,962
490,299
9,391
8,0 6 3
69
11
17
85
11
7,881
1 ,5 2 8 ,4 3 6
539,601
178,638
2 0 ,0 00
21
01
48
78
00
2 ,5 0 9
891,991
398,588
236 ,75 0
56,5 00
Other assets..........................................................
1,455 00
T ota ls............................................................. $14,561,042 23
Liabilities.
Capital sto c k ........................................................
Surplus fu n d ........................................................
Undivided profits...............................................
Reserved for taxes, interest, etc.....................
$565,000
376,624
2 79,727
2,2 4 7
7 5,000
00
28
06
50
00
Individual deposits subject to ch eck ............
Com m ercial certificates o f d ep osit................
Certified checks...................................................
2 ,2 8 0 ,2 6 2
392 ,03 6
2 ,5 0 0
3 5,023
'581
95
63
30
81
50
5 ,121
8 ,8 6 9 ,4 4 9
349,428
464,355
766,750
87
16
88
00
00
Postal savings......................................................
Tim e deposits < b o o k )........................................
T im e certificates o f d eposit..............................
Bonds borrow ed or left for safekeeping. . . .
190 25
8 ,6 9 6
1 ,4 8 6,5 82
16,960
366 ,15 0
84
10
94
00
7 ,5 0 0 00
82
75
23
00
00
3,6 3 3 31
96,919 79
13 50
T o ta ls............................................................. $14,561,042 23
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$3,6 35 ,79 2 91
15,000 00
'3 0 0 00
125 00
$14,893,606 37
$ 3 ,9 41 ,44 4 29
$ 3 ,1 98 ,72 0 16
cxlviii
S T A T E B A N K IN G D E P A R T M E N T .
Abstract of State and National bantes by counties.— Continued.
Menom inee
county.
M idland
county.
Missaukee
county.
4 state and 2
national banks
4 state banks.
2 state banks.
* 2 ,1 4 4 ,3 3 0 79
*1 ,2 3 3 ,4 1 7 15
*284,019 35
$ 2,2 58 ,77 6 96
*2 ,3 3 6,3 21 20
1,321 63
2,2 7 4 39
2 ,7 9 8 21
1 ,809 92
6,251 24
Resources.
Loans and discounts..............
Overdrafts, secured and unsecured.............
M onroe
county.
8 state and 1
national bank. 15 state banks.
Prem ium a ccou n ts................
Stock o f Federal Reserve B a n k.............
Bonds, m ortgages and securities.............
8 ,7 3 7 12
11,330 99
1 ,6 7 2,1 63 61
Law ful reserve with F ederal Reserve Bank
and in v a u lt.....................................
292 ,93 6 57
D ue from banks in reserve cities.............
333 ,80 6 29
D ue from other banks and bankers.........
119,364 41
Exchanges for clearing h ouse................. ;.
4 ,5 4 6 36
Outside checks and other cash item s...........
18,743 72'
Banking house, furniture and fixtures.........
94,973 18
Other real estate.......................................
D ue U . S. Treasurer...............................
Other assets............................................
T ota ls....................................
M ontcalm
county.
.
1,5 0 0 00
8,1 0 0 00
5,7 0 0 00
4 ,0 6 0 ,8 6 7 39
1 ,8 9 2 ,4 8 8 77
1 ,1 9 1 ,8 0 7 51
101,646 80
690,511 87
442,551 78
182,702 70
106,342 37
457 ,81 9 58
501,716 26
2 ,8 0 0 74
33,5 38 04
1,445 00
21,2 07 97
8 ,4 6 8 74
.
6,0 4 1 80
932 41
795 84
7,328 31
14,128 76
73,435 85
4 ,3 4 4 70
137,949 39
105,016 70
548 86
450 00
1 5,002 50
8,7 5 7 84
2 ,5 0 0 00
2 ,0 4 9 16
*4 ,7 1 1 ,1 1 8 07
$ 2 ,9 58 ,89 2 21
* 7 ,7 0 7 ,5 9 7 53
•
* 5 ,3 2 2 ,8 4 6 29
Liabilities.
Capital sto c k .................................
Surplus fu n d ....................................
U ndivided p rofits.......................
Reserved for taxes, interest, etc..........
C ircu lation..................................
D ue to Federal Reserve B a n k ........
D ue to other banks and bankers..................
Individual deposits subject to ch e c k ............
Com m ercial certificates o f dep osit. . .
Certified checks..........................
Cashiers’ ch eck s.........................
D ividends un p aid.........................
State m on eys.............................
U. S. Governm ent dep osits............
T im e deposits (b o o k )...........................
T im e certificates o f deposit..............
Bonds borrow ed or left for safekeeping___
Bills p a y a b le................................
Acceptances executed for custom ers...........
Customers’ letters o f crp d it. . . .
N otes and bills rediscounted.........
Other liabilities...............................
T o ta ls..................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*460,000
1 68,000
46,1 08
18,792
296,300
00
00
28
32
00
*145,000 00
60,0 00 00
67,166 31
*4 0,0 00 00
9 ,0 0 0 00
12,770 52
1 ,4 8 6 ,8 2 8
190,022
6 ,7 6 9
3 ,6 9 9
83
5 ,0 0 0
4 8,7 60
3 ,2 9 0
1 ,6 2 5,9 56
314,963
91
41
34
88
00
00
00
79
89
93
9 14,038 55
93,2 77 58
17,551 61
205 ,65 7 05
183,331 61
171 00
950,475
269,041
221,900
2 10 ,00 0
44
54
00
00
3 7,4 55 87
10,355 00
1 0,000 00
14,711,118 07
*440,000
91,1 00
127,738
3 ,0 0 0
5 0,0 00
00
00
58
00
00
64,621
2 ,1 5 0 ,8 6 8
300,630
115
9,2 0 1
463
49
15
92
92
74
71
12,623
2 ,6 7 0 ,6 8 9
1 ,5 1 0,1 69
156,350
120,000
68
79
13
00
00
$415,000 00
102,880 00
92,340 03
1 ,4 1 2 ,9 4 2 86
655,707 15
6,3 2 9 26
9 ,089
• 667,187
1 ,7 5 3 ,9 7 6
70,8 50
33
60
15
00
24 42
52,958,892 21
$524,475 41
17,707,597 53
* 5 ,3 2 2 ,8 4 6 29
cxlix
R E P O R T O F T H E C O M M IS S IO N E R .
Abstract of State and National banks by counties.— Continued.
*
M ontm orency
county.
M uskegon
county.
New aygo
coun ty.
Oakland
county.
Oceana
county.
1 state bank.
6 state and 3
national banks.
6 state banks.
17 state and 2
national banks.
2 state and 1
national banks.
Resources.
Loans and discounts.........................................
$126,770 04
$5,3 77 ,18 5 59
$ 1 ,0 74 ,50 4 98
$10,371,250 85
$401,327 86
Overdrafts, secured and unsecured...............
1,068 71
10,161 06
8 ,533 76
22,8 47 56
3,3 2 3 52
501 95
150 00
8 ,8 1 7 45
30,0 00 00
3 ,7 5 0 00
50,2 50 00
3 ,1 0 0 00
8 2,555 00
5 ,2 0 5 ,4 7 0 84
1 ,3 5 4 ,0 0 6 63
14,0 45 ,11 0 62
566,603 92
Law ful reserve with Federal Reserve Bank
and in v a u lt....................................................
15,851 09
1 ,2 8 1,4 54 49
4 0 6 ,8 0 7 09
2 ,5 7 2 ,1 2 3 13
93,886 80
D ue from banks in reserve cities...................
2 2,185 02
993,709 29
347,084 47
2 ,8 0 6 ,3 5 8 37
191,776 88
D ue from other banks and bankers..............
22 50
11,907 52
3 ,2 2 1 95
200,449 90
21,4 75 13
171,197 37
2 ,391 40
Bonds, mortgages and securities.. . , ............
106,195 16
Banking house, furniture and fixtures.........
T o ta ls.............................................................
8 ,0 9 0 00
$256,542 36
54,251 00
8,213 83
32,234 53
3 ,8 7 9 28
626,883 58
69,865 66
399,215 54
38,743 04
11,514 35
8,741 38
75,551 15
30,4 59 39
16,620 00
3,1 2 5 00
500 00
11,265 12
8 3,418 00
158 92
$30,833,282 02
$ 1 ,3 6 1 ,7 5 0 59
$13,737,119 95
$3,2 84 ,72 9 75
/
Liabilities.
$20,000 00
13,000 00
4,3 6 3 69
Individual deposits subject to ch e c k ............
Bonds borrow ed or left for safekeeping------
93,105 95
1 35
103,459 49
11,411 88
11,200 00
$ 1,1 2 5 ,0 0 0
608,500
182,178
57,183
258^200
00
00
75
23
00
3 ,3 3 5
4 ,0 9 4 ,3 4 1
186,305
17,275
4 ,0 6 8
151
1 0,000
1 000
71,093
4 ,7 1 0 ,4 9 9
2 ,1 0 0 ,2 6 1
102,950
160,000
38
81
32
88
89
50
00
00
77
79
79
00
00
$155,000
88,0 00
49,3 95
2 ,0 0 0
00
00
91
00
613,827 28
3 4,4 59 96
7 00
819,727
1 ,1 9 0 ,0 6 2
405 ,60 0
4 7 ,0 0 0
28
32
00
00
4 4,773 84
T o ta ls............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$256,542 36
$13,737,119 95
$3,2 84 ,72 9 75
$ 1 ,6 45 ,00 0
590,200
378,647
53,7 05
62,5 00
00
00
95
89
00
$95,000 00
4 4 ,7 50 00
4 3 ,0 2 0 37
3 5,944
9 ,1 4 2 ,7 1 8
1 ,2 8 9 ,3 5 8
2 5,224
9 1,474
813
42
07
64
50
55
50
6 ,984
392,595
28,9 39
2,4 8 1
39,735
11,757,671
3 ,8 2 5 ,3 7 2
1 ,3 8 5 ,4 6 5
477 ,00 0
53
01
81
15
00
2,3 9 2 14
545,478 58
189,265 46
32,4 50 00
1,342 75
$30,833,282 02
S I ,361,750 59
9 ,5 0 0 00
69
41
76
43
cl
STATE BANKING DEPARTMENT.
Abstract of State and 'National banks by counties.— Continued.
Ogemaw
county.
O ntonagon
cou n ty.
Osceola
county.
Oscoda
coun ty.
Otsego
coun ty.
1 state bank.
3 state and 2
national banks
4 state and 1
national banks
1 state bank.
1 state bank.
L oans and d iso cu n ts.........................................
$123,028 24
$560,410 26
$1,7 29 ,70 3 92
$92,053 37
$338,545 81
O verdrafts, secured and u nsecured...............
98 79
509 34
11,740 68
40 34
46 40
171 00
50,299 32
2 1,848 77
350,049 23
Resources.
Prem ium a cco u n ts.............................................
St ock o f Federal Reserve B a n k ......................
Bonds, m ortgages and secu rities....................
20,0 26 66
2 ,1 5 0 00
3 ,6 0 0 00
425,341 72
697,787 49
Lawful reserve w ith Federal R esen e Bank
and in v a u lt....................................................
7 ,1 2 4 81
95,061 62
320,499 53
5 ,8 8 7 08
39,7 18 68-
D ue from banks in reserve citie s ...................
31,9 57 57
143,730 75
114,020 28
32,663 24
157,084 51
D ue from other banks and b an k ers..............
40,3 85 04
4 ,4 6 3 93
Exchanges for clearing h ouse..........................
906 56
1 ,248 87
4,7 1 3 48
O utside checks and other cash ite m s. . . . . . .
29 27
2,3 7 4 02
5 7,955 50
6 ,5 4 0 19
719 41
Banking house, furniture and fixtures.........
8 ,0 0 0 00
32,3 17 67
9,483 56
5,3 7 5 00
15,500 00
Other real esta te................................................
5,1 4 1 28
2 ,5 0 0 00
D u e TJ. S. Treasurer..........................................
2 ,5 0 0 00
Other a ssets..........................................................
1 ,801 34
T o t a ls ............................................................
$195,406 62
$1,3 07 ,65 9 32
$ 3,0 03 ,30 3 08
3 ,2 5 2 14
$164,407 99
$909,629 66
$20,000 00
1,5 7 5 02
2 ,5 9 9 41
$25,000 00
1 5,000 00
15,943 96
105,614 03
34,6 14 53
307,954 10
204,222 11
1,3 5 7 20
Liabilities.
C apital s t o c k .......................................................
Surplus fu n d ........................................................
U ndivided p rofits...............................................
Reserved for taxes, interest, e t c ....................
C ir c u h tio n ............................................................
D ue to Federal R eserve B a n k ........................
D ue to other banks and bank ers...................
Individual deposits subject to ch e c k ............
$20,000 00
5 ,0 0 0 00
5 ,4 1 0 90
5 5,526 36
109,054 08
415 28
Dividends u n p aid ...............................................
$115,000
4 1,5 00
2 1,508
500
4 7,9 00
00
00
05
00
00
1 ,7 9 7
637,433
60,288
'5 2 0
912
320
54
09
24
71
50
00
9,161
275,278
6 1,1 40
15;250
85
52
27
00
Bills p a y a b le........................................................
T o ta ls ............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$195,406 62
$175,000
4 2 ,0 0 0
30,1 52
1 ,5 0 0
50,0 00
00
00
65
00
00
762,495
223,966
6
3,6 2 1
33
2 ,5 0 0
75
97
25
22
00
00
71
1 ,0 9 8 ,8 6 5
406,385
24,7 00
8 9,5 00
45
32
60
00
00
1 9,045 58
102 97
92,5 04 87
$1,3 07 ,65 9 32
$ 3,0 03 ,30 3 08
5 00
340 ,15 2 29
$164,407 99
$909,629 66
R E P O R T O F T H E C O M M IS S IO N E R .
cli
Abstract of State and National banks by counties.— Continued.
Ottawa
coun ty.
Presque Isle
coun ty.
R oscom m on
coun ty.
14 state banks.
3 state banks.
1 state bank.
Saginaw
coun ty.
St. Clair
coun ty.
Resources.
10 state and 3
9 state and 5
national banks. national banks.
Loans and discou n ts........................................
$5,7 40 ,49 5 00
$376,360 54
$73,056 13
$18,224,684 84
$ 7,4 7 9 ,9 6 0 45
O verdrafts, secured and unsecured...............
10,829 60
13 49
632 81
33,1 75 76
16,3 88 57
Premium a cco u n ts.............................................
2,3 4 4 01
704 93
85,2 00 00
2 0 ,0 5 0 00
15,600 00
1 ,5 0 0 00
Bonds, m ortgages and securities. ................
5 ,1 1 0 ,4 5 6 40
899,726 80
52,953 65
16,315,261 41
7 ,9 1 9 ,2 3 8 66
L aw ful reserve w ith Federal Reserve Bank
and in v a u lt ....................................................
1 ,0 6 0 ,9 8 7 12
103,066 85
2 3 ,0 8 2 65
3 ,8 8 8 ,1 5 2 86
1 ,0 6 5 ,8 0 9 25
D ue from banks in reserve c it ie s ...................
826,876 39
130,144 09
13,250 00
2 ,8 1 7 ,6 3 9 41
1 ,1 5 4,6 24 36
D ue from oth er b anks and bankers..............
25,1 55 64
275,335 23
9 6,412 25
36 00
359,638 97
65,8 17 99
13,413 10
2 ,2 6 7 26
84,4 22 07
56,6 68 18
Banking house, furniture and fix tu res.........
246,654 84
30,2 48 25
9 ,9 0 0 00
543,460 50
350,091 01
O ther real e sta te ................................................
8,3 1 3 30
14,949 95
15,429 55
37,9 22 62
18,318 76
19,5 00 00
1 0,000 00
581 53
76,818 68
$42,687,319 21
$ 18 ,33 0,9 03 09
Other assets.........................................................
T o t a ls ............................................................
$13,058,781 39
$ 1 ,5 58 ,27 7 23
$188,340 79
*
L iabilities.
C apital sto c k .......................................................
Surplus fu n d ........................................................
Undivided p rofits...............................................
Individual deposits subject t o c h e c k ............
Certified ch eck s..................................................
$675,000
260,150
160,037
2 0,0 89
00
00
23
85
6 ,7 2 5
2 ,8 2 2 ,4 1 4
1 ,6 9 2 ,3 8 7
'632
97
54
18
03
$ 85,000 00
2 5,9 17 00
2 6 ,7 4 0 71
$20,000
4 ,5 0 0
1 ,5 3 0
1 ,0 0 0
00
00
49
00
21
66
08
00
86,441 93
1 ,0 4 2 ,4 9 0 01
62,5 08 56
4 1 ,7 0 7 12
2 9 ,9 30 20
2 55,216
59,5 85
809
10
260 00
2 ,9 7 1 05
15 00
T im e deposits (b o o k ).........................................
T im e certificates o f dep osit..............................
T o ta ls ............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7 ,7 5 6 44
1 '3 3 8 14
5 ,3 3 1 ,2 6 4 ,8 6
1 ,6 5 1 ,6 0 0 15
378 ,37 0 00
5 1 ,0 00 00
513,058,781 39
$ 1 ,5 58 ,27 7 23
$188,340 79
$ 1,6 5 3 ,3 4 0
1 ,5 8 8 ,7 4 0
752,110
158,194
350 ,00 0
00
00
39
18
00
$818,000
282 ,00 0
250,092
32,1 65
223,595
00
00
77
65
00
2 ,0 1 7 ,2 5 6
1 4 ,1 4 7 ,5 8 0
2 ,5 8 8 ,4 3 2
7 5;189
6 6,412
921
50
35
25
00
98
00
178,051
10,232
17,454,581
784,144
186,100
675,000
40
92
47
03
00
00
801,348
5 ,1 5 9 ,8 7 2
573,612
9 ,6 5 6
7 ,2 5 3
711
5 0 ,0 0 0
1 7,295
14,991
7 ,9 0 3 ,9 6 0
948,316
2 75 ,00 0
746,450
2 ,0 2 8
78
11
67
04
61
42
00
02
33
73
04
00
00
94
1 ,0 3 2 74
3 ,3 8 1 09
211,171 89
$42,687,319 21
$18,390,330 09
clii
S T A T E B A N K IN G D E P A R T M E N T .
Abstract of State and National banks by counties.— Continued.
St. Joseph
county.
Sanilac
coun ty.
Resources.
9 state and 3
national banks. 17 state banks
Prem ium a ccou n ts.............................................
S tock o f Federal Reserve B a n k .....................
Schoolcraft
coun ty.
Shiawassee
county.
Tuscola
county.
2 state and 1
national banks
10 state bank s.
11 state and 1
national banks.
$ 3 ,5 55 ,99 3 83
$ 4 ,8 28 ,30 8 74
$807,644 08
$3,1 94 ,60 1 38
$ 2 ,2 94 ,75 9 97
9,2 8 9 09
2 2,4 74 45
1 ,4 8 7 16
5,023 03
1 0,894 14
70 00
138 77
2 ,0 0 2 06
1 2,250 00
1,1 0 0 00
2 ,4 0 0 00
2 ,9 0 7 ,0 0 1 04
2 ,3 5 3 ,1 7 8 47
646,325 98
6 ,9 0 0 00
3 ,5 9 8 ,0 8 5 74
1 ,9 0 1 ,2 4 0 67
Law ful reserve w ith Federal R eserve Bank
523,183 28
400,835 24
102,646 55
556,184 74
3 46,856 01
D u e from banks in reserve cities...................
947,166 42
1 ,1 0 0 ,6 2 5 46
87,7 07 92
1 ,2 4 9 ,6 1 7 71
780,368 25
D ue from other banks and bank ers..............
1 1,805 85
1 7,132 79
2 1 ,1 37 86
1,681 58
•16,288 20
Exchanges for clearing house..........................
3 ,6 0 0 81
1 4,274 02
8 ,3 0 5 11
49,8 34 95
2 ,9 1 4 41
Outside checks and other cash ite m s...........
7 ,3 4 3 19
8,1 1 3 06
6 ,1 9 9 17
12,381 50
10,045 64
Banking house, furniture and fixtures.........
165,566 78
129,460 60
57,5 34 39
156,612 63
9 8 ,2 4 8 41
Other real esta te ................................................
2 8,3 64 23
94,241 75
2 ,0 0 0 00
13,927 11
14,575 00
D ue U. S. Treasurer..........................................
4 ,2 5 0 00
Other a ssets..........................................................
18,548 41
$ 8 ,1 8 7 ,6 8 2 93
3 ,0 0 0 00
312 50
2 3,1 00 00
3 ,9 5 4 57
2 ,0 0 5 00
$ 8 ,9 9 2 ,9 8 3 35
$ 1 ,7 5 0 ,3 4 2 79
$ 8 ,8 3 9 ,9 5 2 43
$ 5 ,4 8 5 ,4 0 8 20
Liabilities.
Reserved for taxes, interest, e t c ....................
C ircu lation............................................................
D ue to Federal Reserve B a n k ........................
D u e to other banks and bankers...................
Individual deposits subject to ch e c k ............
Com m ercial certificates o f dep osit................
Cashiers’ ch eck s..................................................
Dividends u n p aid ..............................................
Sta te m oneys.......................................................
U. S. Governm ent d ep osits.............................
P ostal savings.....................................................
T im e certificates o f dep osit..............................
Bpnds borrow ed or le ft for sa fe k e e p in g .. . .
Bills pa y a b le........................................................
A cceptances executed for custom ers.............
Custom ers’ letter s o f cr e d it.............................
N otes and bills rediscounted...........................
Other liabilities...................................................
T o ta ls..........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$465,000
137,000
110,669
8 ,0 8 6
149,995
00
00
01
94
00
2 ,0 8 3 ,1 4 9
1 ,0 5 7 ,3 1 5
1,0 5 3
29,5 26
285
5 ,0 0 0
4 ,8 2 0
5 ,7 2 6
1 ,9 9 4,3 51
2 ,0 3 2 ,4 7 7
89,6 00
1 0 ,0 00
17
82
00
11
00
00
67
05
00
39
00
00
$465,000
125 ,50 0
155,459
14,0 62
00
00
47
56
$140,000
5 0 ,0 00
29,4 33
464
57,7 00
00
00
56
64
00
4 ,0 0 0
2 ,0 9 1 ,7 4 9
3 ,4 4 7 ,4 3 6
1,6 5 8
1 5 ,0 27
00
53
96
01
21
23,2 19
599 ,56 7
7 3,1 08
132
2 ,8 8 8
32
55
98
57
43
10,0 00
6 ,5 4 8
6 61,070
4 4 ,6 29
17,1 50
00
10
46
26
00
$331,000
136,000
8 7,093
1,8 3 0
00
00
23
76
919
16,181
2 ,0 4 7 ,6 7 9
1 ,0 4 4 ,9 2 6
292
22
80
13
29
21
60 00
$ 417,500
166,350
64,9 20
1 ,2 3 0
5 ,4 5 0
00
00
98
69
00
1 ,1 8 6 ,1 8 2
385,945
209
285
879
28
16
45
84
19
1 ,2 3 7
1 ,0 3 4 ,0 7 2
1 ,7 5 9 ,0 3 3
309,215
105,000
47
97
73
44
00
5 7,5 00 00
1 ,0 6 1 ,3 2 9
1 ,4 0 9 ,8 5 9
96,3 00
10,000
79
82
00
00
13,696
2 ,7 3 4 ,3 5 2
2 ,2 9 1 ,7 2 1
4 1 ,5 0 0
6 5 ,0 00
01
31
47
00
00
15,0 00 00
2 3,1 00 00
3 2 ,7 5 0 00
1 ,6 7 9 92
2 7 ,7 00 00
5 ,0 2 2 22
$ 8,1 8 7 ,6 8 2 93
$ 8 ,9 92 ,98 3 35
$ 1 ,7 50 ,34 2 79
$ 8,8 3 9 ,9 5 2 43
2 ,0 0 0 00
$ 5 ,4 8 5 ,4 0 8 20
REPORT OF THIj; COMMISSIONER.
cliii
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 P an ics b y c o u n t i e s . — Concluded.
1
Van Buren
county.
W ashtenaw
county.
9 state and 2
national banks.
13 state and 2
national banks.
Loans and discounts.........................................................
$ 2,9 29 ,68 8 94
$ 8,6 23 ,93 1 05
$228,611,473 21
O verdrafts, secured and unsecured...............................
5 ,5 7 3 ,9 7
21,2 79 92
181,011 25
972 63
4 957 17
•72 527 02
1 ,3 6 4 ,1 4 5 88
W ayne
county.
W exford
county.
41 state, 1
industrial,
5 national
banks, 6 trust
companies.
3 state banks.
Resources.
Premium a ccou n ts...........................................................
$ 2 ,0 20 ,98 5 55
Stock o f Federal Reserve B a n k ......................................
10,500 00
3 6,5 50 00
1 ,1 1 4 ,8 5 0 00
Bonds, mortgages and securities....................................
3 ,3 6 4 ,6 3 0 54
8 ,6 5 6 ,8 1 8 02
2 8 2 ,88 7,3 29 33
Law ful reserve with Federal Bank and in v a u lt___
594,602 46
2 ,1 3 9 ,6 4 6 23
6 0 ,8 73 ,09 3 95
1
370,096 25
D ue from banks in reserve cities...................................
470,983 90
902,244 65
4 0 ,2 3 2 ,0 2 0 76
652,169 91
D ue from other banks and bankers..............................
26,4 89 66
80,212 69
7 ,2 6 7 ,0 5 9 87
Exchanges for clearing house..........................................
2,7 4 3 63
107,185 09
16,6 35 ,01 9 90
8,2 0 3 72
51,103 41
21,8 39 20
1 ,0 1 6,7 85 31
2,9 4 1 11
Banking house, furniture and fixtures.........................
97,173 84
387,201 67
9 ,5 0 8 ,1 3 3 29
63,597 50
Other real estate................................................................
26,1 39 70
84,948 85
171,583 59
3,433 48
D ue U. S. Treasurer.......................................................
1 ,875 00
10,000 00
357 ,27 7 50
Other assets..........................................................................
6 ,5 0 7 64
50,5 02 83
311,977 34
$ 7 ,5 8 8 ,0 1 2 69
$ 21 ,12 7,3 17 37
$64 9,2 40 ,14 2 32
Outside checks and other cash item s.........................
T otals...........................................................................
$ 4 ,4 8 6 ,5 4 6 03
Liabilities.
C apital s t o c k ........................................................................
Surplus fu n d .........................................................................
U ndivided p r o fits .. I ............................... ........................
Reserved fo r taxes, in terest, e tc .....................................
C ircu lation............................................................................
D ue to Federal R eserve B a n k ........................................
D ue to other banks and bankers....................................
Individual deposits subject t o ch eck ............................
C om m ercial certificates of d ep osit................................
Certified ch eck s...................................................................
Cashiers’ ch eck s...................................................................
D ividends u n p a id ...............................................................
State m on ey s.......................................................................
U. S. G overnm ent deposits..............................................
Postal savings......................................................................
T im e deposits (b o o k ).....................................................
T im e certificates o f d ep osit..............................................
Bonds borrow ed or left fo r sife k e s r i n g .......................
Bills pa y a b le ........................................................................
A cceptances executed for custom ers.............................
Customers’ letters o f cr e d it.............................................
N otes and bills rediscounted...........................................
Other liabilities...................................................................
T o ta ls.............................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$480,000
197,250
130,849
5 ,0 8 5
36,7 00
00
00
82
86
00
$ 1 ,0 8 5 ,0 0 0
8 78 ,00 0
466 ,68 2
5,9 9 3
2 00 ,00 0
00
00
00
95
00
$28 ,39 0,7 55
2 0 ,1 0 6 ,1 4 3
9 ,2 7 8 ,9 8 0
1 ,7 8 9 ,3 7 6
1 ,8 3 0 ,0 9 7
00
27
24
45
50
68,515
2 ,4 3 7 ,4 8 4
847,938
2 ,1 9 9
1 0,469
585
63
95
87
85
75
00
187,445
5 ,8 6 9 ,3 8 3
623,455
16,5 04
34 698
625
24
25
32
57
34
00
9 ,3 0 7
1,562
923,191
1 ,9 8 7,7 28
132,050
316 ,00 0
73
06
48
50
00
00
41,1 54
15,810
9 ,4 3 5 ,5 7 3
1 ,7 5 2 ,8 6 2
8 0,3 50
3 0 3 ,25 0
68
48
48
87
00
00
3 6 ,6 3 1 ,6 6 9
259 ,02 9,1 71
3 ,9 3 9 ,4 4 6
1 ,8 3 6,5 85
2 821 784
9 ,1 3 8
2 ,1 9 3 ,2 0 0
2 ,4 7 8 ,8 4 8
4 ,2 9 0 ,1 8 0
2 24,189,321
8 ,8 1 0 ,9 2 5
2 ,9 6 3 ,6 7 9
27 525 500
7 ,1 9 1 ,4 3 9
569 896
2 ,6 6 5 ,9 7 4
698 028
39
95
95
58
20
94
88
41
07
75
24
00
00
01
43
00
06
129,133 74
1,093 19
$ 7,5 8 8 ,0 1 2 69
$21 ,12 7,3 17 37
5649,240,142 32
$220,000
100 ,00 0
56,0 99
2 ,5 0 0
00
00
83
00
37 033
7 3 ’ 658
1 ,4 5 7,1 48
435,970
1 ,049
71
42
14
04
33
54 00
6,7 3 5 35
1 ,1 2 4 ,2 0 8 42
972 ,03 8 79
$4,4 86 ,54 6 03
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORTS
OF THE
STATE BANKS AND TRUST COMPANIES
A S M A D E TO T H E C O M M IS S IO N E R OF T H E S T A T E B A N K IN G D E P A R T M E N T
DECEMBER 31, 1918, M ARCH 4, M AY 12, JUNE 30 AND
SEPTEMBER 12, 1919
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
8
No. 325.
THE ADDISON STATE SAYINGS BANK, ADDISON.
Organized October 11, 1905.
W ade
M i l l i s , P r e s id e n t; D . A .
C.
C u r t is ,
A. F
oote
V ic e P r e s i d e n t ; F . B . C
C a sh ier.
le velan d
,
C a sh ie r -
, A ssista n t
D i r e c t o r s .— D . A . C u r t i s , F . B . C l e v e l a n d , W a d e M i l l i s , E . A . K a w s o n , H . E . B r a n c h .
Resources.
R eport o f
D ec. 31, 1918.
Report of
M a r. 4 ,1 9 19 .
Report o f
M a y 12,1919.
Loans and discounts.................C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities. . . C om ’ l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’l. dept.
Sav. dept.
$119,078 43
$121,310 91
$130,188 02
4,275 00
151,769 49
4,2 7 5 00
130,274 16
5 ,975 00
118,409 12
D ue from bks. in res. cities:. . . C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert, o f indebt, as cashres:C om ’l. dept.
Sav. dept.
31,501 09
9 ,659 20
26,715 75
23,118 73
9 ,4 4 0 60
10,996 65
24,486 03
4 7,0 00 00
2 5 ,0 00 00
7 ,0 0 0 00
4 ,773 00
Exeh. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
5,0 8 6 00
16,0 00 00
295,00
Sav. dept.
Silver c o in :....................................C om ’ l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’ l. dept.
Sav. dept.
O verdrafts...................................
Premium a ccou n t...............................................
Banking house...............................
Furniture and fixtures......................................
Other real esta te................................................
D ue from banks other than in reserve cities.
Cash items in transit.......................................
Outside checks and other cash ite m s............
Stock o f Federal Reserve B a n k......................
Other assets..........................................................
R ep ort o f
June 3 0,1919.
$101,051
40,391
6,675
137,216
R eport o f
Sept. 1 2,1919.
85
37
00
46
$108,237 45
54,861 99
4 2 ,0 74 40
14,223 18
26,367 78
11,842 75
1,289 00
11,000 00
285 00
2,2 8 6 00
10,0 00 00
285 00
1,953 00
20,0 00 00
395 00
4 ,3 5 7 70
4,2 6 5 95
6,6 8 7 95
724 08
652 64
830 80
153,179 07
295 00
5 ,? 0 3 60
141 75
5 ,0 7 6 50
734 27
33 58
759 76
1,835 91
74 32
71 48
155 04
5,5 9 0 93
4 ,5 0 2 37
5 ,5 9 0 93
4 ,3 2 7 79
5 ,5 9 0 93
4,3 2 7 79
5 ,5 9 0 93
4 ,3 2 7 79
5 ,5 9 0 93
4 ,3 2 7 79
306 73
95 74
200 89
1,281 85
464 68
$354,035 69
$382,590 93
$352,345 73
$370,393 90
$394,894 23
Liabilities.
Capital stock paid in ..........................................
Undivided profits, n e t.......................................
Dividends u n p a id ...............................................
Reserved for taxes, interest, etc......................
Com m ercial deposits subject to-ch eck .........
D em and certificates o f dep osit........................
Certified checks...................................................
Cashier’s checks..................................................
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers...................
State moneys on dep osit. > .............................
Postal savings deposits......................................
U. S. Governm ent deposits..............................
Tim e com m ercial certificates o f d ep osit. . . .
B ook a ccoun ts.....................................................
Certificates o f d ep osit........................................
Club savings deposits........................................
Notes and bills rediscounted...........................
Bills pa y a b le........................................................
Bonds sold subject to repurchase..................
Bonds borrow ed..................................................
Acceptances executed for custom ers.............
Customers’ letters o f cred it.............................
Other liabilities...................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000 00
10,0 00 00
4 ,8 7 4 58
$20,000
12,500
2,4 5 2
120
00
00
43
00
$20,000
12,500
3,739
120
00
00
53
00
$20,000
12,500
2,9 2 5
120
00
00
78
00
$20,000 00
12,500 00
4,5 1 6 01
7 0,704 80
87,139 47
6 9,500 03
69,406 18
85,219 08
52,712 92
195,743 39
52,902 29
207,476 74
57,0 05 94
189,479 63
58,838 53
206,603 41
49,665 00
222,994 14
$354,035 69
$382,590 93
$352,345 73
$370,393 90
$394,894 23
4
STATE BANKING DEPARTMENT.
•
No. 162.
THE ADRIAN STATE SAYINGS BANK, ADRIAN.
Organized May 29, 1893.
R.
B. E. T
A .
W atts,
♦
Chairm an of the Board.
, P re s id e n t ; G e o r g e A . W i l c o x , R . H . W a t t s , V ice P re sid e n ts;
W h i t n e y , C ashier; P r a n k A . F a u l h a b e r , A ssista n t Cashier.
o b ia s
C h a s . S.
D i r e c t o r s .— R .
A . W a t t s , G e o . A . W ilc o x , W . E . J e w e tt, R . A . K a is e r , C . G . W e s le y , W . O .
H u n t, B . E . T o b ia s , A . D . E llis , C . S . W h it n e y , R . H . W a t t s , W . W . C o o k e , C . E . B a ld w in .
Resources.
Loans and discounts:......... .... .C o m ’l. dept
Say. dept'
Bonds, mtgs. and securities:.. .C o m ’l. dept'
Sav. deptD ue from Fed. Res. B a n k :___ C om ’l. dept..
Sav. dept.
D ue from bks. in res. cit ie s :.. .C o m ’l. dept.
Sav. dept.
R eport o f
D ec. 31,1918.
8460,067
156,532
1,0 0 0
1,10 6,9 59
23,741
37,719
R eport oi
M a r. 4, 1919.
72
46
00
74
24
31
1,21 8,3 03 14
29,344 17
37,716 22
27,272 59
57,336 75
35,253 02
173,479 18
$426,713 59
123,974 35
Report o f
M a y 12, 1919.
Report o f
June 30, 1919.
$347,145
109,671
366,000
1,03 3,4 16
31,188
37,716
$420,307
123,089
357,600
1 ,0 4 0 512
30,666
37,716
55
77
00
35
61
22
94
71
00
21
38
22
22,949 49
110,033 54
21,205 04
73,422 88
Report of
Sept. 1 2 ,1 91 9.
$483,813
157,511
360,100
937,418
35,215
37,716
22
13
00
95
56
22
33,356 22
61,562 31
U. S. cert, o f indebt, as cash res:C om ’ l. dept.
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
4 ,0 8 2 74
9,2 2 0 21
3,624 59
11,147 39
2 ,299 10
13,130 00
20,0 00 00
1,0 7 0 00
1,238 00
30,0 00 00
1,312 50
17,695 00
30,0 00 00
1 ,7 0 0 00
240 00
28,095 00
16,036 00
3 0,0 00 00
1,952 50
Silver c o in :....................................C om ’ l. dept.
2 ,946 70
3,3 5 2 75
4,0 2 1 00
3,9 7 9 75
3 ,7 8 7 90
Nickels and cen ts:..................... Corn'!, dept.
530 48
580 44
675 30
418 95
3ÌÒ 2Ì
110 45
1 ,005 24
70 83
4 0,0 00 00
72 61
4 0 ,0 0 0 00
4 09
126 65
4 0,0 00 00
4 0,0 00 00
17,523 02
6 ,0 0 0 00
1,0 0 0 00
8 ,156 98
6 ,0 0 0 00
10,793 28
6 ,0 0 0 00
12,681 26
6 ,0 0 0 00
12,044 27
6 ,6 0 0 00
125 41
T ota ls............................................................. $1,977,023 20
$2,1 45 ,72 0 62
$2,173,703 31
$2,2 09 ,11 8 47
$2,219,871 11
$120,000 00
80,0 00 00
31,0 87 18
$120,000 00
8 0,000 00
2 7,201 13
$120,000 00
8 0,0 00 00
37,979 53
$120,000 00
80,0 00 00
31,498 01
$120,000 00
100,000 00
21,094 65
362,581 45
10,000 00
393,807 42
1 0,000 00
365,915 77
339,307 91
350,195 28
70 55
146 00
54 99
154,632 40
224,087 51
233,349 32
2^7,727 00
250,031 63
1,12 5,8 65 24
77,786 38
1 ,186,543 23
49,580 89
4,3 5 4 44
1 ,172,093 76
46,811 04
7,498 90
1,17 2,5 49 50
48,364 29
9 ,6 7 0 86
1 ,222,413 79
43,990 95
12,144 81
25,0 00 00
50,0 00 00
100,000 00
150,000 00
100,000 00
$1,9 77 ,02 3 20
$2,1 45 ,72 0 62
$2,1 73 ,70 3 31
$2,209,118 47
$2,219,871 10
1,905 00
4 0,0 00 00
D ue from banks other than in reserve cities.
Outside checks and other cash item s...........
22 11
1 ,0 0 0 00
Liabilities.
Com m ercial deposits subject to ch eck .........
Due to other banks and bankers...................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
5
No. 89.
THE COMMERCIAL SAVINGS BANK, ADRIAN.
Organized May 10, 1888.
A. B
e n n e tt
, P r e s i d e n t ; C h a r l e s G . H a r t , V ic e P r e s i d e n t ; E . N . S m i t h ,
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 sh iers.
C a sh ie r '
D i r e c t o r s .— A
B en n ett
E . C . S w o r d , C h a r le s G . H a r t , A m o s K e lls , H . R . J e w e t t, W .
B a r r e t t, J o h n E . B ir d , A . E . P a lm e r , E . N . S m ith , P . J . D u n n , L a d d J . L e w is , J r .
Resources.
L oans and discounts:................C om ’l. dept.
Sav. dep t
Bonds, mtgs. and securities:.. .C om ’ l. dept
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’ l. dept.
Sav. dept.
D ue from bks. in res. c itie s :.. .C om ’l. dept.
Sav. dept
U. S. Bds. & cert, indebt, as sav. legal r e s ...
U. S. cert, o f indebt, as cash res:C om ’l. dept.
Sav. dept.
R ep ort o f
D ec. 31,1918.
$230,181
107,801
129,815
551,769
3 0,6 00
20,882
110,001
22
88
00
13
00
07
12
Report o f
M ar. 4, 1919.
$266,472
96,531
133,555
568,469
25,4 00
37,385
37
80
00
05
00
64
108,578 77
R ep ort o f
M a y 12, 1919.
$323,630
82,246
160,830
603,534
31,6 00
53,524
38
95
00
28
00
75
R eport o f
June 30,1 91 9.
$280,483
92,998
216,040
589,455
30,100
30,219
46
14
00
31
00
95
H.
R eport o f
Sept. 12,1919.
$329,916
116,868
278,235
547,366
3 0 ,3 00
28,099
03
28
00
18
00
95
120,612 76
68,596 48
36,9 77 15
Exch. for clearing house & checks on banks
Sav. dept.
C urrency:.......................................C om ’ l. dept.
Sav. dept.
G old co in :. . . . . ' ...........................C om ’ l. dept.
Sav. dept.
3 ,7 0 9 37
3,6 4 6 48
5 ,0 1 4 52
46,973 00
2 0,660 00
22,331 00
7,6 9 0 74
19,000 00
19,543 00
1,156 19
10,000 00
16,381 00
370 00
777 50
2 ,0 0 7 50
257 50
292 50
Silver co in :....................................C om ’ l. dept.
Sav. dep t
Nickels and cen ts:..................... C om ’ l. dept.
Sav. dept.
3,0 3 9 00
3 ,9 2 3 80
1,793 55
2 ,3 9 8 50
1,878 40
331 45
100 45
302 30
46 75
171 07
19 69
216 12
153 62
243 93
102 95
50,0 00 00
5 0,0 00 00
5 0 ,0 00 00
5 0,0 00 00
50,0 00 00
4 ,2 0 0 00
6 ,5 8 0 02
4 ,2 0 0 00
1,619 33
4 ,2 0 0 00
4 ,7 6 7 21
4 ,2 0 0 00
4,5 6 9 50
4 ,2 0 0 00
$1,3 05 ,14 8 35
$1,3 26 ,52 9 48
$1,4 63 ,13 5 78
$1,4 16 ,12 0 03
$1,4 56 ,58 7 06
$110,000 00
3 0,0 00 00
3,2 7 4 22
$110,000 00
3 0 ,0 00 00
18,441 19
$110,000 00
3 0,0 00 00
21,973 05
$110,000 00
3 0 ,0 0 0 00
1 8,507 38
$110,000 00
3 0,0 00 00
16,568 33
Premium a ccou n t...............................................
Furniture and fixtures.......................................
Other real esta te.............. ..................................
D ue from banks other than in reserve cities.
Cash items in transit..........................................
Outside checks and other cash item s............
15,374 66
Other assets..........................................................
Liabilities.
Dividends un p aid................................................
Reserved for taxes, interest, e t c .....................
Com m ercial deposits subject to ch e c k .........
Cashier’ s checks..................................................
D ue to Federal Reserve B a n k ........................
D ue to other banks and bankers...................
State m oneys on d ep osit...................................
Postal savings deposits......................................
U. S. G overnm ent dep osits..............................
T im e com m ercial certificates o f d ep osit___
403,988
3 1,501
106
496
91
52
14
00
330,539
2 5,085
140
1 ,510
82
88
00
00
399,846 94
41,734 36
22 22
393,001
19,562
2 ,0 9 6
3,6 3 7
724,786 06
805,889 36
850,854 40
828,186 60
865,792 14
995 50
4 ,9 2 3 23
8 ,7 0 4 81
11,127 77
14,700 03
$1,3 05 ,14 8 35
$1,3 26 ,52 9 48
$1,4 63 ,13 5 78
$ 1,4 16 ,12 0 03
$1,4 56 ,58 7 06
81
95
52
00
405,641
12,444
1,374
65
94
71
91
00
Certificates o f d ep osit........................................
N otes and bills rediscounted...........................
Bills pa y a b le........................................................
Bonds sold subject to repurchase..................
Bonds borrow ed..................................................
Acceptances executed for custom ers.............
Customers’ letters o f credit.............................
Other liabilities...................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6
STATE BANKING DEPARTMENT.
No. 66.
LENAWEE COUNTY SAYINGS BANK, ADRIAN.
Organized December 16, 1869.
Corporate existence extended February 1, 1902.
H . B. W
a l d b y , C h a irm a n ; I I . V . C . H a r t , P r e s id e n t ; C . D . H a r d y , R . S . M o r e l a n d ,
D . B . M o r g a n , V ic e P r e s id e n t s ; J . C . M u r p h y , C a s h ie r j A . W . W r i g h t ,
V e r n L . B e D e l l , A s s i s t a n t C a sh iers.
D i r e c t o r s .— R i a l
C la y , J . V . D e F o e , C h a s . E v a n s , H . V . C . H a r t , V e r n o n H o x ie , C . D . H a r d y ,
H e n r y H a r t , J . W . K ir k , H . B . K n o w le s , H . L . L a r w ill, D . B . M o r g a n , R . S. M o r e la n d , J . C .
M u r p h y , F . W . P r e n tic e , F . A . S te v e n s o n , A . J . W a lp e r , A . W . W o o d , H . B . W a ld b y .
Resources.
L oans and discounts.................C om ’ l. dept.
Sav. dept.
B onds, mtgs. and secu rities.. .C om ’l. dept.
Sav. dept.
D ue from F ed. Res. B a n k :... .C om ’ l. dept.
Sav. dept.
D ue from bks. in res. cit ie s :.. .C om ’l. dept.
Sav. dept.
U . S. Bds. & cert, indebt, as sav. legal res.. .
U . S. cert, o f indebt, as cash res:C om 'l. dept.
E xch. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept.
Sav. dept.
C urrency:.......................................C om ’ l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
R ep ort o f
D e c. 31,1 91 8.
R ep ort o f
M ar. 4, 1919.
R ep ort o f
M a y 12, 1919.
R eport of
June 30, 1919.
R ep ort of
Sept. 12, 1919.
$317,804 75
194,043 68
$308,899 69
187,793 86
$334,882 90
205,540 64
$344,972 94
169,475 39
$411,289 00
135,413 93
1,06 6,8 61 42
17,446 79
5 1,148 88
1 ,0 0 6,7 91 01
26,712 99
49,537 30
1 ,0 3 7 ,0 1 0 80
2 6,698 97
52,7 57 58
1 ,0 6 9 ,5 6 0 05
25,408 00
59,392 10
1 ,0 9 4,7 31 46
21,472 86
53,401 16
45,7 09 25
137,366 32
204,766 00
9 1,409 93
205,656 44
278,743 50
63,8 37 36
183,555 81
367,552 21
56,4 84 00
190,806 23
220,493 67
4 5,309 83
115,269 95
214,951 64
4 ,8 8 7 64
7,6 2 2 66
2,291 95
3 ,8 1 5 67
3 ,7 4 2 89
11,693 00
25,0 00 00
2,3 1 5 00
18,018 00
2 5,0 00 00
2 ,3 3 2 50
23,2 96 00
2 5,0 00 00
2 ,5 3 5 00
2 0,475 00
2 5 ,0 00 00
2,5 6 5 00
12,752 00
2 5,0 00 00
3 ,5 3 2 50
Silver c o in :....................................C om ’l. dept.
2 ,4 3 0 65
2 ,1 4 6 20
2 ,5 0 4 05
2,7 7 2 00
3,421 90
Nickels and cen ts :..................... C om ’l. dept.
Sav. dept.
630 62
416 30
374 27
226 14
458 31
455 68
150 38
348 05
2 ,2 8 2 70
478 82
2 0,0 00 00
20,0 00 00
20,0 00 00
20,0 00 00
25,0 00 00
10,000 00
2 ,2 8 8 03
6 ,0 0 0 00
2 ,0 5 6 49
6 ,0 0 0 00
2,4 6 3 54
6 ,0 0 0 00
10,0 00
248
3 ,8 8 4
6 ,0 0 0
$2,1 10 ,84 7 71
$ 2 ,2 39 ,28 7 25
$2,3 66 ,64 9 13
$150,000 0 0
50,0 00 00
22,213 19
$150,000 00
5 0,0 00 00
36,071 36
D ue from banks other than in reserve cities.
00
50
69
00
442 40
1 ,3 2 2 65
6 ,0 0 0 00
$ 2 ,2 33 ,86 2 08
$2,173,991 30
Liabilities.
Com m ercial deposits subject to ch eck .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$150,000
5 0 ,0 0 0
7,0 2 5
9 ,7 0 0
00
00
50
00
245,908
343
63
2,9 2 3
73
73
56
84
370,824
343
55
10,531
50
73
39
01
481 ,25 5
343
7
3 ,3 1 8
37
73
59
28
$150,000
50,0 00
7 ,9 9 6
7 ,1 2 2
00
00
83
00
$150,000
50,0 00
26,172
60
00
00
60
00
353,527
148
5
9,2 8 9
85
73
39
56
303,345
148
10
3 ,2 5 0
77
73
01
77
16,937 06
2 5,492 28
18,134 59
16,637 99
12,022 07
1 ,6 1 3 ,9 8 7 00
8 ,143 30
5 ,8 1 4 99
1 ,5 9 5 ,2 0 5 34
8 ,6 7 2 88
5 ,9 4 8 93
1 ,6 1 3 ,6 0 0 69
9 ,0 5 0 25
4 ,8 6 7 27
1 ,6 1 4 ,6 8 7 01
■ 19,382 25
5 ,0 6 4 47
1 ,6 0 4 ,2 7 3 18
19,499 02
5 ,2 0 9 15
$ 2,2 3 9 ,2 8 7 25
$ 2 ,3 66 ,64 9 13
$ 2 ,2 33 ,86 2 08
$2,1 73 ,99 1 30
-
$ 2,1 1 0 ,8 4 7 71
7
STATE BANKS OF MICHIGAN.
No. 179.
ALBION STATE BANK, ALBION.
Organized March 29, 1895.
D. A.
G a r f i e l d , P r e s i d e n t ; W . S . K e s s l e r , V ic e P r e s i d e n t ; R . E .
R o g e r H . D a v i s , 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 .
Schu m ach er,
C a sh ie r ;
S . K e s s le r ,
O.
D . A . G a r fie ld , W . H . R o d e n b a c h , G e o . T . B u lle n , D . M . M c A u liffe ,
A . L e o n a r d , G . W . S c h n e id e r , G . W . P e r k in s , J . K . O ’ H a r a .
Resources.
R ep ort o f
D ec. 3 1,1918.
Loans and discounts:................C om ’ l. dept.
Sav. dept.
B on d s,m tgs. and securities:.. .C om ’l. dept.
Sav. dept.
D ue from Fed. R es. B a n k :___ C om ’ l. dept.
Sav. dep t.
D ue from bks. in res. citie s :.. .C o m ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
$384,872
31,554
58,536
246,341
3 7,048
11,000
84
40
85
81
50
00
18,589 06
326 41
Exch. for clearing house & cheeks on banks
in same p la ce :.......................... C om ’l. dept.
3,5 1 9 46
C urrency:...................................... C om ’!, dept.
Sav. dept.
13,271 00
2 1,0 00 00
R eport of
M a r. 4, 1919.
$363,051
28,979
4 8.0 00
315,481
36,0 06
12.0 00
12
40
00
48
40
00
R eport of
M a y 12, 1919.
$375,451
2 8,707
72,362
316,688
32,932
12,000
91
35
50
98
68
00
41,3 10 97
14,438 71
6 ,632 43
10,527 17
1 9,300 00
1,923 66
4 ,4 2 3 15
7,6 7 8
17,0 00
645
1 ,0 0 0
00
00
00
00
7,684
16,009
952
1 ,0 0 0
R eport o f
June 30, 1919.
$392,725
24,507
72,312
258,642
34,310
12,000
44
35
50
77
71
00
34,985 10
6,9 9 6 13
29,3 00 00
R eport o f
Sept. 12, 1919
$411,974
23,307
118,225
325,223
36,2 00
14,000
17
35
00
31
20
00
695 16
1,535 91
23,7 00 00
2 ,5 6 8 64
2 ,8 1 8 24
00
00
50
00
14,895 00
16,000 00
21,811 00
20,0 00 00
Sav. dept.
715 00
2 ,4 4 5 00
685 00
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cen ts :.....................C om ’l. dept.
5 ,6 4 7 20
5,4 7 9 30
2 ,7 0 0 00
2 ,0 3 5 35
4 ,353 40
378 52
373 82
169 62
261 12
374 33
15 34
1 ,0 0 5 41
O verdrafts.............................................................
92 76
313 82
290 25
77 86
Furniture and fixtures.......................................
Other real esta te.................................................
4 ,0 0 0 00
12,512 55
4 ,0 0 0 00
13,219 01
4 ,0 0 0 00
14,325 48
3 ,0 0 0 00
14,299 53
3 ,3 0 0 00
14,085 96
Outside checks and other cash item s...........
Stock o f Federal Reserve B a n k......................
120 98
2 ,7 0 0 00
145 77
2 ,7 0 0 00
2 ,7 0 0 00
2 ,7 0 0 00
21 33
2 ,7 0 0 00
T otals.............................................................
$852,227 34
$913,746 46
$928,848 02
$924,062 50
$1,0 26 ,03 1 11
Liabilities.
$50 ,00 0
4 0 ,0 0 0
26,1 24
6
00
00
90
00
$50,000
4 0 ,0 0 0
19,112
3 ,2 1 0
00
00
28
00
$50,000
4 0,0 00
2 2 ,4 60
6
00
00
27
00
Capital stock paid in .......... ,v ..........................
Surplus fu n d ........................................................
Undivided profits, n e t.......................................
D ividends unpaid..............................................
$50,000
4 0 ,0 0 0
16,838
1 ,526
Com m ercial deposits subject to ch eck .........
Dem and certificates o f dep osit.......................
289,618 86
101,879 77
284,828 34
115,175 34
3 09 ,88 5 20
113,932 15
291,797 57
115,701 72
3 ,1 1 2 32
321,333 36
122,017 68
Postal savings deposits.....................................
1,343 72
1,581 72
1,581 72
1,581 72
1,6 0 0 56
B ook accoun ts.....................................................
3 33,136 53
376,428 55
367 ,98 4 40
393,794 88
450,809 12
Club savings deposits........................................
690 70
17,193 41
2,5 0 9 17
2 0 ,5 00 00
4 ,3 3 3 65
5 ,7 5 2 01
00
00
35
00
$50,000
4 0 ,0 0 0
22,5 97
126
00
00
34
00
T otals.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$852,227 34
$913,746 46
$928,848 02
7 ,804 12
10,000 00
15,0 00 00
$924,062 50
$1,026,031 11
8
STATE BANKING DEPARTMENT.
No. 167.
THE COMMERCIAL AND SAVINGS BANK OF ALBION.
Organized September 30, 1893.
C. B
H omer
l a ir
, P r e s i d e n t ; W . C . M a r s h , V ic e P r e s i d e n t ; C . G . B i g e l o w , C a s h i e r •
C. S. L
oud,
A s s i s t a n t C a s h ie r .
H o m e r C . B la ir , S a m u e l D ic k ie , W a s h in g t o n G a r d n e r , C . G . B ig e lo w ,
D e a n , H . R . W o c h h o lz , E . R . L o u d , B . D . B r o w n , W . C . M a rsh .
D ir e c t o r s .
Resources.
>
R ep ort o f
D ec. 3 1,1918.
Report o f
M a r. 4, 1919.
R eport o f
M a y 12, 1919
R eport o f
June 30, 1919
Loans and discounts:................C om ’l. dept
Sav. dept
Bonds, intgH. and securities:.. .C o m ’l. dept
Sav. dept
D ue from Fed. Res. B a n k :.. . .C om ’l. dept
Sav. dept.
$348,250 30
$345,189 56
$335,888 19
$373,710 86
D ue from bks. in res. cit ie s :.. .C om ’l. dept.
•
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res. .
U. S. cert, o f indebt, as cash res:C om ’l. dept.
Sav. dept.
18,156 64
19,959 07
Exch. for clearing house & checks on bankf
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:...................................... C om ’l. dept.
.
.
Sav. dept.
G old c o m :..................................... Com ’l. dept.
Sav. dept.
Silver co in :................................... C om ’l. dept.
, ,
,
,
„ Sav. dept.
Nickels and c e n ts '.....................Com 1. dept
„
,
Sav. dept.
O verdrafts............................
Premium a ccou n t..............
Banking house...............
Furniture and fixtures___
Other real esta te................
D ue from banks other than in reserve cities.
Outside checks and other cash items
Stock o f Federal Reserve B a n k ..
Other assets..................
T otals................
283,067
266,309
25,2 66
10,090
50
66
55
00
141,420
258,885
2 7,696
10,918
98
30
23
00
179,152
318,781
3 2,0 74
11,093
50
96
85
00
51,551 59
3 9 ,1 2 8 44
234,165
304,739
30,2 85
11,693
26
04
49
00
G eorge
E
R ep ort o f
Sept. 1 2,1919.
$400,647
3 5,0 00
92,0 22
347,513
47
00
50
91
40,7 15 80
19,324 67
3 2,9 50 89
6,2 1 6 33
4 ,0 4 2 55
11,878 41
5 ,4 1 8 03
3 ,0 6 2 86
17,916 00
16,0 00 00
470 00
11,411 00
1 7,000 00
2 ,2 4 0 00
14,749 00
18,000 00
2 ,5 0 0 00
13,474 00
18,000 00
2 ,5 0 0 00
5,5 4 3 00
2 1 ,0 00 00
2,8 1 5 00
3 ,9 1 1 70
7,251 60
2 ,9 2 6 00
3 ,0 5 0 00
1 ,475 00
241 42
185 58
183 79
173 77
223 75
835 85
658 82
19 48
292 12
472 90
35,0 00 00
9 ,0 0 0 00
3 5 ,0 00 00
9 ,0 0 0 00
35,0 00 00
9 ,0 0 0 00
3 5,0 00 00
8 ,5 0 0 00
10,412 27
3 5,0 00 00
8 ,5 0 0 00
10,540 38
131 56
3 ,4 5 0 00
105 40
3 ,4 5 0 00
3 ,4 5 0 00
3 ,4 5 0 00
3 ,4 5 0 00
$1,0 64 ,27 2 58
$926,006 61
$1,0 13 ,82 5 62
$1,0 74 ,18 8 51
$1,0 40 ,93 3 46
$75,000
4 0,0 00
19,013
30
Liabilities.
Capital stock paid i n . . . .
Surplus fu n d ............
b ndivided profits, n e t ..
D ividends unp aid............
Reserved for taxes, interest, etc
Commercial deposits subject to ch eck . .
D em and certificates o f dep osit. . .
Certified checks.........
Cashier’s checks........
Due to Federal Reserve Bank
Due to other banks and bankers. . .
State m oneys on deposit___
Postal savings deposits. . . .
U. S. Governm ent d ep osits. . . .
lim e commercial certificates o f deposit.
B ook a ccoun ts...........
Certificates o f dep osit. . .
Club savings dep osits. .
Notes and bills rediscounted.
Bills p a y ab le..............
Bonds sold subject to repurchase. . .
$75,000
4 0 .0 00
14.0 00
4 ,5 0 0
00
00
45
00
$75,000
4 0 ,0 00
1 7,706
150
00
00
64
00
$75,000 00
4 0 ,0 00 00
2 2 ,1 70 50
$75,000
4 0 ,0 00
15,046
4 ,5 0 0
444,004 43
106,076 13
272,609 2Ì
121,959 70
408,206 26
98,518 61
401,724 21
99,633 81
310,912 65
111,865 72
2 3,1 90 34
23,218 24
2 3,135 26
20,514 62
22,9 78 37
312,183 70
3 38,646 28
343,286 30
363 ,29 0 38
400,606 68
175 03
45,1 42 50
2,291 54
34,425 00
3 ,5 0 8 69
4 ,4 7 8 58
5 ,9 4 0 72
54,585 88
11,064,272 58
$926,006 61
51,013,825 62
51,074,188 51
$1,0 40 ,93 3 46
00
00
91
00
00
00
44
00
Acceptances executed for customers .
Other liabilities. .
T ota ls................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
9
No. 498.
ALGONAO SAYINGS BANK, ALGONAC.
Organized April 13, 1912.
C u r t is
R.
C h a m p io n ,
P r e sid e n t;
Glenn
J o h n E a s t , V ic e P r e s id e n t;
D . Y o u n g , A s s is t a n t C a sh ier.
W .
E.
F olsom ,
C a sh ie r ;
D i r e c t o r s .— C u r t i s R . C h a m p i o n , J o h n E a s t , F r e d W . P a r k e r , W . E . F o l s o m , A l e x V a n c o m b e r g .
Resources.
R ep ort of
D ec. 31,1 91 8.
Loans and discounts:................ C om ’l. dept.
Sav. dep t.
Bonds, mtgs. and securities:.. .C o m ’l. dept.
Sav. d ep t.
R ep ort o f
M ar. 4, 1919.
R eport o f
M a y 12,1919.
R ep ort of
June 30,1919.
49
00
20
31
$20,088 00
$28,452 08
$35,605 78
$29,292 59
65,8 00 00
81,539 31
63,600 00
86,9 54 80
69,600 00
86,802 30
6 5,514 66
136,389 80
21,546 11
6,0 0 0 00
6 ,1 0 0 00
2 6,123 38
28,0 36 31
2 5,4 57 19
9 ,1 0 0 00
7 2,409 75
10,000 00
$19,278
1 ,400
6 0,059
86,339
R eport o f
Sept. 12,1919.
Sav. dept.
D ue from bks. in res. citie s :.. .C om ’l. dept.
Sav. dept
U. S. Bds. & cert, in debt, as sav. leg a lres.. . ’
15,000 00
5 ,0 0 0 00
10,000 00
5 ,0 0 0 00
E xch. for clearing house & checks on banks
C u rren cy:...................................... C om ’l. dept.
Sav. dept.
2 ,4 0 4 00
4 ,5 0 0 00
87 50
1 ,872 00
4 ,0 0 0 00
25 00
7,1 2 0 00
4 ,2 0 0 00
5,6 9 4 00
7 ,0 0 0 00
20 00
400
510
600
649
450
574
300
621
50
46
500
616
450
127
50
99
6 ,4 9 7 00
6 ,0 0 0 00
7 50
Sav. dept.
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and cen ts :..................... C om ’l. dept.
Sav. dep t.
D ue from banks other than in reserve cities.
300
1 ,139
200
645
00
20
00
51
00
45
00
37
00
40
00
04
00
79
00
05
00
61
00
32
500
1 ,293
1 ,0 0 0
172
00
35
00
38
8 45
1,073 55
86 44
2 ,2 0 0 00
2 ,1 0 0 00
2 ,1 0 0 00
2 ,1 0 0 00
2 ,1 0 0 00
3 ,1 7 7 25
4 ,9 0 6 02
1 ,788 75
3,7 9 3 76
9,8 7 5 71
308 86
214 08
275 42
212 85
923 55
$216,758 98
$223,914 05
$239,569 59
$252,228 86
$341,984 74
00
00
84
00
$20,000 00
4 ,0 0 0 00
5 ,1 8 6 62
$20,000 00
4 ,0 0 0 00
5 ,1 3 2 65
$20,000 00
4 ,0 0 0 00
5 ,4 9 7 95
81,212 11
2,1 0 2 53
89,144 34
4 ,8 4 4 64
105,163 25
3 ,2 3 8 42
111,205 02
2 ,9 9 8 15
152,978 62
5 ,6 4 9 17
104,814 64
101,556 23
101,981 30
108,893 04
153,859 00
$216,758 98
$223,914 05
$239,569 59
$252,228 86
$341,984 74
Liabilities.
$20,000 00
4 ,0 0 0 00
4 ,6 2 9 7Ò
Com m ercial deposits subject to ch e c k .........
D em and certificates o f deposit.......................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000
4 ,0 0 0
4 ,3 3 8
30
10
STATE BANKING DEPARTMENT.
No. 314.
ALLEGAN STATE SAYINGS BANK, ALLEGAN.
Organized May 24, 1905.
H. A.
D
D
eL ano,
i r e c t o r s .—
E. W. D e L a n o , V ice P r e s id e n t ; C. P. P e c k , C ashier.
H. A. DeLano, E. W. DeLano, A. Brand, 0 . S . Cross, C. P . P e e k .
P r e s id e n t;
Resources.
R ep ort of
D e c . 31,1918.
R ep ort of
M ar. 4 ,1 9 1 9 .
Loans and discounts:................C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and secu rities:... Com ’l. dept.
Sav. dept.
$54,318
48,804
4 4,5 00
183,586
$58,537
52,1 96
2 8 ,0 0 0
179,412
98
89
00
61
80
66
00
86
-R ep ort o f
M a y 12, 1919.
$63,089
47,9 69
28,0 00
188,223
45
85
00
86
D ue from bks. in res. c it ie s :.. .C om ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
6,0 0 8 22
21,325 12
21,7 00 00
7,0 3 3 67
11,858 18
26,1 50 00
7,0 0 0 00
26,8 59 35
2 0,0 00 00
Sav. dept.
4 ,0 0 0 00
10,000 00
10,000 00
Exch. for clearing house <fc checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:...................................... C om ’l. dept.
Sav. dept.
G old c o in :..................................... C om ’l. dept.
Sav. dept.
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
R eport o f
June 30, 1919.
$68,731
48,1 94
28,0 00
192,738
86
42
00
06
8,231 19
19,819 75
33,165 00
Report o f
Sept. 12,1919.
$80,080
45,284
3 2 ,0 00
195,419
64
99
00
50
8 ,9 0 0 00
25,972 25
4 2 ,4 4 0 00
1,249 36
1,135 48
2 ,6 3 9
11,000
1,452
4 ,0 0 0
00
00
50
00
1,4 7 0
9 .0 0 0
1,5 8 2
4 .0 0 0
00
00
50
00
4 ,6 3 9
9 .0 0 0
1 ,6 7 0
3 ,2 0 0
00
00
00
00
2 ,0 9 0
10,000
1,680
4 ,0 0 0
00
00
00
00
3 .0 0 0
8 .0 0 0
500
5 ,0 0 0
00
00
00
00
2 ,2 2 0
2 ,1 0 0
176
31
1,701
190
15,000
10,500
4 ,0 8 2
15
00
78
75
43
00
00
00
19
2,0 9 2
1 ,300
205
23
363
190
15,0 00
10,500
4,0 8 2
30
00
42
08
03
00
00
00
19
1,163
1 .000
87
47
157
190
15,000
10,830
4 ,0 8 2
25
00
96
54
14
00
00
00
19
1 ,660
1,2 5 0
49
37
145
165
1 5,000
10,100
4 ,0 8 2
00
00
78
37
44
00
00
00
19
600
1,5 5 0
104
14
153
287
15,000
10,100
4 ,0 8 2
00
00
88
02
05
98
00
00
19
2 ,2 1 0 61
2,241 36
1,5 0 6 63
D ue from banks other than in reserve cities.
300 96
400 42
110 00
304 31
539 82
278 86
2 ,0 9 5 50
288 49
" $441,849 19
$424,647 47
$443,759 38
$452,200 10
$482,380 12
$30,000 00
4 ,5 0 0 00
1,928 61
$30,000 00
4 ,5 0 0 00
2 ,9 1 8 14
$30,000 00
4 ,5 0 0 00
4 ,961 74
$30,000 00
4 ,9 0 0 00
2,581 25
$30,000 00
4 ,9 0 0 00
3 ,6 3 4 17
736 90
93,132 67
736 90
8 3,844 96
789 50
95,965 90
810 75
98,452 22
899 63
92,605 34
275 29
5 ,0 0 0 00
278 76
5 ,0 0 0 00
278 76
5 ,0 0 0 00
282 24
5 ,0 0 0 00
282 24
3 ,9 5 3 29
177,154 93
9 3,120 79
192,176 85
105,191 86
198,652 88
103,610 60
200,436 70
105,936 94
209,760 48
117,404 17
8 ,9 4 0 80
3 ,8 0 0 00
5 ,0 0 0 00
$452,200 10
$482,380 12
Stock o f Federal Reserve B a n k......................
Other assets.........................................................
Liabilities.
Undivided profits, n et.......................................
Dividends unp aid...............................................
Commercial deposits subject, to ch eck .........
Dem ana certificates o f dep osit.......................
Certified checks................................................
Cashier’s checks..................................................
Due to Federal Reserve B a n k........................
D ue to other banks and bankers...................
State m oneys on deposit...................................
U. S. Governm ent deposits..............................
Tim e com m ercial certificates o f dep osit___
Certificates of deposit........................................
Club savings deposits......................................
Notes and bills rediscounted................
Bills pa yab le....................................
Bonds sold subject to repurchase................
Bonds borrow ed.......................................
Acceptances executed for custom ers.............
Customers’ letters o f cred it..............
Other liabilities...................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4 1 ,0 00 00
$441,849 19
$424,647 47
$443,759 38
11
STATE BANKS OF MICHIGAN.
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 .— F ,
S u t p h i n , V ic e P r e s i d e n t ; H .
V a u p e l l , A s s is t a n t C a sh ier.
H . W illia m s , C . R . W ilk e s , W . J . O liv e r , E . W .
V a u p e ll, H . D . P r it c h a r d .
Resources.
L oans and discounts:................C om ’l. dept.
Sav. dept.
B onds, m tgs. and securities:.. .C om ’l. dept.
Sav. dept.
R eport o f
D ec. 3 1,1918.
$219,362
45,7 57
36,9 25
260,256
89
25
26
50
D ue from bks. in res. cit ie s :.. .C om ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
4 3,9 88 77
12,706 05
47,9 25 00
E x ch . for clearing house & checks on banks
in same p la ce:.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
G old c o in :..................................... C om ’l. dept.
Sav. dept.
14,728
15,0 00
487
1 ,0 0 0
Silver c o in :....................................C om ’ l. dept.
Sav. dept.
N ickels and cen ts:..................... C om ’l. dept.
5 ,2 7 4 93
00
00
50
00
906 00
193 76
R ep ort o f C
M ar. 4, 1919.
$228,018
33,3 99
44,3 75
228,084
00
15
26
00
33,316 05
17,918 60
66,2 00 00
2 ,5 6 6 16
9 ,1 0 7
15,000
487
1 ,0 0 0
00
00
50
00
D.
S to n e ,
R ep ort o f
M a y 1 2 ,1 9 1 9 .
$183,624
100,266
73,6 60
211,082
45
27
68
45
2 2 ,0 70 92
13,851 92
3 4 ,6 00 00
4 ,4 7 7 04
17,043
15,000
357
1 ,0 0 0
00
00
50
00
P r it c h a r d ,
C a sh ier;
B . B . S u tp h in ,
R ep ort of
June 30,1919.
$190,787
9 0,437
6 8,844
205,091
03
77
00
30
37,4 38 04
33,9 95 27
2 7 ,6 10 00
2 ,821 44
18,309
1 5,000
335
1 ,0 0 0
00
00
00
00
H erm a n
R ep ort o f
Sept. 12, 1919.
$211,183
84,475
68,644
204,036
04
22
00
77
52,857 20
25,364 03
49,5 00 00
6,6 7 6 13
12,799
15,000
357
1 ,0 0 0
00
00
50
00
1 ,124 55
550 10
1 ,026 40
926 00
221 39
196 20
102 81
92 82
243 16
256 88
Overdrafts..............................................................
321 80
1 ,0 7 0 13
1,995 88
Banking house.....................................................
Furniture and fixtures.......................................
Other real estate..................................................
D ue from banks other than in reserve cities.
Cash items in transit..........................................
Outside checks and other cash item s............
6,091 24
3 ,9 9 8 07
2,7 7 9 29
6,091 24
3 ,9 9 8 07
2 ,7 7 9 29
6,091 24
3 ,9 9 8 07
2,7 5 5 29
6,091 24
3 ,9 9 8 07
3 ,6 1 4 97
6,091 24
3 ,9 9 8 07
3 ,5 8 4 97
1 ,212 55
994 58
1,194 11
1 ,0 6 4 40
429 24
326 23
408 22
995 64
681 92
$695,376 05
$694,590 95
$707,379 55
$748,718 98
Other assets..........................................................
310 30
T ota ls.............................................................
$720,219 74
Liabilities.
Capital stock paid in ..........................................
Surplus fu n d .........................................................
U ndivided profits, n e t........................................
$50,000
1 2,000
9 ,6 4 6
150
00
00
39
00
$ 50,000 00
1 2 ,0 00 00
10,868 29
$50,000 00
12,000 00
13,605 14
$50,000
12,000
9 ,1 4 8
75
00
00
34
00
$50,000 00
1 2,000 00
10,876 72
R
d ior I!ex 6s interest etc
Com m ercial deposits subject to ch eck .........
D em and certificates o f d ep osit.......................
Certified checks...................................................
189,264 59
15,173 40
35 00
174,010 02
14,706 20
169,847 49
14,527 35
219 79
186,677 22
9 ,6 7 3 53
353 12
229,608 19
9 ,6 1 7 53
100 67
State moneys on d ep osit...................................
Postal savings d ep osits......................................
713 66
1 0,000 00
723 21
1 0,000 00
305 29
10,000 00
305 29
5 ,0 0 0 00
412 54
B ook a ccou n ts........._...........................................
Certificates o f d ep osit........................................
2 11,904 30
152,853 40
226,772 87
173,295 46
2 3 2 ,70 6 87
174,879 02
231,500 74
181,146 31
250,317 92
180,785 41
Bills pa y a b le .........................................................
49,079 00
2 9,400 00
23,0 00 00
16,500 00
16,500 00
T o ta ls .............................................................
$720,219 74
$695,376 05
$694,590 95
$707,379 55
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$748,718 98
12
STATE BANKING DEPARTMENT.
No. 487.
ALLEN STATE SAVINGS BANK, ALLEN.
Organized March 7, 1911.
A.
E . J . B e n g e , V ic e
L . N o r t o n , P r e s id e n t ',
D i r e c t o r s .— B . W . B r o c k w a y , A . M . W i n c h e s t e r , A .
C.
Resources.
Loans and discounts................. C o m ’l. dept.
Sav. dept.
Bonds, mtgs. and securities. . . Com ’1. dept.
Sav. dept.
Due from Fed. Res. B a n k :... .C o m ’l. dep t.
Sav. dep t.
Due from bks. in res. c it ie s :.. .C o m ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s .. .
U . S. cert, o f indebt. a sca sh r e s:C o m ’l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:....................... ...............C om ’l. dept.
Sav. dept.
G old co in :..................................... C o m ’l. dept.
Sav. dept.
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
Prem ium a cco u n t..................................
Banking house........................
Furniture and fixtures..................
Other real esta te..........................
D ue from banks other than in reserve cities.
Cash item s in transit............................
Outside checks and other cash item s. . .
Stock o f Federal Reserve B a n k ........
Other assets.................................
T o ta ls................................
P r e s id e n t ',
T.
L . N orton , J .
C a s h ie r .
N. B rockw ay,
E . M c C o n n e ll, E . C .
W a tk in s ,
H . S h ep ard , E d son J . B en ge.
R ep ort o f
D ec. 31, 1918.
$62,157
1,354
29,267
2 ,0 6 0
40
45
33
00
Report o f
M ar. 4, 1919.
$63,928
1,354
34,117
1,935
48
45
33
00
Report o f
M a y 12, 1919.
$57,511
1,354
38,5 50
4 ,0 3 7
85
45
00
33
R ep ort o f
June 30, 1919.
$65,400
1,359
31,4 50
4 ,0 3 7
74
64
00
33
R eport of
Sept. 12, 1919.
$70,178
1 ,384
3 1 ,9 50
4 ,0 3 7
76
14
00
33
15,375 29
2 1,898 76
23,256 07
11,174 06
11,561 33
2 ,0 0 0 00
2 ,0 0 0 00
2 ,0 0 0 00
2 ,0 0 0 00
2 ,0 0 0 00
8,173 00
627 00
170 00
5,2 4 3 00
627 00
175 00
5 ,433 00
627 00
195 00
6,0 6 9 00
627 00
205 00
5 ,563 00
627 00
200 00
285 5 0
287 65
236 80
260 05
318 95
402 89
295 70
334 02
154 37
129 12
24 55
226 14
518 51
09
113 10
5,2 7 5 18
1 ,830 32
5 ,2 7 5 18
1,8 3 0 32
5,2 7 5 18
1,830 32
5 ,2 7 5 18
1,8 3 0 32
5 ,2 7 5 18
1 ,830 32
533 36
41 08
961 82
46 76
73 87
$129,538 42
$139,184 24
$142,144 60
$129,948 44
$135,208 65
00
00
80
00
$20,000 00
2 ,3 0 0 00
569 43
$20,000 00
2 ,3 0 0 00
1 ,5 6 0 95
$20,000 00
2,3 0 0 00
1,725 58
3 5,715 61
6 2,666 80
36,5 40 69
72,939 90
4 2,738 80
68,855 01
25,499 64
71,317 54
27,643 11
74,596 33
7 ,003 01
6 ,8 6 0 85
7,681 36
9 ,2 7 0 31
8 ,943 63
$129,538 42
$139,184 24
$142,144 60
$129,948 44
$135,208 65
Liabilities.
Capital stock paid in ............................
Surplus fu n d ..........................
U ndivided profits, n e t .................
D ividends u n p aid ..............
Reserved for taxes, interest, etc...............
Com m ercial deposits subject to cheek .
D em and certificates o f dep osit..............
Certified ch eck s............
C ashiers ch eck s.................
D ue to Federal Reserve Bank.
D ue to other banks and bankers. . .
State m oneys on d ep osit...............
Postal savings deposits..
U. S. Governm ent d ep osits. . .
T im e com m ercial certificates o f dep osit..
B ook accou n ts.............
Certificates o f d ep osit.........
Club savings d ep osits. . ..
Not es and bills red iscou n ted . .
Bills p a y a b le.....................
Bonds sold sub ject to repurchase. . .
Bonds borrow ed..........
Acceptances executed for custom ers___
Custom ers’ letters o f credit. . . .
Other liabilities..................
T o ta ls................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000 00
2 ,0 0 0 00
2,153 00
$20,000
2 ,3 0 0
512
30
STATE BANKS OF MICHIGAN.
13
No. 232,
ALMA STATE SAYINGS BANK, ALMA.
Organized May 1, 1901.
W il l ia m
A.
B a h l k i;
P r e s i d e n t ; J o t h a m A l l e n , V ic e P r e s i d e n t ; K a r l It. A
H.
M . G l a s s , A ss is ta n t C a s h ie r ; F . M . W i s e , A u d ito r .
D i r e c t o r s .— W i l l i a m
E.
A.
B a h lk e , D a n ie l L . S h a r r a r , G e o . C . P a r s o n s ,
A . B a g le y , J a m e s E . M it c h e li, J o t h a m A lle n .
K arl
d a m s
I t.
,
C a sh ie r ;
A dam s,
Resources.
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R ep ort of
M a y 12, 1919.
R eport o f
June 30, 1919.
Loans and discou n ts:................C o m !, dept.
Say. dep t.
$265,435 56
38,3 29 02
$238,939 80
35,1 38 53
$234,486 79
62,372 92
$244,291 18
36,816 92
$318,141 45
27,6 62 69
Sav. dept.
161,595 62
158,309 62
179,495 62
186,070 37
190,491 21
D ue from bks. in res. citie s :.. .C cm ’l. dept.
Sav. dept.
U . S. Bds. & cert, indebt, as sav. legal re s .. .
U. S. cert, o fin d eb t. as cash res:C cm ’l. dept.
Sav. dept.
37,4 74 08
19,863 35
3 5 ,3 00 00
19,115 85
45,1 77 47
21,9 50 00
26,401 52
992 45
21,5 50 00
16,769 15
9,221 72
17,800 00
4,1 3 5 02
7,611 71
27,5 50 00
E xch. for clearing house & checks on banks
in same p la c e :.......................... C cin ’ l. dept.
3,1 8 3 17
3 ,9 4 8 75
9,091 91
4 ,9 6 6 69
7,135 50
C u rren cy:.......................................C o m ’l. dept.
Sav. dept.
2 8,623 00
9 ,5 0 0 00
6 ,125 00
24,9 00 00
15,804 00
8,2 5 0 00
16,079 00
9 ,0 0 0 00
12,910 00
8 ,0 0 0 00
Sav. dept.
4 ,0 7 5 00
3 ,8 7 5 00
3 ,8 2 2 50
3 ,8 3 0 00
3,9 0 7 50
1,018
1 ,1 0 0
83
227
463
1,699
570
53
300
Silver c o in :....................................C cm ’l.
Sav.
N ickels and ce n ts :..................... C cm ’l.
Sav.
dept.
dep t.
dept.
dep t.
25
00
05
00
45
96
00
00
15,0 00 00
5 ,0 0 0 00
15,000 00
5,CC0 00
169 46
3 ,1 4 2 68
3 ,0 3 3 61
2 ,7 7 5 16
5,1 2 6 01
$625,823 98
$583,055 41
$588,194 76
$570,243 46
$636,500 78
1,533
375
185
50
132
15
00
00
00
57
Premium a cco u n t...............................................
15,0 00 00
5 ,0 0 0 00
803
1 ,075
85
150
113
205
15,000
5 ,0 0 0
Report c f
Sept, 12, 1919.
35
00
93
50
66
50
00
77
00
385
1,292
157
100
508
136
16,2 50
5,0C 0
70
50
06
00
15
28
00
CO
Other real e sta te ..................................................
D ue from banks other than in reserve citie s .
Cash item s in tra nsit..........................................
Stock o f Federal Reserve B a n k ......................
Other assets..........................................................
T o ta ls.............................................................
Liabilities.
Capital stock paid in .........................................
Surplus fu n d .........................................................
U ndivided profits, n e t ........................................
$40,000
10,000
7 ,532
2 ,8 0 0
00
00
17
00
$40,000
10,000
6,1 1 6
63
00
00
70
00
$40,000
10,000
9,1 4 5
14
Reserved for faxes, interest, e t c ....................
Com m ercial deposits subject to c h e c k .........
D em and certificates o f d ep osit.......................
Certified ch eck s...................................................
Cashier’s checks..................................................
D ue to Federal Reserve B a n k ........................
270,126
160
82
1,0 3 4
53
25
76
28
235,830
135
54
280
17
25
15
52
B ook a ccou n ts.....................................................
Certificates o f d ep osit........................................
82,722 11
186,365 88
83,489 43
207,086 19
00
00
23
00
$40,000
15,000
4,3 9 5
2 ,8 0 0
00
00
40
00
$40,000 00
15,060 00
4 ,5 8 8 20
260,691 10
233,674 11
288,967 72
299 40
1,118 79
281 15
368 54
581 66
721 59
115 25
89,894 51
176,916 48
115 25
94,629 89
178,979 12
26 00
93,073 59
173,542 02
2 5,0 00 00
20,0 00 00
Bonds sold subject to repurchase..................
Bonds borrow ed..................................................
Other liabilities....................................................
T ota ls.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$625,823 98
$583,055 41
$588,194 76
$570,243 46
$636,500 78
14
STATE BANKING DEPARTMENT.
No. 233.
FIRST STATE BANK OF ALMA, ALMA.
Organized June 15, 1901.
L.
A.
P r e s id e n t; F r a n c is K in
J . S. K n o e r t z e r , F . O . P a r k
Sharp,
D i r e c t o r s .— L . A .
g
,
e r
V ic e P r e s i d e n t ; C a r i , H . W a s h b u r n ,
, W m . M c F a d d e n , A s s is t a n t C a sh iers.
C a sh ier;
S h a r p , F r a n c is K in g , P . M . S m ith , C a r l H . W a s h b u r n , C h a s. O . W a r d ,
C.
G . R h o d e s , H e n r y H . S o u le .
Resources.
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R eport of
M a y 12, 1919.
R eport o f
June 30,1919.
Loans and discounts:. . . . . . . .C o m ’i. dept.
Sav. dept.
Bonds, m tgs. and securities:.. .C o m ’i. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’i. dept.
Sav. dept.
$353,673 38
129,297 82
$411,460 68
104,093 20
$395,349 17
101,017 04
$412,655 76
3 9,434 68
$487,241 04
38,6 19 54
455,472 68
485 ,87 7 32
474,785 68
497,652 89
550,367 55
120,231 44
139,412 06
122,019 56
132,348 06
151,582 97
1 25,000 00
75,0 00 00
75,0 00 00
7 5,000 00
106,600 00
D ue from bks. in res. citie s :.. .C o m ’i. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s .. .
U. S. cert, o f indebt, as cash res:C om ’l. dep t.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce :.......................... C o m ’i. dept.
Sav. dept.
C u rren cy:.......................................C om ’i. dept.
Sav. dept.
G old co in :......................................C o m ’i. dept.
Sav. dep t.
Silver c o in :....................................C om ’i.
Sav.
Nickels and cen ts :..................... C om ’i.
Sav.
dept.
dept.
dept.
dept.
Premium a ccou n t...............................................
Banking h ouse.................................................
Furniture and fixtures.......................................
Other real esta te..................................................
D ue from banks other than in r eserve cities.
Cash item s in transit..........................................
Outside checks and other cash item s............
Stock o f Federal Reserve B a n k ......................
Other assets..........................................................
3 ,6 3 6 25
2 2,494
21.5 00
630
10.500
00
00
00
00
4 ,7 5 6 62
19,419
19.500
635
10.500
00
00
00
00
3 ,3 3 4 53
18,985
2 0 ,0 00
1,0 5 0
13,0 00
00
00
00
00
2,7 4 5 33
19,767
2 0 ,0 0 0
1,1 0 0
12,000
R ep ort o f
Sept. 12, 1919.
4 ,3 2 0 67
00
00
00
00
33,7 18 00
6,2 4 2 75
11,735 00
4 ,3 0 5 70
4 ,4 4 7 95
5 ,2 6 3 05
6,831 40
858 60
735 57
416 46
473 16
443 55
498 15
566 35
622 20
853 10
1 ,249 57
25,0 00 00
5 ,0 0 0 00
4 ,8 9 5 01
25,0 00 00
5 ,0 0 0 00
4 ,9 8 4 24
2 5,000 00
5 ,0 0 0 00
5 ,0 6 5 65
25,0 00 00
5 ,0 0 0 00
5 ,0 9 9 55
2 5 ,0 00 00
5 ,0 0 0 00
5,0 9 9 55
9 45
44 90
246 11
343 55
1,329 42
$ 1,3 11 ,43 2 89
$1,2 66 ,15 4 45
$ 1 ,2 56 ,30 4 48
$ 1,4 28 ,54 9 61
00
00
61
00
$50,000 00
4 5 ,0 00 00
11,710 19
$50,000 00
4 5,0 00 00
11,046 98
$50,000 00
50,0 00 00
2 ,8 1 2 47
513,098 50
24,811 71
1,897 47
475,251 34
4 9,0 44 12
583 77
440,839 27
57,181 01
1 ,146 91
480,746 65
63,275 44
4 ,9 4 6 20
568,773*83
66,503 17
2 ,7 7 3 65
178,188 61
400,457 04
192,889 09
427,258 03
200,487 22
433,897 14
203,487 14
390,844 07
217,638 36
394,044 25
2 5,892 71
6 ,9 5 8 00
76,003 88
65,3 00 38
66,148 93
$1,2 83 ,00 2 48
$1,311,432 89
$1,2 66 ,15 4 45
$1,2 56 ,30 4 48
$ 1,4 28 ,54 9 61
Liabilities.
Capital stock paid in ........................................
Surplus fu n d .........................................................
D ividends un p aid................................................
Reserved for taxes, interest, e t c .....................
Com m ercial deposits subject to ch eck .........
D em and certificates o f d ep osit.......................
Certified ch eck s................................... .............
Cashier’s ch eck s................................................
D ue to Federal Reserve B a n k ............. ..
D ue to o th er banks and bank ers...................
State m oneys on d ep osit...................................
Postal savings dep osits......................................
U. S. G overnm ent d ep osits..............................
Tim e com m ercial certificates o f d ep osit. . . .
Certificates o f d ep osit........................................
Club savings d ep osits......................................
N otes and bills red iscou n ted ....................
Bills p a y a b le ........................................................
Bonds sold subject to rep u rch ase..................
B ond s b orrow ed................................................
A cceptances executed for custom ers...........
Custom ers’ letters o f c r e d it.............................
Other liabilities....................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$50,000
4 5 ,0 00
748
3 ,5 0 0
00
00
77
00
$50,000
45,0 00
5 ,2 5 0
7
STATE BANKS OF MICHIGAN.
15
No. 437.
THE ALMONT SAYINGS BANK, ALMONT.
Organized May 5, 1909.
W. W. P
D
ir e c t o r s
ato n
.
P r e s id e n t ; F . P . A n d r u s . V ic e P r e s i d e n t ;
L . C . S a n b o r n , A s s i s t a n t C a s h ie r .
Geo. D.
H art,
C a s h ie r J
.— T . C . T a y l o r , F . C . B a l l a r d , F . P . A n d r u s , D a v i d C o c h r a n e , W . W . P a t o n ,
J . E . L e e t e , A . H . L e e t e , G e o . D . H a r t , J o h n S u lliv a n .
Resources.
R ep ort o f
D ec. 31,1918.
Loans and discounts.................C om ’l. dept.
Sav. dept.
Bonds, m tgs. and securities. . .C om ’l. dept.
Sav. dep t.
876,896
46,9 25
13,075
219,456
20
67
00
69
R ep ort o f
M ar. 4, 1919.
R eport o f
M a y 12,1919.
R ep ort o f
June 30,1919.
R eport o f
Sept. 12,1919.
885,750
3 1,333
13,075
199,713
889,059
3 9,3 86
8 ,0 7 5
159,586
8 88,747
4 7 ,4 24
17,7 00
192,475
8121,964
3 9,072
2 8 ,7 0 0
179,048
35
56
00
50
40
96
00
97
45
92
00
10
87
93
00
61
Sav. dept.
D ue from bks. in res. c it ie s :.. .C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
U. S. cert, o f indebt, as cash res:C om ’ l. dept.
Sav. dep t.
E xch. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept
Sav. dept
C u rren cy:....................................... C om ’l. dept
Sav. dept
G old c o m :......................................C om ’l. dept
Sav. dept
1 2,355 28
2 7 ,4 70 12
2 ,1 7 4 24
37,794 64
10,171 96
78,639 77
1,343 17
4 4 ,0 9 9 15
5 ,0 0 0 00
7 ,0 0 0 00
7 ,0 0 0 00
2 ,0 0 0 00
16,052 81
3 ,4 3 8 80
86 07
591 20
86 00
4 ,0 0 0 00
667 50
5,2 9 1 00
5 ,0 0 0 00
687 50
629 00
4 ,0 0 0 00
757 50
3 ,4 2 0 00
4 ,0 0 0 00
720 00
2 ,8 0 4 00
6 ,0 0 0 00
720 00
502 20
1 ,0 0 0 00
340 13
1,523 35
391 80
1 ,0 0 0 00
290 07
1,2 7 4 70
1,3 4 0 10
288 20
176 29
167 30
927 34
342 13
1 ,157 11
1,0 0 0 57
3 ,3 6 7 98
3 .0 0 0 00
1 .0 0 0 00
3 ,0 0 0 00
999 00
3 ,0 0 0 00
987 00
3 ,0 0 0 00
966 00
3 ,0 0 0 00
951 40
311 82
92 28
14 10
8394,563 67
“ 8404,444 36
8408,439 63
8406,642 09
00
00
61
00
825,000 00
5 ,0 0 0 00
1 0 ,0 98 67
8 2 5 ,0 0 0 00
5 ,0 0 0 00
13,244 79
825,000 00
5 ,0 0 0 00
1 2 ,3 6 0 52
825,000 00
5 ,0 0 0 60
10,3 27 64
Dividends u n p aid ...............................................
825,000
5 ,0 0 0
8,3 1 6
1,5 0 0
Com m ercial deposits subject to ch e c k .........
D em and certificates o f d ep osit.......................
113,885 66
15,679 08
9 8,9 70 36
12,412 13
58,091 30
9,7 9 9 90
103,441 01
11,685 71
85,619 45
8,5 7 4 74
Cashier’s checks..................................................
1,974 54
1 ,3 0 7 96
337 05
1,258 45
742 70
B ook a ccou n ts.....................................................
Certificates o f d ep osit........................................
Club savings dep osits........................................
198,060 41
23,3 46 35
25 55
210,624 13
31,101 87
48 55
259,263 83
33,6 58 94
48 55
223 ,79 0 91
25,8 54 48
48 55
233,743 81
37,5 86 01
48 55
8394,563 67
8404,444 36
8408,439 63
8406,642 90
Silver c o in :....................................C om ’l. dept
Sav. dept
Nickels and cen ts :..................... C om ’l. dep t
Sav. dept
Premium a cco u n t.............................................
Other real esta te..............................................
D ue from banks other than in reserve cities.
Cash item s in transit.......................................
S tock o f Federal Reserve B a n k ....................
Other assets........................................................
8412,788 20
Liabilities.
2 0 ,0 00 00
T o ta ls.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8412,788 20
S T A T E B A N K IN G D E P A R T M E N T .
IG
No. 169.
*TIIE ALPENA COUNTY SAYINGS BANK, ALPENA.
Organized April 12, 1894.
F . I.
H o l m e s , V ic e P r e s id e n t ;
B yron
H .
O l d s , C a sh ie r ;
A . W .
K u n n a , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— R .
E . G ilc h r is t, W . A . P r in c e , T h o s . M c D a d e , D . D . H a n o v e r , R o b e r t M o n tr o s e ,
W . H . D a v is o n , P a u l H o e ft , W . H . S a n b o r n , F . I. H o lm e s , H . E . F le t c h e r , F . L . R ic h a r d s o n ,
W . P . H a r r is .
1
Resources.
R eport o f
D ec. 31,1918.
R eport of
M ar. 4 ,1 9 19 .
R eport of
M a y 12, 1919.
R eport o f
June 3 0,1919.
R ep ort of
Sept. 12,1919.
Loans and discounts:................C o m !, dept.
Sav. dept.
$440,136 72
366,630 69
$427,552 93
375,383 52
$531,259 82
305,186 08
$576,186 43
361,697 86
$505,145 06
326,154 56
Sav. dept.
D ue from Fed. Res. B a n k :.. . .C om ’l. dept.
Sav. dept.
2 ,0 0,824 47
44,973 36
73,000 00
2 ,0 1 6 ,2 0 0 03
36,0 87 13
78,000 00
2 ,1 9 6 ,0 5 8 16
39,259 33
8 0,0 00 00
1 ,8 8 7,3 93 46
4 0,0 00 00
80,3 85 48
1 ,9 9 5 ,7 9 6 40
40,0 00 00
80,646 90
D ue from bks. in res. c it ie s :.. .C om ’ l. dept.
Sav. dept.
88,152 90
181,456 09
107,646 96
296,078 32
174,108 35
141,624 38
211,459 95
270,968 31
254,094 18
313,595 14
768 32
655 43
Sav. dept.
Exeh. for clearing house & checks on banks
in same p la ce :.......................... Com ’ l. d ep t.
Sav. dept.
C u rren cy:.......................................C om ’l. dept.
Sav. dept.
G old co in :..................................... C om 'l. dept.
Sav. dept.
Silver c o in :....................................C om ’ l. dept.
Sav. dept.
Nickels and ce n ts :..................... C om ’l. dept.
Sav. dept.
2 ,6 4 7 35
41,7 00
80,048
555
15,000
00
00
00
00
21,781
40,001
450
16.0 00
00
00
00
00
19,593
6 2,324
360
17,000
10,002
430
906
100
341
00
00
06
30
63
10,721
135
1,0 8 0
11
1,128
00
00
51
02
99
9,173
425
753
14
486
1 ,415 60
2,0 8 9 21
00
00
00
00
25,106
80,200
307
17,000
00
00
50
00
35,551
62,8 90
590
17,000
00
00
00
00
40
00
42
37
57
10,751
421
1,0 0 0
10
833
60
00
53
31
75
9 ,975
105
836
5
1 ,528
00
00
30
00
02
34,6 07 24
3 ,0 0 0 00
5 ,9 6 9 98
34,607 24
3 ,0 0 0 00
6,3 5 7 03
34,6 07 24
3 ,0 0 0 00
5 ,8 5 7 03
34,6 07 24
3 ,0 0 0 00
5 ,8 5 7 03
34,6 07 24
3 ,0 0 0 00
5 ,8 5 7 03
1 ,9 8 0 13
16,852 13
6,7 5 0 00
1,585 30
6,7 5 0 00
5 ,0 1 4 05
6 ,7 5 0 00
4 ,0 2 0 70
6 ,7 5 0 00
3,1 5 7 30
1,288 31
6 ,7 5 0 00
$3,4 54 ,18 5 02
$3,4 81 ,21 2 41
$3,635,501 55
$3,6 19 ,37 2 75
$ 3,700 661 65
Due from banks other than in reserve ¿ities.
Liabilities.
$100,000
125 ,00 0
19,191
80
25,000
603,107
00
00
75
00
00
09
-$ 1 0 0 ,0 0 0
125,000
8,8 4 4
4 ,0 5 2
00
00
95
00
$100,000
125,000
2 4,262
28
00
00
25
00
00
00
99
00
$100,000 00
125,000 00
32,589 67
626,147 65
5 00,564 34
605,412 19
560,393 59
168 67
1 ,068 65
582 18
433 13
17 79
1,4 4 6 57
261 64
71 98
1,1 7 0 43
280 35
D ue to other banks and bankers...................
164,862 26
170,102 49
Postal savings deposits......................................
3 ,3 6 5 99
3 ,4 1 0 15
119,643 39
75,0 00 00
2 ,7 6 6 15
116,317 13
75,0 00 00
2,1 0 3 98
114,473 82
4 0,0 00 00
2,2 2 5 98
2 ,2 4 9 ,9 0 8 45
170,453 15
1,9 0 6 21
2 ,3 7 4 ,9 8 7 74
166,491 10
7,051 61
2 ,3 8 3 ,9 7 8 95
167,810 03
12,459 83
2 ,3 8 9 ,9 4 9 48
176,418 81
15,940 59
2 ,4 8 2 ,8 6 4 40
228,928 14
21,0 34 69
$3,4 54 ,18 5 02
$ 3 ,4 81 ,21 2 41
$3,635,501 55
$ 3,619.372 75
$3,7 00 ,66 1 65
«1 0 0,0 00
125,000
9,8 9 6
1,407
Com m ercial deposits sub ject to ch e c k .........
0 ds
C ^t m^S*
Yppiilpri for pRQtnrners
^ prpdit
♦On Dec. 19, 1918, this bank absorbed The Farmers State Bank, Lachine.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
17
No. 302.
THE FARMERS’ STATE BANK OF ALTO, ALTO.
Organized October 18, 1904.
E pson
O T I a b r o w , P r e s id e n t ; A l e x . R o b e r t s o n , V . C .
W . H . A n g e l l , C a sh ier.
D i r e c t o r s .— E d s o n
W a l t o n * V ic e
O ’ H a rro w , V . C. W a lto n , C. M . C a m p a u , F re d
A le x a n d e r R o b e r ts o n .
Resources.
R ep ort o f
D ec. 31, 1918
Report o f
M a r. 4 , 1919.
Loans and d iscou n ts:................C om ’1. dept.
Sav. dept,
Bonds, mtgs. and securities:.. .C o m ’l. dept.
Sav. dept.
$72,159
33,7 16
6 ,2 0 0
117,992
$78,898
39,123
6,250
120,532
11
15
00
00
28
15
00
00
C . T illy e r , C h a r le s B a n c r o ft ,
R eport o f
M a y 12, 1919.
$84,002
4 6,063
2 ,5 5 0
122,567
P r e s id e n ts ;
56
15
00
00
D ue fr o m bks. in res. c it ie s :.. .C o m ’ i. dept.
Sav. dep t.
U. S. Bds. & cert, in debt, as sav. legal re s ...
3 ,0 0 0 00
41,3 20 08
41,4 50 00
3 ,0 0 0 00
26,115 68
3 4,2 00 00
6,5 0 0 00
2 1,592 13
19,100 00
Sav. dept.
4 .0 0 0 00
6 ,5 0 0 00
5 ,0 0 0 00
4 ,8 7 7 00
7 ,5 0 0 00
290 00
4 ,5 7 9 00
7,5 0 0 00
290 00
5 ,2 7 6 00
6 ,0 0 0 00
310 00
Report o f
June 30,1919.
Report o f
Sept. 12,1919.
$91,033
28,038
6 3,300
120,211
$87,356
18,672
68,6 00
125,288
17
15
00
16
87
39
00
39
7,5 0 0 ( 0
17,517 8 6
50,100 00
10,647 94
15,579 32
4 0,9 50 00
5,3 7 5 00
1 0,200 00
310 00
3 ,5 8 5 00
7,6 2 6 00
315 00
E xch. for clearing house & checks on banks
C u rren cy:.......................................C om ’l. dept.
Sav. dept.
G old c o i n :..................................... C om ’l. dept.
Silver c o in :....................................C om ’l. dept.
686 65
715 10
619 40
668 40
670 85
Nickels and cen ts :..................... C om ’ l. dept.
288 86
363 70
366 49
337 57
100 91
180 11
245 70
104 74
308 22
74
95 31
2 ,5 0 0 00
800 00
2 ,5 0 0 00
800 00
2 ,5 0 0 00
800 00
2 ,5 0 0 00
800 00
2 ,5 0 0 00
800 00
581 52
s 159 47
290 40
862 91
79 80
2 ,2 4 0 59
2 ,3 6 5 00
922 67
$337,462 28
$331,706 49
$324,645 74
$400,316 43
$386,283 70
00
00
85
00
$20,000 00
1 0,000 00
1,364 15
$20,000 00
10,0 00 00
3 ,7 7 7 81
Com m ercial deposits subject to ch e c k .........
110,749 00
81,596 59
82,974 90
9 8,742 32
75,910 30
Certificates o f dep osit............................^ . . . .
82,366 51
112,181 92
9 7,967 50
120,778 25
97,183 06
110,709 97
102,934 25
107,736 20
107,528 90
106,327 30
58,6 50 00
65,1 50 00
$400,316 43
$386,283 70
Outside checks and other cash item s...........
Liabilities.
«2 0 ,0 0 0
10,000
164
2 ,0 0 0
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$337,462 28
$331,706 49
$324,645 74
$20 ,00 0
10,000
253
2 ,0 0 0
00
00
66
00
$20,000
10,000
977
390
00
00
20
00
STATE BANKING DEPARTMENT.
18
No. 609.
AMBLE STATE BANK. AMBLE,
Organized April 16, 1917.
S. M .
D i n s m o r e .,
D i r e c t o r s .— H a r r y
P r e s id e n t; H . F . B
F . B e r k le y ,
e c k l e y
,
V ic e P r e s i d e n t ; C . F .
S. M . D in s m o r e , P e te r H a n s e n , F r a n k
B.
L . G a ffie ld .
S cott,
C a s h ie r .
P . C h u rch ,
N e ls
O ls e n ,
R ep ort o f
D ec. 31,1 91 8.
eport of
M ar. 4, 1919.
R eport o f
M a y 12, 1919.
R eport o f
June 30, 1919.
Loans and discounts:................ C om ’ l. dept.
$22,017 64
$18,807 57
$24,333 69
$25,958 48
$29,919 30
Bonds, mtgs. and securities:.. .C om ’ i. dept.
Sav. dept.
9 ,5 0 0 00
12,0 50 00
15,100 00
11,794 00
10,800 00
D ue from bks. in res. citie s :.. .C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
U. S. cert.of indebt, as cash res: C om ’ l. dept.
Sav. dept.
1 0,470 74
Resources.
(
2 ,0 0 0 00
2 ,0 0 0 00
1 0,466
2,1 1 7
2 ,0 0 0
2 ,0 0 0
Report o f
Sept. 12, 1919.
21
92
00
00
6,953 40
10,748 66
18,298 93
2 ,0 0 0 00
1,0 0 0 00
2 ,0 0 0 00
1 ,0 0 0 00
2 ,0 0 0 00
E xch. for clearing hcu o« cc checks on banks
C u rren cy:.......................................C om ’ l. dept.
Sav. dept.
G old co in :......................................C om ’l. dept.
3 ,2 5 6 00
200 00
170 00
1,797 00
200 00
1,1 7 0 00
3 ,4 2 9 00
200 00
1 ,170 00
2 ,715 00
200 00
1,1 7 0 00
3 ,7 9 6 00
200 00
170 00
Silver c o in :....................................C om ’ l. dept.
221 00
262 30
193 65
330 70
182 20
Nickels and cen ts :..................... C om ’ l. dept.
85 33
76 23
42 90
42 51
30 92
98
31
35
00
00
3 ,0 0 0 00
1 ,2 5 0 00
3 ,0 0 0 00
1,2 5 0 00
3 ,0 0 0 00
1,2 5 0 00
132 01
45 52
17 12
44 20
64 53
$54,302 72
$55,542 41
$58,689 76
$60,254 53
$69,711 88
$20,000
80
18
800
00
00
71
00
$20,000 00
80 00
$20 ,00 0 00
80 00
189 99
$20,000 00
80 00
434 06
$20 ,00 0 00
80 00
782 48
12,918 91
18,136 36
11,996 37
20,885 28
17,141 60
18,127 34
11,141 10
24,467 54
12,934 10
3 2,212 09
21 38
3 ,0 0 0 00
1 ,2 5 0 00
164
135
3 ,0 0 0
1,2 5 0
D ue from banks other than in reserve cities.
Liabilities.
Com m ercial deposits subject to ch e c k .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
2,3 4 8 74
2 ,5 8 0 76
3 ,1 5 0 83
4,131 83
3,681 83
$54,302 72
$55,542 41
$58,689 76
$60,254 53
$69,711 88
STATE BANKS OF MICHIGAN.
19
No. 48.
ANN ARBOR SAVINGS BANK, ANN ARBOR.
Organized February 4, 1869.
Reorganized December 9, 1889.
Corporate existence extended October 31, 1919.
,
C h a s . E . H i s c o c k , C h a ir 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 i d 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 i d e n t s :
W s i . 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 t B . H i s c o c k , A s s i s t a n t C a s h ie r s .
D i r e c t o r s .— C h a s .
E . H is c o c k , W m . D . H a r r im a n , W a lt e r C . M a ck ,
C a r l F . B r a u n , W m . L . W a lz , E m o r y E . L e la n d .
Resources.
R eport o f
D ec. 31, 1918.
R eport o f
M ar. 4, 1919.
Report o f
M ay 12, 1919.
M ic h a e l J . F r it z ,
Report of
June 30, 1919.
Report o f
Sept. 12, 1919.
L oans and d iscou n ts:............... C om ’ l. dept. *1 ,2 4 0,6 14 17 $1,2 31 ,35 4 05 $1,1 37 ,82 9 43 11,198,841 83
$1,1 90 ,73 7
Sav. dept.
150,000
00 190,000
00 255,000
00 170,000
00 290,000
Bonds, m tgs. and secu rities:... Com ’l. dept.
323,462 17
648,800 48
792,354 50
297,402 23
324,787
Sav. dep t. 1 ,6 1 5 ,3 2 8 19
1,61 1,1 17 89
1,63 2,0 74 22
1 ,6 1 7,0 47 05
1 ,5 5 7,6 65
D ue from Fed. Res. B a n k :... .C o m ’l. dept.
Sav. dept.
D ue from bks. in res. citie s :. . . C om ’i. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res. .
U. S. cert.of indebt, ascas.h res: C om ’ l. dept.
Sav. dept.
62,591 76
47,420 83
200,125 00
31,9 80 35
102,098 19
140,600 00
51,544 12
29,341 04
162,900 00
72,530 65
81,249 34
266,850 00
27,381 38
15,652 17
12,457 73
33,231 45
11,239 39
83,129
4 0 .0 00
10,725
50.0 00
75'207
70.0 00
11,570
50.0 00
00
00
00
00
91,384
7 0.000
11,695
50.0 00
00
00
00
00
77,521
70.000
11,410
50.0 00
00
00
00
00
87,257
70.0 00
13,262
50.0 00
5 ,0 0 0 00
24,5 00 00
552 62
500 00
609 31
5 ,2 0 0
2 4,500
643
500
808
00
00
30
00
87
6,300
24,500
675
500
528
00
00
05
00
03
7,2 0 0
2 4,500
280
500
574
00
00
52
00
11
6 ,5 0 0 00
24,5 00 00
547 12
500 00
1,218 07
3 0,000 00
14,208 00
5,389
07
37,128 50
3 0 ,0 00 00
14,208 00
5,3 8 9
07
37,357 53
30,0 00 00
14,208 00
5 ,389
07
37,513 53
30,0 00 00
14,208 00
5 ,389
07
37,593 12
30,0 00 00
14,208 00
5,3 8 9
07
37,829 97
595 80
444 82
694 72
981 48
716 72
* 3 ,9 6 9 ,2 6 0 80
*4,297,431 72
$4,4 16 ,88 8 44
$ 4,067,309 85
* 4 ,1 2 9 ,0 6 0 36
$300,000
250,000
28,855
5 ,332
*300,000
250,000
53,6 60
438
Exch. for clearing house & checks on banks
in sam e p la c e :.........................C om ’l. dep t
Sav. dept.
C u rre n cy:......................................C o m ’ l. dep t
Sav. dep t.
G old c o in :.....................................C om ’l. dept.
Sav. dept.
Silver co in :.............
Nickels and cents:
C om ’l.
Sav.
C om ’l.
Sav.
dept
dept
dept
dept
O verdrafts...............
Prem ium a c c o u n t...............................................
Banking h ou se.....................................................
Furniture and fixtures.....................................
Other real e sta te ................._.............................
D ue from banks other than in reserve cities.
Cash item s in tra n sit.........................................
Outside checks and other cash item s...........
Stock o f Federal R eserve B a n k .....................
Other a ssets.........................................................
Totals
93
00
93
61
00
00
00
00
32,879 24
98,571 81
281,250 00
00
00
50
00
Liabilities.
Capital stock paid in ........ . ....................
Surplus fu n d ..............................................
U ndivided profits, n e t.............................
Dividends unp aid....................................
Reserved for taxes, interest, e t c .........
Com m ercial deposits subject to check
D em and certificates o f dep osit............
Certined ch eck s........................................
Cashier’s ch eck s.......................................
D ue to Federal Reserve B a n k .............
D ue to other banks and bank ers........
State moneys on dep osit............................
Postal savings d ep osits...............................
U. S. G overnm ent d ep osits...................
Tim e com m ercial certificates o f deposit
B ook a ccou n ts.................................
Certificates o f d ep osit....................
Club savings dep osits....................
N otes and bills red iscou n ted. . . .
Bills p a y a b le ....................................
Bonds sold subject t o repurchase
Bonds borrowed
Acceptances executed for custom ers.
Customers’ letters o f c r e d it ................
Other liabilities.
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$300,000
250 ,00 0
17,305
6,0 4 8
'
00
00
90
00
$300,000 00
- 250,000 00
26,917 12
861,431 21
882,308 05
1 ,0 0 8,0 55 22
902,225 38
K 328 16
7,495 84
1 ,6 6 0 67
1,839 05
1,440 44
4,967 38
3 ,6 6 0 08
28,607 83
61,832 67
6 3,100 75
75,781 37
74,982 58
88 00
$300,000
250,000
40,6 36
339
00
00
77
00
00
00
59
00
00
00
69
00
902,439 87
3,7 6 4
8,189
33,866
103,213
71
10
68
89
70,000 00
48,000 00
70J)00 00
2 ,0 3 0 ,5 9 2 52
97,281 50
2 ,0 9 5,0 73 16
93,742 92
2 ,1 2 3 ,4 3 4 73
100,880 53
2 ,1 7 6 ,7 7 7 98
103,368 41
2,25 4,7 91 16
117,696 26
215,945 00
50,0 00 00
204,702 00
330,000 00
191,353 00
250,000 00
113,500 00
80,000 00
101,000 00
$3,9 69 ,26 0 80
$4,297,431 72
$4,4 16 ,88 8 44
$4,0 67 ,30 9 85
$ 4,1 29 ,06 0 36
20
STATE BANKING DEPARTMENT.
No. 26.
FARMERS’ AND MECHANICS’ BANK, ANN ARBOR.
Organized October 13, 1882.
Corporate existence extended July 20, 1912.
H e w"
^
rR E D
D l“
™
A - . W i l l i a . m s 1 P r ( ’sj<l<
'n
J ; J u n i u s E . B e a l , G e o . W . M i l l e n , V ic e P r e s id e n t s ;
T . S t o w e , C a s h ie r ; E , L . J e n k i n s , A s s i s t a n t C a s h ie r ; G . J . B u r k e , C o u n sel.
r
D' n
^ c h a i r e r ’ -iu iliu s
Resources.
B - B e a l,
O liv e r
M . M a r tin , H o r a t io
J ' S m ith , C h a s . A .
.T. A b b o t t , G e o r g e .T.
S in k , B u r t F . S c h u -
1
R ep ort o f
D ec. 31, 1918.
R eport o f
M a r. 4,1919.
R eport of
M a y 12, 1919.
R ep ort o f
June 30, 1919,
Loans and discounts:.................. C om ’ l dept
Sav. dept.
B o n d s , m tgs. and secu rities:.. .C o m ’l. dept
Sav. dept
D ue from F ed. Res. B a n k :___ C om ’ l. dept
Sav. dept
$707,460 76
*687,408 68
*673,281 09
*713,543 70
D ue from bks. in res. cit ie s :. . . C om ’l. dept
Sav. dep t
U. S. Bds. & cert, in deb t, as sav. legal re s ...
U. S. cert, o f indebt, as cash res :C om ’l. dept
Sav. dep t
124,877 51
51,922 79
E xch. for clearing house & checks on banks
in same p la c e :.......................... C om .l d e p t
Sav. dept
C u rren cy:....................................... C om ’l. dept
.
Sav. dept
G old c o m :......................................C om ’l. dept
Sav. dept
Silver c o in :....................................C om ’l. dept
Sav. dept
Nickels and ce n ts :..................... C om ’l. dept
Sav. dept
O verdrafts...............................
Prem ium a cco u n t.....................
Banking h ou se...............
Furniture and fixtures...............
Other real esta te...................
D ue from banks other than in reserve citie s .
Outside checks and other cash ite m s. . . .
Stock o f Federal Reserve B a n k ...............
Other a ssels.............................
T o ta ls.....................................
197,736
895,858
51,221
2 7,000
96
95
38
00
203,786
1 ,0 2 3,8 22
56,584
27,0 00
96
95
57
00
139,935 81
26,889 90
202,386
1 ,0 4 6,6 47
114,125
27,0 00
96
95
21
00
208,436
910,983
54,632
3 0,0 00
96
46
85
00
Report of.
Sept. 12 1919
$731,729 88
176,743
828,019
49,791
31,000
16
46
65
00
88,665 78
33,861 04
82,858 73
5,2 1 6 01
3 6,319 64
12,166 79
35,873
8,1 1 7
91,175
10,653
1,4 8 0
240
90
41
00
00
00
00
24,379
2 ,798
53,299
16,359
2,0 4 7
315
09
53
00
00
50
00
18,907
121
4 2,903
19,460
2,0 3 2
372
97
72
00
00
50
50
54,0 66
517
38,689
11,961
2,0 5 5
420
96
62
00
00
00
00
6,373
2,571
32,081
16,567
237
3 ,7 9 0
55
92
00
00
50
00
3,5 8 5
72
1,103
35
6,889
95
50
27
45
30
4 ,193
169
651
20
805
30
20
50
17
54
5 ,2 7 4
121
370
45
1,195
00
70
34
15
93
4 ,2 3 6
108
545
9
15,286
05
90
03
25
88
6,793
134
609
12
4,6 3 3
85
80
11
74
38
50.0 00 00
2 0.0 00 00
17,500 00
50.0 00 00
2 0 .0 00 00
17,500 00
50.0 00 00
20.0 00 00
2 5,500 00
5 0.000 0 0
19.000 00
2 5,500 00
50,0 00 00
2 0,3 68 67
2 5,5 00 00
1,594 11
6 ,7 5 0 00
1,598 71
6,7 5 0 00
1,265 33
6,7 5 0 00
6,703 35
6,7 5 0 00
997 97
6 ,7 5 0 00
$2,3 11 ,14 8 24
$2,366,315 41
$2,3 80 ,28 8 17
$ 2,2 41 ,52 0 75
$2,1 18 ,19 2 07
Liabilities.
Capital stock paid in ..........................
Surplus fu n d ...........................
U ndivided profits, n e t........................
D ividends u n p aid ........................
Reserved for taxes, interest, e t c ............
C om m ercial deposits subject to ch e c k .........
Dem and certificates o f d e p o sit..........
Certified ch eck s...............
Cashier’s ch eck s.................
D ue to Federal Reserve B a n k . .
D ue to other banks and bankers___
State m oneys on dep osit...................
Postal savings dep osits.........
U. S. Governm ent d ep osits. . .
T im e com m ercial certificates o f d ep osit___
Certificates o f d ep osit...........
Club savings dep osits. . . .
N otes and bills rediscounted. . ..
Bills p a y a b le ....................................
Bonds sold sub ject to repurchase..................
$150,000
75,0 00
69,350
5 ,8 6 4
00
00
85
00
00
00
25
00
75,0 00 00
63,105 43
790,930 12
834,783 77
802,668 31
729,497 88
623,174 04
2 ,5 7 7 08
7,713 63
3,6 9 2 73
10,611 31
8,141 82
4 ,5 1 7 49
7 ,992 92
5 ,401 77
10,629 46
13,181 10
10,911 38
8 ,146 13
14,431 04
10,000 00
819,928 85
94,082 60
3 ,6 2 0 80
840,325 19
100,211 62
7,2 4 5 42
875 661 09
100,810 48
9,714 19
923,480 00
110,092 45
13,133 38
300 ,00 0 00
295 ,00 0 00
175,000 00
110,000 00
$2,241,520 75
$2,1 18 ,19 2 07
786,770 08
85,041 04
1,028 18
$150,000
7 5,000
61,334
80
$150,000
7 5,000
74,316
5,8 6 4
00
00
57
00
$150,000
75,000
72,733
116
00
00
93
00
A cceptances executed for custom ers.............
Custom ers’ letters o f cr e d it. . . .
T o ta ls.....................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$2,3 11 ,14 8 24
$2,366,315 41
STATE BANKS OF MICHIGAN.
21
No. 144.
STATE SAVINGS BANK OF ANN ARBOR, ANN ARBOR.
Organized November 18, 1892.
W m .
A r n o l d , P r e sid e n t;
C . J . W a l z , C a sh ie r ;
G e o . J . M a n n , D . F . Z i m m e r m a n , V ic e P r e s id e n ts ;
R . A . B e a l , R . E . R e i c h e r t , A s s i s t a n t C a sh iers.
D i r e c t o r s .— C .
W . G ill, W m . A r n o ld , J o h n K o c h , C h r is tia n M a r t in , V ic t o r C . V a u g h a n ,
E.
F . M ills , D a n ie l F . Z im m e r m a n , H . W . D o u g la s , A . R . P e t e r s o n , G e o . J . M a n n , C h a s . W .
W a g n e r , E . L . S e y le r , R . E . R e ic h e r t , G e o . W a lk e r , J o h n M . F e in e r , F r e d J e d e le , A r t h u r
B r o w n , J o h n L in d e n s c h m itt, M . J . C a v a n a u g h , C . J . W a lz .
Resources.
Loans and discounts:................ C om ’l. dept.
Sav. dept.
Bonds, m tgs. and se c u ritie s:. .C o m ’l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’l. dept.
Sav. dept.
D ue from bks. in res. c it ie s :.. .C om ’l. dept.
Sav. dept.
U. S. Bds. & cer t. indebt, as sav. legal re s .. .
U. S. cert.of indebt, as cash res: C om ’l. dept.
Sav. dept.
E xch. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
D ue from banks other than in reserve cities.
Cash item s in transit.......................................
Outside checks and other cash ite m s............
R ep ort o f
D ec. 3 1,1918.
R ep ort o f
M ar. 4, 1919.
R eport o f
M a y 12,1919.
R ep ort o f
June 30, 1919.
R ep ort
Sept. 1 2 ,1 9 1 9 .
$763,626
131,638
399,650
1 ,4 4 0 ,6 9 3
4 7,6 94
50,998
$739,380
139,303
512,800
1 ,4 7 1,1 52
48,3 62
51,9 98
$769,160
128,028
522,500
1 ,5 3 4 ,0 2 8
63,168
53,996
$740,569
125,558
410,000
1 ,5 2 3 ,7 3 0
54,021
53,9 96
$1,0 70 ,34 8
114,608
344,000
1 ,5 6 9 ,4 3 0
94,633
55,996
97
46
00
17
03
41
7,7 8 8 91
45,1 40 88
13,608
128
3 6,384
8 ,519
4 ,6 7 0
16,000
57
13
00
00
00
00
7,4 5 8
320
385
29
1 ,188
25
25
66
10
42
65.000
9,0 0 0
25.0 00
37,128
00
00
00
50
54
55
00
72
28
41
14,866 01
125,405 00
52
55
00
72
05
21
24,692 92
69,529 68
76
00
00
61
97
21
12,868 34
52,903 42
05
00
00
75
94
21
19,572 65
43,3 75 65
12,204 70
12,341 52
15,885 53
42,6 59
12,245
5 ,7 8 0
16,0 00
00
00
00
00
40,851
6,4 1 3
5 ,8 8 0
16,000
00
00
00
00
5 5,548
7,411
5 ,8 9 0
16,0 00
00
00
00
00
5 7,014
7 ,3 4 2
5 ,6 5 0
1 6,000
00
00
00
00
9,2 9 3 00
126 90
299 74
QQ
1,191 27
8,8 9 2
192
663
8
362
90
90
83
31
67
11,921
159
335
31
1 ,172
55
55
28
07
14
7 ,9 7 5
179
480
35
534
50
30
34
34
92
65.000
9 ,0 0 0
25.0 00
3 7,513
00
00
00
53
65.000
7 ,5 0 0
25.0 00
37,593
00
00
00
12
65.000
7 ,5 0 0
25.0 00
37,829
1,3 5 4
934
9 ,0 0 0
00
00
00
97
75
18
00
6 5.000
9,0 0 0
25.0 00
37,3 57
31
00
00
00
53
01
77 54
9 ,0 0 0 00
9 ,0 0 0 00
1,019 20
9 ,0 0 0 00
$3,1 21 ,12 8 25
$3,3 48 ,45 7 65
$3,4 03 ,24 3 51
*
526 31
9 ,0 0 0 00
$3,232,621 86
6 ,9 0 6 77
$ 3 ,5 60 ,70 2 32
Liabilities.
$150,000
150,000
43,5 70
9,021
Com m ercial deposits subject to ch e c k .........
D em and certificates o f dep osit.......................
Certified ch eck s...................................................
00
00
10
00
$150,000
150,000
4 8 ,2 00
39
00
00
11
00
$150,000
150,000
53,903
27
00
00
30
00
616,928 90
753,340 37
874,806 00
1,305 23
1,238 86
1 ,408 21
1,0 7 7 33
9,9 2 8 05
1,660 08
$150,000
150,000
46,281
12,027
3 ,2 0 0
821,794
00
00
33
00
00
38
1 ,2 4 2,3 47 03
8,2 3 2 97
546 61
12,425 37
897 72
$150,000
150,000
5 4,576
17
00
00
55
00
D ue to Federal Reserve B a n k ........................
57,265 82
34,591 38
26,2 50 00
60,391
10,000
32,592
68,0 00
31
00
46
00
44,4 38
10,000
27,720
57,0 00
42
00
16
00
54,218 60
10,000 00
25,685 56
1 ,5 5 6,1 95
144,930
8,221
16,5 60
347,500
77
80
35
94
00
1 ,6 1 1 ,0 6 3 51
134,898 97
1 ,6 4 3 ,1 1 8 34
114,905 76
1 ,6 6 7 ,9 2 8 37
131,061 39
32,7 98 02
245,000 00
5,611 31
187,000 00
2 7,0 00 00
$3,4 03 ,24 3 51
$3,2 32 ,62 1 86
5 4,955
5 ,0 0 0
1 2,827
51,6 66
19
00
02
68
T im e com m ercial certificates o f dep osit___
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
i , 4 9 4 ,3 8 i
113,973
2,8 3 5
124,765
295,000
Ö3
96
99
98
00
$ 3 ,1 21 ,12 8 25
$ 3 ,3 48 ,45 7 65
$ 3 ,5 60 ,70 2 32
22
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 r e s i d e n t ; J o h n P . N i g g e m a n , J r ., V i c e P r e s i d e n t ;
W a l t e r C a l k i n s , C a s h i e r ; C h a s . O . M u r r a y , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— A l b e r t
E . S le e p e r , J o h n S c h o e t t le , J o h n
R ob ert M u rra y.
Resources.
P.
N ig g e m a n ,
J r ., W a lt e r
C a lk in s ,
R eport o f
Sept. 12, 1919.
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R ep ort of
M a y 12, 1919.
R ep ort o f
June 30, 1919.
Loans and discounts:................C om ’l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :.. . .C o m ’l. dept.
Sav. dept.
$98,867 10
$101,416 63
$103,145 51
$108,917 99
$102,926 56
10,462 85
9,6 0 0 00
10,992 85
9 ,0 0 0 00
13,419 85
8 ,6 0 0 00
13,219 85
11,550 00
18,219 85
16,4 90 00
D ue from bks. in res. citie s :. . . C om ’l. dept.
Sav. dept.
U. S. Bds. & eert. indebt, as sav. legal re s ...
U. S. cert, o f indebt. a sca sh res:C om ’l. dept.
Sav. dept.
17,526 45
900 00
12,669 83
1,0 0 0 00
25,3 27 26
. 1 ,0 0 0 00
23,092 79
1 ,0 0 0 00
20,155 25
1 ,0 0 0 00
1 1,500 00
7,5 0 0 00
19,000 00
27,0 00 00
1 4,500 00
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cen ts :..................... C om ’l. dept.
Sav. dept.
2,2 2 9 33
1,435 88
669 41
3 ,2 6 9 80
2 ,0 6 2 00
4 ,7 9 2 00
800,00
2 ,2 0 7 50
1,0 6 9 00
1 ,0 0 0 00
2 ,2 0 7 50
4,4 9 3 00
1 ,0 0 0 00
2 ,2 0 7 50
4 ,8 7 9 00
1,0 0 0 00
2 ,2 0 0 00
3 ,9 7 7 00
1 ,0 0 0 00
2 ,2 2 0 00
374 65
318 80
428 80
232 50
493 50
76 99
81 23
50 99
51 54
88 17
68 79
57
83
00
00
115 49
13 79
129 78
3 ,8 0 0 00
1 ,0 6 0 00
3 ,8 0 0 00
1 ,0 6 0 00
3 ,8 0 0 00
1 ,214 00
895 00
$161,280 75
$165,254 12
$192,317 81
$188,787 26
$186,171 11
$20,000 00
3 ,0 0 0 00
3,4 1 5 65
$20,000 00
3 ,5 0 0 00
$20,000 00
3 ,5 0 0 00
399 96
$20,000 00
3 ,5 0 0 00
1,051 59
$20,000 00
3 ,5 0 0 00
363 14
31,910 59
90,363 02
32,603 74
94,512 27
57,5 76 02
95,326 73
5 2,322 87
97,629 92
47,581 80
93,311 05
1,623 19
2,9 9 7 95
1,144 54
661 97
3 ,7 7 6 34
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
Premium a cco u n t...............................................
Other real esta te ...............................................
D ue from banks other than in reserve cities.
Cash item s in transit.........................................
Outside checks and other cash item s...........
Stock o f Federal Reserve B a n k ............... ..
Other assets..........................................................
3 ,8 0 0 00
1 ,0 6 0 00
1,015 09
29
172
3 ,8 0 0
1,0 6 0
Liabilities.
Undivided profits, n e t ........................................
Dividends u n p a id ...............................................
Reserved for taxes, interest, e t c .....................
Com m ercial deposits subject to ch e c k .........
D em and certificates o f d ep osit.......................
Certified checks...................................................
D ue to Federal Reserve B a n k ........................
Due to other banks and bankers...................
State moneys on dep osit...................................
Postal savings deposits......................................
U. S. Governm ent deposits..............................
Tim e com m ercial certificates o f d ep osit. . . .
B ook a ccou n ts.....................................................
Certificates o f d ep osit........................................
Club savings dep osits........................................
Notes and bills rediscounted...........................
Bills pa y a b le........................................................
Bonds sold subject to repurchase..................
Bonds borrow ed..................................................
Acceptances executed for custom ers.............
Customers’ letters o f cred it.............................
Other liabilities...................................................
10,968 30
11,640-16
9 ,3 7 0 56
8 ,6 2 0 91
12,638 78
T o ta ls.............................................................
$161,280 75
$165,254 12
$192,317 81
$188,787 26
$186,171 11
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
23
STATE HANKS OE MICHIGAN.
No. 627.
*THE ARCADIA STATE SAVINGS BANK, ARCADIA.
Organized March 12, 1919.
L. F i n c h , Chairman of the Board.
President; D. A. J a m i e s o n , G e o . A. D u n h a m , Vice Presidents ;
Cashier ; E m m a I. M a l l i s o n , Assistant Cashier.
L dthek
H enry
M auntler,
H arvey G rund,
D i r e c t o r s .—
Henry Mauntler, Luther L. Finch, D. A. Jamieson, Geo. A. Dunham, Wm. H.
Ebert, D. J. Martineau, Harvey Grund.
Resources.
Report of
Dec. 31,1918.
Report of
Mar. 4,1 919 .
Report of
M ay 12,1919.
$22,902 39
17,230 41
Bonds, mtgs. and securities:.. .Com’l. dept.
Sav. dept.
Due from Fed. Res. B ank:___ Com’l. dept.
Sav. dept.
21,192 00
Due from bks. in res. cities:.. .Com ’l. dept
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
•U. S. cert, of indebt. ascashres:Com’l. dept.
Sav. dept.
10,252 09
7,5 00 00
5 ,0 0 0 00
Report of
June 30,1919.
Report of
Sept. 12,1919.
$25,922
17,245
5 ,9 50
32,155
$31,002
21,133
6,5 50
29 ,680
15
05
00
00
6,313 40
6 ,0 0 0 00
84
05
00
00
17,915 29
6,000 00
10,500 00
Exch. for clearing house & checks on banks,
in same place:.......................... Com’l. dept.
Sav. dept.
110 11
17 22
Sav. dept.
4 ,7 34 00
2 ,5 0 0 00
125 00
2 ,5 06 00
2 ,5 0 0 00
130 00
2 ,2 54 00
3 ,0 0 0 00
125 00
298 80
222 20
404 35
84 79
65 36
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.
Cash items in transit.................................
Outside checks and other cash items............
Stock of Federal Reserve Bank......................
Other assets..........................................................
77 05
45 26
Totals.............................................................
2 ,6 0 0 00
1,500 91
592 66
2 ,6 0 0 00
1,5 00 91
285 42
2 ,6 0 0 00
1,500 91
1,0 28 20
9 90
1 70
13 14
$97,058 70
$103,729 « 5
$133,088 01
$20,000 00
$20,000 00
$20,000 00
24,245 61
31,731 55
Liabilities.
Capital stock paid in .........................................
Surplus fun d :...................................................
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 Reserve Bank.................... : .
Due to other banks and bankers...................
State moneys on deposit...................................
Postal savings deposits......................................
U. S. Government deposits.........................
Time commercial certificates of deposit___
Book accounts.....................................................
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.............................................................
"‘Commenced business May 3, 1919.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
21 34
-
21,749 07
*
4 5 ,480 76
9,8 07 53
47,732 05
11,752 19
66,324 88
8,468 02
6,563 56
$97,058 70
$103,729 85
$133,088 01
24
STATE BANKING DEPARTMENT.
No. 468.
THE ARMADA STATE BANK, ARMADA.
Organized November 10, 1910.
S a b i n I . S t u m p ., P r e s i d e n t ; W i l l i a m
C . B o t t o m l e y , V ic e P r e s id e n t ;
W i l l i a m W . L y o n s , C a s h i e r ', G . 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 ie r .
D i r e c t o r s .— S a b i n
I.
S tu m p , J . H . L a w s o n , G . H . H e b b le w h ite , W illia m
J . II. S p e n c e r , W m . W . L y o n s , O r v y H u le tt.
Resources.
R ep ort o f
Dec. 31,1 91 8.
Loans and discounts:................C om ’ l. dept.
Sav. dept.
Bonds, mtgs. a n d securities:.. .C om ’ l. dept.
Sav. dept.
Due from bks. in res. citie s :.. .C o m ’l. dept.
Sav. dept.
$100,302
7 2,807
3 7,750
154,045
00
64
00
00
R ep ort o f
M ar. 4, 1919.
R ep ort o f
M a y 12,1919.
$93,877
116,599
3 ,0 0 0
157,145
$85,694
129,010
3 ,0 0 0
156,145
53
44
00
00
12
14
00
03
C.
R ep ort o f
June 30, 1919.
$82,504
1 06,382
33,4 00
161,445
22
45
00
00
B o tto m le y ,
Report of
Sept. 12, 1919.
$110,990
102,615
11,500
160,345
9,0 1 2
7 ,3 0 0
20
91
00
00
16
00
22,556 19
2 9 ,3 70 24
6,724 24
12,189 56
3 ,8 6 7 09
3 ,2 0 0 00
10,294 17
4 ,4 8 4 42
50 00
13,287 78
7 ,0 0 0 00
403 34
40 78
5 ,9 3 7 00
10,417 00
8,1 2 6 00
8 ,1 8 0 00
240 00
240 00
270 00
147 50
748 10
578 00
648 25
368 45
5 ,8 8 4 80
167 43
1,6 0 3 35
118 27
3 ,5 4 8 27
98 88
60 56
111 59
297 43
4 .0 0 0 00
2 .0 0 0 00
4 ,0 0 0 00
2 ,121 00
4 ,0 0 0 00
2 ,9 1 9 70
4 ,0 0 0 00
2,9 1 9 70
4 ,0 0 0 00
2 ,9 1 9 70
3,781 51
2 ,0 2 0 30
1,200 00
319 75
1 ,200 00
227 04
1,2 0 0 00
1,4 1 6 22
1 ,2 5 0 00
$417,098 00
$430,502 57
$441,389 08
$428,697 46
$425,499 28
$25,000 00
15,000 00
1,607 88
$25,000 00
15,000 00
2 ,1 9 0 46
$25,000 00
15,000 00
7 ,5 9 9 14
$25,000 00
16,000 00
1 ,188 95
$25,000 00
16,000 00
2 ,5 7 8 39
72,723 81
29,341 37
70,445 98
3 0,1 80 08
73,288 82
3 0,7 30 54
7 ,5 0 0 00
7 ,5 0 0 00
2 ,5 0 0 00
15,296 63
4,201 64
3 ;0 0 4 34
2 ,0 0 0 00
Sav. dept.
Excli. for clearing house & checks on banks
18 36
30 58
Sav. dept.
3 ,7 1 8 00
12,200 00
210 00
738 25
144 17
Banking h ou se.....................................................
Furniture a nd fixtures.......................................
Due from banks other than in reserve cities.
Outside checks a n d other cash item s...........
Liabilities.
Undivided profits, n e t.......................................
Com m ercial deposits subject to ch eck .........
75,008 67
24,9 03 09
98,595 5 8 '
28,535 34
U. S. Governm ent d ep osits.............................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
240,578 36
236,181 19
255,224 76
243,382 45
237,151 53
3 5,0 00 00
2 5,0 00 00
4 ,0 0 0 00
2 5 ,0 00 00
35,0 00 00
13,250 00
25,0 00 00
$417,098 00
$430,502 57
$441,389 08
$428,697 46
$425,499 28
25
STATE BANKS OF MICHIGAN.
No. 473.
THE FARMERS’ STATE BANK OF ARMADA, ARMADA.
Organized December 4, 1910.
W e s l e y A . D u d l e y , P r e sid e n t; C h e s t e r
S. P r i e s t , V ic e P r e s id e n t ;
C h a r l e s J . K e s n e r , C a s h i e 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 e s l e y
A.
D u d le y , C h e s te r S. P r ie s t ,
S. B . A n d e r s o n , C h a s.
G . W . B e a r s » , .T esse D . S i m m o n s , U r i a l H u l e t t , F r e d PI. W o l c o t t , C h a s . J .
H a rtw a y , W . M . S pen cer.
R eport o f
D ec. 31, 1918.
Resources.
R eport of
M ar. 4, 1919.
$71,857
62,108
10,000
122,202
18,913
5,461
36
22
00
00
49
13
Report o f
M a y 12, 1919.
$64,045
63,159
40,0 00
126,567
9,852
4 ,9 9 4
76
91
00
00
93
05
F . B rock m a n ,
K esn er, W . C.
Report o f
June 30, 1919.
$73,170
55,019
54,400
114,917
10,472
5,322
77
31
00
00
00
03
R eport of
Sept. 12, 1919.
$76,198
56,924
16,750
126,226
5,6 9 8
5,7 5 8
94
63
00
00
17
81
lo a n s and d iscou n ts:............... C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C om 'l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’ l. dept.
Sav. dept.
182,801 15
58,026 44
Sav. dept.
IT. S. Bds. & cert, indebt, as sav. legal res..
15,248 95
17,900 00
13,968 23
15,350 00
14,238 24
7,6 0 0 00
8 ,0 5 0 98
6 ,600 00
9 ,0 0 7 96
4 ,2 0 0 00
2,275 00
4 ,3 5 0 00
521 00
3 ,3 5 0 00
1 ,556 00
4 ,4 0 0 00
1,043 00
4 ,1 0 0 00
452 00
3 ,7 0 0 00
96,740 03
5,7 9 6 63
5 ,382 00
Exch. for clearing house & checks on banks
C u rren cy:...................................... C om ’ l. dept.
Sav. dept.
Sav. dept.
12 50
Silver c o in :................................... C om ’ l. dept.
Sav. dept.
Nickels and cen ts:.....................C om 'l. dept.
Sav. dept.
O verdrafts.............................................................
219 20
128,60
82 05
8 90
552 13
Banking h ou se.....................................................
Furniture and fixtures.......................................
22 50
22 50
37 50
52 50
55
00
44
50
37
460 55
247 50
81 40
3 ,8 0 0 00
2,193 00
3 ,8 0 0 00
1 ,950 00
3 ,8 0 0 00
1 ,950 00
3 00
492 76
1,0 0 0 00
460 74
1,000 00
410 92
1,0 0 0 00
1,159 91
1,000 00
$332,997 41
$344,455 98
$341,774 37
$314,051 96
65
50
32
00
25
130 20
77 50
125 67
3 ,8 0 0 00
1,995 00
3 ,8 0 0 00
1,995 00
Outside checks and other cash item s...........
Stock of Federal Reserve B a n k .....................
Other a locto........................................
1,389 76
1,000 00
T ota ls............................................................
$297,708 34
205
125
61
2
1,558
232 48
158
350
157
12
802
383 59
______
Liabilities.
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t.......................................
D ividends unp aid...............................................
$25,000
7,5 0 0
705
750
00
00
52
00
$25,000
7,5 0 0
1,707
3
00
00
94
00
$25,000
7 ,5 0 0
5,1 0 9
3
00
00
59
00
$25,000
8 ,5 0 0
914
750
00
00
51
00
$25,000
8 ,5 0 0
1,867
15
00
00
28
00
Commercial deposits subject, t o c h e c k .........
D em and certificates o f d ep osit.......................
52,413 69
2 0,5 90 67
67,758 28
20,026 05
53,1 10 98
22,8 06 59
44,819 30
20,5 70 81
47,111 82
17,560 44
Cashier’s checks....................... ..........................
99 06
90 41
598 89
1 ,195 77
218 79
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
182,037 57
166,468 49
177,401 21
191,960 40
3 ,8 7 4 16
20,0 00 00
18.858 44
4 0 ,0 0 0 00
9 ,622 77
48,0 00 00
4 ,3 1 8 23
15,000 00
$332,997 41
$344,455 98
$341,774 37
$314,051 96
State m oneys on dep osit..................................
nr*
* i
pc
i
f l
¡4
B ook accou n ts.....................................................
N otes and bills rediscounted...........................
Bills p a y ab le........................................................
T 2 ta ls................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
179,309 98
90 34
11,249 08
$297,708 34
26
STATE BANKING DEPARTMENT.
No. 582.
FIRST STATE BANK, ASHLEY.
Organized January 28, 1916.
Jam es
A n stey,
P r e s i d e n t ; A . G . A l d r i d g e , V ic e P r e s i d e n t ;
E . A . C h i s h o l m , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— J a n i e s A n s t e y , A . G . A l d r i d g e ,
Resources.
G.
A.
L e w is ,
G . A . L e w is , P . E . W a ls w o r t h , E d w in
C a sh ier;
A . C h is h o lm .
R eport o f
D ec. 31, 1918.
R eport o f
M ar. 4, 1919.
R ep ort o f
M a y 12, 1919.
R ep ort o f
June 30, 1919.
Loans and discounts:................C om ’l. dept
Sav. dept
Bonds, mtgs. and securities:.. .C o m ’ l. dept
Sav. dept
D ue from Fed. Res. B a n k :... . C om 'l. dept
Sav. dept
*71,614 66
*68,261 10
*91,742 07
$102,374 24
$135,155 94
33,884 56
3 ,3 7 5 00
4 6,884 00
3,3 7 5 00
4 6,534 00
6 ,375 00
29,494 00
9,015 00
14,764 00
7,225 00
D ue from bks. in res. c it ie s :.. .C om ’ l. dept
Sav. dept
U . S. Bds. & cert, indebt, as sav. legal res..
U. S. cert.of indebt, as cash res: C om ’ l. dept
Sav. dept.
71,7 60 13
300 00
53,922 70
400 00
29,081 69
40,0 97 66
6 9,530 51
Exch. for clearing house & checks on banks
in same p la ce :..........................C om ’ l. dept.
Sav. dept.
C u rren cy:...................................... C om ’l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
1 ,600 00
12,583 00
400 00
280 50
9,979 00
400 00
280 50
10,601 00
600 00
295 50
Silver c o in :................................... C oin'l. dept.
621 90
1,239 05
Nickels and ce n ts :.....................C om ’ l. dept.
49 65
74 80
524
88
63
1
2 ,0 0 0 00
1,085 00
2 ,0 0 0 00
1,085 00
56 18
O verdrafts.....................................
Prem ium a ccou n t..................................
B anking house........................
Other real esta te..........................
D ue from banks other than in reserve cities.
Cash items in tra nsit............ ' ......................
Outside checks and other cash item s...........
Stock o f Federal Reserve B a n k ...
Other assets...................................
10
00
58
19
R eport o f
Sept. 12, 1919.
7 ,9 9 0 00
7 ,7 4 0 00
1,5 0 0 00
298 00
512
500
44
5
12,464 00
1 ,6 0 0 00
308 00
30
00
98
49
688 45
92 00
86 85
41
2 ,0 0 0 00
1,035 00
2 ,0 0 0 00
1,035 00
2 ,0 0 0 00
1,0 3 5 00
384 09
83 94
569 09
94 92
*198,010 58
*188,285 24
*190,625 07
*195,185 76
*253,035 08
*2 0,0 00 00
2 ,0 0 0 00
24 70
*20,0 00 00
2 .0 0 0 00
509 98
$20,000 00
2 ,0 0 0 00
1,539 75
$20,000 00
2 ,3 0 0 00
883 47
$ 20,000 00
2 ,3 0 0 00
2,9 7 9 98
56,5 20 83
38,608 82
116,345 90
47,038 56
111,382 57
47,214 50
72,044 33
5 ,8 2 0 54
8,6 6 4 19
113,767 30
11,020 49
134,953 36
16,907 41
Liabilities.
C apital stock paid in ..............................
Surplus fu n d ..................................
D ividends u n p aid ..................................
Commercial deposits subject to ch e c k . . . .
D em and certificates o f dep osit....................
Certified ch eck s............................................
Due to Federal Reserve B a n k ......................
Due to other banks and bankers...................
State moneys on dep osit..............................
Postal savings deposits...............................
Tim e com m ercial certificates o f d e p o sit..
109,554 66
3 ,9 1 0 39
3 ,8 5 0 00
Bonds borrow ed...............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
6 ,0 0 0 00
5 ,0 0 0 00
*198,010 58
*188,285 24
$190,625 07
$195,185 76
$253,035 08
27
STATE BANKS OF MICHIGAN.
No. 414.
ATHENS STATE BANK, ATHENS.
Organized November 28, 1908.
G . W o o d r u f f , P r e s i d e n t j G e o . W . B r o k a w , F r a n k W o l f , V ic e P r e s i d e n t s ;
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 C a s h ie r .
F rank
v
D i r e c t o r s .— F r a n k
E.
W o lf, G eo. W . B ro k a w , F ra n k G . W o o d ru ff, A . E . U n d e rw o o d ,
D . A lb e r t s o n , J o h n S ta n t o n , F r a n k E . E s te s , S . W . L e h r , J o s . J . W e lls .
Resources.
R ep ort o f
D ec. 31, 1918.
R ep ort of
M ar. 4 ,1 9 19 .
R ep ort o f
M a y 12,1919.
R ep ort o f
June 30, 1919.
882,799 49
98,672 92
$84,707 93
90,099 45
$103,529 09
87,638 45
$107,741 28
67,564 45
98,927 15
123,977 15
131,771 15
140,100 15
21
20
00
00
00
14,177 72
49,749 59
16,226 95
36,461 83
17,745 50
25,418 09
4 .0 0 0 00
6.000 00
4 .0 0 0 00
6 .0 0 0 00
2 ,0 0 0 00
2 ,0 0 0 00
C urrency:.......................................C om ’ l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
7 ,0 0 0 00
7,8 0 8 00
5 ,0 0 0 00
3 ,0 0 7 00
5 ,0 0 0 00
8 ,782 00
5 ,0 0 0 00
6 ,279 00
6 ,0 0 0 00
6,563 00
1 ,1 0 0 00
1,130 00
1,115 00
1,085 00
1 ,095 00
Sav. dept.
1 ,940 60
1,5 9 0 40
1,631 15
1 ,810 30
2 ,1 4 6 15
Sav. dept.
231 17
66 87
205 03
831 17
165 94
75 34
175 67
367 45
213 01
131 32
4 .0 0 0 00
1.000 00
4 .0 0 0 00
1.0 0 0 00
4 .0 0 0 00
1.0 0 0 00
4 .0 0 0 00
1 .0 0 0 00
4 .0 0 0 00
1 .000 00
102 64
499 64
79 95
82 76
69 26
8370,153 25
8389,975 08
8407,476 85
$382,369 65
$405,202 70
830,000 00
10,000 00
2,2 6 9 52
830,000 00
10,000 00
3 ,7 0 9 05
$30,000 00
10,000 00
5 ,1 6 8 10
830,000 00
10,000 00
5 ,2 8 3 28
$30,000 00
10,000 00
7,8 8 6 40
89,909 96
11,190 75
83,732 56
9,1 9 4 70
48 25
100,131 49
8 ,4 5 7 03
67,698 62
13,851 53
75,579 76
10,932 45
968 36
10,000 00
10,000 00
10,000 00
5 ,0 0 0 00
98,999 02
127,784 00
109,289 24
134,001 28
113,782 58
129,937 65
121,731 83
123,804 39
127,941 24
136,894 49
8370,153 25
8389,975 08
$407,476 85
$382,369 65
$405,202 70
L oans and d iscou n ts:...............C om ’l. dept.
Sav. dep t.
B onds, mtgs. and securities: . .C om ’ l. dept.
Sav. d ep t
R ep ort o f
Sept. 12, 1919.
$126,845
65,232
2 ,0 0 0
151,240
88
98
00
15
Sav. dept.
D ue from bks. in res. c it ie s :.. .C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
U. S. cert.of indebt, as cash res: C om ’l. dept.
Sav. dept.
13,213
37,7 66
13,525
1,0 0 0
1 ,000
2,3 9 9 54
34,2 66 41
2 ,0 0 0 00
Exch. for clearing house & checks on banks
D ue from banks other than in reserve cities.
Liabilities.
Com m ercial deposits subject to ch e c k .........
T o t a ls ..,:.....................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
28
STATE BANKING DEPARTMENT.
No. 418.
THE PEOPLE’S STATE SAVINGS BANK, AUBURN.
Organized January 6, 1909.
C. W . M
c
P h a i l , P r e s id e n t; C .
G ertrude
H. M
a c o m b e r , V ic e P r e s i d e n t ; B . W .
G . K a f l a n o w s k i , A s s i s t a n t C a s h ie r .
G il l m a n ,
C a sh ie r ;
D i r e c t o r s .-— C . W . M c P h a i l , C . H . M a c o m b e r , W m . B i e r d , J o s . B i e r d , B . W . G i l l m a n .
Resources.
R ep ort o f
D ec. 3 1 ,1 91 8.
R ep ort o f
June 30, 1919.
R eport of
Sept. 12, 1919.
R ep ort o f
M a r. 4, 1919.
R ep ort o f
M a y 12, 1919.
45
43
00
59
$58,878
3 5,083
19,550
120,379
96
19
00
59
$72,560
23,776
8,0 0 0
119,995
29
86
00
59
34
86
00
00
00
5,413
5,301
8 ,9 0 0
8 ,0 0 0
8 ,0 0 0
09
58
00
00
00
6,5 0 6
3,0 7 1
16,510
7 .0 0 0
7.0 0 0
50
02
00
00
00
10,053 96
1,294 79
2 9 ,0 5 0 00
1,0 0 0
1 ,000
50
1,032
00
00
00
50
500 00
6 ,5 0 0 00
1,075 00
1,5 0 0 00
2 ,0 0 0 00
1 ,075 00
150
800
35
167
130
00
00
43
50
40
400 00
Loans and discounts:................Com ’l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C om ’ l. dept.
Sav. dept.
$73,426 85
11,110 45
124,169 59
$61,120
2 1,266
2 1,700
118,344
D ue from bks. in res. cities:. . . C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res...
U. S. cert, o f indebt, as cash res:C om ’l. dept.
Sav. dept.
1 9,747-54
11,364 32
49,1 25 00
500 00
5 ,0 0 0 00
11,799
15,142
3 0 .0 00
2 ,5 0 0
10.0 00
$71,623
28,802
250
117,723
52
51
00
34
Exch. for clearing house & checks on banks
C u rren cy : .......................................C om ’ l. dept.
Sav. dept.
Sav. dept.
Silver c o in :....................................C om ’ l. dept.
Sav. dept.
N ick els and cen ts :..................... C om ’ l. dept.
Sav. dep t.
6 ,0 0 0
2 ,0 0 0
15
1 ,025
00
00
00
00
500 00
1 ,5 0 0 00
1,500
850
488
125
230
00
00
92
00
51
100
240
12
3
504
1 ,032 50
00
00
74
99
16
46 57
299 09
500
900
21
100
273
00
00
56
00
33
2 ,2 0 0 00
1 ,700 00
2 ,2 0 0 00
1,7 0 0 00
2,2 0 0 00
1 ,700 00
2 ,2 0 0 00
1 ,600 00
2 ,2 0 0 00
1,600 00
100 71
223 51
5 40
77 12
363 50
$310,678 89
*299,890 57
$277,777 64
$277,118 04
$269,331 51
00
00
75
00
$20,000 00
5 ,0 0 0 00
2 ,6 0 7 33
$20,000 00
5 ,0 0 0 00
3 ,9 3 7 65
95,601 18
82,574 67
35 61
3 50
746 35
D ue from banks other than in reserve citie s .
Outside checks a n d other cash item s...........
Liabilities.
Surplus fu n d .........................................................
Com m ercial deposits subject to ch eck .........
B o o k accou n ts.....................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000
5 ,0 0 0
148
1,9 0 0
170,031 82
8,791 56
00
00
69
00
$20,000 00
5 ,0 0 0 00
1,453 42
37,5 45 99
50,183 27
47,2 25 70
34 90
3 ,3 9 7 18
1 ,740 12
3 ,0 7 6 91
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
175,188 57
8 ,7 7 0 15
167,007 01
2 0,762 19
165,059 97
12,288 34
181,434 12
8,641 36
5 ,092 72
10,000 00
10,905 65
5 ,0 0 0 00
$277,777 64
$277,118 04
9,1 6 9 97
$310,678 89
$299,890 57
$20,000
5 ,0 0 0
890
1,0 5 0
$269,331 51
STATE BANKS OF MICHIGAN.
29
No. 522.
AU GRES STATE BANK, AU GRES.
Organized December 4, 1912.
E. G. C
ole
, P r e sid e n t;
H. A. C
, V ic e P r e s i d e n t ; J .
R e i c h l e , A s s i s t a n t C a s h ie r .
h a m b e r l a in
T heo. E.
D i r e c t o r s .— E . G . C o l e , I I . A . C h a m b e r l a i n , J . R . P e t t y ,
Resources.
R. P
e tty
,
C a sh ier;
C . A . F r a n c is , J . W . D u n n .
R eport o f
D ec. 31,1 91 8.
R ep ort o f
M ar. 4, 1919.
R ep ort o f
M a y 12,1919.
R ep ort o f
June 30, 1919.
R ep ort o f
Sept. 12, 1919.
Loans and discounts:................C om ’l. dept
Sav. dept
Bonds, mtgs. and securities:.. .C om ’ l. dept
Sav. dept.
D ue from Fed. Res. B a n k :... .C om ’ l. dept.
Sav. dept.
$36,422 40
$37,218 25
$34,102 80
$40,773 87
$53,026 46
5 ,0 0 0 00
60,413 68
2 7,7 00 00
58,4 14 71
15,500 00
6 3,984 98
13,605 00
55,441 70
18,850 00
58,7 68 20
Due from bks. in res. c it ie s :.. .C o m ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal r e s ..
U.S. cert.of indebt. as cash res: C om ’l. dept.
Sav. dept.
36,929 71
1 2,115 73
27,261 20
7,7 1 7 53
13,819 40
6,961 61
2 1 ,5 2 9 85
4 ,9 5 9 47
5 ,051 46
5 ,3 6 7 22
6,424 00
2 ,1 0 0 00
10,443 00
2 ,3 0 0 00
2 ,6 9 4 00
2 ,1 0 0 00
3 ,8 7 0 00
2 ,5 7 0 00
1,0 0 2 00
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’l. dept.
Sav. dept.
C urrency:.......................................C om ’l. dept.
Sav. dept.
G old c o in :..................................... C om ’l. dept.
Sav. dept.
Silver co in :....................................Com d. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’ l. dept
Sav. dept.
399 65
822 50
822 50
822 50
822 50
820 00
232 85
77 50
108 68
408 20
77 50
135 50
377 45
77 50
141 23
658 95
7 50
133 83
495 95
10 40
70 08
65 33
82 37
584 06
4 ,7 0 0 00
1,629 00
4 ,7 0 0 00
1,629 00
4 ,7 0 0 00
1,629 00
4 ,7 0 0 00
1,629 00
4 ,7 0 0 00
1,629 00
3 ,5 0 3 07
471 76
255 83
37 01
$170,489 52
$179,369 23
$147,231 63
$150,821 05
$150,827 17
00
00
05
00
$20 ,00 0 00
3 ,2 6 0 00
94 79
$20 ,00 0 00
3 ,2 6 0 00
1 ,639 95
$20 ,00 0 00
3 ,2 6 0 00
1,4 6 5 72
$ 20,000 00
3 ,2 6 0 00
2 ,7 2 9 65
88,118 63
9 2,6 65 32
6 2,881 53
322 25
56,4 48 24
143 42
5 0,8 46 92
10 25
500 00
50 84
9 25
50 00
9 25
29 00
21 00
16,744 38
3 9,9 97 21
20,6 64 40
42,133 88
18,733 22
4 0 ,6 5 7 68
22,7 48 87
4 4 ,5 4 7 72
Prem ium a ccou n t....................................
Other real estate....................................
D ue from banks other than in reserve cities.
Cash items in transit..........................
Outside checks and other cash item s. . .
Stock o f Federal Reserve B a n k...............
Other assets................................................
133 17
Liabilities.
Undivided profits, n e t......................
Dividends unp aid...........................................
Reserved for taxes, interest, e t c . . .
Com m ercial deposits subject to ch e c k ..
D em and certificates o f dep osit................
Certified checks............................
Cashier’s checks..............................
D ue to Federal Reserve B a n k ...........
Due to other banks and bankers...............
State m oneys on dep osit.......................
Postal savings deposits........................
U. S. Governm ent deposits.......................
T im e com m ercial certificates o f dep osit..
Book a ccoun ts................................................
Certificates o f dep osit............................
Club savings deposits....................................
N otes and bills rediscounted..................
Bills p a y ab le...............................................
Bonds sold subject to repurchase..............
Bonds borrow ed..................................
Acceptances executed for custom ers.........
Customers’ letters o f cred it....................
Other liabilities..........................................
T otals....................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000
3 ,2 6 0
359
2 ,0 0 0
2 ,0 1 9 00
22,7 96 13
39,8 82 22
8 ,1 0 3 83
3 ,0 1 5 00
$170,489 52
$179,369 23
$147,231 63
$150,821 05
$150,827 17
STATE BANKING DEPARTMENT.
30
No. 420.
THE STATE BANK OF AUGUSTA, AUGUSTA.
Organized February 8, 1909.
C h as. F.
M o r e a u , P r e s id e n t;
D i r e c t o r s .— A .
U.
K in g ,
C. B .
S c u d d e r , V ic e P r e s i d e n t ; J .
V een
J osep h H u d son , C. B . S cu dder, F ra n k J.
E.
M . C a d w a lla d e r , G e o r g e W a lk e r .
J e n n in g s ,
W in g ,
C h as.
Resources.
R ep ort o f
D ec. 3 1 ,1 91 8.
R eport o f
M ar. 4, 1919.
R ep ort o f
M a y 12, 1919.
R eport o f
June 30, 1919.
Loans and discounts:................. C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’l. dept.
Sav. dept.
$36,087
9 ,3 9 3
11,143
35,521
$37,107
9,5 2 9
9,971
34,1 88
$40,350
8 ,4 0 4
10,828
32,899
$35,527
7,1 0 4
6 ,0 0 0
40,0 15
12
47
78
81
95
00
78
81
05
00
00
59
45
00
00
09
C a s h ie r .
F.
M oreau .
R eport o f
Sept. 12,1919.
$44,418
5 ,229
4 ,0 0 0
51,0 27
13
00
00
59
D ue from banks in res. cities. .C om ’ l dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.
16,398 10
31,551 14
19,334 11
17,225 12
31,386 20
26,859 10
23,315 10
40,458 88
2 2 ,0 50 00
11,650 00
Sav. dept.
6 ,0 0 0 00
1 ,125 00
2 ,0 0 0 00
15 00
2,1 8 4 00
2 ,0 0 0 00
27 50
4 ,4 0 5 00
3 ,0 0 0 00
32 50
1,897 00
2 ,5 0 0 00
40 00
1,274 75
Exch. f or clearing house & checks on banks
Sav. dept.
C u rren cy:.......................................C om ’l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
2 ,6 0 7 00
3 ,0 0 0 00
5 00
Silver c o in :....................................C om 'l. dept.
1,451 05
873 45
466 50
1,1 8 8 40
Nickels and cen ts:.....................C om ’ l. dept.
Sav. dept.
162 93
221 56
262 07
145 69
81 87
45 47
5 89
5 82
461 79
325 00
3 ,0 0 0 00
1 ,712 28
3 ,0 0 0 00
1,712 28
3 ,0 0 0 00
1,712 28
3 ,0 0 0 00
1,712 28
3 ,0 0 0 00
1,737 28
15 24
25 38
9 57
103 62
32 17
$153,402 35
$154,642 34
$161,942 37
$141,970 94
$158,598 99
00
00
93
00
$20,000 00
1,5 0 0 00
357 94
$20,000 00
1,0 0 0 00
957 23
$20,000 00
1,0 0 0 00
728 08
72,809 54
73,136 96
51,311 43
66,931 59
2 ,0 0 0 00
2 ,0 0 0 00
44,843 52
12,103 95
5 0,669 03
12,033 25
8 ,0 0 0 00
4 ,0 0 0 00
$161,942 37
$141,970 94
D ue from banks other than in reserve cities.
Outside checks and oth er ca sh ite m s...........
Liabilities.
$20,000 00
1 ,000 00
1,694 16
Com m ercial deposits subject to ch eck .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
71,476 14
46,4 37 95
12,794 10
$153,402 35
$20,000
1 ,500
119
40
4 8,6 90 78
11,482 09
$154,642 34
56,433 26
13,506 06
$158,598 99
STATE BANKS OF MICHIGAN.
31
No. 236.
STATE BANK OF FRANK W. HUBBARD & CO., BAD AXE.
Organized July 10, 1901.
F rank
W. H
, P r e s id e n t; J o h n R y a n ,
J o s . N . R a n k i n , C a sh ier; J .
u bbard
D i r e c t o r s .— F r a n k
J a m e s L . B u r g e s s , V ic e
R . H a r r i s , A u d ito r .
W . H u b b a r d , E liz a b e t h L . H u b b a r d , J o h n
Jam es L . B u rgess.
Resources.
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R yan,
R eport o f
M a y 12,1919.
P r e s id e n ts ;
J . N . R a n k in ,
R ep ort of
June 30, 1919.
Loans and discounts:................. C om ’ l. dept.
Say. dept.
Bonds, mtgs. and securities:.. .C om ’ l. dept.
Sav. dept.
$311,360
4 1,522
12,731
170,883
57
76
49
16
$297,105
37,3 57
12,731
169,022
57
06
49
93
$306,040
21,910
12,674
172,150
83
23
65
93
$326,507
1 7,070
13,674
170,883
51
10
65
18
D ue from bks. in res. c itie s :,. . C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal r e s . .
U. S. cert.of indebt, as cash res: Com ’ l. dept.
Sav. dept.
19,788
26,695
54,9 70
1 5,000
5 ,0 0 0
40
09
00
00
00
5 0,162
27,6 29
66,120
9 .0 0 0
6 .0 0 0
99
18
00
00
00
113,427
42,709
125,900
9 .0 0 0
6 .0 0 0
59
76
00
00
00
68,330
47,341
92,900
9 .0 0 0
6 .0 0 0
92
67
00
00
00
Exch. for clearing house & checks on banks
in same p la c e :.......................... C om ’l. dept
21,242 45
8 ,2 9 0 97
12,340
4 .0 0 0
90
3 .0 0 0
00
00
00
00
22,917 41
13,529
4 .0 0 0
110
3 .0 0 0
00
00
00
00
14,711 61
6 ,703
6 ,0 0 0
25
3 ,0 0 0
00
00
00
00
$393,953
16,030
18,255
170,137
18
50
00
78
107,864 88
28,761 88
64,950 00
3,6 2 7 09
6,8 6 6
8,0 0 0
65
3 ,0 0 0
00
00
00
00
C urrency:.......................................C om ’ l. dept
Sav. depl
G old c o in :..................................... C om ’ l. dept
Sav. dept
7 ,7 4 5
5 .0 0 0
60
3 .0 0 0
Silver c o in :....................................C om ’l. dept
Sav. depl
Nickels and cen ts:..................... C om ’ l. dept
Sav. dept
5,338 65
5 ,8 6 7 65
5,193 87
5,1 9 7 90
520 78
443 92
521 58
473 33
471 39
913 84
445 70
1,732 89
590 10
1,622 56
15,000 00
8 ,0 0 0 00
15,0 00 00
8 ,0 0 0 00
15,000 00
8 ,0 0 0 00
15,000 00
8 ,0 0 0 00
15,000 00
8 ,0 0 0 00
4,4 1 3 89
2 ,1 6 5 75
1 ,404 35
1,278 39
32 55
$729,186 08
$734,773 21
$885,223 09
$812,687 36
$851,177 61
$30,000 00
1 0,000 00
16,748 38
$30,000 00
10,000 00
22,220 14
$30,000 00
10,000 00
25,518 93
$30,000 00
10,000 00
24,864 78
$30,000 00
10,000 00
24,385 00
331,740 07
31,141 03
326,877 46
22,2 59 57
427,808 93
26,238 10
378,526 87
31,011 53
4 10,545 00
23,8 26 99
21,2 00 00
120 61
8 ,0 0 3 08
120 61
4 5 ,0 17 27
120 61
120 61
12,864 15
120 61
1 ,595 49
1,595 42
1,595 42
1 ,794 07
1,794 07
63,767 38
217,873 12
75,848 01
232,848 92
77,298 86
236,624 97
8 0,987 37
250,382 13
94,213 68
243,428 11
5 ,0 0 0 00
5,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
$729,186 08
$734,773 21
$885,223 09
$812,687 36
Outside checks and other cash item s.........
00
00
00
00
R ep ort of
Sept. 12, 1919.
4 ,5 3 9 80
Liabilities.
Commercial deposits subject to ch e c k .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$851,177 61
32
STATE BANKING DEPARTMENT.
No. 237.
STATE SAVINGS BANK OF BAD AXE, BAD AXE.
Organized June 22, 1901.
A. B. Sle
e p e r
, P r e s i d e n t ; A . L . W r i g h t , V ic e P r e s id e n t ; J a m e s B a l d w i n , C a s h ie r ;
J a f h e t h H i n d , D . P . P r a s c h a n , A s s i s t a n t C a s h ie r s .
D i r e c t o r s .— A . E . S l e e p e r , A . L . W r i g h t , J a m e s B a l d w i n , C . D . T h o m p s o n , J a p h e t h
R ep ort o f
D ec. 31, 1918.
Resources.
L oan s and discounts:............... C om ’l. dept.
Bonds, mtgs. and securities:.. .C o m ’ l. dept.
Sav. dept.
$344,684 91
26,154 18
128,029 35
R ep ort of
M ar. 4, 1919.
$325,519
6 ,0 0 0
2 9,839
150,968
25
00
18
75
73,347
12,311
1 3,950
57,5 00
5 ,0 0 0
60
70
00
00
00
R ep ort o f
M a y 12, 1919.
$320,355 30
29,072 58
189,908 75
R ep ort of
June 30, 1919.
H in d .
R eport of
Sept. 12,1919.
$314,781
6 ,0 0 0
51,682
196,903
05
00
33
75
$336,504 20
136,674
12,450
7 ,7 5 0
2 0,000
5 ,0 0 0
11
91
00
00
00
70,317 10
17,576 44
14,800 00
57,005 18
237,700 25
Sav. dept.
D u e from bks. in res, cities:. . . C cm 'l. dept.
Sav. dept.
U . S. Bds. & cert, indebt, as sav. legal res.
U . S. cert.of indebt, as cash res: C om ’l. dept
Sav. dept.
68,364
1 2,267
2 0,9 50
22,5 00
5 ,0 0 0
Exch. for clearing house & checks on bank
in same p la c e :.......................... C o m ’l. dept
Sav. dept.
C u r re n c y :.......................................C om ’l. dept
Sav. dept.
7 ,5 9 0 85
5,976 73
11,718 13
3,7 9 4 60
4,3 6 5 73
19,915 00
4 ,6 9 5 00
19,010 00
12,797 00
25 00
16,123 00
3,861 00
12 50
13,170 00
7 ,787 00
100 00
10,070 00
7,6 2 8 00
32 50
Silver c o i n :................................... C om ’ l. dept.
1,633 70
1,533 00
1,635 00
1 ,235 90
N ick els and ce n t s :..................... C cm ’l. dept.
Sav.- dept.
142 34
1 56
398 90
179 24
76
84 41
124 05
35
195 22
244 72
28
133 26
8 ,7 5 0 00
1,5 0 0 00
1,923 11
8 ,7 5 0 00
1 ,5 0 0 00
8 ,7 5 0 00
1 ,5 0 0 00
1,9 8 0 14
8 ,7 5 0 00
1,5 0 0 00
2 ,1 2 7 15
8 ,7 5 0 00
1,5 0 0 00
2,1 9 9 65
2 ,4 2 8 83
2,4 3 4 72
V
$676,929 52
$726,727 34
$806,949 45
$790,085 06
$770,177 11
$25,000 00
10,000 00
18,696 30
$25 ,00 0 00
1 0,000 00
22,7 60 34
$25,000 00
10,0 00 00
26,0 18 39
$25,000 00
10,000 00
19,222 63
$25,000 00
10,000 00
20,113 12
228,913 38
220,681 97
194 95
293
2 53,875
2 08 ,76 0
9
96
45
13
25
308,391 81
208,608 47
273,742 19
216 ,22 8 30
240,658 76
186,700 42
2 ,5 0 0 00
5 ,0 0 0 00
1 0,000 00
10,000 00
10,0 00 00
71,756 59
99,186 33
83,089 42
117,638 79
136,413 98
82,516 80
9 0,537 28
145,354 66
97,512 65
180,192 16
$676,929 52
$726,727 34
$806,949 45
$790,085 06
$770,177 11
78
01
00
00
00
137,552
12,410
7,7 5 0
5 9,0 00
5 ,0 0 0
75
68
00
00
00
Sav. dept.
D ue from banks other than in reserve cities.
Cash items in transit.........................................
Outside checks and other cash ite m s...........
S to ck o f Federal Reserve B a n k ......................
0 ther a ssets.........................................................
1,368 00
*
218 38
12
141 56
Liabilities.
D ividends u n p a id ...............................................
Com m ercial deposits subject to ch e c k .........
Certified ch eck s...................................................
Cashier’s ch e c k s..................................................
D ue to Federal Reserve B a n k ........................
P osta l savings deposits......................................
U S. G overnm ent deposits.............................
Tim e com m ercial certificates o f d e p o s it.. . .
C lub savings dep osits.......................................
N otes and b ills rediscounted...........................
B ills p a y a b le ........................................................
Bonds sold subject to repurchase....................
B onds b orrow ed ..................................................
Acceptances executed for custom ers.............
C ustom ers’ letters o f cr e d it.............................
Other lia b ilities...................................................
T o t a ls .........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
33
No. 337.
THE STATE EXCHANGE BANK, BANCROFT.
Organized April 24, 190(5.
T. M. E
*
u le r
, P r e s id e n t ; C . L . P a r s o n s , E . E . H a r r i s , V ic e P r e s id e n t s ; H . W . P
C . H . M c C l u r e , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— T . M .
E u le r , C . L . P a r s o n s , H . W . P a r k e r ,
H en ry P ea ch .
Resources.
E. E.
H a r r is , I r a
a r k e r
,
C a sh ier;
Ile m p s te d ,
R ep ort of
D ec. 31, 1918.
R eport o f
M ar. 4,1 9 19 .
R ep ort o f
M a y 12, 1919.
R ep ort o f
June 30, 1919.
R ep ort of
Sept. 12, 1919.
Loans and discounts:................C om ’ l. dept.
Sav. dept
Bonds, m tgs. and securities:.. .C o m ’ l. dept.
Sav. dept.
$129,063 23
$117,240 15
$116,264 86
$124,370 44
$121,436 67
5 ,0 0 0 00
108,209 26
10,000 00
109,509 26
147,713 44
145,326 62
_1 58 ,40 7 37
D ue from bks. in res. c it ie s :.. .C om ’l. dept.
Sav. dept.
2 3,805 72
2 3,617 65
3 4,752 84
24,072 82
14,622 95
31,242 40
32,516 34
25,961 64
37,393 24
24,384 96
C urrency:.......................................C om ’ l. dept.
14,362 00
G old c o in :.....................................C om ’ l. dept.
Sav. dept.
547 50
8 ,5 0 0 00
2 3 ,2 06
1 .5 0 0
547
8 .5 0 0
2 1,624
1 .500
492
8 .5 0 0
12,524
1 .5 0 0
460
8 .5 0 0
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cen ts:.....................C om ’ l. dept.
465 80
620 05
575 95
604 20
766 20
432 04
519 19
215 21
260 52
245 56
439 55
836 32
466 32
181 34
96 05
7 ,5 0 0 00
2 ,2 0 0 00
7 ,5 0 0 00
2 ,2 0 0 00
7 ,5 0 0 00
2 ,2 0 0 00
7 ,5 0 0 00
2 ,0 0 0 00
7,5 0 0 00
2 ,0 0 0 00
Other real estate...................................................
Due from banks other than in reserve cities.
Cash items in transit..........................................
Outside checks a n d other cash item s...........
4 24
583 50
543 89
446 58
135 00
T o t a ls .............................................................
$324,146 99
$341,587 63
$353,461 52
$362,151 68
$371,685 05
U. S. cert.of indebt, as cash res: C om ’l. dept.
Exch. for clearing house & checks on banks
00
00
50
00
00
00
50
00
00
00
00
00
8,9 3 5
1.5 0 0
385
8 .5 0 0
00
00
00
00
Liabilities.
Surplus fu n d ........................................................
U ndivided profits, n e t .......................................
$20,000
4 .0 0 0
1,023
1 .0 0 0
00
00
72
00
$20,000 00
4 ,0 0 0 00
555 11
$20,000 00
4 ,0 0 0 00
724 61
$20,000
4 ,0 0 0
657
600
Com m ercial deposits sub ject to c h e c k .........
D em and certificates o f d ep osit.......................
55,998 67
102,805 43
59,955 18
104,503 93
57,445 29
110,089 51
5 2,938 85
108,784 20
57,529 53
121,880 72
B ook a ccou n ts......................................................
Certificates o f d ep osit........................................
3 6,673 17
102,646 00
4 0 ,4 70 70
112,102 71
39,8 68 49
121,333 62
4 3 ,8 4 7 48
131,323 39
44,571 41
122,618 80
T ota ls.............................................................
$324,146 99
$341,587 63
$353,461 52
$362,151 68
$371,685 05
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
76
00
$20,000
4 ,0 0 0
994
90
00
00
59
00
34
STATE BANKING DEPARTMENT.
No. 62.
WEST MICHIGAN SAYINGS BANK, BANGOR.
Organized April 8, 1880.
Corporate existence extended January 12, 1911.
C h as. E.
C r o s s , P r e s id e n t an d C a s h ie r j W m . H . C h a p m a n , J a s . P .
R y a n , V ic e P r e s id e n ts .
D i r e c t o r s .— W m .
H . C h a p m a n , J a s . P . R y a n , W m . M . B r o a d w e lt, W m . S . C h a r le s ,
C la r a J . S e in in g , O lia D e H a v e n , R e b e c c a F a u s n a u g h , C h a s . E . C r o s s .
1
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R ep ort o f
M a y 12, 1919.
R ep ort o f
June 30, 1919.
R ep ort of
Sept. 12, 1919 .
Loans and discounts:............... C om ’l. deptj
$159,885 53
$144,565 39
$168,440 63
$189,197 67
$200,350 53
Bonds, mtgs. and securities:.. .C om ’l. dept.
Sav. dept.
4 0 ,6 8 0 16
207,736 77
4 2,7 67 45
217,847 09
6 3,417 45
192,424 93
40,5 37 55
192,087 87
59,863 30
241,443 75
_
.
Sav. dept.
D ue from bks. in res. c it ie s :.. .C o m ’l. dept.
Sav. dept.
TJ. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert.of indebt, as cash res: C om ’l. dept.
Sav. dept.
72,885
1 ,663
4 2 ,0 00
5 .0 0 0
5 .0 0 0
01
18
00
00
00
62,133
1 ,668
63,0 00
5 .0 0 0
5 .0 0 0
03
38
00
00
00
24,263
1,673
75,3 50
5 .0 0 0
5 .0 0 0
26
69
00
00
00
48,2 27
1 ,676
6 1,350
5 .0 0 0
5 .0 0 0
63
32
00
00
00
14,314
3 .0 0 0
27
5 .0 0 0
00
00
50
00
7,083
3 .0 0 0
100
5 .0 0 0
00
00
00
00
8,7 9 5
3 .5 0 0
62
4 .5 0 0
00
00
35
00
2 ,1 0 3
2 .5 0 0
97
5 .5 0 0
00
00
35
00
119,847 09
2,1 9 5 80
76,450 00
E xch. for clearing house & checks on banks
C u rren cy:.......................................C om ’l. dept.
Sav. dept.
G old c o in :.....................................C om ’l. dept.
Sav. dept.
11,644
2 .5 0 0
144
5 .5 0 0
00
00
85
00
Silver coin:......................................C om ’l. dept
1,8 6 8 65
1 ,902 35
1,819 30
2,1 5 7 05
Nickels and ce n ts :.....................C om ’ l. dept.
248 90
360 78
325 28
217 23
186 07
840 60
1,6 5 7 03
248 83
1,359 59
1,1 0 4 26
Furniture and fixtures.......................................
12,500 00
3 ,2 5 0 00
12,5 00 00
2 ,9 9 0 00
12,500 00
2 ,9 9 0 00
12,500 00
2 ,9 9 0 00
12,500 00
2 ,9 9 0 00
Cash items in tra n sit.........................................
Outside checks and other cash item s...........
339 12
1,259 21
457 67
552 24
294 20
$576,239 42
$577,833 71
$570,768 39
$573,053 50
$739,652 95
$25,000 00
31,0 00 00
6 ,6 2 8 31
$25,000 00
3 4,0 00 00
4 ,1 6 0 74
$25,000 00
34,0 00 00
6,861 01
$25,000 00
3 4 ,0 00 00
7,3 2 7 49
$25,000 00
3 8 ,0 00 00
4 ,6 7 7 82
Com m ercial deposits subject to ch e c k .........
Dem and certificates o f d e p o sit.......................
Certified checks..................................................
Cashier’s checks..................................................
221 ,50 0 25
34,881 27
203,777 20
4 3 ,9 0 0 30
222,266 61
30,484 82
193,020 50
3 0,1 80 32
335,198 46
60,023 86
Postal savings deposits......................................
389 83
3 ,5 0 0 00
387 71
6 ,0 0 0 00
65 71
265 71
269 10
B ook a ccoun ts.....................................................
Certificates o f dep osit........................................
80,629 85
172,709 91
82,2 54 07
178,353 69
81,678 81
170,411 43
88,934 43
179,325 05
99,679 47
176,804 24
2,6 3 9 10
Liabilities.
Surplus fu n d ......................................................
U ndivided profits, n e t .......................................
Bills pa y a b le........................................................
T ota ls...........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
15,000 00
$576,239 42
$577,833 71
$570,768 39
$573,053 50
$739,652 95
35
STATE feÄNKS OF MICHIGAN
No, 458.
THE BARK RIVER STATE BANK, BARK RIVER.
Organized August 17, 1910.
J . B . F f t E f H E T T E , P r e s i d e n t ; M . B . H a r r i s , V ic e P r e s i d e n t ; E . J . B
R . H . L a b r e , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— M .
er g m a n
, C a sh ier;
B . H a r r i s , J . B . F r e c h e t t e , J . H . B o y l e , E . .T. B e r g m a n , J o h n
Resources.
R eport of
D ec. 31, 1918.
R eport o f
M ar. 4, 1919.
R eport o f
M a y 12, 1919.
Report o f
June 30, 1919.
Loans and discounts:............... C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:... C om ’l. dept.
Sav. dept.
$82,094
3 ,2 2 0
480
4 3,624
$77,387
3 ,2 2 0
480
46,1 70
$80,516
720
10,480
4 5 ,5 20
$94,892
720
480
47,1 82
98
14
00
62
61
14
00
47
02
14
00
47
92
14
00
97
G asm an.
Report o f
Sept. 12,1919.
$97,931
13,720
5 ,4 8 0
5 8,282
99
14
00
97
D ue from bks. in res. cit ie s :.. .C om ’ l. dept.
18,307 32
8,1 2 5 96
13,547 68
16,841 48
7,6 4 5 08
U. S. Bds. & cert, indebt, as sav. legal re*. .
10,700 00
15,500 00
10,350 00
10,650 00
10,800 00
C urrency:...................................... C om ’l. dept.
7 ,7 6 0 00
1,779 00
7 ,5 5 0 00
2 ,583 00
2,6 7 6 00
G old c o in :..................................... C om ’l. dept.
Sav. dept.
645 00
3 ,2 0 0 00
665 00
3 ,2 0 0 00
695 00
3 ,2 0 0 00
705 00
3 ,2 0 0 00
635 00
3 ,3 0 0 00
Silver c o in :................................... C om ’ l. dept.
910 65
1,101 30
1,075 50
863 90
1 ,254 80
Nickels and cen ts:.....................C om ’l. dept.
324 53
461 36
489 27
102 82
227 10
O verdrafts.............................................................
654 41
807 39
541 53
380 88
405 84
Banking house.....................................................
Furniture and fixtures.......................................
2,093 02
2 ,0 3 4 55
2,093 02
2 ,0 1 9 55
2,093 02
2 ,0 1 9 55
2,093 02
2,0 1 9 55
2,093 02
2,0 1 9 55
D ue from banks other than in reserve cities.
1,531 89
6,041 56
2,3 1 5 51
2 ,9 3 0 51
262 84
Outside checks and other cash ite m s............
600 31
84 29
105 40
35 37
29 00
T o ta ls............................................................
$178,181 42
$169,136 65
$181,219 09
$185,681 56
$206,763 33
00
00
55
00
00
56
$20,000 00
12,000 00
2,9 7 0 00
$20,000 00
12,000 00
4 ,7 1 0 48
57,473 22
64,044 42
1,028 30
1,359 90
1,0 0 0 00
2,6 3 5 62
25,625 04
65,217 60
30,025 36
7 2,347 45
E xch. for clearing house & checks on banks
Liabilities
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t .......................................
$20,000
10,000
2,9 2 0
606
00
00
57
00
$20,000
12,000
1 ,130
12
425
5 4,616
00
00
51
00
00
51
$20,000
12,000
2 ,409
6
340
57,861
Com m ercial deposits subject to ch e c k .........
64,101 53
Certified checks..................................................
Cashier’ s checks..................................................
5 57
2,2 3 6 46
2,114 28
1,000 00
2,1 4 2 76
Tim e commercial certificates of d e p o sit.. . .
Book accoun ts.....................................................
22,469 88
55,841 41
24,555 01
54,283 34
26,470 91
58,988 31
-
7 50
T ota ls............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$178,181 42
$169,136 65
$181,219 09
$185,681 56
$206,763 33
STATE BANKING DEPARTMENT.
No. 394.
THE BARRYTON STATE SAVINGS BANK, BARRYTON.
Organized March 9, 1908.
W .
T.
L a f l i n ., P r e s i d e n t ; J a c o b
A d e l b e r t M y e r Sj
D i r e c t o r s .— W .
J.
O t t e r b i n e , V ic e P r e s i d e n t ; O . S . W o o d .,
F r a n k W i l s o n , A s s is t a n t C a sh iers.
S h a n k s , A d e lb e r t M y e r s ,
Resources.
Loans and discounts:............... C om ’l. dept.
Sav. dept.
Bonds, mtgs. and securities. . .C om ’ l. dept.
Sav. dept.
Due from Fed. Res. B a n k :... .C o m ’l. dept.
Sav. dept.
R ep ort o f
D ec. 31,1 91 8.
$82,862
12,000
4 0 ,6 28
2 ,0 0 0
45
00
76
00
O.
S. W ood ,
R ep ort o f
M a r. 4 ,1 9 19 .
$88,256
1 2,000
3 4,1 96
2 ,0 0 0
W.
T.
L a flin ,
Jake
C a sh ier;
O tte r b in e .
R ep ort o f
M a y 12,1919.
R ep ort of
June 30, 1919.
63
00
92
00
$97,019 81
$93 ,29 0 87
$96,360 08
1 9,547 35
14,536 90
30,2 65 05
14,518 33
3 1,4 90 37
2 1,494 00
26,849 67
R eport o f
Sept. 12,1919.
Due from bks. in res. cit ie s :.. .C om ’ l. dept.
Sav. dept.
22,547 60
21,167 96
30,412 69
11,256 17
U. S. cert.of indebt, as cash res: C om ’l. dept.
Sav. dept.
3 ,0 0 0 00
3 ,0 0 0 00
3 ,0 0 0 00
3 ,0 0 0 00
5,310 00
1,000 00
65 00
5,126 00
1,000 00
310 00
4 ,6 4 6 00
1 ,000 00
285 00
4 ,4 5 5 00
1,0 0 0 00
405 00
2 ,1 5 5 00
1 ,0 0 0 00
400 00
422 10
431 80
231 65
563 90
351 20
49 93
90 64
66 52
57 01
44 05
38 89
Ì24 03
211 04
86 59
57 59
50 14
2 ,0 3 4 62
2 ,0 3 4 62
2 ,0 3 4 62
2 ,0 3 4 62
2 ,0 3 4 62
4 ,8 7 2 33
15 00
27 83
4 ,8 1 4 56
3 ,7 3 0 92
6 ,1 5 5 40
2 ,0 7 6 18
27 53
18 89
210 00
$176,874 51
$174,791 73
$176,616 94
$167,268 94
$184,305 31
$25,000 00
5 ,0 0 0 00
$25,000 00
5 ,0 0 0 00
408 52
$25,000 00
5 ,0 0 0 00
962 80
$25,000 00
5 ,0 0 0 00
1,256 10
Exch. for clearing house & checks on banks
in same p la ce:..........................C om ’l. dept.
Sav. dept.
C urrency:...................................... Com ’ l. dept.
Sav. dept.
G old c o in :.....................................C om ’l. dept.
Sav. dept.
Silver c o in :................................... C om ’ l. dept.
Sav. dept.
Nickels and cen ts:.....................C om ’l. dept.
Sav. dept.
Overdrafts................................ _ ...............
Premium a ccou n t............................................
Banking house.........
Furniture and fixtures................. ...................
Other real estate.......................................
D ue from banks other than in r eserve cities
Cash item s in transit.........................................
Outside checks and other cash ite m s...........
Stock o f Federal Reserve B a n k ......................
Other assets................................................
*
Liabilities.
Undivided profits, n e t...................................
Dividends u n p aid.....................................
Reserved for taxes, interest, e t c ....................
Commercial deposits subject to ch eck .........
Dem and certificates o f d en osit.......................
Certified checks..................................................
Cashier’s checks..............................................
D ue to Federal Reserve B a n k ........................
Due to other banks and bankers...................
State moneys on deposit..................................
Postal savings deposits.....................................
U. S. Governm ent deposits.............................
Tim e com m ercial certificates o f dep osit. . . .
B ook accoun ts..................................................
Certificates o f dep osit......... ............................
Club savings deposits...................... .................
Notes and bills rediscounted...........................
Bills p a y a b le........................................................
Bonds sold subject to repurchase..................
Bonds borrow ed..................................................
Acceptances executed for custom ers.............
Customers’ letters o f cr e d it.............................
Other liabilities...................................................
T ota ls............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$25,000
5 ,0 0 0
410
2 ,5 0 0
00
00
77
00
8 3,094
48,4 92
19
1,099
81
65
00
52
6 7,999
61,204
213
875
09
96
00
00
72,828
57,883
213
433
25
76
00
34
.
59,394
61,252
21
415
35
44
00
30
72,521 74
57,684 57
63 13
11,257 76
14,499 68
14,850 07
15,223 05
16,311 36
6 ,468 41
$176,874 51
$174,791 73
$176,616 94
$167,268 94
$184,305 31
STATE BANKS OE MICHIGAN.
37
No. 93.
THE CITY BANK, BATTLE CREEK.
Organized June 14, 1871.
Corporate existence extended June 4, 1901.
E.
R.
C h a s . C . G r e e n , P r e s id e n t ; F . A . A l d w a r d t , N . E . H u b b a r d , V ic e P r e s id e n t s ;
M o r t o n , V ic e P r e s id e n t an d C a s h ie r ; N . Y . G r e e n , T . C . H i n e , G d e n V a n D e n b e r u h ,
A ssista n t
C a s h ie r s .
D i r e c t o r s .— H . F . B e c h m a n , L . A . D u d l e y , C h a s . C . G r e e n , N . E . H u b b a r d , M a i e r M a a s , G e o . W .
M ech ern , E . R . M o r to n , F . A . A llw a r d t , F . K . B e r r y ,
J o h n L . K e llo g g , W illia m I. F e ll, G e o . J . G e n e b a c h .
Resources.
Loans and discounts:................C om ’l. dept.
Sav. dept.
Bonds, m tgs. and securities:.. .C om ’l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’l. dept.
Sav. dept.
D ue from bks. in res. cities:. . . C om ’l.
Sav.
U. S. Bds. & cert, indebt, as sav. legal
U. S. cert.of indebt, as cash res: Com ’ l.
Sav.
dept.
dept.
r e s ..
dept.
dept.
T otals.
B in d e r ,
Jacob
R ep ort of
D ec. 31, 1918.
R ep ort o f
M ar. 4 ,1 9 1 9 .
R ep ort o f
M a y 12, 1919.
R ep ort of
June 30, 1919.
$738,642
349,036
674,053
1 ,0 5 3 ,2 7 6
$490,403
569,161
798,274
1 ,0 3 7,8 39
$512,673
529,775
687,052
1 ,1 7 6,2 45
$552,847
480,342
627,389
1 ,3 0 0 135
09
78
20
62
197,160 57
163,631 08
200,000 00
Exch. for clearing house & checks on banks
in same p la ce :...................................... C om ’ l.dept.
Sav. dept.
C urrency:.........
C om ’l. dept.
Sav. dept.
G old c o in :.................................................C om ’l. dept.
Sav. dept.
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and ce n ts :..................... C om ’l. dept.
Sav. dept.
O verdrafts............................................. ...............
Prem ium a ccou n t..............................................
Banking house....................................................
Furniture and fixtures.....................................
Other real esta te................................................
Due from banks other than in reserve cities
Cash item s in transit.......................................
Outside checks a n d other cash ite m s...........
Stock o f Federal Reserve B a n k .....................
Ot her assets....................................... ................
C h as.
4 9 ,0 24
21,400
72,600
61,065
78
22
75
00
5 ,3 2 0 00
39
42
26
90
188,998 68
105,034 31
145,000 00
21,739
10,382
52,403
80,000
377
64
56
00
00
50
1,000 00
64
21
44
89
205,393 48
5 8,0 57 10
155,000 00
02
78
18
18
228,871 94
73,402 02
155,000 00
W e ic k g e n a n t,
R eport o f
Sept. 12, 1919.
$698,124
497,458
604,811
1 ,4 1 7 ,7 8 7
83
87
49
99
2 03,448 77
184,906 45
27,134
143
84,695
96,000
967
4 ,0 0 0
92
79
00
00
50
00
44,481
725
86,250
95,000
1,702
5 ,0 0 0
98
74
00
00
50
00
2 7,342
5 ,8 0 3
53,075
7 5,000
4 ,0 2 7
5 ,0 0 0
45
21
00
00
50
00
65
00
82
21
35
5,1 5 5
4 ,8 9 4
1,034
79
162
95
55
19
71
33
4 ,9 1 9
1,548
2 ,4 6 0
248
6 ,356
45
65
26
14
38
14,219
5,1 0 5
3 ,4 4 5
9
1 ,115
20
35
93
43
74
10,303
5,1 2 3
4 ,1 7 8
1,1 9 4
240
45
25
38
19
42
6 ,966
800
2,5 5 1
56
510
125,000
3 7,7 20
7,2 6 0
2,5 0 2
00
51
25
50
125,000
39,2 90
7,2 4 8
1,835
00
96
89
86
125,000 00
4 1,0 88 21
125,000 00
3 9,925 90
125,000 00
40,593 78
250 00
15
15,525 47
3,5 7 5 87
250 00
18,787 74
4 ,8 2 7 36
8,5 2 4 51
22,122 08
28,083 83
660 36
$ 3,7 8 1 ,8 4 0 00
$ 3 ,7 01 ,69 8 21
$3,7 33 ,46 3 55
1,859,540 58
,00 8 ,7 7 9 49
$250,000 00
5 0 ,0 00 00
9,262 04
$250,000 00
5 0 ,0 00 00
11,839 13
$250,000
50,0 00
1,6 6 4
352
00
00
34
00
$250,000 00
50,0 00 00
16,963 46
1 ,0 1 5 ,4 3 2
232,366
3 ,7 0 5
121
20
57
49
84
Riabiliti e
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 Reserve Bank.................
Due to other banks and bankers............
State moneys on deposit............................
Postal savings deposits...............................
U. S. Government deposits.......................
Time commercial certificates of deposit.
Book accounts..............................................
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
$250,000
5 0,0 00
925
720
00
00
65
00
1 ,3 1 2 ,8 0 0
180,935
7,8 4 5
241
10
84
34
13
1 ,0 7 7 ,6 3 3
227,132
9,281
38
64
25
16
93
977,284
.214,341
7 ,263
5 ,098
25
66
50
16
1 ,0 4 6 ,7 9 0
324 ,24 0
12,293
638
21
75
53
60
" " 9 6 7 18
9 7,647 38
25,0 00 00
967 18
121,591 47
75,0 00 00
967 18
115,350 98
75,0 00 00
967 18
9 4,2 20 46
2 5 ,0 0 0 00
979 17
1 ,8 5 6 ,0 4 6 26
1,93 9,9 63 80
1 ,9 9 4,4 91 91
2 ,0 8 2 ,5 0 2 39
2 ,1 4 5 ,7 3 4 42
2,7 9 8 22
Ü j 77Ì 83
25^586 29
3 2 j 077 59
4 Ì ,9 Ì 8 89
$ 3 ,7 01 ,69 8 21
$3,7 33 ,46 3 55
$ 3 ,8 5 9 ,5 4 0 58
$ 4 ,0 08 ,77 9 49
68,560 28
5 0 ,0 0 0 ÓÓ
$ 3 ,7 81 ,84 0 00
38
STATE BANKING DEPARTMENT.
No. 178.
THE MERCHANTS’ SAVINGS BANK, BATTLE CREEK.
Organized March 28, 1895.
A.
M.
M i n t y ., P r e s i d e n t ;
A.
H .
D i r e c t o r s .— A .
O. J o n
A. R ow
e s
,
l e s
,
R. F. H o
C a sh ier.
f f m a st e r
,
V ic e
P r e sid e n ts;
M . M in ty , L . M . T u r n e r , A . O . J o n e s , R . F . H o ffm a s te r ,
H.
A . R o w le s , M . L a fe v e r , A . E . M a c G r e g o r .
R ep ort o f
D ec. 31,1 91 8.
Resources.
Loans and discounts.............
Com ’ l.
Sav.
B onds, mtgs. and securities:.. .C om ’ l.
Sav.
dept.
dept.
dept.
dept.
$521,723
189,946
217,679
889,014
75
72
10
41
D ue from bks. in res. cit ie s :.. .C om ’l. dept.
Sav. dept.
U. S. Bds & cert, indebt, as sav. legal r e s . .
U. S. cert.of indebt, as cash res: C om ’ l. dept.
Sav. dept.
72,399
185,280
199,000
3 0,0 00
84
32
00
00
F ra n k
H.
B oos,
R ep ort o f
M a r. 4 ,1 9 19 .
R ep ort o f
M a y 12, 1919.
$435,398
210,879
254,486
1 ,1 1 6,9 03
85
94
60
21
$630,544
246,260
291,452
1 ,1 1 1,7 76
67
15
95
26
119,130 26
205,415 59
108,719
121,508
100,000
3 0 .0 0 0
4 0 .0 0 0
33
40
00
00
00
8,6 5 5
3 3,7 00
4 3 ,0 0 2
855
3 ,0 5 0
02
00
00
00
00
15,796
5 5,200
59,0 04
1,4 0 7
2 ,6 6 0
32
00
00
50
00
7,831
4 0 ,0 0 0
4 8,463
2 ,0 0 0
2 ,4 9 0
84
00
00
00
00
5075
50
96
76
4 ,0 6 2
4 ,4 0 0
4 ,0 2 6
2,701
301
20
15
95
84
53
2 ,0 0 0
8 ,454
136
1,642
67
00
60
82
86
16
3 0 .0 00 00
4 0.0 00 00
R ep ort o f
June 30, 1919.
*6 03 ,31 7
286,152
305,793
940,803
96
15
27
93
1 02,418 32
238,604 10
R ep ort o f
Sept. 12, 1919.
*505,777
384,518
392,111
1 ,0 8 9,5 43
35
55
91
43
124,306 68
189,571 52
3 0 ,0 00 00
4 5 ,0 00 00
Exch. for clearing house k checks on banks
Sav. dept.
C urrency:......................................C om ’l. dept.
Sav. dept.
G old c o in :............................. .C o m ’ l. dept.
Sav. dept.
13,645
25,0 00
4 0,251
1 ,000
1 ,527
42
00
00
00
50
8,9 0 8 61
27,0 00 00
37,233 00
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cents:.................... Com ’ l. dept.
Sav. dept.
O verdrafts.............................................................
4 ,0 0 0
5 ,589
188
1 ,745
250
00
00
00
95
83
3 ,0 0 0
12,823
509
683
105
3 ,4 6 0 00
00
75
00
51
22
3 ,0 3 2
2 ,1 0 0
1,396
1,669
119
Banking house....................................................
2 5,000 00
2 5,000 00
25,0 00 00
25,0 00 00
Other real estate................................................
D ue from banks other than in reserve cities.
Cash items in transit.........................................
Outside checks and other cash item s...........
5 ,9 7 7 77
5 ,9 7 7 77
8,279 77
7 ,879 77
7,8 7 9 77
9,213 04
115 00
9,4 1 9 89
208 00
4 ,6 5 5 36
199 00
2 ,9 5 2 06
210 00
2 ,0 5 6 55
141 00
* 2 ,4 3 8 ,5 4 7 65
$2,5 46 ,54 3 20
$ 2,8 15 ,97 7 38
$2,7 07 ,69 2 05
*2,863 993 04
00
00
82
00
$125,000 00
7 0,000 00
21,964 43
$125,000 00
7 0,000 00
2 1,457 51
Commercial deposits subject to ch e c k .........
D em and certificates o f deposit.......................
Certified checks..................................................
635,108 12
96,0 09 09
840 26
577,290 94
108,941 23
2 ,5 1 6 54
691,159 79
155,630 31
825 00
582,580 61
129,827 00
2 ,4 5 0 23
757,697 73
127,623 20
5 ,9 1 9 44
Due to other banks and bankers...................
State moneys on d ep osit..................................
22,7 50 86
75,000 00
81,341 36
75,000 00
7 2,764 14
75,0 00 00
25,0 00 00
B ook accounts....................................................
1 ,4 6 9,6 84 50
1 ,565 830 06
1,59 5,5 63 41
1 ,6 2 2,6 83 25
1 ,7 2 9 ,5 0 8 63
T ota ls............................................................
$ 2 ,4 38 ,54 7 65
$2,5 46 ,54 3 20
$ 2,8 15 ,97 7 38
$2,7 07 ,69 2 05
$2,863,993 04
T ota ls............................................................
25,0 00 00
Liabilities.
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t .......................................
*125,000
70,000
10,334
8 ,8 2 0
$125,000
70,000
18,636
8 ,7 5 0
00
00
82
00
$125,000
70,0 00
23,174
70
00
00
04
00
-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
39
No. 63.
THE BAY CITY BANK. BAY CITY.
Organized September 4. 1871.
Corporate existence extended September 4, 1901.
G eo. H.
Y o u n g , P r e s id e n t;
C a sh ier; J . I. P .
D ir e c t o r s — G eo.
J a m e s E . D u f f y , J o h n C . R o s s , .V ic e P r e s id e n t s ; D a v i d
S h e a r e r , .1. D . K i n n e y , J . F . A s m a n , A s s i s t a n t C a s h ie r s .
M il l e r ,
Y o u n g , F r a n k E . T y l e r , J a m e s E . D u f f y , D a v i d M i l l e r , N o r r i s It. W e n t
w o r th , H . A . V a lle z , J o h n E . R o s s , C a r r o ll W in d ia t e , T h o s . L . H a n d y , E . W ils o n C r e s s e y .
II.
Resources.
Report of
Dec. 31, 1918.
Loans and discou n ts:............... C om ’ l. dept. $1,6 89 ,54 4
Sav. dept.
624,946
Bonds, mtgs. and securities. . . C om ’ l. dept.
7 8,560
Sav. dept. 1 ,6 5 5 ,9 9 0
03
56
00
35
Report o f
M ar. 4, 1919.
$1,6 43 ,40 1
415,129
375,010
1 ,6 4 1,9 75
04
73
00
11
Sav. dept.
¿5 7 ,1 8 4 92
195,683 79
Due from bks. in res. c it ie s :.. .C om ’ l. dept.
Sav. dept.
11. S. Bds. & cert, indebt, as sav. legal res.. .
U. o. cert, o f indebt, as cash res:C om ’ l. dept.
Sav. dept.
75,881 11
73,189 58
95,691 25
188,063 43
319,850 00
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept.
Report o f
M a y 12, 1919.
$1,6 04 ,33 4
460,327
355 ,06 0
1 ,8 9 4 ,0 1 0
6 0,000
109,048
32
87
00
72
00
74
114,866 72
232,087 83
329,200 00
R eport o f
June 30, 1919.
$1,5 12 ,90 4
519,633
305,150
2 ,2 5 8 ,2 1 6
60,0 00
87,165
87
09
00
34
00
44
130,457 76
123,185 82
278,350 00
Report of
Sept. 1 2 ,1 9 1 9 .
$1,5 85 ,19 5
331,266
75,500
2 ,0 7 5 ,3 5 6
60,000
81,312
24
22
00
53
00
21
115,218 88
137,988 76
270,300 00
152,200 00
22,063 04
26,484 18
31,634 71
58,713 77
14,520 33
C urrency:.......................................C om ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
101,526
24,026
2,1 1 2
1,375
00
00
50
00
108,458
18,062
3 ,5 6 7
1,142
00
00
50
50
90,995
37,189
3 ,7 6 7
1,017
00
00
50
50
102,687
39,1 69
3 ,8 8 7
1,117
68
00
50
50
57,386
81,778
4 ,0 2 5
1,632
00
00
00
50
Silver c o in :................................... C om ’ l. dept.
Sav. dept.
Nickels and cen ts:.....................C om ’ l. dept.
Sav. dept.
9,2 6 7
571
1,862
126
1,242
4,5 5 2
28,538
34,0 00
10
55
03
38
80
06
89
00
15,724
733
1,475
200
316
3 ,6 2 9
'2 8,538
3 4,0 00
35
45
62
73
77
71
89
00
12,953
437
2 ,063
352
106
3,1 8 9
28,538
34,0 00
30
75
35
06
47
21
89
00
10,708
428
1,706
228
234
2,586
28,538
33,0 00
40
80
17
66
39
39
89
00
10,282
469
1,971
137
237
2 ,122
28,538
33,0 00
90
75
77
74
50
39
89
00
Banking h ouse.............................
Other real esta te..................................................
D ue from banks other than in reserve cities.
Cash item s in transit.......................................
Outside checks and other cash ite m s. . .
Stock o f Federal Reserve B a n k ... .
Other a ssets..........................................
T ota ls.............................................................
27,049 89
16,116 24
5 ,7 8 4 29
15,000 00
15,000 00
15,000 00
15,000 00
14,546 18
22,985 15
1 5,000 00
$4,759 544 19
$ 5,1 32 ,13 8 05
$ 5,4 47 ,23 0 83
$5,5 89 ,18 6 71
$5,020,771 94
Liabilities.
Capital stock paid in ........................
Surplus fu n d .......................................................
Undivided profits, n e t ..........................
Dividends unp aid.......................................
Reserved for taxes, interest, etc......................
Com m ercial deposits subject to c h e c k .........
D em and certificates o f d e p o sit.......................
D ue to Federal Reserve B a n k ........................
Due to other Banks and B ankers. . . .
U. S. Governm ent dep osits..............................
T im e com m ercial certificates o f d ep osit. . . .
Book a ccou n ts.....................................................
Certificates o f d ep osit........................................
Club savings d ep osits........................................
Bills p a y a b le ........................................................
$250,000
250,000
46,663
20
10,000
960,990
00
00
32
00
00
91
$250,000
250,000
42,6 75
20
10,000
1,115,611
00
00
55
00
00
49
$250,000
250,000
28,319
20
10,000
1 ,1 9 9 ,9 2 4
00
00
20
00
00
78
710 56
365 47
1,338
1,754
133,000
197,462
61
66
00
05
5 ,347
697
80,0 00
122,997
42
98
00
72
20,152 52
4,8 7 9 89
3*610 58
114,308 73
109,787 28
2 ,0 9 8,1 62 15
316,087 26
17,026 28
2 ,2 3 3 ,0 8 7 40
368,859 97
27,976 36
2 ,3 4 7 ,8 2 0 88
454,945 20
35,698 72
2 ,2 2 7 ,8 4 4 83
460,652 49
47,099 06
699,000 00
870,000 00
905,000 00
505,000 00
179,185 03
$250,000
250,000
48,131
20
15,000
1 ,0 7 4,2 29
00
00
31
00
00
46
12,600 00
1 ,990,055
148,343
6 ,609
150.000
754.000
56
46
88
00
00
$250,000
250,000
55,557
20
15,000
1 ,0 0 6 ,2 0 0
00
00
05
00
00
65
90,0 00 00
69,000 00
T ota ls.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$4,759,544 19
$ 5 ,1 32 ,13 8 05
$ 5,4 47 ,23 0 83
$ 5,5 89 ,18 6 71
$5,020,771 94
40
STATE BANKING DEPARTMENT.
No. 43.
THE BAY COUNTY SAVINGS BANK, BAY CITY.
Organized February 1 , 1884.
Corporate existence extended January 31, 1914.
«r
W .
Clem
Tj .
Carter,
, P r e s id e n t ; A . E . B o u s f i e l d , A d a m K o l b , V ic e P r e s i d e n t s ;
T r e a s u r e r ; I r a B r i c k e r , G . A . H e l m r e i c h , A ss is ta n t T rea su rers.
en ts
D ir e c t o r s .— A
E . B o u s f i e l d , G u s t a v e s H i n e , F . T . N o r r i s . D . B. G a l b r a i t h , F . W . B r a d l e v
w
C P P e n l i e im
A d a m K o lb , H . B . S m ith , C h a s. A . E d d y , C . R . W e lls , G . A . P r e s c o t t ,
E . S . C la r k , C . F . H u t c h in g s , I r v i n g H . B a k e r , W m . L . C le m e n t s , S . P . C r a n a g e , W . E .
C a r te r , O . E . S o v e r e ig n , H . G . W e n d la n d .
8 ’
Resources.
R eport o f
D ec. 31,1918.
Loans and discounts:............................C om ’l. dept.
8537,875
T,
_
Sav.dept.331,095
B onds, mtgs. and securities:.. .C o m ’l. dept.
119,135
/
Sav.dept.989,365
D ue from Fed. Res. B a n k :____C o m ’ l. dept.
Sav. dept.
55
86
00
42
D ue from bks. in res. c it ie s :.. .C o m ’l. dept.
.
Sav.dept.343,915 72
U. S. Bds. & cert, indebt, as sav. legal res.. .
255,376 14
IT. S. cert, o f indebt, as cash res:C om ’ l. dept.
215,558 74
Sav. dept.
E xch. for clearing house & checks on banks
in sam e p la c e :...................................... C om ’l. dept.
Sa v. dept.
C urrency:...................................................C o m ’ l.dept.
,, . ,
.
Sa v. dep t.
G old co m ..................................................C o m ’ l. dept.
Sav. dep t.
2 7,466 91
88,398 75
90.0 00 00
1 ,3 9 0 41
10.000 00
Silver c o in :................................................C om ’l. dept. 5,1 9 6
Sav. dep t.
1 ,7 0 0
Nickels a n d ce n t s :.................... C om ’ l. dept.
907
, ,
Sav. dept.
53
O verdrafts..............................................................
91
Premium a ccou n t................................................
Banking house.....................................................
49,6 08
Furniture and fixtures......................................
30,7 28
Other real esta te...................................... . . . . .
17,837
D ue from ba nks other than in reserve cities
Cash items in transit.........................................
11,052
Outside checks and other cash ite m s............
Stock o f F ederal R eserve B a n k ......................
Other a ssets.................................
T otals.
R eport o f
M ar. 4 ,1 9 19 .
R eport o f
M a y 12, 1919.
R eport o f
June 3 0,1919.
$544,357
392,078
333,105
1 ,0 6 9 ,8 9 0
$572,377
335,089
221,025
1 ,1 0 0,6 78
$546,614
360,242
230,935
1 ,195,211
76
20
96
11
77
21
53
44
83
06
03
44
R eport o f
Sept. 1 2,1919.
$898,520
459,734
257,174
1 ,2 3 3,5 09
00
16
44
87
302,393 81
348,493 00
159,873 59
182,661 42
605,012 78
170,738 04
137,617 35
601,157 67
'7 3 8,2 43 49
15,095 08
26,613 70
24,451 51
23,851 54
65,462 25
68,301 25
110,000 00
110,000 00
8,6 6 7 41
5 .0 0 0 00
4 ,4 3 4 91
83,611
3 0.0 00
1,257
14.000
25
00
41
00
9,5 1 6
450
916
18
708
35
00
55
65
13
28,483
100,000
3 ,2 3 7
10,000
25
00
91
00
10,000 00
246,769 74
15
00
22
14
50
5 ,2 3 9 45
6,0 6 2 00
1,200 00
2.000 00
1 ,1 9 0 27
2 37
339 12
1,567 33
23 25
206 38
20
07
91
49,6 08 20
30,766 42
17,837 91
49,6 08 20
30,766 42
20,698 91
49,6 08 20
30,7 66 42
20,698 91
49,6 08 20
30,7 66 42
20,6 98 91
01
4 ,031 48
4 ,3 5 4 42
8 ,7 7 0 80
4 ,7 4 2 27
$ 3,1 26 ,75 2 70
$ 3,2 57 ,35 0 30
$ 3,5 07 ,74 9 01
$3,5 79 ,39 2 08
,10 4 ,0 9 7 38
7,345
700
1,0 5 2
48
696
70
00
81
86
29
Liabilities.
Capita! stock paid in ...................................
Surplus fu n d ..................................................
U ndivided profits, n e t .................................
D ividends un p aid.........................................
Reserved for taxes, interest, e t c ..............
Commercial deposits subject to ch e c k ..
D em and certificates o f d ep osit.................
Certified ch eck s............................................
Cashier’s ch eck s...........................................
D ue to Federal Reserve B a n k ..................
D ue to other banks and bank ers.............
State m oneys on dep osit............................
Postal savings dep osits...............................
U. S. Governm ent d ep osits.......................
Tim e com m ercial certificates o f deposit.
B ook a ccou n ts...............................................
Certificates o f d ep osit.................................
C lu b savings dep osits..................................
N otes and bills red iscounted.....................
Bills p a y a b le ..................................................
Bonds sold subject to repurchase............
Bonds borrow ed...........................................
Acceptances executed for custom ers........
Custom ers’ letters o f cred it.......................
Other liabilities..........................................
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$100,000
100,000
6,973
2 ,0 6 0
00
00
87
00
574,419
196,549
2,571
69,807
25
54
86
38
$ 100,000 00
00
00
78
50
00
05
70
74
87
$100,000 00
100,000 00
64,192 18
25,000 00
69,483 27
25,0 00 00
64,455 10
25,0 00 00
59,784 59
2 ,0 1 6 ,9 1 2 63
2 ,2 0 4 ,3 9 7 02
2 ,3 0 7 ,1 1 7 87
2 ,3 7 2 ,8 6 9 87
2 ,4 2 4 ,6 1 5 44
B 593 65
Í9,6 ¿Ó 47
3 3'34 7 23
4 2,107 5Í
5Í ‘ 340 73
55,300 00
5 4,8 00 00
$ 3,5 79 ,39 2 08
$ 4,1 04 ,09 7 38
52,864 52
$3,1 26 ,75 2 70
100,000 00
18,448 43
88 25
526,569
189,915
1,7 2 7
7 ,352
04
28
19
44
$ 3 ,2 57 ,35 0 30
$100,000
100,000
22,0 22
130
6,5 0 0
627,848
207,417
426
8,454
$ 3,5 07 ,74 9 01
497
2 ,0 6 8
4 ,5 4 7
558,258
246,493
1,863
5 ,931
50
00
35
23
48
17
87
$ 100,000
100,000
23,522
72
4 ,5 4 7
1,04 0,7 61
226,446
4 ,0 2 5
4 ,1 8 0
00
00
75
00
35
98
66
42
46
10,000 00
STATE BANKS OF MICHIGAN.
41
No. 562.
FARMERS STATE SAVINGS BANK OF BAY CITY.
,
Organized May 17, 1915.
F
r e d e r ic k
W il l ia m
S,
M
o h k
,
P r e s id e n t; S a m u
C a sh ier; D
F o t h e r in g h a m ,
e l
M
e is t e il
a n ie l
J.
,
V ic e P r e s i d e n t ;
C a s h ie r .
C o d y ,, A s s i s t a n t
D i r e c t o r s .— W i l l i a m
S. F o th e r in g h a m , J o h n P . I ttn e r , J o h n M e y e r, E r n e s t I. M cC u e n , P e te r C .
P a r d e e , A u g u s t Q u in te l, J o h n E . K in n a n e , S a m u e l M e is t e r , F r e d e r ic k M o h r , C liffo r d G .
O lm s te d , J o h n R . P e t t y , C la r e n c e A . T r a p h a g e n , M . I . J a c o b s o n , J o h n M c L u r g , W . P .
K avanaugh.
Resources,
R eport o f
D ec. 31,1918.
Loans and discounts:................C om ’ l. dept.
Sav. dept.
$323,861 98
4 2,0 00 00
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’ l. dept.
Sav. dept
713,838 43
16,329 37
2 2,5 00 00
D ue from bks. in res. c it ie s :.. .C o m 'l. dept.
Sav. oept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert.of in debt, as cash res. :C om ’l. dept
Sav. dept.
26,861 07
E x ch . for clearing house & checks on banks
in same p la c e :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:.......... ............................C om ’l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
16,393
5 .0 0 0
870
5 .0 0 0
R ep ort o f
M ar. 4, 1919.
R eport o f
M a y 12,1919.
R eport o f
June 30,1 91 9.
91
00
25
83
45
00
$377,374 40
$454,703 55
38,855 54
22,843 47
21,569 06
25,673 83
4 0,7 72
5 .0 0 0
835
5 .0 0 0
28,3 97
4 ,5 0 0
1,0 6 5
5 ,0 0 0
$299,473
4 0 ,3 90
5 ,0 5 7
821,210
22,930
24,0 00
19
31
05
00
00
00
00
00
8,9 7 8
4 ,0 0 0
220
5 ,6 0 0
00
00
00
00
15,171
4 ,6 0 0
915
5 ,0 0 0
00
00
00
00
15
00
80
00
27
670
350
434
50
70
00
97
00
Silver co in :....................................C o m ’l. dept.
2 ,0 2 4 35
N ickels and cen ts :..................... C om ’ l. dept.
94 00
O verdrafts.............................................................
Premium a c c o u n t ...............................................
1 ,410 86
892
300
175
100
154
7,4 0 0 00
8 ,5 4 0 27
7 ,545 00
3 ,4 0 0 00
4 ,0 8 2 65
3 ,7 5 0 00
D ue from banks other than in reserve cities.
Cash item s in transit..........................................
Outside checks and other cash item s...........
7 ,208
994,103
24,435
24,0 00
15,078
975,517
12,169
24,5 00
60
49
64
00
ÓÓ
00
00
00
1,568 15
R ep ort o f
Sept. 1 2,1919.
$490,641 79
17,557
912,544
26,292
24,5 00
62
49
65
00
00
00
00
00
293 91
2 ,0 4 2 30
500 00
536 00
8 65
5 40
7,573 00
6,5 3 4 47
7,573 00
1 ,377 84
7,573 00
1,3 7 7 84
465 79
3 ,7 5 0 00
1 ,930 32
3 ,7 5 0 00
2 ,753 16
3 ,7 5 0 00
1 ,1 5 9 56
3 ,7 5 0 00
$1,199,955 98
$1,2 87 ,49 8 99
$1,496,943 88
$ 1,5 72 ,47 0 05
$1,553,116 48
$100,000 00
25,0 00 00
2 ,1 8 0 67
$100,000 00
2 5,0 00 00
7 ,078 95
$100,000 00
25,0 00 00
15,027 64
$100,000 00
25,0 00 00
2,8 0 7 04
$100,000 00
25,0 00 00
9,343 85
187,208 07
202,508 77
185,548 59
195,137 74
228,403 86
9,851 15
1,419 07
1,9 0 0 43
1 ,9 0 6 55
4 ,2 4 2 61
1 ,633 24
10,306 87
5 ,3 3 9 16
1 ,356 18
1,544 70
102,007 83
9 7,348 38
2 5 ,0 00 00
62,430 96
25,0 00 00
50,9 20 12
2 5 ,0 00 00
122,780 55
10,000 00
Liabilities.
Com m ercial deposits subject to c h e c k .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
584,533
164,938
2,8 1 8
20,0 00
03
06
10
00
$1,1 99 ,95 5 98
604,405
174,601
7 ,7 4 8
40,0 00
94
45
52
00
$1,2 87 ,49 8 99
623,205
161,938
12,916
280,000
92
88
04
00
$1,496,943 88
652,089
139,602
16,267
350,000
09
61
42
00
$ 1 ,5 72 ,47 0 05
638,188
145,124
2 1,374
250,000
16
97
21
00
$ 1,5 53 ,11 6 48
42
STATE BANKING DEPARTMENT.
N O R T H E R N T I T L E A N D T R U S T C O M P A N Y , B A Y C IT Y .
Organized May 24. 1919.
G uy
P
r ie c t o r
H
M o u l t h r o i -, P r e s i d e n t ; J o h n C . R o s s , W m . P . J e n n i s o n , V ic e P r e s i d e n t s G e o . E . W b d t h o f p , S e c r e ta r y and T r e a s u r e r j L . J . W e a d o c k , A tto r n e y .
^ — J a m e s E . D a v id s o n ,
G u y H . M o u lt h r o p , J o h n
C. R o ss , W m . F . J e n n is o n
G eo
E
W a tin n f’ r ' n '
Z et£
C* Par(1T e ' J o h n L - S t o d d a r d . H o w a r d L . S h a w ’ J a s . ' R.'
S ' C h a t f i e l d , G . \ \. A m e s , G e o . H . Y o u n g , F r e d E . B o u t e l l
John C
H a r r is
W . O. C lif t , P . C. F in k e n s t a e d t , W . S. F o t h e r in g h a m .
’
’
’ H a r iis ’
R ep ort o f
D ec. 31, 1918.
Resources.
Loans on real estate mortgages.
R eport o f
M ar. 4, 1919.
R ep ort o f
M a y 12,1919.
In o ffice.
$93,116 86
Organization expense. . .
Bonds.
R ep ort o f
June 30, 1919.
985 41
In office...........
R ep ort o f
Sept. 12, 1919.
$19,900 00
294 33
83,3 50 80
Abstract books and re c o r d s .. . .
Furniture and fixtures.........
D ue from approved reserve agents...........
5 0,000 00
5 0,0 00 00
1 ,120 74
1 ,337 19
6,0 5 2 07
D ue from other banks and bankers.
1 ,957 64
9,8 5 6 67
Cash item s.............
18 03
Nickels and cen ts........
Silver c o in ..................
United States and national bank notes. .
__
T ota ls.........................
21 75
2 04
1 60
7 25
10 30
70 00
61 00
$151,372 40
$166,791 28
$159,000 00
$150,000 00
1,372 40
8,9 8 9 16
_________
Liabilities.
Capital stock paid in ............
Trust deposits......................
D ue to bank s..................
____-
7 ,802 12
T otals.....................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$151,372 40 1
.............................
$166,791 28
STATE BANKS OF MICHIGAN.
43
No. 30.
THE PEOPLES COMMERCIAL AND SAVINGS BANK, BAY CITY.
Organized August 15, 188S.
T
J.
D
a m e s
R .
W
E .
D
a t r o u s
P r e s i d e n t ; C . R . H a w l e y , ,T a s .
V ic e P r e s id e n t an d C a s h i e r ; C . H . C o o k
A s s is t a n t C a sh iers.
a v id s o n
,
,
R .
,
R .
T
a n n e r
E .
G
,
V ic e P r e s i d e n t s ;
, G . H. W a t r o u
r a v e s
s
,
.— C . R . H a w l e y , J . C . W e a d o c k , J . R . W a t r o u s , G u y H . M o u l t h r o p , W . H . S h a r p ,
.T a m e s E . D a v i d s o n , C . B . C h a t f i e l d , G e o . B . J e n n i s o n , .T a m e s D a v i d s o n , C u r t i s E . P i e r c e ,
J a m e s R . T a n n e r , C. H . C o o k , L . J . W e a d o c k , F . C . F in k e n s t a e d t , W . H . B o u t e ll, G . A .
T o m lin s o n , C . C . W h it n e y .
ir e c t o r s
Resources.
R ep ort o f
D ec. 31, 1918.
Loans and discounts:................C om ’ l. dept $ 1,1 52 ,76 8 78
Sav. dept. 1 ,8 5 1 ,1 0 4 87
Bonds, mtgs. and securities. . .C om ’l. dept
329,608 30
Sav. dept. 3 ,6 1 2 ,5 1 4 56
Due from Fed. Res. B a n k :... .C om ’l. dept.
253,137 59
Sav. dept.
235,802 05
D ue from bks. in res. c i t ie s :.. .C o m ’l. dept
Sav. dept.
79,696 75
161,778 49
R ep ort o f
M ar. 4, 1919.
$ 1 ,1 90 ,71 9
1 ,7 6 6 ,4 4 6
327,959
4 ,6 1 4 ,7 2 9
174.141
123.142
95
98
63
68
00
05
R ep ort o f
M a y 12, 1919.
$ 1,1 99 ,83 8
1 ,7 4 0,4 03
324,915
5 ,5 0 4 ,5 8 3
100,265
201,060
16
34
57
86
09
38
R ep ort o f
June 30, 1919.
$ 1 ,2 54 ,01 6
1 ,7 4 1 ,8 9 9
349,466
6 ,7 9 6 ,0 9 5
108,551
217,516
51
78
07
05
17
97
R eport o f
Sept. 12, 1919.
$ 1 ,4 25 ,33 9
1 ,7 7 2 ,6 7 0
364,713
5 ,0 8 3 ,0 2 7
103,638
206,395
20
57
05
59
85
29
89,711 28
159,487 27
82,083 24
328,333 62
59,361 10
289,646 63
67,328 67
287,187 96
U. S. cert.of indebt, as cash res.: C om ’l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce:.......................... C om ’l. dept.
Sav. dept.
C urrency:...................................... C om ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :................................... C om ’ l. dept.
Sav. dept.
Nickels and cen ts:.....................C om ’ l. dept.
Sav. dept.
69,0 00
208 ,68 4
1 ,9 8 0
12,865
00
00
00
00
45,3 42
105,798
86,395
113,860
4 ,5 0 0
11,270
00
89
00
00
00
00
6 ,455
25,8 20
44,8 54
179,420
3 ,3 2 0
13,300
00
00
00
00
00
00
7,6 1 4
37,1 74
39,271
191,735
1,002
2 ,9 0 0
38
06
00
00
50
00
9,6 1 7
40,9 98
37,7 52
160,941
787
3 ,3 4 5
20
96
00
00
50
00
3 ,6 2 0
4 ,5 2 8
863
1,4 5 6
2,2 9 9
00
25
09
51
53
5 ,8 4 0
12,241
840
1,993
7,096
00
15
12
54
00
2 ,6 6 0
10,642
319
1,2 7 7
958
00
70
46
83
18
2 ,4 8 0
12,109
431
1 ,518
837
25
00
50
16
47
2,6 4 4
9,375
358
1,521
3 ,6 6 7
40
00
09
10
60
26,761 89
118,970 20
18,000 00
11,522 04
118,970 20
18,0 00 00
11,522 04
118,970 20
18,000 00
10,5 99 66
118,970 20
1 8,000 00
10,599 66
118,970 20
18,000 00
9 7,283 79
9 ,3 0 6 28
24,0 00 00
25,0 34 42
8,9 1 2 27
2 4,0 00 00
4 5 ,7 56 44
21,913 07
2 4,0 00 00
5 9,6 80 05
22,461 11
2 4,0 00 00
59,043 71
14,362 72
2 4,0 00 00
$8,287,551 97
$9,0 47 ,95 3 47
$10,009,749 80
$11,367,337 62
$ 9 ,8 15 ,68 5 66
Due from banks other than in reserve cities.
Outside checks and other cash item s...........
«
Liabilities.
Commercial deposits subject to ch e c k .........
Certified checks..................................................
$400,000
4 0 0 ,00 0
77,759
12,126
00
00
87
00
1 ,3 9 5,0 12
582,346
572
10,141
47
18
50
27
$400,000
400 ,00 0
9 6,136
27
10,000
1 ,4 9 4,0 52
1 ,0 8 3,6 88
106
1,887
00
00
40
00
00
44
55
44
57
$400,000
4 0 0 ,00 0
101,564
12
62,392
1 ,3 7 0,7 05
27,710
8 ,313
1,117
00
00
02
00
75
88
90
17
07
$400,000
400 ,00 0
9 7,799
12,012
14,380
1 ,3 9 4,9 62
49,156
1,035
5,5 7 5
00
00
63
00
46
93
55
83
44
$400,000
400 ,00 0
124,608
126
47,0 87
1 ,3 9 5 ,9 8 7
36,0 30
1 ,732
6 ,804
00
00
90
00
32
87
30
02
90
State m oneys on dep osit..................................
189,605 17
10,000 00
152,395 45
5 0,0 00 00
110,330 75
100,000 00
106,634 59
100,000 00
106,805 81
4 0,0 00 00
Certificates o f dep osit........................................
Club savings dep osits........................................
4 ,1 4 2 ,7 4 9 69
513,067 80
4 ,171 02
4 ,3 4 4 ,3 0 6 02
559,673 60
5 ,6 8 0 00
4 ,5 1 4 ,3 9 9 71
2 ,7 0 3 ,6 4 9 75
9,5 5 3 80
6 ,0 3 6 ,3 9 0 67
1 ,9 3 7 ,3 9 7 60
11,991 92
4 ,7 6 3 ,3 4 5 38
1 ,7 7 7,7 03 84
15,453 32
Bills pa y a b le........................................................
550 ,00 0 00
4 50,000 00
200,000 00
800,000 00
700,000 00
$8,287,551 97
$9,047,953 47
$10,009,749 80
$11,367,337 62
$9,8 15 ,68 5 66
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44
STATE BANKING DEPARTMENT.
No. 602.
PEOPLES STATE BANK OF BEAVERTON.
Organized August 23, 1917.
A. R .
D
N
ir e c t o r s
il e s
.
-A .
,
P r e s id e n t;
R . N ile s ,
G .
A.
M
c
G
r e g o r
,
Vice P r e s i d e n t ; I . D .
C
r a w f o r d
G . A . M c G r e g o r , W . J . M c C a r e n , .T. L . M e K i m m y ,
J . C . M u s s e r , I. D . C r a w f o r d .
Resources.
Cashier.
,
W . .T.
S co tt
R ep ort o f
D ec. 31,1918.
R ep ort o f
M ar. 4, 1919.
R ep ort of
M a y 12, 1919.
R ep ort o f
June 30, 1919
R e p o r t of
Sept. 1 2,1919.
L oans and discounts:................C om ’l. dept
Sav. dept
Bonds, mtgs. and securities:.. .C om ’l. dept
Sav. dept
Due from Fed. Res. B a n k :___ C om ’l. dept
Sav. dept.
$87,335 61
$104,038 49
$103,339 49
$102,385 10
$118,959 33
2 1 ,3 60 00
21,285 00
24,285 00
2 5,7 70 00
2 0 ,4 40 00
D ue from bks. in res. cit ie s :.. .C o m ’l. dept
Sav. dept
U. S. Bds. & cert, in deb t, as sav. legal res
U. S. cert.of indebt. as cash res.:C om ’l. dept.
Sav. dept.
6,6 7 8 02
8 ,8 6 7 39
2 ,8 1 5 59
9,831 18
7,9 4 4 22
497 61
1,734 08
5 ,1 3 2 00
4 ,9 9 4 00
3 ,5 2 9 00
4 ,2 3 8 00
3 ,6 7 3 00
115 00
130 00
130 00
130,00
140 00
305 25
377 55
349 00
344 00
664 25
36 37
8 01
44 62
46 85
69 30
316 65
473 55
354 44
366 14
161 44
5 ,5 0 0 00
2 ,0 0 0 00
5 ,5 0 0 0Ò
2 ,0 0 0 00
5 ,5 0 0 00
2 ,0 0 0 00
5 ,5 0 0 00
2 ,0 0 0 00
5 ,5 0 0 00
2 ,0 0 0 00
1 ,3 5 0 75
898 77
337 45
82 60
575 75
$132,129 65
$148,572 76
$142,684 59
$151,191 48
$161,861 37
$25,000 00
2 ,0 0 0 00
5 ,0 2 6 14
$25,000 00
2 ,5 0 0 00
1 ,7 7 0 12
$25,000 00
2 ,5 0 0 00
2 ,8 5 4 13
$25,000 00
2 ,5 0 0 00
3 ,5 7 7 54
$25,000 00
2 ,5 0 0 00
193 36
41,8 87 76
5 0,044 99
■ 5 0,9 58 51
5 6,6 15 57
4 6,771 60
5 1,0 67 09
1 ,1 7 0 76
728 56
1,491 77
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
7 ,0 0 0 00
6 ,0 0 0 00
8 ,0 0 0 00
8 ,0 0 0 00
8 ,0 0 0 00
$132,129 65
$148,572 76
$142,684 59
$151,191 48
$161,861 37
Exch. for clearing house & checks on banks
in same p la c e :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:...................................... C om ’l. dept.
Sav. dept.
G old c o m :..................................... C om ’l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cen ts :.....................C om ’l dept
Say. dept.
O verdrafts..........................
Premium a ccou n t...............
Banking house...............
Furniture and fixtures...........
Other real estate.....................
Due from banks other than in reserve cities
Cash items in transit___
Outside checks and other cash items
Stock of F ederal Reserve B a n k .
Other assets....................
T otals..............................
-------- —------------- . . .
2 ,0 0 0 00
Liabilities.
Capital stock paid in ..........
Surplus fu n d ............
Undivided profits, n e t...........
Dividends unpaid............
Reserved for taxes, interest, e t c . . .
Commercial deposits subject to ch eck .
D em and certificates o f dep osit................
Certified ch e c k s.. .
Cashier’s checks..........
D ue to Federal Reserve B a n k .........
D ue to other banks and bankers.............
State moneys on dep osit..........
Postal savings deposits.............
U. S. Governm ent deposits..........
I i m e com m ercial certificates o f dep osit. . .
B ook accoun ts. . . .
Certificates o f d eposit.............
Club savings deposits....................
Notes and bills rediscounted...........................
Bills pa y a b le...........................
Bonds sold subject to repurchase..................
Bonds borrow ed___
Acceptances executed for custom ers...........
Customers letters o f cred it.........
Other liabilities...........................
T otals.......................................
— — -_________________________
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5 1 ,2 87
5 2 ,7 69
600
2 ,4 5 6
88
51
00
55
2 ,0 0 0
6 8,025
51,713
1 ,2 0 0
728
00
21
90
00
90
. - ••
STATE BANKS OF MICHIGAN.
45
No. 513.
THE STATE BANK OF BEAVERTON.
•
Organized September 25, 1912.
C.
H.
N
ig g e m a n
F
D
ir e c t o r s
.—
A.
,
r a n k
P r e s id e n t; J o h n P . N i g g e m a
A . N i g g e m a n , C a sh ierj W . B .
n
,
D
J
r
.,
A .
E .
e t w il e r
,
S
l e e p e r
A ssista n t
, V ic e P r e s id e n t s ;
C a s h ie r .
J o h n P . N ig g e m a n , J r ., A . E . S le e p e r , F r a n k A . N ig g e m a n , C h a r le s H . N ig g e m a n ,
O t t e , H e n r y C r o ll, J r ., M a r k E . T h o m p s o n , R o n a ld R o s s , L . D . W h it e .
Resources.
R ep ort o f
D ec. 31,1 91 8.
R ep ort o f
M ar. 4, 1919.?
R ep ort o f
M a y 12,1919.
R ep ort of
June 30, 1919.
R ep ort o f
Sept. 12, 1919.
Loans and discounts:................C om ’l. dept.
$143,190 30
$147,575 27
$144,437 58
$153,609 31
$169,312 18
Bonds, mtgs. and securities:.. .C om ’i. dept.
Sav. dept.
D ue from Fed. Res. B a n k :___ C om ’l. dept.
Sav. dept.
37,198 72
21,898 33
17,788 31
28,537 76
3 7,592 76
D ue from bks. in res. cities:. . . Com ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert.of indebt, as cash res.: C om ’l. dept.
Sav. dept.
17,944 20
19,552 46
12,992 56
12,798 38
22,155 3 7
6 ,0 0 0 00
6 ,0 0 0 00
482 09
350 26
177 46
3,2 1 7 00
5,4 0 7 00
3,221 0Q
3 ,5 4 6 00
2,453 00
1,875 00
1,855 00
1,8 9 7 50
377 50
392 50
376 20
Exch. for clearing house & checks on banks
218 06
Sav. dept.
C u rren cy:...................................... Com ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
Other real esta te.................................................
D ue from banks other than in reserve cities
T ota ls..........................................................
620 95
854 65
538 50
529 50
130 02
181 60
113 12
110 92
96 58
125 55
228 97
308 12
679 21
972 89
4 ,3 2 2 97
1,531 76
1,953 19
5,2 9 5 44
1 ,361 56
5,2 9 5 44
1,361 56
5 ,295 44
1,361 56
5,295 44
1,361 56
833 52
278 92
2 ,6 3 0 21
1,642 67
2,2 3 5 72
583 04
889 62
237 10
5,693 75
669 50
$213,440 16
$214,483 16
$197,254 54
$208,322 56
$246,549 25
$20,000 00
5 ,0 0 0 00
3,1 1 2 66
$30,000 00
7 ,500 00
3,7 1 3 66
$30,000 00
7,5 0 0 00
5 ,6 1 8 10
$30,000 00
7,5 0 0 00
2 ,7 7 0 46
$30,000 00
7,5 0 0 00
2,9 2 7 18
75
17
25
33
75,418 29
54,229 73
6 9,080 74
55,4 90 93
1,541 48
3 ,1 5 5 43
7 ,5 0 0 00
10,000 00
10,000 00
10,000 00
7,5 0 0 00
4 2,5 00 00
80 00
3 2 ,0 00 00
16,409 34
1,0 5 0 00
- 34,4 00 00
3,251 00
33,1 00 00
' $213,440 16
$214,483 16
$197,254 54
$208,322 56
$246,549 25
Liabilities.
Com m ercial deposits subject to ch e c k .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
76,292
55,663
9
3,3 6 2
62,089
59,7 69
5
738
32
08
00
70
8 9,787
69,135
45
3 ,3 0 2
15
41
97
54
46
STATE BANKING DEPARTMENT.
No. 2.
THE BELDING SAVINGS BANK, BELDING.
Organized January 15, 1889.
Corporate existence extended December 14, 1918.
H. J.
L
e o n a r d
,
P r e s id e n t ;
A. N.
H .
D
ir e c t o r s
.—
B
A .
P
e d d in g
,
a r k e r
,
S.
L
a m b e r t s o n
,
C a s h ie r ;
H . J . L e o n a r d , A . N . B e ld in g , W . P . I le t h e r in g t o n , M . M . B e ld in g , E . E . C h a p D le
W . C . S p ic e r , E . C . L lo y d , W . S. L a m b e r ts o n .
Resources.
Report of
D ec. 31, 1918.
Loans and discounts:................C om ’ l. dept
Sav. dept
B on d s, m tgs. and securities. . .C om ’ l. dept
Sav. dept
D ue from Fed. Res. B a n k :___ C om ’l. dept
Sav. dept
$86,047
2 2,397
33,143
151,310
D ue from bks. in res. citie s :. . . Com ’l. dept
Sav. dept
U. S. Bds. & cert, indebt, as sav. legal res...
U, S. cert.of indebt, as cash res.: C om ’l. dep:
Sav. dept
Exch. for clearing house & checks on banks
in same p la c e :.......................... Com ’ l. dept
Sav. dept
C u rren cy:...................................... Com ’ l. dept
.
Sav. dept
G old c o m :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
Sav. dept.
.Nickels and ce n ts :.....................C om ’ l dept
„
, „
Sav. dept.
O verdrafts...........
Premium a ccou n t..........
Banking h ouse. . .
Furniture and fix tu res...
Other real esta te ............
D ue from banks other than in reserve cities.
Cash items in tra n sit........
Outside checks and other cash ite m s. . . . . .
Stock o f Federal Reserve Bank.
Other assets...............
—
V ic e P r e s id e n t ; W .
A s s is t a n t C a s h ie r .
T ota ls.........................
36
73
28
20
R eport o f
M ar. 4, 1919.
$93,703
26,255
33,1 28
149,885
92
00
28
20
R ep ort o f
M a y 12, 1919.
$86,318
25,255
28,3 78
143,465
26
00
28
20
R eport o f
June 30, 1919.
$89,575
22,1 76
48,853
159,250
10
54
28
20
36,9 04 42
49,1 12 29
4 2,7 00 00
33,6 67 06
6,2 0 8 27
63,2 50 00
41,3 94 06
34,8 76 32
55,1 50 00
22,6 97 76
81,800 63
4 7 ,7 00 00
8 ,0 0 0 00
9 ,0 0 0 00
9 ,0 0 0 00
9 ,0 0 0 00
R eport o f
Sept. 12, 1919.
$97,380
33,2 50
56,0 28
166,029
42
00
28
97
23,436 32
70,797 17
2 1 ,3 50 00
1,6 0 7 83
62 71
2 ,6 5 6 78
650 12
58 17
6 ,8 3 6 00
8 ,0 0 0 00
153 50
6,961 00
5 ,0 0 0 00
161 00
4 ,1 6 5 00
7,0 0 0 00
161 00
7 ,745 00
1,0 0 0 00
166 00
6 ,9 7 0 00
11,000 00
198 50
1,123 55
1,258 00
1 ,077 90
897 50
870 75
66 17
96 06
47 31
282 73
286 05
227 42
765 95
1,333 51
1,0 2 7 88
357 09
7 ,5 0 0 00
500 00
7,5 0 0 00
1,223 55
7 ,5 0 0 00
1,223 55
7 ,5 0 0 00
1,2 0 0 00
7 ,5 0 0 00
1 ,200 00
5 ,1 9 7 49
5 ,2 3 6 45
26,295 42
1,614 65
6 ,0 2 0 98
963 37
126 19
1,035 63
138 23
637 71
$461,790 61
$443,488 64
$476,333 22
$503,275 62
$503,371 41
00
00
52
00
$50,000 00
15,000 00
13,593 92
$50,000 00
15,000 00
14,043 65
$50,000
15,000
12,911
2 ,5 0 0
00
00
16
00
$50,000 00
15,0 00 00
14,718 72
152,286 39
124,594 49
140,796 88
171,607 17
164,122 98
50 00
114 81
247 50
522 64
1 ,119 00
1,178 78
530 38
107,657 05
120,569 63
370 52
111,509 50
114,414 89
90
121,374 79
125,830 26
2 ,8 7 3 46
127,408 02
127,841 26
3 ,6 3 8 72
$461,790 61
$443,488 64
$476,333 22
$503,275 62
$503,371 41
Liabilities.
Capital stock paid in ........
Surplus fu n d ...................
Undivided profits, n e t ___
D ividends unpa i d ..............
Reserved for taxes, interest, e t c .. . .
Commercial deposits subject to ch e c k .........
Dem and certificates o f d ep osit..........
Certified checks.........
Cashier’s ch e c k s.. . .
D ue to Federal Reserve B a n k ..
D ue to other banks and bankers.............
State moneys on dep osit..........
Postal savings deposits.
U. S. Governm ent deposits. . . .
Tim e commercial certificates o f deposit.
B ook accou n ts. . . .
Certificates o f d ep osit...........
Club savings dep osits. . . .
N otes and bills rediscounted. . .
Bills pa y a b le.......................
Bonds sold subject to repurchase.........
Bonds b orrow ed.............
Acceptances executed for custom ers..
Custom ers’ letters o f cr e d it.........
Other liabilities....................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$50,000
15,000
12,609
3 ,0 0 0
1
07 1
111 33
,
STATE BANKS OF MICHIGAN.
47
No. 159.
THE PEOPLE’S SAVINGS BANK OF BELDING, BELDING.
Organized May 12, 1893.
B
k in t o n
F .
H
a l l
,
P r e sid e n t;
S
D
F
R .
r a n k
H .
u m n e r
W
C
,
h a s e
il s o n
,
V ic e P r e s i d e n t ; A
A s s i s t a n t C a s h ie r .
m b r o s e
S
p e n c e r
,
C a sh ie r -
. -B r in to n
F . H a ll, F r a n k R . C h a se , C h a r le s E d d y , G e o r g e H o p p o u g h , H . L . P a g e
L r a n k L . M o o n , J n o . G . I le s s le r , F r e d E . U n d e r w o o d , G e o . W . M o u lt o n , A m b r o s e S p e n c e r .
ir e c t o r s
Resources.
R ep ort o f
D ec. 31, 1918.
R eport of
M ar. 4, 1919.
R ep ort o f
M a y 12, 1919.
Loans and discounts:............... C om ’l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. . C om ’ l. dept.
Sav. dept,
D ue from Fed. Res. B a n k :___ C om ’l. dept,
Sav. dept.
$209,004 37
5 0,974 55
$181,620 94
8 6,0 70 88
8,000 00
$235,798 15
35,3 87 24
2,000 00
2,000 00
113,509 40
138,309 40
143,199 42
D ue from bks. in res. citie s :. . . C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert, ofindebt. as cash res. .C om ’l. dept.
Sav. dept.
66,035 76
3 ,3 3 5 43
30,6 50 00
2 5,917 11
3 ,3 5 2 43
4 2,9 00 00
23,613 76
3 ,3 6 8 42
51,0 50 00
7 ,5 0 0 00
7 ,5 0 0 00
Exch. for clearing house & checks on banks
in same p la ce :......................... C om ’ l. dept.
3 ,0 1 4
Sav. dept.
C u rren cy:.................................................. C om ’l.dept. 20,3 22
Sav. dept.
3 .0 0 0
G old co in :................................................. C om ’ l.dept.
557
Sav. dept.
4 .0 0 0
Silver c o in :............................................... C om ’ l.dept.
Sav. dept.
Nickels and cen ts:.................................C om ’l.dept.
Sav. dept.
O verdrafts.............................................................
Premium a ccou n t................................................
Banking house.....................................................
Furniture and fixtures......................................
Other real estate.................................................
D ue from banks other than in reserve cities
Ca*h ¡ferns in tra n sit............ ............................
Outside checks and other cash ite m s............
Stock o f Federal Reserve B a n k . ..................
Other a ssets..............................................
T otals.
35
00
00
00
00
461 05
10,226
3 .0 0 0
579
4 .0 0 0
00
00
50
00
4 ,1 0 0 49
7,271
10,500
549
4 ,0 0 0
00
00
50
00
3 ,0 1 2 50
2 ,3 5 6 95
2 ,2 5 9 85
458 61
3 65 '6 7
251 50
R ep ort o f
June 3 0 , 1919
$254,841
22,331
3 ,6 0 0
141,319
58
10
00
49
4 0,8 04 23
3 ,3 8 5 06
4 1 ,0 5 0 00
R eport o f
Sept. 12, 1919.
$211,170
70,781
3 ,6 0 0
151,514
10
10
00
49
38,631 46
3 ,4 0 2 04
4 1 ,8 50 00
322 35
482 29
7 ,765 00
6 ,9 2 6 00
10,000 00
10,000 00
482 00
4 ,0 0 0 00
567 00
4 ,0 0 0 00
2,9 5 5 15
500 00
301 63
2,431 85
500 00
132 62
605 95
239 20
’ 16526
26
167 36
8,000 00
8,000 00
8,000 00
3,6 4 3 20
3,6 4 3 20
8,000 00
8,000 00
3,6 1 3 20
3 ,6 1 3 20
3,6 1 3 20
587 81
807 92
1 ,332 24
229 08
$535,852 20
$520,692 71
$535,715 60
$546,086 97
$559,101 75
$40,000 00
$40,000 3 0
$ 40,000 00
10,000 00
10,000 00
$40,000 00
10,000 00
$40,000 00
10,000 00
8,3 7 7 45
7 ,9 3 9 10
10,000 00
9 ,0 7 6 39
8,631 87
8,3 6 8 57
18 00
Liabilities.
Capital stock paid in ...................................
Surplus fu n d ..................................................
U ndivided profits, n e t .................................
D ividends unpaid.........................................
Reserved for taxes, interest, e t c ..............
Commercial deposits subject to ch e c k . .
D em and certificates o f dep osit................
Certified checks...........................................
Cashier’s checks...........................................
D ue to Federal R eserve B a n k .................
D ue to other banks and bankers............
State moneys on dep osit........ . . , , ______
Postal savings deposits...............................
U. S. Governm ent deposits........................
T im e com m ercial certificates o f dep osit.
B ook accou n ts............. .................................
Certificates o f d ep osit.................................
Club savings deposits..................................
N otes and bills red iscounted....................
Bills pa y ab le................ ................................
Bonds sold subject,to repurchase...........
B onds b orrow ed...........................................
Acceptances executed for cu stom ers.. . .
Customers’ letters o f c r e d it......................
Other liabilities..............................................
T ota ls.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
24
41
07
1,000 00
1,000 00
131,416 65
46,9 82 05
1,000 00
122,897 18
113,198 13
17 25
144,324 16
113,811 27
8 70
136,823 09
84,347 32
12 50
925 18
237 34
237 34
237 34
243 16
101,064 48
189,640 88
377 49
107,065 29
175,760 13
292 15
107,751 06
131,095 60
442 65
114,108 42
98,4 14 70
550 51
119,565 95
158,112 67
610 49
1,0 0 0
147,737
36,725
4
1,000 00
15,000 00
$535,852 20
$520,692 71
$535,715 60
$546,086 97
$559,101 75
48
St a t e b a n k i n g d e p a r t m e n t .
No. 347.
t h e b e l l a ir e
s t a t e b a n k , b e l l a ir e .
Organized August 14, 1906.
C. C. P
o tte
Rj P r e s i d e n t ;
G. W . B
H .
D i r e c t o r s .— G .
W.
B e ch to ld ,
H .
W.
Resources.
e c h t o l d , V ic e P r e s id e n t ; W .
B e c h t o l d , A s s i s t a n t C a s h ie r .
I I . R ic h a r d s ,
R eport o f
D ec. 31, 1918.
L oans and discounts:................C om 'l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m i. dept.
Sav. dept.
D ue from Fed. Res. B a n k :.. . .C om ’l. dept.
Sav. dept.
D ue from bks. in res. c it ie s :.. .C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert.of indebt, as cash res.: C om ’l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la c e :.......................... C om ’ l. dept.
Sav. dept.
C urrency:.......................................C om ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :....................................Com ’ l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
O verdrafts................................................
Premium a ccou n t............................
Furniture and fix tu re s..................
Other real esta te ......................................
Due from banks other than in reserve cities.
Cash item s in tra nsit........................
Outside checks and other cash item s.
Stock of Federal Reserve B a n k ___
Other assets..............................
T ota ls..............................
$55,288
14,447
2 7,8 30
31,133
76
89
00
58
C.
C.
P o tte r,
R ep ort of
M a r. 4, 1919.
$62,436
8 ,555
3 7,273
4 0 ,9 76
21,6 70 37
5 ,0 0 0 00
2 ,2 5 0 00
93
00
69
44
10,500 38
5 ,0 0 0 00
2 ,6 5 0 00
H.
H. R
H.
R ep ort of
M a y 12, 1919.
$65,494
10,340
31,425
4 4,1 02
15
00
00
50
12,015 22
4 ,0 0 0 00
4 ,6 5 0 00
ic h a r d s
B e c h to ld ,
,
M axi
R ep ort o f
June 30, 1919.
$63,796
15,440
2 3,065
32,8 37
C a sh ier;
99
00
00
50
B e c h to ld .
R ep ort of
Sept. 12,1919
$64,652
13,465
24,7 10
33,9 45
83
00
48
47
8,7 0 9 75
4 ,0 0 0 00
6 ,8 0 0 00
26,2 06 08
6 ,0 0 0 00
7-, 700 00
1 ,0 0 0 00
4 ,7 0 2 00
3 ,0 0 0 00
40 00
4 ,3 0 2 00
3 ,0 0 0 00
65 00
2,2 9 3 ÓÒ
2 ,2 0 0 00
75 00
2,8 0 1 00
3 ,5 0 0 00
110 00
2 ,4 0 8 00
3 ,5 0 0 00
125 00
1,701 65
2 ,1 6 6 05
2 ,1 2 5 80
2 ,0 6 5 90
t
1,856 55
140 19
Ì62 99
182 98
135 78
89 20
233 47
73 75
37 43
331 89
1 97
5,2 4 3 79
3 ,0 0 0 00
749 83
5 ,2 4 3 79
3 ,0 0 0 00
672 83
5 ,2 4 3 79
3 ,0 0 0 00
522 77
5,2 4 3 79
3 ,0 0 0 00
522 77
5 ,2 4 3 79
3 ,0 0 0 00
522 77
266 00
232 35
190 55
231 41
115 17
$176,697 53
$186,311 20
$188,898 19
$172,591 78
$193,542 31
Liabilities.
Capital stock paid in .....................
Surplus fu n d ................................
Undivided profits, n e t ...........
Dividends unp aid.....................
Reserved for taxes, interest, e t c . . .
Com m ercial deposits subject to check .
D em and certificates o f deposit
Certified checks..........................
Cashier’ s checks............................
D ue to Federal Reserve B a n k ...
D ue to other banks and ban k ers... .
State moneys on deposit___
Postal savings deposits...........
U. S. G overnm ent dep osits..........
Tim e com m ercial certificates o f dep osit. .
B ook a ccou n ts.........................
Certificates o f deposit.........
Club savings dep osits....................
Notes and bills rediscounted...........
Bills pa y a b le ......................................
Bonds sold subject to repurchase................
Bonds borrow ed............................
Acceptances executed for cu stom ers.. .
Customers’ letters of cr e d it. ..
Other liabilities.......................
T ota ls.........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
$20,000 00
7 ,0 0 0 00
3 ,3 6 7 72
66,9 50
23,7 89
299
132
$20,000
7 ,0 0 0
2 ,1 8 7
100
00
00
23
00
$20,000 00
7 ,0 0 0 00
4 ,0 5 5 50
$20,000 00
7 ,0 0 0 00
3 ,6 5 5 99
$20,000 00
7 ,0 0 0 00
5 ,4 4 3 89
71,312
25,351
299
42
51
15
00
20
7 3,422 00
21,818 86
57,975 81
2 1,293 82
78,295 08
20,9 78 46
457 48
878 55
60,019 11
62,601 83
62,208 68
60,946 33
78
52
00
95
**
55,1 57 56
v
$176,697 53
$186,311 20
$188,898 19
$172,591 78
$193,542 31
STATE BANKS OE MICHIGAN.
49
No. 527.
THE PEOPLE’S STATE BANK OF BELLEVILLE.
Organized January 24, 1913.
Jam es
R. C
l a r k
., P r e s i d e n t ;
D i r e c t o r s .— J a m e s
R.
F r a n k l in
L.
R obbe,
V ic e P r e s i d e n t ;
C la r k , F r a n k lin L . R o b b e , J o h n
I r v in g H . R ig g s .
Resources.
Loans and discou n ts:................C om ’l. dept
Sav. dept
Bonds, mtgs. and securities:.. .C om ’l. dept
Sav. dept
D ue from Fed. Res. B a n k :___ C om ’l. dept
Sav. dept
D ue from bks. in res. c it ie s :...C o m ’l. dept
.
Sav. dept
U. S. Bds. & cert, in debt, as sav. legal res.. .
U. S. cert, ofindebt. as cash res. :C om ’ I. dept
Sav. dept
Exch. for clearing house & checks on banks
in sam e p la ce :.......................... C om ’ l. dept.
Sav. dept.
C u rren cy:...................................... C om ’ l. dept.
„ ,,
.
Sav. dept.
G old c o m :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :................................... C om ’ l. dept.
Sav. dept.
.Nickels and ce n ts :.....................C om ’ l. dept.
, „
Sav. dept.
O verdrafts...............
Premium a ccoun t. . . .
Banking h ouse. . . .
Furniture and fixtures___
Other real esta te. . .
D ue from banks other than in reserve cities.
Cash item s in transit___
Outside checks and other cash item s. .
Stock o f Federal Reserve B a n k ..........
Other assets...........
T ota ls..........
------- ------------------------- -------
R ep ort o f
D ec. 31,1918.
$50,413
26,2 18
2 ,3 7 2
116,833
76
50
59
00
R ep ort o f
M ar. 4, 1919.
$45,154
2 8,039
16,300
107,733
09
50
00
00
C.
F rank
S te llw a g e n ,
R eport of
M a y 12, 1919
$50,404
21,646
29,200
106,508
16
00
00
00
H .
C lark,
G eorge
R ep ort of
June 30, 1919.
$49,625
22,646
30,8 50
116,144
25
00
00
00
19,995 17
17,613 39
43,4 34 00
24,7 76 76
2 0,908 52
61,435 00
4 ,811 61
20,918 22
74,435 00
22,2 88 29
17,921 34
73,435 00
21,732
9.0 0 0
170
6 .0 0 0
13,025
1 1,000
185
6 ,0 0 0
23,9 50
11,000
302
6 ,0 0 0
2 6,067
11,000
275
6 ,0 0 0
00
00
00
00
00
00
00
00
00
00
50
00
00
00
00
00
T.
C a sh iei.
C la r k ,
R ep ort o f
Sept. 12,1919.
$50,125
21,0 00
33,1 00
122,062
16
00
00
00
23,924 91
• 56,694 47
74,435 00
20,0 57
9 .0 0 0
207
6 .0 0 0
00
00
50
00
1 ,338 85
1,716 40
1,545 60
1,632 35
1,760 60
325 95
447 55
432 97
452 26
459 45
2 ,5 1 4 00
54 39
8 83
112 66
99 42
1 0,000 00
4 ,0 0 0 00
10,000 00
4 ,0 0 0 00
10,000 00
4 ,0 0 0 00
10,000 0 0
5 ,0 0 0 00
10,0 00 00
5 ,0 0 0 00
572 44
256 58
610 67
1,055 00
428 85
53 03
$332,533 65
$351,031 79
$365,773 56
$394,933 00
$433,978 54
Liabilities.
Capital stock paid in ........................
Surplus fu n d ............
Undivided profits, n e t........................ .
Dividends unp aid.....................
Reserved for taxes, interest, etc.....................
Commercial deposits subject to ch e c k . . . .
D em and certificates o f dep osit..............
Certified checks..
Cashier’ s checks___
D ue to Federal Reserve B a n k .................
D ue to other banks and bankers.................
State moneys on deposit..........................
Postal savings deposits...............................
U. S. Governm ent deposits..................
Tim e commercial certificates o f d e p o sit...
Book accou n ts. . .
Certificates o f deposit. . .
Club savings dep osits...............................
Notes and bills rediscounted...........................
Bills pa yab le..................
Bonds sold subject to repurchase................
Bonds b orrow ed ...
Acceptances executed for custom ers.............
Customers’ letters o f cred it.............................
Other liabilities.............
T otals......................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$20,000
15,500
3 ,2 1 4
29
00
00
63
50
$ 20,000
20,0 00
976
54
00
00
63
50
$20,000
2 0,0 00
2 ,3 9 6
34
00
00
72
50
$ 20,000
20,0 00
3 ,0 0 9
34
00
00
28
50
$20,000
20,0 00
3 ,8 2 5
80
00
00
71
50
85,891 46
6,4 1 6 92
87,598 55
5 ,8 9 7 09
97,512 90
6,795 52
123,448 29
6,9 5 9 63
132,709 75
7,645 23
15 75
162,337 52
39,143 62
175,224 59
4 1 ,2 80 43
172,787 84
4 6 ,2 46 08
177,857 09
43,6 24 21
199,940 46
49,761 14
$332,533 65
$351,031 79
$365,773 56
$394,933 00
$433,978 5
50
STATE BANKING DEPARTMENT.
No. 548.
THE BELLEVUE STATE BANK, BELLEVUE.
Organized April 16, 1914. >
F. A.
B r o w n , P r e sid e n t;
John
M .
C. D . K
I I . Y o r k , V ic e P r e s i d e n t ;
I I . K i m b e r l y , A u d ito r.
im b e r l y
, C a sh ie r ;
D i r e c t o r s .— C . D . K i m b e r l y , F . A . B r o w n , W . C . D y e r , G . R . B u r t , F . S . A l l e n ,
N.
II. J o h n so n , J oh n II. Y o rk , J oh n S h ark ey.
Resources.
Loans and discounts:................C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’ l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :... .C om ’ l. dept.
Sav. dept.
D ue from bks. in res. c it ie s :.... C om ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal res...
U. S. cert o f indebt, as cash res. :C om ’ l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in sam e p la ce :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:.......................................C om ’ l. dept.
Sav. dept,
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :.............................
.C o m ’ l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’ l. dept.
Sav. dept.
R ep ort o f
D ec. 31, 1918.
$136,547
36,255
3 ,1 8 0
148,041
06
63
79
65
15,822 19
51,643 12
R eport o f
M ar. 4, 1919.
$128,018
41,563
3 ,1 8 0
153,066
71
23
79
65
21,3 60 23
51,1 37 34
R eport o f
M a y 12, 1919.
$1.34,743
41,244
4 ,1 8 0
165,866
54
48
79
65
A lle n
R eport of
June 30, 1919.
*138,019
41,0 68
4 ,1 8 0
165,591
53
23
79
65
Report o f
Sept. 12, 1919 .
*142,011
4 1,512
6 ,1 8 0
197,219
68
90
79
51
42,281 78
49,051 64
16,352 26
64,165 13
5 1,9 90 05
39,171 23
1,139 18
2 ,5 8 0 79
1 ,590 10
4 ,0 8 6 56
6 ,2 5 0 ÓÓ
14,000 00
2 ,765 00
13,164 00
13,000 00
2,555 00
3 ,3 4 0 00
1 4,000 00
2 ,5 1 0 00
6,9 8 9 00
15,0 00 00
2 ,4 2 0 00
5,5 2 4 00
15,000 00
2 ,4 2 0 00
1 ,7 6 0 45
2 ,4 1 8 35
3 ,1 2 9 30
1,991 65
2 ,5 5 2 10
105 08
87 71
83 86
219 21
229 45
1,205 54
192 27
367 27
2,4 4 7 56
788 66
3,1 9 9 00
2,879 10
2,8 7 9 10
2,8 7 9 10
2,591 19
494 26
3 94
223 02
37 50
1,8 2 0 61
564 00
126 21
268 01
Premium a cco u n t..............................................
Banking h ou se .....................................................
Other real estste.................................................
D ue from banks other than in reserve cities.
Cash items in transit..........................................
Outside checks and other cash ite m s...........
Stock o f Federal Reserve B a n k ......................
Other a ssets, : ............. .......................................
H avens,
11 25
$422,408 95
$435,431 13
$465,547 77
*463,604 42
*511,546 13
$20,000 00
5 ,0 0 0 00
3 ,0 4 4 42
$20,000 00
5 ,0 0 0 00
3,941 97
$20,000 00
5 ,0 0 0 00
3 ,8 7 0 61
*2 0,0 00 00
5 ,0 0 0 00
3 ,5 3 3 53
*2 0,0 00 00
5 ,0 0 0 00
4 ,9 4 0 66
101,361 79
43,0 62 34
97,9 28 79
49,793 15
116,584 58
4 9,929 81
102,907 05
46,3 38 83
125,996 56
62,705 27
Liabilities.
Surplus fu n d .........................................................
Undivided profits, n e t........................................
D ividends unpaid................................................
Reserved for ta xes,interest, etc.....................
Com m ercial deposits subject to ch e c k . . .
.........................../
C ertified ch e c k s ...........................
Cashier’s ch eck s..................................................
Due to Federal Reserve B a n k ............. ...........
D ue to other banks and b an k ers...................
State m oneys on d e p o s it..................................
Postal-savings deposits.
..........................
U. S. Governm ent deposits. ............
Tim e com m ercial certificates o f d e p o sit.. . .
.»
249,940 40
258,767 22
270,162 77
285,825 01
292,903 64
$422,408 95
$435,431 13
$465,547 77
$463,604 42
$511,546 13
C ertificates o f d ep osit........................................
Club savings d ep osits........................................
N otes and bills red iscou n ted...........................
Bills p a y a b le ........................................................
Bonds sold subject to repurchase..................
Bonds b o rro w e d ..................... ............................
Acceptances executed for custom ers.............
Custom ers’ letters o f c r e d it.............................
Other liabilities...................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATE BANKS OF MICHIGAN.
51
No. 59S.
FARMERS' STATE BANK, BELLEVUE.
Organized August 2 . 1917.
B. N. K
e is t e r
, P r e s id e n t;
1. W . C
K.
arg o
I ).
, W. A. Y oung, C harles
K i m b e r l y , C a sh ie r.
H. Y
o r k
,
V ic e P r e s i d e n t s ;
D i r e c t o r s .— B .
N . K e is t e r , C . E . S c o t t , I. W . C a r g o , W . A . Y o u n g , B e r t C a r r o ll. D a n
C h a r l e s I I . Y o r k . M . S h i l t s , W . E . S i m o n , R a y E . S t e v e n s , M . .T. R e i d .
Resources.
Report of
D ec. 31 , 1918.
Loans and discounts:............... C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:... C om ’ l. dept.
Say, dept.
D ue from Fed. Res. B a n k : . .. .C om ’ l. dept
Sav. dept
$47,051
15,893
2 ,0 0 0
11,932
D ue from bks. in res. c it ie s :.. .C o m ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s ...
U. S. cert, ofindebt. as cash res.:C om ’l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept.
Sav. dept.
C urrency:.......................................Cdm ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
98
28
00
00
8 ,514 21
5,6 3 7 82
10,400 00
Report of
M ar. 4, 1919.
$39,498
16,892
3 ,0 0 0
31,587
40
48
00
00
$42,676
17,565
3 ,0 0 0
3 7,802
91
34
00
00
Report of
June 30, 1919.
$28,219
33,043
9 ,7 1 2
20,412
47
22
20
00
H a ll,
R eport of
Sept. 12, 1919-
$43,484
35,6 40
10,650
20,412
30
30
95
00
12,296 78
8,1 2 2 19
7 ,404 53
6 ,555 65
1,200 00
23 40
4 ,0 6 6 00
3,5 0 0 00
1,899 00
4 ,0 0 0 00
527 50
3 ,2 7 6 00
4 ,0 0 0 00
502 50
1,826 00
4 ,0 0 0 00
517 50
1,206 00
287 10
3 ,5 0 8 00
4 ,0 0 0 00
165 00
Report o f
M ay 12, 1919.
L.
4 ,0 4 8 83
8,2 8 2 93
14,600 00
9,662 04
4,781 52
14,600 00
500 00
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and ce n ts :.............. .. . .C o m ’ l. dept.
Sav. dept.
O verdrafts........ ........................
...............
Premium a c c o u n t.............. ' ........... . ...........
Banking house.....................................................
Furniture and fixtures................... ................
Other real estate................................................
D ue from banks other than in reserve cities.
Cash items in trans t .........................................
Outside checks and other cash item s...........
Stock o f Federal Reserve B a n k .....................
Other assets.........................................................
T ota ls.............................................................
$124,380 44
$132,230 02
$135,756 42
$138,867 76
$159,227 45
Capital stock paid in .........................................
Surplus fu n d ........................................................
U ndivided profits, n e t.......................................
Dividends un p aid................................................
Reserved for taxes, interest, e t c ....................
Com m ercial deposits subject to ch e c k .........
D em and certificates o f d ep osit.......................
Certified checks............................
Cashier’s checks...................................................
Due to Federal Reserve B a n k ......................
D ue to other banks and bankers...................
State m oneys on d ep osit...................................
Postal savings deposits......................................
IT. S. Governm ent dep osits.............................
T im e com m ercial certificates o f d e p o s it.. . .
Book a ccoun ts..........................
Certificates o f deposit........................................
Club savings dep osits........................................
Notes and bills rediscounted...........................
Bi Is pa y a b le. , ...................................................
Bonds sold subject to repurchase..................
B on d s. borrow ed..................................
Acceptances executed for custom ers.............
Customers’ letters o f credit. . . , ....................
Other liabilities........... .......................................
$25,000 00
5 ,0 0 0 00
599 84
$25,000 00
5 ,0 0 0 00
283 52
$25,000 00
5 ,0 0 0 00
321 82
$25,000 00
5 ,0 0 0 00
856 98
$25,000 00
5 ,0 0 0 00
588 93
40,801 80
45,873 53
33,651 86
30,203 55
35,175 60
T otals.............................................................
$124,380 44
656 00
731 00
616 00
873 00
57 46
185 06
81 76
128 53
180 68
40 96
198 89
912 76
260 68
328 03
8 ,0 0 0 00
3 ,0 0 0 00
8 ,0 0 0 00
3,4 8 5 00
8 ,0 0 0 00
3 ,4 8 5 00
8 ,0 0 0 00
3,4 8 5 00
8 ,0 0 0 00
3,4 8 5 00
3,2 3 6 63
167 22
27 67
402 63
2 30
50 50
Liabilities.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
773 43
2 9,238 67
18,202 63
31,844 69
2 4,2 28 28
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
3 6,617 57
3 0,165 17
40,2 37 70
3 2,569 53
48,943 27
32,246 22
5 ,5 3 7 50
9,0 0 0 00
$132,230 02
$135,756 42
$138,867 76
$159,227 45
52
STATE BANKING DEPARTMENT.
No. 219.
THE BENTON HARBOR STATE BANK, BENTON HARBOR.
Organized December 20, 1899.
H.
I).
P o o l e ., P r e s i d e n t ;
B.
F.
G.
M.
W ells,
V a l e n t i n e , V i c e P r e s i d e n t ; M . P . R e ,s e n ,
S . L . K i d d e r , A s s i s t a n t C a s h ie r s .
C a sh ie r ;
D i r e c t o r s .— I .
W . C o n k e y , H . D . P o o le , G . M . V a le n t in e , S. L . V a n C a m p , M . B . W e lls , C . A .
C o n k e y , L . F . S u th e r la n d , F . L . B r a d fo r d , M . P . R e s c h , D . B . S u th e r la n d , W m . W a lla c e ,
E . C . B o w lb y .
Resources.
Loans and discou n ts:................C oin'l. dept.
Sav. dept.
Bonds, m tgs. and securities:.. .C o m ’ l. dept.
Sav. dept.
D ue from F ed. Res. B a n k :___ C om ’ l. dept.
Sav. dept.
R eport o f
D ec. 31, 1918.
$398,975
46,3 72
12,4 00
420,118
4 2 ,5 50
2 1 ,0 00
52
00
00
84
02
00
D ue from bks. in res. citie s :. . . C om ’ l. dept.
Sav. dept.
II. S. Bds. & cert, indebt, as sav. legal res.. .
U. S. cert, ofindebt. as cash res. :C om ’ l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept.
Sav. dept.
C urrency:...................................... C om ’ l. dept.
Sav. dept.
G old co in :..................................... C om ’ l. dept.
Sav. dept.
4 ,7 1 6
24.0 00
1,8 8 7
10.0 00
00
00
50
00
1,101
5 .0 0 0
427
1 .0 0 0
848
50
00
12
00
90
3 7,5 00
6 ,0 0 0
6 ,5 3 7
11,612
102
1,258
3 ,8 5 0
00
00
86
34
50
82
00
Silver co in :....................................C om ’ l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
O verdrafts..............................................................
Premium a cco u n t...............................................
Banking h ou se.....................................................
Furniture and fixtures.......................................
Other real esta te.................................................
D ue from banks other than in reserve cities.
Cash items in transit.........................................
Outside checks and other cash item s...........
Stock o f Federal Reserve B a n k ................. , .
Other assets.........................................................
R eport o f
M ar. 4, 1919.
$441,536
4 1,0 72
12,4 00
4 29,644
4 8 ,0 44
12
00
00
79
83
2 8,389 37
47,3 07 05
7 2,750 00
61,3 50 00
4 5 ,ÓÓÒ Ó0
4 5 ,0 00 00
6,811 36
T o ta ls............................................................. $1,2 10 ,20 9 65
6,5 0 6 62
3 ,931
2 0,0 00
257
12,0 00
R ep ort o f
M a y 12, 1919.
$417,224
123,120
15,933
532,997
4 8,053
68
00
75
08
16
1,8 3 0 35
$468,571
154,645
15,868
608,302
43,111
2 7,0 00
29
00
55
50
94
00
4 9,756 34
61,892 32
122,300 00
128,950 00
11,242 41
16,717 03
10,123
2 5.0 00
2,7 0 2
12.0 00
00
00
50
00
8 ,6 7 4
2 0,0 00
2,9 9 5
12,0 00
00
00
00
00
3 ,9 0 7 00
3 ,0 0 0 00
997 17
1,739
7 ,4 0 0
454
600
5 ,0 7 2
30
00
03
00
19
3 7,5 00
6 ,0 0 0
17,411
1,063
36,663
4 ,5 6 4
3 ,8 5 0
00
00
86
07
70
18
00
355 89
8 ,0 0 0 00
1,2 0 4 85
1 ,582
5 ,5 0 0
593
500
1 ,553
93
00
40
00
46
3 7,5 00
6 ,0 0 0
1 6,858
5 ,5 9 7
4 ,4 8 9
1,013
3 ,8 5 0
00
00
39
53
06
57
00
$1,2 51 ,07 2 81
—
7,471 21
00
00
00
00
00
00
83
11
50
52
00
13
00
65
09
66
35,0 00 00
4 ,7 3 7
2 5 ,0 0 0
5,0 8 5
9 ,0 0 0
1,2 6 2 20
$474,802
9 1,420
15,918
457,045
51,6 46
R eport of
Sept. 12,1919.
4 5 ,0 0 0 00
00
00
50
00
3 7,5 00
6 ,0 0 0
6 ,5 6 4
3 ,7 5 6
10,862
2,6 6 6
3 ,8 5 0
R eport of
June 30, 1919.
$ 1 ,3 20 ,49 0 57
1 ,529 41
3 7 ,5 00
6 ,0 0 0
18,276
4 ,611
200
1,351
3 ,8 5 0
00
00
38
68
00
66
00
$1,4 40 ,18 0 08
$ 1,691,045 96
Liabilities.
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t.......................................
D ividends unp aid................................................
Reserved for taxes, interest, etc.....................
Com m ercial deposits subject 'to ch e c k .........
Dem and certificates o f d ep osit.......................
Certified checks...................................................
Cashier’s checks..................................................
D ue to other banks and bankers...................
State moneys on deposit...................................
Postal savings deposits......................................
U. S. Governm ent dep osits..............................
Tim e com m ercial certificates o f dep osit___
B ook accou n ts......................................................
Certificates o f deposit........................................
Club savings deposits........................................
$100,000
2 9 ,0 00
17,076
4 ,4 1 5
00
00
66
00
$100,000
2 9,0 00
21,6 42
125
00
00
36
00
$100,000
2 9 ,0 00
24,844
35
00
00
42
00
$100,000
2 9,0 00
17,243
4,9 1 5
00
00
18
00
$100,000 00
2 9 ,0 00 00
22,801 77
306,503 07
69,313 01
314,147 35
68,386 93
355,437 34
58,5 14 18
387,698 98
55,9 04 04
540,343 28
88,558 85
1 ,8 3 8 22
1 ,862 37
1 ,862 37
1,862 37
1 ,885 46
488,868 66
193,195 03
511,176 93
204,731 87
550,139 53
200,657 73
584,812 78
203,743 73
663,765 69
244 ,69 0 91
5 5 ,0 00 00
Bonds borrow ed..................................................
Acceptances executed for custom ers.............
Customers’ letters o f cred it.............................
Other liabilities...................................................
T otals............................................................. $1,210,209 65
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$1,251,072 81
$1,320,490 57
$1 ,440,180 08
$1,691,045 96
STATE BANKS OE MICHIGAN.
63
No. 561.
BERRIEN COUNTY BANK, BENTON HARBOR.
Organized January 5, 1915.
F rank
J o h n R o b i n s o n , C h a irm a n o f B o a r d ;
H . E l l s w a r t h , P r e s id e n t ; A r t h u r B . H i g m a n , C h a s . L . Y o u n g , V ic e P r e s id e n t s ;
J a m e s M . R o s e , C a s h i e r ; P a u l P a r r i s h , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— J o h n
R o b in s o n , F . H . E ll s w o r t h , C h a s . L . Y o u n g , C la u d e P . S y k e s , J a m e s M . R o s e ,
A r t h u r B . H ig m a n , W . W o r t h B e a n , J r ., C h a s . H a n d y .
Resources.
Loans and discounts:................C om ’ !, dept.
Sav. dept.
Bonds, m tgs. and securities:.. .C o m ’l. dept.
Sav. dept.
R ep ort o f
D ec. 31,1918.
8233,928
43,882
79,637
6 7,1 90
99
50
94
25
R eport o f
M ar. 4, 1919.
$199,209
46,9 96
99,753
79,034
88
56
88
00
R eport o f
M a y 12,1 91 9.
$211,622
51,941
99,759
9 9,854
11
24
33
00
R ep ort o f
June 30, 1919.
$225,958
60,142
99,635
102,604
65
48
77
00
Report o f
Sept. 1 2,1919.
$265,449
65,691
169,094
102,604
41
96
54
00
D ue from bks. in res. c it ie s :.. .C o m ’ l. dept.
Sav. dept.
TJ. S. Bds. & cert, indebt, as sav. legal res.. .
49,675 86
2 ,4 9 4 12
35,395 00
Exeh. for clearing house & checks on banks
in same p la ce :.......................... C om ’ l. dept.
1 ,382 57
1,349 31
5 ,1 9 9 80
6,3 8 1 59
5,1 0 3 43
C u rren cy:.......................................C om ’l. dept.
Sav. dept.
2 9 ,0 0 0 00
13,202 00
565 00
2 3 ,0 0 0 00
6 ,0 0 0 00
2 7 ,0 0 0 00
2 ,0 0 0 00
18,0 00 00
2 ,4 0 0 00
19,139 00
7 ,4 0 0 00
960 00
685 00
700 00
Silver c o in :....................................C om ’l. dept.
Sav. dept.
Nickels and cen ts:..................... C om ’l. dept.
Sav. dept.
2 ,5 0 0
767
211
29
534
172
23,684
8 ,0 0 0
2 ,5 0 0
985
770
250
329
172
23,6 84
8,0 8 6
00
30
61
26
23
04
50
00
63,821 96
10,194 42
4 1 ,0 5 0 00
00
00
98
12
39
04
50
87
4 4 ,1 44 36
4 ,2 2 7 99
66,297 60
850
650
615
114
144
172
23,6 84
8,0 8 6
00
00
39
46
55
04
50
87
77,118 07
4 ,0 4 9 93
32,1 40 44
73,129 78
19,371 57
4 3,6 00 00
800 00
4 ,5 0 0
736
881
333
2 ,6 4 4
172
23,6 84
8 ,0 8 6
00
00
06
97
27
04
50
87
2 ,7 5 4 35
3 00
388 13
99
2 ,0 9 0 47
425 74
2 3,684 50
8,1 2 5 23
Other real estste................................................
D ue from banks other than in reserve cities.
Outside checks and other cash item s...........
2 ,2 2 8 25
175 05
5,3 5 1 22
252 15
5 ,0 7 6 72
221 58
11,266 12
614 18
1,5 1 8 52
8594,656 47
8613,477 28
$652,362 54
$682,149 94
$810,534 62
$50,000 00
5 0,0 00 00
2 ,1 3 9 82
$50,000 00
50,0 00 00
3 ,251 83
$50,000 00
50,0 00 00
7,161 08
$50,000 00
5 0 ,0 0 0 00
2 ,3 5 5 92
$50,000 00
50,0 00 00
4 ,1 1 6 10
240 ,28 7
105,542
51
3 ,1 1 0
212,383
99,532
43
70
2 43,047
79,832
33
331
276,501
6 8,939
140
3 ,2 4 3
4 04,939
36,9 16
54
1,0 3 6
Liabilities.
S u rp lu s fu n d ......................................................
Com m ercial deposits subject t o c h e c k .........
Certified ch e c k s..................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
53
54
15
00
53
35
50
97
34
61
50
06
65
53
00
80
93
89
44
97
6,171 66
5 0 ,0 0 0 00
7 ,1 4 8 04
5 0 ,0 0 0 00
3,0 0 1 42
5 0 ,0 00 00
136,372 41
7 ,153 02
142,247 30
5,9 4 7 80
136,973 38
28,811 91
138,487 80
35,333 20
189,225 29
71,243 58
8594,656 47
$613,477 28
$652,362 54
$682,149 94
$810,534 62
54
STATE BANKING DEPARTMENT.
No. 448.
THE BERLIN STATE BANK, BERLIN.
Organized January 21, 1910.
F rank
J. G
D i r e c t o r s .— C h a r l e s
ooden ow
, P r e s id e n t; A l l e n C . B u t t e r f ie l d ,
C h a s . P . G o o d e n o w , C a s h ie r .
P. G oodenow ,
Resources.
L oans and d iscou n ts:............... C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and secu rities:... C om ’ l. dept.
Sav. dept.
D ue from bks. in res. citie s :. . . C om ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal re s .. .
A lle n C . B u t t e r fie ld ,
W m . R ie m e r s m a .
Report o f
D ec. 31, 1918.
$23,311
41,342
11,526
73,074
52
1ft
60
08
18,933 75
530 80
1 9,050 00
R eport o f
M ar. 4, 1919.
$21,492
41,0 65
11,526
88,561
20
71
60
48
19,300 11
16,000 00
7 ,400 00
John
R.
V ic e P r e s i d e n t ;
C o ffe e ,
Report of
M ay 12, 1919.
$22,721
39,694
11,021
7 8,439
20
18
95
68
10,990 05
1 9,500 00
7,8 5 0 00
F ran k
J.
Report of
June 30, 1919.
$28,221
38,5 25
10,921
66,154
60
85
95
57
10,255 99
28,435 00
8 ,4 0 0 00
G oodenow ,
R eport of
Sept. 12,1919.
$32,286
3 4 ,0 09
10,943
6 3,8 70
08
47
50
00
24,162 86
46,6 50 00
9 ,1 0 0 00
Exch. for clearing house & checks on banks
C u rren cy :...................................... C om ’l. dept.
Sav. dept.
G pld c o in :.....................................C om ’ l. dept.
Sav. dep t.
1,597
2 ,0 0 0
972
3 ,0 0 0
00
00
50
00
1,427
1 ,0 0 0
970
3 ,0 0 0
00
00
00
00
2 ,7 8 4
1,0 0 0
980
3 ,0 0 0
00
00
00
00
1,0 2 9
1,0 0 0
975
3 ,0 0 0
00
00
00
00
3 ,4 0 0
1,000
772
3 ,0 0 0
00
00
50
00
Silver c o in :................................... C om ’ l. dept.
341 75
262 80
266 15
93 70
330 90
Nickels and ce n ts :.....................C om ’l. dept.
217 03
63 04
1,002 86
177 07
128 31
66 71
113 61
55 07
608 16
81 33
3 ,8 0 0 00
2,2 2 8 61
3 ,8 0 0 00
2 ,2 6 8 61
3 ,8 0 0 00
2 ,2 6 8 61
3 ,8 0 0 00
2 ,2 6 8 61
3 ,8 0 0 00
2 ,2 6 8 61
$218,251 16
$205,373 75
$212,966 50
$226,703 56
113 40
$202,105 85
Liabilities.
$20,000 00
2 ,3 0 0 00
1,103 16
Com m ercial deposits subject to c h e c k .........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
40,454 86
$20,000
2 ,5 0 0
1,327
30
152
4 9,732
00
00
52
00
14
71
$20,000
2 ,5 0 0
2 ,7 0 2
30
00
00
31
00
44,196 45
$ 20,000 00
2 ,5 0 0 00
3 ,0 4 2 42
243 77
52,925 43
$20,000
3 ,5 0 0
1,844
4
61
51,248
00
00
77
50
00
12
18 44
6 ,0 0 0 00
66,513 78
71.734 05
69,160 79
75,348 00
62,420 51
6 7,506 04
65,7 50 81
68,504 07
71,898 06
78,1 47 11
$202,105 85
$218,251 16
$205,373 75
$212,966 50
$226,703 56
STATE BANKS OF MICHIGAN.
55
No. 416.
THE BERRIEN SPRINGS STATE BANK, BERRIEN SPRINGS.
Oi'ganized October 21, 1908.
W m .
H.
S y l v e s t e r , P r e s id e n t; I r a R . S t e m m , E . F . G a r l a n d ,
G . L . V a l e n t in e , C a sh ie r ; G e o r g e D . T a y l o r , A ssista n t
D i r e c t o r s .— W m .
H . S y lv e s te r , I r a R . S tem m , J a m e s
S h e f f i e ld , J . N . K l o c k , C . M . N i l e s , G e o . R .
Report o f
D ec. 31,1918.
Resources.
62
00
00
19
$134,067
32,075
5 ,1 0 0
111,715
90
00
00
19
D ue from bks. in res. c it ie s :.. .C o m ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal r es.. .
29,925 52
35,732 89
2 ,8 0 0 00
Sav. dept.
5 ,0 0 0 00
19,912
3 8,534
4 1,150
10,000
5 ,0 0 0
68
10
00
00
00
Loans and discounts:................. C om ’], dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’], dept.
Sav. dept.
$122,868
35,4 25
63,2 00
108,665
R eport o f
M ar. 4, 1919.
V ic e P r e s i d e n t s ;
C a s h ie r .
D . B o o n e , E . F . G a r la n d ,
D a te r , G . L . V a le n tin e .
R eport o f
M a y 12, 1919.
$146,532
34,4 25
10,100
108,575
Report o f
June 30, 1919.
24
00
00
19
$173,101
3 3,725
5 ,1 0 0
109,075
3 3,933 15
2 ,0 0 0 00
39,050 00
45
00
00
19
Wm.
E.
R eport o f
Sept. 12, 1919.
$188,670
46,5 50
8 ,9 2 0
125,971
88
00
00
81
45,930 69
61,762 18
4 3,1 50 00
3 8,5 00 00
Exch. for clearing house & checks on banks
1 ,220 73
640 83
195 58
00
00
00
00
10,260
8 ,0 0 0
935
1,0 0 0
00
00
00
00
7 ,127
8 ,0 0 0
660
1,000
00
00
00
00
347
600
178
200
297
90
00
20
00
76
269
700
4
300
30
00
99
00
600
750
123
250
1 ,209
00
00
15
00
77
593
1 0,000
3 ,7 5 0
545
34
00
00
23
10,000 00
3 ,7 5 0 00
545 23
155 32
69 98
35 81
158 97
$429,964 84
$410,466 72
$448,566 94
$504,744 57
$20 ,00 0 00
5 ,0 0 0 00
137 29
$20,000 00
5 ,0 0 0 00
937 05
$20,000 00
5 ,0 0 0 00
2 ,0 4 3 97
$20 ,00 0 00
5 ,2 5 0 00
137 29
$ 20,000 00
5 ,2 5 0 00
2,531 66
184,472 82
49,103 30
168,923 63
42,319 96
156,034 33
61,901 96
178,977 49
69,318 21
202,186 78
54,147 22
4 ,7 0 7 00
9 ,0 0 0 00
Silver c o in :................................... Com ’ l. dept.
Sav. dept.
Nickels and cen ts :..................... C om ’l. dept.
489 00
500 00
298 86
630 00
135 00
421 47
119 21
272 04
Banking house.....................................................
Furniture and fixtures.....................................
Other real esta te.................................................
10,000 00
4 ,0 0 0 00
566 13
10,000 00
4 ,1 2 5 00
566 13
1 0,000 00
4 ,1 2 5 00
566 13
Outside checks and other cash item s...........
2,101 75
140 02
102 15
365 45
T ota ls.............................................................
$440,948 69
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t.......................................
Com m ercial deposits subject to ch e c k .........‘
D em and certificates o f dep osit.......................
Sav. dept.
2 ,0 2 0 96
9 ,0 4 0
8 ,5 0 0
500
700
00
00
50
00
C u rren cy:.......................................C om ’ l. dept.
Sav. dept.
10,144
8 ,0 0 0
472
500
865 00
Liabilities.
1,761 07
B ook accou n ts.....................................................
Certificates o f d ep osit......................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
84,201 69
98,033 59
8 6 ,0 80 09
106,704 11
89,854 48
75,631 98
$440,948 69
$429,964 84
$410,466 72
1
90,444 58
84,4 39 37
103,403 11
115,464 73
$448,566 94
$504,744 57
§6
STATE BANKING DEBARTMENT.
No. 500.
THE PEOPLE’S STATE BANK, BESSEMER.
Organized March 22, 1912.
.J a c o b G o l d m a n , C h a ir m a n o f t h e B o a r d .
E d w i n R . B a y l i s s , P r e s id e n t; J . S . R u m m a g e , V ic e P r e s id e n t ;
M . A . H a g e r m a n , C a s h i e r ; A l o i s M a z a n e c , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— J a c o b
G o ld m a n , E d w in R . B a y lis s , J o s e p h O c h ls , 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 , P e r c y S . W illia m s .
Resources.
Loans and discounts:................. C om ’ l. dept
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’ l. dept.
Sav. dept.
D ue rom Fed. Res. B a n k :... .C o m ’l. dept.
Sav. dept.
D ue from bks. in res. cities: . . C om ’l. dept.
Sav. dept.
U. S. Bds. & cert. indebt, as sav. legal r e s ..
U. S. cert, o f indebt, as cash res.: C om ’l. dept
Sav. aept,
R ep ort o f
D ec. 31,1918.
$123,675
26,143
101,955
51,668
$98,141
4 0,1 27
103,872
5 1,533
55
77
88
58
R ep ort of
M a y 12, 1919.
*84,444
5 5,396
89,837
72,548
19
44
50
81
R ep ort o f
June 30, 1919.
$95,901
5 5,829
91,477
66,686
40
37
10
56
R ep ort o f
Sept. 12, 1919.
$104,659
56,7 96
84,718
83,7 78
76
66
25
50
15,144 59
10,144 94
45,9 05 35
,623 99
27,8 38 72
2 3 ,8 00 ÓÓ
3 3 ,1 50 ÓÓ
2 3,1 00 00
7,4 2 0 81
17,9 50 00
3 ,091 52
1 4 ,2 00 ÓÓ
6,000 00
E xch. for clearing house & checks on banks
396
in same p la c e :......................................C om ’ l.dept.
Sav. dept.
C urrency:...................................................C om ’l. dept. 3,6 1 5
13,0 00
Sav. dept.
G old coin:
C om ’l. dept.
1 ,0 7 0
Sav. dept.
Silver co in :............................................... C om ’l.dept. 1,0 0 2
Sav. dept.
Ì44
Nickels and cen ts :................................. C om ’ l.dept.
Sav. dept.
O verdrafts...........................................................
13
Premium a cco u n t.............................................
780
Banking house...................................................
1 7,500
8 ,9 3 2
Furniture and fixtures...................................
Other real esta te...............................................
Due from banks other than in reserve cities
Cash item s in transit.........................................
753
14,013
Outside checks and other cash item s.........
Stock o f Federal Reserve B a n k .....................
Other assets........................................
T otals.
24
86
21
58
R ep ort o f
M ar. 4 ,1 9 1 9 .
28
00
00
00
463 18
3 .0 0 0 00
85 00
2 ,0 5 2 08
1,269 71
8,4 3 9 00
6,000 00
32 50
3 ,7 9 8 00
1 4 ,0 00 00
1,0 3 2 50
1,391 65
4 ,3 1 3 15
4 ,1 6 3 90
382 70
550 77
1.000 00
440 52
22,5 15
2 1,4 00
135
600
47 50
1,000 00
60
46
83
00
00
32
257 i i
201
780
17,500
8 ,8 7 2
38
00
00
32
319
520
17,500
8 ,9 7 2
03
00
00
32
212
520
17,5 00
8 ,9 1 2
84
00
00
32
00
00
00
00
4 ,8 5 4 65
”
’ 735'59
48
520
17,5 00
8 ,8 5 2
82
00
00
32
63
05
1 ,355 00
2 ,4 2 7 50
1,929 60
1 ,909 41
496 17
2 ,3 3 0 19
$403,608 65
*374,336 66
$433,472 48
3,085 39
$452,420 21
00
00
72
50
$35,000 00
7 ,0 0 0 00
1,371 35
*35,0 00 00
7 ,0 0 0 00
3 ,3 9 6 75
6 00
6 00
139,442 47
148,414 67
184,025 00
143,386 14
222,340 13
7 86
2,3 2 4 06
355 39
3 ,0 2 6 10
24 84
405 32
1,0 2 6 17
1,515 03
19 69
6 ,5 5 8 26
13,866 19
2 ,5 0 0 00
13,866 19
9 ,5 0 0 00
5 .0 0 0 00
13,866 19
5 ,0 0 0 00
14,038 09
2 ,5 0 0 00
14,0 38 09
102,168 82
1 2,998 03
115,152 41
15,644 55
127,424 22
16,324 16
131,058 84
16,124 54
134 785 77
2 2 ,9 0 2 06
87,0 00 00
25,0 00 00
4 0 ,0 0 0 00
39,0 00 00
*433,472 48
$396,085 39
Liabilities.
Capital stock paid in ................. ........ ...... ..
Surplus fu n d ..................................................
Undivided profits, n e t ...............................
D ividends un p aid........................................
Reserved for taxes, interest, e t c ..............
Com m ercial deposits subject to ch eck ..
D em and certificates o f d ep osit................
Certified checks............................................
Cashier’s checks...........................................
D ue to Federal Reserve B a n k . .............
D ue to other banks and bankers............
State m oneys on dep osit............................
Postal savings deposits...............................
U. S. G overnm ent dep osits.......................
Tim e commercial certificates o f deposit.
B ook accou n ts..............................................
Certificates o f dep osit...............................
Club savings deposits................................
N otes and bills rediscounted....................
Bills pa y a b le.................................................
Bonds sold subject to repurchase...........
Bonds' borrow ed.............................................
Acceptances executed for custom ers___
Customers’ letters o f cred it......................
Other liabilities..............................................
T otals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$35,000
7 ,0 0 0
1,119
181
$403,608 65
$374,336
$35,000
7 ,0 0 0
2 ,758
178
00
00
08
50
1.000 00
$35,000
9 ,5 0 0
2 ,7 7 2
3
00
00
71
50
2,000 00
$452,420 21
57
STATE BANKS OF MICHIGAN.
No. 536.
THE CENTRAL STATE BANK OF BENZONIA, BEULAH.
Organized August 18, 1913.
H erbert
B. W
*■
D
ir e c t o r s
.—
H erbert
B .
, P r e s id e n t; F r a n k L . O r c u t t ,
I r v i n g P . J o n e s ., C a s h ie r .
V ic e
oo d w ard
W o o d w a r d , F r a n k L . O r c u tt. C h a r le s
G.
M . S p r o u t, I r v in g P . J o n e s .
E .
P r e sid e n t;
C ase,
W illia m
Resources.
R ep ort o f
D ec. 31,1918.
R eport of
M ar. 4, 1919.
R eport o f
M a y 12, 1919.
R ep ort o f
June 30, 1919.
Loans and discounts:................C om ’ l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C om ’ !, dept.
Sav. dept.
$33,802
26,252
16,336
4 0,8 90
$31,027
26,710
17,276
40,3 58
$34,431
21,717
18,216
39,345
$30,436
25,1 90
17,714
38,795
43
64
24
04
10
18
24
56
27
72
24
06
41
92
36
06
D ue from bks. in res. c it ie s :.. .C o m ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal r e s ..
9 ,938 97
4 ,2 0 8 13
10,096 23
3 ,7 0 2 01
889 67
8,1 0 6 00
8 ,5 4 7 20
4 ,1 2 8 98
8 ,256 00
13,625 73
3,0 4 5 60
8,681 00
Sav. dept.
2 ,5 0 0 00
18,500 00
18,500 00
6 ,0 0 0 00
R e im e r ,
R eport o f
Sept. 12, 1919.
$29,032
25,556
33,334
38,2 18
48
95
36
71
30,0 60 97
9,454 46
2 4,760 40
Exch. for clearing house & checks on banks
C u rren cy:...................................... C om 1. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
3 ,1 5 7
3 ,0 0 0
375
400
00
00
00
00
3,8 3 3
3 ,0 0 0
452
400
00
00
50
00
3 ,1 7 8
3 ,5 0 0
457
400
00
00
50
00
2 ,9 0 7
3 ,5 0 0
460
400
00
00
00
00
2,0 6 4
3 ,7 0 0
290
400
00
00
00
00
Silver c o in :................................... C om ’ l. dept.
405 63
518 40
487 32
442 85
659 30
Nickels and cen ts :.....................C om ’ l. dept.
340 54
131 70
108 98
89 41
103 39
O verdrafts.............................................................
18 74
72
15
00
00
00
35 88
9 21
129 02
6,0 0 0 00
2 ,0 0 0 00
5 ,5 5 0 00
6 ,0 0 0 00
2 ,0 0 0 00
5 ,5 5 0 00
6 ,0 0 0 00
2 ,0 0 0 00
250 00
$165,271 59
$168,628 23
$174,860 15
$164,847 55
$206,014 04
$20,000 00
5 ,0 0 0 00
229 19
$20,000 00
5 ,0 0 0 00
$20,000 00
5 ,0 0 0 00
222 31
$20 ,00 0 00
5 ,0 0 0 00
1,214 31
$20,000 00
5 ,0 0 0 00
1,566 08
Com m ercial deposits subject to ch e c k .........
49,303 33
41,9 92 64
55,825 43
800 00
47,555 27
800 00
70,616 79
Cashier’s checks.............. ..................... - ...........
646 89
1,6 1 7 32
1,201 39
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
56,6 08 91
3 9,1 06 18
Banking house....................................................
Furniture and fixtures......................................
Other real estate................. _ ................
D ue from bunks other than m reserve cities.
6 ,0 0 0 00
2 ,0 0 0 00
5 ,5 5 0 00
27
145
6 ,0 0 0
2 ,0 0 0
5 ,5 5 0
On tsiiltj ulit/tky and other cash ite m s...........
T ota ls.............................................................
Liabilities.
Capital stock paid in .........................................
Surplus fu n d ........................................................
Undivided profits, n e t............................ •• •■
Dividends u n p a id ............................................
D ue to other hanks and bankers...................
State moneys on d ep osit..................................
10 50
2,9 5 5 58
B ook a ccoun ts.....................................................
Certificates o f dep osit......................................
37,715 00
4 4 ,1 27 18
4 6 ,6 88 36
39,079 91
39,791 52
38,569 50
41,0 14 71
34,3 03 22
Bills p a y ab le........................... .. ..........................
3 ,0 0 0 00
3 ,0 0 0 00
3 ,0 0 0 00
3 ,0 0 0 00
.._......................................
5 ,2 5 0 00
6 ,2 5 0 00
6,2 5 0 00
5 ,8 5 0 00
T o ta ls ...................................... ......................
$165,271 59
$168,628 23
$174,860 15
$164,847 55
Bonds borrow ed—
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$206,014 04
58
STATE BANKING DEPARTMENT.
No. 259.
BIG RAPIDS SAVINGS BANK, BIG RAPIDS.
Organized May 1 , 1902.
W o o d b b id q b
N. F
e r r is
,
P r e s id e n t; C . D .
R eam er
W .
C a r p e n t e r , E . C.
W i g l e , C a s h ie r .
N e w c o m b e , V ic e
P r e s id e n ts •
D i r e c t o r s .— W o o d b r i r l g e
W j
K napp' A ' K
N
F e r r is , C . D . C a r p e n te r , E . C . N e w c o m b e , A
A
H a n c h e t t , - V J - H e n d e r s o n , .7. K . B r o w e r , A . S . M e r c h a n t ,
Resources.
L oans and d iscou n ts:................C om ’ I. dept
Sav. dept.
-Bonds, mtgs. and securities. . .C om ’ I. dept.
Sav. dept.
D ue from F ed . Res. B a n k :... .C o m ’ I. dept.
S a v .d e p t
D ue from jk s . in res. c it ie s :.. .C o m ’I. dept
Sav. dept
U. S. Bds. & cert, indebt, as sa v, legal r e s . .
XL S. cert, o f indebt, as cask res.: Com-’ l. dept,
S a v . dept.
Exc h . for clearing house & checks on banks
in same p la c e :..................... .C o m ’ I. dept.
_
Sav. dept.
C u rren cy :........................................C om ’ I. dept.
„ .,
.
Sav. dept.
C o ld c o m :...................................... C om ’I. dept
S a v. dept
Silver c o in :.....................................C om ’ I. dept,
... , ,
,
Sav. dept.
.Nickels and ce n ts :.....................C om ’I dep t
O verd ra fts.......................................... ^
.d e p t
Prem ium a ccou n t. . .
B anking h o u s e .. ..
F urniture and fixtures........................
Other rea l esta te...................................
D ne from banks other than in reserve cities
Cash item s in transit
Outside checks and oth er cash item s.........
Stock o f Federal Reserve B a n k ..................
O ther assets'...........................
T otals.
R eport of
Dec. 31, 1918.
$246,499
14,022
88,897
225,983
15.000
15.000
41
52
45
20
00
00
18,257 10
Report of
M ar. 4, 1919.
$229,550
14.022
108,515
226,934
18,059
15,000
07
52
92
34
43
00
59.022 20
441 78
616 72
13,250 00
12,750 00
12,250 00
11,875 00
375 00
400 00
120 00
350
250
245
111
193
00
00
76
31
21
1,653 00
1,110 00
362 40
212 69
91 00
Report o f
M a y 12, 1919
$253,061
14.022
234,100
224,820
25,776
25,0 00
20
52
00
49
25
00
20,086 64
1,257
270
8,397
6,925
24
90
00
00
1,200 00
450 00
1,520
1,265
328
246
613
00
00
17
21
26
Report o f
June 30, 1919.
$269,327
14,022
201,850
220,433
9,775
25,0 00
00
52
00
10
86
00
51,598 60
2 ,6 6 8
391
10,525
7 ,0 0 0
150
95
36
00
00
00
200 00
1,528
1 ,350
326
204
266
20
50
28
45
37
W o rce s te r
R eam er w !
Report of
Sept, 12, 1919.
$347,083
14,022
199,500
214,014
23,799
3 5 ,0 00
30
52
00
20
85
00
2 9,480 33
941
98
7,693
9,3 4 0
22
28
00
00
200 00
120 00
1,358
1,623
152
290
1 ,530
25
50
26
36
77
2,717 38
2,8 2 8 27
3 ,0 0 8 27
3 ,0 2 8 27
3,2 4 6 32
3 A 99 60
3 ,4 9 9 60
Ì 2 2 9 5 Ói
7 '795 3 i
3,527 41
2 ,5 0 0 00
1 ,8 0 0 00
49 29
1 ,800 00
64 29
143 20
1,800 00
64 29
628 30
1 ,800 00
24 70
606 02
1,800 00
69 70
1,218 01
$707,962 45
$836,650 95
$50,000 00
$50,000 00
$50,000 00
$829,1
$895,497 29
Liabilities.
C apital stock paid in ..................................
Surplus fu n d .............................................
Undivided profits, n e t............................ \\
D ividends u n p a id ........................................
Reserved fo r taxes, interest, e t c ..............
Com m ercial deposits subject to c h e c k .,
D em and certificates o f d e p o sit................
Certified c h e c k s . ................
Cashier’s checks.....................................
D ue to Federal Reserve Bank
D ue to other banks and b an k ers.. . . . . .
S ta te moneys on d e p o s i t . ..................
Postal savings deposits...............................
U. S. Governm ent deposits . ....................
Tim e com m ercial certificates Of deposit.
B ook a c c o u n ts ..
.............
Certificates o f dep osit...............................
Club savings dep osits.............................'
N otes and bills red iscou n ted. .
Bills p a y a b le .................................................
Bonds sold subject to repurchase...........
Bonds b o rro w e d ,.........................................
A cceptances executed for custom ers___
Custom ers’ letters o f cr e d it......................
Other liabilities.............................
T otals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10,000 00
10,000 00
10,000 00
2 5,054 92
2 ,5 0 0 00
26,334 99
2 3,676 29
147,565
149,186
312
1,3 5 0
47
61
60
12
174,508
167,658
297
284
70
44
35
07
181,961
168,563
961
188
48
66
02
25
$50,000 00
10,000 00
24,508
2 ,5 0 0
1,522
216,610
178,919
296
158
00
00
88
60
33
97
50
$50,000 00
10,000 00
25,689 97
1.078
218,863
202,528
1,552
582
04
64
38
83
68
5 ,2 0 5 18
5 ,0 0 0 00
4 ,8 1 8 19
1,056 01
11,246 00
2,5 2 6 08
¿ '9 8 4 ÌÓ
l '2 ¡ 7 50
' 3 G 03 50
’ 2 j 528 04
244,117 03
2 4 ,4 00 00
248,274 55
249,775 50
2 0 ,9 00 00
2,8 3 9 06
250,201 93
18,400 00
3 ,8 1 7 05
256,253 00
18,300 00
4,9 2 4 71
7 U 750 00
68,800 00
81.9 50 00
$836,650 95
$829,894 77
$895,497 29
21,000 00
1 ,6 2 0 25
4 7 ,0 00 00
$662,218 01
$707,962 45
10,000 00
STATE BANKS OF MICHIGAN.
59
No. 248.
CITIZENS’ STATE BANK, BIG RAPIDS.
Organized September 28, 1901.
G eorge
A . W r i g h t , P r e s i d e n t ; F r e d E . H o o d , W . T . D o d g e , V ic e P r e s i d e n t s j
D . C . M o r r i l l , C a s h i e r ; F r e d A . A s h l e y , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— G e o r g e
D.
A . W r ig h t , A . W . B e n n e tt, G e o . F . F a ir m a n . W . T . D o d g e . W m . E . B a ilie ,
C . M o r r ill, F . E . H o o d , L . F . B e r tr a n , W m . T . J o n e s , J a s . F it z p a t r ic k , J o h n C . J e n s e n .
Resources.
Loans and d iscou n ts:............... C om ’], dept.
Sav. dept.
Bonds, m tgs. and securities:.. . C om ’ !, dept.
Sav. dept.
D ue from Fed. Res. B a n k :... .C o m ’ l. dept.
Sav. dept.
D ue from bks. in res. c it ie s :.. .C o m ’ ], dept.
Sav. dept.
Report o f
Dec. 31, 1918.
$293,060
87,658
125,928
388,225
26,716
16,034
18
08
21
82
16
17
Report o f
M ar. 4, 1919.
$311,621
79,092
107,697
449,995
22,008
17,324
17
80
41
82
83
13
Report of
M a y 12, 1919.
$366,582
7 3,098
80,794
498,705
22,5 70
18,899
56
58
27
82
84
39
R eport of
June 30, 1919.
$341,574
108,651
11,694
478,855
19,834
19,591
87
66
27
82
22
02
Report of
Sept. 12, 1919.
$326,169
136,090
24,651
473,620
22,214
20,898
63
46
29
93
45
19
17,206 45
17,799 09
20,581 03
8,9 4 5 03
14,438 55
10,593 04
18,574 56
16,759 19
4,831 07
1,951 37
877 35
3 ,3 4 9 41
724 46
12,0 00 00
22,090 00
10,000 00
16,874 00
10,000 00
25,616 00
8 ,0 0 0 00
26,6 50 00
1 0,000 00
23,583 00
5 7,714 28
39,176 09
U. S. cert.ofin d eb t.a sca sh res.:C om ’l. dept.
Sav. dept.
Exch. for clearing house & checks on banks
in same p la c e :..........................Com '], dept.
Sav. dept.
C u rren cy:...................................... C om ’ l. dept.
Sav. dept.
G old c o in :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
Sav. dept.
Nickels and ce n ts :.....................C om ’l. dept.
Sav. dept.
245 00
2 ,5 0 0
2,4 1 4
124
6
650
00
10
30
36
98
307 50
2 ,5 0 0
4,8 4 5
197
86
196
00
35
87
53
46
380 00
4 ,1 0 0
2 ,5 0 2
103
184
262
00
50
29
58
52
402 50
5 ,3 0 0
2,022
133
101
567
00
60
72
21
15
440 00
2 ,0 0 0
2 ,758
239
39
181
00
00
40
88
64
Premium a c c o u n t ...............................................
Other real estste................................................
D ue from banks other than in reserve cities.
Cash item s in tra nsit.........................................
Outside checks and other cash ite m s ...........
Other assets.........................................................
20,0 00 00
5 ,5 0 0 00
2 0 ,0 00 00
5 ,5 0 0 00
2 0 ,0 00 00
5 ,8 5 0 00
2 0,0 00 00
5 ,8 5 0 00
20,0 00 00
5,9 5 8 15
1,112 96
2 ,2 5 0 00
8 ,4 1 4 43
1,421 04
2 ,2 5 0 00
7,9 6 4 43
779 02
2,2 5 0 00
1,5 8 0 11
2 ,2 5 0 00
519 27
2 ,2 5 0 00
$ 1,0 54 ,76 7 36
$1,0 91 ,36 0 77
1 1,1 58 ,58 8 31
$1,091,742 31
$ 1,1 69 ,22 9 12
$50,000
25,0 00
8,5 7 7
2 ,5 0 0
00
00
57
00
$50,000
2 5 ,0 00
8 ,8 0 5
200
$50,000
25,0 00
10,094
150
$50,000
2 5,0 00
9 ,443
2 ,5 0 0
253,660
64,222
37
4 ,1 1 0
66
81
77
41
264,797 79
4 5,598 19
63 52
281,714 77
20,748 33
441 33
252,809 74
13,560 50
109 00
16,385 52
10,674 21
6 ,8 0 9 35
7 ,835 18
8 ,7 8 6 22
3 60,686 32
155,200 19
18,586 11
374,922 87
184,232 29
18,316 00
399,812 44
214,875 20
15,292 27
416,670 82
222 ,18 0 91
14,182 27
450,621 88
235,405 67
10,579 00
Liabilities.
Reserved for taxes, interest, etc.....................
Com m ercial deposits subject to c h e c k .........
Dem and certificates o f d ep osit.......................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
90
00
00
00
62
00
00
00
89
00
$50,000 00
25,0 00 00
9 ,718 3 0
287,008
9,6 2 9
315
65
34
38
24
00
1 5,000 00
15,0 00 00
6 3,0 00 00
8 0 ,8 00 00
9 3,750 00
70,6 50 00
7 7,450 00
8 2,1 00 00
$ 1 ,0 5 4 ,7 6 7 36
$ 1 ,0 9 1 ,3 6 0 77
$1,1 58 ,58 8 31
$1,0 91 ,74 2 31
$1,169,229 12
60
STATE BANKING DEPARTMENT.
No. 505.
THE BIRCH RUN STATE BANK, BIRCH RUN.
Organized June 13, 1912.
E rn est
I t.
M ay,
P r e s id e n t ;
C h as
H.
D i r e c t o r s .— E r n e s t
R eport o f
Dec. 31, 1918
L oans and discounts-...........
C om ’ l dept
■
Say. dept
.Bonds, mtgs. and securities:.. .C o m ’l. dept
,
Sav. depi
D ue from Fed. Res. B a n k :.. . . Corn ! dept
Sav. dept
D ue trom bks. in res. c it ie s :.. .C o m 'l. dept
TT „ _
.
Sav. dept
U . o. .Lids. & cert, m debt. as sav. legal res.
U. S. cert, o f indebt, ascash res.:C om ’ l. dept
S a v .d e p t
Exch, for clearing house & checks on banks
m same p la c e :.......................... C om ’l. dept
„
Sav. dept
C u rren cy:...................................... C om ’ l. dept
n ,,
.
Sav. dept.
G old c o in :.....................................C om ’ 1, dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
vr; , ,
,
„ Sav. dept.
Nickels and cen ts :.....................C om ’ l dep t
,.
V ic e
P r e s id e n t ; R a y m o n d
C a s h ie r .
G.
F rost,
$55,249
53,9 06
9,212
97,545
04
88
09
10
R eport o f
R ep ort o f
M ar. 4 ,1 9 1 9 . ' M a y 12, 1919
$61,124
54.199
11.200
83,585
67
55
00
78
$57,594
5 5,597
10,302
78,325
13
08
00
26
M ile s
L.
Outside checks and other cash items
Stock o f Federal Reserve Bank
Other assets. . . .
I -I a d s a ll
R ep ort o f
June 30, 1919
R eport o f
Sept. 12, 1919.
$58,609
55,517
16,865
77,743
$65,660
71,341
9 ,5 3 0
108,393
49
64
00
48
39
29
00
10
...................... * *
19,865 87
1 0,000 00
7 ,0 0 0 00
8,7 7 0 76
10,0 00 00
6 ,7 0 0 00
19,400 63
10,000 00
5 ,6 0 0 00
2 ,0 0 0 00
.4,0 00 00
2 ,0 0 0 00
3 ,1 0 5 00
6 ,0 0 0 00
1,6 0 5 00
2 ,0 8 9 00
4 ,0 0 0 00
1 ,577 50
416 50
115 06
36,2 99 87
10,0 00 00
5 ,8 5 0 00
21,958 82
10,000 00
1 4,100 00
3 ,2 8 0 00
5 ,5 0 0 00
712 50
7 ,293 00
8 ,0 0 0 00
702 50
5 ,5 9 6 00
9 ,0 0 0 00
702 50
301 40
753 50
578 95
1,025 20
242 33
187 29
175 19
130 90
19 92
18 88
1 25
11 18
295 51
1,939 80
2,7 0 5 43
6 ,2 9 0 00
1,939 80
2 ,6 4 9 56
5 ,6 1 5 00
1,939 80
2 ,6 4 9 56
1,6 1 5 00
1,939 80
2,6 4 9 56
1,3 4 0 00
1 ,939 80
2,3 9 9 56
1,340 00
1,0 8 6 50
488 18
652 15
579 57
10 00
346 75
$278,080 79
$258,502 41
$256,110 15
$284,155 23
$323,769 82
$20,000 00
6 ,5 0 0 00
2,3 5 5 87
$20 ,00 0 00
7 ,5 0 0 00
15 06
$20 ,00 0 00
7 ,5 0 0 00
2 ,0 4 4 39
$20 ,00 0 00
7 ,5 0 0 00
2 ,161 52
$25,000 00
8 ,0 0 0 00
1,4 5 2 44
43,7 27 09
33,356 39
39,5 45 60
24,119 80
44,1 48 24
24,0 16 22
56,631 91
24,365 45
3 ,0 6 0 00
71,454 08
27,2 85 69
266 34
529 24
1,422 00
319 88
4,693 93
166,207 70
145,525 31
148,979 30
165,176 47
182,823 68
5 ,6 6 7 40
3 ,2 6 7 40
18,0 00 00
8 ,0 0 0 00
8 ,0 0 0 00
$256,110 15
$284,155 23
s » v - dept.
Premium a cco u n t. . . .
Banking house.........
Furniture and fix tu res.^
Other real e sta te ..
Due from banks other than in reserve cities.
C a s h ie r •
a lte r * A s s is t a n t
11. M a y , R a y m o n d G . F r o s t , C h a s . W o l o h a n ,
F r a n k J . N e w m a n , W illia m P . M c G r e g o r .
Resources.
ftm r,
W olohan,
L. W
18 00
T ota ls..............
-----------------------------------------Liabilities.
Capital stock paid in ___
Surplus fu n d ..........
Undivided profits, n e t ...
D ividends u n p a id . . . .
Reserved for taxes, interest, etc.
Com m ercial deposits subject to ch e c k .
Dem and certificates o f d ep osit.
Certified c h e c k s ...
Cashier’s checks___
D ue to Federal Reserve Bank
D ue to other banks and bankers .
State m oneys on d e p o sit...
U. S. Governm ent d ep osits. . . .
Tim e com m ercial certificates o f deposit
Book a c c o u n ts ..
Certificates o f d ep osit.
N otes and bills rediscounted. . .
Bills pa vab le...........
Bonds sold subject to repurchase
Acceptances executed for custom ers
Customers le t t e r s o f credit. .
Other liabilities. ..
T ota ls.................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
.
..........
$278,080 79
$258,502 41
$323,769 82
STATE BANKS OF MICHIGAN.
01
No. 411.
THE FIRST STATE SAVINGS BANK OF BIRMINGHAM, BIRMINGHAM.
Organized September 15, 1908.
F rank
F o r d , P r e s id e n t ; F r a n k H a g e r m a n , V ic e P r e s i d e n t ; T h o s . H . C o b b ,
A r t h u r C . P e c k , R o b e r t C . P e c k , A s s is t a n t C a sh iers.
D i r e c t o r s .— F r a n k
F ord ,
F ra n k H agerm an , T h om a s H . C obb,
M a s te r s , T . B . S m ith , W . B . H a r r is .
Resources.
R eport of
D ec. 31,1 91 8.
Loans and d iscou n ts:................C om ’ l. dept.
Sav. dep t.
Bonds, m tgs. and securities:.. .C om ’ l. dept.
Sav. dep t.
D ue from Fed. Res. B a n k :... .C om ’ l. dept.
Sav. dept.
$218,344 67
98,7 84 40
D ue from bks. in res. c it ie s :. . . Com ’ l. dept.
Sav. dep t.
U. S. Bds. & cert, in deb t, as sav. legal r e s . .
U. S. cert.of in deb t, as cash res. :Com ’ l. dept.
Sav. dep t.
25,454 53
3,963 61
40,150 00
E xch. for clearing house & checks on banks
in same p la c e :............................C om ’ l. dept.
Sav. dept.
C u rren cy :........................................ C om ’ l. dept.
Sav. dept.
G old c o i n :.......................................Com ’ l. dept.
Sa v. dep t.
Silver c o i n :..................................... C om 'l. dept.
Sav. dep t.
N ick els and c e n ts :...................... C om ’ l. dept.
S a v. dept.
O verdrafts.............................................................
Premium a c c o u n t ...............................................
Banking h ouse.....................................................
Furniture and fixtures......................................
Other real e sta te .....................................
D ue from b a n k soth erth a n in reserv ecities.
C a sh item s in tra n sit................._.......................
Outside checks and other ca s h it e m s ...........
Stock o f Federal Reserve B a n k ......................
Other a ssets.........................................................
T otals.
320,361 09
R ep ort o f
M ar. 4, 1919.
$237,611
93,929
4 ,5 0 0
316,767
69
40
00
63
F ra n k
R ep ort of
M a y 12, 1919.
$197,174
148,917
11,217
325 ,75 7
64
28
00
31
C a sh ier;
S c h la a c k ,
R ep ort o f
June 3 0, 1919.
$221,323
155,607
11,217
314,635
92
28
00
22
W.
W .
Report of
Sept. 12, 1919.
$266,385
143,583
10,317
349,909
22
60
00
74
49,399 15
5 ,0 0 0 00
34,285 10
|3 ,9 8 0 27
64,250 00
25,420 38
59,002 86
65,300 00
10,000 00
8,000 00
7 ,0 0 0 00
10,000 00
i i K b "
31,042 97
30,011 33
104,100 00
19,893 25
111,600 00
15,000 00
3 ,041 09
601 10
10,849 00
20,0 00 00
142 50
20,000 00
85 00
925 00
15,000 00
100 00
1,728 00
1,771 00
1,509 00
2 ,8 3 8 00
193 55
245 67
77 88
361 79
987 95
i j 277 48
*i j 575 91
"2,069 i6
20,000 00
20,000 00
20,000 00
20,000 00
4 ,8 7 5 00
4 ,8 7 5 00
4,8 7 5 00
4 ,875 00
1 ,830 51
1,515 20
1 ,785 39
3 ,554 07
\ 697 88
1,650 00
$771,538 31
$817,933 44
$911,604 15
$945,123 83
,002,195 78
9 ,7 8 0 00
20,000 00
5 ,3 1 7 00
i9 ,8 i(i 00
130 00
""37750
2,3 3 8 00
332 42
2,2 9 4 92
19,000 00
4 ,0 0 0 00
L ia bilities.
C apital stock paid i n ......................„ ..........
Surplus fu n d ..................................................
U ndivided profits, n e t .................................
D ividends u n p a id ........................................
Reserved for taxes, in terest, e t c ..............
Com m ercial deposits sub ject to c h e c k . .
Demand certificates o f d e p o sit................
Certified ch eck s............................................
Cashier’s ch eck s...........................................
D ue to Federal Reserve B a n k .................
D ue t o other banks and bank ers............
State moneys on dep osit............................
Postal savings d e p o s its .............................
U. S. G overnm ent d e p o sits.......................
T im e com m ercial certificates o f deposit.
B ook a cco u n ts..............................................
Certificates o f d ep osit.................................
C lub savings d ep osits.................................
Notes and b ills red iscou n ted......... ..
B ills p a y a b le .................................................
Bonds sold subject to repurchase...........
Bonds borrow ed...........................................
A cceptances executed for custom ers. . .
Customers’ letters o f c r e d it ......................
Other lia b ilitie s ............................................
T ota ls.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
38
00
54
53
79
10
65
$40,000 00
15,000 00
6,5 8 9 39
371,229 47
141,729 01
373,198 71
155,612 74
430,756 65
172,084 68
23,500 00
15,000 00
9,0 0 0 00
14,000 00
14,000 00
$771,538 31
$817,933 44
$911,604 15
$40,000 00
15,000 00
6,109 24
145,568
12,651
742
8
38
31
25
65
$40,000
15,000
3 ,194
40
2,209
195,284
5,1 4 0
5,2 5 2
2,209
221,798
1,602
2 ,0 6 2
5 ,5 0 0
54
33
71
20
65
00
00
14
00
54
75
71
97
88
$40, 000 00
15, 000 00
4. 261 02
464,109 58
191,198 26
490,679 70
206,578 98
$945,123 83
$ 1,0 02 ,19 5 78
$40,000
15,000
5,221
1,6 0 0
2 ,209
218,574
1,135
1,983
4 ,0 9 0
4, 436
227, 660
1, 135
2 , 411
10, 031
48
89
71
76
24
62
STATE BANKING DEPARTMENT.
No. 481.
THE BLANCHARD STATE BANK, BLANCHARD.
Organized April 4, 1911.
W
il l ia m
,T. O
D ir e c t o r s .
rr
, P r e s id e n t ; A a r o n A m o n , V ic e P r e s id e n t ; A n d r e w
C h e s t e r M c D o n a l d , A s s i s t a n t C a s h ie r .
W m . J. O rr,
G eorge
Resources.
B ilb r o u g h , A a r o n
R eport o f
Dec. 31, 1918.
Loans and discounts:............... C om ’l. dept
Sav. dept
Bonds, mtgs. and securities:... Com ’l. dept
Sav. dept
D ue from Fed. Res. B a n k :... .C o m ’l. dept
Sav. dept.
D ue from bks. in res. cities:. . . C om ’l. dept.
.
.
Sav. dePt.
U. S. Bds. & cert, indebt, as sav. legal res...
U. S. cert.of indebt, as cash res. :C om ’l. dept
Sav. dept.
Exch. for clearing house & checks on banks
in same p la ce:..........................C om ’l. dept.
oav. dept.
C u rren cy:...................................... C om ’ !, dept.
.
aav. dept.
G old co in :..................................... C om ’ l. dept.
Sav. dept.
Silver c o in :................................... C om ’l. dept.
„. . ,
Sav. dept.
Nickels and cen ts:.....................C om ’l. dept
_
Sav. dept.
O verdrafts...............
Premium account . . .
Banking h ouse...........
Furniture ana fixtures........
Other real estate...............
D ue from banks other than in reserve cities
Cash items in transit........
Outside checks and other cash items
Stock o f Federal Reserve Bank
T ota ls...................
$93,340
35,079
857
24,9 38
15
08
34
25
14,439 83
2 ,2 1 5 22
5 ,5 5 0 00
A m on,
Report o f
M ar. 4, 1919.
$87,115
35,3 16
836
29,738
22
05
11
25
A n d rew
R eport o f
M a y 12, 1919.
$88,331
27,2 29
836
34,5 88
09
36
11
25
11,297 94
1,231 38
1 5,450 00
9 ,2 5 9 67
3 ,0 0 0 00
2 1 ,1 06 25
3 ,0 0 0 00
3 ,0 0 0 00
W. O
W.
C a sh ier •
rr
O rr,
E.
R eport o f
June 30, 1919.
$79,587
23,672
16,986
29,1 38
45
71
11
25
14,578 57
3 ,0 0 0 00
8 ,7 5 0 00
M.
O rr.
R ep ort o f
Sept. 12, 1919.
*83,544
4 0 ,7 6 0
17,286
29,938
04
35
11
25
2 ,7 9 4 44
2 ,0 0 0 00
8 ,5 0 0 00
147 04
304 83
116 23
213 83
424 61
3 ,0 0 0 00
282 50
3 ,3 0 4 00
3 ,0 0 0 00
277 50
5 ,5 1 3 00
3 ,0 0 0 00
285 00
3 ,3 6 7 00
4 ,3 0 0 00
280 00
3 ,6 6 6 00
4 ,3 0 0 00
280 00
319 45
768 05
782 85
772 25
783 55
114 50
119 36
132 59
158 51
34 50
135 51
84 09
48 58
400 13
1,0 0 0 00
5 .0 0 0 00
1 .0 0 0 00
5 .0 0 0 00
1.0 0 0 00
5 .0 0 0 00
1.0 0 0 00
5 .0 0 0 00
1 .0 0 0 00
$ 202,689 63
*197,889 34
$203,251 26
$190,827 34
$200,835 99
$20,000 00
5 ,0 0 0 00
1,781 83
$ 20,000 00
5 ,0 0 0 00
1,962 38
$20 ,00 0 00
5 ,0 0 0 00
3,891 99
$20,000 00
5 ,0 0 0 00
1,036 06
$20,000 00
5 ,0 0 0 00
1,633 60
Liabilities.
Capital stock paid in ........
Surplus fu n d ..............
Undivided profits, n e t ...
Dividends unpaid..............
Reserved for taxes, interest, e t c ...
Commercial deposits subject to check
Dem and certificates o f d ep osit. .
Certified ch e c k s .. . .
Cashier’s checks............
D ue to Federal Reserve Bank.
State m oneys on deposit..........
Postal savings deposits.
U. S. Governm ent deposits. . .
»
T im e com m ercial certificates o f d e p o s it..
B ook a ccoun ts. . .
Certificates o f d e p o s it... .
Club savings dep osits. . .
N otes and bills rediscounted. . . .
Bills pa y a b le................
Bonds sold subject to repurchase. .
2 ,0 0 0
59,311
33,5 92
55
740
00
91
25
00
47
2 ,0 0 0
44,7 87
33,9 94
11
3 ,9 6 7
00
02
84
25
22
1,2 5 0
3 9 ,3 40
39,486
227
1 ,403
00
38
98
00
29
1 ,0 0 0
33,1 37
42,8 09
5
672
00
81
81
95
94
............... 500 00
49,3 43 70
4 4 ,0 46 02
311 9Ò
5 ,0 0 0 00
5 ,0 0 0 00
5 ,0 0 0 00
2 ,5 0 0 00
3 0,0 44 44
51,4 94 43
2 9,672 20
51,7 08 33
35,943 29
51,873 61
29,691 16
50,0 34 79
27,465 98
$202,689 63
$197,889 34
$203,251 26
$190,827 34
$200,835 99
Acceptances executed for cu stom ers...
Customers’ letters o f cred it. .
Other liabilities. .. .
T ota ls...................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
\
STATE BANKS OF MICHIGAN.
63
No. 163.
THE BLISSFIELD 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 e o . F . F o r d , W m . R o t h f u s s , V ic e P r e s i d e n t s ;
K . B . G l a s e r , C a s h i e r ; C . H . A r c h e r , A s s i s t a n t C a s h ie r .
D i r e c t o r s .— G e o .
F . F o r d , W illia m R o th fu s s , G e o . W . D a v e n p o r t ,
G.
A . H a th a w a y , J a m e s G . H ill, E . A . B e a m e r .
R.
H.
R o th fu s s ,
Resources.
R ep ort of
D ec. 31, 1918.
R eport of
M a r. 4, 1919.
R eport o f
M a y 12, 1919.
R ep ort of
June 30, 1919.
Report o f
Sept. 12, 1919.
Loans and discounts:............... C om ’l. dept.
Sav. dept.
Bonds, mtgs. and securities:.. .C o m ’l. dept.
Sav. dept.
D ue from Fed. Res. B a n k :... .C om ’ l. dept.
Sav. dept.
$271,719 82
58,335 00
$259,440 14
55,641 19
$222,857 59
39,039 84
$191,741 32
3 3,9 40 25
223,355 00
227,405 00
231,300 00
250,756 50
$210,687
3 2,595
5 5,0 00
268,156
113,086
51,8 64
4 6,8 50
5 ,0 0 0
1 0,000
118,385
8 5,747
65,7 50
5 ,0 0 0
10,000
194,776
20,9 28
130,050
10,000
10,000
D ue from bks. in res. c it ie s :.. .C o m ’ l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sa v. legal r e s . .
U. S. cert.ofin d eb t.a sca sh res.: C om ’l. dept
Sav. dept.
4 4,823
4 2,319
40,575
5 ,0 0 0
10,000
Exch. for clearing house & checks on banks
in same p la c e :.......................... C om ’l. dept.
Sav. dept.
C u rren cy:...................................... C om ’l. dept.
Sav. dept.
G o 'd c o in :.....................................C om ’ l. dept.
Sav. dept.
7 ,757
5 .0 0 0
2 .0 0 0
3 .0 0 0
Silver c o in :................................... C om ’ l. dep t.
Sav. dept.
Nickels and cen ts :.....................C om ’ l. dept.
Sav. dept.
O verdrafts.....................................
Prem ium a cco u n t............................
Banking h o u se ........................
Furniture a n d fixtures.......................
O ther real esta te............................
D ue from banks other than in reserve cities
Cash items in transit.....................
Outside checks and other cash items
Stock o f Federal Reserve B a n k ...
O ther assets.................................
T o t a ls ...........................................
94
98
00
00
00
83 18
309 79
00
00
00
00
• 9 ,8 5 6
6 ,0 0 0
2 ,0 0 0
3 .0 0 0
773 15
385 00
131 51
140
879
5 .0 0 0
2 ,5 0 0
08
55
00
00
00
89
48
00
0Q_
96
58
00
00
00
75 99
61
36
00
00
00
09
96
00
50
124,929 62
90,468 36
68,1 50 00
5 21
00
00
00
00
8 ,855
8 ,0 0 0
2 ,0 0 0
3 .0 0 0
00
00
00
00
6,696
8 ,5 0 0
2 ,0 0 0
3 ,1 0 0
00
00
00
00
7,413
7 .0 0 0
3 .0 0 0
2 ,1 0 0
00
00
00
00
1,443 55
364 00
157 33
1,053
450
90
53
111
784
5 .0 0 0
3 .0 0 0
05
00
76
00
22
28
00
00
1,471
700
77
66
130
1 ,398
5 .0 0 0
3 .0 0 0
85
00
12
00
39
28
00
00
850
850
119
50
112
1,398
5 .0 0 0
3 .0 0 0
90
00
30
00
34
28
00
00
108
867
5 .0 0 0
3 .0 0 0
55
98
00
00
1,270 08
600 00
57 21
6 ,5 9 8 90
20 60
$725,275 64
$801,767 55
$810,611 48
$880,936 79
$880,901 95
$30,000 00
1 0,000 00
8,1 5 8 47
$30,000 00
1 0,000 00
5 ,2 7 3 44
$30,000 00
10,000 00
8,0 4 8 44
$30,000 00
1 0,000 00
7,3 9 9 03
$30,000 00
1 1,000 00
7,371 87
213,559 09
9 5,838 95
252 ,97 7 65
116,235 49
228,713 38
103,781 19
293,996 58
92,216 26
269 ,63 0 02
97,375 55
367,719 13
387 ,28 0 97
430,068 47
4 47,324 92
4 65,524 51
$801,767 55
$810,611 48
$880,936 79
880,901 95
Liabilities.
C a p ital stock p a id in .........................
Surplus fu n d ................................
U ndivided profits, n e t...................................
Dividends u n p a id ..................................
R eserved fo r taxes, interest, e t c ..................
Com m ercial deposits su b ject to c h e c k ..
D em and certificates o f dep osit................
Certified checks...................................
Cashier’s ch eck s...................................
D ue to Federal Reserve B a n k ........................
D ue to other banks and b ank ers...................
State m oneys on d ep osit................................
Postal savings deposits.....................................
U. S. Governm ent d ep osits.............................
Tim e com m ercial certificates o f d e p o s it... .
B ook a cco u n ts.....................................................
Certificates o f d ep osit........................................
Club savings d ep osits........................................
N otes and bills red iscou n ted...........................
*
T o ta ls .............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$725,275 04
64
STATE BANKING DEPARTMENT.
No. 221.
THE JIPSON-CARTER STATE BANK, BLISSFIELD.
Organized March 1, 1900.
C oha
A. J
ip s o n
, P r e s id e n t;
Ch a s. L.
K in g ,
V ic e P r e s i d e n t ; J . G . B
au er
,
C a s h ie r .
D i r e c t o r s .-— C . E . R o w l a n d , J . C . H o l t , J . J . W a l p e r , R . M . E c c l e s ,
John
C h a s. L . K in g , J . G . B a u e r,
I c k le r , W . H . B u r n s , T . G . G la s e r , H . E . M o r r o w , C o r a A . J ip s o n .
Resources.
R ep ort o f
D ec. 31, 1918.
R ep ort o f
M ar. 4, 1919.
R ep ort o f
M a y 12,1919.
R eport of
June 30, 1919.
R eport o f
Sept. 12, 1919.
L oans and discounts:............... Com ’ l. dept.
3203,012 58
$202,028 74
$165,977 10
$117,017 27
$181,105 40
Bonds, mtgs. and securities:.. .C om ’ l. dept.
Sav. dept.
100 00
611,369 46
4 0 ,0 0 0 00
638,149 96
5 5,0 00 00
635,749 96
107,660 00
674,949 96
86,8 30 00
681,299 96
D ue from bks. in res. c it ie s :.. .C om ’l. dept.
Sav. dept.
U. S. Bds. & cert, indebt, as sav. legal r e s ...
51,1 40 36
141,241 94
69,7 00 00
7 3,418 04
157,007 41
3 4,3 50 00
119,941 99
151,054 14
11,300 00
112,766 66
171,455 77
2 0,0 00 00
165,007 94
169,324 18
3 0,0 00 00
10,0 00 00
Exch. fo r clearing house & checks on banks
C urrency:......................................C om ’l. dept.
Sav. dept.
G old co in :..................................... C om ’l. dept.
Sav. dept.
8 ,0 0 0
17,718
5 ,0 0 0
16,235
00
00
00
00
9 .0 0 0
15,936
5 .0 0 0
1 6,200
00
00
00
00
8 ,0 0 0
14,845
3 .0 0 0
16,210
00
00
00
00
9 .0 0 0
14,0 00
5 .0 0 0
16,225
00
00
00
00
5 ,0 0 0
11,364
1 0,000
11,2 50
00
00
00
00
Sav. dept.
4 ,2 8 7 40
3 ,4 0 4 00
2 .0 0 0 00
3 ,4 9 9 95
3 ,7 0 9 95
3 ,4 8 6 50
Sav. dept.
409
165
3 ,9 3 7
8 ,3 0 0
4 ,6 9 0
468
1 ,044
2,989
8 ,3 0 0
4 ,6 9 0
483
441
2,491
8 ,3 0 0
4 ,6 9 0
569
69
3 ,0 3 0
8 ,3 0 0
4 ,6 9 0
333
347
2 ,8 9 7
8 ,3 0 0
4 ,6 9 0
94
52
84
00
00
87
92
47
00
00
57
34
43
00
00
41
07
73
00
00
40
34
46
00
00
2 ,0 7 5 91
7,193 27
562 03
10,887 71
4 ,2 6 5 34
8 ,7 8 6 52
6 ,0 0 7 00
T o ta ls............................................................ $ 1,1 47 ,38 3 95
$ 1 ,2 1 9 ,1 8 0 68
$ 1 ,2 14 ,43 4 22
$1,2 82 ,70 9 16
$ 1 ,3 86 ,02 9 70
$50,000 00
3 0 ,0 0 0 00
23,923 00
$50,000 00
3 2,5 00 00
25,3 38 78
$50,000 00
3 2 ,5 00 00
31,625 87
$50 ,00 0 00
3 2,5 00 00
25,491 55
$ 50,000 00
3 5 ,0 0 0 on
2 8 ,5 90 45
277,397 62
315,682 40
294,888 32
276,361 69
354,445 47
441,422 76
324,640 57
464,655 32
331,004 18
4 72,787 74
332 ,63 2 29
554 ,84 8 64
343 ,50 7 28
572,253 99
345,739 79
$ 1 ,1 47 ,38 3 95
$
@FedFRASER