View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

T W E N T Y -SE V E N T H ANNUAL R E PO R T

OF

THE

C O M M IS S IO N E R

OF

THE

r

BANKING DEPARTMENT
OF

THE

STATE OF MICHIGAN

D E C E M B E R 31, 1915.

BY A U TH O R ITY

L A N SIN G , M IC H IG A N
W YNKOOP H A L L E N B E C K CRAW FO R D CO., ST A T E P R IN T E R S
1915.


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

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

DEPARTMENT OFFICERS.
C O M M ISS IO N E R ,

FRANK W. MERRICK.

D E P U T Y C O M M ISS IO N E R ,

ALBERT E. MANNING.
B A N K E X A M IN E R S .

CHAS. H. ADAMS,

G EO R G E H . VAN B U R EN ,

ED W A R D P. H O PK IN S,

ROSCOE C. WTXSON,

JO H N C. VAN CAM P,

A R T H U R W ALTON,

CHAS. O. BALL,

H A R R Y OLM STEAD,

F R E D L. P E R K IN S ,

FR A N K E. Q U ISE N B E R R Y ,

R O B E R T L. N IX O N ,

W AYNE C. PL U M M E R ,

JO SE PH M. D OD GE,

CARL F. SPA ETH ,


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

JA M E S B. G REE,N FIELD ,
D AV ID R. EASON,
C e c i l r . M cL a u g h l i n ,
JO S E P H M. CONWAY,
G EO R G E F. E C K F E L D ,
EA R L D . ALBERTSO N.
O F F IC IA L A D D R E S S , L A N S IN G , M IC H IG A N .

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

ÉÜ

COMMISSIONERS OF BANKING OF MICHIGAN.
[U n d er A ct 2 0 5 , 1 8 8 7 .]

THEODORE C. SHERWOOD,
Appointed January 7, 1889; resigned November 7, 1896.
DANIEL B. AINGER,
Appointed November 11, 1896; resigned April 1, 1897.
JO SI AH E. JUST,
Appointed April 1, 1897 ; died February 19, 1898.
GEORGE L. MALTZ,
Appointed February 26, 1898; term expired January 8, 1903.
GEORGE W. MOORE,
Appointed January 8, 1903 ; term expired February 19, 1907.
HENRY M. ZIMMERMANN,
Appointed February 19, 1907 ; resigned January 11, 1911.
EDWARD H. DOYLE,
Appointed January 18, 1911; term expired February 14, 1915.
FRANK W. MERRICK,
• Appointed January 13, 1915; qualified February 15, 1915.

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

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

TABLE OF CONTENTS.

A bstracts, com parative, 1889 to 1915, inclu sive, s ta te b a n k s................................
com parative, 1889 to 1915, inclu sive, na tio n a l b a n k s.........................
of s ta te banks, 1 9 1 5 ............................................................................................
of n ational banks, 1 9 1 5................................................................ .
to ta l volum e of bu siness sta te and n a tio n a l banks, reports of i915
s ta te banks in D e tr o it........................................................................................
na tio n a l banks in D e t r o it ......................................................... ’ ' ’ ’ ' '
sta te and natio n a l banks in D e t r o it ............................................................
s ta te and n ational banks in Grand R a p id s..............................................
s ta te and n ational banks in S a g in a w ..........................................................
s ta te and n ational banks in B a ttle C r ee k .................................................
sta te and n ational banks in K a la m a zo o ....................................................
sta te and national banks in B a y C it y ................................... L
!
sta te and national banks in J a c k so n ..................................................
s ta te and na tio n a l banks in A nn A rbor.....................................................
sta te and n ational banks in C a lu m et..........................................................
sta te and national banks in L a n sin g ...........................................................
sta te and n ational banks in P ort H u r o n .................................................
sta te and n ational banks in A d r ia n .................................................... ....
sta te and national banks in M u sk eg o n ............................................. '' '
s ta te and national banks in M a rq u e tte ......................................................
sta te and n a tio n a l banks in T raverse C it y ...............................................
sta te and national banks in A lp e n a ...........................................................
sta te and national banks in B en ton H a rb o r........................................
s ta te and n ational banks, b y c o u n tie s. .
B anks, p r iv a te ........................................................................................
B anks exam ined and fees p a id ............................ . . . . . . . . . . . . . . . .V.
B anks, m em bers of Federal R eserve S y s te m ..............................
Branch b a n k s............................................................................................
C apital sto ck , increase o f ...........................................
C ertificate of sta te treasurer as to fe e s .......................................... .
.
Change of n a m e ....................................................................... ..
C onversion in to national b a n k ............................................ ..................................................
D iv id e n d s................................................................................. ..................
E arnings and D iv id e n d s............................. . . . . . . . . . . . . . . . . . . . . ............................"
E scheated d e p o s its ...............................................................
E x a m in a tio n s..............................................................
E xtensions of corporate e x isten ce ......................................... ................................................
F inancial c o n d itio n ............................................................................................. .........................
G row th of s ta te b a n k s................................... ..’ . . . . . . ...................................................
Index to b a n k s ............................................................................. . ! ! ! ! ! ! ! . ! ! ! ! ! ! ! . !
L ist of bank cashiers in M ic h ig a n ...................".. 111.".. ’. " ' ' ’ ' ’ '
L ist of bonds approved b y securities co m m issio n ........................................................ \
L iquidations and c o n so lid a tio n s......................................................................
N ew b a n k s.................................................................................... ...................................................
N um ber of d ep o sito rs..............................1 1 1 ' . ' . ' . ! ! ! ' . ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! i
N um ber of ex a m in a tio n s......................................
N um ber of sta te banks and tru st c o m p a n ies.............................................................'
Opinions of a ttorn ey g en era l........................................................................
O verdrafts.......................................................................................... .
R eceipts and disb u rsem en ts................................. '...............
R eserv es.............................................................................................................. .. ” ) ...................
R eserve c itie s .............................................. .1 . '. '. '. ' . V . ' . ' . l ] ' . ] '
R eceiversh ip s.............................................
R eports of sta te banks and tru st com panies (see in d e x ).............................................
R eports of national banks (see in d e x )............................................................................
Segregation of d e p o sits...................................................................................


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

c v -c x
c x i-c x v i
cxv
c x v iii
cxix
cxx
cxxi
cxxii
c x x iii
cxxiv
cxxv
cxxvi
cxx vi i
cxxviii
cxxix
cxxxi
cxxx
cxxxil
cxxxiv
cxxxiii
cxxxv
cxxxvii
cxxxvi
cxxxviii
cxxxix-cliii
XX

lx x x ix -ci
xviii
XX

xii
ci
xiii
xiii
XX

xiv
xviii
ix
xiii
ix
x iv
603-616
585-598
xvii
xiii
xii
XV

ix
ix
lxxxv
XX
XV

x -x i
x iii
xix
3 -4 8 4
487-592
xviii

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

STATE BANKING DEPARTMENT.
R E PO R T OF T H E COMMISSIONER.

STATE OF MICHIGAN,
B a n k in g D ep artm en t,
L an sin g , D ecem ber 31, 1915.

•

To th e H onorable W oodbridge N. F e rris, G overnor of M ichigan:
A greeable to th e p rovisions of Section 43 of th e G eneral B an k in g Law of M ichi­
gan, I have th e ho n o r to su b m it fo r y o u r co n sid eratio n th e tw en ty -sev en th a n ­
n u al re p o rt of th is D ep a rtm e n t for th e y ear en d in g D ecem ber 31, 1915.
N U M B E R OF S T A T E B A N K S A N D

TR UST

C O M P A N IE S .

T h ere are a t th e d ate of th is rep o rt, u n d e r th e su p erv isio n of th is D ep artm en t,
472 sta te b an k s and six tr u s t com panies tra n s a c tin g bu sin ess in M ichigan.
F IN A N C I A L

C O N D IT IO N .

R ep o rts show ing th e condition of all sta te b a n k s an d tr u s t com panies w ill be
found on pages 3 to 484 inclusive. R ep o rts of co ndition w ere called for by th e
D ep artm en t an d m ade by th e b an k s a t th e close of busin ess, D ecem ber 31, 1914,
M arch 4, May 1, J u n e 23, S eptem ber 2, and N ovem ber 10, 1915. The la s t nam ed
re p o rt as to each sta te and n a tio n a l b an k w ill ap p e a r in th e D e p a rtm e n t’s a n ­
n u a l re p o rt fo r th e y ear 1916. In o rd e r th a t th e a n n u a l re p o rt m ay be in th e
h an d s of th e public in tim e ' to be of use as a book of referen ce, th is p lan of pub­
lish in g rep o rts h as been adopted.
S tatem en ts of co ndition of each n a tio n a l b an k in M ichigan w ill be found on
pages 487 to 592 inclusive.
Special a tte n tio n is called to th e tab les in th e te x t of th is rep o rt, as evidencing
th e in creasin g w ealth and p ro sp e rity of th e people of M ichighn since th e o rg a n ­
ization of th e D e p a rtm e n t in 1889. T hese tab les co n tain a b stra c ts of th e a n n u a l
re p o rts of sta te and n a tio n a l b a n k s fo r th e p a st tw enty-seven years. A gain in ­
cluded are th e sta tistic s of th e sta te and n a tio n a l b a n k s located in reserv e cities,
and sta tistic s of sta te an d n a tio n a l b an k s by counties.
NUM BER

OF E X A M IN A T IO N S .

T he exam in in g staff of th e D ep artm en t, d u rin g th e y ear 1915, m ade 978 ex­
am in atio n s, as follows.
F ir s t e x a m in a tio n s ...........................................................................
Second e x am in atio n s ......................................................................
T h ird e x a m in a tio n s .........................................................................
P re lim in a ry e x am in atio n s .............................................................
Special e x a m in a tio n s .......................................................................


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

478
470
3
15
12
978

X

STATE BANKING D EPA R TM EN T.

T he above tab le w ill show th a t all of th e h a n k s have been exam ined tw ice
d u rin g th e y ear w ith th e exception of e ig h t of th e new b anks. P re lim in a ry ex­
a m in atio n s consist of ex am in a tio n s of new h a n k s u n d e r Section 7 of th e B an k ­
in g Law, w hich is in cu m b en t upon th e D ep a rtm e n t to m ak e p reced en t to th e is­
suance of certificate of a u th o rity to com m ence business.
E ach of th e six tr u s t com panies h a s been exam ined once d u rin g th e y ear, in
accordance w ith th e pro v isio n s of th e tr u s t, deposit and se c u rity law.
R ep o rts of ex am in ers as to condition of th e sev eral sta te b a n k s have been c are­
fully scru tin ized an d le tte r s of critic ism w ritte n th e b an k s. Such le tte rs, as
w ell as rep lies th ereto , are m ade a p a rt of th e d ire c to rs’ reco rd s in each bank.
A ll s ta te hanks, w ith th e exception of th o se organized d u rin g th e year, have
m ade five re p o rts of condition, tw o re p o rts of e a rn in g s and dividends, tw o re ­
p o rts show ing re s u lt of d ire c to rs’ ex am in atio n s, and also special re p o rts w hen­
ever th e D ep artm en t h as deem ed it n ecessary to re q u ire sam e.
O aths of d irecto rs, sig n a tu re s of officers, and list of stockholders, to g e th e r w ith
a re p o rt as to th e n u m b er of dep o sito rs a re fu rn ish e d th e D ep a rtm e n t each y ear
by each sta te hank.
R E SER V E S.

The req u irem en ts of Sections 24 and 27 of th e B a n k in g Lav/ as to cash and
legal reserves, have been fu lly m et, as is evidenced by th e follow ing tab le:


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

Date of report.

Commercial
deposits.

March 4.................. $135,600,791 72
May 1..................... 144,509,026 74
June 23................... 155,083,106 96
September 2 ........... 159,708,994 28
November 10......... 168,811,316 78

$34,698,924
39,458,388
43,645,796
42,861,179
50,732,406

33
44
77
87
54

Per cent
reserve.

25.58
27.30
28.14
26.83
30.05

Commercial
cash reserve.

$11,350,802
11,852,918
12,990,280
14,530,659
15.217,088

35
93
38
07
77

Per cent
reserve.

Savirgs
deposits.

8.37 $231,612,036 84
8.20 234,098,587 38
8.37 239,326,244 39
9.09 242,584,462 35
9.01 249,932,440 53

Savings
legal reserve.

$41,400,819
41,427,134
43,271,317
43,160,533
44,819,128

02
77
67
82
26

Per cent
reserve.

17.87
17.69
18.08
17.79
17.93

Savings
cash reserve.

$13,522,272
13,200,722
13,637,026
13,913,440
14,261,482

64
17
56
98
22

Per cent
reserve.

5.83
5.63
5.61
5.73
5.70

Total
reserve.

$76,099,743
80,885,523
86,917,114
86,021,713
95,551,534

Per cent
reserve.

35
21
44
69
71

20.72
21.36
22.03
21.38
22.81

R E PO R T OF T H E COMMISSIONER.


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

Commercial
legal reserve.

STA TE BANKING D EPA R TM EN T.

X ll

As exhibited by th e foregoing table, th e h ig h e st com bined reserv e m a in ta in e d
d u rin g th e y ear w as on N ovem ber 10, being 22.81 per cen t; w hile reserv es w ere
low est M arch 4, dro p p in g to 20.72 per cent. The com m ercial legal .reserve th ro u g h ­
out th e y ear has been w ell m a in ta in e d , th e h ig h e st p o in t o c cu rrin g N ovem ber 10,
w ith 30.05 per cent, w ith low p o in t on M arch 4, of 25.58 per cent. C om m ercial
cash reached th e h ig h e st p o in t S eptem ber 2, 9.09 p er cent, w ith low p o in t o ccu rrin g
May 1, 8.2 per cent. T he m ax im u m legal sav in g s reserv e o ccurred Ju n e 23,
18.08 per cent, w ith th e m in im u m on May 1, 17.69 p er c e n t; w hile savings cash
reserv e w as h ig h est on M arch 4, w ith a p ercen tag e of 5.83, and low est on Ju n e
23, a t 5.61 per cent.
W here rep o rts of condition of sta te b an k s have show n low reserves, or o th e r
conditions not in h arm o n y w ith th e law , b an k s have been im m ed iately in stru c te d
to place them selves w ith in th e law ’s provisions.
NEW BA NK S.

D u rin g th e y ear 1915, th e re have been o rganized in M ichigan 15 sta te ban k s
as follow s:
T itle.

N o.

Location.

C om m enced
business.

C apital.

M id d leto n ...........
Grosse P o in t e .. .
G a y lo rd ................

$20,0 0 0 00
3 0 ,0 0 0 00
2 5 ,000 00

Jan. 18,1915
Feb. 4 ,1 9 1 5
Feb. 15,1915

559

T he Peoples Sta te B ank of M id d leto n ..........
T he Grosse P oin te Savings B a n k ....................
T he Otsego C ounty S ta te B a n k .......................
T he Farmers and M erchants S ta te B ank of
Carson C it y ..........................................................
T he M cPherson S ta te B a n k ..............................

Carson C it y . . . .
H o w e ll..................

2 5 ,0 0 0 00
150,000 00

Feb. 19,1915
M ar. 8 ,1 9 1 5

560
561
562
563
564

T he S ta te B ank of T rout L a k e ........................
T he Berrien C ounty B a n k ..................................
T he Farmers S tate Savings B ank of B ay C ity
T he N orthw estern Sta te B a n k .........................
T he First S ta te Savings B a n k ..........................

Trout L a k e.........
B en ton H a r b o r ..
B ay C it y ..............
G reenfield............
M uskegon H t s . .

2 0 ,0 0 0
5 0 ,0 0 0
100,000
2 5 ,0 0 0
4 0 ,0 0 0

00
00
00
00
00

A pril
April
June
July
Ju ly

12,1915
28,1915
21,1915
13,1915
31,1 9 1 5

565
566
567
568
569

T he
T he
T he
T he
T he

D eck er..................
L a ch in e..............
P o se n .....................
C r y sta l.................
M a y v ille ..............

2 0 ,0 0 0
2 0 ,0 0 0
2 0 ,0 0 0
2 0 ,0 0 0
2 5 ,0 0 0

00
00
00
00
00

Sept.
SeptOct.
N ov.
N ov.

1 ,1915
2 ,1 9 1 5
7 ,1 9 1 5
3 ,1 9 1 5
3 ,1 9 1 5

555
556
557
558

D ecker S ta te B a n k ..................................
Farmers Sta te B ank of L ach in e................
Posen S ta te B a n k .........................................
S ta te B ank of C r y sta l.................................
M ayville S ta te B a n k ...................................

IN C R E A S E OF C A P IT A L STO C K .

In accordance w ith th e re q u ire m e n ts of section 10 and 10-a of th e G eneral B a n k ­
ing Law, th e follow ing b an k s have am ended th e ir o rig in a l a rtic le s of in co rp o ra­
tion in th e directio n of in c re a sin g th e ir cap ital stock.
N o.

N am e of bank.

Location.

•Former
capital.

Present
capital.

Increase.

233
232
185
215
5

The
The
The
The
T he

First S ta te Bank of A ln ja ...............
Alm a State Savings B a n k ...............
C itizens Savings B a n k .....................
Old Sta te B a n k ...................................
G erman-Am erican B a n k ..................

A lm a ............
A lm a ..........
O w osso........
F en n v ille.. .
D e tr o it........

$ 3 0 ,0 0 0
2 5 .0 0 0
5 0 .000
15.000
250 ,0 0 0

$50,000
4 0 .0 0 0
7 5 .0 0 0
2 5 .000
500,000

$20 ,0 0 0
15.000
2 5 .0 0 0
10.000
250,0 0 0

63
43
38
26
66

T he
The
The
T he
T he

B ay C ity B a n k ....................................
B ay C ounty Savings B a n k .............
Peoples Savings B a n k ......................
Farmers and M echanics B a n k . . . .
Lenawee C ounty Savings B ank ..

B ay C i t y . . .
B ay C i t y . . .
S a g in a w . . . .
Ann A rbor..
A d ria n .........

200,0 0 0
5 0 .0 0 0
5 0 .0 0 0
100,000
100,000

250.0 0 0
100.000
100,000
150.000
150.000

5 0 .0 0 0
5 0 .0 0 0
5 0 .0 0 0
5 0 .0 0 0
5 0 .0 0 0

538
447
137
356
142
144

T he
The
T he
The
The
The

Springwells Sta te B a n k ...................
Garden S ta te Savings B a n k ...........
C ommercial Savings B a n k .............
Peoples Sta te B a n k ...........................
M onroe C ounty B a n k ....................
S tate Savings B a n k ...........................

Sp rin gw ells.
G ard en ........
M arshall. . .
D e tr o it........
D u n d ee . . . .
Ann A rbor..

2 5 .0 0 0
2 0 .000
5 0 .000
2 ,0 0 0 ,0 0 0
15.000
5 0 ,0 0 0

5 0 .000
2 5 .000
100,000
2 ,5 0 0 ,0 0 0
2 5 .0 0 0
100,000

2 5 .0 0 0
5 ,0 0 0
5 0 .0 0 0
500,0 0 0
10.000
5 0 ,0 0 0

$ 3 ,0 3 0 ,0 0 0

$ 4 ,2 4 0 ,0 0 0

$ 1 ,2 1 0 ,0 0 0


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

1

R E P O R T OF T H E COM MISSIONER.

xiii

The foregoing tab le show s an in crease in b a n k in g cap ital of $1,210,000.00.
A dding to th is th e $590,000.00 new cap ital stock by o rg an izatio n of new banks,
c o n stitu tes a to ta l in crease for th e y ear of $1,800,000.00.
T h ere has been a loss in b a n k in g cap ita l of $170,000.00 caused by th e liq u id a­
tion, consolidation an d conversion of c e rta in b anks, w hich w ould leave a n et
increase in cap ita l for th e y ear of $1,630,000.00.
A M E N D M E N T S TO A R T IC L E S OF INC O R PO R RA TIO N C H A N G IN G N A M E .

On F e b ru a ry 1, 1915, “The F a rm e rs B ank of G rass L a k e ” am ended a rtic le s of
in co rp o ratio n c h an g in g nam e to “T he F a rm e rs S ta te B ank of G rass L ak e.”
On D ecem ber 2, 1915, “The S ta te Savings B ank of A nn A rb o r” am ended a rtic le s
of in co rp o ratio n ch an g in g nam e to “The S tate an d G erm an A m erican Savings
B an k ,” A nn A rbor.
O TH E R A M E N D M E N T S TO A R T IC L E S OF INC O R PO R A T IO N .

On Ju ly 21, 1915, “ T he L enaw ee C ounty Savings B ank of A d ria n ” am ended '
artic le s of in co rp o ratio n to p e rm it th e tra n sa c tio n of a com m ercial b ank business.
L IQ U ID A T IO N S A N D C O N SO L ID A T IO N S

On Ju ly 16 an d 21 re sp e c tiv e ly th e sto ck h o ld ers of th e W aldby & C lay’s S ta te
B ank, and th e L enaw ee C ounty S avings B ank, of A d rian , voted to consolidate th e
two in s titu tio n s, th e c o n tin u in g o rg an izatio n to be know n as th e L enaw ee C ounty
S avings B ank of A d rian . In view of th is consolidation an ex am in atio n of th e two
in s titu tio n s w as m ade as of J u ly 24, 1915, and, b eing satisfied th a t th e in te re sts
of depositors and cre d ito rs w ere n o t defeated or defrau d ed in an y m an n er, and
fu rth e r, th a t th e proceedings of th e sto ck h o ld ers’ m eetin g being re g u la r in every
p a rtic u la r, consent to consolidation w as given Ju ly 30, 1915, th e consolidation to
tak e effect on A u g u st 2, 1915.
On F e b ru a ry 17, 1915, th e sto ck h o ld ers of th e A ren ac C ounty S tate B ank of
O m er voted to go in to v o lu n ta ry liq u id atio n , according to th e pro v isio n s of Sec­
tion 52 of th e G eneral B an k in g Law in view of th is liq u id a tio n an ex­
a m in atio n w as m ade on M arch 3, 1915, agreeable to th e pro v isio n s of said section,
and, being satisfied th a t th e d ep o sito rs’ and c re d ito rs’ in te re sts w ere no t defeated
or defrauded in an y way, and also being satisfied w ith th e re g u la rity of sto ck ­
holders proceedings had in connection w ith such liq u id atio n , consent to th e sam e
w as given M arch 31, 1915.
On D ecem ber 2, 1915, th e sto ck h o ld ers of th e S tate Savings B ank of A nn A rbor,
and of th e G erm an-A m erican S avings B ank voted to consolidate th e affairs of th e
tw o in s titu tio n s, th e co n tin u in g b an k to be know n as th e S tate and G erm an Amercan Savings B ank. In view of th is consolidation an ex am in atio n w as m ade of
th e tw o in s titu tio n s as of D ecem ber 20, 1915, and, bein g satisfied th a t in te re sts
of depositors and c re d ito rs w ere n o t d efeated or d efrau d ed in an y m an n er, and
sto ck h o ld ers’ proceedings bein g re g u la r in ev ery p a rtic u la r, consent to liq u id atio n
w as given D ecem ber 29, 1915, th e consolidation becom ing effective D ecem ber 31,
1915.
C O N V ER SIO N IN T O N A T IO N A L B A N K .

On Ju ly 1, 1915, “T he S ta te B ank of C arso n v ille” w as converted in to “The
F ir s t N atio n al B ank of C arsonville.”
E X T E N S IO N OF CORPORATE E X IS T E N C E .

In accordance w ith th e pro v isio n s of A ct 143 of th e P u b lic A cts of 1899, th e
co rporate existence of th e “S ta te B an k of St. Jo h n s” h a s been extended th irty
y ears from and a fte r S eptem ber 15, 1915.
RESER VE C IT IE S .

As req u ired by Sections 24 and 27 of th e b a n k in g law , I h ereb y d esig n ate for
th e y ear 1916 th e follow ing cities fo r re serv e cities fo r M ichigan sta te b an k s and
tr u s t com panies: D etro it, G rand R apids, B ay City, Saginaw , K alam azoo, Jackson,
P o rt H uron, A d rian , B enton H arb o r, M uskegon, A nn A rbor, C alum et, M arquette,


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

STATE BAN KING D EPA R TM EN T.

X IV

L an sing, B attle Creek, A lpena, T rav erse City, New Y ork, B oston, P h ilad elp h ia,
P ittsb u rg , B alitm ore, Buffalo, Cleveland, C in cin n ati, Toledo, St. L ouis, Chicago,
M ilw aukee, M inneapolis an d St. P aul.
G RO W TH OF

ST A T E

BA NK S.

The tw enty-seven th y ear of sta te b an k su p erv isio n u n d e r th e p re se n t law
te rm in a te d D ecem ber 31, 1915. A t th e close of th e first y ear of th e p re se n t b ank
supervision th e re w ere e ig h ty sta te b an k s tra n s a c tin g an ag g reg ate b u sin ess of
$38,900,770.88. On N ovem ber 10, 1915, th e re w ere 472 sta te b an k s and 6 tr u s t
com panies in M ichigan w ith to ta l footings of $485,740,242.64. Since 1889 deposits
have increased $387,459,632.92. L oans for th is period show a g ain of $344,717,151.13, w ith a g ain in b a n k in g cap ita l of $28,852,135.00, and in su rp lu s and u n ­
divided profits of $28,710,124.78.
Y our a tte n tio n is called to th e follow ing co m p arativ e ta b le :
472 S tate banks,
6 trust
com panies,
N ov. 10, 1915.

80 banks,
Jan. 7, 1889.

461 S tate banks,
6 trust
com panies,
D ec. 31, 1914.

L oan s.................................................................
B anking house, furniture and fixtures
and other real e s t a te ..............................
C ash on hand and in b a n k s.....................

$ 3 0 ,8 1 5 ,6 9 7 13

$ 3 3 5 ,0 1 0 ,5 0 5 34

$ 3 7 5 ,5 3 2 ,8 4 8 26

5 3 4 ,411 76
7 ,5 5 0 ,6 6 1 99

1 0 ,2 9 1 ,3 5 1 17
7 5 ,0 9 4 ,0 9 8 72

1 2 ,2 4 2 ,9 4 7 14
9 7 ,9 6 4 ,4 4 7 24

T o ta ls ..................................................

$ 3 8 ,9 0 0 ,7 7 0 88

$ 4 2 0 ,3 9 5 ,9 5 5 23

$ 4 8 5 ,7 4 0 ,2 4 2 64

C apital stock paid i n ..................................
Surplus fu nd and undivided p ro fits. . . .
D e p o sits . .. .
.......................................
B ills payable and notes and bills redis­
counted ........................................................

$ 5 ,5 1 9 ,4 2 5 00
1 ,8 1 8 ,8 3 5 53
3 1 ,2 8 4 ,1 2 4 39

$ 3 2 ,7 7 1 ,9 7 8 75
2 8 ,1 2 8 ,0 3 6 61
3 5 7 ,9 6 2 ,6 9 2 09

$ 3 4 ,3 7 1 ,5 6 0 00
3 0 ,5 2 8 ,9 6 0 31
4 1 8 ,7 4 3 ,7 5 7 31

2 7 8 ,3 8 5 96

1 ,5 3 3 ,2 4 7 78

2 ,0 9 5 ,9 6 5 02

T o ta ls ..................................................

$ 3 8 ,9 0 0 ,7 7 0 88

$ 4 2 0 ,3 9 5 ,9 5 5 23

$ 4 8 5 ,7 4 0 ,2 4 2 64

Resources.

L iabilities.

C om pared w ith th e show ing m ade D ecem ber 31, 1914, th e above tab le show s th a t
up to and in clu d in g N ovem ber 10, 1915, loans in creased $40,522,342.92, w hile a
gain in deposits is show n of $60,781,065.22. The in crease in deposits fo r th is
period is divided as follow s:
C om m ercial d ep o sits..........................................................
S avings d e p o s its .................................................................

$35,766,835 06
25,014,230 16

E A R N IN G S A N D D IV ID E N D S OF S T A T E B A N K S .

The M ichigan b a n k in g law does n o t fix a u n ifo rm d ividend p eriod fo r sta te
banks. I t provides, how ever, th a t each b an k sh a ll re p o rt to th e D e p artm en t
w ith in ten days a fte r d ecla rin g an y dividend, such re p o rts show ing am o u n t of
sam e, am o u n t carrie d to su rp lu s, and an y e a rn in g s in excess th ereo f. The custom
of th e D ep artm en t in th is re g a rd is to call fo r a re p o rt of e a rn in g s and dividends
on Ju n e 30 and D ecem ber 31 of each y ear. F o r th e y e a r en d in g Ju n e 30, 1915,
th e gross e a rn in g s of sta te b a n k s am o u n ted to $22,625,507.32. F ro m th is sum
w as charged off on account of losses, bad debts, p rem iu m s, etc., $1,285,068.51 w hile
expenses, in te re s t and tax es p aid an ag g reg ate of $15,221,180.36. N et profits for
th e period am o u n t to $6,119,258.45 ou t of w hich to ta l dividends of $3,439,755.92
w ere declared. F o r th e tw elve m o n th s en ding Ju n e 30, 1915, th e to ta l average
cap ital of sta te ban k s w as $33,075,869.75, w ith to ta l av erag e su rp lu s a t $18,829,884.91, and average to ta l deposits of $369,826,677.36. On to ta l deposits th e n e t
profits w ere eq u iv alen t to 1.65 p e r c e n t; on c a p ita l an d su rp lu s, 11.78 p e r c e n t;
w ith an average dividend on cap ital stock and su rp lu s 6.6 p er cent.


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

R E PO R T OF T H E COMMISSIONER.
NUM BER

xv

OF DE PO SITO R S.

R eports as to n u m b er of depositors w ere received from each of th e 472 sta te
ban k s and 106 n a tio n a l b a n k s as of N ovem ber 15, 1915. A n a b stra c t of th ese re ­
p o rts show s to ta l d epositors 1,696,904, and divided into th e follow ing classification:
S tate B anks, com m ercial deposits
S ta te B anks, sav in g s d e p o s its ...
N atio n al B anks, dem and deposits
N atio n al B anks, tim e d e p o s its ...

309,537
1,053,714
156,280
177,373

An increase in th e n u m b er of com m ercial dep o sito rs in sta te b a n k s for th e
y ear is show n of 21,334, w hile th e g ain in th e n u m b er of sav in g s d epositors is
126,216, c o n stitu tin g an in crease in sta te b a n k s fo r th e y e a r 1915 of 147 550 deposi­
ts D u rin g th e y e a r d epositors in M ichigan n a tio n a l b an k s have in creased
42,ool. I t w ill be seen, th erefo re, th a t th e to ta l g ain in n u m b er of dep o sito rs in
sta te and n a tio n a l b an k s ag g reg ate 189,931 for th e y ear 1915.
The follow ing tab le show s th e n u m b er of com m ercial and savings dep o sito rs in
th e 472 sta te ban k s and 106 n a tio n a l ban k s, th e ag g reg ate deposits, and p e r cap ita
of deposits:

Banks.

472 S ta te B a n k s............

j

106 N a tio n a l B a n k s..............

j

T o t a ls ,.....................

C lass of
deposits.

N um ber of
depositors.

A m ount of
deposits.

A verage
to each
depositor.

C om m ercial........
S a v in g s.................
D e m a n d ...............
T im e ......................

309,5 3 7
1 ,0 5 3 ,7 1 4
156,280
177,373

$ 1 5 1 ,7 1 1 ,9 3 5
2 4 9 ,9 3 2 ,4 4 0
1 0 6 ,4 3 0 ,8 8 2
4 7 ,0 5 4 ,0 8 1

1 ,6 9 6 ,9 0 4

$ 5 5 5 ,1 2 9 ,3 4 0 13

53
53
99
08

$490
237
681
265

12
20
02
28

$327 14

R E C E IP T S A N D D IS B U R S E M E N T S OF T H E D E P A R T M E N T .

In accordance w ith Section 40 of th e B an k in g Law and Section 19 of th e T ru st
C om pany A ct th e d e p a rtm e n t h as collected and tu rn e d over to th e sta te tre a su ry
on account of a n n u al, p re lim in a ry an d special e x am in atio n s of b an k s, $45,982.36,
and collections from o th e r sources $2,896.12. T h ere h as also been tu rn e d over to
th e _S ecretary of S tate fo r fra n c h ise fees, on account of new b anks, in crease of
cap ital stock, and exten sio n s of co rp o rate existence, $890.50, show ing to ta l receipts d u rin g th e y ear of $49,768.98. A tte n tio n is called to th e list of sta te b an k s
and tr u s t com panies in th e la tte r p a rt of th is tex t, w hich lis t show s th e d ates of
ex am in atio n s and th e a m o u n t of each a n n u a l e x am in atio n fee collected from each
sta te b ank and tr u s t com pany. T he e x a m in e rs’ re p o rts (fro m w hich th e ex­
a m in atio n fees are d ete rm in e d ) have been carefu lly com pared, checked and v e ri­
fied by th e S tate T re a su re r w ith th e a m o u n t of fees collected from each, bank, and
tu rn e d over to said official, an d y o u r a tte n tio n is re sp ectfu lly called to h is le tte r
appended to th e tex t.
D u rin g th e y e a r 1915 th e expenses of th e D e p artm en t w ere as follow s:
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary
S alary

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

E. H. Doyde, C om m issioner (te rm expired F e b ru a ry 14, 1915)
$437
F. W. M errick, C om m issioner (ap p oin ted J a n u a ry 13, 1915
3,062
A. E. M anning, D eputy C o m m issio n er.......................................
2,500
J. M. Conway, C hief C lerk and E x a m in e r.....................................
R583
Chas. H. A dam s, E x a m in e r...............................................................
2*200
E. K. M atlock, E x a m in e r (resig n ed S eptem ber 15, 1915) . . . .
R450
E. P. H opkins, E x a m in e r..................................................
2,166
J. C. VanCam p, E x a m in e r..........................................
2A54
W. J. S chechter, E x a m in e r (resig n ed N ovem ber 1 5 ,1 9 1 5 ). '
R879
H. A. M orris, E x a m in e r (resig n ed J u ly 31, 1 9 1 5 )................
1,268
Chas. O. Ball, E x a m in e r........................................ .............................
2^200
F. L. P e rk in s, E x a m in e r...... ..........................................................................2,200
R. L.N ixon, E x a m in e r........................................
2,161
Jos. M. Dodge, E x a m in e r...................................................................
1*907
Geo. H. V anB uren, E x a m in e r.............................................................
2*013


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

51
49
00
20
00
40
80
90
87
90
00
00
65
09
20

STATE BANKING D EPA R TM EN T.

xvi

S alary of R. C. W ixson, E x a m in e r...................................................................
S alary of A rth u r W alton, E x a m in e r......................... ; ....................................
S alary of H a rry O lm stead, E x a m in e r....................... .......................................
S alary of C. R. M cL aughlin, E x a m in e r.............................................................
S alary of F. E. Q uisenberry, E x a m in e r.............................................................
S alary of Geo. F. E ckfeld, E x a m in e r.................................................................
S alary of Jas. B. G reenfield, E x a m in e r........................... .................................
S alary of W. C. P lum m er, E x a m in e r.................................................................
S alary of D. R. E ason, E x a m in e r........................................................................
S alary of C. F. S p aeth , A ssista n t E x a m in e r to J u n e 30, 1915, a p ­
pointed ex am in er Ju ly 1, 1915............................................................. ..
S alary of R. J. F re m o n t (ap p o in ted clerk Ju ly 1, 1915, appointed
a s s is ta n t ex am in er D ecem ber 1, 1 9 1 5 )............................. .........................
S alary of R. H. L arabee, C le rk ............................................................................
S alary of E d ith L. C lark, S te n o g ra p h e r...........................................................
S alary of N an L aw ler, S ten o g rap h er (R esigned A ugust 31, 1 9 1 5 ) ....
S alary of L ulu M. Goulet, S ten o g rap h er (appointed M arch 22, 1915) . .
S alary of L a u ra D. McCabe, C le rk ........................................- ........................
S alary of Mrs. S. M. W ilson, C le rk ...................................................................
S alary of R. L. B ailey (resig n ed M arch 21, 1915..........................................
S alary of E x tra C le rk s ............................................................................................
E xpenses in cu rred in th e ex am in atio n of b a n k s ............................................
P rin tin g and b in d in g ..................................................................... ..................
P o s ta g e ...................................................................................... .....................................
S tatio n ery , telephone, teleg rap h , express, office equipm ent, e tc ..............
T o tal

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

$1,966
1,966
1,900
1,792
1,766
1,700
1,725
1,708
1,700

20
20
00
25
45
00
09
69
00

1,450 oo433
579
1,200
802
730
785
785
200
458
18,628
3,951
1,050
1,913

70
95
00
20
95
78
78
00
00
65
28
00
96

$78,381 14

B ank su pervision co st th e sta te for th e y ear 1915, as show n above, $28,612.16


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

R E PO R T OF T H E COMMISSIONER.

x vii

SE C U R IT IE S C O M M IS S IO N .

The follow ing table show s th e steam sh ip bonds w hich a re legal in v e stm e n ts
for savings deposits of sta te b an k s a t th e d ate of th is re p o rt:
N o.

D a te of
approval.

N am e of com pany.

N am e of steam er.

A m ount
bond issue.

1
3
5
6
7

Aug.
Sept.
Sept.
M ar.
M ar.

9 ,1 9 0 6
12,1906
12,1906
2 6 ,1 9 0 7
2 6 ,1907

H aw good T ransit C o . . .
Toledo Steam ship C o . .
T onaw anda T ransit Co
Dearborn T ransit C o . .
Franklin Steam ship Co

8
9
13
20
22

Mar.
April
Oct.
A pril
Aug.

2 6 ,1907
10,1907
8 ,1 9 0 7
2 ,1 9 0 8
13,1908

M inerva Steam ship Co.*
Chicago N a v ig a tio n C o. .
M idland N a v ig a tio n C o.
J enkin i Steam ship C o . ..
P o sta l Steam ship C o . . . .

23
24
26
27
29

Jan.
Jan.
Jan.
Jan.
Jan.

1 3 ,1909
13,1909
13,1909
13,1909
13,1909

Frem ont Steam ship C o ..
D etro it Steam ship C o . . .
N eptun e Steam ship Co.*
A tlas Steam ship C o.*. . .
H olm es Steam ship C o . . .

B. F. B er r y ...........................
Chas. W . K o tc h e r ..............
Arthur H. H aw good***. .
W m. A. H aw good****. . .
Salt Lake C ity * * * * * .........

1 6 0 ,0 0 0
1 4 0 .0 0 0
2 1 5 .0 0 0

30
32
33
34
35

Jan.
Jan.
Jan.
Jan.
Jan.

13,1909
13,1909
13,1909
13,1909
13,1909

Frontier Steam ship C o . . .
York T ransit C o .................
Shenango Steam ship C o ..
W ainw right Steam ship Co
A lva Steam ship C o ..............

Josiah G. M unro
John J. B o la n d ..
W ilp en ..................
W ain w righ t........
M . A. B radley. .

210,000
165.000

36
37
38
41
42

Jan.
Jan.
M ar.
M ar.
M ar.

13,1909
13,1909
18,1909
18,1909
18,1909

C roxton Steam ship C o . . .
Em pire Steam ship C o . . . .
V alley Steam ship C o .........
H aw good Steam ship Co.*
Farrar Transportation Co

C aldera..........................
W m. H. T ru esd a le ...
A lexis W . Thom pson
N . F. Leopold******
C ollin gw ood.................

1 7 0 .0 0 0
157.000
2 1 5 .0 0 0
1 3 5 .0 0 0

43
44
45
46
47

M a y 2 7 ,1 9 0 9
M ay 2 7 ,1 9 0 9
M ay 2 7 ,1909
June 2 ,1 9 1 0
June 2 ,1 9 1 0

Jacob T. K o p p .........
A dam E. Cornelius ,
Jam es Corrigan. . . .
D aniel B. M eachem
S tad acon a..................
G. A. T om linson. . .

165.0 0 0
150.0 0 0
4 2 0 .0 0 0
150.0 0 0
140.0 0 0

48
49
51
52
53

June
June
June
June
June

J. S. A sh le y ....................
John J. B ariu m ............
Andrew S. U p so n ........
Sh anango........................
Theodore H. W ickwire
Clifford F. M o ll...........

150.0 0 0
140.000

58
61
62
63
64

N ov.
N ov.
N ov.
N ov.
N ov.

65

Jan. 3 1 ,1 9 1 2 ! Shenango Steam ship and Transpor­
ta tio n C o ..............................................
Feb. 16,1912
In tersta te Steam ship C o ....................
June 2 6 ,1 9 1 2
Shenango Steam ship and Transpor­
ta tio n C o ..............................................
Jan. 2 3 ,1913
Y ale Transportation C o .....................

66
67
68

2 ,1 9 1 0
2 ,1 9 1 0
2 ,1 9 1 0
2 ,1 9 1 0
2 ,1 9 1 0

J

P enn sylvan ia Steam ship Co
Am erican Steam ship C o . . . .
Frontier Steam ship C o .........
Stadacona Steam ship C o . . .
D ouglas Steam ship C o .........

H arvey D . G oulder.
E ugene Zimmerman
Charles W e sto n . . . .
E. I/. W allace...........
E . J. E a rlin g .............

$19 0 ,0 0 0
160,0 0 0

. H enry A. H aw good**
f W m. E. F itz g e r a ld ...
\ Jas. S. D u n h a m ...........
. M idland P r in ce ..........
. Charles O. Jenkin s. . .
. T hom as B ariu m ...........

2 0 5 .0 0 0
2 8 0 .0 0 0
130.0 0 0
150.0 0 0
150.0 0 0

.
.
f
\
.
.

K inney Steam ship C o .. ‘
P ostal Steam ship C o . . . .
T ecum seh Steam ship Co
Shenango Steam ship C o.
Am erican Steam ship Co.

3 0 ,1 9 1 0 j W isconsin T ransportation C o .......... John P. R e iss ............................
3 0 ,1 9 1 0
N orth Am erican Steam ship C o. . . . A. M . B ey e r s............................
30 ,1 9 1 0
N orth American Steam ship C o . .. . Peter R e iss .................................
30 ,1 9 1 0
Franklin Steam ship C o ...................... E. H U t le y ...............................
3 0 ,1 9 1 0
A m erican Steam ship C o . . . . . . . . j Theodore H . W ickwire, J r . .
Harry Y a te s ..............................

♦C onsolidated w ith th e C om m onw ealth Steam ship Co.
**N am e changed to C. Russell Hubbard.
***N am e changed to Joseph Block.
****N am e changed to R. L. Agassin.
*****N am e changed to C hester A. Congdon.
******Form erly W . R . W oodford

c


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

2 00,000

1 4 0 .0 0 0
190.0 0 0

200. 000
2 0 0 ,0 0 0

210.000

135.000
155.000
100.000

120.000

2 3 0 .0 0 0
3 2 0 .0 0 0
1 5 0 .0 0 0
145.0 0 0
1 4 5 .0 0 0
1 5 0 .0 0 0
3 2 0 .0 0 0

Jas. M . Schoonm aker.
W illis L. K in g ...............

2 3 7 .0 0 0
185.000

W m . P. Snyder, Jr. . .
Louis R. D avid son . . .

237,000'
160.000

x v iii

STA TE BAN KING D EPA R TM EN T.
SEGREGATIO N OF D E P O SIT S.

I
su b m it th e follow ing tab le for th e p urpose of show ing th a t th e absolute se p a ra ­
tio n and segregatio n of sav in g s deposits an d in v e stm e n ts h as n o t re ta rd e d or re ­
stric te d in an y w ay th e com m ercial b u sin ess in te re sts of th e state.

Date of report.

Savings
deposits.

March 4, 1915.
May 1, 1915...
Jane 23. 1915..
Seat. 2,1915..
Nov. 10, 1915..

*231,612,036
234,098,587
239,326,244
242,584,462
249,932,440

Total savings
investments.

Mortgage
and bond
investments
required.

Total
mortgage
and bond
investments.

84 $241,034,395 68 $114,126,730 69 $159,095,820 67
38 244,402,077 56 115,602,871 56 162,535,156 18
39 248,074,081 91 117,632,956 03 165,699,533 36
35 251,868,882 88 119,654,357 11 169,380,275 66
53 259,330,298 97 123,067,987 36 174,040,491 02

Amount
Amount
savings deposits savings deposits
permitted to be
actually
invested in
invested in
commercial
commercial
paper.
paper.

$85,506,845
87,372,071
87,169,808
89,053,991
91,443,183

79 $40,537,755 99
23 40,439,786 61
21 39,103,230 88
95 39,328,073 40
35 40,470,679 69

A n an aly sis of th e above show s conclusively th a t th e com m ercial needs of th e
sta te have n o t been re s tric te d on acco u n t of th e o p eratio n of th e law. The re p o rt
of N ovem ber 10, 1915, show s th a t com m ercial o r b u sin ess needs w ere am ply su p ­
plied. S tate b an k s on th a t d ate h ad d isco u n ts of th is c h a ra c te r in th e savings
d e p a rtm e n t a g g re g a tin g $40,470,679.69 n o tw ith sta n d in g th e fact th a t th e y could,
if necessary, have availed them selv es to th e a m o u n t of $91,443,183.35.
T he segregation of sav in g s in v e stm e n ts h a s not, in M ichigan, led to an y lack
o f confidence on th e p a rt of e ith e r sav in g s or com m ercial depositors. T h is is
evidenced by th e fact th a t since th e law w en t in to o p eratio n sav in g s deposits have
in creased ap p ro x im ately $98,000,000.00, w hile th e com m ercial deposits show a
g a in of ap p ro x im ately $77,000,000.00.
E S C H E A T E D D E P O SIT S.

In com pliance w ith A ct No. 238 of th e P u b lic A cts of 1897, th e D e p artm en t called
for rep o rts as to escheated deposits a t close of b u sin ess Ju n e 30, 1915, and s ta te ­
m en ts as to deposits w hich h ad rem ain ed in activ e since Ju n e 30, 1912. R ep o rts
w ere called for from sta te and p riv a te b anks, an d tr u s t com panies.
As req u ired by said act, re p o rts from in s titu tio n s show ing such deposits have
been re fe rre d to th e a tto rn e y g en eral show ing deposits escheated to th e sta te
a g g reg atin g $48.71, and in activ e deposits a m o u n tin g to $11,532.03.
M E M B E R B A N K S OF FE DER AL R E SER V E S Y S T E M .

The recen t L eg isla tu re am ended th e b a n k in g law p e rm ittin g sta te b an k s to su b ­
scrib e for and own stock in a fed eral re serv e bank. T h is am en d m en t also allow s
s ta te b an k s a fte r jo in in g th e F e d e ra l R eserve System to m a in ta in th e sam e re ­
serv es as re q u ired of n a tio n a l banks. D u rin g th e y e a r tw o b an k s have joined th e
F ed eral R eserve System , viz: F r u it G row ers S ta te B ank of S au g atu ck , and th e Com­
m ercial and S avings B ank of A lbion. I t is a source of g ratificatio n to th e M ichi­
gan d e p a rtm e n t th a t its system of b a n k ex am in a tio n s h as been accepted in toto
b y th e F ed eral R eserve Board.


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

R E PO R T OF T H E COMMISSIONER.

x ix

REPORT OF RECEIVER.
THE e . jo s s m a n

state

bank

E lm er R. W ebster, receiver, u n d e r d ate
follow s:

, c la r k sto n .

of D ecem ber 31, 1915, re p o rts as

T otal assets a t d ate of and received since suspension .........................
A m ount collected by receiv er to d ate ...........................................................

$188,084 39
115,542 56

D IS P O S IT IO N OF CO I.LECTIO N S.

L oans paid and o th e r d isb u rsem en ts .............................................................
D ividends paid .........................................................................................................
R eceiver’s sa la ry paid .........
L egal expenses p aid .................................................................................................
All o th er expenses ...................................................................................................
B alance in h an d s of S tate T re a su re r ...............................................................
B alance in h an d s of receiv er ..............................................................................
T otal ............................................................... ......................................................

$14,556
73,470
T500
’175
1,605
20,911
3,324

18
28
00
14
34
49
13

$115,542 56

D ividends to th e am o u n t of thirty-five per cent have a lread y been paid com­
m ercial and savings dep o sito rs and it is contem plated th a t a ten per cent d iv i­
dend w ill be declared w ith in th e n ex t six m onths.
abstra c t

of

r e c e iv e r s h ip s .

The follow ing tab le is a condensed a b stra c t of seventeen closed and one active
receiv ersh ip s since th e o rg an izatio n of th e d e p a rtm e n t in 1889:
17
Closed
receiverships.
T o ta l a ssets turned over to receivers. .
$ 9 ,9 1 0 ,5 9 3
D isp osition of assets:
Offsets allow ed and s e t tle d ...............
2 8 5 ,573
Losses on assets, com pounded or sold under order
of c o u r t................................
8 4 7 ,1 7 4
R em aining a s se ts .........................
3 ,5 1 6 ,8 5 1
C ollected from a s s e ts .....................
5 ,2 6 0 ,9 9 3

1
A c tiv e
receivership.

T otal.

32

$188 ,0 8 4 39

43

8 ,2 7 9 59

2 9 3 ,8 5 3 02

89
75
25

50 00
7 9 ,3 5 2 24
100,402 56

3 ,5 1 6 ,2 2 4 89
927,2 0 3 99
5 ,3 6 1 ,3 9 5 81

$ 9 ,9 1 0 ,5 9 3 32

$ 1 8 8 ,0 8 4 39

$ 1 0 ,0 9 $ ,6 7 7 71

C ollected from above a s s e t s ... .
$ 5 ,2 6 0 ,9 9 3 25
C ollected from assessm ents and sto ck h o ld ers..............
2 8 1 ,3 9 2 45

$100 ,4 0 2 56
15,140 00

$ 5 ,3 6 1 ,3 9 5 81
2 9 6 ,5 3 2 45

$115,542 56

$ 5 ,6 5 7 ,9 2 8 26

T o ta l...................................

T o ta l c o lle ctio n s.......... .............................

D isp osition of collections:
Loans paid and other disb u rsem en ts...................
D ividends p a id ..................................
Legal e x p e n ses........................................
R eceiver’s salary and oth er exp en ses.......................
B alance in hands of S ta te T reasurer...................
B alance in hands of r e c e iv e r . . . .

T o ta l............................................

$ 5 ,5 4 2 ,3 8 5 70

$ 6 72,921
4 ,2 7 4 ,9 9 0
2 9 6 ,1 9 4
2 9 8 ,279

70
03
60
37

$ 1 4 ,5 5 6
7 3 ,4 7 0
175
3 ,1 0 5
2 0 ,9 1 1
3 ,3 2 4

18
28
14
34
49
13

$ 1 0 ,0 9 8 ,6 7 7 71

$ 687,477
4 ,3 4 8 ,4 6 0
2 9 6 ,3 6 9
3 0 1 ,3 8 4
2 0 ,911
3 ,3 2 4

88
31
74
71
49
13

$ 5 ,5 4 2 ,3 8 5 70

$115 ,5 4 2 56

$ 5 ,6 5 7 ,9 2 8 26

C apital stock a t d a te of fa ilu r e .....................
$ 1 ,0 2 1 ,0 0 0 00
A m ount of deposits at d a te of fa ilu r e ............................. 6 ,3 6 5 ,8 9 6 98

$ 2 0 ,0 0 0 00
2 1 5 ,8 1 0 64

$ 1 ,0 4 1 ,0 0 0 00
6 ,5 8 1 ,7 0 7 62


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

XX

STA TE BANKING D EPA R TM EN T.

F ro m th e foregoing tab le it w ill be seen th a t th e per cen t collected on to ta l
assets of closed receiv ersh ip s w as 50.3, w hile th e re w as 55.91 p e r cent of assets
collected in clu d in g th e am o u n t received from assessm en ts on stockholders, 28.54
per cent of the to ta l am o u n t of cap ita l stock w as collected by assessm en t on stock­
holders. E xpenses in c u rre d by th e several receiv ers am ounted to 5.99 p er cent of
th e to ta l assets and equaled 10.72 p er cent of to ta l collections, an av erag e of 67.15
per cent has been paid to depositors.
BRANCH

BA NK S.

In M ichigan sta te b an k s m ay o p erate agencies or b ra n ch es w ith in th e corporate
lim its of th e city nam ed in its A rticles of In co rp o ratio n , u n d er th e c o n stru ctio n
of th e b an k in g law by th e A tto rn e y G eneral. I t can n o t be denied th a t up to
th e p resen t tim e th is priv ileg e h a s extended b a n k in g fac ilitie s to m an y p a rts of
la rg e r cities and h as expedited an d fa c ilita te d th e b u sin ess of th ese p a rtic u la r
com m unities. I t h as also been th e m eans of c u rta ilin g th e o rg an izatio n of m any
banks, some of w hich m ig h t n o t have in u re d to th e c re d it of th e fr a te rn ity a t
large. N o tw ith sta n d in g th e benefits th a t have accrued on account of b ran ch b ank
privileges in th e la rg e r cities, I am of th e opinion th a t some lim ita tio n should be
placed on th e n u m b er of b ran ch es w hich can be established, based upon th e a g g re­
g ate deposits, and th e ra tio of deposits to cap ital stock. T his is a m a tte r I believe
th a t is w o rth y of co n sid e ra tio n by th e n e x t leg islatu re.
PR IV A T E B A N K S .

The h isto ry of b an k fa ilu re s in M ichigan since th e o rg an izatio n of th e D e p a rt­
m ent in 1889 show s 16 sta te b an k fa ilu re s, com pared w ith 71 fa ilu re s of p riv a te
banks. T he ra tio in recen t y ea rs is even g re a te r, as b u t one sta te b an k has failed
since 1908, w h ere a s 25 p riv a te b a n k s h av e closed th e ir doors in th a t period. T he
sm all re tu rn to d ep o sito rs in som e of th e se fa ilu re s is b u t a n o th e r a rg u m e n t for
th e re g u la tio n of p riv a te b anks. O ne of th e s e b an k s w ith lia b ilitie s to d ep o sito rs
of n e a rly $300,000.00 h as n o t as y e t re tu rn e d an y of th e d e p o sito rs’ m oney, and
w ith little or no p ro sp e c ts for fu tu re p ay m en ts.
T he re g u latio n of p riv a te b an k s h as had th e co n sid eratio n of o u r law m ak ers
for m any years, b u t as y et no re s tric tio n s have been th ro w n aro u n d th e bu sin ess
of p riv ate banking. I stro n g ly recom m end th e passage of some such leg islatio n , and
if a w orkable re g u la to ry law, w ith o u t p reju d ice to sta te b anks, can n o t be enacted,
I am h e a rtily in fav o r of p ro h ib itin g p riv a te b anks, affording th em of course am ple
tim e to liq u id ate or inco rp o rate.
OVERDRAFTS.

The am en d m en t to th e b a n k in g law m ak in g it u n law fu l for an officer, d irecto r,
or employe, of a sta te b an k to p e rsiste n tly an d know in g ly overd raw h is account,
h as had beneficial effects in c e rta in localities. The law , how ever, should be fu r­
th e r am ended so as to include p e rsiste n t o v e rd ra fts of firm s or co rp o ratio n s owned
or controlled by officers, d irecto rs, or em ployes of sta te banks.
D IV ID E N D S.

The b an k in g law I believe should be am ended in such a m a n n e r as to give
th e D ep artm en t m ore d iscretio n as to d isco n tin u an ce of dividends, especially
w here assets of p ro b lem atical valu e develop in a b an k in an am o u n t sufficient
to im p air su rp lu s o r capital. A t th e p re se n t tim e it is possible for a b an k to c a rry
in its assets notes of q uestionable value, so long as th e in te re s t is m et each six
m onths. Some a u th o rity I believe should be vested in th e D e p artm en t looking
to w ard s th e elim in a tio n of such assets, as w ell as o b ta in in g actio n on e sta te and
o th er co u rt item s concern in g w hich som e b an k s a re m ore or less d ilato ry . A u­
th o rity should lie in th e D ep a rtm e n t to have such a ssets elim in ated , or to o rd er
disco n tin u an ce of d ividends u n til sufficient u n divided profits or special fu n d s are
accum ulated to obviate th e im p a irm e n t of su rp lu s or cap ital, in case such assets
prove w holly bad.


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

C om m issioner of th e B a n k in g D epartm ent.

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

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

O PIN IO N S OP T H E A TTO RN EY GEN ERA L.
E X C E S S IV E L O A N S .

On account of th e im pçirtance of th e su b ject of excessive loans I deem it ad­
visable to ag ain p u b lish th e c o n stru c tio n of section 52 of th e B a n k in g L aw in
th is reg ard as su b m itted to th is d e p a rtm e n t by th e A tto rn e y G eneral in th e
y e a r 1903:
L an sin g , Mich., May 23, 1903.
H on. George W. Moore, C om m issioner of B an k in g , L an sin g , M ichigan:
D ear S ir I am in re c e ip t of y o u r com m u n icatio n of th e 19th inst., re fe rrin g
to th e G eneral B an k in g L aw of th is S tate, an d re q u e stin g m y oninion upon
th e follow ing q u estio n s:
F irs t, How m uch m oney m ay th e d ire c to rs of a b an k loan to a n y person, or
com pany, or corp o ratio n , or firm , by a tw o -th ird s vote of its board of d irecto rs?
Second, How m uch m oney m ay a n y b a n k loan on a n y one line of co m m ercial
pap er?
T h ird , May a b an k in crease th e first nam ed lin e by th e bond or p erso n al en­
dorsem ent of th e officers or d ire c to rs of a firm , com pany or corp o ratio n , o r by
th e assig n m en t of value as c o lla te ra l? ”
In considering th ese q u estio n s I d esire to call y o u r a tte n tio n to section 6141
of th e Com piled Laws, being section 52 of th e G eneral B an k in g Law of th is
S tate, w hich provides in p a rt as follow s: “T he to ta l lia b ilitie s to an y b ank
of any person or of an y com pany, co rp o ratio n or firm fo r m oneys advanced, in ­
cluding in th e lia b ilitie s of th e com pany or firm th e lia b ility of th e sev eral m em ­
bers thereof, except special p a rtn e rs, sh a ll a t no tim e exceed o ne-tenth p a rt
of th e am o u n t of th e cap ital an d su rp lu s of such b a n k ; b u t th e d isco u n t of
bills of exchange d raw n in good fa ith a g a in s t a c tu a lly e x istin g v alu es and th e
discount of com m ercial o r b u sin ess p a p er a c tu a lly ow ned by th e p erson n e g o tia t­
ing th e sam e sh all n o t be considered as m oney b orrow ed: Provided, how ever,
T h a t th e foregoing lim ita tio n s sh a ll n o t ap p ly to loans on re a l e sta te or o th e r
collateral secu ritie s a u th o rized by th is a c t: P rovided, how ever, T h a t by a twoth ird s vote of th e d ire c to rs th e lia b ilitie s to a n y b an k o r a n y person, or com­
pany, or corporatio n , or firm m ay be in creased to a sum n o t exceeding one-fifth
of th e cap ital and su rp lu s of th e b a n k .”
It is evident th a t th is lim ita tio n w as borrow ed from th e N a tio n a l B a n k in g
Law, section 5200 of th e R evised S ta tu te s of th e U nited S tates, p ro v id in g as
follow s: “The to ta l lia b ilitie s of a n y asso ciatio n , or a n y person, o r an y com pany,
corporation, or firm for m oney borrow ed, in clu d in g in th e lia b ilitie s of th e com­
p any or firm th e lia b ilitie s of th e sev eral m em bers th ereo f, sh a ll a t no tim e exceed
one-tenth p a rt of th e am o u n t of th e c a p ita l stock of such asso ciatio n ac tu a lly
paid i n ; b u t th e disco u n t of b ills of exchange d raw n in good fa ith a g a in s t ac tu a lly
ex istin g values, an d th e d isco u n t of com m ercial or b u sin ess p a p er a c tu a lly ow ned
by th e person n eg o tia tin g th e sam e, sh all n o t be considered as m oney borrow ed.”
T his provision, as found in o u r G eneral B a n k in g Law and also in th e N atio n al
B an k in g Law, has n ev er been c o n stru ed by th e c o u rts in so fa r as it re la te s
to th e p a rtic u la r questio n su b m itte d by you.
T he Suprem e C ourt of P e n n sy lv a n ia , in th e case of O’H are v. Second N atio n al
B ank of T itusville, 77 Pa. St., 102 re fe rrin g to th is p rovision in its ap p licatio n
to n a tio n al banks, m akes use of th e follow ing lan g u ag e : “E v id e n tly th e lim ita ­
tion of th e indeb ted n ess to th e on e-ten th in th e 29th section, w as in ten d ed as
a g eneral rule fo r condu ctin g th e b u sin ess of th e b a n k ; a ru le laid down from
experience to re g u la te its loans fo r its own b est in te re st and th o se of sto ck ­
holders and credito rs, n o t a ru le to re g u la te its custom ers. I t w as, as re m ark ed


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

xxìv

STA TE BAN KING D EPA R TM EN T.

in F o w ler v. Sculy, a re g u la tio n to p re v e n t th ese asso ciatio n s from sp littin g
on th e rock w hich h as ru in e d so m an y b anks, to w it, th a t of lending too m uch
of th e ir capital to one person or firm . T he in te n tio n being to p ro tect th e as­
sociation and its'sto c k h o ld e rs and cre d ito rs from unw ise b a n k in g , we can n o t su p ­
pose it w as m ean t to in ju re th e m by fo rb id d in g recovery of th e in ju d icio u s
loans.”
In Vol. 29 of th e A m er. & Eng. E ncy. of Law s, 2nd ed. p. 382, we find th e fol­
low ing w ith respect to th e lim ita tio n found in th e N atio n al B an k in g L aw : “The
object of th is provision of th e s ta tu te w as to g u ard N atio n al h a n k s from th e
h a z a rd of speculativ e loans, b u t it contem plated and p e rm itte d to an u n lim ited
a m o u n t th e d iscoun t of p a p er used and re q u ire d in fa c ilita tin g th e tra n s fe r of
p ro p e rty and m oney in th e tra n sa c tio n of th e le g itim a te b u sin ess of th e c o u n try .”
C itin g Oswego Second N a tio n a l B an k v. B u rt, 93, N. Y. 244.
I t w as evidently th e in te n t of th e le g isla tu re , in en a c tin g th e provision above
re fe rre d to, as found in th e b a n k in g law of th is S tate, to g u a rd th e b a n k s o rg an ­
ized th e re u n d e r from th e h a z a rd of specu lativ e loans, and to p rev en t such b an k s
fro m ad v an cin g or lo an in g too m uch of th e ir m oney to an y one person, firm
o r co rp o ratio n , and in co n stru in g th e s ta tu te w ith respect to th e exception, it is
n e c e ss a ry to keep co n sta n tly in m in d th e p u rpose of th e lim ita tio n , an d n o t to
c o n stru e th e provision re la tin g to th e exceptions th e re fro m in such a w ay as
to d estro y th e force and effect of th e lim ita tio n itself. The exceptions to w hich
I re fe r re la te to th e d isco u n t of b ills of exchange d raw n in good fa ith a g a in st
a c tu a lly ex istin g values, and th e disco u n t of com m ercial or bu sin ess p ap er a c tu ­
a lly ow ned by th e person n e g o tia tin g th e sam e, and w hich, in m y opinion, should
be s tric tly co nstrued and should be held to apply to no tra n sa c tio n th a t did n o t
c le a rly and fu lly come w ith in th e pro v isio n s of th e s ta tu te in th is p a rtic u la r.
B lack on In te rp re ta tio n of Law s, 275.
I find th a t th e qu estio n s w hich you su b m it for my co n sid eratio n a re quite
fu lly considered in P r a t t’s D igest, pages 93-94-95, in th e ir a p p licatio n to n a tio n a l
b a n k s, b u t I am unable to concur in som e of th e conclusions reached, w hich do
n o t seem to be based upon ju d ic ia l decisions, and w hich, in m y opinion, tend
±o d efeat th e very purpose of th e lim ita tio n . I t is an e lem en tary proposition
recognized by th e co u rts w ith respect to s ta tu to ry or c o n stitu tio n a l in h ib itio n s,
th a t you cannot do in d ire c tly th a t w hich you a re p ro h ib ited from doing directly.
In th e ir applicatio n to com m ercial paper, th e te rm s “lo an s” and “d isco u n ts”
a re synonym ous. A m er. & Eng. E ncy. of Law, Vol. 21, 2nd ed. 381. The ques­
tio n who is borrow er is n o t alw ays to be d eterm in ed from th e position of th e
p a rtie s as th ey ap p ear on th e paper. The b o rro w er m ay be th e m ak er or th e
en d o rser. P r a t t’s D igest, 94. Our s ta tu te provides th a t in th e disco u n t of com­
m ercial or business p ap er ac tu a lly ow ned by th e person n e g o tia tin g th e sam e,
it sh a ll not be considered as m oney borrow ed. T he a p p licatio n of th is provision,
i n m y opinion, re la te s exclusively to th e p erson n e g o tia tin g th e paper. The
■statute contem plates th a t he alone sh all be considered as n o t receiving a loan
fro m th e bank. W ith resp ect to th e m a k e r of such p ap er who is p rim a rily liable,
if such m a k e r has received c re d it a t th e b an k to th e full lim it im posed by law,
th e b a n k should n o t be p e rm itte d to d isco u n t such paper, as in th a t ev en t th e
lia b ility of th e m ak er would exceed th e lia b ility p e rm itte d by th e G eneral B a n k ­
in g Law , and if such a tra n sa c tio n should be p erm itted , it w ould in d ire c tly de­
fe a t th e very purpose for w hich th is lim ita tio n w as im posed.
In d ete rm in in g th e q uestions su b m itted by you, I realize th a t th e re m ay be
som e doubt as to th e p ro p er c o n stru ctio n of th ese pro v isio n s in th e absence
o f a n y ju d icial d ete rm in a tio n as to th e ir p ro p er m eaning. In view of th e fact
t h a t th e several b a n k s of th is S tate o rganized u n d er th e G eneral B an k in g Law,
a re su b ject to S tate su p erv isio n , n o t only fo r th e p ro tectio n of th e b an k s th e m ­
selves, b u t for th e p ro tectio n of th e p ersons doing b u sin ess w ith such banks,
th e law s re la tin g th e re to should be co n stru cte d in such a m a n n e r as to afford
su c h p ro tectio n in every possible way, u n til such tim e as th e co u rts m ay d e te r­
m in e om erw ise.
In an sw er to your first question, I w ould th e re fo re say th a t, in m y opinion,
th e am o u n t w hich th e d ire c to rs of a b an k w ould be a u th o rized to loan to any
p erso n , or com pany, or co rp o ratio n , or firm, by a tw o -th ird s vote of its board of
d ire c to rs, w ould n o t exceed one-fifth of th e cap ital and su rp lu s of th e bank,
a n d it w ould be im m a te ria l w h e th e r such loan w as secured or unsecu red , ex­
cepting, of course, loans on re a l e sta te or o th e r c o llateral sec u ritie s a u th o rized
by th e G eneral B a n k in g Law.
In an sw er to y o u r second question, I w ould say th a t th e sam e ru le would


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

R E PO R T OF T H E COMMISSIONER.

xxv

applj- to any one line of com m ercial p a p er th a t w ould apply to an y one person
com pany, firm or corporation.
In an sw er to y o u r th ird question, I w ould say th a t, in m y opinion, it is im ­
m a te ria l w h eth e r such loan is secured by th e bond or p erso n al en d o rsem en t
of th e officers or d ire c to rs of th e firm , com pany or co rp o ratio n , or by th e as­
sig n m en t of value as co llateral, except w here such loan is m ade upon real e state
or o th er co llateral sec u ritie s recognized by th e G eneral B an k in g Law. In th is
connection I call y o u r a tte n tio n to th e ru le laid down in th e A m er & E n g E ncy
of Law, Vol. 21, 2nd ed„ page 382, to th e effect th a t “D ra fts m ay be bona fide
bills of exchange d raw n upon a c tu a l ex istin g values w ith in th e m ean in g of th e
sta tu te , th o u g h n o t accom panied by specific bills of lad in g in each case. I t is
sufficient if th e y are d raw n a g a in st p ro p e rty prev io u sly consigned and existln g e ith e r in its o rig in a l form or in th e shape of proceeds of sales in th e h an d s
of th e consignees.” T his ru le, of course, applies to th e fed eral sta tu te . The
sta te and federal s ta tu te being id en tical in th is p a rtic u la r, u n q u estio n ab ly th e
sam e ru le would apply to a b an k organized u n d er th e G eneral B an k in g Law of
th is state.
R esp ectfu lly yours,
Ch a s . A. B lair ,

A tto rn e y General.
The follow ing opinions have been re n d ered d u rin g th e y e ars 1907 1908 1909
1910, 1911, 1912, 1913 and 1914 by th e A tto rn e y G en eral’s D e p artm en t on q uestions
concerning th e co n stru ctio n of th e B an k in g Law.
CORPORATION

ST O C K S A S

T R U ST

CO M PANY

IN V E ST M E N T S.

L an sin g , M ichigan, M arch 21, 1907.
Hon. H en ry M. Z im m erm an, B an k in g C om m issioner, L ansing, M ich.:
Deai’
T his d e p a rtm e n t h as given carefu l co n sid eratio n of y our in q u iry of
th e 13th m st. as to w h e th e r tr u s t com panies o rganized u n d e r A ct No. 108 of
th e P ublic A cts of 1889 have th e rig h t to in v est in th e stocks of Savings B anksand p a rtic u la rly to th e question as to w h e th e r section 11 of th is act (Com piled
Law s ot 1897, Section 6166) p e rm its such in v estm en t.
i t is th e opinion of th is d e p a rtm e n t th a t th e re is no g en eral rig h t u n d er th e law s
ot th is S tate on th e p a rt of tr u s t com panies to in v est in th e stock of o th e r cor­
p o ra tio n s; and, fu rth e r th a t th e clause in section 11 of th e above act, w hich
au th o rizes th e d ire c to rs to in v est in “such re a l or p erso n al se c u ritie s as th ey
m ay deem p ro p e r” does n o t au th o riz e in v e stm e n t in th e stock of p riv a te cor­
porations.
R esp ectfu lly yours,
J no . E. B ird,

A tto rn e y General.
A U T H O R IT Y TO SU B SC R IR E A R TIC L ES OF INC O R PO R ATIO N A S “ t r u s t e e ” REQLTIRED.

L an sin g , M ichigan, A u gust 7, 1907.
Hon. H en ry M. Z im m erm ann, C om m issioner S tate B an k in g D ep artm en t, “C apitol ”
L an sin g :
’
D ear S ir It ap p ears th a t step s a re being ta k e n to o rganize a b an k u n d er th e
G eneral B an k in g Law s of th is S tate, w ith a cap ital stock of $100,000. F ro m th e
a rtic le s of associatio n w hich have been p rep ared , it ap p ears th a t, ap p ro x im ately ,
six ty p er cent, of such cap ita l stock h as been su bscribed for by c e rta in persons
d esignated as tru ste e s ; th a t such a rtic le s do n o t disclose th e nam es of re s i­
dences of th e cestu i que tr u s t in an y in stan ce, or th e a u th o rity of th e person
su b scrib in g as tru s te e to act in th a t capacity.
In th is connection, you ask m y opinion as to w h e th e r or n o t it w ould be p ro p er
for you to issue th e certificate of a u th o rity provided for by section 7 of th e
G eneral B an k in g Law.
In reply th e re to w ould say th a t section 2 of th e B an k in g Law re q u ire s th e
persons asso ciatin g in th e o rg an izatio n of a b an k to execute a rtic le s of in co rp o ra­
tion, w hich sh all specify, am ong o th e r th in g s, “th e nam es and places of resi-


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

STA TE BANKING D EPA R TM EN T.

XXVI

dence of th e stockho ld ers an d th e n u m b er of sh a re s held by each of th e m .” The
la tte r p a rt of section 4 provides as follow s: “No b an k sh all tra n s a c t any business
except such as is in c id e n ta l an d necessarily p re lim in a ry to its o rg an iaztio n u n til
it has been au th o rized by th e C om m issioner of th e b a n k in g d e p a rtm e n t to com­
m ence th e b u sin ess of b a n k in g .” The a rtic le s of in c o rp o ratio n a re re q u ire d to be
executed in trip lic a te , one to be recorded in th e office of th e co unty clerk of th e
county in w hich th e b an k is located ; one filed in th e office of th e C om m issioner
of th e B an k in g D ep a rtm e n t; and one filed in th e office of th e S ec re ta ry of State.
W hen such artic le s of in co rp o ratio n a re p ro p erly executed and filed and reco rd ­
ed, as req u ired bv law , and th e C om m issioner of th e B an k in g D e p artm en t is
notified th a t a t least fifty p er cent, of its cap ital h as been p aid in, and th a t such
b ank has com plied w ith all th e pro v isio n s of th e g en eral b a n k in g law ; before th e
b an k sh all be au th o rized to com m ence busin ess, th e C om m issioner is req u ired
to exam ine into th e condition of such b an k , and if it is found th a t such o rg an iza­
tio n is in accordance w ith th e s ta tu te and th a t th e v a rio u s pro v isio n s of th e
law have been com plied w ith , a certificate of a u th o rity to engage in th e b u si­
ness of b a n k in g is issued by such C om m issioner. W hen th e s ta tu te is not com­
plied w ith in any essen tial p a rtic u la r, it is clearly m y opinion th a t such cer­
tificate of a u th o rity should be w ith h eld . I t seem s to me th a t a rtic le s of in co r­
p o ratio n w hich do n o t fu lly disclose th e nam e and residence of th e cestui que
tr u s t, w here th e stock is subscribed for by a tru ste e , and w hich also fails to
disclose th e a u th o rity to subscribe for su ch stock in th a t capacity, do n o t conform
to th e re q u irem en ts of th e g en eral b a n k in g law, and, u n d er such conditions as
you have outlined, it w ould be y o u r d u ty to refu se to issue th e certificate of
a u th o rity provided for by law.
I do not deem it esse n tia l to p o in t o u t th e n u m ero u s com plications th a t m ig h t
arise if stock in a b a n k in g c o rp o ratio n should be subscribed fo r in th e m an n er
indicated. I t is sufficient to say th a t it does n o t conform to th e re q u ire m e n ts
of th e G eneral B an k in g Law.
R esp ectfu lly yours,
J no . E. B ird,

A tto rn e y General.
C E R T IF IC A T E S OF IN D E B T E D N E S S

A S LEGAL I N V E S T M E N T S .

L ansing, M ichigan, October 23, 1907.
H on. H. M. Z im m erm an, C om m issioner of th e B an k in g D ep artm en t, ‘ Capitol,
L ansing, M ichigan:
My D ear S ir—I am in receip t of yo u r com m unication of th e 16th in st. in
w hich you ask w h e th e r or n o t certificates of in d eb ted n ess issued in p ay m en t
for v o ting m achines u n d er th e pro v isio n s of section 13 of Act 217 of th e P ublic
A cts of 1905 are p ro p er in v e stm e n ts for savings b an k s u n d er subdivision (b),
section 27 of th e G eneral B an k in g Law, w hich provides th a t a c e rta in p o rtio n of
th e savings deposits of such b an k s sh all be inv ested as follow s:
“ (b) . In th e public debt or bonds of an y city, county, to w nship, village or
school d is tric t of an y sta te or te r rito ry in th e U nited S tates, w hich sh all have
been au th o rized by th e le g isla tu re of such sta te or te r rito ry : Provided, th e to ta l
indebtedness of such m u n ic ip a lity does n o t exceed five per cent, of its assessed
valu atio n , except by a vote of tw o -th ird s of th e board of d irecto rs, such bonds
m ay be purch ased if th e to ta l lia b ilitie s do n o t exceed ten per cent, of its as­
sessed v a lu a tio n .”
You also sta te th a t it h as alw ays been th e ru lin g of th e b a n k in g d e p a n m e n t
th a t th e term s “public d eb t” and “bonds” w ere synonym ous and th a t an issue
of bonds, in o rd er to be a p ro p er in v e stm e n t for sav in g s b an k s u n d e r th is su b ­
division, m u st prev io u sly have received th e ap p ro v al of th e v o ters of th e m u n i­
cip ality issu in g th e bonds.
F o r an sw er to y o u r in q u iry I w ould say it is m y opinion th a t th e ru lin g oi
your d e p artm en t places too n a rro w a c o n stru ctio n upon th e sta tu te . The te rm s
“public d ebt” and “bo n d s” are n o t synonym ous. The te rm “public d eb t” includes
n o t only a bonded debt, b u t also o th e r form of public indebtedness.
S tate v. H ick m an , 11 Mont. 541, and cases cited.
T he s ta tu te u n d er w hich certificates of indebtedness are issued in pay m en t
for voting m achines read s as follow s:


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

R E P O R T OF T H E COMMISSIONER.

xxvii

The local a u th o ritie s, on th e adoption and p u rch ase of a v oting m achine m ay
provide for th e p ay m en t th e re fo r in such m a n n e r as th e y m ay deem fo’r th e
¿ n t? re s t
^ le
and m ay fo r th a t purpose issue bonds, certificates of
indebtedness or o th e r obligations, w hich sh all be a ch arg e on th e city, tow n or
village. Such bonds, certificates or o th er oblig atio n s m ay be issued w ith or w ithout in te re st, payable a t such tim e or tim es as th e a u th o ritie s m ay d eterm in e
b u t sh all n o t be issued or sold a t less th a n p a r.”
The le g isla tu re has th e undoubted rig h t to a u th o rize debts of th is c h a ra c te r to
be in cu rred w ith o u t th e vote of th e electors of th e m u n icip ality .
C allan v. T he C ity of Saginaw , 50 Mich. 7.
I am of th e opinion th a t th e certificates of indeb ted n ess issued u n d er a u th o rity
of th is section come w ith in th e te rm “p ublic d eb t” as used in sub d iv isio n s (b),
section 27 of th e G eneral B a n k in g Law, an d th a t, consequently, sav in g s ban k s
m ay law fully in v est th e ir fu n d s in such certificates of indebtedness.
R esp ectfu lly yours,
J no . E. B ird ,

A tto r n e y General.
ST R IC T LY C O M M ERC IAL B A N K S M U S T A M E N D A R T IC L E S

TO T R A N SA C T

SA V IN G S

B U S IN E S S .

L an sin g , M ichigan, October 28, 1907.
^ [0nM -}ih

Z im m erm an, C om m issioner of th e B a n k in g D ep artm en t, L ansing,

D ear S ir—I am in receip t of y our co m m unication of th e 16th in st. request-*
m g an opinion upon th e q uestion of w h e th e r or no t a b an k organized as a p u rely
com m ercial b ank u n d er th e G eneral B a n k in g Law of th e S tate is a u th o rized to
a d v ertise for sav in g s deposits an d do a g en eral b a n k in g b u sin ess u n d e r th e exception contained in section 24 of th a t law , w hich provides:
“C om m ercial b an k s m ay allow in te re st on accounts or certificates of deposit,
but all deposits in such b an k s sh all be payable on dem and w ith o u t notice, ex­
cept w hen th e co n tra c t of deposit o th erw ise pro v id es.”
F o r an sw er th e re to , I w ould say th a t th e G eneral B a n k in g Law in section 1
provides th a t an y n u m b er of persons, n o t less th a n five, “ m ay asso ciate to e stab ­
lish offices of disco u n t an d deposit, to be know n as com m ercial b anks, and also
to estab lish offices of loan and deposit to be know n as savings b anks, o r to e stab ­
lish ban k s h av in g d e p a rtm e n ts for b oth classes of b u sin ess,” etc.
U nder section 2 of th e G eneral B an k in g Law, th e a rtic le s of in co rp o ratio n are
req u ired to specify th e n a tu re of th e bu sin ess to be c a rrie d on, w h e th e r th a t of a
com m ercial bank, sav in g s bank, o r both. Sections 23, 24 and 25 of th e sam e law
co n tain c e rtain p rovisions re fe rrin g to “an y b an k w hich, by its a rtic le s of in ­
corporation, sh all d esig n ate its bu sin ess as th a t of a com m ercial b a n k ;” and section ¿,6 and succeeding sections of th e sam e law co n tain p rovisions g o v ern in g “any
bank w hich by its a rtic le s of in c o rp o ratio n sh all d esig n ate its bu sin ess as th a t
ot a savings b a n k ;” and Section 29 co n tain s p ro v isio n s go v ern in g “an y b ank
com bining th e bu sin ess of a com m ercial b an k an d a sav in g s b a n k ” and provides
th a t “all receipts, in v e stm e n ts an d tra n sa c tio n s re la tin g to each of said classes
of busines sh all be governed by th e pro v isio n s an d re s tric tio n s h erein specifically
provided for th e respective k in d s of b a n k s.”
R eading all these pro v isio n s of th e G eneral B a n k in g L aw to g eth er, it is clear
th a t it w as not in ten d ed to p e rm it a b an k o rganized as a stric tly com m ercial
bank to engage in th e b u sin ess of a savings bank, and th a t th e exception con­
tain ed in section 24, to w hich referen ce h as been made; w as n o t in ten d ed to have
th a t effect. B efore a com m ercial bank, organized as such, can conduct a savings
b ank business, it m u st am end its a rtic le s of in co rp o ratio n so as to provide for
conducting both classes of business.
R esp ectfu lly yours,


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

J no . E. B ird,

A tto rn e y General.

STA TE BANKING D EPA R TM EN T.

xxviii

B A X K S C A N N O T E X T E N D T H E IR CREDIT TO A N IN D IV ID U A L OR B A N K .

Ju n e 10, 1908.
H on. H. M. Z im m erm ann, C om m issioner, B an k in g D ep artm en t, “C apitol,” L a n ­
sing:
D ear S ir—I have yo u r co m m unication of Ju n e fifth, enclosing c e rta in cor­
respondence w ith th e ..................... bank.
I t ap p ears from y our com m unication th a t th is hank, by an a rra n g e m e n t w ith
c e rta in p riv a te banks, p e rm its th e la tte r to issue d ra fts payable out of th e funds
of th e fo rm er b ank on deposit w ith its co rresp o n d en t h a n k s a t New Y ork and
Chicago. You sta te th a t you have ta k e n th e positio n th a t such p ractice is illegal,
and req u est an opinion as to th e p ro p rie ty of th is holding.
R eplying th ereto w ould say, an y a tte m p t upon th e p a rt of an y h an k to p e rm it
anyone or any in s titu tio n to issue d ra fts payable out of its deposit w ith cor­
resp o n d en t b an k s in an a tte m p t to p erfo rm an a ct and p e rm it an a rra n g e m e n t not
au th o rized by law. The b an k possesses no a u th o rity to extend its c re d it to any
in d iv id u al or b ank in th e m a n n e r set fo rth in y our com m unication. Such a p rac­
tice m ay operate to th e d e trim e n t of dep o sito rs and m ay im p a ir th e fa ith and
cred it of th e bank. T he p ractice in q uestion is w ith o u t a u th o rity of law. You
possess g en eral pow er u n d er th e s ta tu te to p ro h ib it such p ractice and it is th e
d u ty of th e officials of th e b an k to cancel th is a rra n g e m e n t.
R espectfully yours,
J no . E. B ird,

A tto rn e y General.
S IM IL A R IT Y

OF T R U S T

CO M PANY

T IT L E S.

Ju n e 30, 1908.
H on. H en ry M. Z im m erm an, C om m issioner of B anking, L an sin g , M ichigan:
D ear S ir—I am in receip t of yo u rs of th e 19th in s ta n t in w hich you sta te
th a t a c e rta in corp o ratio n organized u n d er A ct 232, P u b lic A cts of 1903, as th e
“ ............................ and T ru s t C om pany” is engaged in th e bu sin ess of sellin g v a ri­
ous k in d s of secu ritie s, an d re q u e st th e opinion of th is d e p a rtm e n t as to w h eth er
it is perm issible for such a concern to do b u sin ess u n d er a n am e so closely allied
to th a t of in s titu tio n s o rganized u n d e r A ct 108, P u b lic A cts of 1889, u n d er w hich
tr u s t com panies are organized.
Subdivision 1 of section 2 of A ct 232, P u b lic A cts of 1903, co n tain s th is p ro ­
viso:
“No nam e shall be assum ed alre a d y in use by an y o th e r ex istin g corp o ratio n
of th is S tate, or co rp o ratio n law fu lly c a rry in g on b u sin ess in th is S tate, or so
n e a rly sim ila r as to lead to u n c e rta in ty or co nfusion.”
U nder th e decisions of th e c o u rts of th is S tate it seem s to be clear th a t th e
question of th e rig h t to use a co rp o rate n am e n o t id e n tic a l w ith th a t of a n o th e r
ex istin g corporation depends upon w h e th e r th e nam es are so sim ila r th a t persons
w ould be lik ely to deal w ith one concern w hen th ey believed in good fa ith th ey
w ere dealing w ith th e other.
SeeLam b K n it Goods Co. v. Lam b Glove & M itten Co., 120 Mich. 159;
P en b e rth y In je c to r Co. v. L ee-P enberthy Mfg. Co., 120 Mich. 174;
Suprem e Lodge K n ig h ts of P y th ia s v.* Im proved O rder K n ig h ts of P y th ia s,
113 Mich. 133.
G reat H ive L. O. T. M. v. S uprem e H ive, 135 Mich. 392, 415.
I t w ould seem also if th e sim ila rity of th e n am e of a co rp o ratio n organized
u n d er A ct 232, P ub lic A cts of 1903, to th e nam es of co rp o ratio n s o rganized u n ­
d er A ct 108, P u b lic A cts of 1889, w hich is th e tr u s t com pany act, w as such th a t
people dealin g w ith it w ould be deceived in to b elieving th a t th ey w ere dealing
w ith a co rporation w hich w as u n d er th e su p erv isio n of th e b a n k in g d ep artm en t,


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

R E PO R T OF T H E COMMISSIONER.

xxix

th a t th e use of su ch a nam e could p ro p erly be re s tra in e d in a proceeding in s ti­
tu te d for th a t purpose.
V ery re sp ectfu lly yours,
J no . E. B ird ,

A tto rn e y General.
ASSESSM E N T IN

C A SE OF IM P A IR M E N T NOT A U T H O R IZ E D .

J u ly 29, 1908.
Hon. H en ry M. Z im m erm an, C om m issioner of B ank in g , “C apitol,” L an sin g :
D ear S ir—W e have carefu lly exam ined th e le tte r of ............... c a sh ie r of th e
........................................ B ank, of d ate Ju ly 18, 1908, to g e th e r w ith th e en closures
accom panying sam e.
Section 42 of th e G eneral B a n k in g Law, being section 6131 of th e Compiled
L aw s of 1897, gives th e C om m issioner of B an k in g a u th o rity w hen he finds th e
cap ital of an y b an k is im p aired or reduced below th e am o u n t re q u ire d by law ,
to req u ire such h an k to m ake good th e deficiency w ith in n in e ty days a fte r a w rit­
ten re q u isitio n is m ade, and in case th e im p a irm e n t is n o t m ade good it becomes
h is duty, w ith th e concurrence of th e A tto rn e y G eneral, to in s titu te proceedings
for th e ap p o in tm e n t of a receiv er to w ind up th e affairs of th e bank. The law
does n o t p rescrib e th e m ethod by w hich th is im p a irm e n t is to be m ade good.
I t m akes no provision fo r an a ssessm en t upon th e sto ck h o ld ers of th e b an k , n o r
is th e re any a u th o rity u n d e r th e sta tu te s of th is S ta te for th e sto ck h o ld ers or
d irecto rs to m ake such an assessm ent. T h ere being no s ta tu to ry a u th o rity for
m ak in g th e assessm en t, it follows th a t an assessm en t m ade by th e stock h o ld ers
or d irecto rs could n o t be enforced a g a in s t d is se n tin g sh areh o ld ers. The only
m ethod of m ak in g an assessm en t a g a in s t th e sto ck h o ld ers of a b an k is u n d er
section 46 of th e G eneral B an k in g Law , section 6135 of th e Compiled Law s of
1897. T his assessm en t can only be m ade w hen th e b a n k is in process of liq u id a­
tion.
I t is our view of th is s ta tu te th a t it contem p lates a v o lu n ta ry co n trib u tio n
on th e p a rt of th e sh a re h o ld e rs in o rd er to p re v e n t th e affairs of th e b an k being
liq u id ated by o rd er of th e C om m issioner, and leaves it open to th e b an k to m ake
good th e deficiency in a n y m a n n e r th a t seem s to it feasible. The only a lte rn a tiv e
in case of th e fa ilu re of th e b an k to m ake good th e deficiency is for th e Com­
m issio n er to proceed as d irected by th e sta tu te .
We re tu rn th e le tte r and enclosure h erew ith .
V ery re sp ectfu lly yours,
J no . E. B ird .

A tto rn e y General.
FO REIG N B A N K S

NOT PE R M IT T E D TO T R A N SA C T B U S I N E S S .

.

.

Ju ly 29, 1908.

Hon. H en ry M. Z im m erm an, C om m issioner of B anking, “C apitol,” L an sin g :
D ear S ir—We a re in receip t of y o u rs of th e 3d in s ta n t in w hich you enclose
a le tte r from R eginald F. F en n ell, u n d e r date of Ju n e , 20, 1908, in w hich he
su b m its th e follow ing in q u iry :
“Is th e re an y license n ecessary or o th e r legal form re q u ire d to be gone th ro u g h
w ith for b an k s doing bu sin ess o u tside of th e S tate of M ichigan, to esta b lish an
agency or rep re se n ta tiv e in th is S tate? In th e event of th e re bein g an y re s tric ­
tion, k in d ly advise to w h a t e x te n t.”
In reply to th is in q u iry w ill say th a t th e le g isla tu re h as by s ta tu te p rescribed
s tric t conditions to be com plied w ith by co rp o ratio n s d e sirin g to engage in th e
business of ban k in g , or in lo an in g and in v e stin g m oney. T h ere is no s ta tu to ry
provision w hich p e rm its fo reig n co rp o ratio n s to come in to th is S ta te for th e
purpose of engag in g in th a t k in d of business. T he fa c t th a t th e le g isla tu re has
seen fit to lay down th ese cond itio n s for dom estic co rp o ratio n s d e sirin g to engage
in such business an d to place th em u n d e r th e su p erv isio n of th e S ta te b a n k in g


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

STA TE BANKING D EPA R TM EN T.

XX X

d ep artm en t in d icates clearly an in te n tio n on th e p a rt of th e le g isla tu re to p ro ­
h ib it foreign corporatio n s from en gaging in su ch business.
In th is connection we d esire to call y our a tte n tio n to th e case of—
New Y ork M ortgage Co. v. Sec. of S tate, 50 Mich. 197, 202,
w hich w as a m and am u s proceeding a g a in st th e S ec re ta ry of S tate to compel
th e issuance of a license to do bu sin ess in th is S tate to a c o rp o ratio n d e sirin g
to engage in th e b u sin ess of m ak in g “loans secured by m o rtg ag es on re a l estate,
to sell such m ortgages and bonds of th is com pany secured by m ortg ag es on re a l
estate, b u t said bonds a re n o t to be sold on th e in s ta llm e n t p la n .”
In response to th e conten tio n of th e re la to r in th a t case th a t it should be a d ­
m itted to do business u n d e r our fo reign c o rp o ratio n law , th e co u rt said:
“In o th e r w ords such c o n stru ctio n w ould o p erate as to such fo reign co rp o ra­
tio n s as a repeal of all th e beneficial and p ro tectiv e p rovisions of A ct No. 205,
P ublic A cts of 1877. To hold th a t such w as th e leg islativ e in te n t w ould be con­
tr a r y to every suggestion th a t a rise s to th e m ind, upon th e co n sid eratio n of th e
proposition. O ur c o n stru ctio n of th e ac t is th a t b a n k in g co rp o ratio n s and th o se
corp o ratio n s w hich are w ith in th e co n tem p latio n of o u r b a n k in g law s a re n o t
w ith in th e provision s of th e ac t a u th o riz in g foreign co rp o ratio n s to tra n s a c t b u si­
ness in th is S tate.”
In view of th e above, we are of th e opinion th a t fo reign b a n k s have no rig h t
to engage in business in th is S tate, or to e stab lish an agency or re p re se n ta tiv e
in th is S tate for th e tra n sa c tio n of business.
We re tu rn Mr. F e n n e ll’s le tte r h erew ith .
V ery resp ectfu lly yours,
J no . E. B ird ,

A tto rn e y General.
IN C R E A S E

OF

C A P IT A L NO T R E Q U IR ED B Y B A N K S I N E X T E N S IO N OF CORPORATE L I M I T S ,
B R A N C H B A N K S P E R M IT T E D I N C E R T A IN I N S T A N C E S .

M ay 27, 1909.
H on. H e n ry M. Z im m erm ann, C om m issioner of th e B an k in g D ep artm en t, C apitol,
L ansing, M ichigan:
D ear S ir—I am in receip t of y o u r le tte r of th e 29th ultim o in w hich you
s ta te th a t a b ank organized w ith a cap ital of $20,000.00 in a village ad ja c e n t
to a larg e city sub seq u en tly becam e located w ith in th e co rp o rate lim its of th e
city by an extension of th e b o u n d aries of th e city to include th e te r rito ry fo rm e r­
ly em braced w ith in th e lim its of th e v illag e; th e b an k th u s com ing in to th e
city w ith a cap ital less th a n is req u ire d by s ta tu te of b a n k s organized w ith in
th e city. You also sta te th a t it is now suggested th a t th is b an k m ay esab lish
b ran ch es w ith in th e city and req u est an opinion upon th e follow ing:
F irs t, W h eth e r or n o t you have a u th o rity to re q u ire a b an k organized in a
village, w hen it becomes located in a city by th e ex ten sio n of th e co rp o rate lim its
of th e city, to in crease its cap ital in accordance w ith th e n u m b er of in h a b ita n ts
of th e city.
Second, W h eth er or n o t a S tate b a n k h as a u th o rity to e stab lish branches in
th e city or village in w hich it is a u th o rized by its a rtic le s of in co rp o ratio n to
tra n s a c t business.
x
In rep ly w ill say th a t Section 1 of th e G eneral B a n k in g L aw (S ection 6090
C. L.) provides for th e e sta b lish m e n t of com m ercial an d savings b an k s in cities
and villages in th e S tate and prescrib es th e m in im u m cap ital th a t b an k s m ay
have, based on th e populatio n of th e city o r v illage in w hich th e b an k is to be
located.
Section 2 of th e act provides th a t th e a rtic le s of in c o rp o ratio n sh all specify
am ong o th er th in g s:
“The county and city or village w here such b an k is to be located and to con­
duct its b u s in e s s ;”
Section 7 provides th a t upon com pliance w ith th e s ta tu te th e C om m issioner of
th e b a n k in g d e p a rtm e n t sh a ll give th e b an k a certificate u n d er h is h an d and
official seal th a t th e b an k h as com plied w ith th e s ta tu te and is au th o rized to com­
m ence business.


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

R E PO R T OF T H E COMMISSIONER.

XXXI

T he contingency a risin g in th e case of th e b an k to w hich you re fe r a p p a re n tly
w as n o t a n ticip a te d by th e fra m e rs of th e G eneral B an k in g L aw as th a t law
co n tain s no provision re q u irin g a b an k estab lish ed w ith in a village w hich be­
comes located in a city by reason of th e ex ten sio n of th e co rp o rate lim its of th e
city to increase its cap ita l in accordance w ith th e populatio n of th a t city. N e ith e r
is th e re in th e B a n k in g Law an y p rovision re q u irin g a b an k a fte r its o rg an iza­
tion w ith in a city of c e rta in populatio n to in crease its c a p ita l as th e po p u latio n of
th e city increases.
The b an k upon com plying w ith th e pro v isio n s of th e s ta tu te w as given t h e rig h t by the S tate .to conduct its bu sin ess w ith in th e village. I t did n o t v o lu n ta rily
rem ove to th e city b u t becam e located th e re in by o p eratio n of law th ro u g h th e
extension of th e co rp o rate lim its of th e city. The p rovision of th e s ta tu te re ­
q u irin g ban k s to have a c e rta in cap ita l according to th e populatio n ev id en tly h as
referen ce to th e e sta b lish m e n t of b an k s in th e first in stan ce. As h ereto fo re
stated , a b an k once law fu lly estab lish ed w ith th e re q u ire d cap ital according to
th e population of th e. city is n o t re q u ired to in crease its cap ital alth o u g h th e
population of th e city m ay in crease to such an e x te n t th a t a new b a n k could
n o t be established th e re in w ith o u t h av in g a m uch la rg e r cap ital. A c arefu l con­
sid e ra tio n of th e pro v isio n s of th e G eneral B an k in g Law leads me to th e con­
clusion th a t a b an k once law fu lly estab lish ed in a village w ith th e re q u ired
cap ital in accordance w ith Section 1 of th e G eneral B an k in g L aw is n o t re q u ire d
u n d er th e provisio n s of th a t law to in crease its cap ital w hen it becomes located
w ith in a city by reason of th e ex tension of th e co rp o rate lim its of th e city to in ­
clude th e village.
F o r an sw er to y our second questio n I w ould say th a t no a u th o rity to estab ­
lish b ran ch es is conferred upon b an k s by an y p rovision of th e law s of th is
S tate. In th e absence of s ta tu te a b an k h as no a u th o rity to e stab lish b ran ch es
a t w hich a g en eral b a n k in g bu sin ess is conducted.
MaGee on B an k s and B ank in g , page 41;
A tty. Gen. v. O akland Co. B ank, W alk, page 90.
W hile a b an k h as no a u th o rity to esta b lish b ran ch es unless expressly au th o rized
by s ta tu te so to do, it seem s th a t it m ay have an agency for th e tra n sa c tio n of
some p a rts of its b u sin ess in th e city or village d esig n ated in its c h a rte r as th e
place w here th e b a n k is. to be located and to conduct its business.
In MaGee on B anking, page 41, are com piled th e pro v isio n s in force in th e
different sta te s re la tin g to th is su b ject and of th is S ta te it is said :
“T here is no law a u th o riz in g th e e sta b lish m e n t of bran ch es. A gencies are
p erm itted w hich are re s tric te d in th e ir o p eratio n s to receiving an d p ay in g o u t of
deposits and issu in g exchange.”
and several in stan ces of b an k s located in th e cities of D etro it and L an sin g h av ­
in g established agencies of th is ch aracted a re noted.
The agencies estab lish ed by th e b an k s a t th e cities in d icated have been con­
ducted by th e b a n k s for som e tim e and th e rig h t of th e b an k s to esta b lish such
agencies does n o t ap p e a r to have been h ereto fo re questioned by th e b a n k in g de­
p a rtm e n t or an y officer of th e S tate. In view of th e foregoing I am of opinion
th a t a b ank m ay esta b lish agencies of th e c h a ra c te r of those in d icated h e re in w ith ­
in th e lim its of th e city or village in w hich th e b an k is located. In asm u ch as a
b an k o rig in ally located in a village, and w hich becomes located in a city by th e
extension of. th e co rp o rate lim its of th e city, h as a u th o rity to conduct its b u si­
ness w ith in th e city, it w ould have th e sam e rig h t to esta b lish agencies of th is
c h a ra c te r as a b an k o rig in a lly organized w ith in th e city.
R esp ectfu lly yours,
(S ig n ed ) J no . E. B ird ,
A tto rn e y General.


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

STATE BANKING D EPA R TM EN T.

XXX11
NO T E S A N D

S E C U R IT IE S DEPO SITED W I T H T R U S T C O M P A N IE S NOT LEGAL S A V IN G S
IN V E S T M E N T S .

M ay 27, 1909.
Hon. H en ry M. Z im m erm ann, C om m issioner of th e B an k in g D ep artm en t, Capitol,,
L ansing, M ichigan:
D ear S ir— I am in re c e ip t of y o u r le tte r of th e 29th ultim o in w hich you ask
w h eth er or not notes and se c u ritie s re p re se n tin g fra c tio n a l p a rts of larg e loans
w here th e se c u rity is deposited w ith a tr u s t com pany a re legal in v estm en ts for
a S tate b ank u n d e r Section 27 of th e G eneral B an k in g Law (S ection 6116 C.
L.) as am ended by A ct 322 of th e P u b lic A cts of 1907.
_
^ j
In reply w ould say th a t th is section p rovides in S ubdivision ( i ) th a t a cer­
ta in p ro p o rtio n of th e savings deposits of th e b an k sh a ll be inv ested by th e board
of d irecto rs as follow s:
.
, ,
“Upon notes or bonds secured by m o rtg ag e lien upon u n encum bered re a l e state
w o rth a t least double th e a m o u n t lo an ed ; th e re m a in d e r of such deposits m ay
be invested in notes, b ills or o th e r evidences of debt th e p ay m en t of w hich is
secured by th e deposit w ith th e b an k , of co lla te ra l se c u rity co n sistin g of p e r­
sonal p ro p erty or se c u ritie s of know n m a rk e ta b le value, w o rth te n per cent m ore
th a n th e am o u n t so loaned an d in te re s t for th e tim e of th e lo an ; or m ay be in ­
vested in notes, bills o r o th e r evidence of debt th e p ay m en t of w hich is secured
by such p ro p erty or se c u ritie s deposited in a co lla te ra l deposit com pany o rg an ­
ized u n d er th e law s of th is S ta te .”
I t is evident th a t th e notes and sec u ritie s in q uestion come w ith in th e class
la s t re fe rre d to in th is subdivision, to-w it: “notes, b ills or o th e r evidence ot
debt, th e p ay m en t of w hich is secured by such p ro p e rty or se c u ritie s deposited
in a co llateral deposit com pany organized u n d er th e law s of th is S ta te .”
T his provision, w as in co rp o rated in th is subdivision of Section 27 by A ct -No.
322, P ublic A cts of 1907. T he sam e le g isla tu re enacted a law pro v id in g for
th e in co rp o ratio n of “sa fe ty and co lla te ra l deposit com panies, th e sam e being
A ct No. 240 of th e P u b lic A cts of 1907, h av in g pow er u n d er th e provisions of
Section 9:
“To receive on deposit, in tr u s t, an y p erso n al p ro p e rty deposited w ith it by
in d iv id u als, p a rtn e rsh ip s or co rp o ratio n s, as co lla te ra l se c u rity for th e p ay m en t
of bonds, or o th e r oblig atio n s issued by such in d iv id u als, p a rtn e rsh ip s or cor­
p o ratio n s, and to e n te r in to an d execute an y in s tru m e n ts in w ritin g necessary
and pro p er to ca rry such tr u s ts in to effect.”
Section 11 places every c o rp o ratio n o rganized u n d e r th e act and engaging in
th is b ra n c h of th e b u sin ess u n d er th e su p erv isio n of th e C om m issioner of th e
B an k in g D epartm en t.
.
.
T hese acts w ere passed by th e sam e le g isla tu re ; a re in p a ri m a te ria and m u st
be co nstrued to g eth er. T h u s construed, th e co lla te ra l deposit com panies organized
u n d er th e law s of th is S ta te re fe rre d to in th e a m en d m en t to th e G eneral B an k ­
in g Law m u st be held to re fe r to c o llateral deposit com panies organized u n d e r
th e provisions of Act 240 of th e P u b lic A cts of 1907. I am in fo rm ed th a t a t th is
tim e th e re are no co llateral deposit com panies o rganized in th is S tate u n d er th a t
act. C onsequently, I am of opinion th a t sav in g s b a n k s have no a u th o rity to in ­
vest th e ir fu n d s in no tes and se c u ritie s u n d e r subd iv isio n (i) of Section 27 of
th e G eneral B an k in g L aw w here th e se c u rity for th e sam e is deposited w ith a tr u s t
com pany.
,„
R esp ectfu lly yours,


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

(S ig n e d )

J no . E. B ird,

A tto rn e y General.

R E P O R T OP T H E COMMISSIONER.
ST A T E

BANKS

x x x iii

ORGANIZED B Y ST O C K H O L D ER S OF N A T IO N A L B A N K S .

Ju n e 10, 1909.
H ° n L S iS n g M' Z im m erm an n ’ C om m issioner of th e B a n k in g D ep artm en t, C apitol,

t h e ^ u e s U o ^ o ^ w ^ e f h e r ^ r ^ o ^ a ^ t a t e b an k m a ^ le g a lly 6^
S K S E & lS M
S ?
^ ^
S‘0Ckh0l<lere °* a
u n d e i^ a p lan
T he stockholders of th e n a tio n a l b an k e n te r in to an a g reem en t w ith th e officers
of th e n a tio n a l b an k by th e te rm s of w hich th e sto ck h o ld ers ag ree th a t th e officers m ay ta k e n ecessary step s to organize a S ta te b an k w ith a p rescrib ed c a p u S
th e sh ares of w hich m ay be prescrib ed fo r in th e first in stan ce by such p erso n s
as m ay be selected by th e officers, b u t w hen p aid for sh a ll be L d in th e n am es
as tru
t ? i iotees,
te e sr w
wh
h ich
1ch %
iS mttr u ste est0mtim
e g° fficers
tio n
as
said
ay eexSha11
ercisebed uth
rin
th e lifeof oth
f eth en atru
sta lallbank,
tlm
S l y bea oiderJde nDi0f absol£ te ow n ers o f th e stock excep t to the ex ten t th a t th e y
m ay be ordered o th erw ise by exp ress d irectio n s in w r itin g sign ed by a m a jo rity

s to e i
T h l ^ ° :| b lra S m in te r.e st of th e Persons beneficially in te re ste d in th e
paid by t h e m ^ t h ? * U?-°n ?a Ld
are to be re c eived by th e tru ste e s an d
th e
h ^ n i / b n a tJonal b ank for d istrib u tio n am ong th e sto ck h o ld ers o f
stock f n th e t i n Pr,° h v ^ c o r d in g to th e ir ow nership of record of sh a re s of
Shan couH nne ln dn i b&?lk’ tb e ntru S t t0 con tin u e as lonS as th e n a tio n a l b an k
of
Z n i t v n f J i bu sin ess u n less sooner te rm in a te d by a req u est in w ritin g
or a m a jo rity of a t least tw o -th ird s in in te re s t of th e cap ital stock of said b an k
The n ecessary cap ital for th e S tate b ank is to be fu rn ish e d , by a special o r
I ta tS b a lk ens L n Ch rei ¡ 7 ^ +n a tia n a l b a n k - l t is Provided th a t th e stock in th e
j v v f b ank shall be held by th e tru ste e s and th a t no perso n s sh a ll have th e
s h h ^ of° snfck^fn thS in tf.re s t tb e re in oth erw ise th a n by th e tra n s fe r of th e ownere op nf S
I S
f T
b an k Up° n th e b00ks of tb e la tte r - Tbe only eviis th a t i i t o n t v ! n ? in te re st of a n y person in th e stock of th e S ta te b an k
n a t i i l a l b ank to tn
™ th e back of tb e certificates of stock of th e
a a t,1.°ilal, b ank to th e effect th a t th e ow ner of th e sh a re s rep re se n te d by th a t
n l t f o n a i h a ^ k i i n 1101^ 17 in ta re ste d in comm on w ith all o th e r sto ck h o ld ers of th e
th a t la id hinpfi “ ia i PJ ° ra ta a m ° n n t of th e cap ital stock of th e S ta te b an k and
t r i n s f ^ r dof timfi i n 1 m te rf st can n o t be sold or tra n s fe rre d o th erw ise th a n by th e
th e nation a 1^ L l v
L ° s t o c k rep re se n te d by th e certificate upon th e books of
h ® ,na, oaal b ank and th a t th e beneficial in te re s t in th e stock of th e S ta te
bv t \ e i«eHiPS p W ltT tth e pt r in Sfer ° f th e sb a re s of th e n a tio n al b an k re p resen ted
®e^ lflc? te - ^ 118 fu r th e r provided th a t no person sh all be eligible to th e
° ffi° L <JiretC
nt ° r ° f t ?le s .t a te b an k who is n o t a d ire c to r of th e n a tio n a l bank.
i J aply t0 y ou r in du.i r y 1 w ould say th a t th e G eneral B an k in g Law of th is
S tate co n tain s no p rovision th a t w ould p ro h ib it th e sto ck h o ld ers in a n a tio n a l
o rganizin g a S tate b an k upon com pliance w ith th e p ro v isio n s of
^b e , 9ve a ?ra l B an k in g Law. N e ith e r is th e re in th a t law a n y provision expressly
in ° su b s ta n ti q n v stta c k b o ld e r? hl a s t a te b an k from e n te rin g in to an ag reem en t
in su b sta n tia lly th e form in d icated above. The a g reem en t is n o t betw een th e
hnnk’f al Aba
and 9 ie ota te b a n k ’ b u t is betw een th e sto ck h o ld ers in th o se
banks. As betw een th e S ta te b an k and th e S tate, an y a g reem en t of th is c h a rthee istaet J Gfpnrihe stock b old ers of tbe bank w ou ld be w h o lly in effectu al to p rev en t
tne S ta te from e x e r c isin g a su p erv iso ry control over th e affairs of the bank

of t h e ^ n S a l ^ n n 1? 111^ ° f tb Tt ato ck b o ld ers> in accordance w ith th e provisions-,
ot th e G eneral B an k in g Law. I t is tru e th a t th e re a re cases h o lding th a t agreeth e ^ lie n a tio n 11 S ' ° t h ^ old®rs in co rp o ratio n s im posing a p e rm a n e n t r e s tra in t upon
th e a lien atio n of th e ir sh a re s of stock a re inv alid , b u t u n d e r th e te rm s of th is
vfripHmiie n t f s t° ckholder ,m ay tra n s fe r h is sh a re s of stock in th e S tate b an k proVided he also tra n s fe rs h is sh a re s of stock in th e n a tio n a l bank. I t does no t
a i w o ii k f r e n d o r W * 1 th a t case’ s.uch a .r e s tr a in t upon th e alie n a tio n of th e s h a re s
as w ould re n d e r th e ag reem en t invalid.
. Upon due consid eratio n of th e m a tte r I am of opinion th a t, so fa r as th e S ta te
is concerned, th e p lan o u tlin ed for th e o rg an izatio n of a S ta te b an k is, in its
g en eral featu res, valid u n d e r th e G eneral B an k in g Law of th e S tate
I express
no opinion, how ever, upon th e v a lid ity of th e d etails of an y p a rtic u la r p l a i fo r
such org an izatio n , leav in g th o se q uestions to be d eterm in ed w hen it is so u g h t to


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

STA TE BAN KING D EPA R TM EN T.

x x x iv

organize a S tate b an k upon th is p lan an d d e ta ils of th e proposed p lan of o rg an ­
izatio n are before me.
R esp ectfu lly yours,
(S ig n e d )

J no . E. B ird ,

A tto r n e y General.
BANK

E X A M IN E R S P U B L IC

O FFIC E R S.

Ju n e 30, 1909.
H on. H en ry M. Z im m erm ann, C om m issioner of B a n k in g D ep artm en t, Capitol,
L an sin g :
D ear S ir— I am in receip t of y o u r le tte r of Ju n e 17th in w hich you su b m it th e
am en d m en t to Section 38 of th e B an k in g L aw re la tiv e to th e sa la rie s of ex am in ­
ers, and req u est th e opinion of th is d e p a rtm e n t as to w h e th e r th e ex am in ers who
have alread y been em ployed by th e B an k in g D e p a rtm e n t fo r th re e y e ars w ill be
e n title d to th e in crease in th e ir sa la rie s w hen th e am en d m en t becomes operative.
In reply th e re to w ill say th a t Section 3 of A rticle X VI of th e revised con­
s titu tio n provides, in p a rt:
“ S alaries of pu b lic officers, except c irc u it judges, sh a ll n o t be increased , n o r
sh all th e sa la ry of an y p ublic officer be decreased, a fte r election or a p p o in t­
m en t.”
In d e term in in g th e q uestion su b m itted it is im p o rta n t to a sc e rta in first, w h e th e r
a b an k ex am in er is a public officer w ith in th e m ean in g of th is section of th e re ­
vised co n stitu tio n . M echem defines a pu b lic office to be:
“T he rig h t, a u th o rity an d d u ty , created an d co n ferred by law , by w hich fo r
a given period, e ith e r fixed by law or e n d u rin g a t th e p leasu re of th e c re a tin g
pow er, an in d iv id u a l is in v ested w ith som e p o rtio n of th e sovereign fu n ctio n s of
th e governm ent, to be exercised by h im fo r th e benefit of th e p ublic.” (M echem
on P ublic Officers, Sec. 1.)
A nd he p o in ts ou t tw o e sse n tia ls: F irs t, T he d elegation of sovereign fu n c­
tio n s ; Second, P ow ers created and co n ferred by law . (Sec. 4 and 5.)
In section 9 he sta te s:
“A ny m an is a p ublic officer who h a th a n y d u ty con cern in g th e public, and
he is n o t th e less a public officer w h ere h is a u th o rity is confined to n a rro w
lim its ; for it is th e d u ty of h is office an d th e n a tu re of th a t d u ty ivhich m ake
h im an officer, an d n o t th e e x te n t of h is a u th o rity .”
Section 38 of th e B a n k in g L aw provides fo r th e ap p o in tm e n t of b an k exam iners,
fixes th e ir sa la rie s and re q u ire s th e m to file a bond of ten th o u sa n d dollars.
Section 39 au th o riz e s th e ex am in ers to ex am ine b an k s and to exam ine th e offi­
cers, agents, clerks, cu sto m ers or dep o sito rs upon o ath , and m akes false sw ear­
in g before such ex am in ers p e rju ry . Section 40 re q u ire s th e ex am in er to ta k e
a n o ath to keep secret all facts and in fo rm a tio n o b tained in th e course of h is
ex am in atio n s. Section 41 au th o riz e s th e com m issioner to ask fo r th e a p p o in t­
m en t of a receiver in case of a re fu sa l of a b a n k to su b m it to an ex am in atio n by
a n exam iner.
T rue, th e sta tu te , in Section 38, sta te s th a t th e com m issioner sh all “em ploy
from tim e to tim e such e x am in ers,” b u t th e fa c t th a t th e a p p o in tm en t of a b an k
ex a m in e r is d esig n ated as an em ploym ent does n o t change th e n a tu re of th e
d u tie s prescribed by law. C learly, th e s ta tu te in q uestion d elegates sovereign
fu n ctio n s to th e e x am in er an d th e pow ers a re created and conferred by law,
th e tw o essen tials to th e c reatio n of an office as poin ted ou t by P rof. Mechem.
See also th e langu ag e of Ju stic e Cooley in :
T hroop v. L angdon, 40 Mich. 673, 682.
T he am en d m en t to Section 38 su b m itted by you read s as follow s:
“ S alaries of th e ex am in ers sh all be th e sum of seventeen h u n d re d d o llars per
an n u m d u rin g th e first y ear of th e ir em ploym ent as such, and sh a ll be in creased


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

R E PO R T OF T H E COMMISSIONER.

XXXV

one h u n d red d o llars each y ear of such em ploym ent u n til th e fu ll sum of two
th o u san d dollars is reached, w hich sum sh a ll be th e ir a n n u a l sa la ry th e re a fte r.”
A b an k ex am in er being a public officer as we have h ereto fo re show n, th e con­
stitu tio n a l provision above quoted w ould apply. T he lan g u ag e of th e c o n stitu ­
tio n is p lain th a t th e sa la rie s “sh all n o t be increased, n o r sh all th e s a la ry of
any public officer be decreased, a fte r election or a p p o in tm en t.” T h ere a re cases
holding, as in th e case of b an k ex am in ers, w h ere th e te n u re of th e office is a t
th e p leasu re of th e a p p o in tin g pow er, th a t a c o n stitu tio n a l provision, th a t th e
com pensation sh a ll n o t be in creased or d im in ish ed d u rin g th e term fo r w h ich th e
officer is elected or appointed, does n o t apply to officers who have no fixed term .
29 Cyc. 1429,
Gibbs v. M organ, 39, N. J. Eq. 126,
Som ers v. S tate, 5 S. D. 321,
58 N. W. 804,
id.
5 S. D. 584,
59 N. W. 962.
B ut an ex am in atio n of th ese cases show s th a t th e decisions tu r n upon th e
proposition th a t th e c o n stitu tio n a l p rovision could n o t apply to an officer who had
no fixed term . T he lan g u ag e of o u r c o n stitu tio n a l p rovision m akes no re fe r­
ence to th e term , b u t p ro h ib its th e in crease or th e decrease of th e sa la ry a fte r
election or appo in tm en t.
I am th erefo re of th e opinion th a t th e am en d m en t to Section 38 of th e B a n k ­
in g Law , m ade by S enate E n ro lled A ct 42, is void in so fa r as it provides for an
in crease of th e sa la rie s of b an k ex am in ers now in th e em ploy of th e d ep artm en t,
o r who m ay be in its em ploy w hen th e am en d m en t ta k e s effect.
In th is connection I call y o u r a tte n tio n to th e fa c t th a t th e pro v isio n s of th e
s ta tu te can n o t be evaded by an ex am in er re sig n in g before th e ta k in g effect of
th e am endm ent an d accepting an a p p o in tm en t a fte r th e am en d m en t is in force.
See—
29 Cyc. 1428,
G reen v. H udson Co., 44 N. J. L. 388.
V ery re sp ectfu lly yours,
(S ig n e d )

J no . E. B ird,

A tto rn e y General.
C A P IT A L STOCK R E Q U IR E M E N T S OF B A N K S A F FEC TED B Y E X T E N S IO N OF CORPORATE L I M I T S .

Nov. 12, 1909.
H on. H e n ry M. Z im m erm ann, C om m issioner of B ank in g , Capitol, L an sin g :
D ear S ir— R eplying to y o u r le tte r of th e 19th u lt., in w hich you req u est our
opinion as to w h e th e r th e ..................... B an k w h ich w as located in th e village of
......................... re cen tly an nexed to th e city o f ....................... m ay in crease its cap ital
stock from tw e n ty th o u sa n d d o llars to fifty th o u sa n d dollars, w ill say th a t we
held, in an opinion to you u n d e r date of May 9, 1909, th a t th is b a n k could n o t
be deprived of its rig h t to do b u sin ess u n d e r its o rig in a l in co rp o ra tio n w ith
a cap ital stock of tw e n ty th o u sa n d dollars, by th e fa c t of a n n e x a tio n of th e
village of ............................ to th e city ............................ W e reach ed th a t conclusion
by reason of th e fa c t th a t th e b an k w as law fu lly in co rp o rated w ith a cap ita l of
tw en ty th o u san d d o llars to do b u sin ess in ....................... ; th a t th e a n n ex atio n of
................... placed th e b an k in th e city o f ......................w ith o u t its consent, and th a t
it could n o t be th u s deprived of its rig h t to. do b u sin ess u n d e r its o rig in a l in ­
corporation.
Now, how ever, th is b an k proposes, by its own v o lu n ta ry act, to in crease its
cap ital stock, th u s, in a m easure, effecting a re-organization. The w hole aim
and purpose of th e sta tu te , Section 1 of th e G eneral B a n k in g Law , is to provide
a m inim um cap ital fo r b a n k s g rad ed according to th e popu latio n of th e city
or village in w hich th e y are situ ated . In o rd er to p rev en t a re d u ctio n of th e
cap ital below th e m in im u m , it is provided in Section 10 th a t “no re d u ctio n sh all
be m ade to a less a m o u n t th a n is re q u ire d in Section 1 fo r cap ita l.” To p e rm it


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

STA TE BAN KING D EPA R TM EN T.

xxxvi

th is b an k to su b s ta n tia lly re o rg an ize by in c re asin g its cap ital, w ith o u t in c re a s­
ing its cap ital stock to a t le a st th e m in im u m am o u n t re q u ire d fo r th e city of
........................... . w ould in m y ju d g m en t, do violence to th e in te n t of th e le g isla tu re ,
as expressed in Sections 1 and 10 of th e B a n k in g Law , to w h ich I have refe rre d .
T he b an k is now a c o rp o ratio n of th e city of ....................... T he law re la tin g to
th e am o u n t of cap ita l stock i n ..................... is differen t th a n i n .....................
W hile I do n o t th in k th e b a n k could be d eprived of its rig h ts to con tin u e
d u rin g th e period of its co rp o rate existence, w ith a c a p ita l of tw e n ty th o u sa n d
dollars, by th e an n ex atio n , I am co n stra in e d to hold th a t in ta k in g ad v an ta g e
of th e s ta tu te re la tiv e to th e in crease of cap ital stock, it m u st be governed by th e
provision of th e s ta tu te applicable to th e city o f ..................... an d m u st, th ere fo re ,
if it increases its c a p ita l a t all, in crease it to a t le a st th e m in im u m a m o u n t re ­
q uired for cities h av in g a p o p u latio n of over one h u n d re d and ten th o u sa n d in ­
h a b ita n ts, as prescrib ed by Section 1 of th e B a n k in g Law.
V ery tr u ly yours,
(S ig n e d )

J no . E. B ird,

A tto rn e y General.
C O N S T IT U E N T

CO RPORATIO NS E N T IT L E D

TO T W E N T Y PE R C E N T L O A N L IM IT .

Ja n . 20, 1910.
H on. H e n ry M. Z im m erm an n , C om m issioner of B an k in g , Capitol, L an sin g :
D ear S ir—We a re in receip t of y o u r le tte rs of th e 14th in s ta n t in w hich you ask :
“In th is S tate, w here a c o rp o ratio n is in o p eratio n an d co ntrol of o th e r corpora­
tio n s by h av in g acq u ired a m a jo rity of th e stock of such co rp o ratio n s w h a t w ould
be th e lim ita tio n of c re d it lin es w h ich m ig h t be extended th ese co rp o ratio n s,
b o th p a re n t and su b sid iary , by o u r S ta te b an k s, u n d e r th e B a n k in g Law , ex­
clusive of re a l esta te or o th e r co llateral lo an s a u th o rized by s ta tu te ? ”
Section 6141 C. L. 1897 as am ended, bein g Section 52 of the. B an k in g Law,
provides as follow s:
“T he to ta l lia b ilitie s to an y b an k of a n y person or of an y com pany, corpora­
tio n or firm for m oneys advanced, in clu d in g in th e lia b ilitie s of th e com pany or
firm , th e lia b ilitie s of th e sev eral m em bers th ereo f, except special p a rtn e rs, sh all
a t no tim e exceed o ne-tenth p a rt of th e a m o u n t of th e c a p ita l an d su rp lu s of such
bank, b u t th e d isco u n t of b ills of exchange d raw n in good fa ith a g a in s t ac tu a lly
e x istin g values an d th e d isco u n t of com m ercial or b u sin ess p ap er ac tu a lly owned
by th e person n e g o tia tin g th e sam e sh a ll n o t be considered as m oney borrow ed:
* * * P rovided, how ever, T h a t by a tw o -th ird s vote of d irecto rs, th e lia b ilitie s
to an y b an k of a n y p erso n or com pany o r c o rpo ratio n or firm m ay be in creased
to a sum n o t exceeding one-fifth of th e c a p ita l an d su rp lu s of bank. * * *”
I t w ill be noted th a t in th e case of a com pany or firm th e lin e of c re d it in ­
cludes th e lia b ilitie s of th e com pany or firm and th e sev eral m em bers th ereo f,
except special p a rtn e rs, w h ile no such re s tric tio n ap p ears in th e case of th e cor­
poration. C orporatio n s a re recognized by law as d is tin c t legal e n titie s re g a rd ­
less of th e ow nership of th e stock. W hile we a p p reciate th e fact th a t th e effect of
ex ten d in g a 20 p er cent lin e of c re d it to each co rp o ratio n m ig h t in som e cases
be eq u iv alen t in its effect to e x ten d in g a 40 p er cen t lin e of c re d it to one cor­
po ratio n , yet we a re satisfied th a t th e s ta tu te does n o t a u th o riz e in te rfe re n c e by
th e b an k in g com m issioner w hen th e 20 p e r cent lin e to each co rp o ratio n is n o t ex­
ceeded. T he situ a tio n is one th a t m ig h t p ro p erly be b ro u g h t to th e a tte n tio n
of th e leg islatu re.
V ery resp e c tfu lly yours,
(S ig n ed ) J no . E. B i r d ,
A tto rn e y General.


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

R E P O R T OF T H E COMMISSIONER.

DIRECTORS’ n o t e s , i n

l ie u

of

a ssessm en t

not

xxxvii

p e r m is s ib l e

.

M arch 16, 1910.
Hon. H en ry M. Z im m erm an n , C om m issioner of th e B an k in g D ep artm en t, L an sin g ,
M ichigan:
D ear S ir I am in receip t of y our co m m unication of th e 14th u ltim o, re q u e st­
ing my opinion on th e follow ing pro p o sitio n :
“If in case of th e im p a irm e n t of th e cap ital of one of o u r S ta te b an k s, in lieu
of an assessm ent, a p ro m isso ry n ote w ere given by th e d ire c to rs to th e bank,
pledging th e ir perso n al re sp o n sib ility to its paym ent, b u t w ith th e exceptation
th a t th e stockhold ers w ill a u th o rize its re tire m e n t from th e e a rn in g s of th e bank,
could th e m ak ers of th e n ote in case of th e e a rn in g s of th e b an k fa ilin g to sa tisfy
it avoid p aym ent on th e g ro u n d of no co n sid e ra tio n ? ”
R eplying th e re to w ould say th a t section 6135 of th e Com piled Laws, being
section 46 of th e ac t p ro v id in g fo r th e in c o rp o ratio n of b an k s in th is S tate, in
p a rt, read s as follow s:
“T he stockhold ers of every b an k sh all be in d iv id u a lly liable, equally an d r a ta ­
bly, and n o t one fo r a n o th er, for th e benefit of th e d epositors in said b an k to th e
am o u n t of th e ir stock a t th e p a r value th ereo f, in ad d itio n to th e said stock.”
As a gen eral p roposition th e d ire c to rs of a b an k organized u n d er th e G eneral
B an k in g L aw of th is S ta te a re n o t liable w here th e cap ital h as been im p aired
except as stockholders, and u n d er th e provision above quoted th is lia b ility of th e
stockholders is “equally and rata b ly , and n o t one fo r a n o th e r.” F o r th e purpose
of avoiding liq u id atio n u n d er circu m stan ces such as you have outlined, th e com­
m issio n er of th e b a n k in g d e p a rtm e n t is clothed w ith c e rta in d isc re tio n a ry pow ers
to approve of such actio n on th e p a rt of th e d ire c to rs or stockholders as w ill
m ake good such im p a irm e n t and fully p ro tect th e dep o sito rs and c red ito rs of th e
bank, b u t such im p a irm e n t can n o t be m ade good u n d er th e law by an y tr a n s ­
action in th e n a tu re of a loan, as such a tra n sa c tio n w ould in crease th e lia b ilitie s
of th e b an k to an a m o u n t equal to th e sum received. In o th e r w ords, a d irecto r
or stockholder m ay m ake good th e im p a irm e n t of th e cap ital of a S tate b an k in
lieu of an assessm en t or for th e purpose of avoiding liq u id atio n , b u t th e re can
be no co n tin g en t lia b ility th e re fo r on th e p a rt of th e bank. No action should be
approved by th e com m issioner of th e b a n k in g d e p a rtm e n t w hich w ould leave u n ­
c e rta in th e cap ita l of a b an k in th is p a rtic u la r.
I t is m y opinion th a t th e course suggested in y o u r com m unication is n o t in
h arm o n y w ith th e s p irit an d in te n t of th e G eneral B a n k in g Law of th is S tate,
and p a rtic u la rly those pro v isio n s designed for th e p ro tectio n of d epositors and
cred ito rs thereof.
R esp ectfu lly yours,
(S ig n ed ) J no . E. B ird ,
A tto rn e y General.
RE AL E S T A T E M ORTGAGES NO T TO BE D E PO SITED

W IT H

COLLATERAL

D E PO SIT

C O M P A N IE S .

O ctober 12, 1910.
H on. H en ry M. Z im m erm ann, C om m issioner of th e B an k in g D ep artm en t, Capitol,
L an sin g :
D ear S ir—W e have given carefu l co n sid eratio n to y o u r le tte r of S eptem ber
22d, in w hich you su b m it th e in q u iry as to w h e th e r re a l e sta te m o rtg ag es m ay
be deposited w ith c o llateral deposit com panies organized u n d er th e pro v isio n s
of A ct 240, P ublic A cts of 1907 and p a rtic ip a tio n no tes th e re in th e re b y become
law ful in v estm en ts for sav in g s b anks. A conference w ith th e re p re se n ta tiv e s of
th e in s titu tio n s affected by th e q uestion above sta te d h as developed a d d itio n al
questions, nam ely : If c o llateral deposit com panies m ay n o t be th e d epositories
for such m ortgages, m ay dom estic tr u s t com pany be such d e p o sito ry ; also m ay
a foreign tr u s t com pany or a dom estic co rp o ratio n , p a rtn e rsh ip or in d iv id u a l n o t
su b ject to supervisio n of th e b a n k in g d e p a rtm e n t be such d epository?


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

STATE BAN KING D EPA R TM EN T.

xxxviii

T he s ta tu to ry pro v isio n s involved in th e q u estio n s above su b m itted are Section
9 of A ct 240, P ublic A cts of 1907, w hich re ad s as follow s:
“A ny co rp o ratio n o rganized u n d e r th is ac t sh all have pow er to conduct a
safety deposit bu sin ess fo r th e safe k eep in g of an y p erso n al p ro p erty , an d p ro ­
vide pro p er v a u lts and p rem ises for th e sam e; an d sh all also have pow er to re ­
ceive or deposit, in tr u s t, an y p e rso n a l p ro p e rty deposited w ith it by in d iv id u als,
p a rtn e rsh ip s or co rp o ratio n s, as co llateral se c u rity fo r th e p ay m en t of bonds, or
o th e r obligations issued by su ch in d iv id u als, p a rtn e rsh ip s or co rp o ratio n s, an d to
e n te r in to and execute a n y in s tru m e n ts in w ritin g n ecessary and p ro p er to c a rry
such tr u s ts in to effect.”
Also subdivision 1 of Section 27 of th e B a n k in g Law w hich a u th o rizes S tate
b an k s to loan and in v e st sav in g s deposits as follow s:
“Upon notes or bonds secured by m o rtg ag e lien upon u n in cu m b ered re a l e sta te
w o rth a t least double th e a m o u n t loaned; th e re m a in d e r of su ch deposits m ay be
in v e ste d in notes, Mils or o th er evidences of debt th e p ay m en t of w hich is secured
by deposit w ith th e b a n k of collateral se c u rity c o n sistin g of personal p ro p erty
or securities of know n m a rk e ta b le v alu e w o rth te n p e r cent m ore th a n th e am o u n t
so loaned and in te re s t for th e tim e of th e lo an ; or m ay be inv ested in notes, Mils
or oth er evidences of d ebt th e p ay m en t of w hich is secured by such p ro p erty or
secu rities deposited in a co lla te ra l deposit com pany o rganized u n d e r th e law s of
th is S tate.”
Also th e proviso of Section 52 of th e B a n k in g Law , w hich is as follow s:
“P rovided, how ever, T h a t th e foregoing lim ita tio n s sh all n o t apply to loans
on real esta te or o th er collateral secu rities a u th o rized by th is ac t and deposited
w ith th e hank or a sa fe ty and collateral deposit com pany o rganized u n d er th e law s
of th is S tate.”
.
.
I t is a p p a re n t th a t th e proviso to Section 52 can fu rn is h no a ssistan ce m de­
te rm in in g th e scope of th e pro v isio n s of Subdivision I of Section 27 by reaso n of th e
g en eral ru le of s ta tu to ry c o n stru ctio n th a t a proviso does n o t en larg e th e scope
of th e e n actin g section.
S u th e rla n d ’s S ta tu to ry C o nstruction, Sec. 352.
I t is also a p p a re n t th a t “no tes or bonds secured by m o rtg ag e lien, etc.,” are not
included am ong th e sec u ritie s w hich are a u th o rized to be deposited in a col­
la te ra l deposit com pany u n d er th e te rm s of said S ubdivision I of Section 27 above
quoted unless it can be said th a t such “no tes or bonds secured by m ortgage
lien ,” are also included in “notes, b ills or o th e r evidences of debt th e p ay m en t of
w hich is secured by deposit w ith th e b an k of co llateral se c u rity c o n sistin g of
p ersonal p ro p erty o r se c u ritie s of know n m a rk e ta b le value, etc.” W e are of th e
opinion th ey are n o t so included. I t is o u r view th a t th e second clause of Sub­
division I, being th a t la s t above quoted, re fe rs to notes, b ills or evidences of
debt w hich are secured by th e deposit of p erso n al c h a tte ls or se c u ritie s such as
prom issory notes, bonds or o th e r evidences of debt th e title of w hich passes by
th e m ere act of delivery. T h is w ould, of course, exclude re a l e sta te m ortgages.
We th e re fo re hold th a t re a l e sta te m ortg ag es m ay n o t be deposited w ith col­
la te ra l deposit com panies o rganized u n d e r th e p ro v isio n s of A ct 240, P u b lic A cts
of 1907 and p a rtic ip a tio n s th e re in sold to sav in g s b an k s as in v estm en ts.
T he first clause of S ubdivision I of section 27 of th e B a n k in g Law a u th o rizes
b an k s to loan sav in g s deposits “upon no tes or bonds secured by m o rtg ag e lien
upon unincum bered re a l e sta te w o rth a t le a st double th e am o u n t loaned,” T h ere
is n o th in g in th e B a n k in g Law d ire c tly re q u irin g re a l e sta te m o rtg ag es to be
ta k e n in th e nam e of th e b an k w hen such loans a re m ade. W e a re co n strain e d ,
how ever, to hold th a t th e law co n tem p lates th a t th e b an k sh a ll hold th e title
to such secu rities. I t is esse n tia l th a t th e b a n k in g d e p a rtm e n t in m ak in g an
ex am in atio n of th e affairs of th e b an k have an o p p o rtu n ity to ex am ine th e m o rt­
gages upon w hich such no tes or bonds a re p red icated in o rd er th a t th e d e p a rt­
m en t m ay know th e n a tu re of th e in s tru m e n t, th e d escrip tio n of th e p ro p e rty and
such o th er facts as w ill enable it to d eterm in e w h e th e r th e loan is p ro p er u n d er
th e provisions of th e sta tu te .
W here, how ever, su ch real esta te m ortgage is placed in a tr u st com pany organ­
ized under th e M ichigan la w s and over w h ich the b an k in g com m ission er has


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

R E P O R T OF T H E COM MISSIONER.

xx x ix

adeq u ate supervision, we th in k th e com m issioner w ould be a c tin g w ith in th e
s p irit of th e law if he p e rm itte d th e m o rtg ag e to be ta k e n in th e nam e, of such
tr u s t com pany and deposited w ith it allow ing th e b an k s to loan upon p a rtic ip a t­
ing notes in such m ortgage. W e do n o t, how ever, believe th a t a b an k w ould be
au th o rized to in v est in p a rtic ip a tin g no tes secured by a m o rtg ag e held by a
foreign tr u s t com pany or by a dom estic c o rp o ratio n o th e r th a n a tr u s t com­
pany, a p a rtn e rsh ip or in d iv id u a l fo r th e reaso n th a t th e b a n k in g co m m issio n er
w ould have no a u th o rity u n d e r th e law to ex am ine th e m o rtg ag e in such cases and
th u s d eterm in e th e p ro p rie ty o f th e loan.
We are fu rth e r of th e opinion th a t Section 9 of A ct 240, P u b lic A cts of 1907
does not au th o rize a co lla te ra l deposit com pany to be th e ow ner or tru s te e of
a re a l esta te m ortgage, b u t lim its its a u th o rity to th a t of a c tin g as tru s te e of
p ersonal p ro p erty and co lla te ra l su ch as w ould pass by m an u a l delivery.
V ery re sp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n ,
A tto rn e y General.
PR IV A T E B A N K S NO T D E PO SIT O R IE S FOR P U B L IC F U N D S .

D ecem ber 7, 1910.
H on. H en ry M. Z im m erm ann, C om m issioner of B ank in g , C apitol, L an sin g :
D ear S ir—In response to y o u r re q u e st fo r an opinion upon th e questio n o f
w h e th e r or n o t p riv a te b anks, so-called, m ay be d esig n ated as d ep o sito ries of
county funds, u n d er th e p ro v isio n s of A ct 99, P u b lic A cts of 1909, I d esire to
say th a t th e act in this_ title an d p ro v isio n s re fe rs to th e d esig n atio n of “a b ank
or b a n k s” as depositories w ith o u t specify in g w h e th e r p riv a te or in co rp o rated
b an k s w ere inten d ed .
I am of th e opinion th a t th e s ta tu te should n o t be co n stru ed to include p riv a te
banks. G enerally, w hen referen ce is m ade to a b an k th is m eans an in co rp o rated
b ank and n o t a p riv a te bank. F o r exam ple, w hen a n ote is m ade payable a t a n y
b an k in a city, th is is held to m ean an in s titu tio n in co rp o rated for b a n k in g
purposes and does n o t in clu d e a p riv a te bank.
W ay v. B u tte rw o rth , 106 Mass. 75;
W ay v. B u tte rw o rth , 108 Mass. 509.
The le g isla tu re h as passed a law p ro v id in g for th e in co rp o ra tio n an d o rg an iza­
tio n of ban k s and m a k in g th e m su b ject to th e S ta te superv isio n . U nder t h a t
law, as u n d er th e fed eral law p ro v id in g fo r th e o rg an izatio n of n a tio n a l banks,,
th e stockholders a re liab le in double th e a m o u n t of th e stock held by them . I t
seem s to me th a t w hen referen ce is m ade in th e s ta tu te to a b an k , it m eans an
in co rp o rated b an k organized u n d e r th e S ta te or n a tio n a l b a n k in g law s. A p riv a te
b an k er, so-called, conducts h is b u sin ess u n d e r C h ap ter 133 of th e Com piled Laws;
of 1897, th e sam e bein g an act re la tiv e to b ro k e rs an d exchange dealers. T h e
law p ro h ib its th e p riv a te b a n k e r from a d v e rtisin g or p u ttin g up an y sign te n d ­
ing to convey th e im p ressio n th a t th e place of b u sin ess is an organized b an k .
If he ad v ertises, he m u st use h is in d iv id u a l n am e an d m ay add th e re to “b a n k ,”
“b an k in g office” or “exchange office.”
I do n o t th in k th e place of b u sin ess of one co n d u ctin g a p riv a te b a n k is a
b an k w ith in th e m ean in g of A ct 99, P u b lic A cts of 1909.
A som ew hat sim ila r q uestion w as before th e c o u rt in th e case of th e C ity o f
D uQuoin v. K elly, 176 111. 218. A n o rd in an ce w as passed by th e city re q u irin g
th e tr e a s u re r to keep th e city fu n d s in a re g u la rly o rganized bank. I t w as h eld
th a t th e o rdinance contem p lated a b an k organized u n d e r th e S ta te or n a tio n a l
b an k in g law and n o t a p riv a te b a n k ow ned by an in d iv id u al. The co u rt said:
“We a re of th e opinion th a t th e te rm ‘re g u la rly o rganized b a n k ’ in th e C ity
and V illage act m eans a b an k organized u n d e r e ith e r th e S ta te law or th e a c t
of C ongress, and th a t it w as n o t in ten d ed by th e le g isla tu re th a t a city officer
who has given bond for th e safek eep in g of th e fu n d s in h is h a n d s should b e
req u ired to deposit th em in a p riv a te b an k . T h ere w ould seem to be no m o re
reason for th a t th a n th e re w ould be fo r tu r n in g th e fu n d s over to a p riv a te
individual. I t is tru e , p rovision is m ade th a t such b a n k e r or b a n k e rs sh a ll g iv e
bond; b u t we do n o t th in k th is a lte rs th e case.”


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

xl

STA TE BAN KING D EPA R TM EN T.

I believe as w as said by th e c o u rt in th is case, th a t th e re is no m ore a u th o rity
fo r depositing th e p ublic fu n d s in a p riv a te b an k th a n th e re is for lo an in g th e m
o u t to an individual, and th e fa c t th a t se c u rity is re q u ire d to be given m akes no
difference.
I am of th e opinion, th e re fo re , th a t th e B oard of S u p erv iso rs can n o t law fu lly
d e sig n ate a p riv ate b a n k as a dep o sito ry of county funds, u n d e r th e p ro v isio n s
of A ct 99, P ublic A cts of 1909.
V ery re sp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n ,
,
A tto rn e y General.

AS

TO E X A M IN E R S ’ S A L A R IE S .

J a n u a ry 19, 1911.
H o n . W. D onovan, D eputy B an k in g C om m issioner, C apitol, L an sin g :
D ear S ir—W e a re in receip t of y o u r le tte r of J a n u a r y 11th, callin g our a t­
te n tio n to Section 6127 of th e C om piled Daws, as am ended by A ct 103 of th e
P u b lic A cts of 1909, re la tiv e to th e sa la rie s of b an k ex am in ers and req u e stin g th e
opin io n of th is d e p a rtm e n t as to th e sa la rie s th ese ex am in ers w ill be e n title d to
receive w hen th ey receive com m issions from th e new ly appointed com m issioner.
T he language of th e s ta tu te in questio n is as follow s:
“ S alaries of th e ex am in ers sh all be th e sum of $1,700 p er a n n u m d u rin g th e
first y ear of th e ir em ploym ent and sh a ll be in creased $100 each y e a r of such
em ploym ent u n til th e fu ll sum of $2,000 is reached, w hich sum sh all be th e ir
a n n u a l sa la ry th e re a fte r.”
T h is am en d m en t took effect on S eptem ber 1, 1909. I t is th e g en eral ru le of
s ta tu to ry co n stru ctio n th a t sta tu te s are presum ed to be p rospective only in th e ir
o p eratio n and w ill be re tro a c tiv e only w hen th e leg islativ e in te n t is clear. T h ere
is c e rta in ly n o th in g in th is am en d m en t w hich in d icates a leg islativ e in te n t to
m ak e it retro activ e . I t is, th erefo re, o u r view th a t no m a tte r w h a t le n g th of
tim e an ex am in er h ad served, he w as n o t e n title d to an in crease in pay u n til a
service of one y ear a fte r S eptem ber 1, 1909. E x a m in e rs who have been in service
co n tin u o u sly since S eptem ber 1, 1909, w ould be en titled , upon receiv in g th e ii
new com m ission, to receive a sa la ry of $1,800 u n til S eptem ber 1, 1911, w hen th ey
w ould be e n titled to receive a sa la ry of $1,900, an d so on. Those who have been
appointed ex am in ers since th a t tim e w ould, of course, be e n title d to an in crease
based on th e tim e of service, w hen th ey have com pleted a y e a r’s service in th e
d ep artm en t.
V ery re sp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n ,
A tto rn e y General.
B A N K STOCK M A Y BE C A NC ELL ED U N D E R P R O V IS IO N S OF SE C T IO N S

10335-8,

CO M PILED L A W S .

M arch 10, 1911.
H on. E d w ard H. Doyle, C om m issioner of th e B an k in g D ep artm en t, C apitol, L a n ­
sing, M ichigan:
D ear S ir—In yo u r le tte r of F e b ru a ry 25th, you sta te th a t th e ............... B ank of
M ichigan, re c e n tly so u g h t to enforce its rig h ts, u n d e r Section 6090
o f th e Com piled Law s of 1897, by a sale of sh a re s of its own b a n k stock, w hich
is a t th e p re se n t tim e held by Chicago p a rtie s as co lla te ra l to a loan m ade by
th e m
T his sale w as m ade by th e sheriff, by o rd er of th e co u rt and stock bid m
by th e ............... B ank. T he Chicago p a rtie s refu sed to s u rre n d e r th e stock in
question, and you in q u ire by w h a t a u th o rity , u n d er th e sta tu te , can th e officers
o f th e b an k cancel th e old o u tsta n d in g issu e an d a new issu e of stock be m ade,
w hich, w hen sold, w ill reim b u rse th e b an k fo r th e a m o u n t w hich th ey have a l­
re a d y applied on th e sto ck h o ld ers’ obligation, as noted above.
Since receiving th is co m m unication we have received a copy of th e proceedings
u n d e r w hich th e sh eriff’s sale, above re fe rre d to w as m ade. I t ap p ears th a t th is
sale w as n o t m ade p u rs u a n t to th e a u th o rity conferred by th e G eneral B an k in g


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

R E P O R T OP T H E COM MISSIONER.

xli

Law , Section 6090, to w hich you re fe r in y o u r le tte r, b u t w as m ade p u rs u a n t to an
? n 9 Q Q ^ \ n COn feSS1Mg., jadgm en> w hich seem s to be in com pliance w ith Section
1(L99 ot th e Com piled L aw s of 1897. T he sale of stock w as th e n m ade p u rs u a n t
to a u th o rity co n ferred by Sections 10335 to 10338 of th e Com piled L aw s of 1897
¡section 10338 provides:
„ ^ ? d ,tb e Pur<* a s e r (a t su ch execu tion sa le ) sh a ll thereu pon be e n title d to a
certificate or certificates o f th e sh ares b ou gh t by him , upon p a y in g th e fees th e r e ­
for, and for record in g th e tr a n sfe r.”

. Tt
c-fa r from th e above s ta tu to ry p rovision th a t th e b an k h as a u th o rity to
issue to itse lf new certificates to ta k e th e place of th o se sold upon th e execution
and p u rs u a n t to th e a u th o rity conferred upon it by th e G eneral B an k in g Law
w ould have a u th o rity to sell th ese sh a re s so issued w ith in th e s ta tu to ry period.
V ery re sp ectfu lly yours,
(S ig n ed ) F ranz C. K u h n ,
A tto rn e y General.
CO RPORATIO NS TO IN V E S T I N OR P O S S E S S B A N K

STO C K O N L Y O N C E R T A IN C O N D IT IO N S.

M ay 24, 1911.
H on. E d w ard H. Doyle, C om m issioner of th e B an k in g D ep artm en t, C apitol, L a n ­
sin g .
D ear S ir—You sta te in y o u r le tte r of A p ril 20th th a t th e b a n k in g d e p a rtm e n t
has ru led th a t th e sev eral sections of th e b a n k in g law re la tin g to sto ck h o ld ers
,t he.1ind1lv ld u al ow nership of cap ital stock of sta te b a n k s; th a t in recen t
re p o rts to th e d e p a rtm e n t it ap p ears th a t in n u m ero u s in sta n c e s cap ita l stock of
sta te banks is owned by firm s, c o p a rtn ersh ip s, co rp o ratio n s and tw o or m ore in ­
d ividuals jointly . A ou in q u ire w h e th e r such a h o lding is legal.
. , * n r ep!y th ere to w ill say th a t it is our view th a t two or m ore in d iv id u als have
rig h t Uth° r ity t0 h0ld b an k stock jo in tly , also th a t c o p a rtn e rsh ip s have th e sam e
The question of th e rig h t of a c o rp o ratio n to ta k e and hold stock in a b an k is
dependent upon th e sta tu te p ro v id in g for th e o rg an izatio n of such corp o ratio n
S e ni aii,n e r “ w hlch ,t h e stock is acquired. The ru le is th u s sta te d in C lark
and M arshall on C orporations, page 523:
„
corPoratioii has no pow er to subscribe for or p u rch ase sh a re s of stock in
a n o th e r corporatio n unless such pow er is exp ressly g ra n ted or u n less th e n a ­
tu re of th e co rp o ratio n and th e circu m stan ces u n d e r w hich th e stock is acquired
a re such as to re n d e r th e tra n sa c tio n a n ecessary or reaso n ab le m eans of c a rry in g
out th e object fo r w hich it w as created or of accom plishing som e purpose w hich
is au th o rized by its c h a rte r.”
W ith o u t m ak in g an extensive ex am in atio n in to th e acts pro v id in g for th e crea*;ke differen t classes of co rp o ratio n s doing b u sin ess in th is sta te , w ill sav
th a t in th e g re a t m a jo rity of cases th e ac t p ro v id in g fo r th e o rg an izatio n of such
corp o ratio n s does n o t au th o riz e th e p u rc h a sin g an d h o lding of sh a re s in o th e r
corporations, an d u n d e r th e g en eral ru le above sta te d such co rp o ratio n s would
lave no a u th o rity to p u rch ase and hold sh a re s in b an k s u n less such sh a re s w ere
ta k e n in a m a n n e r th a t could be said to be reaso n ab ly n ecessary to th e c a rry ­
ing out of th e objects for w hich th e c o rp o ratio n w as created. No in sta n c e occurs
,
w here it could be said to be n ecessary fo r a c o rp o ratio n to p u rch ase and
liold sh ares of stock in a sta te b an k except as su ch stock m ig h t be ta k e n in
p ay m en t of debts in good fa ith ow ing to th e corp o ratio n .
. Section 50 of th e Compiled L aw s re la tiv e to th e co n stru c tio n of s ta tu te s p ro ­
vides:
“The w ord ‘p e rso n ’ m ay extend an d be applied to bodies po litic and co rp o rate
as w ell as to in d iv id u a ls.”
R eference m u st be h ad to th e p ro v isio n s of th e ac t of in co rp o ra tio n of th e
corporation hold in g th e b an k stock an d a d e te rm in a tio n m u st be m ade of th e
purpose for w hich such stock w as p u rch ased in o rd e r to se ttle th e q uestion of th e
rig h t of th e corp o ratio n to ta k e and hold su ch stock.
V ery re sp ectfu lly yours,
(S ig n ed ) F ranz C. K u h n ,
A tto r n e y General.


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

xlii

STATE BANKING D EPA R TM EN T.

BANK

AB SO K BIN G

ANOTHER

CANNOT

C O N T IN U E

TO H O LD

C E R T A IN U N A U T H O R IZ E D

IN V E ST M E N T S.

M ay 24, 1911.
Hon. E d w ard H. Doyle, C om m issioner of th e B an k in g D ep artm en t, Capitol, L a n ­
sing, M ichigan:
D ear S ir—W e are in rec e ip t of y our le tte r of May 20th, in w hich you sta te as
foPow s: A sta te b an k re c e n tly p u rch ased th e a ssets of a n o th e r sta te bank,
am ong w hich w ere c e rta in bonds com ing w ith in th e pro v isio n s of su bdivisions
(e ) , (f) and (g ), of Section 27 of th e B an k in g Law , w hich had n o t been ap­
proved by th e S ecu rities Com m ission. T hese a ssets h ad been p e rm itte d to be
held by th e selling b an k by reaso n of th e fa c t th a t th e y w ere in v estm en ts p rio r
to th e ta k in g effect of th e am en d m en ts to Section 27 m ade by A ct 262 of th e
P u b lic A cts of 1905. T he p u rc h a sin g b an k contends th a t because th e d e p a rt­
m en t p erm itted th e m to be held by th e sellin g bank, it should also au th o rize
th e p u rch asin g b an k to hold th e sam e u n til m a tu rity . You su b m it th e in q u iry
as to w h eth er th e p u rc h a sin g b an k should be allow ed to c a rry such sec u ritie s as
legal savings in vestm en ts.
In rep ly th e re to w ould say th a t it is o u r opinion th a t th e p u rc h a sin g b an k
should be held to th e p lain re q u ire m e n ts of Section 27, an d th a t th e fact th a t
th e secu rities m entio n ed w ere p u rch ased from a n o th e r sav in g s b an k w ould n o t
ju s tify you in p e rm ittin g th e b an k p u rc h a sin g sam e to c a rry th e m as legal sav ­
ings investm ents. In th is connection it m ay be p ro p er to say th a t Section 27
re q u ires fifteen per c e n t of th e deposits to be k e p t on h an d as a reserve, in
cash or reserv e ban k s, three-fifths of th e re m a in d e r of th e deposits a re re q u ired
to be invested in sec u ritie s m en tio n ed in sub d iv isio n s (a ) to (i) in clu siv e of
Section 27. You w ill n ote th a t subdivision (i) provides th a t:
“A po rtio n of said re m a in d e r n o t exceeding th e c a p ita l and a d d itio n a l stock­
h o ld ers’ lia b ility m ay be in v ested in negotiable p ap er approved by th e board of
d irecto rs.”
T h is w ould au th o riz e a savings b a n k to c a rry an a m o u n t of n eg o tiab le bonds
or o th e r negotiable p ap er up to th e am o u n t nam ed in th e above quoted p ro ­
vision, even th o u g h su ch bonds or o th e r negotiable p ap er h ad not received th e
approval of th e S ecu rities Com m ission.
V ery resp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n .
A tto rn e y General.
J O IN T

T R U S T E E S H IP I N

C E R T A IN B O ND I S S U E S P E R M IS S IB L E .

Ju n e 29, 1911.
H on. E. H. Doyle, C om m issoner of B anking, C apitol, L an sin g :
D ear S ir—R eplying to y o u r le tte r of Ju n e 15th, re la tiv e to th e first m ortgage
six per cent bonds of th e O regon-W ashington T im ber Com pany, fo r w hich th e
U nion T ru st Com pany of D etro it, and th e M ississippi V alley T ru s t Com pany of
St. Louis, a re co-trustees, w ill say th a t we th in k th is m o rtg ag e comes w ith in o u r
ru lin g of O ctober 15, 1910, to th e effect th a t if th e bonds possess th e o th e r
re q u isite qualifications for in v e stm e n t fo r savings ban k s, you w ould be w a rra n te d
in p e rm ittin g savin g s b an k s to in v est th e re in .
V ery resp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n ,
A tto rn e y General.
ST A T E B A N K S NOT PE R M IT T E D TO PLEDGE A S S E T S .

A u g u st 23, 1911.
Hon. E. H. Doyle, C om m issioner of B an k in g D ep artm en t, C apitol, L ansing, M ichi­
g an:
D ear S ir—I am in receip t of y o u r co m m unication of th e 28th u ltim o, calling
a tte n tio n to Section 9 of th e F e d e ra l A ct p ro v id in g fo r th e e sta b lish m e n t of po stal
savings ban k s in th e U nited S tates and also to Section 32 of th e G eneral B an k ­
in g L aw of th is state.


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

R E PO R T OF T H E COM MISSIONER.

x liii

. Section 9 of th e F e d e ra l A ct re fe rre d to provides for th e deposit of po stal sav ­
ings fu n d s in solvent b an k s w h e th e r organized u n d e r th e n a tio n a l or sta te law s
and contains th e follow ing p ro v isio n s:
“The board of tru ste e s sh all ta k e from such b an k s such se c u rity in public bonds
or o th er secu ritie s, su p p o rted by th e ta x in g pow er, as th e board m ay p rescribe,
approve, and deem sufficient and n ecessary to in su re th e sa fe ty an d p ro m p t p ay ­
m en t of such d ep o sits on d em an d .”
Section 32 of th e G eneral B an k in g L aw of th is sta te , in p a rt, read s as follow s:
“No b ank or b an k officer sh a ll give preferen ce to a n y d epositor or cre d ito r by
pledging th e assets of th e b an k as c o llateral se c u rity .”
You w ish to know if M ichigan sta te b an k s a re p ro h ib ited from p ledging m u­
n icip al bonds to secure such p ostal sav in g s b ank deposits.
If th e plan to w hich you re fe r is c a rrie d ou t it w ould re s u lt in a sta te bank
pledging its secu rities, w hich are a p o rtio n of its assets, as a co llateral se c u rity
for th e deposit of po stal sav in g s funds. In th e ev en t of a fa ilu re of a sta te
b ank u n d er such conditions, it would o p erate as giv in g such deposits a preferen ce
over th e g en eral deposits in th e bank, w hich, in m y opinion, is clea rly p ro h ib ited
by th e language quoted from Section 32.
I th erefo re advise you th a t th e assets of a sta te b an k cannot be law fu lly pledged
as se c u rity fo r such deposits.
V ery resp ectfu lly yours,
(S ig n ed ) F r a n z C . K u h n ,
A tto rn e y General.
BEAU

E S T A T E MORTGAGE L O A N S

N O T TO EXCEED F IF T Y PER C E N T OF C A PIT A L

S eptem ber 14, 1911.
H on. E d w ard H. Doyle, C om m issioner of th e B an k in g D ep artm en t, C apitol L an ­
sing:
,,
^ ir
y o u r le tte r of S eptem ber 11th, you call a tte n tio n to Section 23 of
th e B an k in g Law, Section 6112 C. L., w hich provides:
“B u t it (a com m ercial b a n k ) sh all n o t lend to exceed fifty p er cent of its capi­
ta l stock upon m ortgage or an y o th e r form of real e sta te secu rity , and th en
only upon th e adoption of a reso lu tio n by a tw o -th ird s vote of th e board of d irec­
to rs.”
You also call a tte n tio n to Section 52 of th e B a n k in g Law, Section 6141 C L
w hich provides in p a rt, th a t:
“The to ta l lia b ilitie s to an y b an k of a n y p erson or an y com pany, co rp o ratio n or
firm for m oneys advanced, in clu d in g in th e lia b ilitie s of th e com pany or firm th e
liab ilities of th e several m em bers th e re o f except special p a rtn e rs, sh all a t no tim e
exceed one-tenth p a rt of th e a m o u n t of th e c a p ita l an d su rp lu s of such b a n k ___
Provided, how ever, T h a t by a tw o -th ird s vote of th e d ire c to rs th e lia b ilitie s to any
b an k of any person or com pany o r c o rp o ratio n or firm m ay be in creased to a sum
not exceeding one-fifth of th e cap ita l and su rp lu s of th e b a n k .”
You su b m it th e in q u iry as to w h e th e r u n d e r th e p rovisions of Section 23 a
b ank is au th o riz e d w hen it h as accu m u lated a su rp lu s to loan on re a l e sta te
se c u rity n o t to exceed fifty p er cent of th e cap ital and su rp lu s, or w h e th e r such
re a l esta te loans m u st be lim ited to fifty p e r cent of th e a u th o rized c a p ita l stock.
In reply th e re to w ill say th a t it is o u r view th a t th e w ord “cap ita l sto ck ” as
used in Section 23 of th e B an k in g Law does n o t include su rp lu s an d th a t th e w ord
“cap ital sto ck ” as used in Section 23 is used in th e sam e sense as used in Section
1 of th e B anking Law , and re fe rs only to th e au th o riz e d c a p ita l sto c k of th e bank.
It is th e re fo re o u r opinion th a t a com m ercial b an k can n o t loan to exceed fifty
p er cent of its au th o rized cap ita l stock on real e sta te secu rity .
Very re sp ectfu lly yours,
(S ig n ed ) F r a n z C. K u h n ,
A tto rn e y General.


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

STA TE BAN KING D EPA R TM EN T.

xliv

A SSESSM ENT

ON ST O C K H O L D ER S N O T L IM IT E D TO O NE H U N D R E D PER C E N T .

October 14, 1911.
H on. E d w ard H. Doyle, C om m issioner of th e B a n k in g D ep artm en t, C apitol, L a n ­
sing, M ichigan:
D ear S ir—In y o u r le tte r of S eptem ber 30th you su b m it th e follow ing in q u irie s:
“In case of an im p airm en t of th e cap ital stock o f a sta te bank to an am ount
in ex ce ss of its to ta l capital, h as th e board of directors th e au th o rity to order,
upon th e req u isitio n of th e C om m ission er of th e B a n k in g D epartm en t, to m ake
good su ch deficiency, an a ssessm e n t upon th e cap ital stock of su ch bank for an
am oun t exceed in g 100 per cen t of su ch stock?

A fter h av in g p aid an assessm en t of 100 p er cen t in accordance w ith th e p re se n t
b an k in g law, in case of an im p a irm e n t a sc e rta in e d su b seq u en tly by th e d e p a rt­
m ent, could a fu r th e r assessm en t be levied by th e d irecto rs, upon re q u isitio n of
th e com m issioner, for th e purpose of m ak in g good such deficiency?
W ould th e p aym en t by sto ck h o ld ers of assessm en ts such as above in dicated,
lessen th e ir lia b ility in case of th e liq u id a tio n or insolvency of th e b a n k ? ”
T he s ta tu to ry pro v isio n s involved in th ese in q u irie s a re Section 46 of th e B a n k ­
ing Law, w hich provides as follow s:
“The stockholders of every b an k sh all be in d iv id u a lly liable, equally and rata b ly ,
and n o t one for an o th e r, for th e benefit of th e dep o sito rs in said b an k to th e
am o u n t of th e ir stock a t th e p a r value th ereo f, in a d d itio n to th e said sto ck ;
b u t persons holding stock as executors, a d m in is tra to rs, g u a rd ia n s or tru ste e s and
persons holding stock as c o llateral secu rity , sh all n o t be p erso n ally liab le as
stockholders, b u t th e assets and fu n d s in th e ir h an d s c o n stitu tin g th e tr u s t shall
be liable to th e sam e e x te n t as th e te s ta to r, in te sta te , w ard or p ersons in te re ste d
in such tr u s t funds w ould be, if liv in g or co m petent to act, an d th e person pledg­
in g such stock sh all be deem ed th e sto ck h o ld er an d liable u n d e r th is section.
Such lia b ility m ay be enforced in a su it a t law or in equ ity by an y such b an k
in process of liq u id atio n , or by an y receiver, or o th e r officer succeeding to th e
legal rig h ts of said b a n k .”
Also Section 42 of A ct 1 of th e P u b lic A cts of 1911, w hich provides, in p a rt,
as follow s:
“W henever it sh a ll ap p ear from th e re p o rt of an y b an k , or th e com m issioner
sh all have reason to believe th a t th e cap ita l of any b an k is im p aired or reduced
below th e am o u n t req u ire d by law , it sh a ll be th e d u ty of th e com m issioner and
he sh all have th e pow er to exam ine th e said b a n k an d a sc e rta in th e facts, and
in case he finds such im p a irm e n t or re d u ctio n of cap ital, he sh all re q u ire such
b an k to m ake good th e deficiency so ap p e a rin g w ith in six ty days a fte r th e d ate
of such req u isitio n . The d ire c to rs of every such b an k upon w hich such re q u isi­
tio n sh all have been m ade sh all levy an assessm en t upon th e stock th e re o f to
re p a ir such deficiency, a n d sh a ll cause n otice of su ch re q u isitio n to be _given
to each stockholder of th e b a n k an d of th e a m o u n t of th e assessm en t w hich he
m u st pay fo r th e purpose of m a k in g good su ch deficiency, by a w ritte n o r p rin te d
notice m ailed to such sto ck h o ld er a t h is la s t know n place of residence or served
p ersonally upon h im .”
T hese tw o sections are p lain ly in ten d ed to subserve e n tire ly differen t p u r­
poses. Section 46 re fe rs only to cases w h ere th e b an k is in process of liq u id a ­
tio n and lim its th e a m o u n t of th e a ssessm en t w hich m ay be m ade upon th e
stockholders for th a t p u rpose to 100 p er cent. Section 42, above quoted, is for
th e purpose of p re v e n tin g th e b a n k from going in to liq u id a tio n and m a in ta in ­
ing it as a going concern. T he lan g u ag e used is e q u iv alen t to say in g to th e
stockholders, “T he cap ital of y o u r b an k is im p aired , you m u st m ake it good or
it w ill be obliged to go in to liq u id a tio n a t th e h a n d s of a receiver.
I t is our view th a t th e tw o sections have no re la tio n to each o th e r and th a t
u n d er Section 42 of A ct 1 of th e P u b lic A cts of 1911, th e C om m issioner h a s a
rig h t to o rd er th e b an k to m ake good an im p a irm e n t of an y am ount, w h eth er
less th a n or in excess of 100 p er cent. I am also of th e opinion th a t in case an


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

R E P O R T OF T H E COM MISSIONER.

xlv

assessm en t had been levied p u rs u a n t to Section 42 to m ake good an im p a ir­
m ent, a fu r th e r assessm en t o r assessm en ts could be m ade to m eet fu tu re c o n tin ­
gencies. I am fu r th e r of th e opinion th a t p ay m en t by sto ck h o ld ers of assess­
m en ts u n d e r Section 42 w ould in no w ay lessen th e ir lia b ility to an a ssessm en t
by th e receiver in case of th e liq u id a tio n or insolvency of th e hank.
V ery resp e c tfu lly yours,
(S ig n ed ) F ranz C. K u h n ,
A tto rn e y General.

BO N D S

OW NED

BY

DIRECTORS

OR

STO C K H O L D ER S M A Y
SAVINGS D E P O SIT S.

BE

PLEDGED

TO

SE C U R E

P O ST A L

O ctober 20, 1911.
Hon. E dw ard H. Doyle, C om m issioner of th e B a n k in g
M ichigan:

D ep artm en t, L an sin g ,

D ear S ir—We a re in re c e ip t of y o u r le tte r of O ctober 13th, enclosing le tte r
from th e ................... B ank. You in q u ire w h e th e r o r n o t in d iv id u als m ay pledge
bonds w ith th e board of tru ste e s a t W ash in g to n , D. C., fo r th e purpose of h a v ­
in g a sta te b an k in w hich th e y a re in te re ste d d esig n ated as a dep o sito ry fo r
postal savings funds.
In rep ly th e re to w ill say th a t th e re is n o th in g in th e G eneral B a n k in g Law
w hich w ould p ro h ib it sto ck h o ld ers o r officers of a sta te b an k from pledging
th e ir personal se c u ritie s in o rd er to ob tain for th e b an k th e benefits w hich m ig h t
accrue from its being m ade a depo sito ry fo r po stal sav in g s funds. Such a pledge
of se cu rities w ould in no m a n n e r affect th e a ssets of th e b an k o r th e p erso n al
lia b ility of th e stockholders.
We are of th e opinion th a t it w ould n o t be a v io latio n of th e B an k in g L aw for
th e stockholders, d ire c to rs or o th e r persons in te re ste d in a sta te b an k to pledge
secu rities, n o t a p a rt of th e a ssets of th e bank, as se c u rity for deposits of postal
savings funds.
The le tte r from t h e ....................... B ank is h e re w ith re tu rn e d .
Y ours respectfully,
(S ig n ed ) F ranz C. K u h n ,
A tto r n e y General.
TR UST

C O M P A N IE S

IN

ORDER TO

Q U A L IF Y

AS

T R U ST E E

IN

O TH ER

ST A T E S

M AY

D E PO SIT

S E C U R IT IE S .

O ctober 28, 1911.
Hon. E d w ard
M ichigan:

H. Doyle, C om m issioner of th e B a n k in g

D ep artm en t, L an sin g ,

D ear S ir—We have h ad u n d e r co n sid eratio n y o u r le tte r of O ctober 13th, in
w hich you su b m it th e follow ing in q u irie s:
“Can a corporatio n o rganized u n d e r A ct No. 108 of th e P u b lic A cts of 1889,
as am ended, actin g as tru s te e u n d e r an issu e of bonds covering p ro p e rty lo­
cated in p a rt in M ichigan, an d in p a rt in one o r m ore o th e r sta te s, deposits its
bonds or m ortgag es w ith a sta te d e p a rtm e n t or official, in e itn e r one o r all of
th e sta te s in w hich th e p ro p e rty is located in o rd er th e re in to legally q u alify and
act as such tru ste e ? W ould th e dep o sitin g of su ch assets be considered as giv­
ing preference to one cre d ito r over a n o th er, as m en tio n ed in Section 34 of said
a c t? ”
^ ou have also su b m itted a le tte r of L ouis H. W ith ey em bodying h is view s
re lativ e to th e question involved. U nder d ate of O ctober 17th a le tte r from M essrs.
B utterfield & K enney, attorneys-at-law , G rand R apids, M ichigan, co n ta in in g a
discussion of th ese q u estio n s w as received by th is D ep artm en t.
T he s ta tu te of Illin o is re g a rd in g th is deposit is Sections 129 to 147 of th e R e­
vised S ta tu te s of Illin o is fo r 1909. I t is c lea r u n d e r th e decision of th e U nited
S tates Suprem e C o u rt in B lake v. M cClung, 172 U. S. 239, th a t th e deposit of


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

STATE BANKING D EPA R TM EN T.

xlvi

se cu rities m ade w ith th e S tate A u d ito r of Illin o is could n o t he used fo r th e p u r­
pose of giving preferen ce to cre d ito rs of a tr u s t com pany re sid in g in Illin o is.
On th e o th e r hand, a M ichigan tr u s t com pany could n o t he ad m itte d to do a
tr u s t com pany busin ess in Illin o is even to th e e x te n t of en fo rcin g an active tr u s t
p a rtia lly in Illin o is and p a rtia lly in M ichigan w ith o u t m ak in g th is deposit.
F a rm e rs ’ L oan Com pany v. E lev ated Ry. Com pany, 173 111. 439.
Section 6179 of th e Compiled L aw s of 1897 provides as follow s:
“A ll tra n s fe rs of notes, bonds, bills of exchange, or o th e r evidences of debt
ow ing to an y such co rp o ratio n , o r of deposit to its cred it, all a ssig n m en ts of
m ortgages or o th er se c u rity on re a l estate, or ju d g m en ts, or decrees in its favor,
or deposits of m oney, b ills or o th e r valu ab le th in g s fo r its use, or fo r th e use
of its stockholders o r c red ito rs, all p ay m en ts of m oney, e ith e r a fte r th e com­
m ission of an act or insolvency, or in co n tem p latio n th ereo f, w ith a view to
p rev en t application of its assets in th e m a n n e r prescrib ed in th is act, or w ith a
view to th e preferen ce of one c re d ito r over an o th er, sh all he held to be n u ll and
void.”
T he in te re s t upon deposits of se c u ritie s m ade p u rs u a n t to th e Illin o is sta tu te
is paid to th e depositin g com pany as long as it re m a in s solvent. W e a re unable
to see how th e m ak in g of th is deposit u n d e r th e s ta tu te of Illin o is an d th e de­
cision of th e S uprem e C ourt of th e U nited S tates, h e re in b efo re re fe rre d to, co n sti­
tu te an y preference to Illin o is c red ito rs in v io latio n of th e pro v isio n s of Sec­
tio n 6179 of th e Com piled Laws.
W e are of th e opinion th a t it w ould n o t be in v io latio n of th e pro v isio n s of
A ct 108 of th e Pub lic A cts of 1889 fo r a M ichigan tr u s t com pany to m ake a de­
posit of secu rities w ith th e A u d ito r of th e S ta te of Illin o is u n d e r th e p rovisions
of th e sta tu te s now in force in th a t sta te , in o rd e r to p e rm it such tr u s t com­
pany to ca rry out th e pro v isio n s of an act of tr u s t in th a t state.
V ery resp ectfu lly ,
(S ig n ed ) F ranz C. K u h n ,
A tto rn e y General.
L A N D CO NTRA CTS NO T E V ID E N C E S OF IN D E B T E D N E S S A S C O N T EM PL A TE D B Y B A N K I N G L A W .

D ecem ber 7, 1911.
Hon. E d w ard H. Doyle, C om m issioner of th e B a n k in g D ep artm en t, L an sin g ,
M ich ig an :
D ear S ir—I am in receip t of y our com m u n icatio n of N ovem ber 23rd in w hich
you ask w h eth er or n o t lan d co n tra c ts ev idencing th e sale of re a l e sta te are
legal in v estm en ts fo r savings b a n k s u n d e r subd iv isio n (i) of Section 27 of th e
G eneral B an k in g Law, w hich rea d s as follow s:
“T he re m a in d e r of such deposits m ay be in v ested in notes,_ h ills or o th e r ev i­
dences of debt, th e p ay m en t of w hich is secured by th e deposit w ith th e h a n k of
co llateral se c u rity co n sistin g of p erso n al p ro p e rty or se c u ritie s of know n m a rk e t­
able value, w o rth te n p er cen t m ore th a n th e a m o u n t so loaned an d in te re s t fotth e tim e of th e loan .”
I t ap p ears from y o u r sta te m e n t th a t c e rta in savings b a n k s in th e sta te in v est
sav in g s deposits in th ese co n tracts, ta k in g an assig n m e n t th e re o f from th e
vendor who also tra n s fe rs to th e h a n k th e legal title to th e re a l e sta te co n tracted
to be conveyed. In som e in sta n c e s th e legal title to th e p ro p e rty is tra n s fe rre d an d
th e assig n m en t m ade as co lla te ra l se c u rity fo r a loan to th e vendor and I
do n o t u n d e rsta n d th a t y o u r in q u iry re la te s to th e leg ality of th is p ractice, it
being conceded th a t th is m ay law fu lly be done, b u t th a t y o u r in q u iry re la te s to
th e rig h t of a sav in g s b a n k to so in v est its sav in g s deposits in th ese co n tra c ts
w hen no loan is m ade to th e vendor. T he sav ing s b an k s claim th a t th ese con­
tra c ts are “evidences of d eb t” w ith in th e m ean in g of th e subdivision quoted and
th a t th e in v estm en t of sav in g s deposits th e re in in th e m a n n e r o u tlin ed is p e r­
m issible and legal.
F o r rep ly th e re to w ould say th a t w hen a c o n tra c t of th is c h a ra c te r fo r th e sale
of re a l estate is m ade, th e vendor holds th e legal title only as tru s te e fo r th e
v en d ee and e q u ita b le title v e sts in th e vendee. T h e v e n d o r re ta in s th e legal
title as se cu rity fo r th e p ro p er p erfo rm an ce of th e c o n tra c t on th e p a rt of th e
vendee.

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

R E PO R T OF T H E COMMISSIONER.

xlv ii

H ooper v. V an H u san , 105 Mich. 592;
C ity of M arq u ette v. Iro n & L and Com pany, 132 Mich. 130, 132.
In th e case la s t cited th e co u rt held th a t th e re w as no legal d istin c tio n be­
tw een th ese oblig atio n s an d cre d its secured by m ortgages.
W hile these co n tra c ts m ay u n d e r o u r decisions be “evidences of d e b t” I do
n o t believe th a t th e y a re such w ith in th e m ean in g of th e s ta tu te u n d e r con­
sid e ra tio n . By th e te rm s of th a t s ta tu te it is only evidences of debt “th e paym en t of w hich is secured by th e deposit w ith th e b an k of c o llateral se c u rity con­
sistin g of perso n al p ro p e rty or se c u ritie s of know n m a rk e ta b le value, w o rth ten
per cent m ore th a n th e am o u n t so loaned and in te re st for th e tim e of th e loan ”
m w hich saving s deposits m ay law fu lly be invested.
T his sta tu te , as I read it, tr e a ts of “lo a n s” by th e b a n k upon bills, no tes and
o th er evidences of debt, secured by th e deposit w ith th e b an k of collateral. As
I u n d e rsta n d it, th e b an k in d ealin g in th ese c o n tra c ts m akes no loan to th e
holder of th e legal title to th e land, b u t th e lan d c o n tra c t an d th e se c u rity of
th e legal title a re p u rch ased o u trig h t by th e bank. T he tra n sa c tio n is one of
dealm g in cred its secured by th e legal title to th e re a l p ro p erty . I do n o t believe
th a t tra n sa c tio n s of th is n a tu re a re w ith in th e contem p latio n of th e s ta tu te and
consequenly am of opinion th a t sav in g s b an k s m ay n o t law fu lly in v est th e ir
savings deposits in th ese co n tracts.
V ery re sp ectfu lly yours,
(S ig n ed ) F ranz C. K u h n ,
A tto rn e y General.
T R U S T C O M P A N IE S M A Y O W N A N D O PERATE A B ST R A C T D E PA R T M E N T .

F e b ru a ry 16, 1912.
HOnM ich ig arr H ’ D° yle’ C om m issioner of th e B an k in g

D ep artm en t, L an sin g ,

Si r T T °V n o letpte5u0 fT.F ?b ru a ry 2d’ c a llin S a tte n tio n to p a rts of sections 9
10cjanff ACt
Pl!b k c A cts of 1889> as am ended, (C om piled L aw s of
1397, Sections 6164-6165) re la tiv e to th e pow er of a tr u s t com pany organized
u n d e r said act to acq u ire and hold as p erso n al e sta te a b stra c t books of title
used by it m its b u sin ess of g u a ra n te e in g o r in s u rin g th e v a lid ity of title s to
re a l estate, and re q u e stin g an opinion th ereo n , h a s been received.
In reply th e re to w ould say th a t u n d e r th e p ro v isio n s m en tio n ed w hich give to
a tr u s t com pany o rganized u n d er th e
a c t pow er “to g u a ra n te e or in su re to
g ran tees th e v a lid ity of title s in re a l e sta te tra n sfe rs, a t a ra te of com pensation,
and upon such te rm s an d conditions as m ay be agreed upon,” (S ection 9), and
w hich m akes it law ful “fo r an y such c o rp o ratio n to lease, p u rch ase, hold and
convey such p erso n al e sta te as m ay be n ecessary to c a rry on its b u sin e ss,”
(S ection 10), a tr u s t com pany is law fu lly e n title d to acq u ire and hold a n y sys­
tem of a b stra c t books n ecessary to enable it to engage in th e b u sin ess of g u a ra n ­
teein g or in s u rin g title s to real estate. T he sections of th e law quoted have n o t
been am ended or modified in an y w ay
and th e ru lin g of y o u r D e p a rtm e n t in
accordance w ith th e above should th e re fo re be continued.
Y ours resp ectfu lly , '
(S ig n ed ) F ranz C. K u h n ,
A tto r n e y General.
BANKS

INCORPORATED I N A N UN -IN C O R PO R A T E D VILLAG E C A N N O T LEG A LLY
B R A N C H E S I N A N O T H E R UN -IN C O R PO R A T E D VILLAG E.

Hon. E. H. Doyle, B an k in g C om m issioner, L ansing, M ich.:

M A IN T A IN

F e b ru a ry 17 1912

D ear S ir—We have y o u rs of th e 7th in s ta n t enclosing m ap of Greenland T ow n­
ship, show ing th e tow n sites in G reenland and M ass villages.
.. Y oa. ask y h a th e r y ° u r d e p a rtm e n t w ill have th e rig h t o r a u th o rity to p e rm it
ie Im ers & M erchants S ta te B ank of G reenland to esta b lish an agency in Mass
I g a th e r from y o u r co m m unication th a t th e M iners & M erch an ts S ta te B ank of


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

STA TE BAN KING D EPA R TM EN T.

x lv iii

G reenland w as rece n tly in co rp o rated u n d e r a u th o rity of y o u r d ep a rtm e n t, an d
th a t G reenland is an u n -in co rp o rated village. I also in fe r th a t Mass or M ass
C ity is also an u n in c o rp o ra te d village. I n o te w h a t you say re la tiv e to one of
th e officers of th e h a n k claim in g th a t to all in te n ts an d purposes M ass C ity and
G reenland is one v illage an d th a t th e re a re no defined b o u n d aries of th e u n ­
in co rp o rated village of G reenland. N ev erth eless th e p la t su b m itte d show s two
settlem en ts, and I p resu m e a sim ila r p la t is, in accordance w ith th e law s of th is
S tate, on file w ith th e R eg iste r of Deeds of th e county, an d w hile th e lim its of
G reenland T ow nship m ay n o t he defined, still, it could h a rd ly be claim ed th a t
G reenland V illage w ould or could include th e se ttle m e n t know n as Mass.
T he artic le s of in co rp o ra tio n of th e M iners & M erch an ts S tate B an k u n d o u b ted ly
confers upon th e h a n k th e a u th o rity to do b u sin ess w ith in th e u n in co rp o ra te d v il­
lage of G reenland, and I am in clin ed to th e opinion th a t said b an k could n o t
legally estab lish a b ra n c h agency ou tsid e of th e u n in c o rp o ra te d village of G reenland
and th a t th e settle m e n t know n as M ass o r M ass C ity w ould be o u tside of th e
b o u n d ary lines of th e u n in c o rp o ra te d village of G reenland, consequently an agency
could n o t be establish ed in Mass.
I am re tu rn in g h e re w ith m ap of G reenland T ow nship.
V ery resp ectfu lly ,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.

B A N K IN G

CO RPORATIO NS

M UST

INCORPORATE U N D E R

G ENE RA L B A N K I N G

LAW .

M arch 27, 1912.
H onorable F re d e ric k C. M artin d ale, S e c re ta ry of S tate, L an sin g , M ichigan:
D ear S ir—I am in receip t of y o u r com m unication of M arch 19 in w hich you
sta te th a t recen tly a rtic le s of asso ciatio n o rg an izin g “The C itizens B an k in g Com­
pany, L im ited ,” an d d ra fte d u n d e r th e pro v isio n s of C h ap ter 160 of th e Com­
piled L aw s of 1897 (T he P a rtn e rs h ip A ssociation L im ited A c t), w ere p resen ted
for reco rd ; and th a t th e purposes of o rg an iz a tio n se t up in th ese a rtic le s of
association are as follow s:
“T his association is o rganized fo r th e follow ing p u rp o ses: To own and o p erate
a b an k in W akefield, Gogebic C ounty, M ichigan, an d to tr a n s a c t a g en eral b a n k ­
in g business, th e location of said b an k and of th e tra n sa c tio n in said bu sin ess
being a t said W akefield.”
You w ish to be advised w h e th e r o r n o t you should accept fo r record a rtic le s
of association u n d e r C h ap ter 160 of th e Com piled L aw s of 1897, in w hich th e
purposes of o rg an iz a tio n sta te d a re to own and o p erate a b a n k and to tra n s a c t
a g en eral b a n k in g business.
~
A ct No. 191 of th e P u b lic A cts of 1877 (C h a p te r 160, Section 6079 et seq. Com­
piled L aw s of 1897), is e n title d :
“An A ct au th o riz in g th e fo rm atio n of p a rtn e rsh ip asso ciatio n s in w hich th e
cap ital subscribed sh all alone be resp o n sib le for th e debts of th e association,
except u n d er c e rta in c ircu m stan ces.”
Section 1 of th is A ct provides th a t th ese asso ciatio n s m ay be form ed “for th e
purpose of conducting a n y law fu l b u sin ess or occupation w ith in th e y 111^
S tates or elsew here.” T he m em bers of such asso ciatio n s are liable only to th e
e x ten t of th e ir su b sc rip tio n an d fo r lab o r debts. T he le g isla tu re h as expressly
recognized associatio n s o rganized u n d e r th is A ct as co rp o ratio n s, as is show n by
Section 36 of Act 232 of th e P u b lic A cts of 1903, th e g en eral c o rp o ratio n law ,
w hich excepts from its o p eratio n “th e co rp o ratio n s provided fo r in th e follow ing
s ta tu te s : C hapters 160 to 164 b o th in clu siv e * * * *” C h ap ter 160 being A ct
191 of th e P ublic A cts of 1877, th e p a rtn e rsh ip asso ciatio n lim ited law.
_
A nd th e Suprem e C o u rt of th is S ta te h as held th a t p a rtn e rsh ip asso ciatio n s
lim ited , organized u n d e r A ct 191, a re to be governed by th e g en e ra l ru les g o v ern ­
ing corporations.
R ouse H azzard & Co. v. D e tro it Cycle Co., I l l Mich. 251.
S tav er etc. Mfg. Co. v. B lake, 111 Mich. 283.


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

R E PO R T OF T H E COMMISSIONER.

x lix

A ct 191 provides th a t p a rtn e rsh ip asso ciatio n s lim ited m ay be form ed fo r th e
purpose of condu ctin g an y law ful b u sin ess or occupation. As t h e s e T a r tn S s h i n
a s s o m tu m s lim ited a re governed by th e ru le s re la tin g to co rp o ratio n s it S w s
be o r g a S e d lo f r f n s t t “ “ ^ ' - ClauSe a P a r t n e r s h i p 'd e l a t i o n H m f t e d canno?
oe organized to tra n s a c t a b u sin ess a ro u n d w hich th e le g isla tu re has t h r o w n

K
r S held
^ t Tthat
t where
w w r,a’If1
? , “ authorizes
hr , Pr0VldC(1
SpeciaI tnCoratlonVws
nas eneen
statute
incorporation
for any lawful nnrK
pose, and an oth er sta tu te p rovides for th e in corp oration o f certain k in d s o f
c o r p o r a tio n s -s u c h as railw ay, telegrap h , or telep h on e c o m p a n fe s -^ o com pany
can be incorporated under th e m ore gen eral sta tu te for the pu rp oses w h ich are
covered by th e oth er sta tu te. The leg isla tu r e is tak en to have “ tended thST
g en eral la n su a g e of the one sta tu te, no corp oration sh ould
be form ed for th e purposes m en tion ed in th e oth er w ith o u t su b jectin g its e lf to
th e p ro v isio n s of the other and m ore r estr ic tiv e sta tu te.
SUDJe ctm g lts e li to

M achem ’s M odern Law of C orporations, Vol. 1, Sec. 63.
th J ^ n c o fp o ^ V in n of
S tate h as provided by th e G eneral B an k in g L aw s fo r
in i^ eo rp o ratio n of com panies proposing to do a b a n k in g bu sin ess h as fixed
t e lia b ility of sto ck h o ld ers in such co rp o ratio n s in excess of th e cap ital stock
P e n c i l p aCf ^ spacial re s tric tio n s a ro u n d such corp o ratio n s. The passage of th e se
G eneral B an k in g Law s, p ro v id in g fo r th e o rg an izatio n of co rp o ratio n s u ld e r condftio n s quite in co n siste n t w ith those p rescribed by th e p a rtn e rsh ip asso ciatio n lim itbe o r l a n S e T t o 0 a c n n i r e T e leg islativ e df la ra tio n th a t b a n k in g com panies can n o t
f
,
, ac,q ai.re a co rp o rate existence u n d er acts such as th e la tte r and
s low s a clear leg islativ e in te n t to se p a ra te b a n k in g co rp o ratio n s from o th e r corpo­
ratio n s, or from p a rtn e rsh ip asso ciatio n s lim ited w hich m ig h t law fu lly be o rganized
and prom oted u n d e r such broad and g en eral lan g u ag e as is contained in th e
p a rtn e rsh ip associatio n lim ited law. The G eneral B an k in g Law s have placed upon
b a n k in g corporatio n s special re s tric tio n s and lim ita tio n s n o t applicable to o t h e r
hn m er a t l°fnS ° i t0 p a rtn e rs h iP asso ciatio n s lim ited , an d have im posed upon sto ck ­
holders of such co rp o ratio n s a special and in creased liab ility . T hese special Re­
stric tio n s and lim ita tio n s can n o t be evaded by th e sim ple device of incoroora
tio n u n d er th e p a rtn e rsh ip lim ited law or o th e r g en eral in c o rp o ratio n law s
n m y ju d g m en t th e le g isla tu re h as clea rly expressed its in te n tio n th a t no
corporatm n or p a rtn e rsh ip asso ciatio n lim ited sh all acq u ire o r exerc se t t ^ r i g h ?
to do a b an k in g bu sin ess w ith o u t su b je c tin g itse lf to th e sa lu to ry p ro v isio n s
fnrph m vene^a - B aakl,ng L aw s
in c o rp o ra tin g u n d e r such law s, and iM s th e re ­
u n d e r ^ C h a S T e o ' o f thP p SS0Clatl° nT or P a rtn e rsh ip lim ited can n o t be organized
u n a e r C hapter 160 of th e Compiled L aw s of 1897, for th e purpose of o w n in e and
p e ra tm g a bank or cond u ctin g a g en eral b a n k in g business.
t o ^ h r e ^ X t ^ r ^ ^ L ^ f i 10^- t0i - a p revious ru lin g of th is d e p a rtm e n t

fL rV fa

^ 1 ,, r i ere 1S no legal objection to a p a rtn e rsh ip asso ciatio n lim ited
;:ndf r and P u rsu a n t to C h ap ter 160 of th e Compiled L aw s of 1897 d S n g a
p riv a te b a n k in g business, b u t th a t such b u sin ess w ould have to be conducted n u r
L aw s of 1S97 ’n TChCOrdanCe Wl th th e re q u ire m e n ts of C h ap ter 133 of th e Com piled
T W o 1«97'*
opinion h e re in given is c o n tra ry to an d rev erses th is ru lin g
I have carefu lly exam ined C h ap ters 160 and 133 to d eterm in e th e ir possible
relatio n to each other. C h ap ter 160, th e p a rtn e rsh ip association lim ited a c t »
p ta r s to a tta c h no lia b ility to m em bers of such asso ciatio n s o th e r th a n for labor
debts and to th e e x te n t of th e ir stock su b scrip tio n s, w hile C h ap ter 133 w hich is
an act re la tin g to th e b u sin ess of b an k ers, b ro k ers, and exchange d e a le rs ^ T R a te i
no re s tric tio n o r lim ita tio n s upon th e comm on law lia b ility of m em bers of a
p a rtn e rsh ip c a rry in g on a b u sin ess p u rs u a n t to its re q u ire m e n ts
en aaee
i f 1* 5 k a p ta r 1SS in d iv id u a ls or p a rtn e rsh ip asso ciatio n s mayengage in a p riv a te b a n k in g business, b u t it by no m eans follow s th a t p a rtn e rlaw m i r H i e ^ o r e ^ n 2^ Under C k ap ter 160’ th e P a rtn e rsh ip association lim ited
law, m ay th erefo re also engage m th e sam e business. T he lia b ility in c u rre d b v
am ?1^rrecm icR abler wffh hfh f Ct" lg U*id er th e fo rm er law is clea rly in c o n siste n t
a ad ^ rec o n c ila b le w ith th a t im posed upon and in c u rre d by m em bers o r stockwmRidrSth°f V p a r*ner.ship in co rp o rated an d a c tin g u n d e r th e la tte r law , and it
u n d e i ChRm irreifine t im P° SSlblea f 0 r +if p a rtn e rs h iP asso ciatio n lim ited, organized’
u n d e r C hapter 160 to come u n d e r th e pro v isio n s of C h ap ter 133 and to conduct
a p riv ate b an k in g b u sin ess u n d er th a t act.
Y ours v ery tru ly ,
(S ig n ed ) F r a n z C . K u h n ,
A tto rn e y General.

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

1

STA TE BANKING D EPA R TM EN T.

EXECUTO R N O T TO S U B SC R IB E FOR STO C K I N B A N K ,- A R TIC L E S OF INC O R PO R A T IO N .

Ju n e 6, 1912.
H on. E. H. Doyle, C om m issioner of th e B a n k in g D ep artm en t, L an sin g , M ichigan:
D ear S ir— I am in receip t of y o u r co m m unication of M ay 21st, in w hich you
a s k w h eth er or n o t th e D ep a rtm e n t should accept a rtic le s of in co rp o ra tio n fo r
a sta te b ank w hich discloses th a t one of th e proposed in c o rp o ra to rs is an ex ecutor
of an esta te an d subscribes for sh a re s in h is re p re se n ta tiv e cap acity as executor.
F o r reply th e re to w ould say th a t section 1 of th e G eneral B a n k in g Law a u ­
th o riz e s th e o rg an izatio n of com m ercial b a n k s by an y n u m b er of perso n s n o t
less th a n five who m ay asso ciate to g e th e r fo r th a t purpose. The persons so asso­
c ia tin g are req u ire d to execute a rtic le s of in c o rp o ra tio n w hich a re approved by
th e C om m issioner of th e B a n k in g D ep artm en t. T he ac t is sile n t upon th e su b ­
je c t of who m ay become th e o rig in a l in co rp o rato rs. By o th e r pro v isio n s of th e
a c t each stockh o ld er is liable fo r th e benefit of th e dep o sito rs to th e am o u n t of
L is stock a t th e p a r value th e re o f in a d d itio n to th e stock, b u t it is expressly
provided th a t p erso n s h o ld in g stock as executors, a d m in is tra to rs, g u a rd ia n s or
tru ste e s , and persons h o lding stock as co lla te ra l secu rity , sh all n o t be perso n ally
liable as stockh o ld ers b u t th e assets and fu n d s in th e ir h an d s c o n stitu tin g th e
tr u s t sh all be liable to th e sam e e x te n t as th e te s ta to r in te sta te w ard or person
in te re ste d in such tr u s t fu n d s w ould be if liv in g and com petent to act.
T his provision, w hile recognizing th a t stock in sta te b an k s m ay come in to th e
h an d s of executors, a d m in is tra to rs, g u a rd ia n s or tru ste e s, does n o t in m y ju d g ­
m ent, au th o rize an ex ecutor o r a d m in is tra to r to ta k e p a rt in th e o rg an izatio n
of a sta te h an k and subscribe fo r stock th e re in as one of th e o rig in a l in co rp o ra­
tors. I t seem s to me th a t in p rin cip le an executor or a d m in is tra to r w ould n o t
have a u th o rity to h in d th e e sta te in th is m a n n e r and I am of opinion consequently
th a t u n d er th e provisions of th e G eneral B an k in g L aw you should n o t accept
a rtic le s of in co rp o ratio n fo r a sta te b an k w hich discloses th a t one of th e proposed
in co rp o rato rs is an ex ecutor of an e sta te and subscribes for sh a re s in h is re p re ­
se n ta tiv e capacity.
Y ours resp ectfu lly ,
(S ig n ed ) F r a n z C. K u h n ,
A tto rn e y Genera,l.
B U IL D IN G A N D LO A N A S S O C IA T IO N S NOT R E Q U IR E D TO REPORT E S C H E A T E D D E P O SIT S.

J u ly 31, 1912.
Mr. A lb ert E. M anning, D eputy C om m issioner of th e B an k in g D ep artm en t, C apitol,
L an sin g :
D ear S ir—I am in receip t of y o u r le tte r of Ju ly 29th, w ith referen ce to th e
rig h t of th e C om m issioner of B an k in g D ep a rtm e n t to dem and of th e N o rth e rn
M ichigan B uildin g and Loan A ssociation a re p o rt of deposits w ith th e associa­
tio n w hich m ay have escheated to th e S tate of M ichigan in accordance w ith th e
provisions of A ct 238 of th e P u b lic A cts of 1897. I t ap p ears from a com m uni­
cation of Mr. C. D. H a n ch ette, S ec re ta ry of th e association, w hich accom panies
y o u r le tte r, th a t th e N o rth e rn M ichigan B u ild in g an d L oan A ssociation does
n o t accept deposits and th e se c re ta ry fo r th a t reaso n claim s, th a t th e associa­
tio n is n o t req u ired to m ake th is re p o rt to th e C om m issioner of B anking.
F o r reply to y o u r co m m unication I w ould say th a t section 6 of th e ac t re ­
fe rre d to, sam e b eing section 1218 of th e Com piled Law s of 1897, provides in
p a rt th a t:
“On th e th ir tie th day of Ju n e , eig h teen h u n d re d ninety-seven and th e re a fte r
on th e th ir tie th day of Ju n e in every th ird y ear as h e re in a fte r se t fo rth , it sh all
be th e d u ty of each person, co-partnership, com pany or c o rp o ratio n who sh a ll be
engaged in th e tr u s t b u sin ess or th e b u sin ess of b a n k in g w ith in th is S tate, and
as a p a rt of such business, receive in an y m a n n e r w h a te v e r m oneys or se c u ritie s
of persons upon deposit, to m ak e a re p o rt as h e re in a fte r provided of all such
deposits w hich have escheated to th e S tate of M ichigan and also re p o rt all such


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

R E P O R T OF T H E COMMISSIONER.

li

deposits w here th e person m ak in g th e sam e has n o t had an y dealin g s w ith such
person, co p artn ersh ip , com pany or c o rp o ratio n in re la tio n to such deposits w ith in
th re e y ears before m ak in g such rep o rt, and th e person, co p artn ersh ip , com pany or
co rp o ratio n receiv in g such deposits sh all have good reason to believe th a t th e
depositor is dead and th a t such deposit should escheat to th e S ta te of M ichigan.”
The law provides th a t th e re p o rt sh a ll be m ade to th e C om m issioner of th e
R an k in g D ep artm en t and sh all co n tain a sta te m e n t in d etail of th e m a tte rs and
th in g s set fo rth in th e sta tu te . You w ill note from th is provision and o th e r p ro ­
visions of th e law re la tin g to escheated estates, th a t th e re p o rt of deposits is
req u ired only from persons, c o p artn ersh ip s, com panies and co rp o ratio n s engaged
in th e tr u s t busin ess o r th e bu sin ess of b a n k in g and as a p a rt of such bu sin ess
receiving m oneys or se c u ritie s upon deposit. In view of th e foregoing I am of
th e opinion th a t b u ild in g and loan asso ciatio n s do n o t come w ith in th ese proBanM nga ^ p T r t m e n t 6 reQUired to m ake th is re p o rt to th e C om m issioner of th e
Y ours resp ectfu lly ,
(S ig n ed ) F ranz C. K u h n ,
A tto rn e y General.

N A T IO N A L B A N K S NO T R E Q U IR ED TO REPORT E S C H E A T E D

tt„„

H

D E P O SIT S.

. Tt t~. i
October 9th, 1912.
s in g WM i c h S a i ° y le’ C om m issioner’ S tate B an k in g D ep artm en t, Capitol, Lan-

t w e rr - S1 T~ } bave y o u r co m m unication of S eptem ber 10th in w hich you ask
th a t I in d icate to y o u r d e p a rtm e n t m y opinion upon th e q uestion of w h e th e r or
n o t n a tio n a l ban k s can be re q u ired to m ake re p o rt of escheated deposits as reL aw s of 1897
6 ° f ACt 238’ PUbHC ACtS ° f 1897’ <Section 1218> Com piled
F o r reply th e re to w ould say th a t th is section m akes it th e d u ty of every p e r­
son or co rporatio n who sh all be engaged in th e tr u s t b u sin ess o r th e bu sin ess of
an k in g w ith in th is S ta te and as p a rt of su ch bu sin ess receiv in g m oneys or
he™ n i l of, Persons up ° n deP°s i t, to m ake a re p o rt of all such deposits w hich
w h e r e t h J n ir S t0 ^
° f M^ h ig a n - an d also to re p o rt all such deposits
o n lZ l \
P er^ n m ak .m g th e sam e h as n o t had an y d ealings w ith such p erson or
corporation w ith rela tio n to such deposits w ith in th re e y e ars before m a k in g such
r : an,d th % b a a k receiving such deposit sh all have good reason to believe
twhI • 6 deP °slto r 1S de_ad an d th a t such deposit w ould escheat to th e S ta te of
chigan. The re p o rt is re q u ired to be m ade to th e C om m issioner of B ankng, and to co n tain a tr u th fu l sta te m e n t in d e ta il of th e m a tte rs re fe rre d to in
if® a 2 f T he succeeding section of th e ac t provides th a t if an y person o r corporaon sh all a fte r bein g re q u ired so to do by th e C om m issioner of B ank in g , fail
to m ake, sign and sw ear to and file such re p o rt in th e m a n n e r and tim e fixed by
th e act he or it sh all become liable to and sh all fo rfe it to th e People of th e
p ea a l su ™ of th re e h u n d red d o llars, and an ad d itio n a l
penai sum of te n d o llars for each and every day w hile said re p o rt sh all rem ain
unfiled, th e p en alties to be recovered in an action of debt a t th e su it of th e
A tto rn ey G eneral.
Section 9 of th e ac t m akes it th e d u ty of th e A tto rn e y G eneral to see th a t
such re p o rts are p ro p erly m ade a t th e p ro p er tim e and m an n er, and if th ey
are not so filed and m ade, to ta k e th e p ro p er step s to secure th e m ak in g and
filing of th e sam e, and provides th a t if he h as good reaso n to believe th a t a
p ro p er disclosure h as n o t been m ade by a n y person or c o rp o ratio n in an y of th e
rep o rts provided fo r by th e act and th a t th e re are m oneys and se c u ritie s in
th e ir custody w hich have escheated to th e S tate, to apply to th e C ircu it C ourt
of th e proper county by special m otion for leave to file a bill in ch an cery and
upon leave g ran te d to file such a bill in b eh alf of th e people a g a in st such person or corporation , to compel a full, com plete and tr u th fu l sta te m e n t re g a rd in g th e
m a tte rs req u ired to be contained in th e rep o rts.
It is claim ed th a t re p o rts of th is c h a ra c te r cann o t be re q u ired of n a tio n a l ban k s
by reason of th e pro v isio n s of Section 5241, R evised S ta tu te s of th e U nited
S tates, w hich form s a p a rt of th e n a tio n a l b a n k in g act, and is as follow s:


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

lii

STA TE BAN KING D EPA R TM EN T.

“No association sh a ll be su b ject to an y v is ito ria l pow er o th e r th a n are au ­
th o rized by th is title , or a re vested in th e c o u rts of ju stic e .”
T he scope of th is provision of th e ac t of C ongress is discussed by th e S uprem e
C ourt of th e U nited S ta te s in th e case of G u th rie v. H a rk n e ss, 199 U. S. 148,
w here Mr. Ju stic e Day, a fte r re fe rrin g to th is provision of th e n a tio n a l b a n k in g
act, and th e definition of th e te rm “v is ito ria l pow ers” said:
“T he rig h t of v isita tio n being a public rig h t ex istin g in th e S tate fo r th e
purpose of exam in in g in to th e conduct of th e co rp o ratio n w ith a view to keep­
in g it w ith in its legal pow ers, C ongress had in m ind in p assin g th is section
th a t in o th e r sections of th e law it h ad m ade fu ll an d com plete p rovision for
in v estig atio n by th e C o m ptroller of th e C u rren cy and ex am in ers appointed by
him , and au th o riz in g th e ap p o in tm e n t of a receiv er, to ta k e possession of th e
b u siness w ith a view of w in d in g up th e affairs of th e hank. I t w as th e in te n ­
tio n th a t th is s ta tu te should co n tain a fu ll code of pro v isio n s upon th e su b ­
ject, and th a t no S ta te law o r e n a c tm e n t should u n d e rta k e to exercise th e rig h t
of v isita tio n over a n a tio n a l co rp o ratio n . E x cep t in so fa r as such co rp o ra­
tio n w as liable to co ntrol in th e c o u rts of ju stice, th is ac t w as to be th e full
m easu re of v is ito ria l pow er.”
In view of th is provision of th e n a tio n a l b a n k in g a ct as th u s co n stru ed by
th e Suprem e C ourt of th e U n ited S tates, I am in clin ed to th e opinion th a t th e
M ichigan act re la tin g to re p o rts by b a n k s of escheated deposits would if con­
stru e d to apply to n a tio n a l h a n k s be held to be in v io latio n of th e n a tio n a l b a n k ­
in g act. I conclude, th ere fo re , th a t th e M ichigan escheated estate, so fa r as it
re la te s to re p o rts of escheated deposits by b anks, should be co n stru ed as n o t
applying to n a tio n a l hanks.
R esp ectfu lly yours,
(S ig n ed ) R o g e r I. W y k e s ,
A tto rn e y General.

T R U S T C O M P A N IE S M A Y RECEIVE D E P O SIT S A N D I S S U E C E R T IF IC A T E S TH ER EFO R.

D ecem ber 31, 1912.
H on. E d w ard H. Doyle, C om m issioner of B ank in g, C apitol, L an sin g :
D ear S ir—In y o u r com m unication to th is d e p a rtm e n t of N ovem ber 26th, 1912,
you p re se n t for con sid eratio n th e follow ing questio n s:
“R e fe rrin g to Act No. 108 of th e P u b lic A cts of 1889, as am ended, know n as
th e T ru st, D eposit and S e cu rity C om pany Law, we w ould a p p reciate y o u r opinion
as to w h e th e r or n o t a tr u s t com pany h as th e rig h t to issue certificates of
d eposit; and w h e th e r or n o t su ch certificates of deposit m u st be re s tric te d as
evidencing th e receip t of m oney in tr u s t.
Also advise w h e th e r or n o t a tr u s t com pany can issue its certificates of
deposit fo r m oney received in an y o th e r m a n n e r th a n in tr u s t.”
The specific in q u iry is, w h e th e r a tr u s t com pany in M ichigan can receive m oneys
o th erw ise th a n in tr u s t an d issue certificates of deposit as evidence thereof.
All a u th o rity w hich a tr u s t com pany possesses m u st be conferred upon it by
law. As in th e case of a n y o th e r co rp o ratio n , th e act of in c o rp o ratio n w hich
co n stitu tes th e c h a rte r is th e m easu re of its pow ers. U nless th a t c h a rte r (w ith
o th er s ta tu te s of th e S tate, w hich m ay p ro p erly be term ed a p a rt of th e c h a r­
te r ) confers th e a u th o rity , th e tr u s t com pany does n o t possess it.
T he law fo r th e in c o rp o ra tio n of tr u s t com panies in M ichigan is A ct No. 108
of th e P ublic A cts of 1889, b eing S ections 6156 to 6189 (C. L. 1897) inclusive.
U nder th e te rm s of th is act, a tr u s t com pany possesses th e specific a u th o rity :
(a ) To act in v ario u s cap acities as a tru ste e .
(b) To act as an d to conduct a depo sito ry fo r th e safe k eep in g of c e rta in
p ersonal p ro p erty and th e re n tin g of sa fe ty deposit receptacles, and
(c) To act as su re ty and g u a ra n to r u n d e r c e rta in circu m stan ces.
In ad d itio n to th ese specific a u th o ritie s, Section 9 of said ac t confers upon
th e tr u s t com panies organized th e re u n d e r th e follow ing a u th o rity :


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

R E PO R T OF T H E COMMISSIONER.

liii

A ny corporatio n organized u n d er th is ac t sh all have pow er in and by its
co rp o rate nam e to tak e, receive, an d hold, and repay, reconvey and dispose of
an y effects and p ro p erty , b oth re a l and p ersonal, w hich m ay be g ra n te d , com­
m itted , tra n sfe rre d or conveyed to it w ith its consent, upon a n y te rm s.”
The language la s t above quoted, is sufficient to confer upon tr u s t com panies
th e a u th o rity to receive m oney on deposit an d as in cid en t to th a t a u th o rity
th e re w ould ex ist th e rig h t to issue notes, certificates or o th e r evidences of th e
indebtedness or re la tio n th e re b y created.
T his g en eral language, how ever, is lim ited by th e exception contained la te r
in th e sam e section (S ection 9) w hich is:
B ut n o th in g h erein co n tain ed sh all be co n stru ed as giv in g th e rig h t to issue
bills to circu late as m oney, or buy or sell b an k exchange, or to do a oeueval bankin g b usiness.”
I t m ay be ta k e n for g ra n te d th a t th e issu an ce of certificates of deposit is not
th e issu in g of bills to circ u la te as m oney or b u y in g o r sellin g of exchange* th e
question th erefo re resolves itse lf in to w h e th e r th e issu in g of such certificates
is doing a general b a n k in g b u sin ess as to be w ith in th e lim ita tio n upon th e
pow ers of tr u s t com panies an d th u s beyond th e ir a u th o rity .
The g en eral s tru c tu re of th e ac t in q uestion in d icates th a t th e a u th o rity of
tr u s t com panies in receiv in g effects an d p ro p e rty is no t to be lim ited to th e
receip t of those w hich it receives and holds as tru ste e . I t is u n n ecessary to
p o in t out all of th e provisions of th e ac t w hich lead to th is conclusion: It is
sufficient to re fe r to th e g en eral provision above quoted (S ection 9) w hich w as
u n n ecessary if th e a u th o rity of th e co rp o ratio n w as to be lim ited to th e ta k in g
and receiving of effects and p ro p e rty (w h ich would include m oney) to be held
in tr u s t, as full a u th o rity is, by o th e r p rovisions of th e act, conferred upon
th e com pany to act as tru ste e . T h is conclusion is fu rth e r borne o u t by th e
s ta te of th e law and th e changes m ade th e re in th e passages of said A ct No.
108 of th e P ub lic A cts of 1889. P rev io u s to th e passage of th a t act, th e act
for th e in co rp o ratio n of tr u s t com panies being section 3237 and 3251 (H ow ell’s
S ta tu te s ) inclusive, conferred q u ite fu ll a u th o rity upon tr u s t com panies to act
as tru ste e s for a n y law ful purpose and th e ex ten sio n of th e ir a u th o rity by
e use of lang u ag e designed to include o th e r th a n pow ers of tru ste e sh ip ind icates a purpose to so en larg e th e pow ers p e rm itte d to be exercised by tr u s t
com panies as to go beyond th e u su al fu n ctio n s of a tru ste e and to p e rm it th em
to receive effects and p ro p e rty upon o th e r te rm s th a n as tru ste e , and in fact
as th e s ta tu te as am ended provides, ‘mpon an y te rm s.”
.
come th e n to th e re a l question p resen ted for solution, nam ely, w h eth er
in th e receiving of deposits and issu in g certificates th e re fo r, a tr u s t com pany
w ould be doing “a general b a n k in g b u sin ess.”
U nquestionably, th e receiv in g of deposits and th e issu in g of certificates th e re ­
for, is one of th e m an y fu n ctio n s o rd in a rily and u su ally p erform ed bv a b ank
b u t it does not ap p e a r th a t such fu n ctio n h as been exercised alone by b a n k s’
or th a t it is such as to be in sep arab le from th e b a n k in g b u sin ess or th a t its
exercise w ould fix th e d iv id in g lin e betw een being a b an k or n o t or betw een
ex ercising or n o t ex ercisin g “g en eral b a n k in g b u sin ess.”
In th e inception and g ro w th of th e b a n k in g b u sin ess th e re have been th re e
ty p es of b an k s—b an k s of issue, b a n k s of deposit and b a n k s of discount. The
m odern b a n k in g in s titu tio n , how ever, u su a lly com bines tw o or m ore of these
a u th o ritie s and h as m an y ram ificatio n s in th e p lan and m ethod of c a rry in g out
its functions. The g en e ra l b a n k in g a u th o rity is exercised in M ichigan, by sta te
ban k s a t least, w ill be b est described in th e lan g u ag e of th e G eneral’ B an k in g
Law (Section 4, 6093, C. L. 1897) w hich au th o riz e s:
“All such pow ers as sh all be n ecessary to c a rry on th e bu sin ess of b a n k in g
by disco u n tin g and n e g o tia tin g p ro m isso ry notes, d ra fts, b ills of exchange or
o th er evidences of debts, by receiv in g deposits, by b u y in g and selling exchange
coin and bullion, and by lo an in g m oney on p erso n al and re a l se c u rity as p ro ­
vided h e re in a fte r.”
If a tr u s t com pany so u g h t to exercise all or a p rin c ip a l p a rt of th e a u th o ritie s
above conferred upon banks, o r even a single one of th e im p o rta n t fu n ctio n s
u su ally exercised only by banks, it would be w ith in th e in h ib itio n of th e sta tu te


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

STA TE BAN KING D EPA R TM EN T.

liv

T he exercise, how ever, of a single a u th o rity w hich a b a n k in th e course of its
business exercises b u t w hich is open to o th e rs th a n b an k ers, nam ely, th e borrow ing of m oney and issu in g an evidence of th e debt, w ould n o t c o n stitu te th e
doing of a g en eral b a n k in g business. .To do a g en eral b a n k in g business, a tr u s t
com p an y m u s t ex ercise th o se fu n ctio n s w hich a re p rim a rily b an k in g fu n ctio n s and
w hich fix th e c h a ra c te r of th e in s titu tio n doing th e m as a bank. A tr u s t com­
p any does n o t receive m oney in th e sam e m a n n e r an d in th e sam e re la tio n th a t
a b an k receives it. A tr u s t com pany receives th e m oney w hich th e depositor
places w ith it as a tr u s t com pany and n o t o therw ise. T h is is th e only pow er
th a t is given to su ch com pany to receive m oney. I t is n o t in co rp o rated as a
b an k , n o r au th o rized as a bank, to receive m oney, b u t as a tr u s t com pany. A na
h av in g received said m oney as a tr u s t com pany, th e only im plied a u th o rity th a t
such tr u s t com pany w ould have to rep ay it w ould be to rep ay it as a tr u s t com­
p an y and n o t as a bank. W hen a deposit is m ade in a b an k , no u n d e rsta n d in g ,
no co n tract, no arra n g e m e n t, n o th in g is n ecessary to au th o riz e th e depositor to
d raw h is check on such b a n k an d such b a n k is by o p eratio n of law alone com­
pelled to honor such check. W ith o u t th is c h a ra c te ristic no in s titu tio n is u su ally
a b a n k ; w ith it, an y in s titu tio n is doing a b a n k in g busness.
.
In Corw in v. The U rbana and C ham paign M utual In su ra n ce C om pany (14 Ohio
6) th e c h a rte r contained a p rovision p ro h ib itin g th e exercising of b a n k in g pow ers
and it w as held th a t th e receiv in g of deposits w as n o t w ith in th e p ro h ib tio n
a g a in s t banking. I t did, how ever, ap p ear th a t certificates of deposit w ere n o t
issued. T he C ourt th e re said :
“I t does n o t ap p ear to us th is finding is w ith in th e p ro h ib itio n a g a in s t b a n k ­
ing- and, if not, it is a law fu l p u rs u it, in w h ich a co rp o ratio n , as w ell as an
in d iv id u al, m ay eng ag e; and it is w ell said by th e d e fen d an t th a t, alth o u g h re ­
ceiving deposits is a p a rt of th e b u sin ess of b an k s, i t is no exclu sive privileg e
of theirs, n o r is th e d isco u n tin g of n o tes.”
In D ietrich v. R o th en b erg e r, (75 S. E. (K en tu ck y ) 271) it w as held th a t th e
bo rro w in g of m oney by a title com pany and th e issu an ce of a certificate of de­
posit th e re fo r did n o t c o n stitu te th e doing of a b a n k in g business, th e C ourt say ­
in g :
“T he d istin ctio n betw een such a tra n sa c tio n an d th e b u sin ess of b a n k in g is
plain, for any one m ay borrow m oney, and m ay p u t in such form as he pleases
th e evidence of h is indebtedness. An express com pany is n o t a b an k , alth o u g h
it draw s and sells b ills of exchange. W ells F a rg o & Co. v. N o rth e rn Pacific
R ailro ad Co. (C. C.) 23 Fed. 469. N or is a co rp o ratio n a b an k , w hich bo rro w s to r
its own use on bonds. B a rry v. M erch an ts’ E xchange Company, 1 Sandf. Ch.
280. In 3 A m erican & E n g lish Ency. of Law, 791, it is said : ‘T he d istin c tio n
betw een a b an k and a tr u s t com pany is w ell defined. T he pow ers of th e tr u s t
com pany depend upon th e te rm s of its c h a rte r, of course, b u t th ey are n o t b a n k ­
ing pow ers. The tr u s t com pany, lik e th e sav in gs bank, pays in te re s t upon de­
posits, b u t its deposits a re stric tly loans, n o t su b ject to check. It m ay n o t issue
its own notes for c ircu latio n , n o r does it buy or sell exchange in th e o rd in a ry
course of its dealings. In d irectio n s th a t are n o t a k in to b an k in g , its pow ers
are m uch b roader, and extend o utside th e m o n etary realm in to real e sta te tr a n s ­
actions, tru ste e sh ip s, and th e conduct of p ro p e rty in te re sts of all kin d s. The
exercise by a tr u s t com pany of som e of th e fu n ctio n s of a b a n k does n o t m ake
th e com pany a b a n k in g in s titu tio n , n o r lay its officers liable to p ro secu tio n s for
v io latin g th e b an k in g law s.’ B an k s receive deposits su b ject to check. T hey
are public agencies created for th e public service, and are req u ire d to serve th e
public. T he m oney in th is case w as sim ply le n t for 12 m onths. I t w as no t sub­
je c t to check. T h ere w as n o th in g in th e tra n sa c tio n th a t m ig h t have been done,
and is n o t in fact done, by m an y in d iv id u a ls th ro u g h o u t th e S tate. I t w as n o t
exercise by th e co rp o ratio n of any b a n k in g p rivilege, n o r beyond th e pow ers
of th e co rporation u n d e r its c h a rte r.”
See S tate ex inf. Crow, A tto rn ey G eneral v. L incoln T ru s t Company,
144 Mo. 562, 588.
T he p ra ctical co n stru ctio n w hich h as been given to th e s ta tu te in q uestion
should be given some w eight. I t is claim ed th a t th e act in questio n h as been
co n stru cted by those o p eratin g u n d er it as p e rm ittin g th e receiving of m oneys for


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

Iv

R E P O R T OF T H E COMMISSIONER.

safe keeping, and th e issu an ce of certificates of deposits th e re fo r, and th a t th is
p ractice has been followed w ith o u t successful opposition or objection, from th e
passage of th e ac t in 1889, u n til th e p re se n t tim e. W here th e lan g u ag e of th e
act is doubtful, th e long continued p ractice u n d er it is often p e rm itte d to tu r n
th e scale in fav o r of th e c o n stru c tio n evidenced by th e p ractice u n d er it, and
th is, we th in k , is an influence to be considered in d e te rm in in g th a t tr u s t com­
panies m ay receive deposits and issue evidence thereof.
In o th er states, it h as been quite comm on to confer upon tr u s t com panies th e
a u th o rity to receive deposits an d to issue certificates th ereo n , and a t le a st tw entyth re e of th e sta te s have such provisions. T h ere is evidently, th ere fo re , n o th in g
in co n sisten t in th e idea of tr u s t com panies receiv in g m oney on deposit for safe
keeping, and th e q uestion is not to be view ed in th e sam e lig h t as th o u g h a well
defined public policy pointed to th e exclusion of th is pow er from tr u s t com­
panies.
In B a n k of Saginaw v. T itle & T ru st C ompany, (105 Fed. 491, 492,) a P e n n sy l­
v an ia tr u s t com pany issued six certificates of deposit, w hich w ere n eg o tiated a t
th e B ank of Saginaw , an d th e b an k b ro u g h t its action in th e U nited S ta te s C ir­
cu it C ourt in P e n n sy lv a n ia to recover upon th e certificates. T he c ertificates
issued by th e T ru st Com pany w ere in form as follow s:
“ 500.00

$500.00 No. 2.
T itle & T ru s t C om pany of W estern P e n n sy lv an ia.

C onnelsville, Pa., Feb. 5, 1900.
J. F. B arrow s h as deposited w ith th is com pany five h u n d re d dollars, payable
to th e o rd er of J. F. B arro w s on re tu rn of th is certificate p ro p erly endorsed.
W. M. R u t h ,

T re a su re r.
C ertificate of D eposit. N ot su b ject to check.
In d o rsed : J. F. B arro w s.”
T h e q uestion a ro se re s p e c tin g th e rig h t of th e T ru s t C om pany to issu e c e r­
tificates, and C ircu it Ju d g e A cheson said :
“T h a t th e d efen d an t com pany is au th o riz e d to receive deposits of m oney is
conceded, b u t it is denied th a t it h ad law fu l a u th o rity to issue such certificates
as those in su it. T h ere is, how ever, no s ta tu to ry or o th e r in h ib itio n of such
certificates. T hese certificates a re in th e form com m only used everyw here in
th e com m ercial w orld by b a n k e rs and com panies receiv in g m oney deposits and
th e d e fen d an t’s rig h t to issu e th e m in th e course of its b u sin ess and as an in c i­
d en t th e re to is n o t to be d oubted.”
In M ichigan, as w ell as in m an y o th e r s ta te s, a certific a te of d ep o sit is con­
sidered to be a p ro m isso ry n ote su b ject to th e sam e ru les and conditions. T h is
we believe to be th e law in a ll b u t th re e of th e sta te s, nam ely, M assachusetts,,
P en n sy lv a n ia and Texas.
The a u th o rity to receive m oney w ould c a rry w ith it th e a u th o rity to give air
evidence of its receip t in th e form of a note, and th is w ould extend to a n d
p e rm it th e issuan ce of a certificate of deposit.
T h ere has been som e q uestion as to w h e th e r a dem and certificate could be given,
and w h eth er if th e rig h t to issue certificates ex ists it is n o t lim ited to tim e cer­
tificates. We th in k , how ever, th a t th e a u th o rity to issue a cerificate c a rrie s w ith
i t th e a u th o rity to issu e it e ith e r p ay ab le a t a s ta te d tim e, o r upon dem and.
“It w ill be noted th a t tr u s t com panies are n o t expressly re q u ire d to m a in ta in
a reserve as is re q u ired to be m a in ta in e d by sta te b an k s in th a t th e y are ex p ressly
req u ired to m ain ta in as reserv e only 20% of th e ir m a tu re d obligations, w h ile
sta te b an k s are re q u ired to m a in ta in 15 to 20% of all obligations. We doubt
som ew hat th e policy of p e rm ittin g a tr u s t com pany to do a deposit b u sin ess w ith ­
out m a in ta in in g a t least th e sam e reserv e th a t is m a in ta in e d by sta te banks. To
th is question, we w ish to d ire c t th e a tte n tio n of th e le g isla tu re to th e n ecessity
of express legislatio n re q u irin g th e m a in ta in in g of sufficient reserv es by tr u s t
com panies in case th e a u th o rity w hich th e p re se n t law given th e m to receive
deposits is to be co n tin u ed .”
We concur in th e above opinion.
(S ig n ed ) Grant F ellows ,


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

R oger I. W y k e s .

STA TE BANKING D EPA R TM EN T.

lv i

VACANCY

O N BOARD

TH RO UG H

F A IL U R E OF STO C K H O L D ER S TO ELECT
B Y BOARD.

CANNOT

BE F IL L E D

L an sin g , J a n u a ry 8, 1913.
H on. A lbert E. M anning, D eputy C om m issioner of B an k in g D ep artm en t, L an sin g ,
M ichigan:
D ear S ir—I am in receip t of y our co m m unication of D ecem ber 30th enclosing
copy of le tte r received by y o u r d e p a rtm e n t from Mr. W illiam V. Moore, of D etro it,
re la tiv e to am endin g th e a rtic le s of asso ciatio n of a c e rta in sta te b an k organized
in th e y ear 1871 u n d e r w h a t is know n as th e old b a n k in g law , and ask in g for
an opinion from th is d e p a rtm e n t w ith referen ce to th e sam e.
Mr. M oore’s le tte r sta te s th a t in th e o rig in a l a rtic le s filed by th e W ayne C oun­
ty S avings B ank in 1871, th e first d ire c to rs w ere nam ed and th e ir n u m b er w as
fixed by A rticle 7; th a t su b seq u en tly by am ended a rtic le s filed F e b ru a ry 12,
1885, th e n u m b er of d ire c to rs w as fixed a t 9; and la te r, a fte r certificate had
been filed u n d er th e new b a n k in g law b rin g in g th e b an k w ith in its provisions,
th e n u m b er of d ire c to rs w as fixed a t 11 by a reso lu tio n of th e sto ck h o ld ers
ad o p ted J a n u a r y 11, 1900. I t is now proposed to am end th e a rtic le s of asso­
ciatio n by providin g th a t th e board of d ire c to rs sh all be elected a t th e re g u la r
a n n u a l m eeting in J a n u a ry of each y ear, th a t th e n u m b er of d ire c to rs to oe
elected shall be re g u lated by a by-law p rescrib ed by th e b o ard of d irecto rs, and
th a t such by-law m ay provide for th e filling of an y vacancy on said board a ris ­
in g th ro u g h a fa ilu re to elect a t th e re g u la r a n n u a l m eetin g or th ro u g h th e
d e ath , re sig n atio n or in cap a city of an y d ire c to r duly elected. You w ish to know
w h e th e r or n o t such an a m en d m en t w ill be legal.
S ection 4 of th e old b a n k in g law (S ection 2185 of th e L aw s of 1871) u n d er
w h ich th e W ayne C ounty Savings B ank w as organized, provides for a board
of d ire c to rs of n o t m ore th a n n in e m em bers. The p re se n t b a n k in g law u n d er
w hich th a t b an k is now o p e ra tin g by v irtu e of h av in g filed th e certificate req u ired
by section 60 th ere o f (S ection 6149, Compiled Law s of 1897) does n o t lim it th e
n u m b e r of directo rs. Section 4 of th e law (S ection 6093, Compiled Law s 1897)
provides in p a rt th a t a bank, upon filing its artic le s, sh a ll be a body corporate,
an d as such sh all have pow er:
“F ifth . To elect or ap p o in t d ire c to rs * * * * * * * ”
“ S ixth. To prescrib e by its board of d irecto rs, by-laws n o t in c o n siste n t w ith
law , re g u la tin g th e m a n n e r in w hich its stock sh all be tra n sfe rre d , its d irecto rs
an d officers elected or app o in ted , its sto ck h o ld ers convened fo r sp ecial m eetin g s,
its p ro p erty tra n sfe rre d , its g en eral bu sin ess conducted and th e p riv ileg es g ra n t­
ed to it by law exercised an d enjoyed.”
Section 12 of th e p re se n t law (S ection 6101, Com piled L aw s of 1897 as am en d ­
ed) provides in p a rt th a t “th e affairs of each b an k sh all be m anaged by a board
of n o t less th a n five d ire c to rs who sh all be elected by th e sto ck h o ld ers.”
As th e certificate filed by th e W ayne C ounty Savings B ank u n d er section 60
(sin ce repealed) of th e p re se n t b a n k in g law b ro u g h t it w ith in its provisions, it
is now governed by th e pro v isio n s above se t fo rth w ith referen ce to th e n u m b er
an d m a n n e r of election of its d irecto rs. U nder th ese pro v isio n s th e re are no
lim ita tio n s as to th e n u m b er of d irecto rs, except th a t th e re can n o t be less th a n
five. The d irecto rs m u st, how ever, be elected a t th e a n n u a l m eetin g of th e sto ck ­
h o ld ers in Ja n u a ry , and if “ for a n y cause an election is n o t h ad a t th a t m eetin g
i t m ay be had a t a su b se q u e n t m teeting called for th a t p u rp o se.” V acan cies in
th e board of d irec to rs sh a ll be filled by th e board, b u t I am of th e opinion th a t
th is does n o t m ean such v acancies as are created by fa ilu re of th e sto ck h o ld ers
to elect a t an an n u a l m eeting.
T he proposed am en d m en t to th e o rig in a l a rtic le s of th e W ayne C ounty Savings
B ank, above refe rre d to, provides for th e election of a board of d ire c to rs a t th e
re g u la r cn n u al m eetin g in Ja n u a ry , provides th a t th e n u m b er of d ire c to rs to
he elected sh all be reg u la te d by a by-law prescrib ed by th e b o ard of d irecto rs,
an d provides fu rth e r th a t said by-law m ay provide for th e filling of a n y vacancy
on th e B oard a risin g th ro u g h a fa ilu re to elect a t th e re g u la r a n n u a l m eeting,
o r th ro u g h th e d eath , re s ig n a tio n or in cap a city of any d ire c to r duly elected.
N one of these provisions, except th e one re la tin g to th e filling of a vacancy on
th e board caused by fa ilu re to elect a t an a n n u a l m eeting, is in c o n siste n t w ith


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

R E P O R T OF T H E COM MISSIONER.

Ivii

the provisions of th e p re se n t b a n k in g law, an d it w ould th e re fo re be e n tire ly
p ro p er and legal to in co rp o ra te th e m in to th e o rig in a l a rtic le s by th e proposed
am endm ent. I am of th e opinion, how ever, th a t th e p rovision re la tiv e to th e fill­
in g of a vacancy on th e board caused by fa ilu re to elect a t th e a n n u a l m eetin g
is in co n sisten t w ith th e te rm s of section 21 of th e p re se n t b a n k in g law above
set fo rth , and such pro v isio n s w ould th e re fo re be illegal. As h erein b efo re stated
a vacancy caused by th e fa ilu re to elect a t an a n n u a l m eetin g is n o t such a
vacancy as can be filled by th e board of d ire c to rs itself.
I t m ay be suggested th a t th e pro v isio n s w hich can be in co rp o rated in to th e
a rtic le s of asso ciatio n of th e W ayne C ounty Savings B ank by am en d m en t, and
w hich a re n o t alre a d y a p a rt of its c h a rte r because contained in th e b a n k in g law
can be m ade ju s t as legal and efficacious by a by-law adopted by th e board of
d irecto rs u n d er subdivision 6 of section 4 of th e b a n k in g law, w hich gives th e
board of d irecto rs pow er to m ake by-laws n o t in c o n siste n t w ith law , re g u la tin g
th e m an n er of election or a p p o in tm en t of its d ire c to rs an d officers.
V ery resp ectfu lly ,
Grant F ellows ,

A tto r n e y General.
ST A T E B A N K S M A Y O PEN O N LEGAL H O L ID A Y S W I T H C E R T A IN R E ST R IC T IO N S.

M arch 15, 1913.
Hon. E d w ard H. Doyle, B an k in g C om m issioner, C apitol, L an sin g :
D ear S ir— I have y o u rs of th e 12th in st. in w hich you sta te :
“We have had several in q u irie s of late from sta te b an k s ask in g w h e th e r or
n o t a sta te b an k could keep open on all h olidays for th e tra n sa c tio n of a g en eral
business except such bu sin ess w hich re la te s to th e p re se n ta tio n for pay m en t or
acceptance or p ro te stin g of pro m isso ry notes an d o th e r obligations.
We have alw ays ta k e n th e position th a t th e re w as n o th in g in th e law to p ro ­
h ib it a b an k from keep in g open on an y of th e h olidays m entio n ed in A ct 124 of
th e P ublic A cts of 1865 as am ended an d tra n s a c tin g b u sin ess except th a t re la tin g
to p re s en tatio n , acceptance or p ro te stin g of notes, etc.”
In reply th ere to w ould sta te th a t th e lan g u ag e of th e A ct in q uestion is somev h a t confusing. The title of th e A ct being as follow s: “An A ct d e sig n a tin g th e
holidays to be observed in th e acceptance and p ay m en t of bills of exchange and
p rom issory notes, in holding of co u rts an d re la tiv e to th e co n tin u an ce of s u its.”
W hile Section 1, as am ended by A ct 246 of th e P u b lic A cts of 1909, provides, in
p a rt, as follow s: “P rovided, fu rth e r, T h a t n o th in g h e re in co n tain ed sh all be con­
stru e d to p rev e n t or in v a lid a te th e en try , issuance, service or execution of any
w rit, sum m ons or confession of ju d g m en t or o th e r legal process w h atev er, holding
courts or th e tra n sa c tio n of a n y law fu l b u sin ess except b a n k in g on an y of th e
S a tu rd a y aftern o o n s h erein d esig n ated as h a lf holidays, n o r to p re v e n t an y b ank
from keeping its doors open or tra n s a c tin g its bu sin ess on an y of th e said S a tu r­
day afternoons, if by a vote of its d ire c to rs it elects to do so.”
F rom a read in g of th e la s t section it m ig h t be im plied th a t th e re w as a legal
re s tric tio n a g a in st k eeping a b an k open upon a legal holiday. I do n o t believe,
how ever, th a t th is w as th e leg islativ e in te n t, b u t th a t on th e c o n tra ry th e in te n t
w as, as is set fo rth in th e title of th e ac t itself, n am ely : th e p rev en tio n of th e
acceptance and p ay m en t of bills of exchange and p ro m isso ry notes. C onsequently,
I am of th e opinion th a t to keep a b an k open fo r purposes o th e r th a n th e ones'
sta te d would n o t be a violatio n of th e law, and th a t y o u r ru lin g in th e m a tte r
has been rig h t.
V ery resp ectfu lly ,
A. B. D ougherty ,

D ep u ty A tto r n 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 C O N D ITIO N .

M arch 24th, 1913.
Hon. E d w ard H. Doyle, C om m issioner of B anking, C apitol, L an sin g :
D ear S ir—I have y o u r com m unication of M arch 17th callin g a tte n tio n to sec­
tio n s 21, 39 and 55 of th e G eneral B a n k in g Law s re la tin g to re p o rts to be m ade
by sta te ban k s and th e fu rn ish in g of in fo rm a tio n to th e B an k in g C om m issioner.
You sta te :

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

lviii

STA TE BANKING D EPA R TM EN T.

“We w ould ap p reciate yo u r opinion as to w h e th e r or n o t a sta te b an k h as th e
rig h t to w ithhold in fo rm a tio n of an y c h a ra c te r from th e C om m issioner, h is dep­
u ty or one of th e b an k ex am in ers, upon being req u ested to fu rn ish sam e. To
w h at e x te n t could th e D ep a rtm e n t go in case of re fu sa l to fu rn ish any in fo rm a ­
tion affecting th e condition of th e b a n k ? ”
In reply th e re to w ould say section 21 of th e g en eral h a n k in g law re q u ire s
every b an k to m ake c e rta in re p o rts “according to th e form s w hich he (Com m i sioner of B an k in g ) sh all p rescrib e and fu rn ish . T h is section also provides th a t
“ Such rep o rts sh all ex h ib it in d etail, and u n d er a p p ro p ria te heads, th e
assets and lia b ilitie s of th e b an k a t th e close of b u sin ess of an y p a st day by h im
sp ecifie d ” etc. Also th a t “ Such com m issioner sh a ll also have th e pow er to call
for special rep o rts from an y h a n k or b an k s w henever in h is ^ d g m e n t, th e sam e
a re necessary to in fo rm h im fu lly of th e com dtion of such ban k s.
Section 39
provides:
“I t sh all be th e d u ty of th e com m issioner of th e b a n k in g d ep artm en t, and he
sh all have pow er for h im self, h is deputy, or any ex am in er he m ay ap p o in t for
th a t purpose to exam ine tw o or m ore tim es in each y ear, th e cash, bills, colate ia L or °e c ir tie s! books of account, co n d itio n an d affairs of each b an k u n d er
th e law, and also w hen req u ested by th e b o ard of d ire c to rs of an y b an k
For
th a t Durpose he m ay exam ine on o ath an y of th e officers, ag en ts, clerks, cu sto m ers
or depositors of such hank, to u ch in g th e affairs an d b u sin ess of such b an k Any
w ilful false sw earin g in any e x am in atio n sh all he deem ed p e rju ry . H e sh all also
I s c e iL in w h e th e r each h an k tra n sa c ts its b u sin ess a t th e place d esig n ated m
th e artic le s of in co rp o ratio n , and w h e th e r its b u sin ess is conducted in th e ma
neSectfonr 55edo f Yth e g en eral b a n k in g law provides, am ong o th e r th in g s, th a t if
th e com m issioner shaR become satisfied th a t a b an k "is ■
It s
in an unsafe or u n a u th o riz e d m an n er, or if an y b a n k sh a ll refu se to su b m it its
books and papers and concerns to th e in spection of th e com m issioner, h is deputy
or any ex am in er or if any officer of such b an k sh all refu se to be exam ined u n d e r
o lth to u ch teg th e concerns of th e h an k , or if from any e x am in atio n m ade o r
re p o rt h ere provided for, th e com m issioner sh all conclude th a t such b an k is m
an unsound ?or unsafe condition to tra n s a c t th e b a n k in g business, so th a t it is
unsafe and inex p ed ien t to co n tin u e sam e,” he sh a ll m th e m a n n e r th e re in p re ­
scribed m ake applicatio n for th e ap p o in tm e n t of a receiv er fo r
atten The foregoing sections are th e only p ro v isio n s of s ta tu te to w ine
y
tio n has been called expressly b e a rin g upon yo u r question. T h e , ^ nr^ ? f e
th e sta tu te seem s clearly to confer upon th e b a n k in g com “ ls sl? ^ r m a t i o i f as he
a u th o rity to dem and, receive an d p ro cu re an y and all such in fo rm a tio n as i e
m ay req u ire or deem n ecessary in o rd er to fully u n d e rsta n d th e condition of a
b ank th e c h a ra c te r or am o u n t of its oblig atio n s and th e affairs thereof. The
com m issioner is expressly charged w ith th e d u ty of d e te rm in in g w h e th e r or n o t
a b ank is conducting its b an k in an un safe or u n a u th o riz e d m an n er. H e m u st
also d eterm in e w h e th e r th e b an k is in an unso u n d or un safe condition to tra n s
a rt th e b a n k in g b u sin ess so th a t it is u n safe an d in ex p ed ien t to con tin u e th e
sam e
H e h as th e rig h t to secure in fo rm a tio n upon form s p rescrib ed by him ,
and he m ay exam ine on o ath an y of th e officers, agen ts, clerks, cu sto m ers or
depositors of th e b an k to u ch in g its affairs and its business. T he com m issioner
of ^ b a n k in g and n o t th e b an k , is th e ju d g e of th e in fo rm a tio n n ecessary f or
h im to have to place h im in a position w here he <can p e r : ^ “ h b f / ^ t v ^ ^ a n y
I t w ill be assum ed th a t th e com m issioner of b an k in g , or h is ^?putyA °
a s s is ta n t duly au th o rized , w ill n o t dem and or re q u ire an y in fo rm a tio n o th e r th a n
It is deem ed expedient to have in o rd er to d ete rm in e th e exae eondrtion
of a b ank and its affairs. W hen in fo rm a tio n is dem anded, it is th e d u ty 01
th e b an k to fu rn ish it, and th e co m m issio n er’s dem ands are n o t open to qu est 10
bv th e b an k I t w ould be indeed an anom alous condition if n o tw ith sta n d in g al
fhe d u ties d e v o lv in g u p o n th e b a n k in g com m issioner th e b a n k could d eterm in e
for itself th e c h a ra c te r or am o u n t of in fo rm a tio n it should disclose.
It fs th e re fo re m y opinion th a t th e b an k h a s n o t th e rig h t to w ith h o ld any
in fo rm atio n w hich th e b a n k in g com m issioner sh a ll in th ej
°f ^
5^
cre tio n a ry a u th o rity d eterm in e is n ecessary m o rd e r to fu rn ish h im w ith
knS ° i f s Se c tio n P5e5r f H e “
? 'a n d ex p licit in its t - m s . W i n ^ such c o n a ­
tio n as is th e re in re fe rre d to ex ists, it is clearly th e d u ty of th e b a n k in g com


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

R E PO R T OF T H E COMMISSIONER.

lix

m issioner to m ake a p p licatio n for a receiver. The b a n k in g com m issioner h as
no rig h t to assum e th a t because of th e fa ilu re or re fu sa l of th e b an k to fu rn ish
th e in fo rm atio n he d esires, th e b an k is in a safe or sound condition. The very
fact th a t in fo rm a tio n w hich th e b a n k in g com m issioner m ay d eterm in e is neces­
sa ry is refu sed by a h an k is in itse lf som e reason for suspicion. If, th erefo re,
th ro u g h th e re fu sa l of a b an k to fu rn ish such in fo rm a tio n as you m ay deem
n ecessary you a re u n ab le to d eterm in e w h e th e r it is p ro p er for th e b an k to
continue in th e b a n k in g business, it is m y ju d g m en t th a t you w ould be clearly
au th o rized to proceed in th e m a n n e r o u tlin ed in said section 55 of th e g en eral
b an k in g law.
V ery resp ectfu lly ,
Gr a n t F ello w s,

A tto rn e y General.
BOARD OF DIRECTORS C A N N O T IN C R E A S E OR D E CR EASE T H E IR N U M B E R .

A p ril 3, 1913.
H on. E. H. Doyle, B an k in g C om m issioner, C apitol, L an sin g :
D ear S ir—I have y o u r com m unication of M arch 27, in w hich you sta te th a t,
T he D ep artm en t h as alw ays held th a t th e board of d ire c to rs could n o t in crease
or decrease th e n u m b er of stock h o ld ers c o n stitu tin g th e board, th a t th e only
a u th o rity delegated to th e d irecto rs in th is re g a rd w as th a t th e y could in d icate
th e m an n er in w hich th e m em bers of th e board should be elected, and in case
of a vacancy occu rrin g on th e board betw een th e a n n u a l m eetin g s of stockholders,
th e d irecto rs have th e rig h t to fill such v acancy.” You sta te , “W e would a p p re­
ciate y our opinion as to w h e th e r or n o t th e board of d ire c to rs of a sta te b an k
has th e rig h t to in crease o r decrease th e n u m b er of m em bers c o n stitu tin g th e
b oard.”
In reply th e re to w ould say it is m y opinion th a t, a t least betw een sto ck h o ld ers’
m eetings, th e n u m b er of d ire c to rs can n o t be decreased or in creased by th e board
of directo rs. Section 12 of th e b a n k in g law provides in p a rt th a t, “any vacancy
in th e board of d ire c to rs sh all be filled by th e B oard, and th e d ire c to r so ap­
pointed shall hold office u n til th e n ex t electio n .” The above quoted lan g u ag e
clearly im plies a d u ty devolving upon th e board of d ire c to rs to fill an y vacancy
th a t m ay occur. I t is n o t a d isc re tio n a ry d u ty w ith th e b o ard of d irecto rs. I t is
a positive re q u ire m e n t th a t th e vacancy “sh all be filled by th e b o ard .” T his is
a m an d ato ry provision, and th e law clearly contem p lates a s tric t com pliance th e re ­
w ith.
V ery resp ectfu lly ,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General. DIRECTORS M U S T

HAVE

FULLY

P A ID

FOR T E N

SH A R ES

OF STO C K

AT

O R G A N IZ A TIO N .

A p ril 3, 1913.
H on. E d w ard H. Doyle, C om m issioner of B ank in g, C apitol, L an sin g :
My D ear S ir— I have y our com m unication of M arch 22nd in w hich you in ­
quire w h eth er as a condition p reced en t of th e rig h t of a person to be elected and
act as a d irecto r of a b an k he m u st ac tu a lly pay in fu ll for a t least ten sh ares,
or if he subscribes for te n sh a re s of stock and only pays for fifty p er cent if he
th ereb y becomes eligible as a directo r.
In reply th e re to w ould say section five of th e b a n k in g law re q u ire s th a t a t
least 50% of th e cap ital stock of every b a n k sh all be p aid in before it sh all be
au th o rized to com m ence business. Section 12 of th e b a n k in g law, w hich re lates
to d irecto rs, provides in p a rt th a t: “E v e ry d ire c to r m u st own and hold in h is
own nam e n o t less th a n ten sh a re s of th e cap ital stock of such b a n k .”
The fact th a t a b an k m ay be au th o rized to com m ence bu sin ess w ith only 50%
of th e cap ital stock th e re o f paid in h a s absolutely n o th in g to do w ith th e s ta ­
tu to ry provision re q u irin g every d ire c to r to own and hold in h is own nam e not
less th a n ten sh a re s of th e cap ital stock. The lan g u ag e above quoted m eans


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

STA TE BANKING D EPA R TM EN T.

lx

exactly w h at it says. I t m eans th a t every d irec to r m u st ac tu a lly own, th a t is,
th a t he m u st have fully p aid for a t le a st ten sh a re s of th e cap ita l stock of th e
b an k and n o t th a t he m ay a c tu a lly pay for 50% of th e te n sh a re s an d subse­
quently have th e rig h t of o w nership in th e b alance th e re o f w hen he m akes pay
m en t th erefo r.
V ery resp ectfu lly ,
(S ig n ed ) Grant F ellows ,
A tto rn e y General.

T A X A T IO N OF B A N K STO C K .

A pril 26, 1913.
H on. E d w ard H. Doyle, B a n k in g C om m issioner, C apitol, L an sin g :
D ear S ir— I have before me y o u r co m m unication of A p ril 18th, in w hich you
req u est an opinion upon th e follow ing p ro p o sitio n s:
“F irst. H as th e b o ard of d ire c to rs of a n ' in co rp o rated b an k , by p ro p er p ro ­
cedure, th e pow er to au th o riz e th e to ta l stock of th e b an k , to be assessed to th e
b an k by th e su p erv iso r w here th e b a n k is located, and have th e tax e s on stock
paid by th e bank, re g ard less of w here th e sto ckh o ld ers a re located?
Second. H as th e village assesso r a legal rig h t to assess th e to ta l b an k stock
td th e b an k in th e village w h ere th e b an k is located, w here a p o rtio n is located
on one side of th e county and a p o rtio n o u tside of th e v illag e?”
In reply th e re to w ould say th e an sw er to y o u r in q u irie s seem s to be contained
in th e language of th e 3rd subd iv isio n of section 14 of th e g en eral ta x law as
found on page 27 of th e p am p h let of g en eral ta x law s, rev isio n of 1907. T h is su b ­
division provides th a t, “All sh a re s in b an k s sh a ll be assessed to th e ir ow ners
in th e tow nship, village or city w here th e b an k is lo cated: P rovided, T h a t th e
sh a re s owned by a p erson re sid in g in th e co u n ty w here th e b an k is located
sh a ll be assessed in th e tow n sh ip or city w here he resid es.”
My a tte n tio n h as n o t been challenged to an y p rovision of th e law th a t w ould
a u th o rize e ith e r th e b o ard of d ire c to rs or th e village assesso r to change th e
m ethod prescribed in th e above sta tu te . A ccordingly, I am inclin ed to believe
th a t each of th e in q u irie s w hich you su b m itted should be answ ered in th e n eg a­
tive.
V ery resp ectfu lly ,
(S ig n ed ) Grant F ellows ,
A tto rn e y General.

ST A T E B A N K S C O N T E M PL A T E D I N

C IT IE S

OR V IL LA G ES O N L Y .

May 10, 1913.
Hon. A lbert E. M anning, D eputy C om m issioner of B ank in g , C apitol, L a n sin g :
D ear S ir—I have y o u r com m unication of M ay 1st in w h ich you sta te th a t you
are in receip t of an a p p licatio n to o rganize a sta te b a n k w ith its office an d place
of business to be located in “th e to w n sh ip of S p rin g w ells,” C ounty of W ayne and
S tate of M ichigan, w ith a cap ita l of $25,000.00. You ask :
F irst. Can th e D ep a rtm e n t legally accept th e a rtic le s of in co rp o ratio n w ith
th e location designated, and b u sin ess to be c a rrie d on, as in a tow n sh ip ra th e r
th a n in a city or village?
Second. If so, w h at c o n stru ctio n on th e law can be placed w ith referen ce to
th e cap ital stock req u ire m e n ts?
T hird. In o th e r w ords, w ould th e c a p ita l stock be based upon th e populatio n
of th e tow nship as a w hole (in clu siv e, of course, of in co rp o rated cities and v il­
la g e s), or w ould th e cap ital stock be based upon th e populatio n of th e settle m e n t,
or com m unity, in w hich th e b an k ac tu a lly tra n sa c ts b u sin e ss? ”
In an sw er to y o u r first in q u iry , w ould say th a t section 1 of th e G eneral B an k ­
ing L aw seem s to recognize only cities and v illages as th e place w here a b a n k in g
b u sin ess m ay be conducted. W e have, how ever, h eld th a t a b a n k m ay be estab-


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

R E PO R T OF T H E COM MISSIONER.

lx i

lished in an u n in co rp o ra te d village.
(See A tto rn e y G en eral’s R ep o rt for 1905
page 98.)
Section 2 of th e G eneral B an k in g A ct re q u ire s th e p ersons asso ciatin g to exe­
cute a rticles of in c o rp o ratio n w hich sh all specify: “2nd. T he county and city
or village w here such b an k is to be located and to conduct its b u sin e ss.” I t is
m y opinion th a t it w as clearly th e in te n t of th e le g isla tu re to lim it th e place
w here a b an k in g b u sin ess m ay he conducted to e ith e r a city or village (in c lu d ­
ing u n in co rp o rated v illag es) an d th a t y o u r d e p a rtm e n t w ould have no a u th o rity
to accept an applicatio n w hich show s upon its face th a t th e place of bu sin ess
is a d esignated “to w n sh ip ” ra th e r th a n a city o r village.
In an sw er to y o u r second an d th ird in q u irie s, w ould say if a b an k is e stab ­
lished in an in co rp o rated village th e am o u n t fo r w hich it m ay be capitalized
depends upon th e popu latio n of th e village. The sam e ru le is applicable in th e case
of an u n in co rp o rated village. I have h e reto fo re held th a t w here a sta te b an k
is au th o rized to do bu sin ess w ith in an u n in c o rp o ra te d village, th a t it can n o t
legally estab lish a b ra n c h agency o u tside of such u n in co rp o ra te d village and
in a n o th e r se ttle m e n t or u n in co rp o ra te d village.
(See opinion to H on. E. H.
Doyle, B an k in g C om m issioner, u n d e r d ate of F e b ru a ry 17, 1913.)
It is th erefo re m y opinion th a t th e cap ital stock in th e case you su g g est would
be based upon th e populatio n of th e settlem en t, com m u n ity o r village, in co rp o r­
ated or otherw ise, in w hich th e b an k is a c tu a lly a u th o rized to tra n s a c t business.
V ery resp ectfu lly ,
,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y General.

PROPER RECORD OF REPORT OF DIRECTORS’ E X A M IN A T IO N S .

Ju n e 30th, 1913.
E d w ard H. Doyle, C om m issioner of B ank in g , C apitol, L an sin g :
D ear S ir— I have y o u r co m m unication of Ju n e 25th, w hich rea d s in p a rt as
follow s:
We desire to call y o u r a tte n tio n to Section 15 of th e law. W e have recen tly
•aS^ e(^ ^ a sta te b an k w h e th e r th e y w ould be com plying w ith th e pro v isio n s
of th is section of th e law if th e y p e rm itte d th e re p o rt of d ire c to rs’ e x am in atio n
to
be read a t bo ard m eeting, and have th e m in u te s of such m eetin g show as
follow s: ‘The com m ittee appointed on th e 8th day of O ctober to m ake th e sec­
ond ex am in atio n of th e y ear su b m itte d re p o rt of such e x am in atio n . On m otion
of Mr. C. re p o rt w as accepted a n d o rdered placed on file, an d re p o rt m ade a p a rt
of these records.’ ”
In reply th e re to w ould say section 15 of th e B a n k in g law to w hich you re fe r
req u ires th e board of d ire c to rs to ap p o in t an ex am in in g com m ittee. T he sec­
tio n provides th a t:
“The ex am in in g com m ittee sh a ll re p o rt to th e board, give in d etail all item s
included in th e assets of th e b an k w h ich th e y have reaso n to believe are n o t of
th e value a t w hich th e y ap p ear on th e books an d records of th e bank, and give
th e value of each of such item s as in th e ir ju d g m e n t th e y m ay have d e te r­
m ined. The board sh all m ake a p ro p er record of said re p o rt in th e m in u te books
of th e bank, etc.”
The m a te ria l re q u ire m e n t is th a t th e re p o rt of th e e x am in in g com m ittee sh all
be m ade to th e board, and th a t th e h o ard sh a ll m ak e a p ro p er reco rd thereof.
The sta te m e n ts set fo rth in th e m in u te s as in d icated by y o u r le tte r, show th a t
th e re p o rt w as su b m itted , accep ted , p laced on file a n d m ad e a p a rt of th e reco rd .
The s ta tu te req u ire s th e re p o rt to be recorded in th e m in u te books of th e bank.
I t is believed, how ever, th a t th e actio n in q uestion is a su b s ta n tia l com pliance
w ith th e law.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y General.


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

STA TE BANKING D EPA R TM EN T.

lxii

AM OUNT

OF BO N D S

OF O FFIC E R S

A N D EM PLOYEES M U ST
OF B A N K , ETC.

BE

COM M ENSURATE

W IT H

SIZE

A u gust 21, 1913.
H on. E d w ard H. Doyle, C om m issioner of B anking, C apitol:
D ear S ir— I have y o u r co m m unication of th e 20th in w hich you su b m it an
in q u iry u n d er th e F ifth subdivision of Section 4 of A ct 205 of th e P u b lic A cts
of 1887, as am ended. Y our in q u iry is as follow s:
“W here th e d ire c to rs of a b a n k accept bonds from officers and em ployes a t
a no m in al am o u n t only w hen com pared to th e cash and sec u ritie s in th e ir con­
tro l, w ould th e D e p artm en t have th e rig h t to re q u ire bonds of a g re a te r am o u n t
w hich w ould be m ore co m m en su rate w ith th e size of th e b an k , an d th e oppor­
tu n ity for d efau ltin g or m a n ip u la tin g ?
W ill you also advise w h e th e r or n o t u n d e r said am en d m en t th e D e p artm en t
h as th e rig h t to re je c t p erso n al bonds of b an k officers and em ployes w here officers
and b an k s d irecto rs become su re tie s th e re o n ? ”
T he am en d m en t to th e A ct in questio n is found in A ct No. 11 of th e P u b lic
A cts of 1913. T he F if th subdivision th e re o f rea d s as follow s:
“To elect or ap p o in t d irecto rs, who sh all choose from th e ir m em bers a p re si­
d en t and one or m ore vice-presidents, an d sh a ll have pow er to ap p o in t and em ­
ploy a cash ier or tre a s u re r, an d o th e r officers, define th e ir d u ties, dism iss such
officers so elected or appointed, or a n y of them , a t p leasu re an d elect or ap p o in t
o th ers to fill th e ir places, and th e board of d ire c to rs sh a ll re q u ire every officer
and every clerk concerned in th e h a n d lin g of m oneys, accounts an d sec u ritie s
of th e b an k to be bonded e ith e r by a su re ty com pany a u th o rized to do bu sin ess
in th e S tate of M ichigan or by a p erso n al bond in such an am o u n t as sh all be
d eterm in ed by th e bo ard of d ire c to rs: P rovided, T h a t th e b a n k sh all pay for
a n y su re ty bonds req u ire d of its em ployes.”
I t w ill be observed from th e foregoing q u o tatio n th a t it is a m an d a to ry d u ty
devolving upon th e b o ard of d ire c to rs to re q u ire every officer and clerk con­
cerned in th e h a n d lin g of m oneys, accounts an d se c u ritie s to give a bond. The
law clearly contem p lates th a t th e a m o u n t of th e bond sh all be fo r a reaso n ab le
am o u n t and for an am o u n t reaso n ab ly p ro p o rtio n a te to th e size of th e bank,
th e c h a ra c te r of em ploym ent and th e o p p o rtu n itie s afforded for w rong doing. A
board of d irecto rs w ould n o t be p erfo rm in g its s ta tu to ry d u ty if it approves a
bond fo r an am o u n t w hich clearly show s th e actio n to be a m ere su b terfu g e. It
is probably tru e th a t a board of d ire c to rs w ould be liable for fa ilu re to re q u ire a
bond in a pro p er an d reaso n ab le am ount. I am in clin ed to believe th a t th e
B an k in g C om m issioner h as a u th o rity to re q u ire a bo ard of d ire c to rs to p erfo rm
its s ta tu to ry d u ty in ap p ro v in g an d accepting a bond fo r a reaso n ab le am ount.
R elativ e to th e second p o rtio n of y o u r in q u iry , th e above quoted lan g u ag e
au th o rizes any such officer or clerk to be bonded e ith e r by a su re ty com pany
au th o rized to do b u sin ess in th e S ta te of M ichigan or by a p erso n al bond. I t
needs no arg u m e n t to su p p o rt th e pro p o sitio n th a t th e le g isla tu re n e v er in ten d ed
th a t th e p ersonal bonds re fe rre d to in th e above quoted law should have as su re ­
ties th ereo n th e officers and d ire c to rs of th e bank.
t
.
I t is m y opinion th a t th e bo ard of d ire c to rs w ould have no a u th o rity to accept
or approve any such bond, an d th a t you w ould be a ctin g w ell w ith in y o u r rig h ts
if you reject perso n al bonds of b a n k officers and b an k em ployes w here th e su re ­
ties th ereo n are officers and d ire c to rs of th e bank.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y General.


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

R E P O R T OF T H E COM MISSIONER.

AC T

43,

P U B L IC

ACTS

1913,

NOT

RETROACTIVE

AS

TO

lx iii

E X A M IN E R S ’

S A L A R IE S .

S eptem ber 12, 1913.
H on. 0. B. F u lle r, A u d ito r G eneral, C apitol:
D ear S ir—You have re cen tly requested th is D e p artm en t for an opinion as to
th e co n stru ctio n to be placed upon Section 38 of th e B an k in g Law , as am ended
by A ct 43 of th e P u b lic A cts of 1913, such am ended section re la tin g to th e sa l­
arie s of b an k in g exam iners. The q uestion is p resen ted as to w h e th e r or n o t an
ex am in er holding such position a t th e tim e of th e am en d m en t of 1913 becam e
operative is e n title d to receive th e in crease of $200.00 provided for by th e am en d ­
ed section. In o th e r w ords, w h e th e r services ren d ered in such em ploym ent
previous to th e tim e th a t th e am en d m en t took effect can be considered in de­
te rm in in g th e rig h t to in creased com pensation.
T he clause th a t is in q uestion read s as follow s:
“S alaries of th e ex am in ers sh all be in th e sum of $1,700.00 p er a n n u m d u rin g
th e first y ear of th e ir em ploym ent as such, and sh all be in creased n o t to exceed
$200.00 each y ear of such em ploym ent u n til th e fu ll sum of $2,200.00 is reached,
w hich sum sh all be th e ir a n n u a l sa la ry th e re a fte r.”
It w as undoubtedly th e b elief of th e le g isla tu re th a t exeperience and service in
th e em ploym ent in q uestion would o p erate to re n d e r a b an k ex am in er m ore p ro ­
ficient in th e d isch arg e of h is duties, and th a t he should in consequence of such
in creased proficiency receive a sa la ry co m m en su rate th e re w ith . In view of th e
u n d erly in g reaso n s p ro m p tin g th e passage of th is am en d m en t as suggested above,
it does not occur to me th a t it is m a te ria l w h e th e r th e em ploym ent upon w hich
th e increased com pensation is based sh all have been re n d ered p rio r to th e ta k in g
effect of th e am en d m en t of 1913, or sub seq u en t th ereto . In o th e r w ords, it is m y
opinion th a t such in crease m ay be based upon services re n d ered p rio r to A u gust
14th, 1913. I do n o t th in k th a t th is c o n stru ctio n gives to th e A ct in question
retro a c tiv e effect, th e purpose th e re o f being, n o t to re w a rd th e in cu m b en ts of
th e positions affected for p a st services, b u t ra th e r to com pensate th e m for fu tu re
em ploym ent in accordance w ith th e ir proficiency a tta in e d th ro u g h a c tu a l ex p eri­
ence in th e line of w ork involved.
It follow s in consequence th a t a n y ex a m in e r who u n d e r th e p rovisions of Sec­
tio n 38 of th e B an k in g Law s, as am ended a t th e session of 1909, w ould a t th e
p resen t tim e be e n title d to an in crease of $100.00 p e r a n n u m w ere such am en d ­
m en t still in force m ay receive th e in crease of $200.00 as in d icated in said section
as am ended by A ct 43 of th e P u b lic A cts of 1913.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y General.

D ISC R E T IO N A R Y

A U T H O R IT Y

V E STE D

IN

C O M M IS S IO N E R

IN

C A P IT A L

STOCK

IM P A IR M E N T .

O ctober 2, 1913.
H on. E. H. Doyle, C om m issioner of B ank in g , Capitol, L an sin g :
D ear S ir— I have y our co m m unication of S eptem ber 11th, w hich read s as fol­
low s:
“We resp ectfu lly req u est y our opinion as to w h e th e r or not, in case of an
im p a irm e n t of cap ita l stock, th e D e p artm en t could p e rm it a sta te b an k to accept,
in lieu of case, sto ck h o ld ers’ notes pro ra ta to m ake good th e deficiency of cap ital
stock in said b an k on account of bad or doub tfu l assets, re q u ire d by th e De­
p a rtm e n t to be e lim in a te d ? ”
In reply th ereto , w ould say th e m a tte r of m ak in g good a deficiency as a re s u lt
of th e im p a irm e n t of cap ital stock in a b an k seem s to be governed by section
42 of th e B ankin g Law, being co m p iler’s section 52 of th e p am p h let of law s re ­
la tin g to banking , rev isio n of 1911. T h is section provides in p a rt th a t:


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

STA TE BAN KING D EPA R TM EN T.

Ixiv

“W henever it sh all ap p ear from th e re p o rt of an y b an k , or th e C om m issioner
sh all have reason to believe th a t th e cap ita l stock of an y b an k is im p aired or
reduced below th e a m o u n t re q u ire d by law , it sh all be th e d u ty of th e C om m is­
sioner, and he sh all have th e pow er to ex am ine th e said h an k and a sc e rta in th e
facts, and in case he finds such im p a irm e n t or red u ctio n of cap ital, he sh all re ­
q u ire such h an k to m ake good th e deficiency so a p p earin g w ith in six ty days a fte r
th e d ate of such re q u isitio n .”
The sam e section m akes it th e d u ty of th e d ire c to rs of th e b an k upon such
re q u isitio n to levy th e n ecessary assessm en t and p rescrib e th e m ethod fo r th e
sale of th e stock in case th e assessm en t is n o t paid.
I t 'will be observed from th e fo regoing q u o tatio n th a t th e re is a m a n d a to ry
re q u ire m e n t th a t th e C om m issioner of B a n k in g sh all re q u ire th e b an k to m ake
good th e deficiency. I am u n ab le to find an y p rovision w hich is c o n tro llin g in
th e p a rtic u la r m a n n e r in w hich th e deficiency sh all he m ade good. In th e absence
of a s ta tu to ry re q u ire m e n t p re sc rib in g w h e th e r th e im p a irm e n t m ay be rem edied
e ith e r by th e p ay m en t of cash, n o te or c o llateral secu rity , it is som ew hat diffi­
cu lt to o u tlin e a h a rd and fa s t ru le, to be g e n erally and u n iv e rsa lly applicable,
unless th e p a rtic u la r bank, th e c h a ra c te r of th e im p a irm e n t and th e a b ility of
th e stockholders th e re o f to pay, is ta k e n in to co n sid eratio n . The s ta tu to ry p ro ­
vision w hich m akes i t th e d u ty of th e C om m issioner of B a n k in g to re q u ire th e
b an k to m ake good th e deficiency so a p p earin g vests in h im a larg e d isc re tio n a ry
a u th o rity . I t is h is d u ty to see th a t th e deficiency _is m ade good. H e m u st be
satisfied, an y action or ap p ro v al of th e h o ard of d ire c to rs to th e c o n tra ry n o t­
w ith stan d in g . C ash or its eq u iv alen t should he req u ired . A sto ck h o ld er’s n ote
w ould n o t n ecessarily in every in sta n c e be a com pliance w ith th e law , w hile in
a p a rtic u la r case you m ig h t be w a rra n te d in a p p ro v in g a note, w ith or w ith o u t
co llateral se c u rity in d e te rm in in g w h e th e r th e re h as been a com pliance w ith th e
law and y our req u isitio n .
I t is th e re fo re m y opinion th a t it is fo r th e C om m issioner of B a n k in g to
d eterm in e w h e th e r h is re q u isitio n re q u irin g a b a n k to m ake good th e deficiency
so ap p earin g is obeyed; th a t th e re m ay be a com pliance w ith th e law w ith o u t th e
p ay m en t of cash ; th a t cash or its e q u iv alen t should be re q u ire d and th a t in
d e term in in g w h eth e r th e re h as been a com pliance w ith th e law a noce, or a note
accom panied by co llateral se c u rity m ay in th e d isc re tio n a ry a u th o rity of th e
B an k in g C om m issioner be approved in d e te rm in in g w h e th e r th e re h as been a com­
pliance w ith y our req u isitio n .
V ery resp ectfu lly ,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.

LOANS

TO

M U N IC IP A L

CO RPORATIO NS

L IM IT E D TO
SU RPLUS.

TW ENTY

PE R

CENT

OF

C A P IT A L

AND

N ovem ber 24, 1913.
H on. E. H. Doyle, C om m issioner of B ank in g , C apitol, L an sin g :
D ear S ir—I have y o u r co m m unication of N ovem ber 19th, d ire c tin g a tte n tio n
to Sections 27 and 52 of th e B a n k in g Law . Y our le tte r read s, in p a rt, as fol­
low s:
“The la tte r provides th a t a loan to an y person, firm or corporation, sh all n o t
exceed tw e n ty per cen t of cap ital an d su rp lu s; and th e n only upon th e twoth ird s a u th o riz a tio n of th e b o ard of d irecto rs. U nder said section we d esire to
be inform ed w h eth e r or n o t a m u n icip al co rp o ratio n can b orrow on its note,
signed by p ro p er officials, an a m o u n t in excess of tw e n ty p er cent of cap ital
and su rp lu s. I t is m a in ta in e d upon th e p a rt of som e b a n k s th a t th e lim ita tio n
in said section does n o t apply to loans to m u n icip al c o rp o ra tio n s; th a t such loans
a re in th e n a tu re of a public debt, as m entio n ed in subdivision (b ), section 27
of th e law , and th e re b y a re su b ject to such lim ita tio n s.”
In rep ly th e re to w ould say it is believed th a t th e b a n k s re fe rre d to in youi
le tte r are placing an erro n eo u s c o n stru ctio n upon th e sta tu te . Section 52 p ro ­
vides in p a rt:


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

R E PO R T OF T H E COMMISSIONER.

lx v

“The to ta l lia b ilitie s to an y b an k of any person or of an y com pany, co rp o ra­
tio n or firm for m oneys advanced, in clu d in g th e lia b ilitie s of th e com pany o r
firm, th e liab ilities of th e several m em bers th e re o f except special p a rtn e rs, sh a ll
a t no tim e exceed one-tenth p a rt of th e am o u n t of th e cap ita l and su rp lu s of
such bank, etc.”
T he sam e section a u th o rizes a loan of n o t to exceed tw e n ty p er cent c a p ita l
an d su rp lu s upon th e a u th o riz a tio n of tw o -th ird s of th e board of d irecto rs.
Section 37 refers to e n tire ly d ifferent m a tte r. T h is section prescrib es a d irec­
tio n concerning deposits or in v estm en ts, w hile Section 52 p rescrib es a lim ita tio n
on loans w hich m ay be m ade.
W edem eyer v. H in d elan g , 161 Mich. 600 (603).
In th e absence of express a u th o rity a u th o riz in g a g re a te r loan to a m u n icip al
co rporation th a n to an y o th e r person, firm or corporation, no good reason su g g ests
itself to me re q u irin g th e ap p licatio n of a differen t rule. In sta n c e s m ig h t a rise
w hen it m ig h t be h azard o u s to a b an k to o verstep th is lim it in m ak in g loans to
a m unicipal co rpo ratio n as to a n y o th er corporation.
It is m y opinion th a t a m u n icip al c o rp o ratio n is bound by th e s tric t te rm s of
section 52, and th a t th e b an k h as no a u th o rity to loan m oney to a m u n icip al
co rporation on a n ote signed by th e p ro p er officials in an am o u n t in excess of
tw e n ty per cent, of th e cap ital and su rp lu s.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y General.
STATE B A N K S

HAVE

NO A U T H O R IT Y TO IN V E S T I N
BA NK S.

C A P IT A L STO C K OF

FEDER AL R E SER V E

J a n u a ry 6, 1914.
H onorable E d w ard H. Doyle, B a n k in g C om m issioner, L an sin g , M ichigan:
D ear S ir— I have y o u r co m m unication of th e 29th u lt., as follow s:
“We resp ectfu lly req u est y our opinion as to w h e th e r or n o t a sta te b an k in
M ichigan can in v est in th e cap ital stock of reg io n al b an k s as provided for in w h at
is know n as th e new cu rre n c y law. We w ould re fe r you re sp ectfu lly to C om piler’s
Sections 6113, 6115 and 6116.”
In reply th ereto , I w ish to advise as follow s:
The title to th e F e d e ra l R eserve Act, re c e n tly passed by C ongress, in d ic a te s
its g en eral scope and purpose, and re ad s as follow s:
“An A ct to provide for th e esta b lish m e n t of F e d e ra l R eserve B anks, to fu rn is h
an elastic currency , to afford m eans of re-d isco u n tin g com m ercial paper, to e sta b ­
lish a m ore effective su p erv isio n of b a n k in g in th e U nited S tates, and for o th e r
purposes.”
T he A ct h as un d oubtedly been passed by C ongress w ith a view to co rrectin g
c e rtain conditions in c u rren cy d istrib u tio n and in th e n a tio n a l b a n k in g b u sin ess
w ith in th e U nited S tates. I t h as for its m ain fe a tu re s th e follow ing: (F ir s t) The
c re a tio n of F e d e ra l R e serv e D istric ts; (Second) th e c re a tio n of F e d e ra l R e­
serve b a n k s; (T h ird ) The creatio n of a F e d e ra l R eserve B o ard ; (F o u rth )
T he creatio n of a F e d e ra l A dvisory C ounsel; (F ifth ) th e a u th o riz a tio n of a d d i­
tio n a l c u rren cy ; (S ix th ) C ertain am en d m en ts an d changes in th e N atio n al B ank
L aw ; (S ev en th ) In d ire c tly b rin g in g sta te b an k s u n d er th e co ntrol of th e Comp­
tro lle r of the! T re a su ry an d o th e r F e d e ra l pow ers.
In c a rry in g out th e g en eral schem e of th e A ct w h a t a re know n as “F e d e ra l
R eserve B a n k s” a re au th o rized . T hese b an k s are to be located in F e d e ra l R e­
serve d is tric ts and w ill n u m b er n o t less th a n e ig h t and no m ore th a n tw elve, or one
for each d is tric t created. T he F e d e ra l R eserve B an k s w ill n o t be o rd in a ry b a n k s
of deposit, b u t w ill be w h a t m ig h t be te rm e d “B a n k e rs’ b an k s.” T hese b a n k s
w ill be co rp o ratio n s h a v in g a g en eral schem e of o rg an izatio n sim ila r to o th e r
b a n k in g corporatio n s an d h av in g all th e o rd in a ry pow ers of co rp o ratio n s, w ith


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

Ixvi

STA TE BAN KING D EPA R TM EN T.

such lim ita tio n s and re s tric tio n s on th e ir pow ers and purposes as w ill b rin g th em
w ith in th e in te n t of th e law . T he c a p ita l stock fo r in sta n c e m ay only he held
by (F irs t) N atio n a l B an k s; (Second) S ta te B a n k s; (T h ird ) T ru s t C om panies;
(F o u rth ) In d iv id u a ls; ( F ifth ) T he U n ited S tates. The la s t tw o can only hold
stock on th e fa ilu re of th e first th re e classes of sto ck h o ld ers to ta k e up th e
n ecessary stock su b sc rip tio n of th e fo u r m illio n d o llars as a m inim um .
T he fe a tu re of th is law w hich we have u n d e r co n sid eratio n is th a t applying
to S tate B anks. T he q uestion involved is w h e th e r S ta te B an k s of th e S ta te of
M ichigan m ay become “m em ber b a n k s” in a F e d e ra l R eserve B ank. T he A ct
p e rm its S tate B an k s to become m em bers, giv in g th e m all th e rig h ts and pow ers
of stockholders to th e sam e e x te n t as is given to N a tio n a l B anks.
T he p a rtic u la r fe a tu re s of th is A ct w hich m u st be considered in d e te rm in in g
th e in q u iry are as follow s:
1st. Section 2 of th e A ct p rovides in p a rt as follow s: “The share-holders of
every R eserve B an k sh all be held in d iv id u a lly responsible, equally and ra ta b ly ,
and n o t one for a n o th er, fo r all c o n tracts, debts an d engag em en ts of such b an k
to th e ex ten t of th e am o u n t of th e ir su b scrip tio n to such stock a t th e p a r value
th e re o f in ad d itio n to th e am o u n t subscribed, w h e th e r such su b scrip tio n s have
been paid up in w hole or in p a rt, u n d e r th e pro v isio n s of th is A ct.”
2nd. Section 5 provides in p a rt as follow s: “A b an k ap p ly in g fo r stock in
a F ed eral R eserve B ank a t an y tim e a fte r th e o rg an izatio n th e re o f m u st su b ­
scribe for an a m o u n t of th e cap ital stock of th e F e d e ra l R eserve B an k equal to
six per centum of th e paid up c a p ita l stock an d su rp lu s of said a p p lican t b an k ,
pay in g th e re fo r its p a r value, p lus one-half of one p er cen tu m a m o n th from th e
period of th e la s t divid en d .”
3rd. U nder th e pro v isio n s of Sections 9 an d 21 S ta te b an k s w hich become
m em ber ban k s w ill be p ra c tic a lly u n d e r th e ju risd ic tio n of th e C o m ptroller of th e
T re a su ry , th e sam e as N atio n al B anks.
4th. Section 19 re q u ire s m em ber b a n k s to m a in ta in a p o rtio n of th e ir reserv e
w ith th e F e d e ra l R eserve B ank.
T he th re e m ain q u estio n s are p re se n te d : ( F ir s t) W h e th e r u n d e r th e b a n k in g
law of M ichigan a S ta te B an k m ay subscribe to th e cap ital of, and become stock­
h olders in a F e d e ra l R eserve B ank. (S econd) W h e th e r u n d e r th e provisions of
th e M ichigan b a n k in g law a S ta te B ank m ay loan its c re d it to or assum e th e
obligations, in w hole or in p a rt, of a F e d e ra l R eserve B an k ; (T h ird ) W h eth e r
th e perm ission given by th e F e d e ra l R eserve A ct fo r S ta te B anks to become
stockholders in a F e d e ra l R eserve B ank, and to ta k e ad v an ta g e of o th e r p ro v i­
sions of th is A ct w hich a re in c o n siste n t w ith th e p rovisions of th e sta te b a n k in g
law , is all th a t is necessary, an d w h e th e r it w ould be hence u n n ecessary for th e
sta te to pass an en ab lin g sta tu te .
1st. W h eth e r u n d e r th e b a n k in g law of M ichigan, a S tate B ank m ay su b ­
scrib e to th e cap ita l of, an d become sto ck h o ld ers in a n o th e r b a n k in g co rp o ra­
tion.
T he pow ers of S ta te B an k s organized u n d er th e b a n k in g law of th e S tate of
M ichigan are lim ited . In general, it m ay be said th a t th e y have only such
pow ers as are ex p ressly g ra n te d by th e S ta te B a n k in g Act, and such o th e r pow ers
as are given th em ex n e c essita te re i in o rd er th a t th e ir express pow ers m ay
be fu lly carried o u t and enjoyed. T h is h a s been th e policy in M ichigan as ex­
pressed by th e co u rts and th e B a n k in g D ep a rtm e n t on advice of th e v ario u s
A tto rn ey G enerals. To illu s tra te , we call a tte n tio n to th e follow ing opinions h e re ­
to fo re given by th is D ep artm e n t:
A tto rn ey
A tto rn e y
A tto rn e y
A tto rn e y

G en eral’s
G en eral’s
G en eral’s
G en eral’s

R ep o rt
R ep o rt
R ep o rt
R ep o rt

fo r
for
for
for

1912,
1911,
1909,
1908,

page
page
page
page

158.
332.
178.
217.

See also th e follow ing S uprem e C ourt decisions of th is S tate:
L afferty vs. P eoples Savings B ank, 76 Mich. 65.
S ta te Savings B ank vs. F o ster, 118 Mich. 271.
T his is also th e g en eral ru le in o th e r ju risd ic tio n s:
Bolles M odern Law of B an k in g , Sec. 19 et seq. p. 17, 18-27.
McGee on B an k s and B ank in g , Chap. X III.
See note p. 777, U. S. S u p rem e C ourt R eport, 94 to 97.


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

R E PO R T OF T H E COMMISSIONER.

lxvii

T here is no express p ro h ib itio n contained in th e M ichigan b a n k in g law a g a in st
one S tate B ank holding stock in a n o th e r b an k or in a n o th e r corp o ratio n . B u t on
th e ocher hand, th e use of th e b a n k ’s co rp o rate fu n d s and of its deposits, both
sav in g s and com m ercial, is set fo rth by express en u m eratio n , and th is e n u m e ra ­
tio n does n o t co n tain a n y referen ce to in v e stm e n t of cap ital or o th e r fu n d s in
o th e r corporation s, w h e th e r b a n k in g or o therw ise. In th is resp ect th e b a n k in g
law s of M ichigan a re sim ila r to th e N atio n al B a n k in g A ct before th e e n actm en t
of th e F ed eral R eserve Act.
By th e g re a t w eig h t of a u th o rity th e p roposition is su sta in e d th a t a b an k cor­
p o ratio n , in th e absence of express perm issio n by sta tu te , can n o t in v est its
fu n d s m th e sto ck of a n o th e r b a n k o r o th e r co rp o ratio n s.
Bolles M odern L aw of B ank in g , page 205.
M ichie, “B an k s and B an k in g ,” page 660.
M etropolitan T ru st Co. v. M cK innon, 172 Fed. 846.
F ir s t N atio n al B ank v. Converse, 200 U. S. 425.
M cKim v. Glenn, 66 Md. 479.
Concord v. H aw k in s, 174 U. S. 364.
C alifo rn ia B ank v. K ennedy, 167 U. S. 362.
T ilin g a st v. C arr, 82 Fed. 288.
T he reaso n in g upon w hich th is h o lding is founded is w ell set fo rth in th e
case of F ir s t N atio n al B an k v. Converse, su p ra, page 438 of th e opinion w hich
w as delivered by Mr. Ju stic e W h ite:
Now, th e lim ita tio n s upon th e pow ers of N atio n al B anks w ere clearly pointed
o u t in C alifo rn ia N at. B ank v. K ennedy, 167 U. S. 362, 42 L. ed 198 17 Sup
Ct. Rep. 831, w here it w as said, (p. 366, L. ed. P. 200, Sup. Ct. Rep. p. 833) ;
‘I t is settled th a t th e U nited S tates s ta tu te s re la tiv e to n a tio n a l b an k s c o n sti­
tu te th e m easu re of th e a u th o rity of such corp o ratio n s, and th a t th e y cannot
rig h tfu lly exercise a n y pow ers except those expressly g ra n te d o r w hich a re in c i­
d en tal to c a rry in g on th e b u sin ess for w hich th e y a re established.
Logan
C ounty N at. B ank v. T ow nsend, 139 U. S. 67, 73, 35 L. ed. 107, 110, 11 Sup. Ct.
Rep. 496. No express pow er to acq u ire th e stock of a n o th e r co rp o ratio n is con­
ferred upon a n a tio n a l bank, b u t it h as been held th a t, as in c id e n ta l to th e pow er
to loan m oney on p erso n al secu rity , a b an k m ay, in th e u su al course of doing
such business, accept stock of a n o th e r c o rp o ratio n as co llateral, and by th e en ­
forcem ents of its rig h ts as pledgee it m ay become th e ow ner of th e collateral,
and be subject to lia b ility as o th e r stockholders. G erm an ia N at. B ank v. Case, 99
U. S. 628, 25 L. ed. 448. So, also, a n a tio n a l b an k m ay be conceded to possess
th e in cid en tal pow er of accepting in good fa ith , stock of a n o th e r c o rp o ratio n as
se c u rity for a previous indebtedness. I t is clear, how ever, th a t a n a tio n a l b an k
does n o t possess th e pow er to deal in stocks. T he D rohibition is im plied from th e
fa ilu re to g ra n t th e pow er. F ir s t N atio n al B ank v. N atio n al E xch. B ank, 92 U S
128, 23 L. ed. 681.”
T his reaso n in g applies as w ell to S ta te B an ks as to N atio n al B anks, as w ill
be seen by a revieAv of th e a u th o ritie s in th e cases above cited.
I t m ay be argued, how ever, th a t th e F e d e ra l R eserve B an k s do n o t come w ith in
th a t class of corp o ratio n s in w hich N atio n al and S ta te B an k s a re p ro h ib ited from
holding stock, and th a t th e F e d e ra l R eserve B ank s are n o t p riv a te c o rp o ra tio n s;
b u t on th e o th e r h an d , are public corp o ratio n s. F ro m m y rea d in g of th e F ed eral
R eserve Act, and th e provisions re la tin g to F e d e ra l R eserv e B anks, I am of th e
opinion th a t th e b a n k s so created and a u th o rized u n d e r th is A ct differ only from
o rd in a ry N atio n al and S ta te B anks in th e lim ita tio n s upon th e pow ers and scope
of th e ir business. I t is tru e th ey have, as d istin g u ish e d from th e N atio n al B anks,
probably a closer re la tio n to th e g o v ern m en t th a n N atio n al B an k s; b u t outside
of th e h ig h er degree of F e d e ra l co ntrol and re sp o n sib ility to th e g o v ern m en t and
o th er re s tric tio n s in th e ir pow ers, th ese b a n k s have all th e in cid en ts of th e
o rd in a ry b an k as to p rim a ry o rg an izatio n , co ntrol an d use of co rp o rate funds,
d istrib u tio n of profits and lia b ility of sto ck h o ld ers. In th e s e re s p e c ts th e F e d ­
e ra l R eserve B ank s a re very sim ila r to N atio n al B anks, and N atio n al B an k s are
held to be p riv a te co rp o ratio n s, a lth o u g h g o v ern m en tal agencies.
Bolles M odern Law of B ank in g , p. 3.
B ranch v. U nited S tates, 12 U. S. C ourt of C laim s, 281 to 286.


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

STA TE BAN KING D EPA R TM EN T.

lxviii

2nd
W h eth e r u n d er th e p rovisions of th e M ichigan B an k in g L aw a S tate
B ank m ay loan its cred it, or assum e th e oblig atio n s in w hole o r in p a rt of
an o th er b an k in g corp o ratio n .
„
..
,
T his question is involved in th e first question, in asm u ch as u n d e r th e f e d ­
e ra l R eserve Act, S ta te B an k s w ould have no re la tio n s w ith F e d e ra l R eserve
B anks, unless th e y should be stockholders. The F e d e ra l R eserve A ct expressly
defines th e lia b ility of sto ck h o ld ers in F e d e ra l R eserve B anks. I t is m y opinion
th a t S tate B anks u n d e r th e M ichigan B an k in g L aw can n o t be p e rm itte d to th u s
assum e th e lia b ilitie s of a n o th e r b an k , n o r can th e y th e re fo re assum e th e lia b il­
itie s of a F e d e ra l R eserve B an k by becom ing stockholders, n o r loan th e ir c re d it
in th is m a n n e r to one of these.
M ichie, “B an k s and B a n k in g ,” Sec. 99, p. 681, and m an y cases th e re cited.
Bolles, “M odern L aw of B a n k in g ,” p. 205.
3rd The la s t pro p o sitio n is as to w h e th e r th e perm issio n given by th e F e d e ra l
R eserve A ct for S tate B an k s to become sto ck h o ld ers in a F e d e ra l R eserve B ank
and to ta k e ad v an ta g e of o th e r p rovisions of th is A ct w hich are in c o n siste n t w ith
th e provisions of th e S ta te B a n k in g Law , is all th a t is n ecessary an d w h e th e r
it w ould hence be u n n ecessary fo r th e S ta te to pass an enab lin g sta tu te .
T he g en eral pro p o sitio n th a t th e sta te s a re su b ject to th e su p rem e law of th e
land, nam ely, th e C o n stitu tio n of th e U n ited
S tates, tre a tie s and acts of Con­
gress m ade p u rs u a n t to th e C o n stitu tio n , I believe h as no p ro p er a p p licatio n to
th e question u n d er co n sid eratio n . The re g u la tio n of b a n k in g is an exercise of
th e police pow ers of states.
McGee on B an k s an d B an k in g ,
A ssaria S tate B an k v. Dolley,
Noble S tate B an k v. H ask ell,
E ngel vs. O’M alley, 219 U. S.

pages 1 and 2.
219 U. S. 127.
219 U. S. p. 113 of U. S. R eports.
an d page 128 of R eports.

T he police pow er of th e sta te s, being ex p ressly reserv ed to th e sta te s by th e
F e d e ra l C o n stitu tio n , is n o t su b o rd in a te to th e F e d e ra l C o n stitu tio n , and hence
is not su b o rd in ate to A cts of Congress.
L icense T ax Cases, 5 W all. 462.
S lau g h ter H ouse, Cases, 16 W all. U. S. 36.
B artem ey er v. Iow a, 18 W all. 129.
Cooley’s Const. Lim . 5 ed., page 708.
See also cases cited in A ssa ria S ta te B ank v. Dolley, in th e note on page 1-7
of th e U nited S tate s S uprem e C ourt rep o rts.
„
I w ould have h ad no doubt on th is pro p o sitio n w ere it n o t fo r th e ru lin g ot
th e U nited S tates S uprem e C o u rt in Casey v. Galli, 94 U. S., page 673. T h a t case
arose u n d er Section 23 of th e N atio n al B an k in g L aw w hich p e rm its a S tate B ank
to be converted in to a N atio n al B ank. I t w as th e re held th a t th e consent of
th e sta te w as not n ecessary in such conversion. In th e opinion it w as said :
“The second plea is clea rly bad. No a u th o rity from th e sta te w as n ecessary
to enable th e b an k so to change its o rg an izatio n . T he option to do th a t w as
given by th e 44th Section of th e B ank A ct of C ongress (13 S tat. L, 112). I he
pow er th e re conferred w as am ple, an d its v a lid ity can n o t be doubted. T he A ct
is sile n t as to an y a sse n t or p erm issio n by th e state. I t w as as co m petent for
C ongress to au th o rize th e tra n sm u ta tio n as to create such in s titu tio n s orig in ally .
The tw o propo sitio n s, how ever, i t seem s to me a re clearly d istin g u ish ab le.
The rig h t of th e sta te to create and re g u la te co rp o ratio n s does n o t extend to th e
rig h t to p ro h ib it such c o rp o ratio n s from v o lu n ta ry d issolution. A sta te b a n k ­
ing corporation m ay dissolve itse lf an d cease to exist, and beyond th e rig h t of
th e sta te to compel a b a n k to p ro p erly liq u id ate, it can n o t concern itse lf in th e
d e te rm in atio n of th e in c o rp o ra to rs and sto ck h o ld ers of th e b an k to cease to exist.
H ence, a sta te ban k , w ith o u t th e consent of th e sta te , m ay cease to ex ist and
th e in co rp o rato rs and sto ck h o ld ers m ay by p ro p er actio n co n v ert th e b a n k in to
a N atio n al B ank. B u t it is n ecessary th a t a S ta te B ank in o rd er to be converted
into a N atio n al B ank should have th e consent and p erm issio n of th e U nited
S tates. T his, it seem s to me is all th a t is m ean t by th e opinion in Casey v.
Galli.


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

lxix

R E PO R T OF T H E COMMISSIONER.

H ow ever, th e rig h t of a sta te to co ntrol its co rp o ratio n s (an d th is includes
b an k in g co rp o ra tio n s), and to say w h at th ey m ay do and m ay n o t do, is abso­
lu tely conceded by th e decisions of th e U nited S tates S uprem e C ourt, su p ra. The
S tate of M ichigan h as seen fit to lim it its b an k s in th e use of th e ir co rp o rate
funds and th is lim ita tio n cannot be enlarg ed by th e law s of th e U n ited S tates.
The F ed eral R eserve Act, as to S tate B anks, is p u rely perm issive. It h as left th e
w ay open for S ta te B anks to e n te r in to th e system , b u t no a tte m p t is th e re in
m ade to supersede th e law s of any sta te as to th e b a n k in g business.
In conclusion, I am of th e opinion th a t b a n k s o rganized u n d e r th e law s of
th is sta te have no a u th o rity to accept th e p rovisions of th e F ed eral R eserve Act.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.
R E N E W A L S AVITH PROPER SIG N A T U R E S TO BE PROCURED.

M arch 14, 1914.
Hon. E. H. Doyle, C om m issioner of B anking, C apitol, L an sin g :
D ear S ir—You have recen tly fo rw arded to th is D e p artm en t a le tte r from C harles
D. T hom pson of B ad Axe, M ichigan, ask in g m y opinion upon th e in q u iry th e re in
m ade. T his le tte r read s in p a rt as follow s:
“To avoid th e objectionable p ractice of c o u n try b an k s in ex ten d in g th e ir p ap er
from tim e to tim e because of th e in a b ility to g et all sig n ers to join in new notes,
it has been suggested to me th a t a n ote for th e o rig in a l loan w ith th e g u a ra n to rs
sig n in g u n d er a g u a ra n ty clause of “for value received, I hereby g u a ra n te e th e
p ay m en t of th e w ith in n ote a t m a tu rity , or a t a n y tim e th e re a fte r, in clu d in g any
renew al of sam e, w aiv in g a dem and, notice of non-paym ent an d p ro te st” could
safely and pro p erly be h an d led by p e rm ittin g th e m a k e r to execute a new note
and re ta in in g th e old n ote w ith th e en d o rsem en t u n d e r th e above g u a ra n ty .
T his w ould give th e b a n k e r new p ap er and avoid th e question of extension,
yet w ould not inconvenience h is cu sto m er.”
You desire to know w h e th e r th e re a re an y objections to th e m ethod outlin ed
in th e above com m unication.
In reply th ereto w ould say th a t th e p rin c ip a l idea contained in th e suggestion
seem s to be th a t such a c o n tra c t w ould lessen th e w ork of th e b an k in p ro ­
c u rin g renew als of u n p aid notes by h ay in g th e ren ew als signed only by th e p a rtie s
p rim a rily liable. I t is e n tire ly possible th a t such a c o n tra c t w ould be b in d in g
upon th e m ak ers w ere th e m a tte r tested in court, b u t it occurs to me th a t it
w ould estab lish a bad p ractice for banks. As a m a tte r of p ractice I do n o t th in k
custom ers of b an k s should be encouraged in th e idea th a t th e sta tu s of th e ir
pap er is m ore a m a tte r for th e b an k s to look o u t fo r th a n th e b o rro w ers th e m ­
selves. I t is u n q u estio n ab ly th e d u ty of b o rro w ers to see th a t th e ir p ap er is re ­
new ed as often as necessary. R eg ard less of th e ex act legal q uestion involved I
am im pressed th a t you should n o t countenance th e suggestion m ade by Mr.
Thom pson.
I re tu rn h e re w ith Mr. T hom pson’s le tte r.
R esp ectfu lly yours,
A. B. D o u g h e r t y ,
D ep u ty A tto rn e y General.


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

STA TE BAN KING D EPA R TM EN T.

lxx

P U R C H A S E PR IC E OF L E A S E S M A T BE CARRIED A S B A N K IN G

H O U SE.

L an sin g , M arch 17, 1914.
H on. E. H. Doyle, B an k in g C om m issioner, Capitol, L an sin g :
D ear S ir—Y our co m m unication of re c e n t date, re la tiv e to long te rm leases by
bankfe for b an k in g houses, received an d co n ten ts noted. In y o u r first com m unica­
tio n you sta te th e follow ing:
“As you a re probably w ell aw are, in th e larg e cities in M ichigan sta te b an k s
are estab lish in g a n u m b er of b ra n c h e s o r agencies, an d in som e in sta n c e s pro cu re
b a n k in g office and re a l e sta te u n d e r a long tim e lease, in some in sta n c e s for JJ
y ears, ca rry in g pu rch ase price of th e lease in b a n k in g house account.
In view of th e fa c t th a t we are advised th a t c e rta in b a n k s m ay ere c t expensive
b u ild in g s on leased g ro u n d s w ith th e exp ectatio n of c a rry in g sam e in th e ir h a n k ­
ing house account, we resp e c tfu lly ask y o u r opinion as ^to w h e th e r o r n o t th e
D ep artm en t h a s th e rig h t, u n d e r th e law an d all th e circu m stan ces, to p e rm it
b a n k in g h o u se and land so h eld w h ere th e fee of th e p ro p e rty is n o t in th e bank.
T he p a rtic u la r q uestion is p resen ted as to w h e th e r a c e rta in lease e n tered into
by t h e ..................... B ank, a copy of w hich you have pro cu red and fo rw ard ed to me,
is valid so fa r as th e b a n k is concerned; and also w h e th e r b u ild in g s erected upon
th e ground so leased by th e b an k should be c a rrie d as “b a n k in g house.”
I have exam ined th is lease, w hich w as o rig in a lly m ade betw een th e ...................
Com pany and th e ..................... Com pany, p a rtie s of th e first p a rt, an d ................... .
p a rty of th e second p a rt. I assum e th a t th e lessee’s rig h ts have been assigned
to th e bank. U nd er th e te rm s of th is lease, w hich ru n s for 99 years, th e lessee
is re q u ired to p ay $20,000.00 a y ear g ro u n d re n t fo r th e first te n years, and
$25 000 00 a y ear th e re a fte r. T he lessee also ag rees to c o n stru c t on p a rt of th e
ground a b u ild in g of n o t less v alue th a n $50,000.00 P erm issio n is also given
in th e lease by w hich th e lessee m ay c o n stru c t a b u ild in g of n o t less th a n
$100,000.00, to ta k e th e place of an y b u ild in g s now or h e re a fte r constructed. The
lease co n tain s th e u su a l pro v isio n s fo r fo rfe itu re an d se c u rity fo r p erfo rm an ce
and provides in case of fo rfe itu re before th e end of th e te rm and also upon tn e
te rm in a tio n of th e lease by e x p ira tio n of tim e, all th e b u ild in g s erected by th e
lessee sh all become th e p ro p e rty of th e lessor. D u rin g th e te rm , how ever, th e
lessee is given th e rig h t to sublet, m ake im p ro v em en ts, assign or sell h is in te re st
in th e lease, or use i t as se c u rity for loans, etc. T he in te n t of th e in s tru m e n t
a p p a re n tly is th a t th e lessee sh all exercise all th e rig h ts of o w nership in th e
b u ild in g or b u ild in g s in c id e n t to o rd in a ry o w nership w ith th e exception th a t th e
lessor h as th e rig h t of e n try for in sp ectio n or exhib itio n , and w ith th e fu rth e r
re se rv a tio n th a t th e lessee m ay n o t in cu m b er th e p ro p e rty in such a m a n n e r as
to im p a ir th e lesso r’s in te re s t th ere in .
T he first questio n p resen ted by y o u r in q u iry is as to w h e th e r u n d e r th e M ichi­
gan B an k in g L aw s it is w ith in th e pow er of a S ta te B ank to e n te r in to such a
On th is propositio n I th in k we are agreed th a t S ta te B an k s m ay u n d er Section
6100 of th e Com piled L aw s of 1897 e n te r in to a lease of th e n a tu re in dicated.
T his section provides, in p a rt, as follow s:
“A b an k m ay pu rch ase, hold and convey re a l e sta te for th e follow ing purposes,
b u t no o th e r: F ir s t, such as sh all be n ecessary fo r th e conv en ien t tra n sa c tio n
of its business, in c lu d in g wfith its b a n k in g offices o th e r a p a rtm e n ts to re n t as a
source of incom e, b u t w hich sh all n o t exceed 50% of its paid in cap ital *
T he N atio n al B a n k in g A ct (R evised S ta tu te s, Section 5137) co n tain s a v ery sim i­
la r provision, nam ely :
“A N atio n al B an k in g A ssociation m ay p u rch ase, hold and convey re a l e state
fof th e follow ing p urposes and fo r no o th e rs: F ir s t, su ch as sh all be n ecessary
for its im m ediate accom m odation in th e tra n sa c tio n of its business.
U nder th is provision of th e N atio n al B a n k in g Law , th e S uprem e C ourt of th e
U nited S tates held in sev eral in stan ces th a t N atio n al B an k s possessed th e pow er


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

R E P O R T OF T H E COM MISSIONER.

Ixxi

to p u rch ase and hold long te rm leases, provided such leases a re b ona fide. See
B row n vs. Schleier, 194 U. S. 18, affirm ing th e decision of th e C ircu it C ourt o f
A ppeals in th e sam e case, re p o rted 118 Fed. 981. I th in k th is decision is con­
clusive upon th e propo sitio n , and th a t th e re fo re it is in tr a v ires of o u r S tate
b an k s to e n te r in to such a lease in p referen ce to o b tain in g th e fee.
Y our second in q u iry is as to w h e th e r u n d er su ch a lease th e in v e stm e n t of th e
lessee h an k should be c a rrie d u n d e r th e head “B an k in g H ouse.”
Upon th is prop o sitio n so fa r as I have been able to find th e a u th o ritie s do
not th ro w any lig h t. If th e b an k h ad o b tained th e fee in th e land upon w hich
th e b u ild in g is erected it w ould be c a rrie d in its accounts as “B an k in g H ouse.”
H av in g less th a n a fee, and an in te re st w hich m ig h t be fo rfeited th ro u g h n o n ­
perform ance on th e p a rt of th e bank, and th e te rm s of th e lease itse lf im posing
a continuous lia b ility upon th e lessee bank, th e re is som e q uestion as to w h e th e r
th is lease is an a sset or a liab ility . I t is a lia b ility to th e e tx e n t th a t th e b an k
m u st pay its re n t w h e th e r it o b tain s a n y incom e from th e b u ild in g or not, an d
it has th e fu rth e r lia b ility th a t it m u st ere c t a b u ild in g w o rth n o t less th a n
$50,000 upon th e land, and it m u st a t all tim es a fte r th e erectio n of such b u ild in g
m a in ta in th e new b u ild in g and older b u ild in g s a t a v alue n o t less th a n $100,000.
U ndoubtedly if th e p lan s of th e b an k do n o t m isc a rry th e lease w ill be a valu ab le
asset.
In d ep en d en t of such co n sid eratio n s, how ever, and w hich are larg ely sp ecu lativ e,
th e fact rem ain s th a t th e b an k h as invested, or w ill invest, a specified a m o u n t
of m oney in th e erectio n of a b u ild in g or b u ild in g s for its own use as a bank.
I do not see how such an in v e stm e n t can be tre a te d differen tly from th e in v e st­
m en t in a fee, b oth being for th e sam e purpose. T he only difference w ould be
as to a c tu a l value. I u n d e rsta n d th a t N atio n al B anks ow ning th e ir b a n k in g
houses u n d e r sim ila r leases a re p e rm itte d to c a rry th e sam e in “B an k in g H ouse”
account. I am th e re fo re of th e opinion th a t th e sam e ru le should apply to S tate
B anks. The am o u n t w hich should be c a rrie d as “B an k in g H o u se” acco u n t should
n o t exceed th e ac tu a l v alue of th e b u ild in g s erected by th e b an k u n d er th e lease,
and should n o t include th e a n n u a l re n ta l p aid fo r th e g ro u n d or b u ild in g s erected
by th e landlord.
R esp ectfu lly yours,
Grant

F ello w s,

A tto rn e y General.
L an sin g , J u n e 5, 1914..
H onorable E. H. Doyle, S tate B a n k in g C om m issioner, C apitol:
D ear S ir—Y our com m u n icatio n of th e 1st in st. received, in w hich you re q u e st
m y opinion on a pro p o sitio n su b m itted to you by th e ..............................!. . . . B an k .
T his proposition is as follow s:
“The ............................................ B an k h as o u tgrow n its p re se n t q u q a rte rs a n d
it is absolutely n ecessary th a t we o b tain a la rg e r site o r go to p ra c tic a lly th e
sam e expense of re b u ild in g on th e p re se n t site, an d th e n n o t have a d e sirab le
b u ild in g on account of th e n a rro w lo t w hich we now occupy, it being only 21 feet.
“T here is a b u ild in g a d ja c e n t to o u r p re s e n t lo cation of 28 feet, th e title of
w hich sta n d s as follow s: T he p ro p e rty w as w illed by a M r......................... to h is
tw o d au g h ters, a M rs...................... an d a M i s s ......................, who have th e use th e re o f
for th e ir n a tu r a l lives. A t th e d e a th of e ith e r one, th e title is to go to h e r h e irs.
M i s s ................... is a m aiden lady, 60 y e ars old. M rs........................., th e o th e r te n a n t,
is m a rrie d and is now of th e age of 56 years. She h as three, ch ild ren , who w ill
be th e rem ain d erm e n of h e r in te re s t in th e p ro p erty , an d u n d o u b ted ly th e rem anderm en of th e m aiden lady, u n less M rs......................... should su rv iv e her.
“T hese life te n a n ts a re w illin g to sell to th e bank, b u t th e re m ain d erm en do
n o t w ish to sell, claim in g th e m oney is w ell in v ested and th a t th ey w ould r a th e r
th e in v estm en t w ould sta n d u n til th e d eath of th e life te n a n ts.
“The question a rise s as to w h e th e r th e b an k w ould have th e rig h t to ta k e
over th e p a rtie s in te re sts by all of th em jo in in g in a lease, coupled w ith an option
to pu rch ase on th e d eath of th e life te n a n ts, so th a t th e y could go on and e re c t
a b an k building, and pay th e life te n a n ts a re n ta l d u rin g th e ir lives, and a t
th e end of th e lease period, o r a t th e d e a th of th e life te n a n ts, have th e o ption


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

Ixxii

STATE BANKING D EPA R TM EN T.

to p u rch ase become op erativ e and th e y convey th e ir in te re sts in fee to
b a n k or its successor.”
In reply th ereto w ould say th a t th is prop o sitio n is sim ila r to th a t
m y opinion given you M arch 17th, 1914, re la tiv e to b an k s b u ild in g s on
e rty . In th is p a rtic u la r case th e lease and option w ould n ecessarily
clu d e both th e life te n a n ts and all th e possible rem ain d erm en .
Grant

th e p re se n t
involved in
leased p rop­
have to in ­

F ello w s,

A tto r n e y General.
T R E A SU R E R

OF M U N IC IP A L IT Y

NO T TO D E PO SIT F U N D S I N
HOLDER OR O T H E R W IS E .

BANK

W HERE

HE

IS

ST O C K ­

A p ril 29th, 1914.
H on. E d w ard H. Doyle, C om m issioner of B an k in g , C apitol:
D ear S ir—Y our o ra l co m m unication on th e follow ing prop o sitio n h as been con­
sidered. You h an d in a co m m unication from Mr. Leo J. N av arre of E ssexville,
M ichigan, as follow s:
“ T he w rite r, who is a sto ck h o ld er an d d ire c to r in th e S ta te S avings B ank of
E ssexville, has been elected tr e a s u re r of th e village of E ssexville.
“A n opinion has been h anded me th is m o rn in g w hich concerns th e deposit of
m oney w hich I m ay h an d le as such tre a su re r. T he opinion is from th e law firm
of C oum ans & Gaffney of B ay City, and is enclosed h e re w ith for y o u r inspec­
tion.
“The w rite r talk e d over phone th is m o rn in g to Mr. M anning, who sta te d th a t
if th e village d esig n ated th is b an k as a depo sitory e v e ry th in g w ould be all rig h t.
“I do n o t w ish to do a n y th in g c o n tra ry to th e ru les of th e D ep a rtm e n t and
w ish you w ould w rite me in th is reg ard , so th a t y our decision m ay be su b m itted
a t th e d ire c to rs’ m eetin g and se ttle an y questio n w ith re g a rd to y o u r office.”
A ccom panying th is w as also an opinion given by M essrs. C oum ans & Gaffney
rof B ay C ity b e arin g upon th e propo sitio n , th e conclusion of w hich is as follow s:
“T herefore, we
th e tr e a s u re r of
in w hich he is a
T he references

conclude th a t by th e pro v isio n s of Sections 892, 893 an d 895,
an y m u n ic ip a lity is fo rbidden to deposit m oneys in an y b an k
sto ck h o ld er or o th erw ise.”
a re to H ow ell’s M ichigan S ta tu te s (n e w ).

In rep ly th e re to w ould say th a t i t h as h ereto fo re been th e p osition of th is
d e p a rtm e n t th a t th e tre a s u re rs of th e v a rio u s m u n ic ip a litie s can n o t deposit th e
fu n d s w hich th ey hold as such tre a s u re rs in b a n k s in w hich th e y are in te re ste d
as stockholders, d ire c to rs or officers. T his, how ever, is modified by th e p ro v i­
sio n s of A cts 99, and 305, P u b lic A cts of 1909. A ct 99 applies to counties, and
305 applies to tow nships. B oth of th ese A cts provide for th e deposit of public
fu n d s in ban k s to be d esig n ated by B oards of S upervisors, C ounty A udito rs, and
T o w n sh ip B oards, as th e case m ay be. U nder e ith e r A ct th e tr e a s u re r is relieved
fro m h is resp o n sib ility in case of th e fa ilu re of th e b an k s in w h ich th e deposits
a r e m ad e w h e re th e d e p o sito ries a re d e sig n a te d in accordance! w ith th e te rm s of
th e A cts. I th in k it w ould also follow th a t w here th e B oard of S u p erv iso rs or
th e T ow nship B oard, as th e case m ay be, h as u n d e rta k e n to d esig n ate a deposi­
to ry fo r th e funds, th e tr e a s u re r w ould n o t be v io la tin g a n y law follow ing th e
d ire c tio n s of those h av in g th e rig h t to d esig n ate such d epositories. " T his, how ­
ev er, is by v irtu e of express sta tu te s. As to such officials as do n o t come w ith in
th e te rm s of th e above A cts, I th in k th e old ru le w ould fu lly apply. The g en eral
school law also co n tain s a p rovision by w hich th e electors of a p rim a ry school
d is tr ic t m ay desig n ate th e depo sito ry of th e school d is tric t funds. W here th is is
done, I am of th e opinion th a t it w ould relieve th e tr e a s u re r of an y lia b ility for
d ep o sitin g funds in a b an k in w hich he m ig h t be in te re ste d in th e sam e w ay as
in th e case of C ounties or T ow nships. In th e absence of express s ta tu te I th in k
th e opinion given by C oum ans & Gaffney is correct.
R espectfully yours,


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

Grant

F ello w s,

A tto r n e y General.

R E PO R T OF T H E COMMISSIONER.

lxxiii

SIG N E R O N FA C E OF NO TE CO NSID ER ED M A K E R U N L E S S O T H E R W IS E D E SIG N A T E D .

A p ril 29, 1914.

H on. E. H. Doyle, S tate B an k in g C om m issioner, C apitol:

D ear S ir—R eplying to y o u r o ral re q u e st for an opinion as to th e lia b ility of
th e sig n ers of a pro m isso ry n ote fo r th e follow ing form :
$100.00.
......................... M ichigan, Ja n y . 1, 1914.
S ixty days a fte r d ate I prom ise to pay to th e o rd er of th e T h e F i r s t S t a t e B a n k
o f ..................................
M i c h i g a n , One H u n d red D ollars a t its office, value received, w ith
in te re s t a t 7 p er cent per a n n u m a fte r due, w aiv in g n otice of dem and, dish o n o r
and p ro test.
J o h n S m it h ,
D u e ............................................ ..
W illiam J ones”
I w ish to advise you as follow s:
I t w ill be noted th a t th e in s tru m e n t is signed by tw o p a rtie s on its face,
n e ith e r p a rty h av in g been re q u ire d to sign on th e back. W h a t you d esire to know
in p a rtic u la r is as to th e lia b ility of W illiam Jones, th e second sig n er, who claim s
to have signed th e n ote as an accom m odation p a rty and n o t as a beneficiary.
In rep ly th ere to , I call y o u r a tte n tio n to th e follow ing pro v isio n s of A ct 265
of th e P u b lic A cts of 1905:
“ Section 2. The person p rim a rily liable on an in s tru m e n t is th e person who
by th e term s of th e in s tru m e n t is absolutely re q u ired to pay th e sam e' All o th e r
p a rtie s a re seco n d arily liable.”
“ Section 26. E v ery n egotiable in s tru m e n t is deem ed p rim a facie to have been
issued for a valu ab le co n sid e ra tio n ; and every person w hose sig n a tu re ap p ear
th ereo n to have become a p a rty th e re to fo r v alu e.”
“Section 31. ACCOM M ODATION P A R T Y , L ia b ility of—An accom m odation
p a rty is one w ho h as signed th e in s tru m e n t as m ak er, draw er, acceptor, or e n ­
dorser, w ith o u t receiv in g v alue th e re fo r, and fo r th e purpose of len d in g h is nam e
tc. som e o th er person. Such person is liable on th e in s tru m e n t to a h o ld er for
value, n o tw ith sta n d in g such h o ld er a t th e tim e of ta k in g th e in s tru m e n t knew
him to be only an accom m odation p a rty .”
“Section 65. W h en P erson deem ed endorser—A p erson placing h is sig n a tu re
upon an in s tru m e n t o th erw ise th a n as m ak er, d ra w e r or acceptor, is deem ed to
be an en d o rser unless he clea rly in d icates by a p p ro p ria te w ords h is in te n tio n to
be bound in som e o th e r cap acity .”
In view of th e above provisions and th e n u m ero u s a u th o ritie s, th e re can be
no doubt th a t in an in s tru m e n t executed in th e above form W illiam Jo n es would
be p rim a facie deem ed to be a m ak er of th e note, th e re b eing n o th in g on th e
face of th e in s tru m e n t to show th a t he signed th e sam e in an y o th e r capacity.
R esp ectfu lly yours,
Grant

F ello w s,

A tto rn e y General.
ST A T E B A N K S NOT TO PLEDGE A S S E T S I N L IE U OF BO ND TO- SEC U R E C O U N T Y F U N D S .

A p ril 29, 1914.
H on. A lbert E. M anning, D eputy B a n k in g C om m issioner, C apitol:
D ear S ir—I have y o u r com m unication of th e 28th in st. req u e stin g m y opinion as
to w h eth er or n o t a S tate b an k can pledge its bonds w ith th e C ounty T re a su re r
in o rd er to secure o r g u a ra n te e co unty deposits. You have also fo rw ard ed to me
th e com m unication from th e ...................................... B ank in w hich th e q uestion
is raised.
In reply th e re to w ould say th e only d ire c t a u th o rity for th e denosit of county
bonds w ith b an k s is found in A ct 99 of th e P u b lic A cts of 1909. B efore th e
passage of th is Act, and even now in th e absence of affirm ative action by th e
B oard of S uperv iso rs or B oard of C ounty A u d ito rs, th e C ounty T re a su re r w as
held absolutely responsible for all county funds. T h ere w as no d irect a u th o rity
fo r h is depositin g th e county m oneys w ith b an k s or o th e r dep o sito ries u n less


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

STATE BANKING D EPA R TM EN T.

lxxiv
as in som e
P ublic A cts
a depository
p a rtic u la rly

cases by local leg islatio n . U n d e r th e p ro v isio n s of A ct 99 of th e
of 1909, above re fe rre d to, th e B oard of S u p erv iso rs ma> designate
for county fu n d s u n d er c e rta in conditions. Y our a tte n tio n is called
to Section 3 of th is Act, w hich provides as follow s:

“B efore an y deposit sh a ll be m ade w ith an y b an k or b an k s as afo resaid , such
b ank or b an k s sh all execute and d eliv er to th e B oard of S u p erv iso rs or th e
B oard of C ounty A uditors, as th e case m ay be, a good and sufficient bond in an
am o u n t a t least equal to th e m axim um am o u n t to be deposited
m such b an k , and
w ith such su reties as sh all be approved by such bo ard an d th e
P ro se c u tin g A tto r­
ney of th e county. Said bonds sh all be m ade to th e county an d sh all be condi­
tio n ed for th e safe keep in g and re p a y m e n t of such m oneys or an y p a rt th ereo f
on dem and and th e -p a y m e n t of said in te re s t and sh all co n tain such . ^ ^ condi­
tio n s as m ay be req u ired by th e B oard of S u p erv iso rs or th e B oard of C ounty
A uditors, n o t in co n siste n t w ith th e pro v isio n s of th is Act.
T he condition prescrib ed in Section 3 is, in m y opinion, an absolute one and
for w hich th e re w ould be no a u th o rity to m ake a su b stitu tio n
T he d epositing
of co llateral se c u ritie s w ould not, in m y opinion, fulfill th e conditions prescrib ed
i n i t amAassu m in g for th e purpose of th is opinion th a t th e B oard of S u p erv iso rs
or th e B oard of C ounty A u d ito rs of W ayne h as u n d e rta k e n to d esig n ate th e
depositories for th e ir county fu n d s e ith e r u n d er th e p rovisions of th e above A ct
or som e o th er sim ila r law.
R espectfully yours,
Grant

F ello w s,

A tin m e n General.

C E R T A IN M U N I C I P A L P U B L IC U T IL IT Y BO N D S NOT LEGAL S A V IN G S IN V E S T M E N T S .

October 26, 1914.
H on. E. H. Doyle, S tate B an k in g C om m issioner, C apitol:
D ear S ir—You have re fe rre d to me a com m unication from a public com m ittee
in th e C ity of Y psilan ti, req u e stin g an opinion as to w h e th e r a proposed issue ot
u tility bonds w ould come w ith in th e class of in v e stm e n ts p e rm itte d to be m ade
by savings b an k s o rganized u n d er th e M ichigan B an k in g Law. T he <
Y p silan ti h as recen tly a u th o rized th e p u rch ase of th e Y p silan ti gas p la n t and a
au th o rized an issue of one h u n d re d th ir ty th o u sa n d d o llars of m ortgage bone s
to pay for th is p lan t, th e bonds n o t being a lia b ility upon th e g en eral c red it of
th e citv b u t being secured solely by a tr u s t m o rtg ag e covering th e p ro p e rty and
revenues of th e gas p lan t, in clu d in g a tw en ty -y ear fra n c h ise m case of foreCl°SecHon 27 of th e S ta te B an k in g Law prescrib es th e class of in v estm en ts w hich
m ay be m ade by sav in g s b a n k s of th e savings m oney on deposit. T h ere a re sev­
e ra l classes w hich are described in sub-sections (a ) to (i) of th is section. T here
are two classes of p ublic bonds: (a ) B onds of th e U nited S tates, of any S tate
or te r rito ry of th e U nited S ta te s; (b ) T he p ublic debt or bonds of any city,
county, tow nship, village or school d is tric t of an y S ta te or te r rito ry in th e
U nited States, w hich sh all have been au th o riz e d by th e le g isla tu re of such S tate
or te r rito ry
• +
The action of th e C ity of Y p silan ti in p u rc h a sin g th e gas p la n t from a p r i v a t e
corporation w as ev id en tly based upon th e perm issio n g i v e n i n S e c t i o n 4 o f A ct 279
of th e P ublic A cts of 1909, as am ended by A ct 5 of th e P u b lic A cts of 1913. This
section provides in p a rt as follow s:
“ E ach city m ay in its c h a rte r provide:
(b) F o r borrow in g m oney on th e c re d it of th e city in a sum n o t to exceed
eig h t per centum of th e assessed value of all re a l and p erso n al p ro p erty in th e
city * * * * w hen a city is a u th o rized to acq u ire or o p erate an y public u tility ,
it. m ay for th e purpose of acq u irin g th e sam e borrow m oney on th e c re d it ol
th e city in a sum n o t to exceed tw o p er centum of th e assessed v alue of all th e
re a l and p ersonal p ro p e rty of th e city, and th e city m ay also, for th e purpose o
acq u irin g such public u tility , issue m o rtg ag e bonds th e re fo r beyond th e gen eral


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

R E PO R T OF T H E COM MISSIONER.

lxxv

lim it of bonded indebtedness p rescrib ed by law : Provided, T h a t such m o rtg ag e
bonds issued beyond th e g en eral lim its of bonded in d eb ted n ess p rescrib ed by law
sh all n o t im pose a n y lia b ility upon such city, b u t sh a ll be secured only upon
th e p ro p erty and revenues of such public u tility , in clu d in g a fra n c h ise s ta tin g th e
te rm s upon w hich, in case of foreclosure, th e p u rc h a se r m ay o p erate th e sam e
* * * A nd provided fu rth e r, T h a t th e c h a rte r sh all provide fo r th e creatio n of
a sin k in g fund by se ttin g aside such p ercen tag e of th e gross or n e t e a rn in g s of
th e public u tility as m ay be deem ed sufficient fo r th e p ay m en t of th e m ortgage
bonds a t m a tu rity .”
T he question a risin g from y o u r in q u iry is, w h e th e r bonds of th e class described
and issued by th e C ity of Y p silan ti come w ith in th e p rovisions of sub-section B
of Section 27 of th e B an k in g L aw above quoted.
Section 27 of th e b a n k in g law w as la s t am ended by A ct 44 of th e P u b lic A cts
of 1913 and w as th e re fo re re-enacted in its p re se n t form subseq u en t to th e p as­
sage of section 4 of th e C ity H om e R ule L aw and u n d e r th e o rd in a ry ru les of
s ta tu to ry co n stru ctio n m u st th e re fo re be deem ed to have been enacted in view
of th e provisions of th e C ity H ome R ule Law. T he p recise q uestion u n d e r con­
sid eratio n involves th e definition of th e te rm “in th e public debt or bonds of an y
city .” The b an k in g law does n o t a tte m p t to define th is te rm a n y m ore th a n is
im plied in th e lan g u ag e used and so fa r as I have been able to discover, th e Su­
prem e C ourt of th is S tate h as n ev er been called upon to pass upon th e question.
I t is also one of first im p ressio n so fa r as th is d e p a rtm e n t is concerned.
The purpose of th e p rovisions of Section 27 is to th ro w pro p er safeg u ard s
aro u n d th e in v e stm e n t of sav in g s deposits and like o th e r sim ila r p rovisions of
our b an k in g law, and th e b a n k in g law s of o th e r S tates and of th e U nited S tates
m u st be stric tly co n stru ed to give it its in ten d ed effect.
In o rd er th a t sav in g s b an k s m ay in v est in such debts o r bonds, th e y m u st
correspond to all of th e re q u ire m e n ts of th e sta tu te , th a t is, th e y m u st be public
debts or bonds and m u st p e rta in to th e ' city, county, tow nship, village or school
d is tric t as th e case m ay be and m u st have been a u th o rized by th e L eg islatu re.
So fa r as th e p a rtic u la r bonds u n d e r co n sid eratio n are concerned I have no
h esitatio n in say in g th a t th ey are, stric tly speaking, public bonds, and m ay be
assum ed to have been au th o rized by th e L e g isla tu re of th is S tate, a t le a st for
th e purposes of th is opinion. W h eth e r or n o t th e y are th e bonds of th e City of
Y psilanti, is, how ever, a n o th e r question. I t is tru e th ese bonds a re au th o rized
by th e C ity of Y p silan ti and th e y a re to be p aid and redeem ed by fu n d s belonging
to th e C ity of Y psilanti. T hey a re not, how ever, secured by th e fa ith and
c red it of th e city as a whole.
I t is a gen eral ru le of law th a t w h ere special fu n d s are created for th e p ay ­
m en t of a p a rtic u la r class of claim s, th o se fu n d s can n o t be used for an y o th e r
purpose. Peoples vs. B ay City, 36 Mich. 186; C laim s payable o u t of a special
fund are u su ally no t payable out of an y o th e r fund, an d hence th e m u n ic ip a lity
is n o t liable outside of such fund. B rooke vs. San L u is Obispo, 109 Cal. 50;
D irectors Chicago P u b lic L ib ra ry vs. A rnold, 60 111 App. 328; W iek vs. W ausan’,
143 W is. 645; R hode Isla n d M. & T. C om pany vs. Spokane, 19 W ash. 616; Loudenslag er vs. A tla n tic City, 80 N. J. L. 658. T h is being th e law in d ep en d e n t of
sta tu te , we m ay consider our own s ta tu te as n o t only lay in g down a ru le alread y
adopted b u t as absolutely c o n tro llin g of th e proposition. T hese bonds a re not
th erefo re, chargeable a g a in st th e C ity of Y p silan ti as a whole.
A gain, it w ill be noted th a t Section 4 of th e C ity H om e R ule A ct m akes a d is­
tin c tio n betw een bonds issued on th e fa ith and c re d it of a city, and bonds se­
cured by a publicly ow ned u tility and th is d istin c tio n is not, as I u n d e rsta n d it,
d istu rb ed by th e decision ren d ered by our S uprem e C ourt in A tto rn e y G eneral
vs. L indsay, 20 D. L. N. 1167, w here th is p rovision w as u n d e r discussion and
in terp re ted . I t th e re fo re follows th e p ublic debt and bonds of a city are subject
to a very pronounced classification to th e e x te n t th a t one class is d esig n ated as
th e debt of a city and th e o th e r class is recognized as of an opposite d escrip ­
tion, alth o u g h still a p ublic debt.
I have been unable to find an y decision w hich is exactly in point. In th is con­
nection, how ever, th e case of S m ith vs. S m ith, 30 Ky. 238, is of in te re st. In
th a t case a su it w as b ro u g h t in ch an cery fo r se ttle m e n t betw een a g u a rd ia n and
h is w ards, th e q uestion p resen ted being w h e th e r th e g u a rd ia n should be held
responsible for a sum of m oney received by h im for th e w ard s and by him in ­
vested in th e purch ase of sh a re s in th e B ank of K entucky, w hich stock had become
g re a tly depreciated. U nder a ru le th a t such m oneys could only be invested in


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

a

STA TE BAN KING D EPA R TM EN T.

lxxvi

public funds, and h o lding th e g u a rd ia n liable in case of loss w here o th e r in v e st­
m ents w ere m ade, it w as held by th e C ourt as follow s:
“We are of th e opinion th a t th e d efen d an t (g u a rd ia n ) should be charged w ith
th e full am o u n t of th e fu n d in v ested by h im in b an k stock, w h e th e r h is lia b ility
be tested by comm on or s ta tu to ry law. W e can n o t consider stock in th e b an k
of K en tu ck y as “public fu n d s,” or in o th e r w ords g o v ern m en t stock, depending
for its cred it and se c u rity on th e fa ith , solvency and sta b ility of th e G overnm ent.”
The b an k of K en tu ck y w as, how ever, a G overnm ent B ank (B riscoe vs. The
B ank of T he C om m onw ealth of K en tu ck y , 11 P et. 257), b u t in asm u ch th e fa ith
and cred it of th e S tate of K en tu ck y w as n o t pledged as se c u rity for th e b an k
stock, th e stock w as n o t considered “p ublic fu n d s.”
So in th e p resen t case I am im pressed th a t w hile th e proposed bond issue is
to m eet a public ex p en d itu re, and is a u th o rized by th e C ity of Y p silan ti, th e
bonds are n o t “bonds of th e City of Y p sila n ti” w ith in th e m ean in g of th e b a n k ­
ing law. The object of Section 27 of th e b a n k in g law is to provide th e h ig h e st
k in d of secu rity , b u t th e C ity of Y p silan ti h as n o t provided th e h ig h e st k in d of
secu rity . On th e c o n tra ry it h as expressly refu sed to pledge its fa ith and cred it
as a city to m eet th e bond issue and h as pledged only a p a rtic u la r p ro p e rty be­
longing to th e city. I am th e re fo re of th e opinion th a t these bonds do n o t m eet
th e req u irem en ts of th e section of th e b a n k in g law above quoted.
R esp ectfu lly yours,
Gr a n t F ello w s,

A tto rn e y General.
EXECUTO R OF A N E S T A T E C A N N O T BE DIRECTOR OF ST A T E B A N K S I N T H A T R E PR E SE N T A T IV E
C A PA C IT Y .

J a n u a ry 4, 1915.
Hon. E. H. Doyle, C om m issioner of S ta te B an k in g D ep artm en t, C apitol:
D ear S ir—Y our com m unication of th e 31st u lt. received as follow s:
“An executor of an e sta te d esires to become d ire c to r in a sta te b ank w here
th e deceased held a larg e block of th e stock, th e -e x e c u to r as d ire c to r w ish in g to
hold stock of th e b an k in h is re p re se n ta tiv e cap acity ra th e r th a n as an ind iv id u al.
The D ep artm en t h a s alw ays ta k e n th e p osition th a t a d irecto r, to m eet th e
provisions of Section 12 of th e law m u st own th e stock in d iv id u ally . W e would
ap p reciate your opinion in th e m a tte r, and c itin g th e follow ing a u th o ritie s h anded
us by th e executor in su p p o rt of h is c o n ten tio n th a t he could q u alify in h is re p re ­
sen ta tiv e capacity as a directo r.
21 E. G. L. 838.
15 L. R. A. 665.
2 Cook Cors. 623 page 1889.
4 N. Y. Sup. 174.
101 Ky. 570.
42 Conn. 560.
W ill you k in d ly le t us h e a r from you in re. th e above a t y our e a rlie s t oppor­
tu n ity .”
In rep ly th e re to w ould say th a t th e q ualifications of d ire c to rs a re fixed by
Section 12 of th e G eneral B a n k in g Law’ of th e S tate. A m ong o th ers, th e follow ing
qualification is prescrib ed “E v ery d ire c to r m u st own and hold in h is own nam e
n o t less th a n ten sh a re s of th e cap ita l stock of such b a n k .”
I have carefu lly exam ined th e c ita tio n s you have re fe rre d to an d am of th e
opinion th a t th e ru les th e re laid dowm, w hile applicable to g en eral corp o ratio n s, are
no t co n tro llin g as to b an k s organized u n d er th e M ichigan B ank Act, w h ere p erso n al
resp o n sib ility , based upon beneficial o w nership of stock, is p lain ly contem plated as
a qualification for d irecto rsh ip . T h is positio n h as h ereto fo re been assum ed by th is
D ep artm en t and I see no reaso n fo r n o t ad h e re in g to th e sam e. 1 am clea rly of
th e opinion th a t an ex ecutor of an e state, w hose only in te re s t in a b an k re s u lts
from such office, w ould n o t be qualified to be a d ire c to r of a S ta te B ank.
R esp ectfu lly yours,


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

Grant F ello w s,

A tto rn e y General.

R E PO R T OF T H E COMMISSIONER.

N A T IO N A L

BANKS

CANNOT

LEGA LLY

AC T

AS

T R U ST E E ,

EXECUTO R,

lxxvii

A D M IN IST R A T O R .

ETC.

M arch 10, 1915.
Hon. F ra n k W. M errick, B an k in g C om m issioner, L an sin g , M ichigan:
D ear S ir—Y our com m unication of th e 3rd in s ta n t received as follow s:
“I resp ectfu lly call y our a tte n tio n to subdivision ‘k ’ of Section 11 of w h a t is
know n aS th e F ed e ra l R eserve Act, w hich gives to th e F e d e ra l R eserve B oard th e
rig h t to g ra n t to n a tio n a l b a n k s th e priv ileg e of a c tin g as tru ste e , executor, ad­
m in is tra to r or re g iste r of stocks an d bonds u n d er ru le s and re g u la tio n s prescrib ed
by said B oard, w h en n o t in co n tra ven tio n o f sta te or local law
I also re fe r you to A ct No. 108 of th e P u b lic A cts of 1889 as am ended, know n as
th e tr u s t, deposit an d se c u rity com pany act.
In y our opinion, in view of th is specific s ta tu te go v ern in g tru s t, deposit and
se cu rity com panies, could a n a tio n a l b an k even if p e rm itte d by th e F e d e ra l R eserve
B oard, legally ac t m M ichigan as tru ste e , executor, a d m in is tra to r, etc.? As you
no doubt are aw are, th e re is a m ovem ent on foot in M ichigan to so am end th e
banking law so as to give all sta te b a n k s tr u s t com pany pow ers, and th e fact
th a t n a tio n a l ban k s m ay u n d e r said subdivision ‘k ’ of Section 11 p erfo rm ce rta in
u nctions of a tr u s t com pany, is being used as an a rg u m e n t th a t sta te b an k s
should also have equal rig h ts .”
, ,I l} . rep1^ th e re to w ould say th a t th e m a tte r of a d m in is tra tio n of e sta te s in
M ichigan is alm ost e n tire ly governed by sta tu te . T his is p a rtic u la rly tru e w ith
reference to th e m ach in ery of a d m in istra tio n . W ith referen ce to th e execution
of w ills, Section 9ol0 of th e Compiled Law s of 1897 provides,
“W hen a w ill sh all have been duly proved an d allowed, th e P ro b ate C ourt
sh all issue le tte rs te s ta m e n ta ry th ereo n , to th e person nam ed ex ecutor th e re in if
he is legal y com petent, and sh all accept th e tr u s t, and give bond as req u ired
by law, and a copy of su ch w ill sh all be an nexed th e re to ; * *
W ith reference to th e a d m in is tra tio n of e sta te s of in te sta te s, Section 9324 of th e
Compiled L aw s of 1897 provides as follow s:
“A d m in istra tio n of th e e sta te of a p erson dy in g in te sta te sh all be g ra n te d to
some one or m ore of th e persons h e re in a fte r m entioned, an d th e y sh all be
respectively e n title d to th e sam e in th e follow ing o rd er:
F irs t, The widow, h u sb an d o r n ex t of k in , or a g ra n te e of th e in te re s t of
one or m ore of them , or such of th em as th e ju d g e of p ro b ate m ay th in k pro p er or
such person or p ersons as th e widow, h u sb an d , n ex t of k in or g ra n te e ¿ a v
req u est to have appointed, if su itab le and com petent to d isch arg e th e t r u s t th e w i^ ° ’W’ husband, n ex t of k in or g ran te e , or th e person selected by
th em sh all be u n su ita b le or in com petent, or if th e widow, husband, n ex t of k in or
g ra n te e sh all neglect for th ir ty days a fte r th e d eath of th e in te sta te to apply for
ad m in istra tio n , or to req u est th a t a d m in is tra tio n be g ra n te d to some o th e r person
th e sam e m ay be g ra n te d to one or m ore of th e p rin c ip a l cred ito rs, if an y such
are com petent and w illin g to ta k e it;
T h ird , If th e re be no such c re d ito r com petent and w illin g to ta k e a d m in istra mn, th e sam e m ay be com m itted to such o th e r person or p ersons as th e judge of
probate m ay th in k p ro p er.”
J 6
• ^
no^
th a t b oth th ese sections re fe r to “co m petent p e rso n s” in sp eak ­
in g of th e ap p o in tm e n t of executors an d a d m in is tra to rs, an d I th in k th is is th e
g en eral u n d e rsta n d in g of th e p ractice in M ichigan. C o rp o ratio n s have n ev er been
considered as_ au th o rized to a d m in iste r e sta te s in M ichigan w ith th e exception of
tr u s t com panies o rganized u n d e r A ct 108 of th e P u b lic A cts of 1889, as am ended.
C ertain ly bamks have n e v er been considered as a u th o rized by law to a d m in iste r
estates and I should consider it in c o n trav en tio n of th e tw o s ta tu te s above quoted
to r b an k s to a tte m p t to q u alify e ith e r as executors or a d m in is tra to rs
T he sam e
is tru e of g u ard ia n s, etc.
The fact th a t C ongress has_ enabled n a tio n a l b an k s to ac t in such cap acity is
m erely to be ta k e n as perm issiv e and th is perm issio n is conditioned upon th e law s


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

STATE BAN KING D EPA R TM EN T.

lxxviii

of th e several sta te s upon th e subject. I am of th e opinion th a t it w ould re q u ire
a positive and express ac t of th e le g isla tu re to g ra n t to e ith e r n a tio n a l or sta te
h an k s th e a u th o rity to ac t as tru ste e s, executors or a d m in is tra to rs, etc., of estates.
R esp ectfu lly yours,
Gr a n t F ello w s,

A tto rn e y General.

BANKS

C A N N O T LEG A LLY

SE LL

S T E A M S H IP

T IC K E T S .

•

A p ril 12, 1915.

H on. F ra n k W. M errick, C om m issioner of B an k in g D ep artm en t, C apitol:
D ear S ir— I have y our co m m unication of th e 7th in st. as follow s:
“We are in receip t of sev eral le tte rs from a sta te b an k d e sirin g to be inform ed
w h e th e r or n o t it can legally tra n s a c t th e b u sin ess of selling steam sh ip tick ets.
T his b an k is located in a com m u n ity th ic k ly p opulated by fo reig n ers, an d could
tra n s a c t m ore or less b u sin ess in th e d irectio n of a c tin g as a g en t fo r th e v ario u s
ocean steam sh ip com panies.”
In reply th e re to w ould say th a t th e g en eral pow ers of b an k s in co rp o rated u n d er
th e M ichigan B ank A ct a re p rescrib ed in section 4. A tte n tio n is p a rtic u la rly
d irected to th e sev en th subd iv isio n of th is section re a d in g as follow s:
“To ex ercise by its b o ard of d ire c to rs o r duly a u th o riz e d officers or a g en ts, su b ­
ject to law , all such pow er as sh a ll be n ecessary to c a rry on th e b u sin ess of
b a n k in g by disco u n tin g an d n e g o tia tin g p ro m isso ry notes, d ra fts, b ills of exchange,
and o th er evidences of debts, by receiv in g deposits, by b u y in g and sellin g exchange
coin and bullion, an d by lo an in g m oney on p erso n al and re a l se c u rity as provided
h e re in a fte r.”
T hese are th e u su a l pow ers g ra n te d to b a n k s in c a rry in g on a b a n k in g business.
I t is a g en eral rule, laid down by a ll a u th o ritie s, th a t th e c h a rte r of a b a n k de­
te rm in e s th e lim it of its pow ers, an d th a t it can exercise no pow ers excepting
those expressly co n ferred by sta tu te , or n e cessarily im plied an d in c id e n ta l to gen­
e ra l b a n k in g pow ers. M ichie, Section 87, page 647. I am of th e opinion th e re fo re
th a t th e b u siness of sellin g steam sh ip tic k e ts by a b a n k in th is S ta te w ould be
u ltra v ires and th e re fo re u n au th o rized .
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.

sto c k h o ld er s

m u st

be

present

or

r epresented

by

proxy

at

a n n u a l

m e e t in g

.

A p ril 21, 1915.
H on. F ra n k W. M errick, S ta te B a n k in g C om m issioner, C apitol:
D ear S ir—Y our co m m unication of th e 13th in st. received, enclosing a form of
no tice of a m eetin g of sto ck h o ld ers of a S ta te b a n k w hich co n tain s also a form
of b allot upon w hich sto ck h o ld ers m ay express th e ir p referen ce as to th e d irec­
to rs to be chosen a t such m eeting. T h is form of b allo t is as follow s:
‘Below you w ill find a lis t of th e S tock h o ld ers eligible to D irec to rsh ip :

T he p resen t D irecto rs are ..........................................................................................................
If you can n o t he p re se n t please m ak e a cross opposite th e nam es of an y five th a t


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

R E PO R T OF T H E COMMISSIONER.

lxxix

you w ould like to have a ct as D irecto rs for th e en su in g y ear and send o r b rin g
to th is B ank on or before th e above m entio n ed date, J a n u a ry .........................191 ..
You are e n title d to vote . . . . sh ares.
(S ig n e d ) ........................................ ”
You desire to know w h e th e r or no t such a b allo t w ould be legal.
In rep ly th ere to w ould say th a t it does n o t ap p e a r from y o u r le tte r o r from
th e notice th a t th e so-called ballo t is used fo r an y o th e r purpose th a n o b ta in in g an
expression of opinion from sto ck h o ld ers w ho can n o t a tte n d th e a n n u a l m eeting.
If th is ballot is used fo r no o th e r purpose, I can n o t see how an y possible h a rm
o r w rong could re s u lt from its use.
On th e o th er h an d if th is b allo t is used for th e purpose of a c tu a lly electing
directors, and as m ark ed by an ab sen t sto ck h o ld er is cast in th e b allo t box of
th e m eeting along w ith th e b allo ts of sto ck h o ld ers who a re p resen t, I am clearly
of th e opinion th a t such b allo t is invalid. I know of no p rin cip le of co rp o ratio n
law w hich w ould p e rm it th e election of d ire c to rs in an y o th e r m a n n e r th a n a t
a m eeting law fu lly called and duly assem bled. Cook on C orporations, 7th E d itio n ,
Sections 588, 595, 596, 604, 605, and 610. I t is possible th a t u n d e r a p ro p er
c h a rte r provision and by-laws enacted u n d e r th e a u th o rity th ereo f, o r by s ta tu to ry
provisions, such a m ethod of electing d ire c to rs could be legalized, b u t I am of th e
opinion th a t u n d e r o u r p re se n t b a n k in g law a sto ck h o ld er m u st be e ith e r p e r­
sonally p resen t or p re se n t by proxy before h is b allo t can be cast in th e election
of directors.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.
ST A TE B A N K C A N N O T BECOM E S U R E T Y OF P U B L IC OFFICER.

A p ril 27, 1915.
H on. F ra n k W. M errick, C om m issioner of B an k in g , L an sin g , M ichigan:
D ear S ir—Y our com m unication of th e 22nd in s ta n t received as follow s:
“R ecently th e d ire c to rs of a sta te b an k passed a re so lu tio n a u th o riz in g th e
b an k to assum e all lia b ilitie s of c e rta in d ire c to rs who w ere su re tie s on bonds of
city tre a su re r. Can a sta te b an k assum e a n y such lia b ility by vote of d ire c to rs or
by u nanim ous vote of sto ck h o ld ers? W e w ill ap p re c ia te y o u r opinion in th is
re g a rd .”
_In reply th ere to w ould say th a t b a n k s a re a u th o rized to give bonds to secure
city m oneys deposited w ith th em in c e rta in cases, as for in stan ce, u n d e r Section
3033 of th e Compiled L aw s of 1897, as am ended by A ct 156 of th e P u b lic A cts of
1901, and u n d er th e pro v isio n s of som e of th e H om e R ule c h a rte rs an d leg islativ e
c h a rte rs. T his, how ever, m u st n o t be confused w ith th e bond given by th e city
tr e a s u re r w hen he qualifies fo r h is office.
I do n o t know of an y s ta tu te a u th o riz in g a b a n k o rganized u n d e r th e M ichigan
B an k in g L aw to become su re ty upon th e bond of a n y public officer. In th e absence
of an express s ta tu te upon th e subject, I am clea rly of th e opinion th a t a sta te
b an k cannot lend its c re d it in th is w ay or e n te r upon a n y such o bligation, e ith e r
w ith or w ith o u t co n sid eratio n . A b an k can lend its c re d it an d assum e th e obli­
gatio n s of th ird p a rtie s only in cases w h ere th e b an k is d ire c tly in te re ste d and
in th e o rd in a ry course of b anking.
M ichie on B an k s and B ank in g , page 681.
T hom as v. C ity N atio n al B ank, 24 L. R. A. 263 (N eb.).
F ir s t N atio n al B ank v. Am. N atio n al B ank, 173 Mo. 153.
Bowen v. N eedles N atio n al B ank, 94 F e d e ra l Rep. 925.
T h ilm an y v. Iow a P a p e r B ag Co., 79 N. W. 68.
M ine Supply Co. v. Stock G row ers B ank, 173 F e d e ra l 859.
If th e b ank can n o t become th e d irect su re ty upon a city tr e a s u re r’s bond, it can ­
n o t assum e th e lia b ilitie s of d ire c to rs who have become su reties. N e ith e r th e
d ire c to rs n o r th e stockholders have th e pow er to b ind th e b an k fo r th is purpose


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

STATE BANKING D EPA R TM EN T.

lxxx

and I am, th erefo re, of th e opinion th a t y our q uestion should be answ ered in th e
negative.
R espectfully yours,
G r an t F ello w s,

A tto rn e y General.

G ENERA L B A N K IN G

LAW

NO T A F FEC TED B Y ACT

106

P. A.

1913.

L an sin g , Ju n e 4, 1915.
H on. A lb ert E. M anning, D eptuy B an k in g C om m issioner, L an sin g , M ichigan:
D ear S ir—Y our le tte r of th e first in s ta n t received, c o n tain in g th e follow ing
in q u iry :
“I call y our a tte n tio n to A ct 106, P u b lic A cts of 1913, and w ould a p p reciate y our
opinion as to w h eth e r or n o t th is in any w ay supersedes th e p rovisions of th e
b a n k in g law w ith referen ce to th e s ta tu to ry lien upon b an k stock as provided in
Section 9. We have re c e n tly h ad sev eral in q u irie s as to w h e th e r or n o t said
A ct No. 106 re la te d to th e stock of sta te banks, and w ill a p p reciate y o u r opinion
in reg ard th e re to .”
In reply w ould say th a t th e A ct to w hich you re fe r is e n title d “An A ct to m ake
u n ifo rm th e law of "transfer of sh a re s of stock in co rp o ratio n s.” The ev id en t p u r­
pose of th is Act, as expressed in its title and in th e v a rio u s pro v isio n s m ade
w ith resp ect to th e m ethods of tra n s fe rrin g stock, is to adopt a u n ifo rm set of
rules, m ost of w hich are alre a d y recognized as settled co rp o ratio n law.
W ith reg ard to th e questio n as to w h e th e r th is A ct is applicable to sh a re s of
stock in banks, I am in clin ed to th e opinion th a t in so fa r as b an k sh a re s m ay be
tre a te d as tra n sfe ra b le perso n al p ro p erty , th e A ct w ould apply to th em as w ell
as to th e sh ares of o th e r corporations. In so fa r, how ever, as th is act m ay be in
conflict w ith express pro v isio n s of th e g en eral b a n k in g law of th e S tate as to th e
m ethods of tra n s fe rrin g b an k sh a re s and th e lien on th e sam e created by a n y
provision of th e b a n k in g act, q u ite a d ifferent questio n is presented.
B anks, as corporatio n s, a re controlled and reg u la te d by th e g en eral b a n k in g law
of th is S tate. To th a t e x te n t th e y are se p a ra te an d d is tin c t corporations. Sec­
tio n 9 of A rticle 12 of th e C o n stitu tio n provides:
“No g en eral law p ro v id in g for th e in co rp o ratio n of tr u s t com panies or corpo­
ra tio n s for b an k in g purposes, or re g u la tin g th e b u sin ess th ereo f, sh a ll be adopted,
am ended or repealed except by a vote of tw o -th ird s of th e m em bers of elected to
each house of th e le g isla tu re ................ ”
As p a rtia lly in s u rin g th e s tric t observance of th is C o n stitu tio n a l provision, th e
le g isla tu re h as adopted ru le s as follow s:
R ule No. 27. “T he q uestion on th e final passage of all bills, w h ich by th e
C o n stitu tio n , req u ire th e a sse n t of tw o -th ird s of th e senators-elect, sh all be ta k e n
by yeas and nays, and e n tered on th e jo u rn a l, an d u n less tw o -th ird s of all th e
m em bers-elect v o te in th e affirm ative, th e bill sh all be d e cla red lost. And, w hen­
ever, such b ill sh all receive such a sse n t of tw o -th ird s as afo resaid , th e fa c t th ereo f
sh all be certified upon said b ill.”
H ouse R ule No. 64. “No bill a p p ro p ria tin g th e public m oney or p ro p e rty for
local or p riv a te purposes, or p ro v id in g fo r th e in c o rp o ratio n of tr u s t com panies,
or co rp o ratio n s for b a n k in g purposes, or re g u la tin g th e b u sin ess th ereo f, or
am ending or rep ealin g an y law pro v id in g fo r such in co rp o ratio n or reg u la tio n shall
be passed unless tw o -th ird s of th e m em bers elected to th e H ouse sh all have voted
in favor of th e passage th ere o f.”
T he leg islativ e h is to ry of A ct 106 o f th e P u b lic A cts of 1913 is co n tain ed on
page 96 of th e “Ind ex and H isto ry ” of S enate B ills, th is Act being S enate B ill No.
28. T he bill w as in tro d u ced J a n u a ry 13, 1913, by S en ato r S m ith, and w as on th e
sam e day re fe rre d to th e C om m ittee on B an k s and C orporations. I t w as passed
on th ird read in g in th e S enate M arch 18th, 1913, and th e jo u rn a l e n try is as
follow s :


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

lxxxi

R E PO R T OF T H E COMMISSIONER.

“S enate B ill No. 28 (file No. 30), e n title d “A b ill to m ake u n ifo rm th e law
of tr a n s fe r of sh a re s of stock in c o rp o ra tio n s;” w as read a th ird tim e an d passed,
a m a jo rity of th e Senators-elect vo tin g th e re fo r by yeas an d nays, as follow s:
Yeas
N ays
N am es of S en ato rs (26)
N am es of S en a to rs (2)
The title of th e B ill w as agreed to .”
I re fe r to th e leg islativ e h is to ry as m erely show ing th a t th e bill w as n o t evi­
d en tly reg ard ed in th e S enate, w here it w as in tro d u ced , as an a m en d m en t to
th e b a n k in g law s, in asm u ch as th e S en ate ru le s applicable to su ch b ills w ere
n o t observed in th e passage of th is m easure. Of course, it is n o t a d ire c t am en d ­
m en t to any law and only rep eals o r am ends o th e r law s by im p licatio n . R ep eals
by im plication are n o t favored, and I do n o t th in k th e p ro v isio n s of th is A ct w ere
in ten d ed to repeal or m odify th e express p ro v isio n s of th e g en eral b a n k in g law .
In view of these facts and p rin cip les, I have no h e sita tio n in a d v isin g you th a t
no provision of th e g en eral b a n k in g law is affected by th e A ct u n d e r co n sid eratio n .
V ery resp ectfu lly ,
(S ig n ed ) G r a n t F e l l o w s ,
A tto r n e y G eneral.
v e n d o r ’s

l ie n

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 ansing, J u ly 6, 1915.
H onorable F ra n k M. M errick, C om m issioner of th e B an k in g D ep artm en t, L an sin g ,
M ichigan:
D ear S ir— I have before me yo u r co m m unication of th e 30th u lt., in w hich
you req u est m y view s as to th e co n stru ctio n to be placed upon c e rta in p ro v isio n s
found in Section 27 of th e g en eral b a n k in g law. As I u n d e rsta n d th e situ a tio n , a
ce rta in savings b an k in th is sta te d esires to in v e st a c e rta in a m o u n t of its de­
posits in so-called “v en d o r’s lien n o te s” executed in th e S ta te of T exas, an d by
th e te rm s of w hich a lien is created upon re a l estate. The q uestion p re se n te d is
as to w h eth er or n o t such in v e stm e n t m ay be m ade u n d er th e law.
In so fa r as it is m a te ria l to th e d e te rm in a tio n of th is question, th e section of th e
s ta tu te above re fe rre d to provides:
“A savings b an k sh all keep on h an d a t le a st fifteen p er cent of its to ta l de­
posits, one-third of w hich reserv e sh a ll be in law fu l m oney in its own v au lts,
and th e balance on deposit payable on dem and, w ith b an k s, n a tio n a l or city, in
cities approved by th e com m issioners as reserv e cities, or inv ested in U n ited
S tates bonds; three-fifths of th e re m a in d e r of th e sav in g s deposits sh a ll be in ­
vested by th e board of d ire c to rs as fo llo w s :......................................
(h ) Said b an k s m ay loan th e sam e upon nego tiab le paper, or o th e r evidences
of indebtedness secured by a n y of th e above m entio n ed classes of se c u rity ; or
(i) Upon notes or bonds secured by m o rtg ag e lien upon un en cu m b ered re a l
esta te w o rth a t le a st double th e a m o u n t lo an ed ...............................”
T he an sw er to th e questio n upon w hich you have req u ested m y view s m u st
depend upon th e co n stru ctio n to be given to th e expression “ m o rtg ag e lie n ” a s
used. I t ap p ears from th e correspondence su b m itte d w ith y o u r in q u iry th a t th e
land upon w hich th e lien sta te d in th e n o tes e x ists h as been sold a t p rices ra n g ­
ing from $25 to $35 p e r acre. O ne-third of th e p u rch ase price h as been p aid in
cash and th e re m a in d e r in th e no tes re fe rre d to. Said no tes w ere issued in series,,
th e obligations in each series m a tu rin g a t differen t tim es, v a ry in g from one to
fo u r years. The deed of th e p ro p e rty re fe rs expressly to th e v e n d o r’s lien created
by v irtu e of th e clause in th e notes. T h is deed has, it is sta te d , been recorded.
A lthough it is n o t ex p ressly so stated , I in fe r th a t th e in v e stm e n t is so u g h t to
be m ade out of th e 51% of deposits th a t m ay be loaned upon nego tiab le p a p er or
o th e r evidences of in d eb ted n ess secured by m o rtg ag e lien upon unen cu m b ered re a l
property. T he re q u ire m e n t th a t such p ro p e rty be u nencum bered n ecessa rily im ­
plies th a t th e re sh all be no o th e r lien th e re o n p rio r to, o r equal in ra n k to, th e
m ortgage by w hich th e o bligations ta k e n by th e b an k a re secured. If, th e re fo re , a
savings b ank w ere to be p e rm itte d u n d e r a n y c ircu m stan ce to in v est m oneys o u t
of th e fund in question in v en d o r’s lien notes, all of such no tes o u tsta n d in g a g a in s t
K

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

STA TE BAN KING D EPA R TM EN T.

lx x x ii

a n a rtic u la r d escrip tio n m u st n e cessarily be ta k e n . O therw ise, if a n u m b er of
such notes w ere ow ned by o th ers, th e objection w ould be en co u n tered th a t t e
p ro p e rty w as n o t u n en cu m b ered because th e re w ould e x ist th e re o n a lien equal
i n Q uite possibly*1 h o w ^ v e ^ i^ t h e ^ f a s e ^ o ’w h ich y„u re ie r, it is desired to buy all
o f's u c h o u ts ta n d in g n o tes so th a t th e objection above:
?e X th e r
TPiq b rin e s us to a co n sid eratio n of th e p rin c ip a l p o in t a t issu e , tn a t is, w n ein ei
or n o t th e lien created by th ese n o te s can be said to be a m o rtg ag e lien w ith
i L m ean in g o t th e M ichigan sta tu te ^ e involved. T he - - c a lle d V e n d o r s
S

' 4”

C

e t t e r S ? r e \ dnaiyo g o u sUin m \ “

S

eets to th e e n actm en ts of th e

S

m o rtg ag e

snob liens sh all be reg ard ed as id e n tic a l an d su b ject in all resp ects to th e sam e

S

S

g“

% s s dSriig

p S c irs p is

S e S uprem e S r t ^ T r e x a s . V w S th e re h eld th a t an a ssig n m en t of a v e n d o rs

^ ^ t h ' a t ' 1th e r a ss ig 'n m e n t'o ? a'^ em d o r’^ l i e n ^ l e aw a fnsu b j^ c ta—^ m lla ^ ^ io n s f d e r a 3it w as m ean t t 0S im ply th a t th e n o te lik e th e m o rtg ag e created a lien upon„JJ®

T A ”

? in te re s t 'to S T n t h S —

on S a t S s S e s

of th e S ta te of

is n o t given to such com panies to in v est in v e n d o rs lien n o t e s ^ ,H. ^
in te n tio n to g ra n t such perm issio n , it m ay, I believe, be assum ed th a t th e te rm
S t h e s t a t u t e w ould have been so expressed. T h is in feren ce w ould seem to be
fu llv w a rra n te d because of th e v a rio u s s ta tu to ry pro v isio n s by w hich m o rtg ag es
ond vpm ior’s lien no tes a re recognized as se p a ra te and d is tin c t u n d e rta k in g s, alS o u i h t analogous fn m an y resp ects, and of th e sam e c h a ra c te r in th a t each creates
a Asn i°v iew a th e ° m a tte r th e reaso n s th a t m ay have p rom pted th e le g isla tu re of
T e t a s in n X in c lu d in g v en d o r’s lien notes in th e list of se c u ritie s in w hich m u tu a l
in su ra n c e com panies m ig h t in v e st are n o t difficult to a sc e rta in
As suggested
the11correspondence su b m itte d by you, m an y su ch n o te s m ay be :i ssued each ^

K

^ r ^ a ^ T
S w ^ n e c S s a r ily 8 th a T n o E ?e T ^ o l d e r s h as
w h at m av be 't erm ed a p rio r lien. R a th e r, all of such lien s are of equal ra n k I t
ffiiould be noted also in th is connection th a t each of such no tes im poses a lien
w hile in th e ev en t th a t a m o rtg ag e is executed, secu rin g an indebtedness, th e
2 hli? course b u t th e one lien, I v i n th o u g h such in d eb ted n ess m ay be evidenced
h v a n u m b er of n o te s bonds, o r o th e r o b ligations. I t w as u n q u e stio n a b ly th e
view o f C e TexasTegfslature (h a t first m o rtg ag es w ere P ^ a b l e to v e n d o r Ren
notes. U ndoubtedly reaso n s of p ublic policy w ere deem ed to e x ist th a t

of Public policy obtain \n tbe C0?.struocf

tio n of th e prov isio n of th e M ichigan s ta tu te th a t is h ere involved. A re a d in g o
Section 27 is sufficient to in d icate conclusively th a t th e le g isla tu re deem ed it w ise
S i a S y “ J 3 5 S S S th e in v e stm e n t of th e fu n d s of sav in g s h a ^
y o u r a tte n tio n specifically to su b d iv isio n s
’ (f^ ’ *
de~ to p re v ent
nipnrlv in ten d ed th a t every p recau tio n should be observed in o rd er to p reveu
even I p o ssib ility of loss. U ndoubtedly th e h is to ry of b an k in g , as conducted prio


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

lx x x iii

R E P O R T OF T H E COM MISSIONER.

to th e passage of su p erv iso ry and re g u la to ry sta tu te s, exp lain s in larg e m easu re
th e ex trem e ca re w ith w hich th is a c t w as draw n. In p e rm ittin g in v e s tm e n ts in
no tes or bonds secured by m ortgage, it w as provided, in accordance w ith th e g en ­
e ra l s p irit of th is act, n o t only th a t th e re a l e sta te m u st be u n encum bered, b u t
th a t it m u st be w o rth a t le a s t double th e am o u n t loaned. I t occurs to m e th a t
th is la s t provision m ig h t o p erate to p re v e n t in v e stm e n t in th e specific notes re ­
fe rre d to in y o u r com m unication, fo r it ap p ears th a t such no tes w ere given for
tw o -th ird s of th e p u rch ase price of th e land. A ssum ing th a t su ch price m ay be
ta k e n to in d icate th e a c tu a l valu e of th e land, it is p a te n t th a t th e lien s created
by such notes exceed in th e ag g reg ate one-half th e valu e of th e p ro p erty . If,
th erefo re, all of th e no tes o u tsta n d in g a g a in s t an y p a rtic u la r d escrip tio n w ere
acquired by th e b an k to w hich you re fe r, th e re m ig h t still be involved th e ques­
tio n as to w h e th e r o r n o t such in v e stm e n t is in co n tra v e n tio n of th is clause.
H ow ever, I reg a rd th is fe a tu re as of m in o r im p o rtan ce u n less it is so u g h t to p u r­
chase notes secured by a tr u s t m ortgage, to w hich m ore specific referen ce w ill
h e re a fte r be made.
T he significan t fe a tu re of th e clause to w hich a tte n tio n h as been d irected lies
in th e fact th a t th e le g isla tu re h as seen fit to re fe r only to m ortgage lien s ra th e r
th a n to liens g e n erally th a t m ay cover re a l p ro p erty . H ad it been th e in te n tio n
to include liens o th e r th a n th o se ex istin g by v irtu e of a m o rtgage, w ith in th e p u r­
view of th e act, it is, I believe, fa ir to assum e th a t th is p a rtic u la r clause w ould
have been enacted accordingly. I am stro n g ly im pressed th a t th e in te n tio n of th e
le g isla tu re can n o t be c a rrie d out unless th e re s tric tio n s im posed are carefu lly ob­
served in accordance w ith th e le tte r of th e law . P recisely th e sam e reaso n s of
public policy th a t prom pted th e inclu sio n of th ese p rovisions in Section 27, re q u ire
th a t in co n stru in g th e sam e, th e re sh all be no exception p e rm itte d and no p ra c ­
tice allow ed th a t w ill open th e door to a m odification of th e re q u ire m e n ts deem ed
to be necessary to sa feg u ard th e rig h ts an d in te re sts of th e d epositors in savings
banks. In accordance w ith th ese suggestions, I am co n stra in e d to th e opinion
th a t th e savings b an k to w hich you re fe r m ay no t p ro p erly in v est in v en d o r’s lien
notes covering p ro p e rty in th e S tate of T exas on th e th e o ry th a t th e lien created by
such notes is a “m o rtg ag e lie n ” w ith in th e m ean in g of Section 27 of th e g en eral
b a n k in g law. T his, I believe, covers y o u r first question.
W ith reference to y o u r second in q u iry as to w h e th e r o r n o t a loan secured by
tr u s t deed on re a lty in th e S ta te of T exas m ay be m ade th e su b ject of an in v e st­
m en t m ade by a sav in g s b an k o u t of its deposits, it w ould seem th a t no feasible
objection m ay be m ade th ereto . T h is so-called “deed of tr u s t,” a copy of w hich
is subm itted, is to all in te n ts and p urposes a m o rtg ag e and in consequence th e
lien created th e re b y m ay fa irly be said to be a “m ortgage lie n .” In m ak in g in ­
v estm en t in obligations secured by such lien, it m u st be bo rn e in m in d th a t th e
ag g reg ate of such oblig atio n s m ay n o t exceed one-half th e v alue of th e p ro p erty
and th a t such lien m u st be p rio r in c h a ra c te r to all o th e r liens o u tstan d in g . The
fa c t th a t it is deem ed n ecessary to execute th is in s tru m e n t in c e rta in cases m ay
in itse lf be ta k e n as an in d icatio n th a t th e so-called v en d o r’s lien no tes a re n o t as
am ple se c u rity as is th e lien created by a m o rtg ag e or deed of tr u s t. In case of
an y d efau lt u n d e r th e la tte r, th e tru s te e is, of course, ch arg ed w ith th e d u ty of
p ro tectin g th e rig h ts of all of th e h o ld ers of th e oblig atio n s th a t a re secured by
such lien. As stated , th e re seem s to be no objection to an in v e stm e n t in obliga­
tio n s secured in th is m a n n e r p roviding, of course, th e n ecessary re s tric tio n s and
lim ita tio n s im posed by th e sta tu te are observed.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.
ST O C K I N B U IL D IN G C O M P A N Y C A N N O T B E CARRIED A S B A N K I N G H O U S E U N D E R SE C TIO N

11.

O ctober 29, 1915.
H on. F ra n k W. M errick, C om m issioner B a n k in g D ep artm e n t:
D ear S ir—Y our co m m unication of th e 28th in st. received as follow s:
“I desire to call y o u r a tte n tio n to Section 11 of th e b a n k in g law, w hich provides
th a t a b an k m ay p u rch ase and hold re a l e sta te such as sh all be n ecessary
fo r th e convenient tra n sa c tio n of its business, in clu d in g w ith its b a n k in g office


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

STA TE BAN KING D EPA R TM EN T.

lxxxiv

o th er a p a rtm e n ts to re n t as a source of incom e, b u t whicJ ^ a l l not' exc® ^
per cent of its p aid in capital. U nder th is p rovision of said Sec h o n
'd em re to
in o u ire w h e th e r or n o t in y o u r opinion it w ould be legal fo r a S ta te Dana, i
c a rry as an a sset stock of a B u ild in g Com pany up to fifty p er cent °*
:
The B u ild in g C om pany is one o rganized for th e purpose of ere c tin g a h a n k a
office bu idfnSg f o r t h e S ta te h an k , w hich h a n k h ereto fo re h eld a n in ety -n in e y e a r
lease of th e p roperty . T he c a p ita l stock of th e B u ild in g C om pany is $250,000,
all held by th e d ire c to rs of th e h an k , and th e B u ild in g Com pany w ill also have a
bond issue of $250,000, re tira b le a t th e end of tw enty-seven y e ars from th e
come of th e buildin g .
.
„
T ru stin g th a t th is w ill have y o u r e arly a tte n tio n ............
It is m v u n d e rsta n d in g from y our in q u iry th a t th is p a rtic u la r b an k con­
tem p lates ca rry in g th e stock in th e B u ild in g Com pany as an a sset u n d e r its
1)aT hln fu th o M ty o Cf°anSt ta te b an k to in v est in re a l e sta te is lim ited by th e pro v isio n s
of A c t i o n 1 1 of th e G eneral B a n k in g L aw to w hich you refer. U nquestio n ab ly
th is section contem p lates d ire c t o w nership e ith e r by w ay of *
^for® n ln etS m h ereto fo re held a long te rm lease. See A tto rn e y G e n e ra ls R ep o rt to r n in eteen
fo u rteen a t page 578. I do n o t th in k th a t th e p ro v isio n s of th is section can be
^ M o re o v e r6' t h f a u th w itie T a J e ^ n i f o r m in h o lding th a t u n less expressly a u th o r­
ized bv sta tu te S tate an d N a tio n a l b an k s can n o t hold stock in o th e r co rp o ra­
tio n s and w here th e y a re a u th o rized to hold such stock th e y can only do so m th e
m an n er and for th e purposes p rescribed. Upon th is pro p o sitio n you a re respe
fullv re fe rre d to A tto rn e y G en eral’s R ep o rt fo r n in eteen -fo u rteen a t page 43 .
Further^^ dTscussfon of
m a tte r I th in k Is un n ecessary , an d y our in q u iry »
th e re fo re answ ered In th e n egative:
R esp ectfu lly y o u rs,
(S ig n ed ) G r a n t F e l l o w s ,
A ttn rn e v General.

THE

WORD

“ C A P IT A L ”

C O N STR U ED

TO

M EAN

C A P IT A L

STOC K.

D ecem ber 28, 1915.
Hon. F ra n k W. M errick, B an k in g C om m issioner, L an sin g , M ichigan:
D ear S ir—A nsw erin g y o u r co m m unication of re c e n t d ate as follow s:
“ Section 11 of th e b a n k in g law lim its th e in v e stm e n t by a sta te b an k in re a l
esta te for h a n k in g purposes to ‘fifty p er cen t of its p aid m capital.
^ tio n .
is asked w h eth er th e p h ra se ‘p aid m cap ita l m eans
th e e n tire a ss e ts of th e h an k , viz: m oney p aid m fo r sto ck su rp lu s, u n d iv id ed
profits, or o th e r p ro p e rty in th e hank. W e w ill a p p reciate an opinion from y our
D ep artm en t on th is q u estio n .”
In reply th e re to w ould say th a t th e p rovision of section 11 of th e S ta te B a n k ­
ing law to w hich you re fe r rea d s in p a rt as follow s:
follow ing nur“The h a n k m ay p u rch ase, hold an d convey re a l e sta te for th e follow ing pu
P°F?rstbUsuch ashsh all he n ecessary fo r th e co n v en ien t tra n sa c tio n of its b u sin ess,
in S u d fig w R h ^ its b a n k U office, o th e r a p a rtm e n ts to re n t as a source of incom e
b u t w hich sh all n o t exceed fifty p e r cent of its paid in c a p ita l................
The m ean in g of th e p h ra se “paid in c a p ita l” as it ap p ears in th is section is
doubtless m ade clear by referen ce to th e p rovisions of section 5 of th e sam e act
in w hich it is provided:
“ At least fiftv p er cent of th e cap ital stock of every b a n k sh all be p aid in before
it sh all he au th o riz e d to com m ence b u sin ess an d th e re m a m d e r
on
such b an k sh all be paid in in m o n th ly in sta llm e n ts of a t le a st te n p e r
^
flip w hole of th e cap ital payable a t th e end of each succeeding m o n t . . . .
O ther provisio n s of th e b a n k in g law clearly d istin g u ish ^ t w e e n p a i d T h i f a s I
and o th er assets of th e b an k , su ch as su rp lu s, un d iv id ed profits, etc. T his, a

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

R E P O R T OF T H E COMMISSIONER.

lxxxv

ta k e it, is th e view held by M ichie in th a t p a rt of h is w ork devoted to a d iscu s­
sion of cap ital stock an d dividends from w hich I w ish to quote as follow s:
“ Section 36. A m ount of C apital an d S hares. The cap ital of a b an k is n o t an
ideal, fictitious, a rb itra ry sum of m oney se t dow n in th e a rtic le s of association,
b u t is composed of s u b s ta n tia l p ro p e rty and is th a t \H iich gives value and so lid ity
to th e stock of th e in s titu tio n . I t is th e fo u n d atio n of its c re d it in th e bu sin ess
com m unity. C apital used in th e b u sin ess of b a n k in g is none th e less so because
it is borrow ed. The m ere fact th a t th e m oney p e rm a n e n tly inv ested in th e b u si­
ness is borrow ed does n o t a lte r its c h a ra c te r as cap ita l b u t a te m p o ra ry loan ob­
ta in e d to m eet an em ergency is n o t capital.
T he cap ital stock of a b an k is th e w hole undiv id ed fund paid in by th e stock­
holders, th e legal rig h t to w hich is vested in th e c o rp o ratio n to be used in tr u s t
for th e benefit of th e m em bers. If a larg e su rp lu s be accu m u lated and laid up
th a t does n o t become a p a rt of it. (C itin g F ire in g to n v. T enn., 95 U. S. 679.)
“C ap ital” and “cap ita l sto ck ” of a bank, w hile som etim es used in terch an g eab ly ,
are n o t one and th e sam e th in g . “C ap ital” includes th e e n tire assets of th e bank,
w h eth er rep resen te d by m oney paid in for stock, su rp lu s, u ndivided profits, or
o th er p ro p erty of th e b a n k ; w hile cap ita l stock re p re se n ts only th e to ta l am o u n t
derived from th e issuance of th e sh a re s of sto ck .” (W est v. N ew port News, 104
Va. 21; M ichie B anks and B ank in g , pages 75 and 76.)
T he te rm “paid in c a p ita l” as used in section 11, th ere fo re , m u st be ta k e n to
re fe r only to m oney p aid in fo r stock, w hich am o u n t is fixed by s ta tu te as d is­
tin g u ish ed from reserv e cap ital, u n divided profits, etc., w hich are m ore or less
u n d e r th e control of th e d ire c to rs of th e b an k an d m ay v a ry w ith th e fo rtu n e s
of th e business.
R esp ectfu lly yours,
(S ig n ed ) G r a n t F e l l o w s ,
A tto rn e y General.


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

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

R EPO R T OF T H E COMMISSIONER.

following is a list of banks and trust companies examined and the ai
? required by section Jfi of the general banking law and section 19 of

No.

Name of bank.

Location.

Date first
examination,
1915.

325

Addison State Savings Bank................

Addison......................

Feb. 1 6 ....

162

Adrian State Savings Bank..................

Adrian........................

May 3 ....

89

The Commercial Savings Bank............

Adrian........................

May 3 __

66

Lenawee County Savings Bank...........

Adrian........................

May 3

171

Waldby & Clay’s State Bank...............

Adrian.......................... May 3

179

Albion State Bank................................

Albion..........................

167

Commercial and Savings Bank............

Albion..........................

May 1 9 ....

498

Algonac Savings Bank..........................

Algonac........................

May 12___

314

Allegan State Savings Bank.................

Allegan.........................

Mar. 22__

323

First State Bank...................................

Allegan.........................

Mar. 2 2 ....

487

Allen State Savings Bank.....................

Allen............................. Feb.

232

The Alma State Savings Bank.............

Alma.........................

Mar. 31__

233

First State Bank of Alma.....................

Alma..........................

Mar. 3 1 ....
Mar. 1 6 ....

June 2 __

1....

437

Almont Savings Bank............................

Almont. . . ...................

169

Alpena County Savings Bank................

Alpena..........................

Mar. 16

302

Farmers’ State Bank..............................

Alto..............................

Feb. 1 7 ....

48

Ann Arbor Savings Bank.......................

Ann Arbor.................... April 2 6 ....

26

Farmers’ and Mechanics’ Bank.............

Ann Arbor.................... April 26__

333

German-American Savings Bank...........

Ann Arbor.................... April 2 6 ....

144

State Savings Bank................................

Ann Arbor....................

512

State Bank of Applegate........................

Applegate..................... Mar. 8 __

April 26__

468

Armada State Bank................................

Armada........................

473

Farmers’ State Bank..............................

Armada........................

Feb. 2 0 ....

414

Athens State Bank.................................

Athens..........................

Feb.

418

People’s State Savings Bank..................

Auburn.........................

July 24 .
Mar. 31___

Feb. 2 0 ....

1....

522

Au Gres State Bank...............................

Au Gre3 ........................

420

State Bank of Augusta...........................

Augusta........................

May 1 0 ....

236

State Bank of Frank W. Hubbard & Co

Bad Axe.......................

Mar. 8 __

237

State Savings Bank of Bad Axe.............

Bad Axe.......................

Mar. 8 . . . .

337

State Exchange Bank.............................

Bancroft.......................

Feb. 2 0 ....

62

West Michigan Savings Bank................

Bangor.......................... Mar. 2 4 ....

Baraga County State Bank.............. .

Baraga.......................... April 8 __

444
458

River State Bank..........

Bark River................... April 5 __

394

Ton State Savings Bank.

Barryton......................


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

M a y 'll__

STA TE BAN KING D EPA R TM EN T.

xc

List of banks and trust companies examined.— Continued.

No.

Name of bank.

Location.

Date first I
examination, (
1915.

City Bank................... ...........................

Battle Creek................. April 28---- [

178

Merchants’ Savings Bank......................

Battle Creek................. April 28___

63

Bay City Bank.......................................

Bay City......................

June 1 4 ....

43

Bay County Savings Bank.....................

Bay City......................

June 14__

662

Farmers State Savings Bank..................

93

30

Peoples Commercial and Savings Bank.

513

State Bank of Beaverton........................

Sept. 2 7 ....
Bay City......................

June 1 4 ....
Mar. 2 9 ....

2

Belding Savings Bank............... ...........

Belding......................... May 4 —

159

People’s Savings Bank..........................

Belding........................

347

Bellaire State Bank..............................

Bellaire......................... Mar. 24__

527

Peoples State Bank..............................

Belleville......................

Feb. 2 0 ....

Bellevue State Bank.............................

Bellevue.......................

April 1 2 ....

Benton Harbor State Bank..................

Benton Harbor............

Mar. 2 2 ....

Berrien County Bank...........................

Benton Harbor............

June 9 ....

Berlin State Bank.................................

Berlin...........................

Mar. 1 0 ....

Berrien Springs State Bank..................

Berrien Springs............

Mar. 24__

500

Peoples State Bank...............................

Bessemer........... ........... April 3 ----

536

Central State Bank of Benzonia..........

Beulah.......................... April 2 1 ....

259

Big Rapids Savings Bank.....................

Big R apids...................

May 3 ....

Citizens’ State Bank.............................

Big Rapids...................

May 3 —

Birch Run State Bank..........................

Birch Run....................

April 3 ....

First State Savings Bank.....................

Birmingham.................

April 1 5 ....

Blanchard State Bank..........................

Blanchard....................

May 1 0 ....

163

Blissfield State Bank............................

Blissfield....................... Feb. 1 3 ....

221

Jipson-Carter State Bank.....................

Blissfield......................

Feb. 1 5 ....

Peoples State Bank...............................

Bloomingdale...............

Mar. 24__

Farmers’ State Bank............................

Breckenridge................

May 1 0 ....

First State Savings Bank.....................

Breckenridge................

May 1 0 ....

452

Brighton State Bank............................

Brighton....................... April 1 4 ....

519

Brimley State Bank..............................

Brimley........................

409

First State Savings Bank.....................

Bronson........................ Feb. 2 ....

312

Brooklyn State Bank...........................

Brooklyn......................

Feb. 1 7 ....

216

Brown City Savings Bank....................

Brown City..................

Mar. 1 0 ....

253

Citizens’ State Savings Bank...............

Mar. 8 __

Burr Oak State Bank...........................

Burr Oak...................... Feb. 3 . .. .

State Bank of Byron...........................

Byron.........................

Cadillac State Bank............................

Cadillac......................

April 21...

People’s Savings Bank. ; ....................

Cadillac......................

April 19...

548
219
561
448
416

248
505
411
481

516
436
187

212


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

May 4 ....

April 3__

April 19...

xci

R E P O R T OF T H E COMMISSIONER.
List of banks and trust companies examined.—Continued.
Date first Date second
examination, examination,
1915.
1915.

No.

Name of bank.

291

State Bank of Caledonia..............................................

Caledonia..................... Mar. 3 0 ....

336

Calumet State Bank.....................................................

Calumet.......................

April 3___ Aug. 9

87

Merchants’ and Miners’ Bank.....................................

Calumet.......................

April 3__

Aug. 2 ..

Location.

Sept. 7..

Amount
paid.

£34 74
77 83
269 68

320

First State Bank...........................................................

Camden........................

May 10 ..

Oct. 14

25 00

208

Capac Savings Bank.....................................................

Capac...........................

May 1 9 ....

Oct. 18

25 00

303

State Savings Bank of Carleton...................................

Carleton.......................

Feb. 1 7 ....

Aug. 10

26 70

287

Commercial Savings Bank............................................

Caro.............................

May 2 2 ....

Sept. 13

30 10

286

State Savings Bank......................................................

Caro.............................

May 24...

Sept. 13

67 53

525

Peoples’ State Bank...................................................... Caro.............................

May 2 4 ....

Sept. 13...

25 00

558

Farmers’ and Merchants’ State Bank..........................

Carson City.................

Mar. 2 9 ....

Oct.

5

25 00

State Bank of Carson City........................................... Carson City.................

Mar. 2 9 ....

Oct.

5

47 02

234

Exchange State Bank...................................................

Carsonville...................

Mar. 1 0 ....

Oct. 1 8 ....

180

State Bank of Carsonville............................................

Carsonville...................

Mar. 1 0 ....
Mar. 2 4 ....

72

421

Cass County State Bank..............................................

Cassopolis....................

537

State Bank of Cedar.....................................................

Cedar............................ Mar. 27...

343

First State Bank...........................................................

Central Lake........

391

Wolf Bros. State Bank.................................................. Centreville.................

35 62
34 82

Oct. 14

25 00
25 00

Mar. 24...

Aug 21

25 00

Feb. 3

Oct 12

41 9 8
25 00

315

Charlevoix State Savings Bank.................................... Charlevoix.................... April 14... . Auv. 23

218

Eaton County Savings Bank........................................ Charlotte...................... April 1 3 ....

509

Chassell State Bank......................................................

Chassell........................

April 8 . . . .

Alicr.

305

Cheboygan County Savings Bank...............................

Cheboygan...................

Mar. 25...

•July 31

304

Cheboygan State Bank................................................. Cheboygan...................

Mar. 24...

397

Farmers’ and Merchants’ Bank...................................

Chelsea.......................

May 5 ..

203

The Kempf Commercial and Savings B a n k ...............

Chelsea........................

May 5 . ..

235

The Chesaning State Bank..........................................

Chesaning....................

Mar. 29...

424

Citizens State Bank......................................................

Clare.................

May 5 . .

80 49
2

25 00
25 00

25 58
Nov

3

25 55
60 82
6 2 75

Sept 27

2 5 OO

118

Clare County Savings Bank.........................................

Clare............................

May

540

Clarkston State Bank...................................................

Clarkston.....................

Mar. 16..

486

Edwin Nash State Bank............................................... Clarksville................

May 12

376

Climax State Bank............................. ......................

Climax..........................

Feb. 4 ...

483

Clio State Bank............................................................

Clio.............................

April 7__

29 86

104

Branch County Savings Bank...................................... Col .1water....................

Feb.

76 59

292

State Bank of Coleman................................................

Coleman.......................

Mar. 30...

442

State Bank of Coloma..................................................

Coloma......................... Mar. 24...

Oct. 13

427

E. Hill & Sons State Bank...........................................

Colon..........................

Feb.

Oct 13

433

Columbiaville State Bank............................................

Columbiaville...............

Mar. 20.

32

Farmers’ State Bank....................................................

Concord.......................

Feb. 4 . .. .

Oct. 1 4 ....

31 25

496

Conklin State Bank......................................................

Conklin........................

Mar. 1 0 ....

Sept. 2 2 __

25 00


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

5 . ...

42 55
2 5 OO
25 00

Oct. 14

8 ....

2

2 5 OO

25 00

25 26
25 00

25 00

STATE BAN KING D EPA R TM EN T.

xcii

List of banks and trust companies examined.—Continued.
Location.

Name of bank.

No.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

174

Constantine.................

Feb. 2 . .. .

Oct. 1 1 ....

$28 45

173

Constantine.................

Feb.

2 ....

Oct. 1 1 ....

48 04

281

Coopersville.................

May 8 __

Sept. 20__

41 81

Coopersville.................

May 8 . . . .

Sept. 20___

25 00

State Bank of Montcalm County................................. Coral............................

Mar. 3 1 ....

Sept. 23__

25 00

Corunna.......................

May 2 5 ....

Nov. 1 7 ....

48 34

Croswell.......................

Mar. 8 . . . .

Oct.

7....

71 57

529

Daggett........................

April 8 __

Aug. 11___

25 00

176

Davison........................

Mar. 2 3 ....

July 3 1 ....

36 12

459

Dearborn...................... Feb. 1 7 ....

Aug. 7 ----

34 07

319

Decatur........................

Mar. 2 4 ....

Dec. 2 7 ...

25 56

102

Decatur........................

Mar. 2 4 ....

Oct. 1 4 ....

31 97

Decker..........................

Oct. 2 0 ....

524
406
339

C11/-1 Pomnnii S-faff» "RilTlk

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

182

T?;ra+ Qj-ofp R qtiV

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

565

25 00

Q+ofo T^anlr
PTV
1lip
iT1?fn.rv-./-ivo’
armers oiai/c
jdciiir ui iTipple
7cbn.ci
....................................

Deckerville................... Mar. 9 __

Oct. 1 8 ....

25 00

Q+ofr» Tior»L- r\f T^nplrprviPp

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

Deckerville...................

Mar. 9 . .. .

Oct. 1 8 ....

36 81

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

Deerfield......................

Feb. 1 5 ....

May 1 7 ....

25 00

301

Delton..........................

May 19... . Dec. 2 9 ....

357

Detroit.........................

Mar. 2 __

July

6 __

73

Detroit.........................

Mar. 2 . .. .

July

3----

667 77

'47

Detroit.........................

Jan. 1 8 ....

May 24___

1,398 89

Detroit .......................

Jan.

9

Detroit.........................

Jan. 1 1 ....

June 5 ___

2,029 73

479’

Detroit.........................

Jan. 2 6 ....

June 2 8 ....

119 21

5

Detroit.........................

Jan. 2 5 ....

July

436 07

Peninsultir State B a n k ..................................... .

Detroit.........................

Jan. 2 5 ....

May 29__

1,462 82

People’2 State Bank

Detroit.........................

Feb. 2 4 ....

June 1 9 ....

4,795 96

196
195
335

15
356

DnAi«Pnlrl Stoto Ronlr

Detroit Savings Bank ................................................

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

27 52
269 34

846 36

4 . .. .

3 . .. .

460 34

Detroit.........................

Jan.

4 ...

Detroit.........................

Jan.

4 ....

Detroit.........................

Jan. 25...

June 28...

540 97

Detroit.........................

Jan. 18...

June 26...

3,755 69

157

Dexter..........................

Feb.

2 ...

June 2 ...

30 68

396

Dowagiac...................

Jan. 30...

June 10...

25 00

351

Drvden.......................

Mar. 31...

Oct. 13...

25 00

Dundee......................

May

Nov. 2 ...

25 00

142

Dundee......................

May 10.

Nov. 2 ...

27 01

428

Durand......................

Feb. 20..

Sept.

8...

25 00

124

Durand......................

Mar. 3 . . .

Sept. 13...

53 23

Security Trust Company..............................................

386
6

477

Savings Bank ..................................................
vr ayns v-ouiny <x nunic odviugo

D i in /In rt S l o t o f io v i n f f c R s t i V


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

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

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

1

8...
..

508 80

1

R E P O R T OF T H E COM MISSIONER.
List of banks and trust companies examined.— Continued
Name of bank.

Location.

Date first
examination,
1915.

Peoples’ State Savings Bank................

. East Jordan...............

Mar. 22...

State Bank of East Jordan...................

. East Jordan...............

Mar. 22...

Michigan State Bank............................

. Eaton Rapids............... Mar. 31...

Eau Claire State Bank...........................

. Eau Claire..................

Mar. 22

i y .3

Edmore State Bank..............................

. Edmore......................

Mav 10

403

Peoples State Bank...............................

. Edmore........................

May 11...

129

Elk Rapids State Bank..........................

. Elk Rapids................... .April 12

342

State Savings Bank................................

. Elsie.............................

Mar. 20

508

Empire State Bank.................................

. Empire.........................

Mar. 29...

299

State Savings Bank................................

. Escanaba...................... April 3

520

State Savings Bank................................

. Essexville.....................

295

Evart Savings Bank...............................

Evart............................ May 5.
Evart............................ Mav 24

Mar. 27

152

First State Savings Bank.......................

553

State Bank of Ewen...............................

Ewen............................

April 7

460

Farmington Exchange Bank..................

Farmington..................

Mar. 17.
May 12

215

Old State Bank.......................................

Fennville.................

209

Commercial Savings Bank of Fenton.. .

Fenton.......................... Mar. 13...

384

Fenton State Savings Bank....................

Fenton.......................... Mar. 13...

495

State Savings Bank................................

Flat Rock....................

101

Citizens’ Commercial and Savings Bank

Flint.............................

April 26 .

23

Genesee County Savings Bank...............

Flint.............................

April 26...

Feb. 20 .

431

Industrial Savings Bank.........................

Flint.............................

April 26__

165

Union Trust and Savings Bank.............

Flint.............................

April 2 6 ....

126

First State and Savings Bank................

Flushing.......................

April 2 1 ....

223

People’s State Bank...................... ........

Flushing.......................

April 2 0 ....

454

Bank of Fountain...................................

Fountain......................

Mar. 1 6 ....

14.1

State Savings Bank of Fowler................

Fowler..........................

Mar. 2 3 ....

293

State Bank of Fowlerville......................

Fowlerville...................

April 13__

450

Frankenmuth State Bank........................

Frankenmuth...............

May 15__

229

State Savings Bank of Frankfort............

Frankfort.....................

April 1 9 ....

461

State Bank of Fraser................................

Fraser...........................

Feb. 2 0 ...-.

449

State Bank of Freeport............................

Freeport.......................

Mar. 2 7 ....

297

Fremont State Bank.................................

Fremont.......................

July 2 9 ....

345

Old State Bank.........................................

Fremont.......................

May 19__

362

State Savings Bank..................................

Gagetown..................... Mar. 1 5 ....

426

Galesburg State Bank..............................

Galesburg..................... Feb. 4 __

447

Garden State Savings Bank.....................

Garden.........................

153

Gaylord State Savings Bank....................

Gaylord........................| Mar. 29__


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

April 7__

STA TE BAN KING D EPA R TM EN T.

x c iv

L ist of banks and trust companies examined.—-Continued.
Name of bank.

Location.

Date first Date second
examination, examination,
1915.
1915.

¿>57

Otsfigo 0 minty Stato Bank..........................................

Gaylord........................

Mar. 29___ Sept. 1 ....

507

GlaHstonfi Sfato Savings Bank

471

Homo Stato Bank

552

First Stato Bank

249

Grand Havon Sfato Bank ........................................... Grand Haven...............

4-43

Ponplos Savings Bank................................................... Grand Haven...............

308

Grand Lodgo Stato B a n k ............................................

Grand Ledge................

289

Bnan and TOopnsit Bank

316
276

Common*!al Savings Bank ........................................

Grand Rapids..............

Grand Rapids Savings Bank

No.

61

Amount
paid.

$25 00

April 7 . .. .

Aug. 2 ....

Gladwin........................ Mar. 3 0 ....

July 29__

25 00

.................................................... Gobleville..................... May 1 1 ....

Sept. 8 ___

25 00

May 1 7 ....

Nov. 2 2 ....

143 34

May 1 7 ....

Nov. 2 2 ....

60 54

Mar. 1 7 ....

Sept. 4 . .. .

25 00

Grand Ledge................

April 5 . .. .

Sept. 7 . . . .

54 58

City Trust, and Savings Bank... ................................... Grand Rapids..............

Jan. 2 5 ....

May 29__

157 20

Feb. 8 . . . .

May 29___

257 24

Grand Rapids........... . April 1 9 ....

Aug. 9__

468 00

Aug. 9___

848 53

............................... . Gladstone.....................

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

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

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

Grand R.a.pids Trust Company

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

Grand Rapids..............

April 1 9 ....

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

Grand Rapids..............

April 1 9 ....

.............................. Grand Rapids..............

Jan. 1 1 ....

37 16

54 08

402

Kont Stato Bank

108

Pooplo’s Savings Bank

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

Grand Rapids..............

Feb. 1 5 ....

June 5 . .. .

223 93

359

Grandvillo Stato Bank

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

Grandville....................

April 2 1 ....

Sept. 1 3 ....

25 00

340

Grant, Stato Bank

...................................................... Grant............................ April 24___ Sept. 1 5 ....

30 25

Miojiigan Trust, Company

203 19

Farmers Stato Bank of Grass Take.............................. Grass Lake................... Jan. 3 0 ....

■Tune 9 . .. .

30 23

Greenland....................

April 8 . . . .

Aug. 7 ....

25 00

263

Commoroia! Stato. Savings B ank.................................. Greenville....................

May 1 0 ....

Oct.

4 . .. .

55 04

188

Groonvillo Stato Bank

Greenville..................... May 1 0 ....

Oct.

4 ....

56 14

556

Grosso Pointo Savings B a n k .......................................

Grosse Pointe...............

May 1 8 ....

Dec. 1 1 . . . .

25 00

410

Gwinn Stato Savings Bank

Gwinn..........................

April 7 . . . .

Aug. 4 . .. .

25 00

435

Hamtramck State Bank...............................................

Hamtramck.................

Mar. 2 4 ....

Aug. 3 1 ....

39 52

Snporior Trust Cnmpa/nv

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

Hancock......................

Aug. 1 2 ....

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

Harbor Beach..............

Mar. 8 ___ Oct. 1 9 ....

27
518

Minors’ and MoroVia.nts’ Stato Bank............................

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

254

Huron Cmmtv Savings Bank

412

Stafo Bank of Harbor Boa oh

326

Fmmof Connfy Stato Bank

355

Stato Savin 0's Bank

369

Aloona County Savings Bank

50

Oo.oana County Savings Bank

H art.............................

11

Hastings City Bank .

441

Homìook Stato Bank

34 84
31 00

............................ Harbor Beach..............

Mar. 8 . . . .

Oct. 1 9 ....

29 23

................................ Harbor Springs............

Mar. 1 7 ....

Aug. 1 4 ....

39 32

Harrison....................... May 1 1 ....

Sept. 3 0 ....

25 00

Harrisville....................

Mar. 1 5 ....

July 1 2 ....

25 00

Feb. 3 . .. .

Oct. 1 1 ....

26 84

Hastings....................... Mar. 3 0 ....

Nov. 8 . . . .

75 03

.............................. Hemlock....................... May 1 1 ....

Sept. 1 4 ....

25 00

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

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

........................................... Hesperia.......................

Mar. 1 6 ....

Oct. 1 3 ....

25 00

Highland Park.............

May 1 7 ....

Oct. 2 5 ....

1,460 64

465

Amorio,an Stato Bank of Highland Park. f ................... Highland Park......... ..

Mar. 2 . .. .

Aug. 3 1 ....

25 00

361

Montmnronoy County Savings Bank........................... Hillman........................

Mar. 20___ July 12___

25 00

260

First State Savings Bank.............................................. Hillsdale.......................

Feb. 16___ Nov. 1 ....

36 52

446

Stato Bank of Hosporia

434

Highland Park Stato Bank


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

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

xcv

R E PO R T OF T H E COMMISSIONER.
List of banks and trust companies examined.—Continued.
Name of bank.

No.

Location.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

78

Hillsdale Savings Bank................................................. Hillsdale....................... Feb. 1 6 ....

Nov. 1 ....

886 33

56

First State Bank of Holland .......................................

Holland........................

May 1 7 ....

Nov. 2 2 ....

159 74

91

Holland City State Bank.............................................. Holland........................

May 1 7 ....

Nov. 2 2 ....

119 85

322

People’s State Rank ....................................................

Holland........................

May 1 7 ....

Nov. 2 2 ....

56 62

262

Citizens’ Savings Rank........ .......................................

Holly........... ...............

Mar. 1 8 ....

Oct. 1 1 ....

25 00

106

First State and Savings B a n k ..................................... Holly............................

Mar. 1 6 ....

Oct. 1 1 ....

82 24

432

Holton State Rank ...................................................... Holton..........................

May 1 9 ....

Nov. 1 7 ....

25 00

255

Calhoun State Bank.....................................................

Feb.

Oct. 12 . . . .

34 80

Homer..........................

2 . .. .

353

Hopkins State Rank .................................................... Hopkins........................ Mar. 2 5 ....

Oct. 1 8 ....

25 00

109

First State and Savings Rank......................................

Howell.......................... April 1 3 ....

Sept. 2 0 ....

38 78

559

McPherson State Bank........................................... .

Howell..........................

May 2 6 ....

Oct. 2 5 ....

75 18

140

Boies State Savings Rank ........................................... Hudson........................

Feb. 1 5 ....

Nov. 1 ....

58 65

143

Thompson Savings Rank

Feb. 1 5 ....

N ov. 1 ....

115 14

492

Hudsonville State B a n k ..............................................

Hudsonville..................

Mar. 3 1 ....

Oct. 1 9 ....

25 00

Lapeer County Rank

Imlav City...................

June 7 ....

Oct. 1 8 ....

89 16

24

Hudson........................

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

Imlay City...................

June 9 . .. .

Oct. 1 8 ....

54 30

191

State Savings Bank......................................................

Ionia............................

Mar. 1 5 ....

Nov. 8 . . . .

134 52

135

Commercial R a n k ........................................................

Iron Mountain............. April 3 . .. .

Aug. 1 1 ....

87 28

501

Miners State Rank . .

Iron River....................

April 1 3 ....

Aug. 1 8 ....

25 00

547

Merchants’ and Miners’ State Bank............................

Ironwood.....................

April 6 . . . .

Aug. 1 6 ....

25 00

Peninsula Bank

Ishpeming....................

April 7 . .. .

<-517

Peoples State Rank

Aug. 4 . .. .

91 95

150

Ithaca Savings Bank....................................................

Ithaca........................... May 8 __

Oct.

42 03

387

Central State Bank ... ..............................................

Jackson........................

Mar. 2 9 ....

Oct. 2 5 ....

63 10

177

Jackson City Rank

Jackson........................

July

Dec. 2 7 ....

219 92

12

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

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

6 ....

6 ....

Jackson State Savings Rank ..

Jackson........................

May 1 7 ....

Oct. 2 5 ....

147 89

14

Union B a n k .................................................................

Jackson........................

Feb.

1 ....

Aug. 3 0 ....

292 78

115

Grosvenor Savings Rank..............................................

Jonesville.....................

Feb.

1 ....

Nov. 3 . .. .

36 95

147

Home Savings Rank

Kalamazoo...................

April 1 2 ....

Aug. 3 0 ....

109 54

Kalamazoo...................

Jan.

186

1

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

4 ....

Aug. 3 0 ....

388 21

Mar. 3 1 ....

Sept. 1 5 ....

27 50

Farmer’s State Rank....................................................

Kawkawlin................... Mar. 3 1 ....

Oct. 2 5 ....

25 00

Kent City State Rank

Kent City..................... April 2 4 ....

Aug. 1 6 ....

25 00

TCalamazoo City Savings Rank

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

'257

Kalkaska State B a n k ................................................. Kalkaska......................

490

514

Kinde State Rank

485

The First State Rank

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

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

Kinde...........................

May 1 8 ....

Oct. 1 9 ....

25 00

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

Kingsley.......................

April 2 2 ....

Sept. 1 3 ....

25 00

Oct.

25 00

504

Kingston State Rank ..................................................

Kingston......................

Mar. 1 6 ....

566

F a r m e r s S ta te R a n k of L a c h in e

Lachine........................

Dec. 1 4 ....

383

Union State B a n k .......................................................

Laingsburg...................

Mar. 2 7 .... Aug. 4 __

25 00

417

Lake City State Bank..................................................

Lake City..................... April 24__

Sept. 2 2 ....

25 00


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

5 . .. .

25 00

STA TE BAN KING D EPA R TM EN T.

XCV1

List of banks and trust companies examined.— Continued.
Location.

Date first Date second' Amount
examination, examination,
paid.
1915.
1915.

No.

Name of hank.

283

Farmers’ and Merchants’ Bank of Lake Odessa.........

Lake Odessa................. April 7 . .. .

Sept. 8 ----

$39 11

T nlro

Lake Odessa................. Mar. 1 7 ....

Sept. 8 __

25 00

300

Lakeview...................... Mav 1 0 ....

Sept. 1 4 ....

25 00

445

Lansing........................

May 11----

Sept. 4 . .. .

119 00

133

Lansing State Savings Bank......................................... Lansing........................

Feb. 8 . . . .

July 1 9 ....

168 47

271

Lapeer Savings Bank.................................................... Lapeer..........................

June 2 . .. .

Oct. 2 1 ....

51 29

117

State Savings Bank......................................................

Lapeer..........................

June 8 __

Oct.

41

ft+ato Siivintrs Ba/nk

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

201

545

TTAmo Stoto "Ranlr

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

8

184

5 ....

61 44

Laurium.......................

April 3 __

Aug. 2 ___

107 63

Lawrence......................

Mar. 2 5 ....

Oct. 1 4 ....

25 00

Leslie............................

Mar. 4 . .. .

July 3 1 ....

38 59

Lexington..................... Mar. 1 0 ....

Oct. 1 9 ....

25 00

Linwood.......................

Mar. 3 0 ....

Sept. 2 9 ....

25 00

Litchfield......................

May 1 2 ....

Oct. 2 7 ....

25 00

Lowell..........................

May 3 ___ Oct.

5 . .. .

36 46

111

Lowell..........................

May 3----

Oct.

5__

48 19

239

Ludington....................

April 19__

Nov. 1 5 ....

92 96

McBain........................

April 2 6 ....

Sept. 16__

25 00

Mancelona...................

Mar. 2 7 ....

Aug. 2 6 ....

42 95

Manchester..................

Feb. 1 5 ....

Nov. 3 ....

29 63

Manchester..................

Feb. 1 5 ....

Nov. 2 ....

60 88

Manistee County Savings Bank...................................

Manistee......................

April 1 9 ....

Dec. 1 3 ....

208 69

Ai anisticjue Bank

, . , ..........................

Manistique................... April 3----

Aug. 2 ....

57 86

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

Manton........................

April 2 4 ....

Sept. 1 5 ....

25 00

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

Marcellus.....................

May 29__

Nov. 1 0 ....

28 03

Marcellus.....................

May 29___ Nov. 1 0 ....

40 27

Marine City.................

May 1 2 ....

Nov. 1 7 ....

56 60

Marion.........................

April 2 6 ....

Sept. 22__

25 00

Marlette.......................

Mar. 6 . . . .

Oct. 1 9 ....

37 48

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

Marlette....................... Mar. 6 . . . .

Oct. 1 9 ....

35 64

Marquette County Savings Bank................................
r
■ 1 rt ....
-p „1

April 3 . .. .

Aug. 2 . .. .

96 51

533
408
360

Ti+nV»-fiolSJ-fa+o ftavincrss "RiiTilr

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

City State Bank............. .............................................

503
130

Antrim County State Savings Bank............................

242
172
116
21

Ujdon. Savings Bank

296

Manton State Bank

381

First State Savings Bank

198
122
346
252
338
100

137

q yi

Jones Exchange Bank

Marine Savings Bank
Marion State Bank
Commercial State Bank
State Savings Bank

, ...................... ..........

, ........................
.................................
.................- ..............
, ..............................

22

107

First State and Savings Bank

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

Marquette....................

Nov. 1 0 ....

85 88 :

Mason..........................

April 1 9 ....

Dec. 1 3 ....

40 89

Mason..........................

May 10...

Dec. 14... .

52 74

25 00
25 11

Marshall....................... May 5—

25 00

Mayville....................... i Dec. 22__

569
334

Memphis State Bank

Sept. 1 4 ....

168

Fir<?t State Bank

Oct. 1 2 ....

324
285

.............................. Memphis...................... Mar. 13...
■ T.............................. Mention........................ Feb. 3 ...
CoimnGrci&l Bank...................... .................................. Menominee.................. April 8 ...
State Bank of Merrill............ .....................................


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

Merrill..........................

Aug. 1 7 ....

May 26... | Sept. 13...

40 78
25 91

xcvii

R E PO R T OF T H E COM MISSIONER.
L ist of banks and trust companies examined.—Continued.
Location.

Name of bank.

No.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

423

Metamora State Savings Bank..................................... Metamora....................

Mar. 2 2 ....

Oct. 18__

555

Peoples State Bank.......................................................

Middleton....................

Mar. 3 0 ....

Sept. 23___

25 00

274

Farmers’ State Bank....................................................

Middleville................... Mar. 2 9 ....

Sept. 1 . . . .

45 61

97
309
77

$25 00

Midland County Savings Bank.................................... Midland.......................

Mar. 2 9 ....

Oct.

4 . .. .

30 71

People’s Savings Bank

Midland.......................

Mar. 2 9 ....

Oct.

6....

41 81

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

Milan...........................

Feb. 1 7 ....

Nov. 1 6 ....

33 36

Farmers’ and Merchants’ Bank.

469

Milan State Savings Bank

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

Milan...........................

Feb. 1 7 ....

Nov. 2 . .. .

25 00

472

First State Bank...........................................................

Milford........................

Mar. 1 7 ....

Oct. 1 3 ....

37 00

413

State Savings Bank......................................................

Minden City................

Mar. 9 ....

Oct. 2 0 . . . .

35 69

550

Union State B a n k ........................................................

Mio..............................

Mar. 1 6 ....

Sept. 28___

25 00

363

Keweenaw Savings Bank ............................................

Mohawk....................... April 7 __

Aug. 6 . . . .

25 00

318

B. Hansard & Son’s State Bank

Monroe........................

Mar. 2 2 ....

Nov. 1 ....

95 17

321

Monroe State Savings Bank . .

Monroe........................

Mar. 22__

Nov. 1 ....

50 05

491

Farmers’ State Bank....................................................

Montague....................

Feb. 2 ....

Aug. 2 . .. .

25 00

511

Montgomery State Bank ........................................... Montgomery.............. :

May 8 . . . .

Oct. 1 1 ....

25 00

515

Montrose State Bank

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

Montrose...................... April 1 9 ....

Oct. 2 8 ....

25 00

202

Wakefield State Bank...................................................

Morenei........................ Feb. 1 6 ....

Oct. 2 7 ....

66 22

551

Morley State Bank

............................*......................

Morley.........................

April 27___ Nov. 1 5 ....

25 00

222

Citizens’ Savings Bank.................................................

Mt. Clemens................

April 1 2 ....

Dec. 1 3 ....

131 16

51

Mt. Clemens Savings Bank ........................................

Mt. Clemens................

April 1 2 ....

Dec. 20. ...

167 18

158

Ullrich Savings Bank ..................................................

Mt. Clemens................

April 1 2 ....

Dec. 1 6 ....

100 59

170

Exchange Savings Bank...............................................

Mt. Pleasant................

May 3 . .. .

Oct.

4 . .. .

277

Isabella County State Bank.........................................

Mt. Pleasant................

May 3 __

Oct.

4—

453

People’s State Bank

Munising......................

April 3 . .. .

Aug. 4 . .. .

25 00

564

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

59 50
80 33

25 OO

First, State Savings Bank

Muskegon Heights....... Nov. 9 ....

60

Muskeoron Savings Bank ............................................

Muskegon....................

May 1 7 ....

Nov. 1 5 ....

122 12:

19

Farmers’ and Merchants’ Bank...................................

Nashville......................

62 69-

April 1 2 ....

Oct. 2 5 ....

311

State Savings Bank....................................................... Nashville...................... April 1 2 ....

Oct. 2 7 ....

26 52

439

Negannee State Bank

Negaunee.....................

April 3 . .. .

July 3 1 ....

25 00

368

First State Bank...........................................................

Newaygo......................

Mar. 1 7 ....

Aug. 16----

29 07

399

Newberry State Bank...................................................

Newberry.....................

April 3 ....

Aug. 1 1 ....

27 09

245

New Haven Savings B a n k ..........................................

33 87

523

Newport State Bank

240

Niles City Bank............................................................

New Haven.................. Mar. 1 7 ....

Sept. 2 1 ....

............................................... Newport.......................

Mar. 24__

Oct. 2 1 ....

25 00

Niles.............................

April 1 4 ....

Nov. 2 2 ....

43 36

Pioneer Bank .............................................................. North Branch..............

Mar. 9 ....

Oct. 1 9 ....

52 71

Baptism Satat.e Savings B a n k ....................................

N orthville....................

Mar. 1 3 ....

Oct. 2 6 ....

41 78

145

Northville State Savings Bank

North ville....................

Mar. 1 3 ....

Oct. 2 6 ....

37 06

280

Onaway State Savings Bank......................................

Onaway........................

Mar. 2 2 ...

July

33 12

36
367

M


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

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

3 . .. .

STA TE B A N K IN G D EPA R TM EN T.

xcviii

L ist of banks and trust companies examined.— Continued.
Location.

Name of bank.

No.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

Onsted..........................

Feb. 1 6 ....

Nov. 4 ----

$25 00

Ontonagon...................

April 8 ___ Aug. 5 ----

25 00

190

Orion............................. Mar. 15__

Oct. 1 6 ....

37 16

365

Otisville......................... Mar. 1 7 ....

Aug. 4 ----

25 00

Otsego........................... Mar. 2 5 ....

Oct. 1 4 ....

25 00

Otsego........................... Mar. 2 4 ....

Oct. 12----

32 84

Mar. 2 4 ....

Oct.

7 ....

36 06

May 2 4 ....

378

OnQlPfl Stotp Rfl.lllf

484

T'h.G Citizens St&tGBsnk

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

m

m

544

Citl/iAnn Bto+O Sowinffa Riinif

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

W Piunt Qtn+fl So^rinrra "Rank
373
m
199

m

......... ..

State Savings Bank....................................................... Ovid..............................
_. .
,„ .
p
Owosso.........................

Nov. 15----

109 56

112

Owosso.......................... May 24___ Nov. 1 5 ....

112 44

370

Owosso.......................... May 24----

Nov. 1 5 ....

75 18

328

Oxford..........................

Mar. 1 7 ....

Oct. 1 9 ....

25 00

34

Oxford..........................

Mar. 15----

Oct. 1 9 ....

84 15

59

Paw Paw......................

Mar. 22___ Oct. 1 2 ....

39 56

Peek..............................

Mar. 1 0 ....

Oct. 1 9 ....

25 00

185

Ml

247

CJtoto SoviTlffQ Ronlr of Ppolf

466

Peoples State Savings Bank.........................................

Pellston........................

Mar. 19___ Aug. 17 —

25 00

478

Pentwater State Bank

Pentwater....................

May 19___ Oct. 1 2 ....

25 00

Perry............................

Mar. 1 1 ....

Aug. 7—

25 00

Petersburg....................

Feb. 1 6 ....

Nov. 3 . .. .

27 52

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

132
463

H C McLachhn & Co State Bank

119

Pirst State Bank

, .

, , .................................

Petoskey....................... Mar. 15___ Aug. 2 8 ....

60 67

Pigeon......... ................

Mar. 1 0 ....

Oct. 2 0 ....

25 79

,, ................... Pinconning...................

Mar. 29__

Oct. 26----

25 00

Pinconning...................

Mar. 2 7 ....

Oct. 27----

25 66

348
476

The Citizens State Savings Bank

400

Pinconning State Bank. . .

535

T)itfoTQfofo PJaxTinrra "Rank

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

Pittsford.......................

Feb. 1 7 ....

Nov. 2 ___

25 00

282

State Savings Bank

, ......................

Flainwell......................

Mar. 23___ Oct. 1 3 ....

33 13

T..........................

Plymouth.....................

Mar. 2 7 ....

Nov. 9 ___

84 85

Pompeii State Bank......... ........... ............................

Pompeii........................

Mar. 3 1 ....

Oct.

25 00

Plymouth United Savings Bank

n _____ ^

Pontiac......................... April 1 4 ....

Aug. 18----

55 10

Pontiac......................... April 12...

Aug. 2 5 ....

222 13

Aug. 2 4 ....

128 95

April 14...

Aug. 1 8 ....

183 45

Mar. 8 ...

Nov. 10...

25 00

Port Hope................ . • Mar. 9 ...

Oct. 20...

25 00

Port Huron..................

May 3 ...

Sept. 2 1 ...

244 34

Port Huron..................

May 3 . . .

Dec. 2 0 . . .

67 65

Port Huron................

May 3 . . .

Nov. 8 . ..

119 73

Portland.....................

May

Sept. 2 0 . . .

41 23

Pontiac........................

Oakland County Savings Bank....................................
.
,
p

Pontiac.........................

Port Austin State Bank.

Port Austin..................

State Bank of Port Hope.

German American Saving® Bank
St Clair County Savings Bank r

t ....... ..
, ........................

A im m o r r l A llan S f o f o T ^ a n k

Webber State Savings Bank


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

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

,

t ii

....

Portland.....................

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

J

6 ----

Posen..........................

April 14----

8...

May 8 . . .
Dec. 13...
-

Sept. 20 . . .

40 5(
25 0(

R E PO R T OF T H E COMMISSIONER.

xcix

List of banks and trust companies examined.—Continued.
Date first Date second
examination | examination
1915.
1915.

Amount
paid.

No.

Name of bank.

464

First State Bank............................

Powers........................

April 10...

Aug. 10...

217

Quincy State Bank........................

Quincy........... .........

Feb. 8 . . . .

Nov. 3 __

25 00

69

State Bank of Reading..................

Reading......................

April 14___ Oct. 12...

30 64

Location.

$25 00

546

Redford State Savings Bank.........

Redford........................

May 8 . . . .

Sept. 13...

25 00

372

Commercial Savings Bank............

Reed City..................... May 12__

Sept. 2 2 . ..

25 00

393

State Savings Bank........ .............

Remus..........................

May 8 ----

Sept. 2 0 ...

25 00

521

Republic State Bank.....................

Republic......................

April 6 . . . .

Aug. 3 ----

25 00

542

Farmers State Savings Bank.........

Richland......................

May 1 2 . . . . •Oct. 12 . . . .

25 00

206

Macomb County Savings B ank...

Richmond (Lenox P. O.) May 11___ Sept. 21___

60 96

429

Bank of Riverdale......................

Riverdale.....................

May 10__

Sept. 2 2 __

25 00

332

River Rouge Savings Bank...........

River Rouge................. Feb. 2 0 ....

Nov. 1 0 ..,.

38 14

224

Rochester Savings Bank...............

Rochester.....................

Mar. 13__

Nov. 6 . . . .

43 88

331

Rockford State Bank....................

Rockford......................

April 28__

Oct. 2 8 ....

25 00

Mar. 2 5 ....

Sept. 1 4 ....

25 00

470

The Rockwood State Bank...........

Rockwood....................

354

Presque Isle County Savings Bank

Rogers City.................. Mar. 20__

July

7 __

47 08

194

Romeo Savings Bank....................

Romeo..........................

Mar. 15__

Sept. 4 ___

85 18
25 00

531

Romulus State Bank.....................

Romulus....................... Feb. 2 0 ....

Sept. 9 __

371

Roscommon State Bank................

Roscommon.................

May 2 7 ....

Sept. 2 7 ....

25 00

532

Rose City State Bank.....................

Rose City..................... Mar. 2 9 ....

Sept. 2 7 ....

25 00
25 00

528

First Commercial State Bank.........

Royal Oak.................... Mar. 2___ Aug. 30___

374

Royal Oak Savings Bank................

Royal Oak.................... Mar. 2 __

Aug. 30___

41 86

25

Bank of Saginaw.............................

Saginaw........................

June 1 4 ....

939 30

Feb.

6 ....

493

German-American State Bank.......

Saginaw........................ Feb.

38

People’s Savings Bank....................

Saginaw........................

6 . ...

Sept. 28___

121 52

Feb. 6 . . . .

June 14__

125 76

390

Saint Charles State Bank...............

Saint Charles...............

Mar. 31__

Sept. 15__

25 00

29

Commercial and Savings Bank.......

Saint Clair...................

May 11___ Nov. 15__

62 79

39

Clinton County Savings Bank........

Saint Johns..................

June 7__

Oct.

63 76

45

State Bank of St. Johns..................

Saint Johns..................

May 29__

Sept. 4 . .. .

65 04

31

Union Banking Company...............

Saint Joseph................. Mar. 22___ Aug. 2 3 ....

83 41
41 64

4 ___

42

Commercial Savings Bank..............

Saint Louis..................

Mar. 29__

Oct.

4 . .. .

197

Gratiot County State Bank............

Saint Louis................... Mar. 2 9 ....

Oct.

4__

25 00

265

The Citizens’ Bank..........................

Saline............................ Feb. 1 6 ....

Nov. 1___

53 52

395

Saline Savings Bank........................

Saline............................ Feb. 1 6 . . .

Nov. 1 ....

25 00

231

State Bank of Sandusky.................

Sandusky.....................

Oct. 2 1 ....

37 60

200

Truman Moss State Bank...............

Sandusky...................... Mar. 8 . . . .

Oct. 2 1 . . . .

25 00

225

Saranac State Bank........................

Saranac........................

May 12 . . . .

Sept. 13__

28 10

350

Fruit Growers’ State Bank.............

Saugatuck....................

May 11__

Sept. 22__

40 39

269

Central Savings Bank.....................

Sault Ste. Marie........... April 6 . . . .

Aug. 2 ___

61 42


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

Mar. 8 __

c

STATE BAN KING D EPA R TM EN T.
List of banks and trust companies examined.— Continued.

No.

Name of bank.

Location.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

54

Sault Savings Bank......................................................

Sault Ste. Marie..........

April 6 . . . .

Aug. 2 ....

$90 07

407

Kalamazoo County State Bank...................................

Schoolcraft...................

May 1 9 ....

Oct. 1 3 ....

33 91

489

Peoples State Bank.......................................................

Scottville......................

Mar. 1 5 ....

Nov. 1 7 ....

25 00

204

State Savings Bank of Scottville.................................. Scottville......................

Feb.

Nov. 1 7 ....

25 00

251

Sebewaing State Bank..................................................

Sebewaing................

Mar. 10. ...

Oct. 19

30 03
25 00

1 ....

398

Central State Savings Bank.........................................

Shepherd......................

April 2 8 ....

Oct.

7 . .. .

175

Commercial State Bank................................................

SheDherd......................

April 2 8 ....

Oct.

7 ....

25 00

430

State Savings Bank......................................................

Sherwood.....................

Feb. 3 . .. .

Oct. 13 ...

25 00

554

State Bank of Six Lakes............................................... Six Lakes...................... May 1 1 ....

Sept. 2 0 ....

25 00

549

Oct. 1 6 ....

25 00

327

Snover State Bank........................................................ Snover..........................
*
South Grand Rapids State Bank................................. South Grand Rapids...

Mar. 8 . . . .

Oct. 2 5 ....

66 22

148

Citizens’ State Bank.....................................................

South Haven................ Mar. 2 2 ....

Oct. 1 1 ....

54 94

First State Bank...........................................................

71

Mar. 1 0 ....

South Haven...............

Mar. 2 2 ....

Sept. 2 0 ....

61 22

State Savings Bank....................................................... South Lyon..................

May 8 . . . .

Sept. 8 __

25 00

278

South Range Bank........................................................

South Range................

April 7__

July 3 1 ....

52 76

488

Peoples State Bank.......................................................

Sparta..........................

May 1 1 ....

Sept. 2 1 . . . .

25 00

207

Sparta State Bank........................................................ Sparta..........................

May 1 1 ....

Sept. 2 1 ....

26 66

543

Spring Lake State Bank...............................................

Spring Lake.................

May 20

Nov. 1 6 ....

25 00

404

Springport State Savings Bank....................................

Springport....................

Mar. 3 1 ....

Aug. 1 7 ....

25 67

538

Springwells State Bank................................................

Springwells................... May 15...

Nov. 1 0 ....

25 00

539

Commercial Bank of Stambaugh.................................

Stambaugh................... April 3 ....

Aug. 1 6 ....

25 00

279

State Bank of Standish................................................. Standish.......................

Mar. 31...

Sept. 2 7 ....

43 04

243

State Savings Bank......................................................

Stanton........................

May 12

Sept. 2 1 . . . .

26 00

270

Bank of Stephenson......................................................

Stephenson................... April 6 ...

Aug. 1 4 ....

25 00

392

Stockbridge State Bank................................................

Stockbridge..................

May 1 2 ....

Nov. 8 . . . .

25 00

134

Citizens’ State Bank.....................................................

Sturgis........................

Feb.

494

Sunfield State Savings Bank........................................

Sunfield........................

May 1 2 ....

306

1

Oct. 1 1 ....

69 01

Sept. 2 2 ....

25 00
25 00

290

Leelanau County Savings Bank...................................

Sutton’s Bay................

April 1 ....

Sept. 1 3 ....

151

Lilley State Bank........................................................

Teeumseh...............

Feb. 15

Nov. 3 ...

41 85

156

Teeumseh State Savings Bank.....................................

Teeumseh..................... Feb. 1 5 ....

Nov. 2 ....

46 97

258

First State Bank...........................................

Tekonsha...................... Feb. 3 ...

Oct. 13___

25 00

541

First State Bank................................................

Three Oaks..................

Mar. 2 4 ....

Oct. 12 ___

25 00

120

First State Savings Bank.............................................. Three Rivers....

Feb. 2 . .. .

Oct. 11___

77 22

266

People’s Savings Bank..................................................

Traverse City............... April 1 4 ....

Sept. 8 __

44 59

Sept. 4 . .. .

237 53

138

Traverse City State Bank............................................

Traverse Citv..............

April 1 0 ....

510

Trenton State Bank......................................................

Trenton........................

Feb. 20___ Oct.

560

State Bank of Trout Lake............................. ..............

Trout Lake..................

341

State Savings Bank....................................................... Turner..........................


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

6....

25 00

Aug. 5 . .. .

Dec. 2 9 ....

25 00

Mar. 3 0 ....

Sept. 28__

25 00

R E P O R T OF T H E COMMISSIONER.

ci

List of banks and trust companies examined.—Concluded.
No.

Name of bank.

Location.

Date first Date second
examination, examination,
1915.
1915.

Amount
paid.

Unionville....................
Vassar.........

467

Michigan Savings Bank..................

Vassar..........................

May 2 6 ....

Sept. 1 5 ....

25 00

192

State Savings Bank.........................

Vassar..........................

May 2 6 ....

Sept. 15__

40 98
25 00

Mar. 1 0 ....

o

State Savings Bank.........................
Bank of Vassar................................

o

289
241

Sept. 15___

$25 00
25 00

377

Barber State Bank..........................

Vermontville................

April 14

Sept. 8 . . . .

482

State Bank of Vestaburg.................

Vestaburg....................

May 8 . . . .

Sept. 2 0 ....

25 00

344

Farmers State Bank........................

Vicksburg..................... Feb.

1....

Nov. 8 __

26 61

317

First State Bank..............................

Vicksburg..................... Feb.

1

401

State Savings Bank.........................

Warren.........................

May 1 3 ....

Nov. 8 . . . .

30 83

Sept. 1 5 ....

37 38
25 00

440

Washington Savings Bank................

Washington..................

Mar. 1 7 ....

Sept. 2 2 . . . .

630

Watervliet State Bank......................

Watervliet....................

Mar. 23__

Sept. 1 3 ....

25 00

284

Wayland State Bank........................

Wayland......................

Mar. 2 0 ....

Nov. 8 __

25 00

105

Wayne Savings Bank........................

Wayne..........................

Jan.

6 ....

69 24

415

Farmers State Bank..........................

Webberville..................

May 1 2 ....

Sept. 8 . . . .

25 00

382

Westphalia State Bank.....................

Westphalia...................

May 1 1 ....

Sept. 2 2 . . . .

25 00

455

First State Bank...............................

White Cloud................

Mar. 13... . Nov. 1 7 ....

25 00
25 00

4 ....

Oct,

250

State Bank of Whitehall...................

Whitehall.....................

Mar. 1 7 ....

Aug. 3 ___

294

Farmers’ Savings B ank.....................

White Pigeon.............

Feb. 3

Oct. 1 1 ....

25 00

438

Crossman and Williams State Bank.

Williamston.................

April 1 2 ....

Aug. 2 . .. .

25 00

35

Williamston State Bank....................

Williamston.................

April 12. . . . Aug. 4 __

35 42

329

Wolverine State Savings Bank.........

Wolverine....................

Mar. 2 3 ....

25 00

Aug. 3 ....

166

First Commercial and Savings Bank.

Wyandotte...................

May 5 ....

Oct.

4 ....

41 69

64

Wyandotte Savings Bank.................

Wyandotte...................

May 5 ....

Oct.

4 ....

163 05

227

Yale State Bank................................

Yale.............................. Mar. 9 ....

Oct, 1 9 ....

35 82

86

Ypsilanti Savings Bank....................

Ypsilanti......................

Nov. 8 . . . .

92 66

307

State Commercial and Savings Bank

Zeeland........................

May 1 9 ....

Nov. 2 4 ....

39 26

226

Zeeland State Bank...........................

'/ eeland...........

May 1 9 ....

Nov. 2 2 ....

142 12

April 1 9 ....

D ecem ber 31, 1915.
Hon. F. W. M errick, C om m issioner of th e B a n k in g D ep artm en t, L an sin g , M ichigan:
D ear S ir— In accordance w ith y o u r re q u e st we have exam ined th e re p o rts of
th e sev eral sta te b an k s and tr u s t com panies on file w ith y o u r d e p a rtm e n t and
find th a t th e am o u n ts of th e fees tu rn e d over by you to th is D ep a rtm e n t d u rin g
th e y ear 1915, are co rrect in accordance w ith th e p rovisions of Section 40 of th e
B an k in g Law and section 19 of th e tr u s t com pany act.
V ery tr u ly yours,
(S ig n ed ) F r a n k E. G o r m a n ,
D ep u ty S ta te Treasurer.


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

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

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

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

R E PO R T OF T H E COMMISSIONER.

cv

C O M PA R A TIV E ABSTRACTS (STATE BANKS).
Comparative abstracts, giving the volume of business as shown by the last reports of Michigan
State banks 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 and 1915 as made to the Commissioner of the Banking Department.

Resources.

December
11, 1889,
90 banks, 2
trust
companies.

December
19, 1890,
106 banks, 2
trust
companies.

December
2, 1891,
121 banks, 3
trust
companies.

December
9, 1892,
138 banks, 3
trust
companies.

Loans and discounts............................ $22,624,667 12 $27,628,145 16 $30,543,959 76 $38,883,892 66
Stocks, bonds and mortgages.............

15,645,031 54

18,846,637 08

21,308,913 14

26,843,183 47

December
19, 1893,
159 banks, 3
trust
companies.

$32,402,874 53
24,804,367 45

Overdrafts............................................

165,315 19'

183,645 30

195,618 49

222,549 92

206,537 17

Banking house, furniture and fixtures

523,466 20

714,313 50

941,191 77

1,274,415 65

1,517,146 91

Other real estate..................................

253,782 59

311,476 52

350,381 69

692,412 41

647,824 26

Expenses and taxes paid.....................

276,624 57

266,114 72

307,386 48

364,0.88 85

395,207 14

Interest paid........................................

210,872 79

217,130 03

145,482 78

271,426 84

352,701 34

Due from banks in reserve cities........

5,182,241 12

5,712,028 27

7,481,885 31

9,435,452 69

7,536,024 09

Due from other banks and bankers...

298,942 90

371,808 62

468¡162 59

526,816 22

450,100 31

Exchanges for clearing house..............

200,024 37

152,723 76

319,354 22

306,521 91

246,416 43

Checks and cash items........................

150,252 88

308,018 92

242,213 13

209,682 16

302,096 21

Nickels and cents................................

11,720 48

11,047 14

15,630 82

18,382 56

24,102 73

Gold coin.............................................

396,827 00

483,564 49

849,656 57

1,039,932 42

1,698,747 47

Premiums paid.....................................

Silver coin...........................................

171,666 15

167,925 17

215,054 78

293,818 72

259,119 76

1,242,843 00

1,575,817 00

1,807,081 00

2,260,977 00

2,312,851 00

Totals....................................... *47,354,277 90 $56,950,395 68 $65,191,972 53 $82,649,533 48

$73,156,116 80

United States and National .bank notes

Liabilities.
Capital stock paid in ..........................

$7,254,559 10

$8,460,835 00

Surplus fund........................................

1,132,329 90

1,502,849 44

1,704,248 31

2,124,487 81

2,443,906 07

Gross undivided earnings....................

1,679,925 61

1,912,300 21

2,169,532 72

2,534,015 14

2,639,574 57

$9,522,420 00 $11,109,827 59

$12,311,041 98

Dividends unpaid...............................

2,571 63

6,234 60

2,158 87

5,739 37

18,081 02

Individual deposits.............................

7,879,586 71

9,300,393 00

11,750,841 68

16,948,803 62

14,529,942 64

Certificates of deposit.........................

4,452,081 74

6,054,724 25

6,746,187 18

9,632,918 47

6,686,895 92

Savings deposits..............,..................

23,669,030 20

27,779,136 09

31,186,303 14

37,909,010 12

32,216,067 08

Certified checks...................................

29,987 61

40,450 93

37,541 35

67,981 89

42,076 74

Cashier’s checks outstanding..............

21,097 57

5,802 67

30,594 71

36,445 82

29,031 78

Due to banks and bankers.................

809,678 07

1,325,103 37

1,599,224 96

1,869,563 31

1,437,360 49

Notes and bills rediscounted..............

386,429 76

517,866 12

391', 719 61

279,390 41

654,100 98

Bills payable.......................................

37,000 00

44,700 00

51,200 00

131,349 93

148,037 53

Totals....................................... $47,354,277 90 $56,950,395 68 $65,191,972 53 $82,649,533 48

$73,156,116 80

State monies on deposit......................

Liabilities other than above stated. ..


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

STA TE BAN KING D EPA R TM EN T.
Comparative abstracts (S.tate Banks.)— Continued.

Resources.

December
19, 1894,
164 banks, 4
trust
companies.

December
13, 1895,
169 banks, 4
trust
companies.

December
17, 1896,
173 banks, 3
trust
companies.

December
15, 1897,
177 banks, 3
trust
companies.

December
1, 1898,
182 banks, 3
trust
companies.

Loans and discounts............................

320,138 74 $40,179,933 36 $36,942-, 440 70 $38,601,949 09

$41,384,075 83

Stocks, bonds and mortgages........... .

,516,601 07

27,852,301 82

28,451,447 71

31,926,938 07

37,453,689 93

Overdrafts...........................................

192,415 39

224,066 95

199,468 95

227,624 36

298,762 48

Banking house, furniture and fixtures.

,694,992 89

1,758,139 62

1,814,724 74

1,820,639 66

1,906,096 96

882,473 08

1,237,183 41

1,593,803 10

2,054,891 06

Other real estate.................................

719,150 15

Expenses and taxes paid.....................

403,575 78

Interest paid........................................

312,758 62
23,493 99

26,213 98

41,708 51

47,333 15

Due from banks in reserve cities........

,653,012 05

9,527,910 70

10,689,631 08

14,460,853 39

15,656,008 52

Premiums paid....................................

Due from other banks and bankers...

361,668 44

392,582 07

481,787 89

837,584 03

893,192 24

Exchanges for clearing house.............

352,725 79

360,473 16

429,334 91

396,454 61

418,372 26

Checks and cash items........................

213,076 23

377,047 46

285,151 36

295,907 52

341,835 45

Nickels and cents................................

26,840 53

20,384 28

22,407 73

22,543 68

24,283 58

Gold coin.............................................

,683,739 65

2,028,483 58

2,286,076 60

2,273,685 90

2,448,122 25

Silver coin............................................

269,032 24

277,618 80

289,380 11

307,663 09

387,684 17

United States and National bank notes

,152,421 00

2,065,781 00

2,530,816 00

2,590,180 00

2,754,711 00

Totals.

,872,148 57 $85,970,689 87

,686,065 17 $95,397,535 01 $106,069,058 88

Liabilities.
Capita] stock paid in .......................

600,820 00 $12,518 ,117 21 $12,458,275 00 $ 12 , 010,200 00

Surplus fund....................................

589,052 49

Gross undivided earnings................

698,387 31

2,735 ,755 49
* 2,112

933 75

$12,003,600 00

2,876,322 12

2,986,650 27

2,981,382 73

*2,042,341 06

*1,927,498 49

*1,958,531 34

Dividends unpaid............................

17,696 03

23 ,539 94

14,629 00

16,430 88

8,204 48

Individual deposits..........................

476,103 85

16,562 ,755 06

15,274,265 98

18,025,578 88

20,599,904 56

Certificates of deposit......................

024,676 13

8,364 ,560 85

7,530,592 54

8,576,587 67

9,782,646 49

Savings deposits..............................

939,957 25

41,192 ,483 54

42,055,852 60

48,076,282 71

54,105,981 76

Certified checks...............................

65,583 23

85 ,970 78

140,220 18

67,246 32

111,903 86

Cashier’s checks outstanding..........

24,974 06

33 ,828 85

22,834 67

13,771 80

19,723 43

Due to banks and bankers..............

007,773 87

1,936, 615 12

2,441,456 29

3,647,253 47

4,420,425 42

Notes and bills rediscounted...........

354,059 88

359,129 28

273,075 73

36,886 14

51,754 81

Bills payable....................................

73,064 47

45,000 00

32,000 00

13,148 38

25,000 00

State monies on deposit..................

524,200 00

Liabilities other than above stated.

Totals.

1,872,148 57 $85,970,689 87 $85,686,065 17

*Undivided earnings, less current expenses, interest and taxes paid.


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

5,397,535 01 $106,069,058

R E P O R T OF T H E COMMISSIONER.

cvii

Comparative abstracts (State Banks).— Continued.

Resources.

Loans and discounts........................
Stocks, bonds and mortgages...........

December
2, 1899,
187 banks, 3
trust
companies.

December
13, 1900,
192 banks, 3
trust
companies.

December
10, 1901,
213 banks, 3
trust
companies.

November
25, 1902,
228 banks, 4
trust
companies.

$50,272,936 26 $53,161,024 07 $61,706,112 90 $71,029,727 87

November
17, 1903,
242 state
banks, 4 trust
companies,
1 society
for savings.

$76,013,937 01

43,420,804 26

46,495,505 41

55,903,472 79

62,718,889 40

334,526 17

242,650 61

244,675 75

298,124 85

301,921 98

Banking house, furniture and fixtures

2,075,425 01

2,245,982 87

2,331,104 32

2,428,779 83

2,747,383 27

Other rea! estate..............................

2,032,366 69

2,060,599 30

1,764,547 92

1,740,305 79

1,655,978 73

Premiums paid................................

213,747 47

337,043 17

323,505 22

295,373 97

264,608 79

14,395,138 44

16,304,200 53

19,334,239 13

19,566,876 95

20,455,482 93
1,363,614 21

Overdrafts......................................

Due from banks in reserve cities........

66,317,185 97

Due from other banks and bankers...

999,267 91

1,154,911 42

1,597,714 10

1,818,528 06

Exchanges for clearing house.............

451,809 45

422,415 20

906,754 45

643,168 60

628,326 98

Checks and cash items........................

385,617 28

320,197 45

343,580 67

531,318 02

418,158 14

Nickels and cents................................
Gold coin....................................
Silver coin..................................
United States and National bank notes

Totals.....................................

26,844 79

30,507 54

33,336 21

45,262 35

58,008 16

2,782,654 49

3,246,550 00

3,245,496 21

3,634,079 16

3,859,868 27

383,374 38

422,770 86

452,093 97

512,225 31

663,741 42

3,016,402 00

3,514,851 00

4,006,396 11

4,457,448 25

4,686.754 47

$120,790,914 60 $129,959,209 43 $152,193,029 75 $169,720,108 41 $179,434,970 33

liabilities.
Capital stock paid in .......................... $12,262,100 00 $12,953,523 85 $14,035,880 00 $14,842,470 00
Surplus fund................................
2,987,971 24
3,065,924 18
3,762,660 91
4,959,893 71
Undivided earnings n et.....................
2,102,350 42
2,430,966 72
2,932,193 32
3,251,864 56
Dividends unpaid....................
11,914 42
10,178 36
4,929 72
2,876 72
Individual deposits....................

24,522,326 97

24,840,803 37

29,540,186 91

34,503,984 97

$15,919,551 21
5,560,112 18
3,565,570 84
3,511 36
37,280,300 03

Certificates of deposit......................

12,250,239 67

12,341,536 00

14,664,986 47

16,952,741 46

17,570,185 09

Savings deposits..............................

62,660,212 66

69,548,293 05

81,609,318 57

89,278,662 99

93,473,139 78
110,395 49

Certified checks.............................

66,649 37

98,418 48

94,652 52

194,520 09

Cashier’s checks outstanding..............

83,450 18

27,222 23

68,734 87

146,271 08

77,541 33

Due to banks and bankers.................

3,748,526 37

4,481,075 44

5,368,915 27

5,259,834 85

5,365,378 83

State monies on deposit..................
Notes and bills rediscounted...............

14,000 00

35,799 00

6,071 19

Bills payable..................................

81,173 30

125,468 75

104,500 00

-

75,479 88

97,711 15

251,508 10

411,573 04

Liabilities other than above stated. ..

Totals.....................................


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

$120,790,914 60 5129,959,209 43 $152,193,029 75

169,720,108 41 5179,434,970 33

STA TE BAN KING D EPA RTM EN T.

cviii

Comparative abstracts (State Banks).—Continued.
November
12. 1906,
301 state
banks, 6 trust
companies,
1 society
for savings.

December
3, 1907,
328 state
banks, 6 trust
companies,
1 society
for savings.

Resources.

September
6 , 1904,
248 state
banks, 4 trust
companies,
1 society
for savings.

November
9, 1905,
277 state
banks, 5 trust
companies,
1 society
for savings.

Loans and discounts................................................

$78,746,330 05

$86,181,935 90 $101,287,736 39

$106,958,178 47

Stocks, bonds and mortgages...................................

68,383,331 90

78,124,757 40

85,902,873 96

88,945,067 90

Overdrafts.................................................................

197,553 07

311,210 78

373,212 14

303,930 99

Banking house, furniture and fixtures.. ...............

2,902,806 42

3,377,379 76

3,934,435 08

4,727,158 99

Other real estate......................................................

1,608,035 94

1,590,630 18

1,593,318 80

1,367,853 18

Premiums paid.........................................................

241,162 15

237,081 56

213,682 12

165,612 84

21,137,556 22

25,542,384 93

26,665,895 22

21,295,814 35

Due from other banks and bankers........................

1,287,220 02

1,934,177 39

2,551,776 64

2,368,708 60

Exchanges for clearing house...................................

854,065 78

827,349 43

1,959,708 99

1,288,117 10

Checks and cash items.............................................

353,232 19

394,181 89

483,736 42

389,022 14

Nickels and cents.....................................................

73,587 98

64,972 73

73,300 45

83,879 98

4,559,569 06

4,596,825 41

.

Gold coin..................................................................

4,499,431 65

4,324,849 84

Silver coin.................................................................

599,619 41

687,826 10

712,190 77

937,065 78

5,937,153 75

6,453,153 95

8,613,878 75

Totals............................................................ $185,933,712 78 $209,535,891 64 $236,764.589 99

$242,041,114 48

United States and National Bank notes.................

5,049,774 00

Liabilities.
$16,111,120 00

$17,403,144 04

$19,119,930 00

$20,351,064 00

6,471,703 33

7,239,305 31

8,547,385 55

10,196,000 34

3,055,451 39

3,836,000 67

4,710,432 87

4,618,594 41

5,291 14

2,933 29

4,853 69

Individual deposits...................................................

38,287,417 40

45,041,231 95

53,085,474 90

Certificates of deposit..............................................

16,679,540 71

18,364,826 02

18,991,487 21

16,701,012 53
134,923,712 46

Capital stock paid in...............................................
Surplus fund.............................................................
Undivided earnings, net...........................................
Dividends unpaid.....................................................

7,375 23
47,587,078 42’

111,234,128 86

125,464,596 49

191,493 34

90,768 06

204,330 21

136,542 84

Cashier's checks outstanding.................................

136,795 00

105,934 17

172,294 39

212,989 96

Due to banks and bankers.....................................

4,902,817 34

5,969,398 11

6,205,626 80

5,753,481 15

Notes and bills rediscounted.................................

76,405 96

90,221 16

93,672 88

211,263 14

232,744 21

158,000 00

164,505 00

Savings deposits.......................................................
Certified checks.................................................... •• ■

Bills payable...........................................................
_ . i .... .
. . .1
i
1 ,1

Totals..........................................................
‘Clearing house certificates.


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

99,782,932 96

972,000 00
*370,000 00

$185,933,712 78 $209,535,891 64 $236,764,589 99

$242,041,114 48

R E P O R T OF T H E COM MISSIONER.

cix

Comparative abstracts (State Banks).—Continued.

Resources.

Loans and discounts...............................................
Stocks, bonds and mortgages................................

November
27, 1908,
350 state
banks, 6 trust
companies.

November
16, 1909,
376 state
banks, 5 trust
companies.

November
10, 1910,
397 state
banks, 5 trust
companies.

$98,397,163 38 $105,908,706 77 $122,547,420 16

December
5, 1911,
416 state
banks, 5 trust
companies.

$130,399,352 60

95,428,501 97

109,045,073 50

120,056,915 38

Overdrafts.................................................................

361,154 87

370,836 07

430,698 51

346,852 48

Banking house, furniture and fixtures.....................

4,992,537 71

5,495,884 72

5,927,665 67

6,758,591 05

Other real estate...............................................

1,396,444 39

1,457,973 02

1,229,227 35

1,385,780 84

132,204 23

131 ,.811 41

114,442 54

141,465 38

26,623,983 27

32,856,724 82

32,820 872 78

42 287 250 47

Due from other banks and bankers.......................

1,990,316 84

2,358,731 88

3,098,714 79

3,403,593 63

Exchanges for clearing house.................................

1,130,604 67

1,342,339 37

1,507,375 56

2,088,218 41

311,115 78

337,951 20

398,029 49

513,060 69

92,422 67

95,377 97

106,173 88

118,079 49

4,948,685 92

5,152,211 69

5,189,697 32

6,130,272 10

Premiums paid................................................
Due from banks in reserve cities.............................

Checks and cash items...................................
Nickels and cents.....................................
Gold coin.........................................................
Silver coin...........................................
United States and National bank notes..................

Totals...................................................

138,025,807 91

800,440 67

917,863 81

1,055,454 91

1,029,836 46

7,682,136 00

8,246,730 00

9,513,427 95

10,641,263 00

$244,287,712 37 $273,718,216 23 $303,996,116 29

$343,269,424 51

Liabilities.
Capital stock paid in...........................................

$21,626,273 53

$22,161,133 00

$23,862,810 00

$26,736,595 00

10,785,497 24

11,402,419 44

12,015,146 57

13,941,895 37

5,035,772 52

5,340,696 86

5,867,508 17

6,150,191 02

Dividends unpaid.................................

6,873 00

14,272 08

13,024 41

17,001 50

Individual deposits..............................

50,450,061 86

61,951,396 26

67,238,188 48

76,650,505 67

Surplus fund.....................................
Undivided earnings net.................................

Certificates of deposit.....................................
Savings deposits........................................

11,402,933 69

13,192,935 86

15,937,272 92

18,101,332 81

137,811,470 73

151,290,590 74

169,072,348 81

190,590,212 51

Certified checks...........................................

151,935 26

162,907 25

196,470 57

310,496 22

Cashier’s checks outstanding...................................

131,766 74

234,924 59

279,179 90

280,506 24

Due to banks and bankers.......................................

6,392,573 47

7,277,997 59

8,222,465 26

9,344,879 94

185 226 94

200 fi4fi 17

State monies on deposit.........................................
Notes and bills rediscounted...................................

170,854 33

Bills payable.............................................................

321,700 00

80,189 01

221,152 22

156,862 21

311,000 00

441,500 00

496,435 50

112,526 61

238,402 71

292,077 32

Totals........................................................... $244,287,712 37 $273,718,216 23 $303,996,116 29

$343,269,424 51

Liabilities other than above stated.........................


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

'

STA TE BAN KING D EPA R TM EN T.

ex

<

Comparative abstracts (State B anks).—Concluded.

Resources.

November
26, 1912,
439 state
banks, 5 trust
companies.

October
21, 1913,
453 state
banks, 6 trust
companies.

October
31, 1914,
461 state
banks, 6 trust
companies.

November
10, 1915,
472 state
banks, 6 trust
companies.

Loans and discounts................................................ $146,633,532 23 $151,721,428 07 $158,313,544 62

$163,149,029 12
209,004,564 31

Stocks, bonds and mortgages..................................

155,032,559 70

164,700,742 59

180,733,973 29

Overdrafts.................................................................

379,555 76

317,622 32

294,035 71

313,337 43

Banking house, furniture and fixtures....................

7,407,177 57

8,302,071 05

9,104,007 28

11,066,549 93

Other real estate.......................................................

1,069,248 80

1,014,169 00

1,233,333 10

1,176,397 21

Premiums paid.........................................................

137,507 81

70,801 98

90,293 43

103,913 25

Due from banks in reserve cities.............................

36,645,421 87

41,220,130 38

40,815,540 26

65,572,732 22

Due from other banks and bankers........................

3,851,610 25

4,404,736 61

4,095,668 82

5,246,954 11

Exchanges for clearing house.................. ...............

1,885,174 70

2,337,018 49

2,507,132 65

3,682,057 95

Checks and cash items............................................

415,824 24

464,045 14

490,438 94

628,194 07

Nickels and cents.....................................................

135,815 27

175,348 34

151,064 07

168,810 44

Gold coin..................................................................

6,459,757 35

6,557,443 63

8,684,250 96

8,072,451 90

Silver coin.................................................................
United States, National and Federal reserve bank
notes......................................................................

1,051,216 86

1,127,442 31

1,181,114 67

1,265,541 82

11,535,838 11

12,891,533 90

13,270,787 90

16,289,708 88

$372,640,240 52 $395,304,533 81 $420,965,185 70

$485,740,242 64

Totals

Liabilities.
Capital stock paid in......................

$28,643,710 00

$30,633,030 00

$32,635,000 00

$34,371,560 00

Surplus fund...................................

14,792,683 93

16,149,951 12

18,422,805 61

20,135,742 48

Undivided earnings net..................

7,695,640 95

7,779,234 64

8,740,159 96

9,572,553 85

Dividends unpaid...........................

14,953 40

13,289 77

24,378 60

10,399 03

Individual deposits.........................

81,532,326 62

91,921,232 44

102,960,433 97

130,238,489 61

Certificates of deposit....................

20,158,588 55

19,176,582 68

18,699,133 42

21,473,445 92

Savings deposits............................

207,132,407 05

217,187,258 99

223,862,333 73

249,932,440 53

Certified checks.............................

355,228 63

385,707 77

309,306 62

465,933 53

Cashier’s cheeks outstanding.........

480,946 46

624,295 26

544,065 56

1,216,986 85

Due to banks and bankers.............

8,644,358 71

8,679,835 48

9,051,112 21

14,340,048 84

State monies on deposit.................

778,631 50

679,617 19

1,697,374 43

436,154 36

Postal savings deposits...................

666,229 59

640,257 67

Reserved for taxes, interest, etc. . .

671,712 93

810,264 95

Notes and bills rediscounted.........

558,698 00

734,533 82

551,190 28
1,218,735 57

441,386 82

Bills payable...................................

1,740,150 15

1,252,400 00

1,746,605 25

Liabilities other than above stated.

229,227 75

263,400 47

200,000 00

326,039 17

$372,640,240 52 $395,304,533 81 $420,965,185 70

$485,740,242 64

Totals


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

R E PO R T OF T H E COMMISSIONER.

cxi

C O M PA R A TIV E ABSTRACTS (N ATIONAL BANKS).
Comparative abstracts, showing the volume of business of the national banks of the State from
the last 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 and 1915, as made to and furnished this department by the comptroller of the
currency at Washington.

Resources.

December
11, 1889,
113 national
banks.

December
19, 1890,
109 national
banks.

December
2, 1891,
106 national
banks.

December
9, 1892,
104 national
banks.

Loans and discounts.......................... 845,860,178 79 $47,527,375 32 $48,424,955 39 $52,752,163 51

December
19, 1893,
99 national
banks.

$40,783,209 13

Stocks, bonds and mortgages.............

4,710,830 60

4,289,671 45

4,231,798 69

5,623,070 40

Overdrafts...........................................

214,415 50

219,314 54

222,506 90

292,210 95

187,479 07

Due from reserve agents.....................

5,273,805 17

6,000,383 99

6,942,032 64

8,304,177 63

6,191,185 16

6,945,499 58

Due from other banks and bankers...

1,417,240 70

1,531,500 83

2,055,712 68

2,457,593 23

1,508,833 10

Banking house, furniture and fixtures.

1,161,347 88

1,175,007 50

1,140,593 47

1,092,330 52

1,058,013 55
523,837 66

Other real estate.................................

696,499 38

807,729 15

654,818 49

597,433 76

Current expenses and taxes paid........

314,041 78

316,798 82

308,899 32

330,626 32

Exchanges for clearing house.............

351,040 73

291,486 06

531,466 31

420,011 79

414,646 27

Checks and cash items........................

206,917 13

252,540 59

222,864 76

269,288 40

208,277 54

Cash.....................................................

5,156,435 60

5,363,033 64

5,337,462 12

5,479,123 70

5,352,544 48

Due from United States treasurer__

175,937 44

166,537 96

155,501 41

201,723 10

269,208 62

Premiums on United States bonds__

506,812 27

416,961 40

326,649 58

415,932 79

448,743 01

Totals....................................... $66,051,502 97 $68,358,341 25 $70,555,261 76 $78,235,686 10

$63,891,477 17

Liabilities.
Capital stock paid in .......................... $15,674,600 00 $15,539,600 00 $15,244,600 00 $15,034,000 00

$14,584,000 00

Surplus fund.......................................

3,173,932 03

3,332,775 18

3,715,238 33

3,858,283 29

3,769,273 96

Gross undivided earnings....................

2,589,639 53

2,715,207 61

2,359,221 32

2,375,539 99

*1,879,151 51

Dividends unpaid................................

25,279 32

9,632 59

36,373 86

18,212 61

17,180 18

Individual deposits.............................. 35,217,989 08

36,792,399 46

38,500,510 19

42,409,084 23

31,789,116 14

United States deposits........................

566,999 05

483 927-31

3 3 0 5 5 3 03

Due to banks and bankers.................

5,857,859 32

6,052,260 90

7,140,938 64

9,946,624 23

6,100,036 83

National bank notes outstanding.......

2,853,300 00

2,660,200 00

2,587,020 00

3,281,300 00

4,557,055 00

Notes and bills rediscounted..............

658,903 69

689,166 46

462,157 73

466,083 07

100 00

23,000 00

Bills payable.......................................
Liabilities other than those above
stated...............................................

2,274 38

401 7 0 0 31

426,228 15
367,442 03

516,000 00

233 06

Totals....................................... $66,051,502 97 $68,358,341 25 $70,555,261 76 $78,235,686 10

$63,891,477 17

■"Undivided earnings, less expenses and taxes paid.


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

1

STA TE BANKING D EPA RTM EN T.

cxii

Comparative abstracts (National Banks).— Continued.
December
19, 1894,
96 national
banks.

Resources.

Loans and discounts..........................

December
13, 1895,
94 national
banks.

December
17, 1896,
89 national
banks.

December
15, 1897,
82 national
banks.

December
1, 1898,
81 national
banks.

$43,083, 288 41 $44,736, 533 88 $40,304.,416 58 $41,143 927 46

$42,919,871 77
9,766,446 01

6,808 219 06

6,795 879 01

6,461 ,223 33

6,572 265 92

Overdrafts.........................................

191 899 31

184 138 47

174 ,561 83

169 842 80

220,627 59

Due from reserve agents...................

7,158 187 74

5,697 542 13

8,051 ,478 98

11,777 125 43

10,816,560 04

Due from other banks and bankers..

2,138 681 61

1,754 960 91

2,145 ,066 98

3,492 498 90

3,757,850 18

Banking house, furniture and fixtures

1,057 140 95

1,016 259 30

1,029 ,048 72

943 880 03

1,019,100 09

Other real estate...............................

556 397 40

690 205 85

796 ,229 53

880 219 77

1,061,231 36

Exchanges for clearing house............

300 ,541 92

243 ,688 09

333 ,694 76

358 ,309 99

392,218 02

Checks and cash items......................

226 ,913 43

160 ,616 79

199 ,702 79

136 ,857 46

179,112 92

Cash...................................................

5,089 ,305 10

5,039 ,661 46

5,333 ,487 61

5,505 ,338 94

5,982,621 40

Due from United States treasurer...

240 ,670 62

236 ,528 07

231 ,775 11

209 ,475 82

234,094 42

Premiums on United States bonds__

430 ,463 13

414 ,815 00

375 ,089 75

365 ,223 50

.465,448 84

,281,708 68 $66,970,828 96 $65,435,775 97 $71,554,966 02

$76,815,182 64

$13,634,000 00 $13,434,000 00 $12,959,000 00 $11,945,000 00

$11,770,000 00

Stocks, bonds and mortgages

Clearing house certificates.............

Totals.

Liabilities.
Capital stock paid in ...................

*

Surplus fund................................

3,572,570 99

3,631,010 78

3,418,221 47

3,242,018 09

3,188,318 72

Undivided earnings, net..............

1,803,480 48

1,789,465 90

1,687,088 73

1,394,998 14

1,374,061 73

Dividends unpaid........................

8,348 50

11,509 58

9,156 46

17,563 29

20,387 30

Individual deposits......................

34,718,215 02

35,612,374 38

34,391,087 75

39,217,006 25

43,486,965 94

United States deposits.................

383,962 29

357,750 18

409,961 73

401,136 29

1,255,821 32

Due to banks and bankers..........

8,641,246 57

7,406,212 51

8,260,695 23

11,772,976 46

11,760,185 28

National bank notes outstanding.

4,141,997 50

4,202,742 50

4,071,495 00

3,551,767 50

3,958,300 00

Notes and bills rediscounted.......

316,887 33

386,898 33

140,289 20

2,500 00

61,000 00

137,500 00

88,400 00

10,000 00

1,364 80

380 40

Bills payable........................................
Liabilities other than those above
stated...............................................

1,142 35

Reserved for taxes............
Bonds borrowed...............
Clearing house certificates.

Totals....................................... $67,281,708 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 64

R E PO R T OF T H E COM MISSIONER.

cxiii

Comparative abstracts (National B anks).—Continued.

Resources.

Loans and discounts..............
Stocks, bonds and mortgages...........

December
2, 1899,
80 national
banks.

December
13, 1900,
85 national
banks.

December
10,1901,
85 national
banks.

November
25, 1902,
84 national
banks.

$47,581,061 50 $51,651,236 44 $54,938,142 28 $60,694,986 71

November
17, 1903,
87 national
banks.

$64,088,225 33

11,652,043 11

12,318,672 86

14,141,822 34

15,106,385 98

194,788 80

246,158 27

286,561 65

349,047 07

351,732 17

Due from reserve agents.............

8,671,815 91

10,658,399 31

11,231,301 10

10,167,335 72

9,147,612 91

Overdrafts..............................

16,331,297 13

Due from other banks and bankers..

3,647,971 66

3,463,374 00

4,058,641 12

3,845,841 49

4,174,213 53

Banking house, furniture and fixtures

1,003,999 44

1,142,970 99

1,150,952 69

1,300,681 27

1,363,481 00

Other real estate......................

1,060,810 20

927,158 12

696,254 41

455,261 67

393,115 75

597,274 04

415,477 92

930,166 52

578,212 52

499,453 75

240,308 50

182,689 83

204,714 74

Exchanges for clearing house........
Checks and cash items...........
Cash.........................

6,151,557 96

239,577 39

182,558 75

6,554,095 31

6,834,835 11

Due from United States treasurer. . . .

242,948 86

308,427 88

336,238 00

326,770 50

378,175 67

Premiums on United States bonds__

453,937 69

203,917 94

228,358 81

356,315 39

311,370 92

Clearing house certificates.................

Totals.....................................

881,498,517 67 $88,623,537 34 $95,561,515 74 $99,974,511 02 $104,056,072 02

Liabilities.
Capital stock paid in ...................

$11,440,000 00 $11,578,000 00 $11,548,750 00 $11,380,000 00

$12,530,000 OO

Surplus fund.........................

3,157,388 20

3,276,188 20

3,052,638 20

3,416,538 20

3,782,538 20

Undivided earnings, net................

1,563,841 93

1,850,274 85

2,007,685 64

2,157,217 18

2,454,374 37

Dividends unpaid......................
Individual deposits......................

17,340 81

13,983 81

18,542 81

13,357 81

16,440 61

49,920,532 09

54,232,091 31

59,593,561 95

63,316,731 07

65,305,659 11

1,772,959 84

United States deposits....................

1,354,864 72

1,391,304 19

Due to banks and bankers. . . .

9,738,696 81

11,024,083 47

National bank notes outstanding.

2,150,114 62

2,404,832 56

11,611,241 60

10,418,980 57
6,774,840 OO

4,250,300 00

5,160,102 50

5,580,200 00

5,639,200 00

Notes and bills rediscounted...........

23,644 61

11,989 72

5,500 00

21,500 00

182,202 70'

Bills payable............................
Liabilities other than those above
stated................................

27,000 00

75,000 00

205,000 00

107,000 00

178,000 00'

11,801 89

161,610 54

8,203 90!

4,908 50

Reserved for taxes...........................
Bonds borrowed.......................
Clearing house certificates..................

Totals..............................

0


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

81,498,517 67

88,623,537 34

599,974,511 02 5104,056,072 02

STA TE BAN KING D EPA R TM EN T.

CX1V

Comparative abstracts (National B anks).—Continued.
September
Resources.

6 , 1904,
88 national

banks.

November
9, 1905,
88 national

November
12, 1906,
88 national

banks.

banks.

December
3. 1907,
93 national
banks.

Loans and discounts................................. ............ . $65,803,150 16

$72,264,051 95

$81,508,444 65

$83,949,198 51

Stocks, bonds and mortgages...................................

16,876,755 37

16,943,886 45

19,294,724 24

19,321,131 14

Overdrafts.................................................................

249,830 11

235,237 50

266,233 92

215,231 50

Due from reserve agents..........................................

10,991,502 16

10,983,065 10

12,398,886 17

10,160,561 91

Duo from other banks and bankers........................

4,414,365 24

5,462,829 33

6,396,474 02

5,127,590 55

Banking house, furniture and fixtures.....................

1,488,498 28

1,577,703 17

1,641,589 76

1,946,629 37

Other real estate.......................................................

380,373 53

358,357 49

300,029 77

345,190 33

Exchanges for clearing house...................................

715,114 06

736,445 31

1,126,918 66

753,547 93

Checks and cash items............................................

270,131 43

213,672 23

297,726 82

341,954 39

7,553,259 40

8,093,277 55

8,673,007 28

9,317,138 52

Due from United States treasurer...........................

399,420 00

436,085 50

453,002 50

428,725 50

Premiums on United States bonds..........................

255,738 73

190,849 25

158,401 28

Cash................................................................... .

188,259 66
595,194 00

Totals............................................................ $109,398,138 47 $117,495,460 83 $132,515,439 07

$132,690,353 31

Liabilities.
Capital stock paid in...............................................

$12,730,000 00

$13,030,000 00

$13,005,000 00

$14,465,000 00

Surplus fund.............................................................

4,266,688 20

4,595,788 20

5,264,262 50

5,490,612 50

Undivided earnings, net...........................................

2,094,959 00

2,149,975 63

2,260,314 62

2,757,173 91

Dividends unpaid.....................................................

5,156 93

16,854 34

13,904 54

16,379 16

.Individual deposits................................................

69,945,810 33

76,475,628 68

88,758,552 46

84,864,150 47

United States deposits.............................................

1,712,739 74

1,128,820 61

2,325,780 85

3,526,031 73

Due to banks and bankers.......................................

11,323,976 44

12,473,253 68

12,642,438 95

12,053,642 00

National bank notes outstanding............................

7,218,930 00

7,469,030 00

7,939,985 00

7,863,265 00

Notes and bills rediscounted...................................

41,595 00

91,495 96

85,948 00

358,538 03

Bills payable.............................................................

35,000 00

13,000 00

125,000 00

445,000 00

Liabilities other than those above stated................

23,281 93

51,613 73

32,360 07

26,691 01

61,892 08

65,881 50
563,000 00

Clearing house certificates.......................................

Totals............................................................ $109,398,138 47 *117,495,460 83 $132,515,439 07


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

194,988 00

$132,690,353 31

R E P O R T OF T H E COM MISSIONER.

cxv

Comparative abstracts (National Banks).— 'C ontinued.

Resources.

November
27. 1908,
96 national
banks.

November
16, 1909,
99 national
banks.

November
10, 1910,
102 national

banks.

December
5, 1911,
100 national

banks.

Loans and discounts..........................

$84,061,275 46

$92,367,238 25

$94,399,247 59

$98,141,056 79

Stocks, bonds and mortgages.. . . ___

23,306,141 71

26,396,496 17

26,197,397 50

31,110,470 79

Overdrafts..........................................

241,345 49

232,943 08

224.793 19

174,947 27

Due from reserve agents....................

13,761,102 88

14,600,685 65

12,508,396 52

15,506,585 55

Due from other banks and bankers. .

6,292,135 23

7,797,672 74

7,354,941 25

8,636,916 03

Banking house, furniture and fixtures

2,477,820 19

( 2,651,928 17

2,760,094 59

2,972,559 94

Other real estate................................

291,505 80

285,810 50

233.793 96

315,097 32

Exchanges for clearing house.............

789,398 40

868,545 43

885,419 43

1,233,099 06

Checks and cash items........................

311,082 74

255,876 57

282,805 75

289,791 44

Cash.....................................................

11,253,727 70

11,305,003 35

11,646,267 67

12,114,396 54

Due from United States treasurer

530,765 50

593,170 00

660.793 29

653,488 50

Premiums on United States bonds__

214,339 93

176,160 63

107,956 02

58,082 91

$143,530,641 03 $157,531,530 54 $157,261,906 76

$171,206,492 14

Clearing house certificates.

Totals.

Liabilities.
Capital stock paid in ...............................

$14,955,000 00

$15,189,500 00

$14,641,300 00

Surplus fund............................................

6,068,150 00

6,416,510 99

6,680,603 00

6,819,063 09

Undivided earnings, net..........................

2,650,316 37

2,881,308 23

3,073,386 99

3,474,433 28

$14,707,050 00

Dividends unpaid....................................

7,975 85

33,221 55

16,909 31

11,675 51

Individual deposits..................................

92,506,619 35

103,669,284 41

103,479,596 56

113,588,635 73

United States deposits.............................

2,442,065 88

959,365 22

990,301 63

1,155,747 64

15,265,250 30

18,011,053 82

17,220,806 46

21,055,762 92

National bank notes outstanding...........

9,010,475 00

9,894,100 50

10,161,987 50

9,999,000 00

Notes and bills rediscounted...................

124,265 83

142,064 93

270,879 75

86,255 70

Bills payable............................................

130,000 00

74,000 00

456,000 00

40,000 00

Liabilities other than those above stated

13,300 00

29,610 00

18,940 00

5,000 00

Reserved for taxes...................................

51,222 45

31,510 89

41,995 56

51,668 27

Bonds borrowed......................................

306,000 00

200,000 00

209,200 00

212,200 00

$143,530,641 03 $157,531,530 54 $157,261,906 76

$171,206,492 14

Due to banks and bankers................

Clearing house certificates

Totals


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

STA TE BAN KING D EPA R TM EN T.

cxvi

Comparative abstracts (National Banks).
November
26, 1912,
99 national
banks.

Resources.

Concluded.

October
21, 1913,
99 national
banks.

October
31, 1914,

102 national

banks.

November
10, 1915,
106 national
banks.

1106,614,756 53 5112,235,907 80 1114,670,732 34

$115,107,137 16
46,459,320 47

33,862,408 93

35,180,003 48

38,318,028 17

135,167 84

137,720 24

128,342 33

81,409 54

Due from reserve agents..........................................

14,392,298 12

16,462,031 53

14,575,842 12

23,093,671 80

Due from other banks and bankers.........................

10,104,057 24

10,605,854 58

9,434,690 14

18,344,785 86

Banking house, furniture and fixtures.....................

3,275,802 44

3,375,274 52

3,604,609 08

4,289,754 60

369,412 01

374,727 08

699,838 29

652,294 01

1,243,697 45

1,240,377 21

1,044,114 18

1,852,635 87

Stocks, bonds and mortgages...................................

Exchanges for clearing house...................................

293,533 69

291,603 26

420,198 09

490,587 21

12,284,986 40

14,118,514 96

13,452,227 24

10,412,785 32

Due from United States treasurer...........................

655,542 50

711,255 00

781,727 50

823,422 50

Premiums on United States bonds..........................

18,962 78

7,097 20

4,090 17

Checks and cash items.............................................

$183,250,625 93 $194,740,366 86 $197,134,439 65

$221,607,804 34

$17,645,000 00

Liabilities.
Capital stock paid in ...................................... ........

$15,010,000 00

$15,260,000 00

$17,084,860 00

7,127,300 00

7,732,610 00

9,060,600 00

9,142,030 00
4,020,589 04

Undivided earnings, n et...........................................

4,072,440 70

4,228,289 58

3,077,790 75

Dividends unpaid.....................................................

9,354 15

17,555 75

15,065 42

14,062 14

131,960,189 73

106,622,433 69

123,966,021 77

131,680,554 31

.

47,054,081 08

United States deposits.............................................

1,035,471 93

1,961,871 49

2,163,531 14

Due to banks and bankers............................... • • • ■

20,259,286 71

21,755,235 69

20,057,828 89

25,415,928 64

National bank notes outstanding..........................

10,637,935 00

10,680,605 00

11,898,915 00

10,784,272 50

406,702 45

570,757 71

745,822 96

166,697 01

Liabilities other than those above stated..............
Reserved for taxes, interest, etc............................


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

450,000 00

540,000 00

512,140 00

312,190 94

19,896 85

12,500 00

224,533 90

155,269 30

42,816 37

52,287 43

87,061 86

213,400 00

248,100 00

246,100 00

275,250 00

$183,250,625 93 $194,740,366 86 $197,134,439 65

$221,607,804 34

R E PO R T OF T H E COM MISSIONER.

cxvii

STATE BANKS.
1915.
Abstracts of reports made by the State banks of Michigan to the Commissioner of the Banking
Department, the reports being called for on past days unknown to the bank officers, viz.
March 4, M ay 1, June 23, September 2, and November 10, 1915. For reports of individual
State banks and Trust Companies see succeeding pages.

Resources.

Loans and discounts:
Commercial department.................
Savings department........................
Bonds, mortgages and securities:
Commercial department..................
Savings department........................
Premium account................................
Overdrafts...........................................
Banking house................................. 1
Furniture and fixtures...................../
Other real estate.................................
Due from other banks and bankers,
not reserve cities..............................
Items in transit...................................
United States bonds:
Savings department........................
Due from banks in reserve cities:
Commercial department............
Savings department...................
Exchanges for clearing house:
Commercial department............
Savings department...................
U. S. and National bank currency:
Commercial department............
Savings department...................
Gold coin:
Commercial department. . . . . . .
Savings department...................
Silver coin:
Commercial department............
Savings department...................
Nickels and cents:
Commercial department............
Savings department...................
Checks and other cash items.........
Totals.

Report of
March 4,
464 state
banks, 6 trust
companies.

Report of
May 1,
466 state
banks, 6 trust
companies.

Report of
June 23,
467 state
banks, 6 trust
companies.

Report ofSept. 2 ,
469 state
banks, 6 trust
companies.

Report of
Nov. 10,
472 state
banks, 6 trust
companies.

$111,270,142 34 $115,559,706 29 $121,327,724 39 $121,700,602 90 $122,678,349 43
40,537,755 99 40,439,786 61 39,103,230 88 39,328,073 40
40,470,679 69
26,072,643
159,095,820
74,676
302,381
9,619,246
1,073,652

46 27,058,408 50 29,976,187 15 33,548,953 64
67 162,535,156 18 165,699,533 36 169,380,275 66
12
93,914 47
112,173 11
101,565 64
86
263,451 85
260,960 23
242,782 62
27
9,829,088 26 10,160,523 77 10,670,631 14
01
923,113 13
1,168,343 54
1,208,035 64

1,073 211 62
3,326 816 88

1,143 176 33
2,925 ,063 04

1,192 ,260 13
2,695 ,627 68

1,474 ,647 00
2,590 585 21

34,463,841
174,040,491
103,913
313,337
11,066,549
1,176,397

79
02
25
43
93
21

1,784,718 46
3,462,235 65

527,840 00

510,780 00

512,373 50

494,042 50

500,231 50

23,348 121 98
27,350 706 38

27,605 ,469 51
27,715 ,632 60

30,655, 516 39
29,121, 917 61

28,330 520 80
28,753, 050 34

35,515,317 68
30,057,414 54

1,714 191 67
421 721 39

2,299, 206 13
579, 371 14

2 , 200 , 293 31

212 , 198 10

2,647, 355 34
390, 250 98

3,388,241 67
293,816 28

6,743 ,948 10
6,664.,873 25

6,765, 947 39
6,259, 159 50

7,705, 664 15
7,078, 591 50

8,748, 670 75
6,945, 715 25

9,068,944 13
7,220,764 75

1,728,,485 78
6,125,,944 95

6,077; 965 99

1,739, 411 80

2,046, 351 11
6 , 020 , 354 33

2 , 011 , 734 58

6,240, 008 80

1,634,801 17
6,437,650 73

1,015,,530 57
279,,306 47

921,070 46
244,498 58

S99,603 46
291,303 90

991,909 49
302,314 62

988,376 01
277,165 81

148,,646 23
30.,426 58
454 ,927 76

127,283 15
39,726 96
596,120 36

138,368 35
34,578 73
451,756 83

130,988 91
35,151 33
502,653 24

136,725 79
32,084 65
628,194 07

$429,001,018 33 $442,252,508 23 $459,065,435 51 $466,770,519 78 $485,740,242 64

Liabilities.
Capital stock paid in ..........................
Surplus fund........................................
Undivided profits, n et.........................
Dividends unpaid................................
Commercial deposits subject to check..
Commercial certificates of deposit.. ..
Certified checks...................................
Cashier’s checks outstanding..............
State monies on deposit......................
Due to banks and bankers.................
Postal savings deposits.......................
Savings deposits..................................
Savings certificates of deposit.............
Reserve for taxes, interest, etc...........
Notes and bills rediscounted...............
Bills payable.......................................
Bonds sold under repurchase agree­
ment .................................................

$32,916, 540
19,020, 898
8,282i 362
43, 969
100,098, 331
19,771, 473
323, 198
704, 911
2,604, 760
11,439, 133
658, 981
185,766, 814
45,845, 222
567, 378
500, 190
323, 850

00 $33,489 ,850 00 $33,565, 980 00 $33,798 ,049
41 19,177 260 41 19,33L 896 41 19,629 ,249
35
9,007 753 48
9,457; 546 66
8,703 ,183
28
261 11
20; 151 46
26 ,069
98 104,351 004 60 114,163; 699 02 122,197 162
77 20,738 605 61 21,461, 216 68 22,246 ,896
75
428 346 23
503, 770 16
388 ,662
92
1,297 202 84
1,193, 480 79
1,041 ,768
16
4,759 456 06
4,870, 282 90
957 ,532
91 12,270 531 24 12,244, 872 86 12,232 ,348
23
663 880 16
645, 784 55
644 ,624
09 187,277 664 94 190,817, 599 04 194,361 ,001
75 46,820, 922 44 48,508, 645 35 48,223 ,461
86
898 795 70
780, 121 69
719 ,545
87
346 973 41
356, 797 94
480 ,422
00
586, 000 00
966, 590 00
940 ,295

133,000 00

105,000 00

177,000 00

00
18
75
07
24
25
38
90
20
31
00
09
26
01
05
09

180,250 00

Totals....................................... $429,001,018 33 $442,252,508 23 $459,065,435 51 $466,770,519 78


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

$34,371, 560
20,135, 742
9,572, 553
10 , 399
130,238, 489
21,473, 445
465, 933
1,216, 986
436, 154
14,340, 048
640, 257
200,730, 957
49,201, 482
810, 264
551, 190
1.218, 735

00
48
85
03
61
92
53
85
36
84
67
54
99
95
28
57

326,039 17
$485,740,242 64

STA TE BAN KING D EPA R TM EN T.

cxviii

NATIONAL BANKS.
1915.
Abstracts of reports made by the National Banks of Michigan to the Commissioner of the Bank­
ing Department, March 4, M ay 1, June 23, September 2 and November 10, 1915. For
reports of individual National Banks see succeeding pages.

Resources.

Report of
May 1,
103 national
banks.

Report of
March 4,
103 national

Loans and discounts............................. $109,447,621
Overdrafts, secured and unsecured....
70,002
U. S. bonds deposited to secure cir­
culation............................................ 10,869,750
Bonds, securities, etc........................
30,436,466
Banking house, furniture and fixtures..
3,924,920
Other real estate and mortgages owned
723,366

Report of
Sept. 2,
105 national
banks.

Report of
Nov. 10,
106 national
banks.

76 $111,629,427 47 $112,090,111 62 $113,714,360 72 $115,107,137 16
81,409 54
59,513 83
71,752 72
76,244 27
06
11,833,148
75
11,837,217
84
11,836,217
84
11,830,735
34
00
34,626,171 72
14 31,445,712 28 32,606,404 03 33,975,848 75
4,289,754
60
4,170,794
76
4,148,889
23
4,020,993
58
84
652,294 01
646,782 79
738,256 50
728,487 26
36

Due from banks and bankers (not-

reserve agents)................................. 11,358,229 76
Due from Federal Reserve banks....... 3,040,156 33
Due from approved reserve agents.... 18,477,541 33
Checks and other cash items (nickels
and cents included) ...............
503,903 25
1,034,318 74
Exchanges for clearing house .............
Bills of National and Federal Reserve
banks.....................
838,515 00
Specie................................................... 5,923,268 24
Legal tender notes..............................
2,908,857 00
Five per cent redemption fund and due
from TJ. S. treasurer.........................
718,657 10

Totals.

Report of
June 23,
104 national
banks.

11,890,381 89 12,801,881 44
3,120,178 83
3,129,791 67
18,747,793 54 18,402,721 48

14,501,504 73
3,217,095 79
19,150,223 21

18,344,785 86
3,576,581 14
19,517,090 66

460,141 81
1,306,159 40

282,247 84
1,056,228 20

418,437 86
1,385,321 87

490,587 21
1,852,635 87

951,377 00
5,879,971 45
4,202,295 00

1,137,853 00
5,882,088 66
3,785,478 00

1.070,412 00
6,261,928 47
3,868,175 00

1,223,949 00
6,153,458 32
3,035,378 00

723,123 50

775,436 00

772,887 50

823,422 50

$200,275,573 91 $207,022,635 46 $208,735,745 39 $215,050,505 12 $221,607,804 34

Liabilities.
Capital stock paid in .....................
Surplus fund..................................
Undivided profits, n et...................
Circulating notes...........................
Due to banks and bankers............
Dividends unpaid........... ..............
Demand deposits...........................
Time deposits.. • •,........................
Notes and bills rediscounted.........
Bills payable.............. ...................
Bonds borrowed.............................
Liabilities other than those above
stated.........................................

439,330
126,049
341,475
743,622
248,853
11,012

983,214
772,484
34,813
287,500
254,600

00 $17,545,000 00 $17,561 ,420 00 $17,591 310 00
9,133 280 00
9,128 ,170 00
9,127,720 00
78
3,531 784 80
3,933 ,320 92
3,560,429 93
72
922 50
10,782
,772
50
10,762
50 10,844,072 50
97 22,097,446 68 24,997 ,845 89 23,398 506 49
783 54
9
,451
44
5
14,468 14
81
39 98,889,441 85 96,463 ,876 50 103,997 790 37
265 38
45,787
,171
60
44,925
14 44,333,151 86
115 551 40
204 ,279 81
50,245 50
34
,190
94
382
437 ,500 00
247,500 00
00
262 ,450 00
262 ,800 00
259,600 00
00

32,617 26

Totals....................................... $200,275,573 91


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

53,559 00

53,136 73

57,669 70

$17,645 ,000
9,142 ,030
4,020 ,589
10,784 ,272
25,415 ,928
14 ,062
106,622 ,433
47,054 ,081
166 ,697
312 ,190
275 ,250

00

00
04
50
64
14
69
08
01
94
00

155,269 30

$207,022,635 46 $208,735,745 39 $215,050,505 12 $221,607,804 34

R E P O R T OF T H E COM MISSIONER.

cxix

STATE AND NATIONAL BANKS.
1915.
Abstracts showing the total volume of business transacted by the State and National banks and
Trust Companies of Michigan, as reported to the Commissioner of the Banking Department,
March 4, M ay 1, June 23, September 2 and November 10, 1915.

Resources.

Report of
March 4, .464
state banks,
103 national
banks, 6 trust
companies.

Report of
May 1, 466
state banks,
103 national
banks, 6 trust
companies.

Report of
June 23, 467
state banks,
104 national
banks, 6 trust
companies.

Report of
Sept. 2 , 469
state banks,
105 national
banks, 6 trust
companies.

Report of
Nov. 10, 472
state banks,
106 national
banks, 6 trust
companies.

Loans and discounts........................... $261,255,520 09 $267,628,920 37 $272,521,066 89 $274,743,037 02 $278,256,166 28
Stocks, bonds and mortgages............. 215,522,364 93 221,039,276 96 228,282,124 54 236,905,078 05

243,130,504 53

Overdrafts...........................................

372,383 92

339,696 12

332,712 95

302,296 45

394,746 97

U. S. bonds to secure circulation........

10,869,750 00

11,830,735 34

11,836,217 84

11,837,217 84

11,833,148 75

U. S. bonds on hand...........................

607,220 00

510,780 00

512,373 50

494,042 50

500,231 50

Premiums paid....................................

77,861 46

93,914 47

112,173 11

101,565 64

103,913 25

Banking house, furniture and fixtures.. 13,544,167 11

13,850,081 84

14,309,413 00

14,841,425 90

15,356,304 53

Other real estate..................................

1,797,018 37

1,651,600 39

1,906,600 04

1,854,818 43

1,828,691 22

Due from other banks and bankers...

15,758,258 26

15,958,621 26

16,689,769 25

18,566,736 94

23,591,739 97

Due from banks in reserve cities........

72,216,526 02

77,198,687 32

81,300,334 31

79,450,890 14

88,666,404 02

1,223,272 28
4,184,736 67
14,862,918 28

906,951 75
3,468,719 61
15,139,701 46

1,087,231 34
4,422,928 19
15,807,895 96

1,287,591 72
5,534,693 82:
15,491,452 04

18,178,778 89

19,707,586 65

20,632,973 00

20,549,035 8 8 -

723,123 50

775,436 00

772,887 50

823,422 50:

Checks and other cash items (nickels
and cents included)........................ 1,137,903 82
Exchanges for clearing house.............
3,170,231 80
Specie.................................................. 15,072,536 01
U. S., National and Federal Reserve
bank notes....................................... 17,156,193 35
Five per cent redemption fund and
due from U. S. treasurer.................
718,657 10

Totals....................................... $629,276,592 24 $649,275,143 69 $667,801,180 90 $681,821,024 90 $707,348,046 98

Liabilities.
Capital stock naid in ..........................
Surplus fund........................................
Undivided profits, n et.........................
National bank notes outstanding.......
Due to banks and bankers.................
Dividends unpaid................................
Commercial deposits...........................
Savings deposits..................................
State moneys on deposit (National
banks include municipal deposits)...
United States deposits........................
Postal savings deposits.......................
Bonds borrowed..................................
Reserved for taxes, interest, etc.........
Notes and bills rediscounted...............
Bills payable........................................
Liabilities other than those above
stated...............................................

$50,355,870
28,146,94811,623,838
10,743,622
34,687,987
54.982
207,720,703
277,384,520
3,389,918
1,100,926
1,933,324
254,600
567,378
535,004
611,350

00 $51,034,850 00 $51,127,400 00 $51,389,359 00
19 28,304,980 41 28,460,066 41 28,762,529 18
07 12,568,183 41 13,390,867 58 12,234,968 55
50 10,844,072 50 10,762,772 50 10,782,922 50
88
34,367,977 92 37,242,718 75 35,630,854 80
09
25,602 90
47,729 25
35,852 61
10 222,855,447 69 231,189,137 94 247,140,237 69
98 278,431,739 24 284,251,415 99 288,371,727 73
60
18
32
00
86

21
00

165,617 26

5,342,541
944,255
1,985,692
259,600
898,795
397,218
833,500

33
63
70
00
70
91
00

158,559 00

5,119,074
914,573
27079,324
262,800
780,121
561,077
1,404,090

85
33
48
00

69
75
00

230,136 73

1,241,959
867,120
2,225,118
262.450
719,545
595,973
1,322,486

95
68
02
00
01

45
03

237,919 70

$52,016,560
29,277,772
13,593,142
10,784,272
39,755,977
24,461
260,017,289
296,986,521

OR
48
89
50
48
17
60
61

436,154 36
640,257
275,250
810,264
717,887
1,530,926

67'
00
95
29
51

481,308 47

Totals....................................... $629,276,592 24 $649,275,143 69 $667,801,180 90 $681,821,024 90 $707,348,046 98.


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

cxx

ST A T E BANKING D EPA R TM EN T .

DETROIT.
ST A T E B A N K S .

1915.
Abstracts of the 'published reports of the State banks and Trust Companies in the city of Detroit,
as made to the Commissioner of the Banking Department, March 4, M ay 1, June 23, Sep­
tember 2 and November 10, 1915.

Resources.

Loans and discounts:
Commercial department.................
Savings department........................
.Bonds, mortgages and securities:
-Commercial department..................
‘Savings department........................
Premium account................................
Overdrafts...........................................
Banking house.....................................
Furniture and fixtures........................
Other real estate.................................
Due from other banks and bankers,
not reserve cities..............................
Items in tra n s it..................................
United States bonds:
Savings department........................
Due from banks in reserve cities:
Commercial department..................
Savings department........................
.Exchanges for clearing house:
Commercial department.................
Savings department........................
U . S. and National bank currency:
Commercial department..................
Savings department........................
'Gold coin:
Commercial department..................
Savings department........................
Silver coin:
Commercial department.................
Savings department........................
Nickels and cents.
Commercial department.................
Savings department........................
Checks and other cash items..............

Report of
Report of
Report of
Report of
Report of
March 4, 10
May 1, 10
June 23, 10
Sept. 2 , 10
Nov. 10, 10
state banks, 3
state banks, 3
state banks, 3
state banks, 3
state banks, 3
trust companies. trust companies. trust companies. trust companies. trust companies.

$39,521,498 28 $42,232,196 83 $45,917,636 00 $46,124,862 11
11,804,813 65 11,031,420 80
9,798,442 80
9,745,320 67
14,146,549
70,402,374
2,946
6,576
3,229,301
456,335
413,193

48
77
66

76
97
44
08

14,182,245
72,138,577
8,403
13,871
3,399,249
453,639
215,035

85
62
31
87
88

61
37

517,431 15
582,255 24
1,601,975 64
1,432,057 29

15,471,490
73,857,285
9,341
9,315
3,654,932
434,664
424,391

15
35
66

39
83
60
14

17,098,459
76,007,133
11,947
11,479
3,901,088
465,929
401,821

94
66

71
88

29
67
57

604,466 54
588,587 82
1,472,149 87
1,454,866 43

$46,563,999 22
10,346,374 85
17,165,880
78,379,510
13,298
10,042
4,052,945
470,165
358,535

94
89
15
98
97
19
86

845. 966 55
1,671 292 11

300,000 00

300,000 00

300,000 00

300,000 00

300,000 00

10,050,518 30
10,091,461 34

14,612,255 76
10,815,951 17

14,588,648 39
12,620,432 47

13,455,,530 83
11,696,,625 85

17,546, 010 88
12,619, 712 21

1,152,362 90
209,057 29

1,611,196 15
445,194 01

1,613,769 40
120,740 05

2,065 ,797 59
279 ,434 12

2,653, 890 88
180, 092 32

2,682,457 00
2,478,896 00

2,806,733 00
2,022,653 00

3.175.250 00
2,579,981 00

3,869 ,541 00
2,595. ,484 50

4,164, 889 00
2,748, 209 00

674,478 37
2,961,933 72

723,171 02
2,809,594 22

957,068 62
2.797.251 89

953.,890 56
2,917,,332 30

564, 189 68
3,045, 530 89

293,269 33
25,874 95

258,481 89
18,510 75

236,513 38
36,335 45

277.,958 50
42.,793 50

284. 030 37
28, 164 15

44,642 92
5,941 37
83,152 60

25,930 25
13,643 29
117,447 08

39,552 23
7,619 53
124,877 06

34,.191 52
9.,700 34
131 ;,099 88

38, 784 80
6,743 63
183, 869 24

$173,157,042 97 $182,269,715 26 $190,799,033 67 $194,494,000 37

1,242,129 76

Capital stock paid in .....................
$ 11, 500.000 00 $11,750,000 00 $11,750,000 00 $11,750,000 00
Surplus fund..................................
8,820,000 00
820.000 00
8,820,000 00
8,821,000 00
Undivided profits, less losses, current
240,102 50
expenses, interest and taxes paid..
4,260, 547 58
4,551, 083 16
4,498, 991 94
Dividends unpaid..............................
4,239 57
787 00
11, 151 00
6,539 50
,156,342 30 49,088, 076 34 54,175, 266 03 58,451 : 141 77
Commercial deposits subject to check.
Commercial certificates of deposit___
194,664 57
2,116, 730 73
2,234; 733 84
2,286; 044 41
Certified checks...................................
183,361 58
259, 520 70
341 617 58
249, 094 85
Cashier’s checks outstanding..............
525,092 88
1,012 732 41
1,009. 216 33
862, 588 28
State monies on deposit......................
2.142. 196 95
635,085 94
2,161 929 41
430, 553 55
Due to banks and bankers..................
,050,776 76
8,669! 750 27
8,815 005 57
8,511 ;906 67
Postal savings deposits.......................
313;319 53
319,409 91
311 731 57
315, 515 74
Savings deposits..................................
,723.460 65 86,654. 309 93 88,650. 905 14 90,443, 205 48
■Savings certificates of deposit.............
605,791 57
6,936; 130 63
7,715 078 88
7,644. 031 04
Reserve for taxes, interest, etc...........
198,714 74
238; 765 27
258 163 08
223; 387 14
Notes and bills rediscounted..............
Bills payable.......................................

$12,250,000 00
9,321,000 00

Totals.
Liabilities.

Totals.......................................$173,157,042 97


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

4,492. 251
i; 990
62,310; 302
1,570: 125
354; 408

965; 000

08
00
46
11
79
62
46
35
74
43
04

226; 735
10,187. 664
315; 515
94,262. 638
7,764; 560
219, 937 68

269,715 26 $190,799,033 67 $194,494,000 37 $204,242,129 76

REPO RT

OP T H E COM M ISSIONER.

cxxi

DETROIT.
N A T IO N A L B A N K S .

1915.
Abstracts of reports made by the National Banks of Michigan to the Commissioner of the B ank­
ing Department, March Jf, M ay 1, June 23, September 2 and November 10, 1915. For
reports of individual National Banks see succeeding pages.
Resources.

Report of
March 4, 3
national banks.

Report of
May 1, 3
national banks.

Report of
June 23, 3
national banks.

Report of
Sept. 2 , 3
national banks.

Loans and discounts............................ $35,248,657 70 $36,645,621 73 $37,092,701 31 $38,245,706 24
Overdrafts, secured and unsecured....
3,685 85
2,928 86
5,959 92
3,812 36
U. S. bonds deposited to secure cir­
culation.............................
2,155,000 00
2,374,100 00
2,374,100 00
2,374,100 00
Bonds, securities, etc............... ........... 9,502,312 09 10,263,052 54 10,636,253 77 11,653,870 82
Furniture and fixtures.................
183,500 00
183,500 00
184,500 00
184,500 00
Other real estate and mortgages owned
300,000 00
300,000 00
300,000 00
300,000 00
Due from banks and bankers (not
reserve agents).............................
8,122,838 84
8,517,278 93
9,639,597 40 11,127,437 86
Due from Federal Reserve banks__
1,473,618 52
1,475,945 04
1,494,261 50
1,523,553 95
Due from approved reserve agents__
6,793,874 62
7,570,911 27
8,906,382 93
9,136,897 26
Checks and other cash items (nickels
and cents included)......................
127,095 20
217,303 58
76,706 30
167,634 68
Exchanges for clearing house.............
780,923 51
830,127 12
739,526 85
1,012,508 69
Bills of National and Federal Reserve
banks........................................
321,689 00
432,521 00
480,411 00
Specie.......................................
1,735,306 50
1,660,302 00
1,859,263 00
Legal tender notes..............................
1.517,721 00
2,876,001 00
2,451,782 00
2,578,161 00
Five per cent redemption fund and due
from U. S. treasurer....................
274,250 00
285,750 00
310,750 00
322,250 00
Totals..........................

$68,540,472 83 $73,635,343 07 $76,277,202 98 $80,970,106 86

Report of
Nov. 10, 3
national banks.

$39,980,318 26
14,945 67
2,374,100 00
11,739,080 45
184,500 00
300,000 00
14,796,074 04
1,621,567 18
7,839,991 73
89,210 95
1,543,894 22
504,988 00
1,692,466 50
1,838,840 00
355,250 00

$84,875,227 00

Liabilities.
Capital stock paid in ..........................
Surplus fund.........................
Undivided profits, n et.....................
Circulating notes...........................
Due to banks and bankers.................
Dividends unpaid............................

$7,000,000
3,250,000
591,514
2,085,395
17,085,336
772

00
00
33
00
40
00

Demand deposits................................. 38,257,455 10
Time deposits...................................
50,000 00
Notes and bills rediscounted...............
Bills pavable................................
Bonds borrowed.........................
220,000 00
Liabilities other than those above
stated...............................................

Totals.....................................


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

$7,000,000
3,250,000
576,282
2,103,195
16,357,372
2,840

00
00
62
00
99
00

$7,000,000 00
783,765
2,024,995
19,666,997
150

50
00
99
00

$7,000,000
3,250,000
594,402
2,024,795
17,832,943
238

00
00
06
00
37
00

$7,000,000
3,250,000
725,350
2,027,795
20,121,553
616

0000
91
00
28
00

44,075,652 46
50,000 00

43,331,294 49

50,047,728 43

51,464,115 36

220,000 00

220,000 00

220,000 00

220,000 00

$68,540,472 83 $73,635,343 07 $76,277,202 98 $80,970,106 86

$81,875,227 00

cxxii

ST A T E BANKING D EPA R TM EN T .

DETROIT.
ST A T E A N D N A T IO N A L B A N K S .

1915.
Abstracts of the published reports of the State and National banks and Trust Companies in the
city of Detroit, as made to the Commissioner of the Banking Department, March A M ay 1
June 23, September 2 and November 10, 1915.
’
J ’
!
Resources.

Loans and discounts........................
Stocks, bonds and mortgages.........'.

Report of
Report of
Report of
Report of
Report of
March 4, 10
May 1, 10
June 23, 10
Sept. 2 , 10
Nov. 10, 10
state banks, 3
state banks, 3
state banks, 3 state banks, 3 state banks, 3
national banks, national banks, national banks, national banks, 3 national banks, 3
trust companies trust companies trust companies . trust companies . trust companies.
$86,574,969 63 $89,909,239 36 $92,755,657 98 $94,169,011 15
94,026,836 34

96,583,876 01

99,965,029 27 104,759,464 42

$96,890,692 33
107,284,472 28

Overdrafts.........................................

10,262 61

16,800 73

15,275 31

15,292 24

24,988 65

U. S. bonds to secure circulation. . . .

2,155,000 00

2,374,100 00

2,374,100 00

2,374,100 00

2,374,100 00

U. S. bonds on hand..........................

324,400 00

300,000 00

300,000 00

300,000 00

300,000 00

2,946 66

8,403 31

9,341 66

11,947 71

13,298 15

3,869,137 41

4,036,389 49

4,274,097 43

4,551,517 96

4,707,611 16

Premiums paid.............................
Banking house, furniture and fixtures
Other real estate.................................

713,193 08

515,035 37

724,391 14

701,821 57

658,535 86

Due from othfer banks and bankers...

10,242,245 63

10,531,591 46

11,716,213 81

13,170,892 11

17,313,332 70

Due from Federal Reserve banks.......

1,473,618 52

1,475,945 04

1,494,261 50

1,523,553 95

1,621,567 18

Due from banks in reserve cities. . . .
26,935,854 26
Checks and other cash items, including
nickels and cents.............................
260,832 09

32,999,118 20

36,115,463 79

34,289,053 94

38,005,714 82

374,324 20

248,755 12

342,626 42

318,608 62

2,886,517 28

2,474,036 30

3,357,740 40

4,377,S77 42

6,051,237 86

"5,614,381 59

8,137,908 00

S ,612,403 00

9,523,597 50

9,256,926 00

285,750 00

• 310,750 00

322,250 00

355,250 00

Exchanges for clearing house............

2,142,343 70

Specie........................................
U. S., National and Federal Reserve
bank notes................................
Five per cent redemption fund and
due frcm U. S. treasurer...........

5,690,862 87

5,470,059 88

7,000,763 00
274,250 00

Totals.................................

$241,697,515 80 $255,905,058 33 $267,076,236 65 $275,464,107 23 $289,117,356 76

Liabilities.
Capital stock paid in ..........................
Surplus fund..................................
Undivided profits, n et.........................
National bank notes outstanding....
Due to banks and bankers.................
Dividends unpaid..........................
Commercial deposits....................
Savings deposits..................................
State monies on deposit, National
banks include municipal deposits....
United States deposits......................
Postal savings deposits..................
Bonds borrowed.............................
Reserved for taxes, interest, etc.........
Notes and bills rediscounted...............
Bills payable............................
Liabilities other than those above
stated................................

Totals............................


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

$18,500,000
12,070,000
4,831,616
2,085,395
25,136,113
5,011
83,601,526
92,379,252

00 $18,750,000 00 $18,750,000 00 $18,750,000 00
00 12,070,000 00 12,070,000 00 12,071,000 00
83
4,836,830 20
5,334,848 66
5,093,394 00
00
2.103.195 00
2,024,995 00
2,024,795 00
16 25,027,123 26 28,482,003 56 26,344,850 04
57
13,991 00
937 00
6,777 50
37 95,306,118 61 99,947,005 09 110,414,582 30
22 93,640,440 56 96,365,984 02 98,087,236 52

1,276,485 18
448,225 86
945,174 87
220,000 00

198,714 74

2.342.196 95
375,527 28
980,870 20

2,161,929 41
374,703 79
1,085,667 04

673,817 47
374,762 41
1,179,504 85

258,163 08

223,387 14

220,000 00

238,765 27

$19,250,000
12,571,000
5,217,601
2,027,795
30,309,217
2,606
116,663,952
102,027,198

00
00
99
00
63
OO
34
47

226,735 46
315,515 74

220,000 00

220,000 00

219,937 68

j
241,697,515 80

255,905,058 33

267,076,236 65

275,464,107 23

j? 289,117,356

76

!

REPO RT

O P T H E COM M ISSIONER.

GRAND RAPIDS.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the five State banks, two Trust Companies and three National
banks in the city of Grand Rapids, as made to the Commissioner of the Bankinq Department,
November 10, 1915.
Resources.

Report of
5 state banks,
2 trust companies.

Loans and discounts............................

Report of
3 national
banks.

Total,

$8,327,592 87 813,239,760 24

$21,567,353 11

Stocks, bonds and mortgages..............

891,237 41

4,264,912 30

14,156,149 71

Overdrafts............................................

15,156 75

12,335 02

27,491 77

Banking house, furniture and fixtures.

429,026 03

1,153,252 02

1,582,278 05

Other real estate..................................

11,659 99

37,133 50

48,793 49

Due from other banks and bankers. ..

373,535 43

1,301,093 00

1,674,628 43
4,536,107 22

Premiums paid.....................................

Due from banks in reserve cities.........

,512,403 49

2,023,703 73

Checks and other cash items...............

71,291 79

15,153 03

86,444 82

Exchanges for clearing house..............

232,081 76

132,651 27

364,733 03

Nickels and cents.................................

10,379 77

2,950 11

13,329 88

Specie...................................................

333,360 52

665,072 50

998,433 02

U. S., National and Federal Reserve bank notes................

699,417 75

226,304 00

925,721 75

Redemption fund with TJ. S. treasurer (5% of circulation).

108,650 00

108,650 00

Due from U. S. treasurer, other than 5% redemption fund.

5,200 00

5,200 00

$23,188,170 72

$46,095,314 28

Totals.

$22,907,143 56
Liabilities.

Capital stock paid in................................

$1,750,000 00

Surplus fund..............................................

1,740,000 00

Undivided profits, net...............................

446,300 54

National bank notes outstanding.............
Due to banks and bankers........................

904,866 65

$ 2 , 100,000

00

$3,850;000

00

1,050,000 00

2,790, 000 00

732,927 30

1,179, 227 84

1,991,397 50

1,991, 397 50

3,026,119 93

3,930, 986 58

Dividends unpaid......................................

412 77

937 86

1, 350 63

Commercial deposits.................................

5,301,483 66

8,137,875 01

13,439, 358 67

Savings deposits........................................

12,432,723 37

5,891,864 88

18,324, 588 25

87,787 19
110,229 39
59,031 66

110 , 229 39

State monies on deposit..........................
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc.............
Notes and bills rediscount,ed....................
Bills payable.............................................
Liabilities other than those above stated.
Totals.


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

14,852 91
280,745 66
35,758 00

$22,907,143 56

$23,188,170 72

87, 787 19

73, 884 57
280, 745 66
35, 758 00

3,095,314 28

cxxiv

ST A T E BANKING D EPA R TM EN T .

SAGINAW.
S T A T E A N D N A T IO N A L B A N K S .

Abstracts of the 'published reports of the three State banks and two National banks in the city
of Saginaw, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of

Resources.

Report of
3 state
banks.

Loans and discounts................................................................................

$5,557,320 76

$4,862,695 05

$10,420,015 81

Stocks, bonds and mortgages..................................................................

4,434,656 69

1,897,540 86

6,332,197 55

Overdrafts................................................................................................

5,494 71

1,585 47

7,080 18

Premiums p a id .......................................................................................

663 89

Banking house, furniture and fixtures....................................................

215,000 00

83,000 00

298,000 00

2 national

Total.

banks.

663 89

65,767 34

Other real estate......................................................................................

65,767 34

Due from other banks and bankers........................................................

98,742 18

166,876 99

265,619 17

Due from banks in reserve cities............................................................

1,960,799 49

1,050,822 24

3,011,621 73

Checks and other cash items...................................................................

10,352 50

2,434 87

12,787 37

Exchanges for clearing house..................................................................

26,022 36

33,110 01

59,132 37

Nickels and cents.....................................................................................

1,380 85

714 05

2,094 90

Specie.......................................................................................................

265,628 20

277,565 30

543,193 50

U. S., National and Federal Reserve bank notes...................................

367,795 00

69,635 00

437,430 00

Redemption fund with U. S. treasurer (5% of circulation)...................

30,000 00

30,000 00

Customers liability under letters of credit..............................................

63,609 82

63,609 82

$13,009,623 97

$8,539,589 66

$21,549,213 63

Capital stock paid in...............................................................................

$700,000 00

$600,000 00

$1,300,000 00

Surplus fund............................................................................................

650,000 00

600,000 00

1,250,000 00

Undivided profits, net..............................................................................

434,257 57

164,071 34

598,328 91

590,000 00

590,000 00

1,000,548 72

1,668,354 41

Totals............................................................................................
Liabilities.

National bank notes outstanding...........................................................
Due to banks and bankers......................................................................

667,805 69

Dividends unpaid....................................................................................

1,509 00

Commercial deposits................................................................................

3,346,463 10

4,926,915 56

8,273,378 66

Savings deposits.......................................................................................

7,158,253 42

461,837 90

7,620,091 32

1,509 00

State monies on deposit..........................................................................

10,000 00

10,000 00

United States deposits.............................................................................
Postal savings deposits............................................................................
Bonds borrowed.......................................................................................
Reserved for taxes, interest, etc..............................................................
Notes and bills rediscounted...................................................................
Bills payable............................................................................................
Liabilities other than those above stated...............................................
Customers liability under letters of credit..............................................

1,706 36

76,000 00
18i628 32

76,000 00
20,334 68

45,000 00

15,000 00
12,978 00

60.000 00
12,978 00

63,609 82

4,628 83
63,609 82

Totals............................................................................................

$13,009,623 97

$8,539,589 66

$21,549,213 63


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

4,628 83

REPO RT

OF TH E

COM M ISSIONER.

cxxv

BATTLE CREEK.
S T A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the two State banks and two National banks in the city of
Battle Creek, as made to the Commissioner of the Banking Department, November 10, 1915.
Resources.

Report of
2 state
banks.

Report of
2 national

banks.

Total.

Loans and discounts...........................................................

$1,285,614 36

$5,084,441 03

$6,370,055 39

Stocks, bonds and mortgages..............................................

1,871,302 82

3,779,025 66

5,650,328 48

Overdrafts............................................................................

1,157 46

1,314 68

2,472 14

89,654 67

152,120 70

241,775 37

Premiums paid..................................... .................... ..........
Banking house, furniture and fixtures................................
Other real estate..................................................................

2,469 79

2,469 79

Due from other banks and bankers....................................

6,114 81

94,428 72

100,543 53

Due from banks in reserve cities.............. ..........................

1,746,604 16

471,588 63

1,275,015 53

Checks and other cash items............................................. .

324 30

16,026 41

16,350 71

Exchanges for clearing house................................................

10,178 93

10,981 04

21,159 97

Nickels and cents..................................................................

1,945 42

2,000 23

3,945 65

Specie.....................................................................................

82,406 40

341,236 10

423,642 50

U. S., National and Federal Reserve bank notes................

95,807 50

80,095 00

175,902 50

28,500 00

28,500 00

S3,916,095 30

$10,867,654 89

$14,783,750 19

Capital stock paid in.............................

$375,000 00

$500,000 00

$875,000 00

Surplus fund...........................................

100,000 00

325,000 00

425,000 00

Undivided profits, net...........................

24,497 32

27,114 66

51,611 98

498,100 00

498,100 00

118,545 60

127,620 99

Redemption fund with U. S. treasurer (5% of circulation).
Due from U. S. treasurer, other than 5% redemption fund.
Totals..........................................................................
Liabilities.

National bank notes outstanding..........
Due to banks and bankers....................

9,075 39

Dividends unpaid.................................. .

840 00

840 00

Commercial deposits...............................

928,400 31

2,925,809 48

3,854,209 79

Savings deposits......................................

2,479,122 28

6,439,172 33

8,918,294 61

State monies on deposit..........................
Postal savings deposits............................

14,416 99

14,416 99

United States deposits.............................
Bonds borrowed.......................................
Reserved for taxes...................................
Notes and bills rediscounted...................
Bills payable............................................
Liabilities other than those above stated

18,655 83

18,655 83

$10,867,654 89

$14,783,750 19

Totals..................... .....................


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

$3,916,095 30

ST A T E BANKING D EPA R TM EN T .

cxxvi

KALAMAZOO.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the two State banks and two National banks in the city
of Kalamazoo, as made to the Commissioner of the Banking Department, November 10, 1915.
Resources.

Report of
2 state
banks.

Report of
2 national

Total.

banks.

$3,195,380 78

$4,509,551 53

$7,704,932 31

1,067,192 76

906,958 58

1,974,151 34

5,674 37

3,129 62

8,803 99

180,900 00

299,200 00

480,100 00

1,773 10

26,843 86

28,616 96

Due from other banks and bankers........................................................

67,360 76

99,931 00

167,291 76

Due from banks in reserve cities.............................................................

434,584 63

928,626 12

1,363,210 75

17,558 61

4,899 43

22,458 04

25,901 18

24,716 17

50,617 35

1,846 06

1,339 33

3,185 39

65,246 79

68,714 87

133,961 66

181,829 00

276,308 00

458,137 00

Redemption fund with U. S. treasurer (5% of circulation)...................

11,500 00

11,500 00

Due from U. S. treasurer, other than 5% redemption fund..................

3,300 00

3.300 00

$5,245,248 04

$7,165,018 51

$12,410,266 55

$500,000 00

$500,000 00

$1 , 000,000 00

150,000 00

200,000 00

350,000 00

55,069 34

83,993 11

139,062 45

Banking house, furniture and fixtures....................................................

Checks and other cash items..................................................................
Exchanges for clearing house..................................................................

U. S., National and Federal Reserve bank notes...................................

Liabilities.

f

j^

t

+

+t

H;ne

Due to banks and bankers......................................................................
Dividends unpaid................................................................ ...................
. . .

Reserved for taxes, interest, etc............................................................


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

320,589 26

229,197 50

229,197 50

151,995 54

472,584 80

1,660 50

584 50

2,245 00

2,010,923 11

5,893,203 78

7,904,126 89
1,939,915 24

1,939,915 24

36,102 50

17,040 02

17,040 02

49,504 06

49,504 06

14,500 00

$5,245,248 04

50,602 50
230,988 09

230,988 09

25,000 00

25,000 00

$7,165,018 51

$12,410,266 55

R E P O R T OF T H E

COM M ISSIONER.

cxxvii

BAY CITY.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the four State banks and one National bank in the city of
Hay City, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of
4 state
banks.

Resources.

Loans and discounts.................
Stocks, bonds and mortgages................

Report of
1 national

bank.

Total.

$3,829,372 11

$871,754 28

$4,701,126 39

3,909,871 08

689,850 00

4,599,721 08

Overdrafts...........................

DO/ OÖ

Premiums paid..............................

22,296 12

Banking house, furniture and fixtures.......

400 97

Other real estate.........................

42 Q03 49

Due from other banks and bankers .>.
Due from banks in reserve cities................

48,933 48

7,094 07

56,027 55

926,321 28

191,752 95

1,118,074 23

Checks and other cash items...............

11,085 32

1,925 91

13,011 23

Exchanges for clearing house..............

36,650 73

4,987 66

41,644 39

Nickels and cents..................

3,380 33

519 32

3,899 65

Specie.............................

151,032 86

76,980 00

228,012 86

II. S., National and Federal Reserve bank n o te s .......

347,904 00

60,780 00

408,684 00

Redemption fund with U. S. treasurer (5% of circulation)

10,000 00

Due from U. S. treasurer, other than 5% redemption fund
Totals.........................

$9,590,801 15

$1,991,790 38

$11,582,591 53

$745,780 00

$200,000 00

' $945,780 00

553,945 00

200,000 00

753,945 00

149,126 86

27,593 12

176,719 98

299,002 78

Liabilities.
Capital stock paid in....................
Surplus fund.............................
Undivided profits, net.............

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

National bank notes outstanding.........
Due to banks and bankers..............

197,545 49

101,457 29

Dividends unpaid...................

33 50

172 23

205 73

Commercial deposits...............

1,871,338 02

566,924 92

2,438,262 94

Savings deposits...........................

6,043,032 28

617,794 41

6,660,826 69

$1,991,790 3S

$11,582,591 53

State monies on deposit.................
United States deposits.......................
Postal savings deposits....................
Bonds borrowed................
Reserved for taxes, interest, etc. . .
Notes and bills rediscounted........
Bills payable.......................
Liabilities other than those above stated
T otals.........................


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

30,000 00 .
$9,590,801 15

30,000 00

cxxviii

ST A T E BANKING D EPA R TM EN T.

JACKSON.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the four State banks and one National bank in the city of
Jackson, as made to the Commissioner of the Banking Department, November 10, 1916.
Resources.

Report of
4 state
banks.

1 national

Report of
bank.

Total.

Loans and discounts............................

,908,629 49

,232,972 89

$5,141,602 38

Stocks, bonds and mortgages..............

,311,167 50

536,220 77

2,847,388 27

Overdrafts............................................

11,994 48

71 49

12,065 97

Premiums paid.....................................

175 00

Banking house, furniture and fixtures.

239,696 98

8,759 50

248,456 48

175 OO

Other real estate..................................

20,400 60

40,947 53

61,348 13

Due from other banks and bankers. . .

222,993 62

73,838 88

296,832 50
731,271 07

Due from banks in reserve cities.........

592,141 66

139,129 41

Checks and other cash items...............

1,735 13

1,421 31

3,156 44

Exchanges for clearing house..............

69,899 94

6,278 91

76,178 85

Nickels and cents., ............................

1,816 11

632 60

2,448 71

Specie...................................................

142,919 20

125,514 95

268,434 15

U. S., National and Federal Reserve bank notes................

226,855 00

28,135 00

254,990 00

Redemption fund with U. S. treasurer (5% of circulation).
Due from U. S. treasurer, other than 5% redemption fund.
Totals.

5,000 00
10,000 00

5,000 00
10,000 00

$7,760,424 71

$2,198,923 24

$9,959,347 95

Capital stock paid in.................................

$800,000 00

$100,000 00

$900,000 00

Surplus fund...............................................

426,000 00

140,000 00

566,000 00

Undivided profits, net...............................

182,689 50

17,892 76

200,582 26

Liabilities.

National bank notes outstanding.............
Due to banks and bankers........................

87,134 77

99,200 00

99,200 00

79 14

87,213 91

Dividends unpaid......................................

276 62

Commercial deposits.................................

2,950,606 42

575.423 94

3,526,030 36

Savings deposits.........................................

3,300,382 13

1,249,081 15

4,549,463 28

10,000 00

10,000 00

7,246 25

18,081 52

276 62

State monies on deposit............................
United States deposits..............................
Postal savings deposits..............................
Bonds borrowed.........................................
Reserved for taxes.....................................
Notes and bills rediscounted....................
Bills payable..............................................
Liabilities other than those above stated.
Totals.


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

10,835 27
2 j 5ÓÒ"ÒÓ

$7,760,424 71

2,500 00

2,198,923 24

$9,959,347 95

REPORT OF THE COMMISSIONER.

CXXiX

ANN ARBOR.
STATE AND NATIONAL, BANNS.

Abstracts of the 'published reports of the four State banks and one National bank in the city
of A n n Arbor, as made to the Commissioner of the Banking Department, November 10, 1915.
Resources.

Report of
4 state
banks.

Report of
1 national

Total.

bank.

Lows and discounts................................................................................

$2,218,652 42

$592,095 13

$2,810,747 ?5

Stocks, bonds and mortgages..................................................................

3,911,839 43

323,000 00

4,234,839 43

Overdrafts................................................................................................

2,377 3Q

2,906 75

5,284 05

Premiums paid.........................................................................................
Banking house, furniture and fixtures.................................................. .

195,358 34

12,000 00

207,358 34

Other real estate......................................................................................

4,770 91

16,000 00

20,770 91

Due from other banks w d bankers........................................................

48,619 70

20,844 26

69,463 96,

Due from banks in reserve cities............................................................

523,031 49

209,909 24

732,940 7J

Checks and other cash items...................................................................

1,805 39

205 00

2,010 39

Exchanges for clearing house..................................................................

32,063 09

8,845 8 fi

40,908 95

Nickels and cents.....................................................................................

3,602 87

209 15

3,812 02

Specie........................................................................................................

185,753 20

75,886 05

261,639 25

U. S., National and Federal Reserve bank notes...................................

294,407 00

36,766 00

331,173 00

5,000 00

5,000 00.

$7,422,281 14

$1,303,667 44

$8,725,948 58

Capital stock paid in...............................................................................

$600,000 00

$100,000 00

$700,000 00

Surplus fund...................................................................... ......................

356,500 00

25,000 00

381,500 00

Undivided profits, net..............................................................................

117,777 42

48,093 47

165,870 89

100,000 00

100,000 0 0

2,707 40

162,715 98

1,027,866 57

2,712,268 20

Redemption fund with U. S. treasurer (5% of circulation)...................
Due from U. S. treasurer, other than 5% redemption fund..................
Totals............................................................................................
Liabilities.

National bank notes outstanding............................................................
Due to banks and bankers......................................................................

160,008 58

Dividends unpaid....................................................................................

720 00

Commercial deposits................................................................................

1,684,401 63

Savings deposits.......................................................................................

4,489,296 81

4 489,296 81

State monies on deposit..........................................................................

7,500 00

7,500 06

Postal savings deposits............................................................................

•6,076 70

6,076 70»

720 00

United States deposits.............................................................................
Bonds borrowed.......................................................................................
Reserved for taxes....................................................................................
Notes and bills rediscounted...................................................................
Bills payable.............................................................................................
Liabilities other than those above stated...............................................
Totals.................................... .......................................................

Q


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

$7,422,281 14

$1,303,667 44

$8,725,948 58

STATE BANKING DEPARTM ENT.

cxxx

LANSING.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the two State banks and two National banks in the city of
Lansing, as made to the Commissioner of the Banking Department, November 10, 1915.
Resources.

Report of
2 state
banks.

Report .of
2 national

Total.

banks.

Loans and discounts............... ...............................................................

11,433,334 22

$2,027,372 13

$3,460,706 35

Stocks, bonds and mortgages..................................................................

1,202,785 51

1,262,476 59

2,465,262 10

Overdrafts...............................................................................................

1,481 54

553 14

2,034 68

1,415 00

1,415 00
237,732 00

Banking house, furniture and fixtures....................................................

49,280 00

188,452 00
16,790 00

16,790 00

Due from other banks and bankers.......................................................

10,536 76

438,792 10

449,328 86
1,266,273 84

Due from banks in reserve cities............................................................

457,931 89

808,341 95

Checks and other cash items...................................................................

4,103 80

10,151 81

14,255 61

Exchanges for clearing house.................................................................

92,224 99

73,228 21

165,453 20

Nickels and cents.................................................................. .................

1,639 45

2,937 42

4,576 87

Specie................................................... ............... ..................................

54,843 91

71,830 80

126,674 71

U. S., National and Federal Reserve bank notes...................................

118,898 75

213,059 00

331,957 75

Redemption fund with TT P treasurer ('JoP/q of circulation)...................

10,000 00

10,000 00

Due from TJ. S. treasurer, other than 5% redemption fund..................

11,500 00

11,500 00

$3,427,060 82

$5,136,900 15

$8,563,960 97

Capital stock paid in...............................................................................

$250,000 00

$200,000 00

$450,000 00

Surplus fund.............................................................................................

130,000 00

200,000 00

330,000 00

Undivided profits, n e t............................................................................

109,032 96

143,068 00

252,100 96

198,700 00

198,700 00

Due to banks and bankers.....................................................................

18,534 89

212,319 69

230,854 58

Commercial deposits...............................................................................

1,465,082 41

4,098,583 05

5,563,665 46

Totals............................................................................................
Liabilities.

National bank notes outstanding

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

1,384,855 74

1,384,855 74
State monies on deposit..........................................................................
United States deposits

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

Totals........................................................................................ . •

28,379 72

84,347 01

21,333 18

21,333 18

13,587 53

34,516 51

48,104 04

$3,427,060 82

$5,136,900 15

$8,563,960 97

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

Postal savings deposits...................... .


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

55,967 29

cxxxi

REPORT OF THE COMMISSIONER.

CALUMET.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the two State banks and one National bank in the city of
Calumet, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of
2 state
banks.

Resources.

Report of
1 national

Total.

bank.

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

$1,562,195 58

$2,542,445 99

$4,104,641 57

Stocks bonds and mortgages................................................................

616,722 82

289,596 54

906,319 36

Overdrafts..............................................................................................

29 58

68

30 26

200,000 00

200,000 00

T,oans and discounts

U S bonds to secure circulation............................................................
Premiums paid

476 55

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

476 55

Banking house, furniture and fixtures....................................................

62,000 00

48,500 00

110,500 00

Other real estate......................................................................................

4,734 49

30,344 54

35,079 03

Due from other hanks and hankers........................................................

18,756 62

54,628 38

73,385 00

Due from banks in reserve cities.............................................................

1,364,537 93

485,800 91

1,850,338 84

Checks and other cash items...................................................................

6,280 69

7,238 16

13,518 85

F.xchanges for clearing house

...........................................................
1,221 11

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

1,221 11

. _...........................................................................................

76,520 90

185,848 65

262,369 55

TT S National and Federal Reserve bn.nk notes,, ................................

248,724 00

36,955 00

285,679 00

10,000 00

10,000 00

$3,962,200 27

$3,891,358 85

$7,853,559 12

$250,000 00

$200,000 00

$450,000 00

250,000 00

250,000 00

500,000 00

95,728 25

64,302 71

160,030 96

190,200 00

190,200 00

5,215 47

23,710 16

Nickels and cents
Specie

Redemption fund with
Due from

TT

TT.

S. treasurer (5% of circulation)...................

S treasurer other than

redemption fund..................

Totals............................................................................................
Liabilities.
Capital stock paid in
Surplus fund.............................................................................................
TTndivided profits, net

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

National hank notes outstanding

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

Due to banks and hankers.....................................................................

Savings deposits

100 00

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

3,079,124 78

595,901 47

3,675,026 25

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

265,752 55

2,579,894 79

2,845,647 34

State monies on deposit
...............................................................
United States deposits ........................................................................
Postal savings deposits ........................................................................
Bonds borrowed
.......................................................................
Reserved for taxes interest etc.
.......................................
Notes and bills rediscounted
........................................................
Bills payable
.....................................................................
Totals

100 00

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

Dividends unpaid
Commercial deposits

,18,494 69

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


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

1,000 00

1,000 00

4,844 41

4,844 41
3,000 00

3,000 00

$3,962,200 27

$3,891,358 85

$7,853,559 12

cxxxii

STATE BANKING DEPARTMENT.

PORT HURON.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the three State banks and one National bank in the city of
Port Huron, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of

Resources.

Report of
3 state
banks.

1 national

Loans and discounts................................................................................

$2,300,472 57

$1,210,016 78

$3,510,489 35

Stocks, bonds and mortgages..................................................................

1,264,848 43

777,578 33

2,042,426 76

Overdrafts................................................................................................

8,373 56

93 51

8,467 07

60,000 00

171,272 67

Total.

bank.

Premiums paid.........................................................................................
Banking house, furniture and fixtures....................................................

111,272 67

Other real estate......................................................................................

22,032 64

Due from other banks and bankers........................................................

47,544 73

28,140 71

75,685 44
525,799 26

22,032 64

Due from banks in reserve cities............................................................

353,918 65

171,880 61

Cheeks and other cash items...................................................................

8,216 20

10,430 77

18,646 97

Exchanges for clearing house..................................................................

16,327 21

5,385 84

21,713 05

Nickels and cents.....................................................................................

1,696 19

661 53

2,357 72

Specie.......................................................................................................

30,567 70

24,290 50

54,858 20

U. S., National and Federal Reserve bank notes...................................

113,433 93

36,522 00

149,955 93

7,500 00

7,500 00

$4,278,704 48

$2,332,500 58

$6,611,205 06

Capital stock paid in...............................................................................

$300,000 00

$150,000 00

$450,000 00

Surplus fund............................................................................................

153,000 00

75,000 00

228,000 00

Undivided profits, net.............................................................................

5,672 28

34,000 15

39,672 43

149,995 00

149,995 00

130,613 24

382,898 30

Redemption fund with U. S. treasurer (5% of circulation)...................
Due from U. S. treasurer, other than 5% redemption fund..................
Totals............................................................................................
Liabilities.

National bank notes outstanding...........................................................
Due to banks and bankers......................................................................

252,285 06

Dividends unpaid....................................................................................

367 87

Commercial deposits................................................................................

1,391,535 55

463,909 06

1,855,444 61

Savings deposits.............................................. ........................................

1,992,750 83

1,271,577 49

3,264,328 32

State monies on deposit..........................................................................

15,000 00

10,000 00

25,000 00

367 87

United States deposits........................................
Bonds borrowed.......................................................................................
Postal savings deposits............................................................................
Reserved for interest...............................................................................
Notes and bills rediscounted...
Bills payable............................................................................................
Bonds sold under repurchase agreement...................... .........................

47,000 00
111Ì889 17

Totals............................................................................................

$4,278,704 48


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

6,203 72
3,000 00

27,500 30

27,500 30

14,042 84
5,862 50

20,246 56
8,862 50
47,000 00
111,889 17

$2,332,500 58

$6,611,205 06

REPORT OP THE COMMISSIONER.

c x x x iii

MUSKEGON.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the 'published reports of the one State bank and three National banks in the city of
Muskegon, as made to the Commissioner of the Banking Department, November 10, 1915.
Resources.

Report of
1 state
bank.

Report of
3 national
banks.

Total.

Loans and discounts................................................................................

$377,741 36

$1,599,560 39

$1,977,301 75

Stocks, bonds and mortgages..................................................................

658,123 53

1,866,606 10

2,524,729 63

Overdrafts................................................................................................

45 24

4,561 16

4,606 40

48,500 00

89,488 49

137,988 49

Premiums paid.........................................................................................
Banking bouse, furniture and fixtures....................................................
Other real estate......................................................................................

1,767 26

1,767 26

Due from other banks and bankers........................................................

175 43

31,310 09

31,485 52

Due from banks in reserve cities...........................................................*

136,027 37

429,120 34

565,147 71

Checks and other cash items...................................................................

554 68

45,045 45

45,600 13

Exchanges for clearing house..................................................................

4,026 10

2 946 50

6,972 60

Nickels and cents.....................................................................................

134 61

1,474 10

1,608 71

Specie.......................................................................................................

16,358 10

132,627 80

148,985 90

U. S., National and Federal Reserve bank notes...................................

59,754 00

151,509 00

211,263 00

12,200 00

12,200 00

$1,301,440 42

$4,368,216 68

$5,669,657 10

Capital stock paid in...............................................................................

$100,000 00

$300,000 00

$400,000 00

Surplus fund.............................................................................................

25,000 00

125.000 00

150.000 00

Undivided profits, net..............................................................................

31,014 24

167,123 48

198,137 72

212.000 00

242.000 00

5,536 58

5,536 58

Redemption fund with U. S. treasurer (&% of circulation)...................
Due from U. S. treasurer, other than 5% redemption fund..................
Totals............................................................................................
Liabilities.

National bank notes outstanding...........................................................
Due to banks and bankers................................................ .....................
Dividends unpaid....................................................................................

12 00

145 00

157 00

Commercial deposits................................................................................

318,504 55

2,269,611 06

2,588,115 61

Savings deposits.......................................................................................

825,739 45

1,206,665 14

2,032,404 59

1,000 00

1 ,0 0 0 00

1,170 18

47,135 42
4,000 00

48,305 60
4,000 00

$1,301,440 42

$4,368,216 68

$5,669,657 10

State monies on deposit..........................................................................
United States deposits.............................................................................
Bonds borrowed.......................................................................................
Postal savings deposits............................................................................
Reserved for taxes, interest, etc..............................................................
Notes and bills rediscounted...................................................................
Bills payable............................................................................................
Liabilities other than those above stated...............................................
Totals............................................................................................


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

STATE BANKING DEPARTMENT.

cxxxiv

ADRIAN.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the 'published reports of the three State banks and one National bank in the city of
Adrian, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of
3 state
banks.

Resources.

Report of
1 national

Total.

bank.

$1,124,194 10

$587,561 49

$1,711,755 59

2,480,436 03

161,774 00

2,642,210 03

551 62

191 09

742 71

100,000 00

100,000 00

135,000 00

67,883 58

202,883 58

7.000 00

7.000 00

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

39,448 92

17,451 47

56,900 39

D iip fruity banks in reserve cities.............................................................

547,436 54

44,647 29

592,083 83

2,432 24

2,332 81

4,765 05

8,238 63

1,806 47

10,045 10

IiOans and discounts

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

Overdrafts..............................................................................................
XJ S bonds to secure circulation............................................................
Premiums paid

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

Rankinor house furniture and fixtures....................................................
Other real estate

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

J~)ue from Qt.Vipr banks and bankers

Ohpp.ks and other cash items

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

Exchanges for clearing ho u se.................................................................

515 78

515 78

1,324 26

619 00

1,943 26

,. T.........................................................................................

49,619 30

23,518 25

73,137 55

XI R National and Federal Reserve bank notes...................................

157,802 00

9,905 00

167,707 00

5.000 00

5.000 00

$4,548,459 42

$1,029,690 45

$5,578,149 87

Capital stock paid in ...............................................................................

$380,000 00

$100,000 00

$480,'ooo 00

Surplus f u n d ...........................................................................................

130,000 00

20,000 00

150.000 00

Undivided profits, net..............................................................................

89,931 36

10,768 66

100,700 02

100,000 00

100.000 00

74,554 77

86,118 17

Nickels and cents ..................................................................................
Specie

Redemption fund with XJ R, treasurer

of circulation)...................

Due from IT. S. treasurer ......................................................................
T ot.als

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

1,460 00

1,460 00

Liabilities,

National bank notes outstanding ..........................................................
Due to banks and bankers.....................................................................

11,563 40

Dividends unpaid

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

Commercial deposits

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

688,854 69

193,500 84

882,355 53

Savings deposits.....................................................................................

3,247,756 32

444,478 82

3,692,235 14

1,438 54
52,250 00

1,792 19
52,250 00

State monies on deposit. .
.............................................................
United States deposits
..................................................
Postal savings deposits............................................................, ,
Bonds borrowed ....................................................................................
Reserved for taxes
.......................................
Notes and bills rediscounted...................................................................
Bills payable ............................•*............................................................
Inabilities other than those above stated
..............................
Totals............................................................................................


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

.

353 6a

$4,548,459 42

12,698 82

12,698 82

20,000 00

2 0 ,0 0 0 0 0

$1,029,690 45

$5,578,149 87

REPO RT

OF

THE

C O M M IS S IO N E R .

cxxxv:

M A R Q U E T T E .
STATE AND NATIONAL BANKS.

*

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 th e o n e S t a t e b a n k a n d tw o N a t i o n a l b a n k s i n th e c i t y o f •
M a r q u e t t e , a s m a d e to th e C o m m i s s i o n e r o f th 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 0 , 1 9 1 5 .
♦

Resources.

Report of
1 state
bank.

Report of
2 national

banks.

Total.

Loans and discounts................................................................................

$504,082 63

$2,018,213 45

$2,522,296 08

Stocks, bonds and mortgages..................................................................

237,942 98

883,495 90

1,121,438 88

Overdrafts................................................................................................

573 50

583 99

1,157 49

Banking house, furniture and fixtures....................................................

57,692 60

101,500 00

159,192 60

Other real estate......................................................................................

9,990 19

4,000 00

13,990 19

Due from other banks and bankers........................................................

3,348 27

124,462 50

127,810 77

Premiums paid.........................................................................................

1

Due from banks in reserve cities.............................................................

166,764 76

615,300 38

782,065 14

Checks and other cash items...................................................................

481 83

7,190 44

7,672 27.

Exchanges for clearing house..................................................................

1,500 68

Nickels and cents................................................................................

818 00

1,039 72

1,857 72

Specie........................................................................................................

24,575 10

96,677 80

121,252 90

U. S., National and Federal Reserve bank notes...............................

35,323 00

12,080 00

47,403 00s

12,500 00

12,500 00

$1,043,093 54

$3,877,044 18

$4,920,137 72

Capital stock paid in...............................................................................

$100,000 00

$250,000 00

$350,000 00

Surplus fund.............................................................................................

25,000 00

100,000 00

125,000 00

Undivided profits, n et..............................................................................

1,964 18

108,308 88

110,273 06

Redemption fund with U. S. treasurer (5% of circulation)...................
Due from U. S. treasurer...............................................................
Totals............................................................................................
Liabilities.

H

National bank notes outstanding............................................................
Due to banks and bankers.....................................................................

243 350 00
31,011 44

66,374 69

Dividends unpaid.....................................................................................

30 00

6 00

36 00

Commercial deposits................................................................................

492,887 10

1,231,551 44

1,724,438 54

Savings deposits.......................................................................................

391,505 03

1,847,580 62

2,239,085 65

97,380 13

State monies on deposit...........................................................................
United States deposits.............................................................................
Postal savings deposits............................................................................

23 669 17
695 79

Bonds borrowed.......................................................................................
Reserved for taxes..............................................................................
Notes and bills rediscounted.................................................................
Bills payable.............................................................................................
Liabilities other than those above stated...............................................
Totals............................................................................................


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

$1,043,093 54

1,159 99

1,855 78

5,043 39

5,043 49

$3,877,044 18

$4,920,137 72

cxxxvï

STATE BANKING DEPARTMENT.

ALPENA.
ST A T E A N Û N A T IO N A L B A N K S .

Abstracts of the published reports of the one State bank and one National bank in the city of
Alpena, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of
1 state
bank.

1 national

Loans and discounts.............................................................

$929,591 10

$888,946 83

$1,818,537 93

¡Stocks, bonds and Mortgages................................................

1,064,364 52

340,105 19

1,404,469 71

O verdrafts... v.................................................. ....................

1,272 47

928 31

2,200 78

Thanking house, furniture and fixtures.................................

37,607 24

7,675 00

45,282 24

Other real estate...................................................................

903 55

2,565 25

3,468 80

Due from other banks and bankers.....................................

3,075 34

8,636 39

11,711 73

Resources.

Report of
Total.

bank.

Premiums paid......................................................................

Dtie from banks in reserve cities..........................................

600,549 40

35,591 75

636,141 15

Checks and other cash items................................................

59 61

7,394 23

7,453 84

Dichanges for clearing house................................................

1,916 37

1,916 37

446 46

294 92

741 38

¡Specie.....................................................................................

35,573 00

38,090 00

73,663 00

U . S., National and Federal Reserve bank notes................

105,812 00

20,772 50

306,584 50

2,500 00

2,500 00

$1,353,500 37

$4,134,671 43

Nickels and cents...........................................................

^Redemption fund with U. S. treasurer (5% of circulation).
SDfie from U. S. treasurer......................................................
$2,781,171 06

Totals.
Liabilities.
Capital stock paid in...............................

Surplus fund...................................
Undivided profits, net.......................

00

$50,000 00

$150,000 00

125,000 00

50.000 00

175,000 00

2,697 17

17,756 88

20,454 05

$ 100,000

National bank notes outstanding.........
Due to

banks and bankers.................

113,876 68

50.000 00

50,000 00

16,520 93

130,397 61
138 00

Dividends unpaid.............................

138 00

Commercial deposits...............................

405,045 59

229,006 44

634,052 03

Savings deposits......................................

1,999,620 56

935,493 63

2,935,114 19

S tate monies on deposit..........................

5,000 00

5,000 00

United States deposits............................
Postal savings deposits............................
Bonds borrowed........................................
Reserved for taxes.....................................
Notes and bills rediscounted....................
Bills payable.............................................
^Liabilities other than those above stated.
T otals.


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

4,793 06

4,722 49

25/ÒÓÓ ÓÒ

$2,781,171 06

9,515 55
25,000 00

$1,353,500 37

$4,134,671 43

cxxxvii

REPORT OF THE COMMISSIONER.

TRAVERSE CITY.
ST A T E A N D N A T IO N A L B A N K S .

Abstracts of the published reports of the two State banks and one National bank in the city of
Traverse City, as made to the Commissioner of the Banking Department, November 10, 1915.
’Resources.

Report of
2 state
banks.

Report of
1 national

Total.

bank.

Loans and discounts.......................... .

$1,416,701 74

$681,107 05

$2,097,808 79

Stodks, bonds and mortgages............ ..

702,150 24

341,730 41

1,043,S80 65

Overdrafts.................. .........................

162 45

790 68

953 13

Banking house, furniture and fixtures.

152,000 00

66,000 00

218,000 00

Other real estate..................................

8,311 29

Due from other banks and bankers. . .

8,106 65

13,966 02

22,072 67

Premiums paid.....................................

8,311 29

Due from banks in reserve Cities.........

268,549 22

41,729 30

310,278 52

Checks and other cash items...............

1,567 80

9,661 11

11,228 91

Exchanges for clearing house..............

8,801 89

Nickels and cents.................................

889 22

907 45

1,796 67

Specie.....................................................................................

63,945 85

40,347 95

104,293 80

U. S., National and Federal Reserve bank notes................

97,045 00

27,153 00

124,198 00

5,000 00

5,000 00

$1,228,392 97

$3,958,624 32

Redemption fund with U. S. treasurer (5% of Circulation).

8,801 89

Due from U. 13. treasurer......................................................
Totals.

$2,728,231 35
Liabilities.

Capital stock paid-in.............. ...............

$260,000 00

00

$360,000 0 (

Surplus fund..............................................

112,000 00

25,000 00

137,000 0(

Undivided profits, net...............................

36,852 91

21,388 30

58,241 2]

Nationalbank notes outstanding.............

$ 100,000

98,900 00

98,900 0(

86,315 12

50,930 80

137,245 91

195 00

195 0(

Commercial deposits.................................

1,348,978 32

406,555 94

1,755,534 2t

Savings deposits........................................

872,629 34

511,985 32

1,384,614 6(

9,031 44

9,031 44

Due to banks and bankers........................
Dividends unpaid.....................................

State monies on deposit............................
United States deposits..............................
Bonds borrowed.................... ....................
Postal savings deposits.............................

1,455 66

Reserved for taxes.....................................

10,000 00

4,406 17

5,861 83
10,000 00

Notes and bills rediscounted.. i ...............
Bills payable........................................ ...
Liabilities other than those above stated.
Totals.


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

$2,728,231 35

$1,228,392 97

$3,956,624 32

cxxxviii

STATE BANKING DEPARTM ENT.

BENTON HARBOR.
STATE AND NATIONAL BANKS.
Abstracts of the 'published reports of the two State banks and two National banks in the city of
Benton Harbor, as made to the Commissioner of the Banking Department, November 10, 1915.
Report of

Report of
2 state
bank.

2 national

Loans and discounts.............................................................

$554,134 04

$958,071 16

1,512,205 20

Stocks, bonds and mortgages...............................................

304,627 55

398,522 64

703,150 19

Overdrafts..............................................................................

2,161 71

1,898 63

4,063 34

Banking house, furniture and fixtures.................................

65,061 80

81,108 64

146,170 44

Other real estate. . ............. ................. ...............................

6,516 58

5,100 92

11,617 50

Due from other banks and bankers.....................................

18,971 31

64,457 27

83,428 58

Due from banks in reserve cities..........................................

144,044 95

103,121 53

247,166 48

Checks and other cash items................................................

1,465 92

5,159 73

6,625 65

Exchanges for clearing house................................................

4,913 03

2,896 29

7,809 32

Resources.

Total.

banks.

Premiums paid......................................................................

Nickels and cents..................................................................

1,246 37

1,337 03

2,583 40

Specie.....................................................................................

18,044 35

39,083 90

57,128 25

U. S., National and Federal Reserve bank notes................

41,877 00

66,794 00

108,671 00

6,900 00

6,900 00

$1,163,067 61

,734,451 74

$2,897,519 35

Capital stock paid in.................................

$125,000 00

$225,000 00

$350,000 00

Surplus fund..............................................

94,500 00

75,500 00

170,000 00

Undivided profits, net...............................

17,680 05

18,107 42

35,787 47

148,900 00

148,900 00

67,722 85

68,805 74

Redemption fund with U. S. treasurer (5% of circulation).
Due from U. S. treasurer......................................................
Totals.
Liabilities.

National bank notes outstanding.............

»

Due to banks and bankers........................

1,082 89

Dividends unpaid......................................

25 00

25 00

Commercial deposits.................................

441,609 74

629,538 29

1,071,148 03

Savings deposits........................................

477,201 61

566,762 55

1,043,964 16

2,944 18

2,895 63

5,839 81

State monies on deposit.................... —
United States deposits..............................
Postal savings deposits.............................
Bonds borrowed.........................................
Reserved for taxes.....................................

3,049 14

3,049 14

Notes and bills rediscounted....................
Bills payable..............................................
Liabilities other than those above stated.
Totals.


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

$1,163,067 61

,734,451 74

$2,897,519 35

REPORT OF THE COMMISSIONER.

cxxxix

A B S T R A C T O F S T A T E A N D N A T IO N A L B A N K S B Y C O U N T IE S .

Abstract of the published reports of the State and National banks in the counties as made to
Commissioner of the Banking Department November 10, 1915.
Alcona
County.

Alger
County.

Allegan
County.

Alpena
County.

Antrim
County.

Resources.

Loans and discounts............................
Stocks, bonds and mortgages.......................
Overdrafts..........................................

1 state bank.

1 state and l
9 state and 1 2 state and 1
national banks national banks national banks

S53,718 99

$520,040 87 $1,919,651 17 11,835,439 91

88,431 44

204,852 65

695 64

555 59

Premiums paid......................................
4,030 13

Other real estate..................................

4,000 00

Due from other banks and bankers...........

Checks and other cash items..............

Nickels and cents....................................

Totals.....................................

328,100 87

2,335 66

1,289 00

37,132 48

119,798 28

46,912 28

22,638 06

30,619 56

3,468 80

12,710 73

5,574 48

26,481 31

11,711 73

3,166 84

6,201 30

24,683 84

324,549 84

640,365 67

74,479 07

394 2«

2,036 53

3,352 28

59 61

4,821 69

156 24

4,422 81

35,619 50

28,675 95

Exchanges for clearing house...............

Specie..................................................
U. S., National and Federal Reserve bank
notes.............................................
Redemption fund with U. S. treasurer (5 %
of circulation)....................................
Due from U. S. treasurer, other than 5%
redemption fund..................................

$466,579 05

1,404,469 71

150 76

Banking house, furniture and fixtures.........

Due from banks in reserve cities. . . .

1,368,859 99

4 state banks.

379 46

590 98

2,108 75

4,064 65

12,722 95

96,786 70

5,557 00

15,056 00

77,362 00

3,000 00

2,500 00

8180,183 60

764 51

20,726 00
2,500 00

«826,402 61 *!po«yoo , A1U oo $4,157,960 83

$954,705 38

Liabilities.
Capita] stock paid in .....................
Surplus fund.............................
Undivided orofits, n et............. .......
National bank notes outstanding.........
Due to banks and bankers................
Dividends unpaid..........................
Commercial deposits.................
Savings deposits...........................
State monies on deposit........................
United States deposits...................
Postal savings deposits........................
Reserved for taxes, interest, etc.........
Notes and bills rediscounted........................

825,000 00
18,000 00
441 22
37 50
37,183 83
81,018 05


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

00
00

$324,000 00
69,400 00

00

50
97
00
21
32

49,600 00
285 25
-.857,482 15

$169,480 00
20,401
50,000
130,397
138
635,481

68

00
61
00
80

5,000 00
1,699 61

$180,183 60

$95,000 00
42,000 00
22,409 34
264 46
307,420 34
449,902 90

1,000 00

1,570 08
25,565 00
45,000 00

Liabilities other than those above stated. . ..
Totals.................

*$85,000
25,000
26,020
59,997
5,069
31
269,181
354,403

9,515 55
25,000 00
30,000 00
14,157,960 83

$954,705 38

STATE BANKING DEPARTM ENT.

cxl

Abstract of State and National banks by counties.— C ontinued.
Arenac
County.

Baraga
County.

Benzie
County.

Bay
County.

Barry
County.

Resources.
6 state and 1 10 state and 1
1 state and 1
3 state banks. national banks. national banks. national banks. 2 state banks.

Loans and discounts............................

1327,244 88

$95,969 19

560,859 60 $5,121,123 54

$109,387 50

Stocks, bonds and mortgages.............

116,204 68

42,423 84

088,713 02

4,848,040 46

172,329 92

Overdrafts...........................................

602 07

349 S5

16,369 23

2,169 79

52 07

22,442 82

Premiums paid....................................
Banking house, furniture and fixtures.

19,076 00

14,955 85

92,173 00

372,453 80

17,250 00

Other real estate.................................

2,598 01

695 05

8,030 18

47,017 58

3,459 82

Due from other banks and bankers...

5,214 94

6,306 35

14,531 67

57,392 36

1,747 62

Due from banks in reserve cities........

35,864 74

12,085 44

241,748 24

1,228,879 42

58,522 18

Checks and other cash items..............

857 92

1,241 15

10,669 22

13,845 14

3,395 02

41,749 65

Exchanges for clearing house.............
Nickels and cents................................
Specie......................................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from U. S. treasurer, other than 5%
redemption fund.................................

263 56

216 67

1,313 62

4,395 83

271 51

9,584 25

5,248 60

102,454 95

244,633 96

10,830 50

13,769 00

2,032 00

48,709 00

432,963 00

10,250 00

312 50

2,500 00

10,000 00

$531,280 05

Totals.

$181,836 49 $3,188,071 73 $12,447,107 35

$387,496 14

00 $1,070,780 00

$40,000 00
9,000 00
1,147 29

Liabilities.
Capital stock paid i n . ................... ..........
Surplus fund.............................................
Undivided profits, n et.............................
National bank notes outstanding.............
Due to banks and bankers.......................
Dividends unpaid. — ..............................
Commercial deposits........ .......................
Savings deposits........ ...............................
State monies on deposit. .*................—
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
Liabilities other than those above stated.
Totals................................................


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

$262,000
129.050
76,271
50,000

$70,000 00
24,670 00
17,937 11

$45,000 00

221,879 49
187,293 45
3,500 00

70,828 24
42,633 31

28 00
939,640 30
1,684,373 90

138 51

3.707 56

i ’ ÓÓCbÓÓ

18,000 00

6,000 00

$531,280 05

10,000 00

973 25
6,250 00
4,013 18

00
97
00

10,000 00

15,000 00

773,045
192,173
198,100
299,076
220
2,656,602
7,113,860

00
67
00
35
73
56
63

109,636 79
227,712 06

47,530 05
32,218 36
33,500 00
30,000 00

$181,836 49 $3,188,071 73 $12,447,107 35

$387,496 14

REPORT OF THE COMMISSIONER.

c x li

Abstract of State and National banks by counties.— C ontinued.
Berrien
County*

Branch
County.

Calhoun
County.

Cass
County.

Charlevoix
County.

Resources.
9 state and 5 4 state and 5 8 state and 3 4 state and 2 3 state and 1
national banks national banks national banks national banks national banks.
Loans and discounts...................................
Stocks, bonds and mortgages.....................

82,940,772 69 $2,134,647 91 $7,896,683 61 $1,049,664 28
1,827,839 48

1,010,628 24

Overdrafts.........................................

8 ,8 6 8 03

2,504 27

Premiums paid.............................................

1,390 57

Banking house, furniture and fixtures.........

314,847 25

49,498 28

15,442 15

5,124 00

Other real estate.....................................

7,348,560 91

$703,415 48

421,,881 91

311,752 49

6,379 02

767 21

1,730 00

154 88

313,992 98

66,108 34

-T--.

65,719 91
17,960 13

Due from other banks and bankers...........

160,610 43

70,897 00

134,536 10

10,189 51

1,863 19

Due from banks in reserve cities.................

769,476 75

410,690 61

2,050,063 23

131,250 35

93,634 77

12,047 89

3,230 96

1,322 61

427 62

Checks and other cash items..................
Exchanges for clearing house.......................
Nickels and cents..............................
Specie.......................................
U. S., National and Federal Reserve bank
notes.....................................
Redemption fund with U. S. treasurer (5 %
of circulation)........................................
Due from U. S. treasurer, other than 5%
redemption fund.......................................
Totals.......................................

8,908 73

4,197 72

14,246 90

20,049 31

2,094 84

59,903 56

5,156 13

1,261 87

5,925 60

166,678 25

97,633 95

206,788 00
10,650 00

14,375 00

461 54

511,781 75

47,859 54

27,406 45

258,983 00

39,074 00

25,581 00

32,400 00

3,500 00

2,500 00

35 00
$6,457,477 77 $3,894,163 69 $18,652,305 48 $1,790,218 63

$1,254,720 75

Liabilities.
Capital stock paid in ................................
Surplus fund....................................
Undivided profits, n et..............................
National bank notes outstanding . . . .
Due to banks and bankers..................
Dividends unpaid....................................
Commercial deposits.........................
Savings deposits.........................................
State monies on deposit..........................
United States deposits..........................
Postal savings deposits.......................
Reserved for taxes, interest, etc.................
Notes and bills rediscounted........................
Bills payable................................
Liabilities other than those above stated. . .

$765,000
283,549
83,614
233,400
82,599
125
3,145,877
1,818,873

00
38
17
00
47
00
68

77

41,059 16
3,049 14
330 00

$535,000 00 $1,265,000
536,500
123,720 05
143,279
286,995 00
597,000
129,560
6 50
952
1,726,266 63 5,222,031
897,689 65
1,511
4,453
15,105
6,586
.5,000

36
50
00

00
00
49
00
08
50
40

21,914 69
42,376 67
20,608 97

00

00
35,000 00

$245,000
61,125
22,099
69,497
597

00
00
19
50
17

887,623 48
441,375 63

00
00
87
00
19
00
19
57

10,264 64

3,155 93

12,636 02

7,000 00
12,500 00

2 0 ,000 00
2 0 ,000 00

Totals................................................. 16,457,477 77 [3,894,163 69 US,652,305 48 51,790,218 63


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

$150,000
25.600
17,774
49.600
5,833
50
332,483
648,223

$1,254,720 75

STATE BANKING DEPARTMENT.

c x lii

Abstract of State and National banks by counties.— C ontinued.
Clare
County.

Chippewa
County.

Cheboygan
County.

Delta
County.

Clinton
County.

Resources.
3 state and 1 4 state and 1 3 state banks. 6 state and 1 4 state and 2
national banks. national banks.
national banks. national banks.

$385,549 72 $1,189,744 75

$2,771,038 16

202,591 77

1,206,164 96

788,071 54

1,089 74

9,483 95

2,363 30

3,922 89

43,171 75

104,747 84

20,375 00

72,300 00

79,932 06

Other real estate.....................................

9,162 22

21,291 55

1,175 76

2,556 14

16,914 87

Due from other banks and bankers.......

14,006 45

33,837 25

12 67

19,752 77

32,639 97

Due from banks in reserve cities...........

135,735 66

425,963 67

86,749 51

232,149 11

351,388 49

Checks and other cash items..................

1,610 45

6,062 33

6,381 40

2,288 47

9,444 73

Exchanges for clearing house.................

1,848 16

17,171 98

1,943 36

Nickels and cents...................................

1,180 13

866 47

1,013 30

1,205 52

3,937 84

42,982 20

55,469 05

14,682 50

75,902 20

152,518 35

33,741 00

77,454 00

29,079 00

82,745 00

73,587 00

2,500 00

3,500 00

750 00

7,250 00

$1,486,017 10 $2,801,140 63

$759,037 94 $2,887,922 22

1,292,877 86

Loans and discounts...................... .........
Stocks, bonds and mortgages.................
Overdrafts......................................... .

$884,233 78 $1,241,988 23
315,238 88

811,698 52

606 42

240 00

Premiums paid........................................
Banking house, furniture and fixtures...

Specie......................................................
IT. S., National and Federal Reserve bank
notes....................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from IJ. S. treasurer, other than 5%
redemption fund........................
Totals.

1,991 96

Liabilities.
Capital stock paid in ................................
Surplus fund.............................................
Undivided profits, n et..............................
National bank notes outstanding.............
Due to banks and bankers.......................
Dividends unpaid......................................
Commercial deposits.................................
Savings deposits........ _..............................
State monies on deposit............................
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
Liabilities other than those above stated.
Totals.


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

$170,000
25,960
12,539
49,500
4,901

00
00
68

00
95

323,755 77
883,793 79
1,565 91
h ;óòó‘óò

$340,000
81,800
44,362
69,200
5,197
60
944,965
1,259,583

00
00

81
00
42
00

32
73

1,000 00

23,325
11,584
9,300
6,661
4,100

95
10
00
30
00

$1,486,017 10 $2,801,140 63

$60,000 00
29,000 00
13,508 21

$213,000
151,400
60,917
15,000
4,955

00
00
63
00
49

312,649 64
337,805 31
2,500 00

775,255 73
1,630,222 54

424 78

2,670 83

10,000 00

$395,000
189,000
88,175
196,300
38,462

00
00
18
00
84

102 00

1,035,864 13
2,268,753 85
5.000 00
1.000 00

7,570 48
67,649 38

25,500 00
3,150 00
$759,037 94 $2,887,922 22

,292,877 86

REPORT OF THE COMMISSIONER.

cxliii

Abstract of State and National banks by counties.— Continued.
Dickinson
County.

Eaton
County.

Emmet
County.

Genesee
County.

Gladwin
County.

Resources.
1 state and 2
7 state and 2 3 state and 1 12 state and 1 2 state and 1
national banks national banks. national banks national banks. national banks.

Loans and discounts............................
Stocks, bonds and mortgages.............
Overdrafts.......................................

$1,526,434 26 $1,753,510 30

Other real estate..............................

$510,536 29

1,246,808 15

636,454 16

7,708,897 24

29,015 82

516 97

3,650 77

650 89

21,085 33

1,739 06

2 ,2 1 0 00

4,333 18

Premiums paid....................................
Banking house, furniture and fixtures.

,075,399 12 $5,506,425 79

789,238 78

38,000 00

79,930 00

69,953 64

167,874 30

9,614 69

9,863 49

2,098 24

24,303 30

25,617 07

Due from other banks and bankers...

13,036 52

42,050 55

38,337 17

359,767 57

11,354 58

Due from banks in reserve cities........

209,032 30

373,442 05

242,002 21

2,127,516 46

41,815 57

Checks and other cash items..............

5,673 34

6,727 08

1,577 92

Exchanges for clearing house.............
Nickels and cents.................................
Specie............................................................
U. S., National and Federal Reserve bank
notes ........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from U. S. treasurer, other than 5%
redemption fund............................ .
Totals.

2,410 86

18,873 06

239 82

100,752 35

520 68

291 00

2,488 85

3,974 25

5,228 81

665 51

80,260 95

115,432 95

56,111 50

378,876 15

14,625 00

52,387 00

77,243 00

31,149 00

454,566 00

9,288 00

5,000 00

4,375 00

8,000 00

2,800 00

$2,729,485 81

5,717,933 05 $2,167,918 10 $16,881,299 54

$645,417 40

Liabilities.
Capital stock paid in ................................
Surplus fund.............................................
Undivided profits, net..............................
National bank notes outstanding.............
Due to banks and bankers.......................
Dividends unpaid.....................................
Commercial deposits.................................
Savings deposits.......................................
Sta,te monies on deposit............................
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc..............
Notes and bills rediscounted....................
Billspayable.............................................
Liabilities other than those above stated.

$250. 000 00

128; 000 00

58. 651
297
215
521
601 969
1,539 285

91
50
48
00
10
45

000 00

464 38
080 99

Totals................................................ $2,729,485 81


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

$442,500
109,500
55,452
87,500
226
464
1,580,888
1,412,151

00
00
03
00
77
00
37
27

5.000 00
6,250 61
3.000 00

$195,000
40,200
52,524
96,600
16,928

00
00
60
00
77

$742,500
769,500
298,513
97,800
163,438
420
685,485 90 4,238,350
1,065,812 56 10,450,571
7,866 27
7,500 00

00
00
28
00
59
00
75
97

$80,000 00
15,000 00
21,374 21

380,467 16
110,930 06
2,500 00

41,421 18
5,417 73

145 97

51,800 00
22,022 63

35,000 00

$3,717,933 05 $2,167,918 10 $16,881,299 54

$645,417 40

15,000 00

ST A T E BANKING D EPA R TM EN T.

exliv

Abstract of State and National banks by c o u n t i e s Continued.
"¡rand Traverse
County.

Gogebic
County.
Resources.

Houghton
County.

Hillsdale
County.

Gratiot
County.

5 state and 8
3 state and 1 10 state and 2 9 state and 1 national bank»,
2 state and 2
1 trust
national banks. national banks national banks. national banks.
company.

$789,546 14 $2,166,429 55 $1,661,421 15 $1.894,699 23 $11,263,451 66

Loans and discounts.........__________

Stocks, bonds and mortgages...... .
Overdrafts............... ............................ ....
Premiums paid........ ...................................
Banking house, furniture and fixtures.......
Other real estate..........................

802,928 31

1,063,097 74

1,052,039 72

773,371 56

3,103,921 98

1,467 79

1,106 99

6,753 83

1,980 66

4,157 78

68,152 39

470,792 73

2,233 09

406 80

230 50

66,738 13

222,000 00

109,309 70

6,751 22

15,353 53

1,100 00

287 73

91,933 47

78,479 25

336,651 31
3,604,123 68

Due from other banks and bankers...........

10,904 90

22,072 67

33,639 96

Due from banks in reserve cities. . . . . __

108,571 15

317,732 69

267,521 33

305,413 16

5,456 09

11,287 02

6,107 74

8,483 04

59,667 11

Exchanges for clearing house.....................

5,473 19

8,801 89

1,829 51

13,738 16

37,144 98

Nickels and cents................................ ., ..

2,566 60

1,888 89

3,646 77

1,736 40

8,924 26

85,893 75

104,986 05

60,319 70

94,914 65

777,974 05

79,592 00

127,928 00

86,196 00

105,613 00

577,745 OO

1,875 00

5,000 00

3,000 00

687 50

41,250 00

Checks and other cash items.....................

Specie...._.................................................
U. S., National and Federal Reserve bai
notes...............................................
Redemption fund with U. S. treasurer (51
of circulation)........................................
Due from U. S. treasurer, other than 5' O
redemption fund........................ ...........

. $1,968,174 07 $4,067,685 02 $3,293,115 91 $3,347,556 73 $20,579,971 10

Totals.
Liabilities.
Capital stock paid in ................................
Surplus fund.............................................
Undivided profits, n et..............................
National bank notes outstanding.............
Due to banks and bankers......................
Dividends unpaid.....................................
Commercial deposits.................................
Savings deposits........................................
State monies on deposit............................
United Stales deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
Liabilities other than those above stated.
Totals.


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

$225,000
87,500
45,801
37,200

00
00
56
00

25 00
520,775 58
785,269 45
194,426 77

$380,000
142,000
59,021
98,900
137,245
195
1,778,434
1,421,995

00
00
06
00
92
00
21
56

9,031 44
5,861 83
10,000 00

25,000 00

$331,000
121,725
23,312
59,300
6,600
30
874,576
1,755,830

00
00
33
00

343
4,281
40 000
65,115

89
97
00
57

00

00
68

47

$340,000
118,550
61,767
13,750
2,151
35
1,934,928
766,803

00
00
29
00
66

00
04
42

850 65

$1,475,000
1,198,200
730,072
804,100
116,721
486
7,291,072
8,912,982

00
00
49
00
50
55
36
02

15,856 41
18,479 77
17,000 00

43,029 73
65,690 94

11,000 00

. $1,968,174 07 $4,067,685 02 $3,293,115 91 $3,347,556 73 $20,579,971 10

REPORT OF THE COMMISSIONER.

cxlv

Abstract of State and National banks by counties.— C ontinued.
Huron
County.

Ingham
County..

Ionia
County.

Iron
County.

Isabella
County.

Resources.
9 state banks.

Loans and discounts...........................

9 state and 2 9 state and 1 2 state and 3
national banks. national banks. national banks. 5 state banks.

1,439,702 38 14,371,086 66 $2,248,679 06

$901,745 68

$792,960 63

Stocks, bonds and mortgages.............

814,2fi9 46

3,309,177 78

1,405,335 30

568,885 68

694,273 54

Overdrafts...........................................

4,203 17

9,.873 63

13,208 53

1,640 73

1,530 70

140 00

615 92

Premiums paid....................................
Banking house, furniture and fixtures.

92,699 66

272,163 67

129,141 79

104,392 68

Other real estate.................................

37,143 41

19,690 00

3,246 21

2,500 00

6,530 40

Due from other banks and bankers ..

15,001 79

477,261 88

62,237 95

18,344 03

67,392 79

Due from banks in reserve cities.........

254,101 08

1,473,203 93

380,570 03

84,009 12

174,722 51

4,567 21

20,906 02

2,878 92

9,158 47

18,861 75

168,774 61

4,109 37

Cheeks and other cash items............
Exchanges for clearing house...............
Nickels and cents..........................
Specie............. ....................
U. S., National and Federal Reserve bank
notes....................................................
Redemption fund with U. S. treasurer (5 %
of circulation)...........................................
Due from U. S. treasurer, other than 5 %
redemption fund.......................................

53,260 87

470 60
5,408 24

1,044 70

6,161 49

3,396 78

2,660 54

691 97

54,786 85

197,916 95

110,381 70

57,010 95

46,023 45

69,077 00

375,126 00

134,247 00

50,289 00

55,531 00

10,000 00

2,500 00

3,000 00

11,500 00

Totals- ............................................... $2,805,458 46

$10,722,843 22 $4,500,072 64 $1,804,252 80

$1,898,796 70

Liabilities.
Capital stock paid in ..............................
Surplus fund.............................. ..
Undivided profits, n et............................
National bank notes outstanding...........
Due to banks and bankers.....................
Dividends unpaid.............................. '
Commercial deposits.......................
Savings deposits.................................... .
State monies on deposit..........................
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.........................................
Liabilities other than those above stated.
Totals
S


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

$215,000 00
53,370 07
99,086 70
,034 87

$680,000
437,000
363,666
198,700
230,854

00
55
00
58

6,175,640
2,465,162
99,347
21,333
51,071
67

63
14
01
18
74
39

00

$415,000
183,600
69,357
49,500

00
00
79
00

$200,000 00

56,250
58,651
58,600
4,795

00
71
00
53

$140,000 00
78,000 00
14*, 033 73
13,302
90
402,960
1,212,282
7,500

00
00
50
54

84 00
1,987,384 58
1,760,577 92

495,073 61
815,917 66

14,568 35

33,102 01

5,000 00
15,000 00

56,849 28
25,000 00

20,000 00

$2,805,458 46 $10,722,843 22 $4,500,072 64 $1,804,252 80

$1,898,798 70

1,185,223 80
1,194,856 32
10,000 00

5,732 05

100 00

26,054 65
10,000 00

13 00

00

3,627 93
7,000 00

STATE BANKING DEPARTMENT.

cxlvi

Abstract of State and National banks by counties.— Continued.
Jackson
County.

(

Kalamazoo
County.

Kalkaska
County.

Resources.
9 state and 2
national banks. national banks. 1 state bank.
8 state and 1

Loans and discounts.................................... $5,538,779 82 $8,229,192 38
Stocks, bonds and mortgages................... ^
Overdrafts....................................................
Premiums paid

. Kent
County.

Keweenaw
County.

15 state, 3
national banks, 1 state bank.
2 trust
companies.

$131,075 36 $22,494,928 73

$98,858 40

63,370 77 15,365,135 85

62,043 92

3,411,456 32

2,483,383 76

14,147 57

9,450 31

113 86

263,021 61

175 00

Banking house, furniture and fixtures.........

272,720 31

526,825 53

13,700 00

1,654,964 44

4,344 00

Other real estate...........................................

69,014 78

44,121 78

5,673 63

49,493 49

3,761 28

Due from other banks and bankers.............

309.915 28

173,662 60

6,487 08

1,700,615 80

646 84

Due from banks in reserve cities.................

868,167 99

1,505,553 69

6,503 60

4,874,794 79

10,332 47

Checks and other cash items.......................

3,348 57

23,009 76

257 83

Exchanges for clearing house.......................

76,721 30

50,788 84

Nickels and cents.........................................
Specie............................................................
U. S., National and Federal Reserve bank
notes................................... ......................
Redemption fund with U. S. treasurer (5%
of circulation)
Due from U. S. treasurer, other than 5%
redemption fund

93,595 64
365,864 75

'

151 11
1,201 01

3,030 23

3,893 88

237 19

14,604 09

285 00

300,226 95

156,862 01

6,122 20

1,089,109 97

3,554 20

286,437 00

505,043 00

5,761 00

1,032,529 00

25,239 00

5,000 00

11,500 00

108,650 00

3,300 00

5,200 00

T otals................................................ $11,159,141 12 $13,726,587 54

$239,302 52 $49,112,508 16

$210,417 23

$40,000 00 $4,073,000 00
5,200 00 2,865,100 00
2,861 43 1,196,410 23
1,991,397 50
3,933,350 35
1,352 65
98,441 70 14,028,116 30
77,849 39 20,420,499 72
87,787 19
110,229 39
74,378 04
295,128 79
14,950 00
35,758 00

$25,000 00
12,500 00
1,150 65

$239,302 52 $49,112,508 16

$210,417 23

Liabilities.
Capital stock paid in ................................... $1 , 020,000 00 $1,155,000 00
630,000 00
371,000 00
Surplus fund.................................................
225,882 63
150,929 39
Undivided profits, n et..................................
National hanlr notes out-standing
99,200 00
229,197 50
One to banks and hankers
87,213 91
502'331 18
576 62
2,278 00
Dividends unpaid
Commercial deposits.................................... 3,735,557 23 8,145,098 21
Savings deposits........................................... 5,315,964 31 2,773,450 25
United States deposits
Postal savin ora deposits
Reserved for taxes interest et,e
Notes and hills rediscounted
Bills payable
Liabilities other than those above stated. .

10,000 00

18| 946 42
2,500 00
13,300 00

17,040
50| 572
50 \ 602
240^088
14,000
25,000

02
40
50
09
00
00

Totals................................................ $11,159,141 12 $13,726,587 54


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

54,782 91
116,983 67

REPORT OF THE COMMISSIONER.

cxlvii

Abstract of State and National banks by counties.— Continued.
Lapeer
County.

Leelanau
County.

Lenawee
County.

Livingston
County.

Luce
County.

Resources.
9 state and 1
national banks 3 state banks.

Loans and discounts...........................
Stocks, bonds and mortgages.........
Overdrafts...........................................

$1,727,350 89
2,048,155 93
17,729 34

Premiums paid....................................
Banking house, furniture and fixtures.

92,936 39

13 state and 2
national banks. 4 state banks.

1 state bank.

$171,573 66 $3,754,930 74

$499,415 86

$104,900 78

272,727 15

5,269,068 67

1,053,804 33

111,263 05

355 31

6,221 46

3,631 68

454 28

90 00

5,277 86

11,924 86

291,891 11

27,300 00

15,166 49

327 27

Other real estate.................................

9,164 52

Due from other banks and bankers...

17,370 92

117 05

67,295 75

4,970 02

2,687 27

Due from banks in reserve cities........

366,101 31

45,715 93

1,067,230 44

302,098 06

29,538 71

Checks and other cash items..............

8,473 50

552 32

12,426 12

7,609 39

5,505 64

Exchanges for clearing house.............

626 50

Nickels and cents................................
Specie......................................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from U. S. treasurer, other than 5%
redemption fund.......................................

10,238 19

1,280 34

410 28

4,022 11

1,696 48

90 98

114,243 00

11,185 55

186,869 40

53,766 95

13,442 45

88,443 00

12,553 00

319,049 00

53,207 00

6,901 00

2,007,499 77

,277 92

$245,000 00
46,660 00
11,756 90

$25,000 00
5,000 00
1,379 47

1,275 00

6,250 00

,493,150 64

$527,657 20 $11,037,863 08

Dr.—Profit and loss.
Totals.

37,092 23

452 09

Liabilities.
Capital stock paid in ................................
Surplus fund................, ...........................
Undivided profits, n et..........._..................
National bank notes outstanding............
Due to banks and bankers.......................
Dividends unpaid......................................
Commercial deposits.................................
Savings deposits.......................................
State monies on deposit............................
United States deposits..............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
Liabilities other than those above stated.

$405. 000 00
191 550 00
79: 969 33
25. 500 00
1L 239 85

$60,000 00
10,500 00

940 ,821 63
2,794 598 44

66,101 36
344,847 10

000 00
000 00
000 00


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

00
00
48
00
17

933 08

00

42
33

587,416 85
1,105,219 45

129,495 24
126,548 48

2,024 15
6,967 71
20,801 82

3,659 96
6,853 53

2,085 96
768 77

$527,657 20 $11,037,863 08 $2,007,499 77

$290,277 92

471 39

Totals................................................ $4,493,150 64
T

10,208 74

$926,000
345,200
266,854
125,000
86,118
160
1,691,511
7,389,975

4,000 00
32,000 00

102,000 00

75,250 00

cxlviii

STA TE BANKING D EPA R TM EN T.
Abstract of State ami National banks by counties.— Continued.
Mackinac
County.

Macomb
County.

Manistee
County.

Marquette
County.

Mason
County.

Resources.
12 state and 2 1 state and 1
5 state and 5 4 state and 1
national banks. national bank. national banks. national banks.

1 national

bank.

Loans and discounts.....................................

$440,939 04 $3,346',223 03 $1,111,954 30 $5,411,135 06

$1,217,987 29

Stocks, bonds and mortgages......................

151,886 18

3,374,940 74

793,247 71

2,189,228 52

673,315 82

Overdrafts....................................................

574 10

11,400 65

2,061 65

2,013 82

971 58

Premiums paid.......................................

490 10

Banking house, furniture and fixtures.........

16,053 70

135,167 78

101,502 08

335,942 25

Other real estate...........................................

800 00

56,699 83

633 00

25,640 19

1,227 34

Due from other banks and bankers.............

7,853 33

32,985 29

31,322 27

236,824 84

7,465 52

Due from banks in reserve cities.................

33,913 71

684,059 36

774,260 71

1,214,995 58

189,326 18

Checks and other cash items........................

2,301 25

20,428 18

3,134 63

19,736 01

2,623 14

8,173 39

1,196 36

8,526 91

2,430 67

Exchanges for clearing house.......................

168,329 72

Nickels and cents.........................................

1,339 28

2,674 07

769 61

4,322 87

1,146 09

Specie............... '............................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from U. S. treasurer, other than 5%
redemption fund.................................

46,013 40

198,401 43

97,300 75

273,059 40

37,868 79

228,261 00

59,363 00

115,038 00

55,680 00

2,500 00

1,250 00

24,347 50

1,250 00

$702,298 99 $8,101,914 75 $2,977,996 07 $9,861,301 05

$2,359,622 14

Totals................................................

625 00

Liabilities.
Capital stock paid in ....................................
Surplus fund......................................
Undivided profits, n et.................
National bank notes outstanding................
Due to banks and bankers.........................
Dividends unpaid........................
Commercial deposits...........................
Savings deposits..........................
State monies on deposit. .,
United States deposits........................
Postal savings deposits.......
Reserved lor taxes, interest, etc ..
Notes and bills rediscounted ..
Bills payable...................
Liabilities other than those above stated...
Totals............................


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

$50,000
25,000
9,676
12,500

00
00
56
00

75 00
409,844 23
193,192 25
260 95
1,750 00

$525,000
260,500
199,194
50,000
5 104
33
1,139,250
5,859,302

00
00

15
00
69
00
61
69

3,166 66
59,500 00
862 95

$200,000
125,000
43,311
25,000
9 681
30
1,356,840
1,203,290

$800,000 00
00
00
446,750 00
186,568 44
64
00
539,750 00
44,
127,338 25
187 00
00
51 2,698,930 87
08 4,912,545 83

5,339 96
9,502 44

69,669 17
30,630 17
41,931 32

$285,000
71,750
40,277
25,000
6,896

00
00
98
00
87

924,216 99
910,375 03
9,686 37
38,418 90
48,000 00

7,000 00

$702,298 99 $8,101,914 75 $2,977,996 07 $9,861,301 05

$2,359,622 14

REPORT OF THE COMMISSIONER.

cxlix

Abstract of Stale and National banks by counties:— Continued.
Mecosta
County.

Menominee
County.

Midland
County.

Missaukee
County.

Monroe
County.

2 state banks.

7 state and 1
national banks.

Resources.
5 state banks.

Loans and discounts.....................................

4 state and 2
national banks. 3 state banks.

$940,336 36 $1,766,985 24

$355,027 35

$166,636 83

$1,342,806 48

Stocks, bonds and mortgages......................

528,386 17

757,375 95

351,259 69

36,793 62

1,537,067 94

Overdrafts....................................................

2,799 20

727 88

2,382 90

516 81

4,050 28

Premiums paid.............................................

214 37

373 96

Banking house, furniture and fixtures.........

29,498 95

92,355 48

22,250 00

5,944 77

119,462 81

4 451 35

Other real estate...........................................

5,688 62

903 96

14 250 00

Due from other banks and bankers.............

33,816 09

36,069 11

33,904 97

9,112 35

33,006 85
313,118 37

Due from banks in reserve cities.................

157,332 01

291,168 69

65,401 40

24,750 68

Checks and other cash items.......................

2 ,020 60

16,967 84

1,943 65

288 93

Exchanges for clearing house.......................

2,700 00

2,626 80

3,858 33
2,758 41

Nickels and cents.........................................

2,000 53

2,738 05

510 75

234 82

1,663 04

Specie............................................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from TJ. S. treasurer, other than 5%
redemption fund.......................................

37,779 70

72,643 30

16,261 75

5,077 45

92,075 40

81,013 00

28,193 00

27,544 00

9,237 00

84,989 00

15,002 50

2,500 00
2,100 00

T otals................................................ $1,823,585 60 $3,083,227 80

$876,486 46

$259,497 22

$3,558,158 26
'

Liabilities.
Canital stock paid in ....................................
Surplus fund.................................................
Undivided profits, n et..................................
National bank notes outstanding................
Due to banks and bankers...........................
Dividends unpaid.........................................
Commercial deposits.....................................
Savings deposits...........................................
State monies on deposit...............................
United States deposits.................................
Postal savings deposits................................
Reserved for taxes, interest, etc..................
Notes and bills rediscounted........................
Bills payable.................................................
Liabilities other than those above stated. ..

$140,000 00
54,500 00
53,914 27
10,841 11
833,324 41
701,978 56
12,500 00
6,527 25

$425,000
151,000
27,519
300,000
16,947
8 ' 0^2
813,098
1;272,165

00
00
95
00
3S

15,000
2,357
34| 182
6^875

00
17
32
00

$70,000 00
35,000 00
31,545 80

$40,000 00
6,750 00
6,317 49

301,925 99
420,014 67

186,619 92
17,309 81
2,500 00

00

74
16

08

3,000 00
15^000 00

T otals................................................ $1,823,585 60 $3,083,227 80

$876,486 46


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

00
00
33
00
85
00
48
63
00

2,529 00
T290 97

n ’ ooo 00

10,000 00

$355,000
76,450
71,848
50,000
23,326
507
1,434,184
1,540,521
2,500

$259,497 22

$3,558,158 26

STATE BANKING DEPARTMENT.

cl

Abstract of State and National banks by counties.—-Continued.
Montmorency
County.

Montcalm
County.

Muskegon
County.

Newaygo
County.

Oakland
County.

Resources.
12 state banks.

Loans and discounts...........................

«1,222,063 41

Stocks, bonds and mortgages.............

984,712 06

Overdrafts...........................................

5,515 94

1 state bank.

17 state and 2
5 state and 3
national banks, 5 state banks. national banks.

$58,982 12 $2,191,424 58

$634,303 09

42,940 50

2,811,388 34

725,337 40

23 51

5,889 63

2,505 64

$4,202,059 23
5,717,057

00

10,210 74

Premiums paid....................................

1,7C0 00

32 00

375 00

1.140 00

Banking house, furniture and fixtures.

78,676 70

4,450 00

179,627 92

66,186 99

199,508 29

1,767 26

16,183 88

12,214 09

Due from other banks and bankers...

63,673 01

3,934 72

34,720 17

1,183 27

47,193 18

Due from banks in reserve cities........

240,768 67

9,526 29

657,668 00

201,546 42

1,242,287 29

Checks and other cash items..............

4,491 19

79 32

24,028 38

3,830 07

16,313 44

Exchanges for clearing house..............

2,820 36

Nickels and cents................................

1,494 65

11 12

2,118 58

1,454 86

8.141 03

49,393 90

2,490 65

161,714 50

47,412 25

251,478 95

116,501 00

3,940 00

239,839 00

43,008 00

355,594 00

Other real estate.................................

Specie............................................................
U. S., National and Federal Reserve bank­
notes ..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)......................................
Due from U. S. treasurer, other than 5%
redemption fund.................................

2,850 00

12,200 00

$2,771,810 89

Totals.

16,928 02

29,897 71

$126,378 23 $6,352,316 07 $1,743,326 87 $12,082,975 26

Liabilities.
Capital stock paid in ................................
Surplus fund.............................................
Undivided profits, n et..............................
National bank notes outstanding.............
Due to banks and bankers.......................
Dividends unpaid.....................................
Commercial deposits.................................
Savings deposits.......................................
State monies on deposit............................
United States deposits............................
Postal savings deposits.............................
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
Liabilities other than those above stated.

$283. 900 00
81, 600 00
50. 629 82
589
50
970 ,846
1,325 ,433
5 ,000

64
00
51
84

12,500 00
3,756 45

39 00
38,651 63
51,431 15

$500,000
169.000
184,147
242.000
5,536
157
2,812,830
2,353,625

00
00
25
00
58
00
12
59

$135,000 00
63,500 00
35,476 84

321,481 52
1,157,775 25

00
1,000 00

,914 24
846 84
,000 00
,000 00

000 00

Totals................................................ $2,771,810 89


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

$20,000 00

51,986
18,500
8,533
5,000

00
00
19
00
11
00
17
66
00

13,477 17
20,769 96

53
00

00
00

$710,000
314,300
199,983
57,000
16,330
217
2,901,311
7,821,086
2,500

30,093 26
16,000 00
10,000 00

$126,378 23 $6,352,316 07 $1,743,326 87 $12,082,975 26

REPORT OF THE COMMISSIONER.

cli

Abstract of Slate and National banks by counties.— C ontinued.
Oceana
County.

Ogemaw
County.

3 state and 1
national banks

1 state bank.

3 state and 2 4 state and 1
national banks national banks

$437,904 93 $1,091,601 35

Ontonagon
County.

Osceola
County.

Oscoda
County.

Resources.

Loans and discounts...................................

$343,661 40

$105,615 68

Stocks, bonds and mortgages...........

289,561 88

11,810 11

153,464 16

366,395 45

Overdrafts.........................................

113 91

55

177 80

963 15

17,063 12

8 ,000 00

25,529 93

58,055 00

1 state bank.

$53,410 48
4,366 61

Premiums paid.............................
Banking house, furniture and fixtures.........
Other real estate................................

5,961 53

5,375 00

8,744 40

Due from other banks and bankers ...........

10,421 11

27,007 86

2,957 82

286 15

Due from banks in reserve cities...............

86,530 89

14,296 99

160,745 34

146,743 24

7,181 96

3,040 21

108 86

5,316 22

344 63

1,564 98

Checks and other cash items..............
Exchanges for clearing house...................
Nickels and cents................................
Specie....................................
U. S., National and Federal Reserve bank
notes...........................................
Redemption fund with U. S. treasurer (5%
of circulation)............................
Due from U. S. treasurer, other than S°f
redemption fund.....................................
Totals.....................................

1,647 14
1,069 77

36 88

3,312 74

1,722 42

43 07

21,980 00

1,690 00

33,903 40

59,547 45

661 00

22,911 00

,2,532 00

20,741 00

38,381 00

3,909 00

2,500 00

2,500 00

500 00

$802,814 82

$144,091 07

$115,000 00
37.000 00
31.019 93

$20,000 00
5,000 00
7,579 50

$870,603 38 $1,779,603 05

$76,798 25

$115,000
23.500
10,069
49.500
10,014
143
350,561
296,502

Liabilities.
Capital stock paid in ........................
Surplus fund......................................
Undivided profits, n e t.....................
National bank notes outstanding................
Due to banks and bankers.......................
Dividends unpaid................................
Commercial deposits.........................
Savings deposits...........................................
State monies on deposit............................
United States deposits..........................
Postal savings deposits.......................
Reserved for taxes, interest, etc..................
Notes and bills rediscounted........................
Bills payable...............................................
Liabilities other than those above stated. ..
T otals...........................................
•


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

10.000 00

219,525 00
387,812 19

101,511 57

2,457 70

00
00
29
00
55
00
22
30

2,163 02

$175,000
37,500
16,530
50,000

00
00
73
00

$20,000 00
153 03
1,824 75

15
868,901
626,169
5,000

00
89
81
00

54,820 47

485 62

13,150 00
10,000 00

$802,814 82

$144,091 07

$870,603 38 «,779,603 05

. $76,798 25

STATE BANKING DEPARTMENT.

clii

Abstract of State and National banks by counties.—-Continued.
Otsego
County.

Ottawa
County.

Presque Isle
County.

Roscommon
County.

Saginaw
County.

1 state bank.

9 state and 2
national banks.

Resources.
2 state banks.

13 state banks. 3 state banks.

$57,056 82 $11,288,127 02

$307,463 50 $3,691,780 91

$209,171 22

3,157,174 19

508,572 83

27,954 93

7,087,841 24

5,426 88

13 31

32 82

10,401 23

477 54

500 00

21,600 00

207,091 18

33,495 00

9,996 98

338,893 60

Other real estate...........................................

875 00

38,015 48

6,179 22

1,239 28

79,560 26

Due from other banks and bankers.............

4,053 28

10,161 63

468 50

397 50

275,527 67

Due from banks in reserve cities.................

40,315 55

859,656 40

149,947 14

8,625 53

3,224,916 54

8,663 35

719 75

189 56

Loans and discounts.....................................
Stocks, bonds and mortgages......................
Overdrafts.....................................................

137,907 50
12 50

Premiums paid............
Banking bouse, furniture and fixtures.......

Checks and other cash items.......................

1,475 50

Specie............................................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation')
Due from U. S. treasurer, other than 5%
redemption fund
T otals................................................

19,277 90
59,132 37

13,057 66

Exchanges for clearing house. . .
Nickels and cents.........................................

663 89

416 89

3,927 95

147 43

242 45

2,538 94

18,489 25

245,285 85

13,737 15

1,201 10

577.442 70

15,424 00

235,596 35

37,598 00

3,109 00

507,540 00
30,000 00

$548,032 97 $8,476,315 37

$960,549 55

13,333 36

$470,000 00
201.800 00
152,183 41

$85,000 00
19,500 00
14,602 15

224,154 89
220,544 72

2,615,138 76
5,011,659 82

$110,045 97 $23,501,863 36

Liabilities.
Capital stock paid in ....................................
Surplus fund.................................................
Undivided profits, n e t..................................
National bank notes outstanding
Due to banks and bankers................
Dividends unpaid.........................................
Commercial deposits.....................................
Savings deposits...........................................
State monies on deposit.........................
United States deposits.................................
Postal savings deposits....
Reserved for taxes, interest, etc ..
Notes and bills rediscounted
Bills payable. . . .
.
Liabilities other than those above stated. ..
T otals................................................


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

$50,000 00
10,000 00

$20,000 00

27,499 22
49,693 18

$1,460,000
1,310,000
624,468
590,000
1,668,354
1,547
8,855,136
8,801,133

10,000 00

76,000
22,745
60,000
12,978
9,500

2,200 00

641 57

13,525 93
20 00

35 00
189,912 66
636,499 74

12 00

00
00
21
00
41
00
92
10

10,000 00

2,222 25
7,265 20
2,500 00
30,000 00
$548,032 97 $8,476,315 37

15,000 00
$960,549 55

00
72
00

00
00

$110,045 97 $23,501,863 36

REPORT OF THE COMMISSIONER.

cliii

Abstract of State and National banks by counties.— Continued.
St. Clair
County.

St. Joseph
County.

Sanilac
County.

Schoolcraft
County.

Shiawassee
County.

Resources.
8 state and 4
9 state and 3 16 state and 2 1 state and 1
national banks. national banks. national banks. national bank.

Loans and discounts..................................... $4,784,995 13 $2,534,677 99 $3,052,210 26

10 state banks.

$458,626 07

$1,744,359 62

Stocks, bonds and mortgages......................

3,101,854 35

1,329,771 57

955,445 25

321,488 84

2,208,965 95

Overdrafts.....................................................

13,387 68

1,488 87

10,002 50

395 33

3,553 20

Premiums paid........................................... .

299 00

Banking house, furniture and fixtures.........

211,098 60

122,577 39

126,866 69

101 25

1 202 85

33,386 97

150,126 94

Other real estate...........................................

53,336 47

28,142 05

27,137 12

Due from other banks and bankers.............

125,863 06

27,355 16

33,692 97

19,908 50

76,592 06

11 092 92

Due from banks in reserve cities.................

837,345 12

648,545 82

437,064 36

108,272 67

425,872 48

Checks and other cash items.......................

18,778 84

5,553 43

7,368 48

3,411 88

7,507 54

Exchanges for clearing house.......................

21,713 05

3,708 24

2,340 69

Nickels and cents.........................................

4,238 18

2,954 21

2,913 11

71 18

1,344 88

Specie............................................................
U. S., National and Federal Reserve bank
notes..........................................................
Redemption fund with U. S. treasurer (5%
of circulation)...........................................
Due from U. S. treasurer, other than 5%
redemption fund.......................................

6 704 70

109,467 30

115,904 55

126,223 00

20,012 31

240,867 18

111,893 00

105,755 00

20,852 50

9,500 00

3,975 00

1,250 00

2,250 00

Totals................................................ $9,532,743 96 $4,936,547 28 $4,888,269 43

$988,777 50

*

121,238 35
130,589 00

$4,889,151 50

Liabilities.
Capital stock paid in ...................................
$710,000 00
Surplus fund.................................................
272,100 00
Undivided profits, n et..................................
130,047 86
National bank notes outstanding................
189,995 00
Due to banks and bankers...........................
385,801 81
Dividends unpaid.........................................
390 37
Commercial deposits.................................... 2,635,660 92
Savings deposits........................................... 4,900,254 83
State monies on deposit...............................
27,500 00
United States deposits..................................
27,500 30
Postal savings deposits.................................
23,605 10
Reserved for taxes, interest, etc..................
11;062 50
Notes and bills rediscounted........................
8,936 10
Bills payable.................................................
98,000 00
Liabilities other than those above stated. ..
111,889 17

$440,000
153,000
49,355
90,400

00
00
35
00

48 00
2,180,221 98
1,997,717 03

$445,000
88,900
140,765
24,600
6;938

00
00
88

00
35

2,394,724 97
1,624,340 23
26,000 00

7,040 87
3,764 05
15,000 00

10,000 00

00

00
70
00

$331,000 00
90,400 00
37,151 74
25,022 81

411,986 81
344,095 69

1,105,333 40
3,244,194 07

5,000 00
7 ’004 66

20,049 48

16,615 64

127,000 00

Totals................................................ $9,532,743 96 $4,936,547 28 $4,888,269 43


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

$100,000
30,000
29,074
45,000

8,0 0 0 00

28,000 00
$988,777 50

$4,889,151 50

cliv

ST A T E BANKING D EPA R TM EN T .
Abstract of State and National banks by counties.—Concluded.
Tuscola
County.

Van Buren
County.

Washtenaw
County.

Wayne
County.

Wexford
County.

Resources.
30 state, 4 na­
10 state and 1 9 state and 2 14 state and 2 tional banks and
national banks national banks national banks
3 trust
companies.

Loans and discounts...............................

$1,254,799 86 $1,864,477 71 $5,010,807 81 $100,384,310 04

3 state banks.

$776,524 19

Stocks, bonds and mortgages.................

936,212 90

1,474,538 28

7,047,910 73

126,428,831 61

786,978 29

Overdrafts...............................................

15,095 39

3,916 92

15,534 34

28,143 66

897 46

3,083 92

48 288 62

Premiums paid..........................................
Banking house, furniture and fixtures....

101,306 83

87,291 00

362,269 63

5,040,856 30

66,250 00

Other real estate.......................................

22,312 96

26,931 85

70,381 07

660,219 02

15,946 99

Due from other banks and bankers.........

24,989 07

20,683 39

101,583 34

17,740,921 16

7,674 23

Due from banks in reserve cities.............

292,441 87

423,708 31

1,237,947 85

46,826,001 05

340,146 29

Checks and other cash items....................

2,235 73

23,180 27

8,235 78

278,154 78

1,058 89

Exchanges for clearing house...................

5,048 61

1,603 10

43,729 94

4,390,560 03

1,502 37

Nickels and cents.....................................

1,565 86

2,950 04

6,162 22

61,138 77

440 82

Specie........................................................
U. S., National and Federal Reserve bank
notes......................................................
Redemption fund with U. S. treasurer (5%
of circulation).......................................
Due from U. S. treasurer, other than 5%
redemption fund...................................

59,301 85

78,774 72

451,846 05

5,817,156 99

45,272 30

70,249 00

81,557 00

454,866 00

10,839,280 00

60,385 00

312 50

1,575 00

10,000 00

118,000 00

........................
238,000 00
- 1
Totals............................................. $2,785,872 43 $4,091,187 59 $14,824,358 68 $318,899,862 03 | $2,103,076 83
Liabilities.

Capital stock paid in ................................
$317,400 00
Surplus fund.............................................
76,310 00
Undivided profits, n et..............................
54.903 75
National bank notes outstanding.............
6,250 00
Due to banks and bankers.......................
Dividends unpaid...................................
Commercial deposits.................................
658,110 29
Savings deposits........................................ 1,592,746 90
State monies on deposit...........................
2,500 00
United States deposits..............................
Postal savings deposits.............................
4,651 49
Reserved for taxes, interest, etc...............
Notes and bills rediscounted....................
Bills payable.............................................
73,000 00
Liabilities other than those above stated.

$405,000
167,100
95,463
37,200
23,771
80
1,297,521
2,010,957

00 $1,085,000 00
00
710,000 00
87
289,508 20
00
197,200 00
73
163 134 46
1 106 no
00
01 4,9671984 75
19 7,328,004 92
7,500 00

6,593 79
3,500 00
44,000 00 ‘

Totals............................................. >2,785,872 43 >¡4,091,187 59


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

12,920 35
52 000 00
10,000 00
14,824,358 68

$20,460,000
13,103,675
5,377,902
2,042,195
21 171 Q77

00
00
58
00
2Q

$220,000 00
70,000 00
26,910 31

129,866,458
113,900,464
431 275
390 122
1,373’327
377 833
2 800
2 600
396,550

51
60
62
12
19
82
00
00
70

641,473 64
1,110,893 62

318,899,862 03

$2,103,076 83

8,563 79

ÜäÄ

:y M ä

¿*3'â; V:
S">; J

V y ■ ■

. 'y * '

y -y

mm

y y

. yy

ri- '->r :'

‘V

'i / y V.7;

Í l! ? y .
y y

Sfcî

,’:ÿ-

M '-A ;

.■■

• *' :■

I'
ü
r

i

i .

'M t

£ £ « > .■

.
'¿"ft*À

i / ■'
3 # ' ■>■ ■
•4Cy .; .!

y

•

-

;

'. y - : ¿ y .
•'
'
■
•

■
'

u

V'

'-> V y - . ' T f
v
■*
'.

■- ;• ■

' ::

■

' f
■

• .;■■■

- y

i- y

‘

'

.

/

»

•■; /
» ;

*’.
•

y

. y
1

y "
h

r

S .‘

g y

i^ 'y y ,

V • y

;
/ y
J

.

.

:-;y—

j

^•

'.

,:-' ' . j

^

‘ ry

.

¿ y '
'•'< '
.o,'

.

v .y v i^ iy ^
'

. s

y .

y

y

K

í

y

¿ ¿ y ; r y y y ;y . -

’ '■ " V '.' ’ •% - ;

:

y.

S

¡¡p*

y

-- ' .y -.
- • •' h y

‘


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

:.y ’

-.■’i-k-r:

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

REPORTS

STATE BANKS AND TROST COMPANIES
AS M A D E TO T H E C O M M ISS IO N E R OF T H E ST A T E B A N K IN G
DEPARTM ENT

DECEMBER 31, 1014, MARCH 4, MAY 1, JUNE 23, A B SEPTEMBER 2, 1015


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

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

STA TE BANKS OF M ICHIGAN.

3

No. 325.
T H E A D D ISO N STA TE SAYINGS BANK, A DD ISON .
Organized October 11, 1905.
W ade

M i l i .i s ,

President; L. S.

D i r e c t o b s .— D .

T o w n e, D .

A.

C u b t is,

Vice Presidents; F. B.

C leveland,

Cashier.

A. C urtis, L. S. T ow ne, F. B. Cleveland, W ade M illis, John M illis.

R esources.

Loans and discounts:
C ommercial d ep artm en t................
Savings departm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding earnings...........................
Banking h o u se .......................................
Furniture and fix tu res........................

Report of
Report of
D ec. 31, ’14. M ar. 4, T5.

Report of
Report of
Report of
M ay 1, ’15. June 23, T5. Sept. 2, T 5.

$28,453 07
33,484 58

$28,386 47
40,471 20

$28,464 42
41,210 75

$29,017 95
42,045 07

$29,742 02
42,831 12

4,275 00
65,852 00

4,275 00
66,781 50

4,275 00
68,193 70

4,275 00
68,343 70

4,275 00
68,605 70

72 66

17 76

15 13

40 19

71 15

5,478 6Ò
3,282 84

5,478 60
3,293 60

5,478 60
3,293 60

5,478 60
3,293 60

5,478 60
3,293 60

5,022 46
17,000 00

5,008 11
14,000 00

5,403 39
11,000 00

5,732 88
14,500 00

1,583 49
14,18240

581 00
8,000 00

1,617 00
10,000 00

1,204 00
6,000 00

685 00
8,000 00

204 00
7.000 00

670 00
1,000 00

710 00
1,000 00

715 00
1,000 00

1,780 00

315 00
2.000 00

582 80
1,000 00

226 10
1,000 00

92 15
1,000 00

1,241 00

1,786 10

284 86

361 29

314 12

310 81

354 70

258 43

532 62

609 20

70 61

292 84

$175,298 30

$183,159 25

$178,269 06

$184,814 41

$182,015 72

$20,000 00
2.400 00

$20,000 00
3,200 00

$20,000 00
3,200 00

$20,000 00
3,200 00

$20 000 00
3,200 00

2,059 45

747 99

2,304 72

1,531 17

2,145 46

26,157 13

33,899 29

29,989 25

34,633 43

29,753 91

71,824 60
52,857 12

71,146 08
49,165 89

69,271 63
48,503 46

72,064 03
48,385 78

75,044 51
46,871 84

5,000 00

5,000 00

5,000 00

5,000 00

$183,159 25

$178,269 06

$184,814 41

$182,015 72

Other real e s ta te ...................................
D u e from other hanks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings d ep artm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t........................
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
Commercial departm ent
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ............. ’............
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified ch e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
State monies on d e p o sit.....................
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, etc.
N o tes and bills rediscounted. . . . . .
Bills p a y a b le...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

$175,298 30

STATE BANKING DEPARTMENT.

4

No. 162.
T H E A D R IA N STA TE SAVINGS BANK, A D R IA N .
Organized M ay 29, 1893.

President; G e o r g e A. W i l c o x , Vice President; B. E. T o b i a s , Cashier;
R . H. W a t t s , C. S. W h i t n e y , Assistant Cashiers.
A. W atts, Geo. A. W ilcox, W . E. Jew ett, R,. A. Kaiser, C. G. W esley, W . O. H unt,
B. E. T obias, A. D . E llis, C. 8. W hitney, R. H. W atts, W . W . C ooke, C. E. B aldw in.
R . A.

W atts,

D i r e c t o r s . — R.

Resources.

Loans and discounts:
C ommercial departm en t................
Savings d ep artm en t.........................
Bonds, mortgages and securities:
C om m ercial departm en t................
Savings d ep a rtm en t........................

Report of
Report of
D ec. 31, ’14. Mar. 4, ’15.

Report of
Report of
R eport of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$295,110 59
127,304 40

$326,127 95
127,429 09

$320,952 72
120,668 37

$286,751 78
120,457 93

$268,393 38
151,944 87

91,500 00
880,444 18

102,500 00
884,987 07

98,000 00
864,888 97

98,000 00
863,088 15

112,700 00
840,883 58

14 26

20 49

87 23

181 63

20 49

30.000 00
10.000 00

30.000 00
10.000 00

30.000 00
10.000 00

30.000 00
10.000 00

30.000 00
10.000 00

11,277 67

7,847 28

7,764 25

6,605 26

10,753 51

58,579 77
111,541 35

19,118 84
86,918 32

15,077 41
93,684 59

10,283 12
114,378 02

25,647 13
160,716 01

25,526 92

4,480 89

6,585 65

8,400 32

4,311 46

14,267 00
30.000 00

9,251 00
33.000 00

19,572 00
31.000 00

21,669 00
31.000 00

25,127 00
31.000 00

492 50
25.000 00

295 00
25.000 00

597 50
25.000 00

210 00
25.000 00

705 00
25.000 00

3,826 30

4,499 65

3,506 65

3,970 40

4,425 00

739 00

720 45

561 60

468 81

560 69

185 25

36 03

214 86

216 68

353 85

T o ta ls ............................................... $1,715,809 19 $1,672,232 06 $1,648,161 80 $1,630,681 10

$1,702,541 97

Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se . . . 7 ..............................
Safety deposit v a u lts ...........................
Furniture and fixtu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial departm en t................
Savings d ep artm en t........................
E xchanges for clearing house:
C om m ercial d ep artm en t................
Savings d e p a r tm en t...
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial departm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings departm ent ....................
C hecks and other cash ite m s ...........

Liabilities.
$120,000 00
C apital stock paid in ...........................
50,000 00
Surplus fu n d ...........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
26,811 16
p a id ........................................................
D ividend s u n p a id . .
C om m ercial deposits subject to
381,018 21
c h e ck .............. ! .....................................
Commercial certificates of d e p o sit. .
Certified cheeks
10 00
C ashier’s checks o u tsta n d in g ...........
S ta te monies on deposit . .
D u e to banks and b a n k e r s.. .
Postal savings deposits
Savings d ep o sits.................................... 1,095,140 87
42,828 95
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills rediscounted .
P ills payable
B onds sold under repurchase agreem ent

$120,000 00
50,000 00

$120,000 00
50,000 00

$120,000 00
50,000 00

$120,000 00
50,000 00

38,999 78

46,640 99

31,360 38

30,845 25

292,684 99

303,028 27

294,503 03

381,972 78

10 00
10,000 00

10 00
10,000 00

10,000 00

1,112,431 84
48,105 45

1,074,382 80
44,099 74

1,080,255 22
44,562 47

T o ta ls ............................................... $1,715,809 19 $1,672,232 06 $1,648,161 80 $1,630,681 10


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

1,073,623 31
46,100 63

r
$1,702,541 97

STA TE BANKS OF MICHIGAN.
No. 89.
T H E C O M M ER C IA L SAVINGS BANK, A D R IA N .
Organized M ay 10, 1888.
A.

President; C h a b l e s G. H a b t , Vice President; E. N . S m i t h , Cashier;
P. J. D u n n , A ssistant Cashier.
A. B en nett, E. C. Sword, Charles G. H art, Am os Kells, H . W. M iddleton, H . R Jew ett
G. B. M . Seager, W . H. B arrett, John E. Bird, A. E. Palmer, E . N . Sm ith, P. J. D unn.
B en n ett,

D i b e c t o b s ^—

Report of
Report of
D ec. 31, T 4. M ar. 4, T5.

Resources.

Report of
Report of
Report of
M ay 1, T5. June 23, ’15. Sept.'2, T 5.

i
Loans and discounts:
C ommercial d ep artm en t................
Savings departm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t....................
O verdrafts..............................................
E xpenses, interest and taxes paid,
exceeding earnings...........................
Banking h o u se .....................................
Furniture and fix tu res....................
Other real e s t a te .....................
D u e from other banks and bankers,
not reserve c itie s ...............................
D u e from U. S. treasurer...................
Item s in tr a n sit...............................
U nited States bonds:
Savings d ep artm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
Commercial d ep artm en t................
Savings d ep artm en t........................
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin.:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep artm en t...........
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ..............................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ..........................................
D ividend s u n p a id .................................
C ommercial deposits subject to
c h e ck ........................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.................................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscou n ted ............
Bills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent ............................................. . .
T o ta ls ......................................


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

$128,231 51
209,744 37

$140,788 46
200,823 33

$153,702 82
184,257 34

$163,551 58
185,001 22

$165,565 85
196,183 44

22,071 50
305,786 80

22,861 50
314,724 10

27,843 50
328,809 10

25,792 20
322,657 60

25,792 20
313,855 44

758 64

744 22

1,962 95

37 11

225 70

16,000 00

16,000 00

16,000 00

50,000 00

50,000 00

31,298 63

4,520 95

3,677 94

1,750 00
3,831 02

11,726 17

8,600 00
45,212 70

8,800 00
87,739 86

8,700 00
76,074 16

11,300 00
75,812 59

11,200 00
63,976 16

1,180 25

868 23

2,770 69

528 08

967 77

8,600 00
22,245 00

8,800 00
20,859 00

8,700 00
18,629 00

11,300 00
24,864 00

11,200 00
25,785 00

2,342 50

2,982 50

3,327 50

3,545 00

3,920 00

5,198 55

3,152 80

3,240 00

2,835 30

2,622 50

308 16
674 88

314 45
335 02

195 16
1,048 63

160 83
1,409 50

321 64
386 49

$808,253 49

$834,314 42

$838,938 79

$884,376 03

$883,728 36

$110,000 00
30,000 00

$110,000 00
30,000 00

$110,000 00
30,000 00

$110,000 00
30,000 00

$110 000 00
30,000 00

4,242 83

8,932 24

12,071 44

2,516 92

9,583 37

98,925 28
7,639 55
859 00

99,249 15
7, 632 88
750 00

10,000 00

10,000 00

349 32
548,483 72

349 32
567,609 03

$808,253 49

$834,314 42

107,310
7,025
752
90

06
56
00
00

129,568
7,028
1,075
3,374
10,000

71
66
00
00
00

141,341 12
5,961 62

349 32
568,886 00

349 32
590,463 42

353 65
585,410 10

$838,938 79

$884,376 03

$883,728 36

1,078 50

ST A T E BANKING D EPA R TM EN T.

6

No. 66.
*L E N A W E E COU NTY SAVINGS BANK, A D R IA N .
Organized December 16, 1869.
C orporate existence extended February 1, 1902.
H
D

B

Chairman; H . V. G. H a r t , President; 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 ,
Vice Presidents; J. C. M u r p h y , Cashier; E . A. N e w t o n , F. E . A sh , A ssistant Cashiers.
i r e c t o r s .— R ial C lay, J. Y. D eF oe, Chas. E vans, H. Y. C. H art, Vernon H oxie, C. D . H ardy, H enry
H art, J W . Kirk, H. B. Knowles, H. L. Larwill, D . B. M organ, R. S. M oreland, J. C. M urphy,
F W Prentice, C. A. Stew art, F. A. Stevenson, A. J. W alper, A. W . W ood, H. B . W aldby.
W aldby,

Report of
R eport of
D ec. 31, ’14. M ar. 4, ’15.

R esources.

Report of
Report of
R eport of
M ay 1, ’15. [June 23, ’15. Sept. 2, ’15.

Loans and discounts:
OommGrcia.l dp.pa.rtmnnt,
Savings d ep artm en t.........................
B onds, m ortgages and securities:

$148,681 45

$147,093 94

$138,551 42

$126,551 87

Savings d ep artm en t.........................
Prem ium a cco u n t..................................
Suspense a c co u n t..................................

664,474 89
166 94
452 38

651,911 94
411 83

682,366 52
233 44
935 35

671,915 74
233 44
2,139 58

25,000 00

25,000 00

25,000 00

25,000 00

43,000 00

9,097 30
225 00

9,097 30

9,097 30
138 00

9,097 30

9,698 48

103,428 14

111,950 59

100,140 52

94,735 39

13,128 86
320,911 32

308 37

459 25

824 44

53 91

337 47
141 85

$150,236 83
188,656 23
1,153,009
50
132
9

52
00
50'
38

Expenses, interest and taxes paid,
B anking h o u se .......................................
D u e from other banks and bankers,
not reserve c itie s ...............................
U nited States bonds:
D u e from banks in reserve cities:
r^orPTncTPia.l dp.pa,rt,mp,nt
Savings d ep artm en t.........................
E xchanges for clearing house:
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
Savings d ep artm en t........................
Gold coin:

34,236 00

33,885 ÒÒ

31,941 00

40,368 00

13,091 00
67,697 00

Savings d ep artm en t........................
Silver coin:
r^ornTTiGrrial dep artm en t,
Savings d ep artm en t........................
N ickels and cents:
r^om m ereial dep artm en t,
Savings d ep artm en t.........................
Checks and other cash ite m s ...........

3,784 00

3,541 50

3,556 50

3,614 00

302 50
8,428 00

1,571 20

2;061 20

1,045 70

558 55

1,830 95
846 60

181 94
4,779 90

360 85
434 04

281 05
1,582 70

308 28
2,281 31

241 85
309 88
1,379 89

T o ta ls ...............................................

$996,387 51

$986,207 44

$995,693 94

$976,857 37

$1,973,440 11

$100,000 00
30,000 00

$100,000 00
30,000 00

$100,000 00
30,000 00

.$100,000 00
30,000 00

$150,000 00
50,000 00

30,464 14

29,576 89

28,657 59

32,228 78

13,038 38

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
C om m ercial

deposits

subject

to

176,564 13
4,689 02

Cashier’s checks o u tsta n d in g ...........

1,564 20

1,585 34

D u e to banks and b a n k e r s...............

219 01

611 26.

Savings deposits ................................
Savings certificates of d e p o sit.........

831,663 13
2,477 03

821,641 92
2,792 03

$996,387 51

$986,207 44

854 04

845 54

1,322 94

285 48

736 46

833,430 28
2,752 03

806,704 07
6,793 50

1,573,256 44
3,832 74

$995,693 94

$976,857 37

$1,973,440 11

B onds sold under repurchase agreeT o ta ls ...............................................

*Absorbed th e W aldby and C la y ’s S tate Bank, Adrian, A ugust 2, 1915.


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

STA TE BANKS OP M ICHIGAN.

7

No. 171.
*WALDBY A N D CLAY’S STATE BANK, A D R IA N .
Organized June 24, 1894.
H. B.

D

President; R . S. M o r e l a n d , Vice President; J. C. M u r p h y , Cashier;
E . A . N e w t o n , A ssistant Cashier.
i r e c t o r s . — H. B. W aldby, J. V. D eF oe, R. S. M oreland, A. W. W ood, R ial C lay, J. W. Kirk,
F. A. Stevenson, J. C. M urphy, Chas. E vans, Vernon H oxie, F. W. Prentice, A. J. Walper.
W a ib b t ,

Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se .......................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Exchanges for clearing house:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
G old coin:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ...........

Report of
Report of
D ec. 31, T 4. Mar. 4, T 5.

Report of
Report of
R eport of
M ay 1, T5. June 23, T5. Sept. 2, T 5.

$152,437 14
107,840 00

$140,489 87
134,537 68

$145,335 35
158,018 84

$144,915 59
131,266 48

556,208 00

574,858 00

587,488 00

570,263 00

15 85

114 38

1,966 21

11 28

18,000 00

18,000 00

18,000 00

18,000 00

478 91

47 61

23 17

770 51

10,158 85
125,779 21

10,236 53
199,816 70

10,256 05
120,509 81

10,300 19
125,761 97

483 07

1,154 09

1,824 77

307 10

12,691 00
40,000 00

14,443 00
42,000 00

7,021 00
42,000 00

11,094 00
42,000 00

3,392 50

3,600 00

4,312 50

4,912 50

2,815 95

1,624 90

1,138 25

2,328 05

280 06

261 08

241 76

277 41

.

13 38

127 61

T o ta ls ............................................... $1,030,580 54 $1,141,197 22 $1,098,135 71 $1,062,335 69
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e ck ......................................................
Commercial certificates of d e p o sit. .
Certified ch e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
State m onies on d e p o sit.....................
D ue to banks and b an kers................
Postal savings d ep o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscoun ted ............
Bills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................

$75,000 00
15,000 00

$75,000 00
15,000 00

$75,000 00
15,000 00

$75,000 00
15,000 00

8,735 60

17,738 76

25,530 41

13,935 78

139,499 02
3,663 02

193,759 84
9,509 71

156,049 66
5,213 22

138,288 11
5,137 85

1,818 10

111 31

79 24

788,682 90

828,370 81

821,231 11

814,894 71

T o ta ls ............................................... $1,030,580 54 $1,141,197 22 $1,098,135 71 $1,062,335 69
1
C o n so lid a ted w ith .he Lenawee C ounty Savings Bank of Adrian A ugust 2, 1915.


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

8

ST A T E BANKING D EPA R TM EN T.
No. 179.
A LBIO N STA TE BANK, ALBION.
Organized M arch 29, 1895.
P. R o b e r t s o n President; D . A . G a r f i e l d Vice President and Cashier;
R . E. S c h u m a c h e r R o b e r t C. B a k e r . Assistant Cashiers.
i r e c t o r s . — E ugene P. R obertson, W. S. Kessler, D . A. Garfield, W . H. Rodenbach, Geo. T. Bullen»
D . M . M cA uliffe, O. A. Leonard, G. W . Schneider, G. W . Perkins.
E ugene

D

Resources.

R eport of
R eport of
D ec. 31, T 4 . M ar. 4, T 5.

Loans and discounts:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings departm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se .......................................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................ .
G old coin:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.............’..........
N ickels and cents:
Com m ercial d ep artm en t........... .. .
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
Com m ercial certificates of d e p o sit. .
Certified c h e c k s......... , .........................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit. . . ' ............
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscou n ted ............
B ills p a y a b le ...........................................
Bonds sold under repurchase agree­
m ent .......................................................
T o ta ls ................................................


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

Report of
R eport of
Report of
M ay 1, T 5. June 23, ’15 . Sept. 2, ’15.

$223,129 21
31,922 85

$232,319 98
30,815 85

$251,836 63
29,273 20

$278,042 85
29,273 20

$274,653 70
50,273 20

26,000 00
160,667 14

26,000 00
170,154 83

26,000 00
171,854 83

27,875 00
169,344 83

27,750 00
178,860 99

440 30
1,066 56

1,924 68

489 12

1,089 63

750 28

4,290 10

4,265 10

4,236 10

4,246 60

31 75
4,000 00

1,006 75
18,016 69

28,732 98

10,335 65

10,838 44

2,077 50

20,462 93
31,398 24

36,672 99
39,459 97

32,213 90
26,893 54

21,161 47
22,723 79

19,384 69
22,849 21

3,259 65

2,267 91

1,978 20

835 20

876 40

5,317 00
12,000 00

297 00
12,000 00

4,762 00
12,000 00

10,302 00
12,500 00

4,902 00
12,000 00

7,890 00

5,422 50

1,885 00
1,000 00

2,042 50
3,500 00

5,370 00
5,000 00

3,740 40

2,648 75

1,760 45

1,955 85

3,217 70

174 52

172 79

220 50

170 36

65 80

587 20

552 73

194 15

302 42

233 29

$550,104 44

$593,733 06

$577,969 02

$596,193 64

$612,511 36

$50,000 00
20,000 00

$50,000 00
20,000 00

$50,000 00
20,000 00

$50,000 00
20,000 00

$50,000 00
20,000 00

11,553 92
815 00

13,792 36
50 00

17,022 15

16,506 62

15,970 98
90 00

151,745 95
77,090 38

160,739 99
96,767 18
212 10

141,697 15
91,414 59

165,051 94
86,053 98
12 40

158,834 38
74,409 55

1,442 56
237,456 63

1,458 55
250,712 88

1,403 83
256,431 30

1,403 83
257,164 87

1,421 57
271,784 88

$550,104 44

$593,733 06

$577,969 02

$596,193 64

$612,511 36

20,000 00

STA TE BANKS OF MICHIGAN.

9

No. 167.
T H E C O M M E R C IA L A ND SAVINGS BAN K O F ALBION.
Organized Septem ber 30, 1893.
President; W . C. M a r s h , Vice President; C. G. B i g e l o w , Cashier;
C. 8. L o u d , R u t h W o l c o t t , A ssistant Cashiers.
H om er C. Blair, Sam uel D ickie, W ashington Gardner, C. G. Bigelow , George E. D ean,
H . R . W ochholz, E. R. Loud, B. D . Brow n, W . C. M arsh.

H om es
D i r e c t o r s .—

C.

B la ir ,

Resources.

Loans and discounts:
Commercial d ep artm en t................
Savings d ep artm en t.........................
B onds, mortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c c o u n t ................................
O verdrafts................................................

Report of
Report of
D ec. 31, ’14. Mar. 4, T5.

R eport of
Report of
Report of
M ay 1, ’15. June 23, ’15. Sept. 2, T5.

$198,033 36

$198,184 92

$181,954 51

$190,312 90

$180,231 47

41,500 00
216,110 07

41,500 00
222,689 07

37,500 00
227,897 81

37,470 00
233,414 61

62,370 00
225,953 86

1,185 47

639 59

917 20

1,822 01

980 56

Expenses, interest and taxes paid,
exceeding earnings .
B anking h o u se . . . .“ ..............................
Furniture and fix tu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it. . . .

5,400 00
1,548 00
2,222 00

5,400 00
1,548 00
2,875 97

5,400 00
1,548 00
2,879 17

5,400 00
1,548 00
2,870 94

5,400 00
1,394 00
2,892 44

1,486 85

2,658 93

1,000 00

U n ited States bonds:
Savings d ep artm en t. . .
D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Exchanges for clearing house:
Com m ercial d ep artm en t............. ..
Savings departm ent .

10,976 51
29,864 17

28,758 97
24,473 83

44,477 89
28,721 84

38,392 56
31,448 05

*16,250 67
23,804 67

5,900 94

4,060 21

4,170 79

2,585 32

4,186 61

U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial d ep artm en t................

14,659 00
14,000 00

8,032 00
11,000 00

8,831 00
14,000 00

4,683 00
14,000 00

6,860 00
14,000 00

3,275 00

302 50
3,000 00

575 00

3,145 00

2,677 50

1,779 25

2,459 10

1,697 75

2,418 40

2,499 15

212 90

365 32

163 10

251 84

431 15

326 82

124 93

424 91

292 81

231 92

$548,480 34

$558,073 34

$562,158 97

$570,055 44

$550,164 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

7,060 18
4,500 00

9,204 84

11,958 98

12,041 42

9,732 19

137,815 31
64,130 61

146,977 79
60,727 81

132,153 25
67,427 09

129,154 92
69,996 44

137,991 51
63,681 77

5,000 00

5,000 00

5,000 CO

22,617 83
237,356 41

22,619 28
238,543 62

22,541 95
248,077 70

22,541 95
256,320 71

22,821 88
240,936 65

$548,480 34

$558,073 34

$562,158 97

$570,055 44

$550,164 00

Silver coin:
C om m ercial d ep artm en t................
Savings departm ent
N ickels and cents:
Com m ercial d ep artm en t................
Savings departm ent
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ...........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
S tate m onies on d e p o sit. . . 7 ............
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
R eserve for taxes, interest, etc.
B onds sold under repurchase agreeT o ta ls ............ •.................................


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

STA TE BANKING D EPA R TM EN T.

10

No. 498.
ALGONAC SAVINGS BANK, ALGONAC.
Organized April 13, 1912.
C u r t is
D i r e c t o r s .—

R.

C h a m pio n ,

President;

J ohn E ast,

Vice President; W . E.

F olsom,

Cashier.

C urtis R . Cham pion, John E ast, Geo. W . Carman, Fred W . Parker, Alex Yancom berg.

Resources.

Loans and discounts:
Com m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ............ .......................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from hanks in reserve c itie s:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
Com m ercial certificates of d e p o sit. .
Certified c h e c k s.............................. ..
C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
D u e to banks and b a n k ers................
Postal savings d e p o sits.......................
Savings deposits .*.................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

R eport of
R eport of
D ec. 31, ’14. Mar. 4, T 5.

R eport of
R eport of
Report of
M ay 1, T5. June 23, ’15. Sept. 2, T 5.

$16,995 80

$22,112 93

$25,900 93

$29,106 43

$16,681 80

26,000 00
63,106 00

29,500 00
59,881 00

34,716 00
59,281 00

36,716 00
56,873 50

30,716 00
66,162 26

469 55

313 74

424 63

7 94

161 82

2,500 00

2,500 00

2,500 00

2,500 00

2,500 00

4,841 65
787 50

1,772 07

165 85

374 20

'4,487 22

16,883 54
7,550 00

6,948 77
7,500 00

1,792 55
2,000 00

1,342 97
4,000 00

21,159 21
8,000 00

4,167 00
2,500 00

1,077 00
1,500 00

2,000 00
2,849 00

2,339 00
5,000 00

4,786 00
4,000 00

905 00

30 00
1,300 00

10 00
500 00

495 00

1,825 00

903 70
395 00

413 20
800 00

106 40
970 00

433 75
500 00

1,545 90

475 32

558 47

275 65

176 05

1Í3 28
356 00
241 36

151 25

626 22

304 76

339 49

$149,106 28

$136,383 23

$135,262 00

$140,159 80

$161,310 35

$20,000 00
1,000 00

$20,000 00
1,300 00

$20,000 00
1,300 00

$20,000 00
1,300 00

$20,000 00
1,600 00

2,074 75

1,269 64

2,169 13

1,819 04

1,408 08

45,187 75
5,406 66

41,180 17
1,800 00

40,143 59
600 00

41.075 30
25 40

60,741 26
811 71'

75,437 12

70,833 42

66,049 28

65,940 06

76,749 30

5,000 00

10,000 00

$135,262 00

$140,159 80

$149,106 28

$136,383 23

$161,310 35

11

STA TE BANKS OF MICHIGAN.
No. 314.
A LLEGAN STA TE SAVINGS BANK, ALLEGAN.
Organized M ay 24, 1905.
H . A.

D eL ano ,

D i r e c t o r s .— H .

President; W. H.

C haddock,

Vice President; E . W .

D e L ano,

Cashier.

A. D eLano, W . H. C haddock, Y. E . D eLano, E. W . D eL ano, A. Brand.

Resources.

Report of
Report of
D ec. 31, T 4. M ar. 4, T 5.

Loans and discounts:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earnings
B anking h o u se ........................................
Furniture and fix tu res.........................

R eport of
Report of
Report of
M ay 1, ’15. June 23, ’15. Sept. 2, T 5.

$47,499 96
80,343 61

$44,703 00
85,917 82

$48,557 92
97,427 93

1,000
169,794
110
4,324

1,000
170,744
110
956

7,000
171,993
110
983

00
61
00
81

00
61
00
85

00
99
00
82

' $58,581 57
103,004 36
7,000
170,218
100
478

00
99
00
95

$62,894 39
93,726 29
1,000
188,191
28
582

00
99
75
02

15,000 00
11,950 00
844 96

15,000 00
11,950 00

15,000 00
11,950 00

15,000 00
11,950 00

15,000 00
11,800 00

Item s in tr a n s it. ...................................

5,169 51

3,690 08

3,269 70

200 00

137 35

U n ited S tates bonds:
Savings d ep artm en t,
D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................

5,000 00
18,865 85

5,016 98
35,947 43

7,876 12
28,314 68

5,000 00
36,817 09

5,000 00
29,901 36

1,017 76

160 87

513 18

376 34

101 75

1,490 00
6,155 00

2,704 00
2,320 00

3,412 00
7,885 00

4,475 00
4,900 00

4,120 00
5,310 00

8.695 00

80 00
. 8,000 00

257 50
8,000 00

82 50
8,000 00

195 00
8,000 00

77 40
4,560 00

777 75
3,830 00

76 65
2,840 00

148 60
3,059 00

75 75
2,970 00

3 19
317 43
811 65

30 66
228 73
246 72

5 82
211 50
534 85

3 37
251 97
414 19

6 38
197 99
501 12

$383,030 74

$393,415 50

$416,220 6b

$430,061 93

$429,740 14

$30,000 00
2,600 00

$30,000 00
2.600 00

$30,000 00
2,600 00

. $30,000 00
2,600 00.

$30,000 00
2,700 00

39 37

1,584 06

4,118 37

1,643 46

2,103 64

31,188 13
13,000 00
33 13

39,704 61
10,000 00
1 20

47,216 28
10,000 00

54,126 93
10,000 00

54,263 50
10,000 00

5,000 00

5,000 00

536 02
183,302 32
115,331 77

541 78
187,119 36
121,864 49

541 78
189,062 64
127,681 59

527 64
199,981 33
126,182 57

334 20
201,462 13
128,876 67

$393,415 50

$416,220 66

$430,061 93

$429,740 14

D u e from other banks and bankers,

U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Ravings d ep a rtm en t.........................
Gold com:
Commercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid
...............................................
Commercial deposits subject to
c h e ck ............................ ■........................
C om m ercial certificates of d e p o sit. .

Postal savings d e p o sits.......................
Ravings deposits ................................
Savings certificates of d e p o sit.........

7,000 00
B onds sold under repurchase agreeT o ta ls ............................................. •


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

$383,030 74

STA TE BAN KING D EPA R TM EN T.

12

No. 323.
T H E F IR S T STA TE BAN K OF ALLEGAN, ALLEGAN.
Organized M ay 15, 1905.
F. H.

D

Vice President; H . D . P r i t c h a r d , Cashier;
A ssistant Cashier.
i r e c t o r s . — F. H . W illiam s, C. R . W ilkes, M . C. Sherwood, W . J. Oliver, E . W . Stone, B. B. Sutphin,
H. F. M arsh, H. D . Pritchard, W . H. B ills.
W il l ia m s,

President; B. B.

S u t ph in ,
H erm an V a u pell,

R esources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................

Report of
Report of
D ec. 31, T 4. M ar. 4, ’15.

R eport of
R eport of
Report of
M ay 1, T 5. June 23, T 5. Sept. 2, ’15.

$145,491 48
101,142 64

$146,102 02
109,738 94

$120,325 65
136,675 70

$152,869 97
128,398 27

$179,282 72
106,414 56

14,952 63
264,226 04

17,752 63
259,989 32

17,752 63
257,883 48

17,840 24
262,479 24

16,977 00
270,826 11

257 63

77 84

2,234 05

309 52

234 96

Expenses, interest and taxes paid,
exceeding earnings
B anking house .....................................
Furniture and fix tu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c it ie s ..............................
Ttoms in tr a n sit......................................

6,091 24
3,998 07
631 01

6,091 24
3,998 07
646 83

6,091 24
3,998 07
646 83

6,091 24
3,998 07
641 58

6,091 24
3,998 07
625 83

130 05

309 66

U nited States bonds:
Savings d ep a rtm en t.........................
D u e from hanks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Com m ercial departm en t. ............
Savings d ep artm en t........................

13,438 85
50,607 15

7,467 12
61,530 79

7,473 09
50,483 35

15,825 45
31,984 68

2,500 00

550 00

1,550 00

U . S. and N a tio n a l bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
Gold corn:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
N ickels and cents:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits,, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C ommercial "deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and ban k ers................
Postal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscoun ted............
Bills payable
Bonds sold under repurchase agree­
m ent
................................................
T o ta ls ...............................................


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

105 00

13,562 74
44,333 88

7,650 00
10,000 00

3,298 00
12,000 00

6,582 00
15,000 00

6,884 00
12,000 00

3,942 00
10,000 00

2,937 50
7,000 00

295 00
10,000 00

1,710 00
9,000 00

892 50
10,000 00

1,930 00
9,000 00

2,447 00

1,345 85

1,119 50

434 50

692 85

351 26

211 33

342 35

383 32

331 54

958 01

1,030 01

1,823 00

426 94

4,078 15

$632,285 51

$630,473 70

$652,682 41

$662,285 88.

$664,094 82

$50,000 00
8,500 00

$50,000 00
8,500 00

$50,000 00
8,500 00

$50,000 00
8,500 00

$50,000 00
9,000 00

7,721 eo
275 00

10,499 95

11,272 72

9,016 47

7,266 01
25 00

87,528 61
71,488 81

85,791 71
45,436 50

72,849 45
30,867 22

76,363 58
77,546 77

81,640 34
115,006 26

5,000 00

5,000 00

1,842 40
240,246 56
164,682 53

1,765 50
241,158 81
187,321 23

1,763 00
253,162 97
219,267 05

1,658 79
257,822 86
176,377 41

1,080 25
249,238 44
131,632 01
19,206 51

$632,285 51

$630,473 70 ■ $652,682 41

$662,285 88

$664,094 82

STA TE BANKS OF MICHIGAN.

13

No. 487.
A LLEN STA TE SAVINGS BANK, A LLEN.
Organized M arch 7, 1911.
A. L.
D i r e c t o r s .—

President; B. W. B r o c k w a y , Vice President; H. P. T i l l o t s o n , Cashier.
B. W. B rockw ay, A. M . W inchester, A. L. N orton, R . J. W atson, J. E. M cC onnell,
Chas. JH. Shepard, E dson J. Benge.

N orton,

Resources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding ea rn in g s...........................
B ankin g h o u se .......................................
Furniture and fixtu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it......................................
U n ited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................

Report of
R eport of
D ec. 31, T 4. Mar. 4, T5.

R eport of
Report of
R eport of
M ay 1, T 5. June 23, T 5. Sept. 2, ’15.

$56,082 54 . $51,481 64
250 00

$49,112 27
308 81

3,800 00
1,170 00

3,800 00
1,170 00

3,800 00
1,170 00

225 37

261 08

34 12

353 85

5,230 18
1,830 32

5,230 18
1,830 32

5,230 18
1,830 32

5,230 18
1,830 32

5,230 18
1,830 32

300 39

3,348 61

90 83

4,364 62
200 00

5,164 88
200 00

4,940 38
200 00

6,396 16
200 00

3,759 47
200 00

3,099 00
300 00

3,728 00
100 00

3,443 00
400 00

2,155 00
100 00

2,366 00
195 00

1,020 00

1,020 00

1,050 00

1,070 00

1,120 00

$51,025 29
326 05

$57,407 40
326 05

1,700 00
1,295 00

2,300 00
1,170 00

124 52

Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........

341 90
7 00

403 97
6 00

173 05

68 00
12 00

308 45

68 64
47
2,181 08

72 70
31
224 29

75 26
01
369 10

65 94
43
280 94

72 93
82
19 04

T o ta ls ...............................................

$73,414 46

$82,758 08

$79,115 75

$74,144 73

$69,847 14

$20,000 00
900 00

$20,000 00
1,050 00

$20,000 00
1,050 00

$20,000 00
1,050 00

$20,000 00
1,050 00

1,438 75

441 36

615 77

744 89

982 83

13,658 48
35,288 71

19,202 04
40,262 32

16,641 27
39,038 70

12,372 23
38,245 18

10,033 26
35,906 42

2,128 52

1,802 36

1,770 01

1,732 43

1,874 63

$73,414 46

$82,758 08

$79,115 75

$74,144 73

$69,847 14

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S tate monies on d e p o s it.....................
D u e to banks and b a n k ers................
P ostal savings d e p o sits.......................
Savings deposits ................................
Savings certificates of d e p o s it. . . .
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills payable .........................................
Bonds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

STA TE BANKING D EPA R TM EN T.

14

No. 232.
ALMA STA TE SAVINGS BANK, ALMA.
Organized M ay 1, 1901.
W il l ia m

A.

B a h lk e,

President;

J o t h a m A l l e n , Vice President; H i b a
K a b l R. A d a m s , A ssistant Cashier.

C.

M oobe,

Cashier; ■

D i b e c t o r s . — W illiam

A. B ahlke, D a n iel L. Sharrar, Geo. C. Parsons, Hira C. M oore,
E . A. B agley, Jam es E . M itchell, Jotham Allen.

■n
R esources.

Report of
Report of
D ec. 31, ’14. M ar. 4, T 5.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
Commercial d ep artm en t................
Savings d ep a rtm en t........................

Report of
R eport of
R eport of
M ay 1, ’15. June 23, T 5. Sept. 2, ’15.

$98,775 25
32,808 89

$109,106 00
34,445 53

$114,150 91
30,290 56

$117,281 33
27,399 52

$103,165 38
32,067 10

1,000 00
105,494 49

1,000 00
108,936 26

1,000 00
106,870 22

1,000 00
105,366 90

1,000 00
112,028 89

1,591 68

1,465 69

1,295 72

867 22

1,756 75

B anking h o u se ........................................
Furniture and fix tu res........................
Other roal esta te
D u e from other banks and bankers,

12,500 00
5,000 00

15,000 00
5,000 00

15,000 00
5,000 00

15,000 00
5,000 00

15,000 00
5,000 00

Item s in tr a n s it.....................................

9,836 04

6,687 97

11,466 94

10,936 42

4,005 19

U nited States bonds:
Savings department,
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Cnmmercia.l d ep artm en t................
Savings depa.rtment,

5,974 02
20,205 00

43,958 47
7,791 11

14,010 99
22,657 51

5,151 28
27,640 38

22,519 48
15,241 68

2,568 17

3,215 41

2,024 49

645 40

625 85

4,836 00
5,287 00

8,999 00
5,330 00

5,837 00
5,280 00

4,972 00
5,275 00

1,900 00
4,670 00

3,712 50

3,670 00

3,720 00

3,725 00

3,830 00

1,077 35
50

1, 055 75

1,001 25

O verdrafts................................................
E xpenses, interest and taxes paid,

U . S. and N a tio n a l bank currency:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
Gold coin:
Commercial depa.rtment,
Savings d ep artm en t.........................
Silver coin:
nommereia.l depa.rt.ment
Savings depa.rtment,
N ickels and cents:
Commereial depa.rtment,
Savings depa.rtment,
Checks and other cash ite m s ...........
T otals

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

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s unpaid
C om m ercial deposits subject to
............................................
check
C om m ercial certificates of d e p o sit. .
Oer titled ehecks
C ashier’s ehe.eks o u tsta n d in g ..
S tate m onies nn deposit
P u e to banks and bankers
Postal savings deposits
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
■ p ^ p q p ^ y p f o r t a v e s i n t e r e s t , , etc.
N otes and bills rediscounted
B i l l s pa.yable
B onds sold under repurchase agree
T o ta ls ...............................................


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

988 00
1,552 40
481 09

286 20

330 15

285 34

884 72

372 77

330 29

443 56
620 26

460 96

$311,837 81

$356,364 11

$340,221 22

$332,876 67

$324,740 37

$25,000 00
20,000 00

$40,000 00
10,000 00

$40,000 00
10,000 00

$40,000 00
10,000 00

$40,000 00
10,000 00

4,112 49

1,769 10

3,443 85

4,471 23

1,910 62
30 00

76,855 74
18,361 20

117,154 42
27,240 71
26 98

96,737 82
19,521 26
1,700 00

93,870 52
13,843 17
1,284 95

84,425 11
10,536 97

71,722 85
95,785 53

66,805 96
93,366 94

69,479 07
' 99,339 22

67,262 24
102,144 56

59,110 24
108,727 43

/
N), 000 00

$311,837 81

$356,364 11

1

$340,221 22

$332,876 67

$324,740 37

STA TE BANKS OF MICHIGAN.

15

No. 233.
F IR S T STA TE BANK OF ALMA, ALMA.
Organized June 15, 1901.
L. A. S h a r p , F r a n c i s K i n g , Vice Presidents; C a r d H. W a s h b u r n , Cashier;
J. S. K n o e r t z e r , C h a s . O. W a r d , Assistant Cashiers.
i r e c t o r s . — G. S. W ard, L. A. Sharp, Francis King, P. M . Sm ith, Carl H. W ashburn, Chas. O. Ward,
C.
G. Rhodes.

G. S.
D

W ard,

President;

R esources.

Report of
Report of
D ec. 31, T 4. M ar. 4, T5.

Loans and discounts:
C om m ercial d ep artm en t................
Savings departm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep artm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se .......................................
Furniture and fix tu res..................;. .
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C ommercial departm ent.
Savings d ep a rtm en t........................
Gold c o in :
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Checks and other cash ite m s.........
T o ta ls ...............................................


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

$135,514 41
42,088 00

$156,102 75
38,325 00

$160,929 84
42,125 00

$177,276 05
42,125 00

$188,034 60
47,825 00

239,436 88

245,761 88

241,981 67

240,293 67

241,075 65

306 43

2,400 68

626 25

329 94

307 77

11,500 00
1,000 00

4.000 00
1.000 00

4,400 00
1,000 00
280 21

8,335 00
1,000 00
280 21

\
12,185 00
1,000 00
280 21

7,656 52

18,447 03

12,050 31

13,520 34

8,425 00

24,512 61
37,873 34

35,698 58
55,291 42

42,512 28
32,715 74

9,254 21
41,588 57

1,031 40
40,475 92

691 77

322 07

1,334 17

315 44

248 24

8,283 00
7,500 00

5,102 00
7,000 00

12,201 00
7,000 00

11,799 00
7,000 00

11,309 00
7,000 00

210 00
10,000 00

460 00
10,500 00

592 50
10,500 00

647 50
10,500 00

555 00
10,500 00

1,670 10

2,528 95

1,190 40

1,278 60

1,196 85
123 52

.

111 05

141 03

162 90

102 74

267 46

41 49

30 90

49 05

12 63

$528,621 57

$583,122 88

$571,633 17

$565,695 32

$571,585 79

$30,000 00
30,000 00

$50,000 00
30,000 00

$50,000 00
30,000 00

$50,000 00
30,000 00

$50,000 00
30,000 00

5,537 16

3,197 09

7,217 91

6,569 27

2,355 39
8 00

114,834 14
11,352 05

131,695 44
11,352 05

144,219 20
5,852 05
21 60

127,741* 76
9,852 05
25 00

132,014 84
9,830 99
500 00

66,703 71
270,194 51

61,834 79
295,043 51

66,487 14
267,835 27

65,088 81
276,418 43

66,202 44
280,674 13

$528,621 57

$583,122 88

$565,695 32

$571,585 79

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e c k s................................
C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o s it......... R eserve for taxes, interest, etc.
N o tes and bills red iscoun ted............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ............................................... :

R eport of
Report of
Report of
M ay 1, T 5. June 23, T5. Sept. 2, T 5.

.............
$571,633 17

16

ST A T E BAN KING D EPA R TM EN T.
No. 437.
T H E A LM O N T SAVINGS BANK, ALM ON T.
Organized M ay 5, 1909.
A n d r u s , W . W . P a t o n , Vice Presidents; G e o . D . H a r t , Cashier;
L. C. S a n b o r n , Assistant Cashier.
D i r e c t o r s .— T. C. T aylor, Fred Ballard, F. P. A ndrus, D avid Cochrane, W . W . Paton,
J. E . L eete, M . A. Currier, A . H . L eete, Geo. D . H art, John Sullivan, W m. Cochrane.

T. C.

T ayloe,

President; F.

P.

R esources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a cco u n t.............................
O verdrafts....................................
Expenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se .......................
Furniture and fix tu res........................
Other real e s t a te .............................
D u e from other banks and bankers,
not reserve c itie s ...................
Item s in tr a n sit......................................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ...........
T o ta ls ..........................
Liabilities.
Capital stock paid in .........................
Surplus fu n d ....................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ............................
D ividend s u n p a id ...................
C ommercial deposits subject to
c h e ck ..............................
C om m ercial certificates of d e p o sit. .
Certified ch e ck s..........................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
Postal savings d ep o sits.......................
Savings d ep o sits.....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted .........
B ills p a y a b le ................................
Bonds sold under repurchase agree­
m ent ..................................
T o ta ls ...............................................


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

R eport of
R eport of
D ec. 31, ’14. Mar. 4, ’15.

R eport of
Report of
R eport of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$46,279 55
10.. 995 29

$52,751 06
10,921 63

$43,048 86
20,623 48

$44,621 82
22,993 18

$30,127 47
42,721 70

16,182 00
131,545 77

15,382 00
135,945 77

15,250 00
131,486 47

15,250 00
128,136 47

14,250 00
123,832 47

602 69

272 22

853 91

364 88

595 27

3,511 47
1,764 69

3,511 47
1,764 69

3 ,5 li 47
1,803 69

3,511 47
1,798 69

3,511 47
1,794 69

1,154 55

483 96
19,956 60

948 47
22,024 86

1,782 49
9,692 28

1,367 56
19,032 62

957 58
13,884 81

770 78

967 55

1,321 64

1,589 16

299 88

4,293 00
6,000 00

37 00
4.000 00

574 00
9.000 00

1,700 00
7.000 00

1,191 00
6,000 00

335 00
3,000 00

445 00
3.000 00

685 00
3.000 00

505 00
3.000 00

2,010 00
4,000 00

1,168 35

216 25
1.000 00

1,127 95

1,087 40

1,161 25

234 85

252 68

230 32

238 94

276 00

11 84

i i ÓÒ

24 30

$247,135 84

$253,451 65

$244,015 86

$252,197 19

$247,768 14

$25,000 00
4,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

4,661 66

2,706 72

4,928 97

3,966 08

2,950 64

25,203 39
9,795 73

33,668 13
11,561 51

25,245 01
15,297 15

23,751 88
10,811 18

19,296 88
15,252 84

227 28

842 00

2 00

2 00

49 00

142,900 95
31,346 83

145,102 34
29,570 95

144,827 00
23,715 73

153,292 84
30,373 21

154,474 93
25,743 85

$253,451 65

$244,015 86

$252,197 19

$247,768 14

4,000 00

$247,135 84

STA TE BANKS OF MICHIGAN.

17

No. 169.
T H E A LPEN A CO U N TY SAVINGS BANK, A LPEN A.
Organized April 12, 1894.
P a t r i c k C u l l i g a n , President; W. A. P r i n c e , Cashier; B y r o n H. O l d s , A ssistant Cashier.
Fred L. Richardson, C hairm an of Board; Patrick.C ulligan, W. A. Prince, S. A. D avison ,
D.
D . H anover, Robert M ontrose, W. H. D avison, Herman Besser, P. H. H oeft, W m. H. Sanborn,
W m. A. Com stock, R. E. Gilchrist, F. Irving Holm es, H. E. Fletcher.

D i r e c t o r s .—

R esources.

Loans and discounts;
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t. . .
Savings d ep a rtm en t.........................
Prem ium account
O verdrafts................................................

R ep orted
R eport of
D ec. 31, T 4. Mar. 4, T5.

.

Report of
R eport of
Report of
M ay 1, T5. June 23, T5. Sept. 2, T 5.

$423,692 45
538,156 26

$499,814 42
566,010 79

$511,631 55
513,480 40

$511,678 57
471,601 55

$448,200 02
481,104 34

1,033,861 48

998,714 40

994,930 94

946,835 88

961,471 40

1,306 75

615 39

762 83

870 60

390 23

E xpenses, interest and taxes paid,
exceeding earnings
B anking h ou se. . . 7..............................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s .
Item s in tr a n s it......................................

34,607 24
3,000 00
886 55

34,607 24
3,000 00
886 55

34,607 24
3,000 00
886 55

34,607 24
3,000 00
886 55

34,607 24
3,000 00
903 55

2,462 95

4,988 88

5,348 82

6,304 73

1,833 76

U nited States bonds:
Savings d ep artm en t. .
D u e from banks in reserve cities;
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C ommercial d ep a rtm en t................
Savings departm ent

24,865 42
128,430 37

45,824 02
179,987 84

55,421 75
278,078 43

103,519 44
381,187 68

98,045 65
537,673 70

4,414 48

2,463 59

1,995 71

2,205 34

7,632 69

15,630 00
69,032 00

15,060 75
55,802 00

31,006 00
65,803 00

32,140 00
64,001 00

30,240 00
71,020 00

6,357 50
21,300 00

3,080 00
25,100 00

4,720 00
23,200 00

4,690 00
23,590 00

3,450 00
25,065 00

6,090 00
4,053 00

1,608 00
7,230 00

2,865 00
4,490 00

3,161 00
4,661 00

2,203 00
5,030 00

439 20
207 39.

347 00
310 51
13 00

408 50
90 05
40 89

495 06
60 91
9 14

506 41
80 90
15 79

T o ta ls ............................................... $2,318,792 74 $2,445,464 38 $2,532,767 66 $2,595,505 69

$2,712,473 68

U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Gold corn:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial d ep a rtm en t................
Savings departm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t............... ..
C hecks and other cash ite m s ...........

L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C ommercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
S tate mpnies on d e p o sit.....................
D u e to banks and ban k ers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........

$100,000 00
125,000 00

$100,000 00
125,000 00

$100,000 00
125,000 00

$100,000 00
125,000 00

$100,000 00
125,000 00

196 82
3,000 00

164 64
24 00

1,811 79
141 00

18,792 84
51 00

13,037 41
45 00

220,569 01
2 62

219,369 83
2 62

339,435 83

372,057 71

452,324 76

10,000
98,198
6,147
1,575,320
180,357

00
82
48
70
29

35,000
150,654
6,218
1,616,247
170,282
22,500

00
88
16
94
31
00

35,000
118,921
6,118
1,598,549
174,690
33,100

00
12
24
62
06
00

35,000
119,779
4.719
1,647,940
172,164

00
25
76
56
57

10,000
129,080
4,793
1,708,380
169,811

00
93
06
70
82

Bonds sold under repurchase agreeT o ta ls ............................................... $2,318,792 74 $2,445,464 38 $2,532,767 66 $2,595,505 69

3

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

$2,712,473 68

ST A T E BANKING D EPA R TM EN T.

18

No. 302.
T H E F A R M E R ’S STA TE BAN K OF ALTO, ALTO.
Organized October 18, 1904.
C. W a l t o n , C. M . C a m p a u , Vice Presidents; C. M . C a m p a u , Cashier;
E.
B . C a m p a u , Assistant Cashier.
E dson O’Harrow, Y . C. W alton, C. M . Campau, Fred C. T illyer, W . H . W atts,
Charles B ancroft.

E d s o n O ’H a e e o w ,
D i r e c t o r s .—

President; V .

R esources.

R e p o rt of
R ep o rt of
D ec. 31, T 4 . M ar. 4, ’15.

L oans and discounts:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se . . . .“ ..............................
Furniture and fix tu res.........................
Other real e s ta te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U n ited S tates bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
Com m ercial d ep artm en t................
Savings departm en t.........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
Commercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ........... *
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d . ? .......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g...........
Sta te m onies on d e p o sit......................
D u e to banks and b an kers................
P ostal savings d e p o sits.......................
Savings d e p o sits.....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

R e p o rt of
R e p o rt of
R e p o rt of
M a y 1, T 5. J u n e 23, T 5. S ept. 2, ’15.

$45,354 34
37,463 59

$47,279 54
38,109 58

$58,987 01
38,938 23

$55,396 04
40,170 63

$46,962 69
40,763 94

83,152 00

82,187 00

83,452 00

89,552 00

95,317 00

97 36

1 57

41 87

11 54

6 67

2,500 00
800 00

2,500 00
800 00

2,500 00
800 00

2,500 00
800 00

2,500 00
800 00

530 45

1,833 42

3,114 91

4,000 00
18,941 24

4,000 00
26,920 97 |

17,853 89

5,000 00
18,422 25

. 5,000 00
18,472 34

2,746 00

2,792 00

1,978 00

2,403 00

3,174 00

2 ,0 0 0 00

2 ,0 0 0 00

2 ,0 0 0 00

1 ,000 00

1 ,000 00

867 50
5,000 00

962 50
5,000 00

987 50
5,000 00

17 50

77 50

6 ,0 0 0 00

6 ,0 0 0 00

850 05

1,040 25

1,017 85

599 10

785 55

56 14

69 87

69 44

104 52

81 61

$204,358 67

$215,496 70

$222,740 70

$221,976 58

$220,941 30

$2 0 ,000 00

$20,000 00

$2 0 ,000 00

$2 0 ,000 00

6 .000 00

6 ,0 0 0 00

6 ,000 00

6 ,000 00

$2 0 ,000 00
7,700 00

67 12
1,600 00

1,588 72
80 00

2,284 59
80 00

1,740 75

524 21

49,645 43

50,194 94

55,876 58

56,904 30

52,770 71

52,509 80
74,536 32

54,013 21
83,619 83

56,648 70
81,850 83

52,686 47
84,645 06

53,147 58
86,798 80

$204,358 67

$215,496 70

$222,740 70

$221,976 58

$220,941 30

,

6,0 0 0 00

ST A T E BANKS OF M ICHIGAN.

19

No. 48.
A N N A RBO R SAVINGS BANK, A N N ARBOR.
Organized F ebruary 4, 1869.
Reorganized December 9, 1889.
C has.

E.

President; W m . D . H a k e i m a n , Vice President; M i c h a e l J. F r i t z , Cashier;
C a r l F. B r a u n , W m . L. W a l z , Assistant Cashiers.
Chas. E. H iscock, W m. D . Harriman, W alter C. M ack, M ichael J. Fritz,
Em ory E . Leland.

H isc o c k ,

D i r e c t o r s .—

R esources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings............................
B anking h o u se ........................................
Furniture and fixtu res.........................
Other real e s ta te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C ommercial departm en t................
Savings departm en t.........................
Gold coin:
C ommercial departm en t................
Savings d ep a rtm en t.........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ............
T o ta ls ..........

Report of
Report of
Report of
R eport of
R eport of
D ec. 31, ’14. M ar. 4, ’15. 1 M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$679,060 15
145,000 00

$726,489 90
120,000 00

$796,438 49
110,000 00

$825,907 52
70,000 00

$922,011 70
15,000 00

56,823 16
1,548,780 48

43,590 65
1,581,159 20

42,098 57
1,582,228 14

40,985 36
1,700,377 04

37,100 18
1,744,706 42

317 22

178 04

516 78

462 72

180 36

30,000 00
10,088 00
1,795 91

30,000 00
10,088 00
1,795 91

30 000 00
10,088 00
1,570 91

30,000 00
10 088 00
1,570 91

30,000 00
10,088 00
1,570 91

83,065 61

21,952 86

14,166 14

13,752 19

8,143 89

12,000 00

12,000 00

12,000 00

12,000 00

12,000 00

89,499 86
97,972 26

127,015 29
96,829 04

125,669 72
146,383 35

92,684 65
97,621 38

52,924 49
78,376 96

6,130 83

5,526 91

10,638 75

5,068 60

3,043 66

•
49,641 00
125,000 00

77,347 00
125,000 00

53,956 00
130,000 00

39,041 00
125,000 00

12,816 00
122,000 00

10,567 50
45,000 00

15,427 50
50,000 00

11,517 50
45,000 00

5,485 00
50,000 00

5,467 50
50,000 00

5,000 00
39,000 00

8,190 00
34,500 00

10,210 00
34,000 00

9,240 00
34,600 00

4,900 00
33,700 00

680 15
1,000 00
1,249 14

690 95
500 00
949 63

1,560 24
1,000 00
1,147 84

253 67
400 00
683 83

715 40
1,256 34
822 33

$3,037,671 27 $3,089,230 88 $3,170,190 43 $3,165,221 87

$3,146,824 14

L iabilities.
C apital stock paid i n ...........................
$300,000 00
Surplus fu n d ............................................
100,000 00
U ndivided profits, less losses, current expenses, interest and taxes
p a id ........................................................
49,573 76
D ividend s u n p a id .................................
5,620 00
C om m ercial ^deposits subject to
c h e c k ......................................................
515,419 78
C ommercial certificates of d e p o sit. .
Certified c h e ck s....................... ’. ..........
93 20
Cashier’s checks o u tsta n d in g...........
636 92
State m onies on d e p o sit.....................
52,574 87
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
1,913,902
81
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
99,849 93
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agreem e n t.......................................................
*

$300,000 00
100,000 00

$300,000 00
100,000 00.

$300,000 00
100,000 00

$300,000 00
150,000 00

59,092 90
94 00

65,636 47
510 00

70,214 13
270 00

27,352 56
198 00

554,595 35

595,340 14

558,932 94

539,948 71

536 87
1,322 04

1,171 12
1,423 01

866 81
1,331 22

448 82
1 20

53,601 48

45,498 20

43,608 35

68,791 47

1,915,359 40
104,628 84

1,956,210 27
104,401 22

1,993,786 90
96,211 52

1,954,750 81
105,332 57

T o ta ls ............................................... $3,037,671 27 $3,089,230 88 $3,170,190 43 $3,165,221 87

$3,146,824 14


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

STA TE BANKING D EPA R TM EN T.

20

No. 26.
FA R M E R S ’ A ND M E C H A N IC S’ BANK, ANN ARBOR.
Organized October 13, 1882.
Corporate Existence extended July 20, 1912.
H e r b e r t A . W i l l i a m s , President; J u n i u s
F r e d T. S t o w e , Cashier; W .

D

E. B e a l , G e o . W . M i l l e n , Vice Presidents;
A. B e G o l e , A ssistan t Cashier.
i r e c t o r s .— D . F. Schairer, Junius E. B eal, Oliver M . M artin, H oratio J. A bbott, George J. Burke,
Chas. C. Freem an, Jam es Foster, Shirley W . Sm ith, Chas. A. Sink, Jacob Schultz, Burt F. Schu­
macher, Herbert A. W illiam s, George S. Yandawarker, Geo. W . M illen, W . W . W adham s.
Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t............... ..
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts............. ..................................
E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
B anking h o u se ........................................
N ew building a cco u n t.........................
Furniture and fix tu res.........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U n ited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
G old coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls .
L iabilities.
C apital stock paid i n ......................
Surplus fu n d .......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ....................................................
D ividend s u n p a id . . ........................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s......................................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o s it.....................
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits.....................................
Savings certificates of d e p o s it..........
R eserve for taxes, interest, e t c . . . .
N otes and bills red isco u n ted ............
B ills p a y a b le ............................................
Bonds sold under repurchase agree­
m ent ..................................................
T o ta ls .


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

Report of
Report of
D ec. 31, ’14. Mar. 4, ’15.

$283,430 52
104,215 60

$276,064 90
111,451 37

62,679 28
507,713 36

91,662 79
483,288 36

1,441 90

562 29

R eport of
R eport of
M ay 1, ’15. June 23, ’15

$320,287 79
101,952 36

2,805 13

00

25,000

00

25,000

00

4,000

00

4,000

00

4,000

00

2,213 76
10,000

00

200 00

319 78
10,000

00

$355,742 76
132,139 66

03
88,459
03 99,459
534,861 80
521,136 36

25,000

200 00

Report of
Sept. 2, ’15.

200 00

867 05
10,000

00

634 94
25,000 00
3,190 00
4,000 00
200 00

1,447

10

10,000

00

$455,997 06
58,631 55
108,459 03
589,222 94
746 31
25,000 00
14,466 10
3,500 00
3,200 00
5,886 86
10,000

00

21,381 11
54,436 88

55,340 83
69,044 81

62,111 46
68,402 80

23,348 48
56,419 72

47,571 31
65,388 51

6,556 37
1,220 25

3,916 76
486 38

9,388 40
3 00

4,366 75
207 39

3,082 51
748 80

10,895 00
18,077 50

10,760 00
17,230 00

6,790 00
24,924 00

21,628 00
22,830 00

16,340 00
20,071 00

767 50
11,412 00

1,762 50
18,357 50

760 00
19,472 50

3,012 50
19,607 50

5,030 00
19,030 00

4,869 60
181 15

4,351 60
133 60

4,820 10
159 80

4,601 35
156 65

3,961 90
137 05

399 29
24 30
311 49

495 71
11 40
842 78

292 91
18 83
256 61

212 75
31 97
952 18

323 85
13 15
1,100 30

$1,131,426 86 $1,185,283 36 $1,272,108 13 $1,324,050 53

,457,908 23

$150,000 00
75,000 00

$ 100,000 00

50,000

00

28,696 49
3,760 00
’179,178
65
237
3,997

82
00
16
08

$ 100,000 00

$100,000 00

$100,000 00

50,000

50,000

28,892 70

30,020 49

200 00

200 00

50,000

229,882
65
163
3,082
20,000

00

25
00
00
17
00

273,929
65
289
3,799
20,000

00

93
00
15
06
00

00

33,322 71
200 00

290,051
65
114
5,953
20,000

78
00
00
00
00

44,731 41
440 00
359,183 85
1,244 00
6,015 50
10,000

00

31,211 87

42,995 42

47,735 45

48,089 95

49,517 16

620,797 58
86,482 86

631,819 36
78,183 46

667,586 87
78,482 08

695,055 10
81,198 99

676,042 23
85,734 08

,272,108 13 $1,324,050 53

$1,457,908 23

27,000

00

$1,131,426 86 $1,185,283 36

STA TE BANKS OF MICHIGAN.

21

No. 333.
T H E G ER M A N A M E R IC A N SAVINGS BANK, A N N ARBOR.
Organized June 28, 1905.
President; G e o b g e J. M a n n , C h a s . W . W a g n e b , Vice Presidents;
L. S e y l e r , Cashier; R u d o l p h E . R e i c h e e t , A ssistant Cashier.
i r e c t o e s . — C. W. Gill, George J. M ann, John M . Feiner, George W alker, R udolph E . R eichert,
John L indenschm itt, Fred Jedele, Chas. W. W agner, E. L. Seyler.
C.

D

W.

G ill,
E dw ard

Resources.

Loans and discounts:
C ommercial departm en t................
Savings d ep artm en t.........................
Bonds, mortgages and securities:
C ommercial departm en t................
Savings d ep a rtm en t........................
Premium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earnings...........................
Banking h o u se .......................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D ue from other banks and bankers,
not reserve c itie s ...............................
D u e from Board of E d u c a tio n . . . .
item s in tr a n sit.....................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings departm en t.........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings departm en t.........................
Gold coin:
C om m ercial d ep a rtm en t................
Savings departm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d . ?.......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C ommercial deposits subject to
c h e c k .....................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent ............................................. V . .
T o ta ls ...............................................


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

Report of
D ec. 31, G4

Report of
M ar. 4, T 5.

$133,481 87
42,938 24

$165,910 73
42,612 24

$180,760 79

$181,741 76

$159,097 27

6,650 00
379,940 00

6,650 00
388,890 00

6,650 00
455,010 24

6,650 00
436,384 80

6,100 00
465,238 00

137 82

73 53

731 04

98 34

406 08

5,000 00
7,288 25

5,000 00
7,288 25

5,000 00
7,288 25

5,000 00
7,288 25

5,000 00
7.288 25

12,641 33

8,664 45

351 95

7,151 72
1,436 45

895 45

8,096 86
30,103 50

24,758 84
45,906 02

7,127 51
43,165 89

40,335 44
49,527 48

10,221 04
29,763 40

7,043 88

2,650 81

1,702 52
3,000 00

932 71

932 56
2,000 00

4,428 00
6,000 00

5,925 87
10,000 00

4,986 00
10,000 00

2,183 00
14,000 00

4,167 00
12,000 00

2,265 00
14,000 00

627 50
10,000 00

1,165 00
10,000 00

482 50
10,000 00

172 50
10,000 00

453 35
2,000 00

430 15
2,000 00

2,885 47

1,958 45

3,687 82

446 69

272 60

352 41

190 98

607 75

$662,914 79

$727,660 99

$740,177 07

$765,361 88

$717,577 12

$50,000 00
28,000 00

$50,000 00
28,000 00

$50,000 00
28 000 00

$50,000 00
28,000 00

$50,000 00
31,500 00

493 62
1,539 00

593 83
44 25

2,262 29
44 25

10,786 35
21 00

194 .68
75 00

140,491 23

157,801 86

150,233 65

141,303 34

138,570 34

52 31
351 96

Report of
Sept. 2, ’15.

00
10
00
42

806 50
20,000 00
19,150 32

409,847 51
26,439 97

415,420 79
28,642 74

444,726 21
24,953 85

455,986 62
28,094 10

437,994 61
25,595 57

$662,914 79

$727,660 99

$740,177 07

$765,361 88

$717,577 12

5,699 19

3
734
20,000
26,420

Report of
Report of
M ay 1, .’15. June 23, C5

250
334
20,000
30,585

40
25
00
82

611
555
10.000
22,479

80
90
00.
22

22

STATE BANKING DEPARTMENT.
No. 144.
STA TE SAYINGS BAN K O F A N N ARBOR, A N N ARBOR.
Organized November 18, 1892.

J. B o o t h , President; W m , A r n o l d , Vice President; C . J. W a l z , Cashier;
R . A. B e a l , A ssistant Cashier.
W illiam J. B ooth, John V. Sheehan, W m . Arnold, W . H. W ade, John K och, Christian
M artin, V ictor C. Vaughan, E . F. M ills, D aniel F. Zimmerman, H. A . D ouglas, A. R . Peterson,
Arthur Brown.
W il l ia m

D i r e c t o r s .—

R esources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings departm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t..................................
D u e from school d istr ic t...................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings............................
Banking h o u se ........................................
Furniture and fixtures.........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep artm en t.........................

R eport of
D ec. 31, ’14

Report of
Mar. 4, ’15.

1371,402 13
106,188 60

$379,281 19
102,340 44

$421,314 49
118,510 88

$414,517 06
115,220 88

$406,688 72
93,782 94

27,275 00
811,350 63

26,775 00
828,663 55

22,300 00
856,123 55

23,800 00
878,674 64

18,300 00
901,299 30

22,217 35
511 38

232 91

1,010 24

237 47

731 57

25,000 00
4,000 00
14,800 00

25,000 00
4,000 00
14,800 00

25,000 00
4,000 00
14,800 00

30,493 13
4,000 00
14,800 00

36,807 52
4,000 00
14,800 00

Report of
R eport of
M ay 1, ’15. June 23, ’15

Report of
Sept. 2, ’15.

19.851 21

22,295 78

6,079 79

2,024 65

2,540 25

10,000 00

10,000 00

10,000 00

10,000 00

10,000 00

17.851 14
86,537 23

52,367 61
151,179 70

30,420 71
131,746 23

42,908 88
137,372 45

31,344 58
102,059 25

5,458 42

5,380 99

8,925 55

1,905 62

2,381 71

18,366 00
14,600 00

18,227 00
13,100 00

13,210 00
14,000 00

22,266 00
21,500 00

19,666 00
27,500 00

39,160 00

40,870 00

43.306 70

34,644 20

36,547 50

4,763 15

5,711 40

5,224 75

3,626 05

2,433 90

364 57

363 86

268 30

291 08

359 99

24 73

5 50

301 50

13 00

300 85

T o ta ls ................................................ 81,599,721 54 $1,700,594 93 $1,726,542 69 $1,758,295 11

$1,711,544 08

D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
G old coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
N ickels and cents:
. C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ............................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ...................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o s it.....................
D u e to banks and b an kers................
Postal savings d ep o sits.......................
Savings d e p o sits..................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscoun ted............
Bills p a y a b le .....................................
B onds sold under repurchase agree-'
m e n t................................

8100,000 00
100,000 00

$100,000 00
100,000 00

$100,000 00
100,000 00

$100,000 00
100,000 00

$100,000 00
100,000 00

28,212 69
6,000 00

32,572 73
18 00

39,873 03

38,262 42

36,156 22
18 00

265,059 29

305,147 81

332,566 08

321,149 73

315,259 62

32
5,574
20,000
9,231
6,294
980,352
78,963

17
54
00
92
65
38
90

16
809
20,000
26,497
6,215
1,022,189
87,128

67
02
00
06
67
29
68

152
3,754
20,000
23,679
6,000
1,011,218
89,298

60
38
00
05
90
29
36

18
39
20,000
32,173
6,000
1,037,984
102,666

67
55
00
21
90
45
18

T o ta ls ............................................... $1,599,721 54 $1,700,594 93 $1,7-26,542 69 $1,758,295 11


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

346
440
10,000
21,080
6,076
1,022,665
99,499

67
90
00
87
70
85
25

$1,711,544 08

STA TE BANKS OF MICHIGAN.

23

No. 512.
T H E STATE BAN K OF A P PLE G A T E .
Organized Septem ber 5, 1912.
A lbert

E.

S leeper ,

D i r e c t o r s .—

President;

J o h n P. N i g g e m a n , J r ., Vice President; W a l t e r
R o l a n d E i l b e r , A ssistant Cashier.

Cashier;

A lbert E . Sleeper, John Schoettle, John P. N iggem an, Jr., W alter C alkins,
John S. Sherman.

R esources.

Loans and discounts:
C om m ercial d ep artm en t..............
Savings d ep a rtm en t......................
B onds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t.........................
O verdrafts................................
Expenses, interest and taxes paid,
exceeding earnings............................
B anking h o u se ..........................
Furniture and fixtures.........................
Other real e s t a te .............................
D u e from other banks and bankers,
not reserve c itie s ..........................
Item s in tr a n s it..........................
U nited States bonds:
Savings d ep a rtm en t......................
D u e from banks in reserve cities:
Commercial d ep artm en t................
Savings d ep a rtm en t......................
Exchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep artm en t..............
Savings departm en t.........................
Silver coin:
Commercial d ep a rtm en t.............
Savings d ep artm en t....................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ...........
T o ta ls .............................................
Liabilities.
C apital stock paid in ....................
Surplus fu n d ..............................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................
D ividend s u n p a id ......................
Com m ercial deposits subject to
c h e c k ..........................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit...................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e t c ...........
N o tes and bills red isco u n ted ............
B ills p a y a b le ..................................
Bonds sold under repurchase agree­
m ent .............................
T o ta ls .............................................


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

C a l k in s,

Report of
D ec. 31, T 4

Report of
M ar. 4, ’15.

$78,895 04

$78,075 91

$83,265 28

$86,218 87

$85,640 33

7,549 41
3,600 00

8,119 41
3,600 00

7,119 41
3,600 00

8,019 41
3,600 00

7,983 41
3,600 00

317 16

276 67

95 11

118 94

159 44

3,800 00
1,167 90

3,800 00
1,167 90

3,800 00
1,167 90

3,800 00
1,167 90

3,800 00
1,167 90

10,111 19
360 00

5,725 83
360 00

7,781 79
360 00

6,810 80
360 00

8,157 13
360 00

4,381 00
240 00

4,244 00
240 00

2,865 00
240 00

4,132 00
240 00

4,270 00
240 00

1,852 50

1,872 50

1,892 50

1,932 50

1,952 50

281 25

175 25

230 95

292 35

298 20

Report of
Report of
M ay 1, T5. June 23, T5

’R eport of
Sept. 2, T 5.

78 21

57 79

39 07

75 62

97 90

261 00

28 56

169 78

142 89

44 51

$112,894 66

$107,743 82

$112,626 79

$116,911 28

$117,771 32

$20,000 00
1,000 00

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
1,500 00

4,017 62

999 71

1,379 36

1,720 65

1,334 67

21,777 71
57,234 55

17,042 91
58,251 92

16,260 58
58,506 57

16,727 25
62,977 27

19,534 35
61,625 32

5,000 00

1,084 50
5,000 00

1,131 10
5,000 00

176 93
5,000 00

28 98
5,000 00

'3,864 78

3,864 78

3,849 18

3,809 18

3,748 00

5,000 00

5,000 00

5,000 00

$112,626 79

$116,911 28

$117,771 32

$112,894 66

$107,743 82

.

ST A T E BANKING D EPA R TM EN T.

24

No. 468.
T H E ARM AD A STA TE BANK, ARM ADA.
Organized November 10, 1910.
S a b in

I. S t u m p ,

President;

D i r e c t o r s .—

W i l l i a m C. B o t t o m l e y , Vice President; W i l l i a m W . L y o n s , Cashier;
G e o . H . H e b b l e w h i t e , A ssistant Cashier.
Sabin I. Stum p, J. E. Lawson, G. H. H ebblew hite, W illiam C. B ottom ley,
J. H. Spencer, E. P. C udw orth, W m. W. Lyons.

R esources.

R eport of
Report of
D ec. 31, T 4. M ar. 4, T5.

R eport cf
R eport of • Report of
M ay 1, T 5. lu n e 23, T5. Sept. 2, T5.

Loans and discounts:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:

$75,227 00
87,140 95

$69,837 00
93,724 63

$63,112 00
98,243 23

$62,056 00
92,982 70

$72,848 83
92,362 83

Savings d ep a rtm en t.........................

126,035 00

127,935 00

136,235 00

137,685 00

136,960 00

O verdrafts................................................
E xpenses, interest and taxes paid,
pypppfling pa.rnings

48 34

98 10

280 52

422 14

1,018 44

B anking h o u se ........................................
Furniture and fix tu res........................
deposit, hrocfts

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00
140 00

10,098 34

11,914 95

4,335 82

4,920 00

666 00

D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:

4,000 00
21,081 76

4,500 00
24,621 84

4,500 00
41,028 75

6,500 00
35,981 26

6,500 00
15,816 45

U . S. and N a tio n a l bank currency:
C ommercial d ep artm en t................
Savin gs departm en t.........................

1,166 00
11,000 00

6,649 00
10,000 00

656 00
9,000 00

530 00
9.000 00

2,344 00
10,000 00

440 00
1,000 00

520 00
1,000 00

215 00
1.500 00

• 335 00
1,500 00

985 00
1,000 00

997 25

238 55
1,000 00

79 00
1.500 00

244 20
2.000 00

517 35
1,000 00

111 25

132 89

153 99

207 20

132 06
7,489 58

D u e from other banks and bankers,
Item s in tr a n s it......................................
U nited States bonds:

G old coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
C hecks and other cash ite m s ...........

1,233 80

427 94

3,577 05

825 37

T o ta ls ...............................................

$345,579 69

$358,599 90

$370,416 36

$361,188 87

$355,780 54

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
6,000 00

1,473 64

2,930 71

6,472 32

3,360 26

2,888 11

39,725 33
17,437 45

51,524 64
14,362 96

47,034 19
40,481 25

33,273 28
39,511 35

31,967 86
33,971 26

5,000 00

5,000 00

5,000 00

241,943 27

239,781 59

241,428 60

250,043 98

15,000 00

15,000 00

$345,579 69

$358,599 90

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
Com m ercial deposits subject to
c h e c k ......................................................
Com m ercial certificates of d e p o sit. .
StftrtP mnnip.s on dpposit,
Savings d e p o sits. . , ..............................

235,953 31

20,000 00

B onds sold under repurchase agreeT o ta ls ...............................................


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

$370,416 36

$361,188 87

$355,780 54

STA TE BANKS OF MICHIGAN.

25

No. 473.
T H E FA R M ER S STATE BAN K OF ARM ADA, ARM ADA.
Organized December 4, 1910.
W esley

A.

D ud ley ,

President;

C h e s t e r S. P r i e s t , Vice President; C h a r l e s
C h a s . F. L a t h r o p , A ssistant Cashier.

J.

K b sn ee,

Cashier;

D i r e c t o r s .— W esley

A. D udley, Chester S. Priest, D a v id H . Barrows, S. B. Anderson, Chas. F.
Brockm an, G. W . Bearss, Jesse D . Sim m ons, Geo. I. Warner, Urial H u lett, Fred H. W olcott, Chas.
J. Kesner.
Piesources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings......................... .’
Banking house . .
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings departm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Exchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Silver coin:
C ommercial departm en t................
Savings d ep artm en t........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls . .
Liabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id ..................................
Commercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
State m onies on d e p o s it.....................
D ue to banks and bankers
P ostal savings d ep o sits.......................
Savings d e p o sits.'.................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e t c . . . .
N o tes and bills red iscou n ted ............
B ills p a y a b le...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, T 4. M ar. 4, T5.

Report of
Report of
Report of
M ay 1, T5. June 23, T 5. Sept. 2, T 5.

$52,922 21
51,523 30

. $52,095 96
50,157 45

$58,000 70
49Ì733 68

$57,110 93
. 56,698 16

$56,331 82
56,894 31

76,325 00

74,700 00

84,643 00

83,693 00

75,568 00

934 65

73 61

158 51

152 97

469 87

3 967 51
1,595 59

3 967 51
1,595 59

3 967 51
59

3,967 51
1,595 59

3,950 00
1,900 00

4,150 09
22,390 95

8,590 07
24,075 70

3,010 26
18,653 49

1,009 93
16,146 14

608 48
22,876 41

1,772 00
4,250 00

1,883 00
5,240 00

1,148 00
4,560 00

200 00
3,936 00

320 00
5,900 00

1,020 00
3,500 00

1,130 00
3,500 00

1,215 00
3,500 00

337 50
4,550 00

600 00
4,500 00

340 80
158 90

106 15
225 60

59 85
123 40

10 20
407 40

130 00
453 05

96 08
7 73
426 71

99 24
34 40
696 10

92 53
16 60
1,258 53

6 14
106 60
104 34

29 73
146 95
251 00

$225,381 52

$228,170 38

$231,736 65

$230,032 41

$230,929 62

$25,000 00
1,750 00

$25,000 00
2,000 00

$25,000 00
2,000 00

$25,000 00
2,000 00

$25.000 00
2,500 00

1,610 30

2,114 62

3,997 54

2,230 92

1,763 32
9 00

23,799 93
14,275 64

25,674 06
15,363 05

25,673 44
13,810 50

18,978 47
16,185 72

18,136 91
17,031 65

406 40

85 50

•25 00

100 00

150 02

158,539 25

157,933 15

161,230 17

165,537 30

166,338 72

$225,381 52

$228,170 38

$231,736 65

$230,032 41

$230,929 62

1 ,5 9 5

ST A T E BANKING D EPA R TM EN T.

26

No. 414.
• A TH E N S STA TE BANK, A TH EN S.
Organized November 28, 1908.
F ea n k

President; F r a n k E . E s t e s , Cashier;
Cashier.
A lbertson, A. L. W ood, Frank W olf, Geo. W . Brokaw, Frank G. W oodruff,
J. A. Stanton, Frank E. E stes, S. W. Lehr, Jos. J. W ells.

G. W oodruff,

D i r e c t o r s .—

E.

D .

President;

G e o . W . B e o k a w , Vice
H o w a r d O. W e l l s , A ssistant

Resources.

Loans and discounts:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U n ited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
G old coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ................................................
Liabilities.
C apital stock paid i n ...........................
Surplus fu n d .T .......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C ommercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
Postal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e t c . . . .
N otes and bills red isco u n ted ............
B ills p a y a b le .......................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ................................................


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

Report of
Report of
D ec. 31, T 4. M ar. 4, T 5.

R eport of
R eport of
Report of
M ay 1, T 5. June 23, T 5. Sept. 2, T 5.

$59,523 77
45,097 28

$72,193 34
40,077 28

$79,212 57
29,79.7 28

$80,074 43
20,977 28

$85,382 09
15,633 17

2,000 00
44,892 00

2,000 00
46,042 00

2,000 00
47,037 00

2,000 00
49,537 00

2,000 00
57,312 00

5,000 00
2,719 09

5,000 00
2,719 09

5,000 00
2,719 09

5,000 00
2,719 09

5,000 00
2,719 09

19,487 96
14,836 51

7,097 20
13,510 54

4,502 21
8,204 33

3,835 09
26,642 54

4,426 11
8,725 20

6,000 00
3,580 00

3.000 00
3,627 00

5,000 00
3,299 00

1,595 00
3,941 00

5,000 00
2,388 00

1,435 00

1.000 00
245 00

1,320 00

883 50

1,091 25

826 30

928 50

1,195 00

112 88
47 14

118 57
443 56

78 24
225 72

109 27

102 63
189 93

$205,615 13

$198,164 83

$189,221 74

$1^8,764 20

$192,033 22

$30,000 00
10,000 00

$30,000 00
10,000 00

$30,000 00
10,000 00

$30,000 00
10,000 00

$30,000 00
10,000 00

337 20

47 57

441 42

1,293 16

1,049 08

57,326 85
14,943 22

49,869 56
11,611 09
37 79

36,442 61
9,309 25

39,646 25
13,315 41

37,956 00
12,984 77
37 79

5,000 00

10,000 00

10,000 00

50,492 53
42,515 33

49,763 73
41,835 09

51,591 12
41,437 34

51,362 47
43,146 91

54,207 68
45,797 90

$205,615 13

$198,164 83

$189,221 74

$198,764 20

$192,033 22

1,405 00
1,960 00

ST A T E BANKS OF MICHIGAN.

27

No. 418.
T H E P E O P L E ’S STA TE SAVINGS BANK, AUBURN.
Organized Jan u ary 6, 1909.
C.

W . M cP h a il ,

President; C. H .

D i r e c t o r s .—

M acom ber, W .

J.

B ie r d ,

Vice Presidents;

B . W . G il l m a n ,

Cashier.

C. W. M cP hail, C. H. M acom ber, W . J. Bierd, Jos. Bierd, B. W . Gillm an.
R eport of
D ec. 31, ’14

Report of
Mar. 4, T5.

$35,595 25
8,557 90

$37,314 82
17,694 78

$45,914 47
14,399 00

$44,627 72
13,408 80

$43,103 87
7,312 85

91,145 82

90,419 35

101,724 35

108,333 45

120,452 00

65

23 23

5 34

30 33

27 81

E xpenses, interest and taxes paid
exceeding earn ings...........................
B anking h o u se .................................
Furniture and fixtures....................
Other real e s t a t e ..........................
D u e from other banks and bankers
not reserve c itie s ...................
Item s in tr a n s it...............................

2 200 00
2,000 00
2,978 81

2,200 00
2,000 00
2,978 81

2,200 00
2,000 00
600 00

2,200 0Ò
2,000 00
600 00

2,200 00
2,000 00
900 00

142 88

26 31

102 61
1,604 52

498 61
158 40

1 26

U n ited S tates bonds:
Savings d ep artm en t......................
D u e from banks in reserve cities:
C om m ercial d ep artm en t...........
Savings d ep a rtm en t........................
Exchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t....................

8,823 72
33,172 82

6,908 96
24,501 01

5,475 43
16,118 03

3,228 03
13,764 80

3,346 07
17,640 44

2,710 00
4,700 00

1,979 00
6,000 00

1,292 00
5,420 00

2,041 00
5,795 00

1,700 00
7,305 00

45 00
2,300 00

125 00
1,000 00

75 00
1,200 00

1,205 00

395 00

575 55

391 15

266 40
380 00

624 50

667 75
242 24

Resources.

Loans and discounts:
C om m ercial d ep artm en t.............
Savings d ep a rtm en t......................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t.............
Ravings d ep artm en t......................
Prem ium a cco u n t..................................
O verdrafts...........................................

U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t.............
Savings d ep a rtm en t......................
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C ommercial d ep artm en t.............
Savings d ep a rtm en t......................
N ickels and cents:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
Checks and other cash ite m s ...........
T o ta ls ...........................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ......................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e c k ............................................
Commercial certificates of d e p o sit. .
Certified ch e ck s...................................
Cashier’s checks o u tsta n d in g ...........
S ta te m onies on d e p o s it...................
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
Reserve for taxes, interest, e tc .........
N otes and bills red iscou n ted ............
B ills p a y a b le ...........................................
Bonds sold under repurchase agree­
m ent ..............................................
T o ta ls ........................................


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

Report of
Report of
M ay 1, ’15. June 23, T 5

Report of
Sept. 2, ’15.

126 26

163 86

104 94

149 44

117 45

53 00

6 20

27 20

89 00

$195,192 11

$193,779 28

$198,888 29

$198,692 28

$207,383 29

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

441 16
950 00

2,762 61

3,106 54

4,014 23

1,082 67

27,644 49
1,275 00
28 20

25,025 81
1,175 00
36 00

24,346 00

21,901 02

27,948 64

2,029 65

105 26

81 97

5,000 00

5,000 00

-

135,431 53
4,421 73

135,087 43
4,692 43

135,265 03
4,141 07

138,734 86
3,936 91

149,081 59
4,188 42

$195,192 11

$193,779 28

$198,888 29

$198,692 28

$207,383 29

ST A T E BANKING D EPA R TM EN T.

28

No. 522.
AU G RES STA TE BANK, AU GRES.
Organized December 4, 1912.
E . G . C ole,

D ir e c t o r s —

President; H. A.

C e a m b b e l a i x , Vice President; J. R. P e t t y ,
D . L . P e t t y , T h e o . E . R i e c h e , A ssistant Cashiers

Cashier;

E . G. Cole, H. A. Chamberlain, J. R. P e tty , C. A. Francis, J. W. D unn, C. A. T raphagen.

R esources.

R eport of
Report of
D ec. 31, T 4. Mar. 4, T5.

R eport of
R eport of
Report of
M ay 1, T 5. June 23, T 5. Sept. 2, T 5.

Loans and discounts:
Commercial d ep artm en t................

$30,706 69

$33,107 87

$32,897 63

$36,238 09

B onds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................

9,210 03
30,449 95

6,855 03
33,433 75

6,965 03
33,333 -75

6,965 03
33,333 75

103 20

28 85

1,077 01

99 65

4,700 00
1,150 00

4,700 00
1,150 00

4,700 00
1,150 00

4,700 00
1,150 00

4,700 00
1,150 00

250 87
940 00

650 00

815 00

225 00

380 00

12,474 38
3,600 00

11,407 86
3,950 00

2,848 58
3,950 00

2,854 48
4,100 00

289 00
2,020 97

4,492 00
1,425 00

3,397 00
1,575 00

1,343 00
1,565 00

505 00
1,635 00

1,221 00
1,500 00

375 00

400 00

410 00

415 00

500 00

103 45

354 40

195 40

300 00

416 70

53 88

69 75

91 12

71 46

52 45
300 12

O verdrafts

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

$38,739 35
8,534
33,418
149
163

53
75
00
57

Expenses, interest and taxes paid,
Thanking h o u se .
..............................
Furniture and fixtu res........................
D u e from other banks and bankers,
Ttems in tr a n s it.....................................
U n ited States bonds:
Ravings department, . .
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Ravings d ep a rtm en t........................
E xchanges for clearing house:
Commercial d ep a rtm en t................
Ravings department,. .
U . S. and N a tio n a l bank currency:
Onmmereial d ep a rtm en t................
Ravings d ep a rtm en t........................
Gold coin:
Onmmereial d ep a rtm en t................
Ravings d ep a rtm en t.........................

'

Silver coin:
C om m ercial d ep a rtm en t................
Ravings departm ent. . .
N ickels and cents:
Onmmereial d ep artm en t................
Ravings d ep a rtm en t........................
C hecks and other cash ite m s ...........

453 94

3,934 56

23 35

305 75

T o ta ls ...............................................

$100,488 39

$105,014 07

$91,364 87

$92,898 21

$93,535 44

$20,000 00
270 00

$20,000 00
670 00

$20,000 00
670 00

$20,000 00
670 00

$20,000 00
670 00

3,923 86

692 00

1,373 18

1,623 51

• 2,083 79

42,078 29

44,811 13

30,902 19

20,053 15

24,217 32

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ......................... ‘ ...............
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ivid en d s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
Rtate m onies on d e p o s it. . .
D u e to hanks and ban k ers................
Postal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
F eserve for taxes, interest, e tc . . . .
N otes and bills red iscou n ted ............
Bills p a y a b le ...........................................
B onds sold under repurchase agreement,
.....................................
T o ta ls ...............................................


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

12 98

8.578 61
25,637 63

$100,488 39

9,130 71
29,288 79

8,699 92
30,141 02

$105.014 07

1

$91.364 87

8,845 96
30,704 59

8,978 62
31,572 73

11,000 00

6,000 00

$92,898 21

$93,535 44

STA TE BANKS OF MICHIGAN.

29

No. 420.
T H E STA TE BAN K OF AUGUSTA, AUGUSTA.
Organized February 8, 1909.
A. U .

K in g ,

D i r e c t o r s .—

President; C. B. S c u d d e r , Vice President,; E. A.
L y n n T. H u l e t t , A ssistant Cashier.

Cashier;

A. U . King, Joseph Hudson, C. B. Scudder, Frank J. W ing, E. A. W ildey.

Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding earn ings...........................
B ankin g h o u se . . . T..................... ! . . .
Furniture and fix tu res.........................
Other real e s t a t e ...................................
D u e from other banks and bankers,
not reserve c it ie s ...............................
Item s in tr a n s it......................................
U n ited S ta tes bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N a tio n a l bank currency:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
Commercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ............
T o ta ls . . . .

Report of
Report of
D ec. 31, ’14. Mar. 4, ’15.

T o ta ls ................................................

Report of
Report of
R eport of
M ay 1, ’15. June 23, T 5. Sept. 2, T 5.

$35,102 81
8,945 35

$33,713 31
7,425 00

$35,607 05
7,425 00

$37,158 89
7,425 00

$34,59ft 02
7,425 00

2,500 00
11,318 16

2,500 00
15,218 16

3,000 00
15,993 16

3,000 00
14,968 16

3,000 00
14,968 16

24 80

2 02

175 09

14 81

46

143 25
3,000 00
1,712 28

532 42
3,000 00
1,712 28

609 60
3,000 00
1,712 28

531 42
3,000 00
1,712 28

129 92
3,000 00
1,712 28

1,000 00

1,000 00

3,100 00

3,480 27
2,000 00

3,203 98
4,000 00

1,713 06
3,000 00

2,348 59
3,000 00

1,945 82
3,000 00

4,253 00
1,000 00

2,475 00
240 00

617 00
1,200 00

2,506 00
555 00

917 00
1,400 00

10 00
1,000 00

1,260 00

645 00

100 00

161 95

135 20

74 65

179 10

394 05

148 15

135 45

140 36

145 32

158 63

$76,552 82

$77,842 25

$77,189 57

$72,898 13

$20,000 00

$20,000 00

$20,000 00

$20,000 00

475 00

3 00
$75,803 02

L iabilities.
C apital stock paid i n ...........................
$20,000 00
Surplus fu nd. ? ........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .........................................................
D ividend s u n p a id ..................................
Com m ercial deposits subject to
c h e c k ......................................................
25,989 40
Com m ercial certificates of d e p o sit. .
7,665 96
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings deposits .*................................. • 22,147 66
Savings certificates of d e p o s it. . . . .
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted ............
B ills p a y a b le ............................................
Bonds sold under repurchase agree­
m ent .......................................................


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

W ild ey ,

$75,803 02

156 79

11 69
24,750 51
7,080 36

27,630 53
5,361 18

24,721 95

24,481 94

21,442 43
6,407 12

23,437 77

23,340 02

22,935 51
6,513 16

368 60
'
6,000 00

$76,552 82

$77,842 25

$77,189 57

$72,898 13

ST A T E BAN KING D EPA R TM EN T.

30

No. 236.
STA TE BANK OF F R A N K W. H U BBA RD & CO., BAD AXE.
Organized July 10, 1901.
F rank

D i r e c t o r s .—

W

Frank

H u b b a r d , President; J o h n R y a n , J a m b s L. B u r g e s s ,
J o s . N . R a n k i n , Cashier; J . R . H a r r i s , Auditor.
W .

Hubbard, E lizabeth L. Hubbard, John R yan, J.

Resources.

L oam and discounts:
Commercial d ep artm en t................
Pavings departm en t.........................
B onds, m ortgages and securities:
Cnmmercia,l d ep artm en t................
Pavings d ep artm en t.........................

Report of
Report of
Dec. 31, ’14. M ar. 4, ’15.

N .

Vice Presidents,
R ankin, Jam es

L.

Burgess.

Report of
Report of ! R eport of
M ay 1, ’15. June 23, T 5. Sept. 2, ’15.

$2 0 5 ,5 3 4 28

$ 1 8 2 ,6 6 0 27

$2 0 1 ,3 2 7 21

$2 2 4 , 6 6 0 1 0

$2 1 0 ,3 5 3 57

3 2 ,6 4 9 29

6 1 ,8 9 6 36

5 5 ,1 0 1 39

5 6 ,5 4 4 98

8 1 ,6 2 9 45

8 ,4 6 1 84
1 4 7 ,0 9 2 23

8 ,4 1 1 84
1 2 2 , 0 6 2 94

9 ,7 1 1 84
1 1 8 ,3 3 7 62

1 6 ,6 3 1 4 9
1 1 2 ,2 2 1 4 3

1 6 ,5 8 1 49
1 1 5 ,0 7 0 43

482 26

767 94

4 ,1 3 6 92

"Ranking h o u se .......................................
"Furniture and fixtures.........................
Other real e s t a t e ...................................
D u e from other banks and bankers,

1 5 ,0 0 0 00
8 ,0 0 0 00
1 1 ,7 3 7 69

1 5 ,0 0 0 00
8 ,0 0 0 00
1 1 , 7 3 7 69

Ttems in tr a n s it......................................

1 2 , 3 3 5 18

63

1 ,5 1 4 04

1 5 ,0 0 0 00
8 ,0 0 0 00
9 ,7 3 7 69

1 5 ,0 0 0 0 0
8 , 0 0 0 .0 0
9 , 7 3 7 69

1 5 ,0 0 0 0 0
8 ,0 0 0 00
9 , 7 3 7 69

1 ,0 0 0 0 0
5 | 620 27

1 ,0 0 0 00
1 ,8 5 6 25

4 ,4 1 9 66

1 ,9 7 3 27

3 9 , 3 3 9 11
1 4 ,3 1 2 2 6

4 5 ,7 8 4 27
1 5 ,0 2 2 8 2

2 9 , 0 4 1 17
2 0 ,8 4 0 4 0

1 0 ,4 7 8 55
1 8 , 8 6 1 68

1 6 ,6 9 5 08
1 8 ,5 6 7 0 5

1 5 ,5 4 2 57

5 ,6 6 7 98

4 ,8 2 9 34

1 4 ,1 3 2 3 6

1 0 ,6 2 6 2 5

814 00
7 ,5 5 8 00

1 ,1 3 9 00
6 ,5 0 0 0 0

7 ,7 6 1 00
2 ,5 4 8 00

2 ,8 6 8 00
2 ,2 4 8 00

7 ,6 8 7 00
2 ,2 4 8 00

282 50
7 ,3 8 0 00

422 50
7 ,3 9 0 00

452 50
7 ,3 9 0 00

67 50
7 ,6 9 0 00

177 50
7 ,6 9 0 00

Silver coin:
Commercial d ep artm en t................

1 ,6 8 4 60

8 6 0 15
1 ,0 4 8 0 0

2 ,2 8 2 8 0

3 ,2 5 4 55

2 ,1 9 2 30

N ickels and cents:
Commercial d ep artm en t................
Pavings depa.rtm ent........................
C hecks and other cash ite m s ...........

176 29
85
1 ,8 3 1 42

83 31
85
230 92

13 0 98
85
1 ,9 1 6 04

231 96
85
677 46

111 9 0
85
1 ,7 0 8 8 2

T o ta ls ...............................................

$5 3 0 , 2 1 4 3 7

$ 5 0 1 , 3 0 7 11

$5 0 1 ,4 0 2 0 0

$5 1 0 ,8 2 7 89

$ 5 2 7 , 5 6 4 69

$3 0 , 0 0 0 0 0

$3 0 ,0 0 0 00

$3 0 , 0 0 0 0 0

$3 0 ,0 0 0 0 0

$3 0 ,0 0 0 00

1 0 ,0 0 0 0 0

1 0 ,0 0 0 0 0

1 0 ,0 0 0 0 0

1 0 ,0 0 0 0 0

1 0 ,0 0 0 00

O verdrafts................................................

3 ,1 0 1

E xpenses, interest and taxes paid,

U nited States bonds:
D u e from banks in reserve cities:
Commercial d ep a rtm en t................
Pavings d ep artm en t........................
E xchanges for clearing house:
Cnmmercia.l d ep artm en t................
U . S. and N a tio n a l bank currency:
Commercial d ep artm en t................
Pavings d ep artm en t........................
Gold coin:
Commercial d ep artm en t................
Pavings d ep artm en t........................

L iabilities.
Capital stock pa,id in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................

•

4 9 ,8 6 0 95

4 4 ,2 0 7 3 6

4 5 ,2 5 7 04

4 7 ,2 6 8 63

4 7 ,9 6 9 76

C om m ercial deposits subject to
c h e ck .
............................................
Commercial certificates of d e p o sit. .

2 2 7 ,9 3 1 16
1 0 ,7 2 1 5 0

1 9 6 ,7 5 1 61
7 ,2 8 1 8 0

1 8 6 ,8 5 8 59
5 ,7 0 3 09

2 0 0 , 8 4 6 73
6 , 1 7 9 69

2 0 7 ,9 6 3 00
9 ,0 0 0 50

D u e to banks and b an kers........... - ,
Posta.l savings d e p o sits.......................
Pa.vings d e p o sits....................................
Savings certificates of d e p o sit.........

231
8 ,1 4 1
2 0 ,9 8 8
1 7 2 ,3 3 8

120
8 .2 3 5
2 4 ,8 4 0
1 7 9 ,8 6 9

120
8 ,1 3 4
2 4 ,8 0 4
1 9 0 ,5 2 3

1 ,2 7 7
6 ,7 2 6
2 6 ,9 5 5
1 8 1 ,5 7 2

120
6 ,0 9 5
3 0 ,6 3 6
1 8 5 ,7 7 9

88
89
49
50

61
26
97
50

61
58
56
53

80
58
63
83

61
01
65
16

Bonds sold under repurchase agreeT o ta ls ...............................................


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

$5 3 0 ,2 1 4 37

j

$ 5 0 1 , 3 0 7 11

$5 0 1 ,4 0 2 0 0

$5 1 0 ,8 2 7 89

$ 5 2 7 , 5 6 4 69

STA TE BANKS OF M ICHIGAN.

31

No. 237.
STA TE SAVINGS BANK OF BAD A XE, BAD AXE.
Organized June 22, 1901.
A. E.

Sl e e pe r ,

D i r e c t o r s .—

President; A. L.

W r i g h t , Vice President; J a m e s B a l d w i n ,
J a p h e t h H i n d , A ssistant Cashier.

Cashier;

A. E . Sleeper, A. L. W right, Jam es Baldw in, C. D . T hom pson, Japheth Hind.

Resources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts...........................................

Report of
D ec. 31, ’14

Report of
M ar. 4, ’15.

$259,121 13

$259,799 18
12 050 00

$283,166 52
10,050 00

$286,279 61
8,000 00

$285,385 91
11,700 00

13,192 39
86,176 75

11,616 68
74,444 02

9,641 68
78,696 02

13,321 68
81,346 02

13,646 68
75,954 02

Report of
R eport of
M ay 1, ’15. June 23, ’15

R eport of
Sept. 2, ’15.

811 81

108 38

250 85

179 91

E xpenses, interest and taxes paid,
exceeding earnings...........................
B anking h o u se ...................................
Furniture and fixtu res........................
O ther real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................

8,750 00
2,500 00
5,821 87

8,750 00
2,500 00
4,592 07

8,750 00
2,500 00
4,585 39

8,750 00
2,500 00
3,104 56

351 45

225 68

813 01

U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................

42,923 71
8,290 84

70,317 83
13,311 76

62,161 10
13,320 20

57,272 04
13,334 22

45,144 08
16,348 24

2,833 70

2,307 05

2,028 08

725 72

227 54

11,819 00

9,885 00

14,093 00
970 00

12,474 00

14,436 00
83 00

3,775 00
6,200 00

3,795 00
6,200 00

8,135 00
2,000 00

5,450 00
4,500 00

4,215 00
5,300 00

1,959 80
20 00

2,212 35

1,029 90

1,136 05
92 00

1,538 05

114 80
58

114 44
14 19

56 57
97

173 10
30

129 82
02
22 66

$454,662 83

$482,243 63

$502,248 29

$25,000 00
10,000 00

$25,000 00
10,000 00

$25,000 00
10,000 00

24,567 62

21,996 58

24,646 64

118 915 22
165,491 82

135,659 15
173,567 93

139,716 81
187,847 65

138,375 56
185,829 56

124,046 37
187,545 92

10,000 00

10,000 00

10,000 00

10,000 00

10,000 00

28,697 24
71,990 93

30,583 85
75,436 12

31,888 77
73,148 42

34,545 62
72,726 92

38,222 94
71,162 34

$454,662 83

$482,243 63

$502,248 29

$498,639 21

$488,927 33

U . S. and N a tio n a l bank currency:
Commercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ............
T o ta ls ........................................
L iabilities.
C apital stock paid in ...........................
Surplus fund. ?.......................................
U ndivided profits, less losses, current expenses, interest and taxes
p a id .................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
check ...................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
D u e to banks and ban k ers................
Postal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent ............................................. ..
T o ta ls ...............................................


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

-

8,750 00
2,500 00

$488,927 33

$25,000 00
10,000 00

$25,000 00
10,000 00
22,949 76

STA TE BANKING D EPA R TM EN T.
No. 337.
T H E STA TE E X C H A N G E BANK, BAN CRO FT.
Organized April 24, 1906.
T. M. E u l e e , President; C. L.
D i r e c t o r s .—

P arsons,

Vice President; H. W.

P a r k er ,

Cashier.

T. M . Euler, C. L. Parsons, H. W . Parker, E. E. Harris, Aaron Herrick.

Resources.

Report of
Report of
D ec. 31, ’14. M ar. 4, ’15.

Report of
Report of
R eport of
M ay 1, ’15. June 23, ’15. Sept. 2, T5.

Loans and discounts:
Commercial d ep a rtm en t................

$108,385 27

$98,494 80

$103,730 13

$106,875 68

$118,944 59

B onds, m ortgages and securities:
Commercial depart,merit
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................

78,921 53
160 60
702 25

84,118 06
157 20
149 17

86,793 06
217 20
19 02

87,191 53
157 20

90,791 53
157 20
56 02

E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................

1,860 96
7,500 00
3,718 00

1,890 57
7,500 00
3,714 00

2,161 91
7,500 00
3,708 00

1,339 85
7,500 00
3,706 00

994 21
7,500 00
3,704 00

826 06

793 15

213 12

D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:

14,185 03
8,527 65

9,968 78
32,751 72

11,023 99
13,602 04

19,574 25
4,704 72

1,009 12
4,184 65

U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................

8,095 00

11,337 00

3,602 00

13,775 00

8,273 00

Gold coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................

975 00
8,000 00

970 00
8,000 00

1,007 50
8,000 00

980 00
8,000 00

1,015 00
8,000 00

Silver coin:
C om m ercial d ep a rtm en t................

739 90

1,093 80

789 50

983 75

980 05

N ickels and cents:
Com m ercial d ep a rtm en t................

231 91

265 21

269 52

277 58

321 32

158 67

689 00

729 54

48 18

D u e from other banks and bankers,
Item s in tr a n s it......................................
U n ited States bonds:

C hecks and other cash ite m s ............

93 52
$242,922 68

$261,362 13

$243,325 99

$255,795 10

$245,978 87

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
3,000 00

Com m ercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .

29,955 33
95,262 63

37,080 37
77,929 38

24,306 64
87,590 86

24,876 13
109,426 91

25,784 67
87,023 42

26,073 76
68,630 96

31,059 02
92,293 36

31,966 49
76,462 00

32,007 23
66,484 83

29,927 68
80,243 10

$242,922 68

$261,362 13

$243,325 99

$255,795 10

$245,978 87

T o ta ls ...............................................

Savings d e p o sits....................................
Savings certificates of d e p o sit.........
■Rpspuyo fo r t fixes interest, e tc
l^otpc; fl.nd hill* rediscounted
B onds sold under repurchase agreelH 6Ilt.............................................
T o ta ls ...............................................


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

STA TE BANKS OF MICHIGAN.

33

No. 62.
W EST M IC H IG A N SAVINGS BANK, BANGOR.
Organized April 8, 1880.
C orporate existence extended Jan u ary 12, 1911.
J. E.

President; W i l l i a m H. C h a p m a n , Vice President; C h a s . E. C r o s s , Cashier.
J. E. Sebring, E m m a M cN itt, W illiam S. Charles, W illiam H. C hapm an,
Olia Goss D e H aven, R ebecca Fausnaugh, J. P. R yan, Chas. E . Cross.

S e b r in g ,

D i r e c t o r s .—

R esources.

Loans and discounts:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B ankin g h o u se . . . ..............................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c it ie s ..............................
Item s in tr a n s it......................................
U n ited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
N ickels and cents:
Com m ercial d ep a rtm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit. . .
D u e to h a n k s and b a n k ers
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, etc.
N o tes and bills rediscounted .
B ills p a y a b le ........
B onds sold under repurchase agreem ent
T o ta ls ...............................................

5

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

Report of
Report of
D ec. 31, T 4. M ar. 4, ’15.

Report of
Report of
R eport of
M ay 1, ’15. June 23, T 5. Sept, 2, ’15.

$127,203 27
23,500 00

$102,235 61

$94,244 10
14,500 00

$106,623 23
14,500 00

$112,282 49
26,500 00

7,056 83
171,478 80

5,567 83
172,896 80

4,497 83
180,681 20

4,425 13
182,079 70

4,345 13
187,847 25

664 62

1,406 51

601 60

390 78

266 08

12,500 00
2,786 32

12,500 00
2,500 00

Ì2,5ÓÓ ÒÓ
2,500 00

12,500 00
2,500 00

12,500 00
2,375 00

5,000 00

5,000 00

5,000 00

5,000 00

5,000 00

46,716 24
51,379 11

62,016 65
75,425 41

40,710 66
63,565 96

29,330 86
55,349 74

29,153 75
40,335 26

11,885 00
12,500 00

12,291 00
9,500 00

7,065 00
13,000 00

4,612 00
13,000 00

6,293 00
13,000 00

4,047 50

1,390 00
3,000 00

4,377 50

4,050 00

4,062 50

1,117 20

1,330 00

1,259 00

1,551 40

1,549 40

90 09

144 66

205 01

145 27

83 78

1,502 97

1,520 54

464 85

244 92

503 51

$479,427 95

$468,725 01

$445,172 71

$436,303 03

$446,097 15

$25,000 00
13,500 00

$25,000 00
16,000 00

$25,000 00
16,000 00

$25,000 00
16,000 00

$25,000 00
18,000 00

4,209 05

2,235 18

3,469 63

3,210 27

366 16

146,856 97
39,097 25

137,182 46
33,818 38

116,269 02
26,659 01

115,973 53
19,717 63

131,298 38
19,476 54

1,917 02
67,495 06
181,352 60

Ì,94Ì 39
67,343 73
185,203 87

1,923 25
66,749 21
189,102 59

69,323 78
187,077 82

1,040 57
66,459 88
184,455 62'

$479,427 95

$468,725 01

$445,172 71

$436,303 03

$446,097 15

34

ST A T E BANKING D EPA R TM EN T.
No. 444.
BARAGA C O U N TY STA TE BANK, BARAGA.
Organized June 2, 1909.
F red

W . S chw alm ,

D i r e c t o r s .—

President;
N.

A l p h o n s e G a u t h i e r , Vice
A . R u o n a v a a r a , A ssistant

President;
Cashier.

H . R. G ladden,

Cashier;

Fred W . Schwalm , A lphonse G authier, S. H. K nisely, H. R. Gladden, N iekolas Gerard.

Resources.

L oans and discounts:
C om m ercial d ep artm en t................
Savings d ep artm en t........... .........
B onds, m ortgages and securities:
Com m ercial d ep a rtm en t................
Savings d ep artm en t...............
M unicipal orders..............................
Prem ium a c co u n t..................................
O verdrafts.......................................
E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
B anking h o u se .......................................
Furniture and fix tu res........................
O ther real e s t a te .................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.................................
U n ited S tates bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
G old coin:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
N ickels and cents:
Commercial d ep a rtm en t................
Savings d e p a r tm en t.. ................
C hecks and other cash it e m s ...
T o ta ls ...............................................

R eport of
R eport of
D ec. 31, T 4. M ar. 4, T5.

$26,385 28
1,517 50

$24,452 99
1,500 00

$22,311 03
500 00

$19,164 31
1,500 00

$24,075 60
1,500 00

10,435 75
14,408 65

10,333 06
11,651 00
1,593 70

9,103 06
12,386 00
156 90

9,408 06
12,686 00
128 90

9,379 52
11,525 00
734 40

3 00

54 46

100 42

62 60


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

85 57
105 73

2,600 00

2,600 00

2,850 00

2,850 00

695 05

695 05

695 05

695 05

695 05

6,100 00

4,145 75

4,119 25

12,900 76
1,500 00

3,677 39
1,500 00

1,165 15
1,500 00

682 79
1,500 00

2,458 00
1,500 00

1,028 00
1,500 00

982 00
1,500 00

468 00
1,500 00

6,898 83

2,500 00

140 00
391 79

37 10

178 45

1 23

12 25

25 00
$65,835 85

.
L iabilities.
C apita] stock paid in ...........................
$20,000 00
Surplus fu n d ....................
1,700 00
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .............................................
581 43
D ividend s u n p a id .................................
C om m ercial deposits subject to
check ..............
22,190 19
C om m ercial certificates of d e p o sit. .
325 19
C ertified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
596 06
Sta te m onies on d ep o sit. . . 7 ............
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Q Q7
C hristm as d e p o sits..............................
Savings d e p o sits...........................
14,639 10
Savings certificates of d e p o sit.........
2,800 51
R eserve for taxes, interest, e tc . . . .
N o te s and bills red iscoun ted............
B ills p a y a b le ........................................... .
3,000 00
B on d s sold under repurchase agree­
m ent ............................................. ..
T o ta ls .................................

R eport of
R eport of
Report of
M ay 1, T5. June 23, ’15. Sept. 2, T 5.

$65,835 85

2,850 00

30 00
18 95

437 55

1 31

20 00

35 23

404 25

$71,302 35

$62,238 55

$55,843 31

$60,112 71

$20,000 00
1,700 00

$20,000 00
1,700 00

$20,000 00
1,700 00

$20,000 00
2,000 00

464 80

662 72

765 00
55

29,018
9
43
2,202

95
28
31
65

19,445
9
1,000
3,177

33
28
00
32

18,681 23
2 40
599 10

19,977 84
2,386 30
2,503 46

14,447 85
3,415 51

12,578 39
3,665 51

10,430 07
3,665 51

10,494 56
2,750 00

$71,302 35

$62,238 55

$55,843 31

$60,112 71

STA TE BANKS OF MICHIGAN.

35

No. 458.
T H E BARK R IV E R STA TE BANK, BARK R IV E R .
Organized A ugust 17, 1910.
J. B.

President; M . B. H a r r i s , Vice President; E . J. B e r g m a n , Cashier;
R . H . L a b r e , A ssistant Cashier.
T héophile Labre, Phil. Labre, M . B . Harris, J. B. Frechette, J. H. B oyle,
E . J. Bergm an, John G asm an, W m. B. Stahl.

F rech ette,

D i r e c t o r s .—

Resources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se ........................................
Furniture and fixtures........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it..........•..........................
U nited States'bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id ..................................
C om m ercial deposits subject to
c h e c k .....................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and ban k ers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted-..........
Bills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, C 4. M ar. 4, C5.

Report of
Report of
Report of
M ay 1, C5. June 23, ’15. Sept. 2, G5.

$70,112 90

$69,836 26

$62,746 87

$52,894 68

$56,412 63

18,971 85
9,872 50

19,371 85
11,358 82

18,371 85
13,552 56

9,521 85
22,202 56

16,233 98
17,852 56

124 20

1 38

01

129 15

2,093 02
2,261 90

2,093 02
2,273 90

2,093 02
2,273 90

2,093 02
2,308 90

2,093 02
2,308 90

3,977 33

2,903 22

377 71

3,651 14

3,866 26

7,399 27

13,057 30

6,538 53
1,625 00

15,510 49
1,700 00

14,953 65
2,400 00

6,053 00

5,180 00

4,429 00

2,516 00

2,285 00

1,055 00
1,700 00

670 00
2,250 00

2,040 00
900 00

1,695 00
1,350 00

1,985 00
1,200 00

764 90

529 45

478 85

526 15

622 15

146 93

189 60

106 38

153 75

142 92

29 75

188 05

47 25

205 35

11 32

$124,562 55

$129,902 85

$115,580 92

$116,328 90

$122,496 54

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

628 88

1,077 62

1,842 73

2,215 55

2,737 16

34,801 14
50,825 71

35,909 76
51,338 55

21,240 76
49,111 04

20,277 25
42,845 97

30,040 14
41,262 48

1,676 25

1,127 63

351 21

1,001 79

575 52

534 66
11,095 91

539 56
14,909 73

518 42
17,516 76

518 42
24,469 92

524 98
22,356 26

$124,562 55

$129,902 85

$115,580 92

$116,328 90

$122.496 54

ST A T E BANKING D EPA R TM EN T.

36

No. 394.
T H E B A R R Y TO N STA TE SAVINGS BANK, B ARRYTO N.
Organized M arch 9, 1908.
W .

J.

S h a n k s , President; W . T. L a f l i n , Vice President; O . S : W o o d ,
A d e l b e r t M t e r s , F r a n k W i l s o n , A ssistant Cashiers.

D i r e c t o r s . — W.

J. Shanks, Adelbert M yers, O. S. W ood, W . T. Laflin, Frank M alm stone.

Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts........... : .........................
E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
B ankin g h o u se . . . .................................
Furniture and fix tu res.........................
Other real e s t a t e ...................................
D u e from other banks and bankers,
not reserve c it ie s . .
Item s in tr a n s it......................................
U n ited S ta tes bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savin gs d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
G old coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
N ickels and cents:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
C hecks and cither cash ite m s ...........
T o ta ls ................................................
L iabilities.
C apital sto ck paid i n ...........................
Surplus fu n d . T........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
check ......................................................
Com m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S ta te m onies on d e p o s it. . . 7 ............
D u e to banks and b a n k ers................
P o sta l savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ............................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Cashier;

Report of
Report of
D ec. 31, T 4. Mar. 4, T5.

Report of
Report of
Report of
M ay 1, T5. June 23, T5. Sept. 2, T 5.

$85,548 49

$88,557 68

$93,716 32

$95,105 52

$99,317 38

49 27

224 49

34 27

47 17

17 46

1,700 00

1,700 00

1,700 00

1,700 00

1,700 00

7,106 69
5,591 04

2,527 20
1,304 43

2,515 75

1,960 70
1,028 23

5,568 55
2,798 90

20,870 87

26,473 48

17,195 97

8,404 16

7,172 28

8,389 00

3,307 00

4,656 00

4,182 00

3,053 00

2,982 50

3,022 50

3,032 50

3,022 50

3,107 50

594 40

777 00

279 80

391 95

798 25

74 95

41 38

92 35

140 54

45 32

25 00
$132,877 58

$127,993 73

$123,171 99

$115,934 58

$123,673 86

$20,000 00
10,000 00

$20,000 00
10,000 00

$20,000 00
10,000 00

$20,000 00
10,000 00

$20,000 00
10,000 00

755 53
3,000 00

544 94

1,063 68

1,026 81

241 65

57,552 60
41,569 45

53,704 16
43,252 90

76
22
63
70

43,975 18
40,732 59

48,103 17
45,029 04

200 00

300 00

$123,171 99

$115,934 58

$123,673, 86

491 73

$132,877 58

$127,993 73

52,973
38,939
1
193

STA TE BANKS OF MICHIGAN.

37

No. 93.
T H E C IT Y BANK, B A TTLE C R E E K .
Organized June 14, 1871.
C orporate existence extended June 4, 1901.
D

C£ AIL CtCG rEEN’ President; F. A. A i l w a e d t , N . E. H u b b a r d , Vice Presidents;
E . H . M o r t o n , Vice President and Cashier; N . Y . G r e e n , A ssistant Cashier.
i r e c t o r s .— H
F . Bechm an, S . B. Cole, L. A. D udley, Chas. C. Green N E Hubbard F r a n k T
facobg W e ^ k ^ n a n t G e0' W ' Mechem> K R ' M orton> F - A - Allw ardt, F. K. Berry, Chas. Binder',

Resources.

Loans and discounts:
C ommercial d ep a rtm en t..
Savings d ep a rtm en t___
B onds, m ortgages and securities:
C ommercial d ep a rtm en t..
Savings d ep a rtm en t___
Prem ium a c co u n t. . . .
O verdrafts...........
E xpenses, interest and taxes paid
exceeding e a rn in g s.............
B ankin g h o u se . ..
Furniture and fix tu r e s .. . .
O ther real e s t a t e ...............
D u e from other banks and bankers,
not reserve c itie s . . . .
U n ited S tates bonds:
Savings d ep a rtm en t___
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t. . .
Savings d ep a rtm en t..................
E xchanges for clearing house:
C ommercial d ep a rtm en t..
Savings d ep a rtm en t...............
U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t. . . .
Savings d ep artm en t...............
G old coin:
C om m ercial d ep artm en t.........
Savings d ep artm en t...............
Silver coin:
C ommercial d ep artm en t. . . .
Savings d ep a rtm en t___
N ickels and cents:
Commercial d ep a rtm en t..
Savings d ep a rtm en t..................
Checks and other cash ite m s . . .
T o ta ls ..........................

Report of
D ec. 31, C4

Report of
Mar. 4, C5

$476,462 06
312,705 75

$530,028 83
291,158 30

$520,380 46
304,321 99

$533,191 62
296,464 59

$535,068 68
297,966 45

46,116 49
765,745 49

45,226 16
773,723 18

42,585 20
771,928 16

42,433 62
775,987 42

88,365 63
785,772 50

227 40

660 80

504 48

370 97

914 02

91,666 67
2,500 00

91,666 67
2,500 00

91,666 67
2,500 00

92,166 67
2,500 00

58,465 67
2,500 00

5,769 00

5,769 00

272 35
607 19

400 60

2,560 10
69 33

31,667 27
162,445 34

70,835 12
117,685 76

38,389 16

85,916 25
130,889 42

126,875 01
117,536 37

15,064 39

10,218 19

7,117 40

7,145 65

7,203 61

6,076 75
35,000 00

5,034 23
40,000 00

5,350 00
30,000 00

16,016 25
36,000 00

12,400 75
45,000 00

3,154 00
30,000 00

11,300 00
20,000 00

8,346 00
20,000 00

10,193 50
20,000 00

7,846 00
15,000 00

2,914 35
5,000 00

4,633 00

6,014 70

1,948 20
5,000 00

2,179 65

775 43

724 73

1,037 54

1,148 67

915 61

171 39

282 98

202 53

190 44

1,369 30

$1,994,841 32 $2,022,347 55 $1,985,628 69 $2,063,332 27

$2,116,153 88

6,269 00

L iabilities.
C apital stock paid i n ........
$250,000
Surplus fu n d ....................
50,000
U ndivided profits, less losses, current expenses, interest and taxes
p a id ............................
2,055
D ividend s u n p a id ..........
2,007
C om m ercial deposits subject to
check ...................
274,576
C om m ercial certificates of d e p o sit. .
95,246
Certified ch e ck s............
C ashier’s checks o u tsta n d in g ..
Sta te m onies on d e p o sit. .
10,000
D ue to banks and b a n k e rs..
58
Postal savings d ep o sits...........
Savings d e p o sits..................
1,310,896
Savings certificates of d e p o sit.
R eserve for taxes, interest, e tc . . .
N o te s and bills rediscounted. . . ,
Bills pa.ya.hlp:
B onds sold under repurchase agree­
m ent .............
>

T o ta ls ...................


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

Report of
R eport of
M ay 1, ’15. June 23, C5

00
00

$250,000 00
50,000 00

73
48
05
75

128,384 54
40 00

Report of
Sept. 2, ’15.

5 63

$250,000 00
50,000 00

$250,000 00
50,000 00

$250,000 00
50,000 00

12,303 47

5,801 35
4,240 86

10,609 84
40 00

261,483 52
131,281 30

310,383 36
147,055 94

361,839 41
173,640 70
1,311 23

00
73

10,000 00
23,967 22

25,000 00
66 48

25,000 00
6,332 54

2,437 38

58

1,242,567 24

1,252,636 12

1,264,341 43

1,266,275 32

2,022,347 55 »,885,628 69 ¡$2,063,332 27

$2,116,153 88

1,994,841 32

38

ST A T E BAN KING D EPA R TM EN T.
No. 178.
T H E M E R C H A N T S ’ SAVINGS BANK, B A TTLE C R E E K .
Organized M arch 28, 1895.

A.

M .

M in t y ,

President; A. O . J o n e s , R . F. H o f f m a s t e r , Vice Presidents; H . A. R o w l e s , Cashier.
A. M . M in ty, L. M . Turner, A. O. Jones, R. F. Hoffm aster, Frank H. B oos
H. A. R ow les, M . Lafever.

D i r e c t o r s .—

Resources.

L oans and discounts:
Com m ercial d ep artm en t.............
Savings departm en t......................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t.............
Savings d ep a rtm en t......................
Prem ium a c co u n t...............................
O verdrafts................................
E xpenses, interest and taxes paid,
exceeding earn ings......................
B anking h o u se ...................................
Furniture and fixtu res....................
Other real e s t a t e ...................................
D u e from other banks and bankers,
n o t reserve c it ie s ..........................
Item s in tr a n s it.................................
U n ited States bonds:
Savings d ep artm en t......................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t.............
Savings d ep artm en t......................
E xchanges for clearing house:
C om m ercial d ep a rtm en t.............
Savings d ep a rtm en t......................
U . S. and N a tio n a l bank currency:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
G old coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Silver coin:
C om m ercial d ep artm en t. . .
Savings d ep a rtm en t.............
N ickels and cents:
Com m ercial d ep a rtm en t. . .
Savings d ep a rtm en t.............
Checks and other cash ite m s .
T o ta ls .

R eport of
D ec. 31, ’14

R eport of
M ar. 4, T5.

$285,016 90
128,803 98

$323,432 50
130,473 74

$324,426 26
133,586 21

$342,290 83
137,056 46

$280,040 30
133,785 49

6,781 00
961,516 62

6,781 00
953,052 87

6,742 50
949,233 45

6,742 50
933,390 92

6,693 19
952,830 39

640 08

804 28

221 86

311 65

342 23

25,000 00
2,991 00
. 345 31

25,000 00

25,000 00

25,000 00

25,000 00

345 3Ì

’¿¿àài

283 3Ì

2,995 32

2,402 68

251 21

2,382 04

1,818 96

51,918 56
208,969 20

34,332 83
171,483 61

32,313 15
159,209 27

42,696 51
187,270 60

39,750 39
200,884 45

6,645 61

3,137 26

4,630 79

5,394 13

5,292 30

10,000 00

28,489 00

8,459 00
54,000 00

9,500 00
60,000 00

18,897 00
40,000 00

15,000 00
54,106 00

7,820 00

10,000 00

10,000 00

375 00

9,000 00
562 50

5,000 00
1,312 50

2,200 00

4,197 80
10,000 00

3,000 00
2,805 35

7,000 00
1,256 20

3,000 00
6,197 40

7,000 00
989 90

614 20
733 54

492 00
344 30

774 00
321 35

587 00
210 54

217 50
227 21

,730,721 73 $1,724,312 06

,758,023 39

$1,729,270 81

00
00

$125,000 00
50,000 00

$125,000 00
50,000 00

$125,000 00
50,000 00

00

11,979 22

21,430 61

11,391 00

79
78
37

179,733 80
93,371 28
921 37

220,165 97
94,289 98
5,875 00

237,201 61
105,902 19
3,351 70

237,291 11
97,374 82
2,809 00

00

20,000 00

20,000 00

20,000 00

18

Ì,249,7Ìè 06

1,198,869 51

1,195,137 28

,753,478 12

Liabilities.
C apital stock paid i n .........................
$125,000
Surplus fu n d ....................................... ' '
40,000
U ndivided profits, less losses, cur
rent expenses, in terest and taxes
p a id ....................................................
27,063
D ividend s u n p a id ...................
C om m ercial deposits subject to
c h e c k ......................................................
200, 606
C ommercial certificates of deposit 1!
94,554
Certified ch e ck s.....................................
1,611
C ashier’s checks o u tsta n d in g ...........
S ta te m onies on d e p o sit.....................
5,000
D u e to banks and ban k ers................
P o sta l savings d e p o sits.....................
Savings d e p o sits.................................... 1,259,642
Savings certificates of d e p o sit. . . .
R eserve for taxes, interest, e tc . . .
N o tes and bills red iscoun ted.........
B ills p a y a b le ...........................................
B onds sold under repurchase agree■ m e n t................................
T o ta ls .


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

,753,478 12 $1,730,721 73

R eport of
R eport of
M ay 1, ’15. June 23, T5

$125,000 00
50,000 00

1,724,312 06 $1,758,023 39

R eport of
Sept. 2, T5.

3,092 50

1,205,404

$1,729,270 81

STA TE BANKS OF MICHIGAN.

39

No. 63.
T H E BAY C IT Y BANK, BAY C IT Y .
Organized Septem ber 4, 1871.
C orporate existence extended Septem ber 4, 1901.
President; W. D . Y o u n g , Vice President; D a v i d M i d l e r , Cashier;
J. I. P. S h e a r e r , J. D . K i n n e y , A ssistant Cashiers.
H. Y oung, Frank E. Tyler, W m. A. Y oung, W alter D . Y oung, Jam es E . D u ffy,
John C. R oss, Carroll W indiate, Thos. L. H andy, H. G. W endland.

G eo . H . Y oung,
D i r e c t o r s .— Geo.

Resources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:«
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................

Report of
Report of
D ec. 31, T 4. Mar. 4, ’15.

$815,951 17
503,557 07
26,000
830,566
2,116
1,245

00
82
50
00

$874,300 23
435,439 06
26,000
859,031
2,116
1,039

00
52
50
09

Report of
R eport of
Report of
M ay 1, T5. June 23, ’15. Sept. 2, ’15.

$917,980 85
541,036 84
26,000
827,171
2,216
407

00
52
50
71

$940,221 13
494,703 02
26,000
820,634
2,216
703

00
52
50
25

*964,811 57
437,250 55
38,500
832,234
2,198
412

00
52
16
13

E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se ........................................
Furniture and fixtures........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.....................................

30,000 00

30,000 00

6,208 24
30,000 00

10,578 58
30,000 00

17,300 20
30,431 25

5,878 93

5,018 93

3,713 43

5,481 47

8,452 80

U nited S tates bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................

5,000 00

5,000 00

5,000 00

5,000 00

5.000 00

101,690 23
168,466 63

62,736 00
213,775 20

69,466 22
147,472 62

98,129 01
161,611 91

102,445 96
186,760 77

8,210 46

6,328 64

8,007 10

10,248 98

4.000 61

102,958 00
66,264 00

59,709 00
81,096 00

34,900 00
91,466 00

44,495 00
78,149 00

63,194 00
81,440 00'

1,382 50
18,367 50

14,645 00
21,427 50

21,362 50
21,187 50

1,027 50
21,457 50

8,157 50
21,335 00'

8,711 35
2,640 20

6,955 15
2,406 80

5,759 85
2,490 80

7,582 85
2,390 40

13,213 40
2,301 05

639 49
264 21
3,451 18

373 69
247 30
693 85

358 14
252 26
2,191 39

604 43
238 96
758 11

377 65
220 61
2,748 36

T o ta ls ............................................... $2,703,361 24 $2,708,339 46 $2,764,649 47 $2,762,232 12

$2,822,786 09

U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........

L iabilities.
C apital stock paid i n ...........................
$200,000
Surplus fu n d ............................................
200,000
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
52,320
D ividend s u n p a id .................................
C ommercial deposits subject tc
c h e c k .....................................................
381,679
C ommercial certificates of d e p o sit. .
111,423
Certified ch e ck s.....................................
429
C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and ban kers................
162,382
Postal savings d e p o sits.......................
Savings d e p o sits.................................... 1,595,126
Savings certificates of d e p o sit.........
R eserve tor taxes, interest, e tc .........
N o tes and bills red iscoun ted............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................

00
00
20
85
01
51

$200,000 00
200,000 00
50,952 5 8 '

24

381,542
126,477
185
114
10,000
120,643

68
76
00
25
00
81

43

1,618,423 38

$250,000 00
250,000 00

$250,000 00
250,000 00

$250,000 00
250,000 00

42,572 80

50,841 10

53,532 41

340,115
121,124
1,394
1,457
10,000
111,906

80
75
70
45
00
43

1,636,077 54

363,366
130,372
1,855
1
10,000
121,611

10
14
42
00
00
05

462,818
126,978
2,100
205

21
88
64
42

110,608 03

1,584,185 31

1,566,542 50

T o ta ls ............................................... $2,703,361 24 $2,708,339 46 $2,764,649 47 $2,762,232 12

$2,822,786 09'


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

STA TE BANKING D EPA R TM EN T.

40

No. 43.
T H E BAY COU NTY SAVINGS BANK, BAY C IT Y .
Organized February 1, 1884.
C orporate existence extended Jan u ary 31, 1914.
AVm. L.

C l e m e n t s , President; A. E. B o u s f i e l d , A d a m K o l b , Vice-Presidents; W . E. C a r t e r ,
I r a B r i c k e r , G. A. H e l m r e i c h , A ssistant Cashiers; W m . H. D r e s s e r , Auditor.

Cashier,

A. E. Bousfield, N . A. E ddy, H . M . G illett, G ustaves H ine, F T. Norris, D . L G ^ b raith .
F W B radley, L. E. Oppenheim, A dam Kolb, H . B. Sm ith, Cbas. A. E ddy, Frederick P. Browne,
C R W ells, G. A. Prescott, Rasm us H anson, Irving H. Baker, W m . L. Clem ents, S. P. Cranage,
W . E . Carter.

D i r e c t o r s .—

R esources.

R eport of
Report of
R eport of, j Report of
Report of
j Dec. 31, ’14. Mar. 4, ’15. j M ay 1, ’15. J une 23, ’15. 3ept. 2, ’15.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Prem ium a cco u n t..................................
O verdrafts........................................... • •
E xpenses, interest and taxes paid,

$405,317 06
293,854 63
153,850
961,300
15,000
307

00
34
00
66

$435,215 79
282,210 88
157,300
992,037
15,000
430

00
10
00
40

$434,171 08
284,908 47
161,150
969,154
15,000
1,090

00
02
00
50

$432,165 91
279,682 41
191,600
996,684
15,000
128

00
81
00
43

$374,160 43
326,960 53
156,550
930,635
15,000
184

00
41
00
87

B anking h o u se ........................................
Furniture and fixtu res........................

10,300 00
11,610 90

10,300 00
11,610 90

9,900 00
11,610 90

9,900 Ó0
11,610 90

37,220 00
11,610 90

O ther real e s t a t e ...................................
D u e from other banks and bankers,

3,153 49

3,153 49

3,153 49

3,153 49

3,153 49

Ite m s in tr a n s it......................................
U n ited S ta tes bonds

1,473 71

703 44

345 80

1,419 04

4,665 95

154,752 55

27.353 39
176,639 11

87,588 85
162,788 31

8,803 03
136,777 40

i 54.846 97

6,470 08

4,076 71

13,618 91

15,506 51

14,226 44

52,783 00
120,003 00

50,167 00
55.000 00

77,374 00
60,000 00

48,685 00
60,000 00

23,504 00
80,000 00

5,237 70
20,000 00

6,397 54
15.000 00

6,964 95
10,000 00

12,031 86
10,000 00

2,666 06
10,000 00

6,936 25
4,623 95

5,000 00
5,731 00

6,038 50
4,600 00

5,442 50
4,300 00

4,949 25
5,600 00

1,240 90
826 38
17,958 52

1,348 69
631 48
6,899 12

2,007 19
76 80
5,603 55

2,465 65
76 03
2,029 68

1,498 67
3 98
1,778 57

T o ta ls ............................................... $2,247,000 12 $2,262,206 04 |$2,327,145 32 $2,247,462 65

$2,159,215 52

D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep artm en t................
U . S. and N a tio n a l bank currency:
C om m ercial d e p a r tm en t...............
Savings d ep a rtm en t...... ..................
Gold coin:
Com m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
Com m ercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id . .............. v .................................
C om m ercial deposits subject tc
check
................................
Com m ercial certificates of d e p o sit.
Certified c h e ck s...................................
C ashier’s checks o u tsta n d in g.........
S ta te m onies-on d e p o sit...................
D u e to banks and b an kers.............
Savings d e p o sits...................... ...........
Savings certificates of d e p o sit. . . .

$50,000 00
50,000 00

$50,000 00
50,000 00

$100,000 00
50,000 00

$100,000 00
50,000 00

$100,000 00
80,000 00

17,561 75
2,500 00

23,495 46

38,613 11

46,857 78

16,062 59
17 00

442,022
93,780
292
4,054

43
20
04
50

13,469 83

488,178
88,760
370
7,859
10,000
16,291

55
48
93
96
00
09

527,181
$7,578
2,503
5,546
10,000
14,195

56
44
23
18
00
20

452,864
75,020
1,128
5,079
10,000
18,991

92
28
11
80
00
11

361,969
61,426
1,132
5,697

33
55
15
60

24,863 41

1,423,988 45
63,532 20

1,423,882 75
84,164 14

$2,247,000 12 $2,262,206 04 $2,327,145 32 $2,247,462 65

$2,159,215 52

1,511,967 54
61,351 83

1,465,924 88
61,324 69

1,434,405 42
57,122 18

B onds sold under repurchase agree T o ta ls .............................................


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

ST A T E BANKS OF MICHIGAN.

-11

No. 562.
♦FARM ERS STA TE SAYINGS BAN K OF BAY C ITY .
Organized M ay 17, 1915.
F r e d e r ic k

M o h e,

President;

C l ife o r d O l m s t e d , S a m u e l M e is t e e ,
W i l l i a m S . F o t h e r i n g h a m , Cashier.

Vice Presidents;

W illiam S Fotheringham , John P. Ittner, John L. Lam ont, John M eyer, E rnest I M c£ u e n , Peter Pardee, A ugust Qum tel, R asm us Hanson, John E. K innane, Sam uel M eister, Frederick
M ohr, Clifford G. Olm sted, John R. P e tty , Clarence A. Traphagen, W illiam A. Wilder.

D i r e c t o r s .—

Resources.

Report of
Report of
D ec. 31, ’14. Mar. 4, T5.

Report of
R eport of
M ay 1, ’15. June 23, ’15

Loans and discounts:
C ommercial d ep artm en t..
Savings d ep a rtm en t. . . .
Bonds, m ortgages and securities:
Commercial d ep artm en t. . . .
SsiVin^s cLcj^jcii. tiiiCiit........ ..
Prem ium a cco u n t...........
E xpenses, interest and taxes paid,
exceeding earn ings................
B anking h o u se ................
Furniture and fix tu res___

Report of
Sept. 2, ’15.

$31,481 97

$88,949 77

3,100 00

115,632 63
104 00
8 91

31 21
583 34

7,719 63

361 64

758 03

58.568 81
10,000 00

62,712 10
20,000 00

2,740 00
1,500 00

7,641 00
5,000 00

1,015 00

2,765 00

1,295 55

1,582 15

128 57

152 53

Other real e s t a te . . .
D u e from other banks and bankers,
not reserve c itie s . .
U n ited S tates bonds:
Savings d ep artm en t........
D u e from banks in reserve cities:
C ommercial d ep artm en t..
Savings d ep artm en t...........
E xchanges for clearing house:
C ommercial d ep artm en t...........
U . S. and N a tio n a l bank currency:
Commercial d ep artm en t..
Savings d ep artm en t.............
G old coin:
Commercial d ep artm en t..
Savings d ep artm en t......................
Silver coin:
C ommercial d e p a r tm en t..
Savings d ep artm en t.............
N ickels and cents:
Commercial d ep artm en t.........
Savings d ep artm en t. . . .
C hecks and other Cash ite m s .........
T o ta ls ...............
L iabilities.
C apital stock paid in ........
Surplus fu n d .............
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................
D ividends u n p a id . . . .
C ommercial deposits subject to
check ................
C ommercial certificates of d e p o sit. .

1 00

75 00

$110,807 09

$313,100 75

$60,480 00
15,095 00

$81,314 00
20,328 50
89 15

Cashier s checks o u tsta n d in g ...
S tate monies on deposit.
D ue to banks and b a n k e rs..
Postal savings d e p o s its .. .
Savings deD osits..................
Savings certificates of d e p o s it.
R eserve for taxes, interest, e tc . . . .
N o tes and bills rediscounted.

13,236 83

79,968 85

9,652 93

32,298 61

1,377 09
10,965 24

63,208 27
35,708 18

185 19

B onds sold under repurchase agree­
m ent ...............
T o ta ls ......................
1
♦Commenced business June 21, 1915.


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

$313,100 75

ST A T E BANKING D EPA R TM EN T.

42

No. 30.
T H E PE O PL E S C O M M ERC IA L A ND SAVINGS BANK, BAY C IT Y .
Organized August 15, 1888.
E. D a v i d s o n , President; C. R . H a w l e y , J a s . R . T a n n e r , Vice Presidents;
J. R . W a t h o c s , Cashier; M . M . A n d r e w s , C. H. C ook , A ssistant Cashiers.
C. R. H aw ley, J. C. W eadock, J. R . W atrous, G uy H. M oulthrop, W. H . Sharp, Jam es
E D avidson, Edgar B. Foss, C. B . Chatfield, Geo. B. Jennison, Jam es D avidson, C urtis E. Pierce,
Jam es R Tanner, Louis W . H ine, C. C. W hitney, C. H. Cook, L. J. W eadock, F. C. F m kenstaedt,
W . H. Boutell.
J ames

D i r e c t o r s .—

R esources.

Report of
Report of
Dec. 31, ’14. M ar. 4, T5.

Report of
Report of
Report of
M ay 1, ’15. lu n e 23, T 5. Sept. 2, ’15.

Ì

Loans and discounts:
Com m ercial d ep artm en t................ $1,135,264 25 $1,139,668 69
532,046 11
445,810 19
Savings d ep artm en t........................
Bonds, m ortgages and securities:
298,994 94
290,187 51
Commercial d ep artm en t................
Ravings d ep a rtm en t........................ 1,177,371 46 1,226,456 72

$956,162 17
813,142 79
215,676
1,359,715
4,993
1,108

67
82
96
06

$969,938 36
812,339 01
217,427
1,372,085
4,993
1,217

62
04
96
62

$790,342 74
899,766 81
209,887
1,406,171
4,993
1,393

00
38
96
22

O v e r d r a fts ..............................................
E xpenses, interest and taxes paid,

2,341 98

207 77

B anking "house........................................
Furniture arid fixtures.........................

114,764 27
23,264 45

114,764 27
23,965 15

114,752 27
23,965 15

114,752 27
23,965 15

114,752 .27
23,937 15

peal e s t a te ...................................
D u e from other hanks and bankers,

16,214 94

16,116 94

16,116 94

16,116 94

15,750 00

Item s m tr a n s it......................................
U n ited S tates bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Commercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Commercial d ep a rtm en t................

37,919 46

38,497 74.

31,678 31

20,864 17

16,575 12

50,000 00

50,000 00

50,000 00

50,0C0 00

50,000 00

78,135 28
170,000 00

83,000 00
274,030 47

50,000 00
176,712 23

69,000 00
186,490 38

39,731 89
218,545 32

16,039 71

16,618 48

4,710 95

7,547 76

10,799 07

114,005 00
80,000 00

33,000 00
116,934 00

30,000 00
58,424 00

37,500 00
91,507 00

40,798 00
68,000 00

49,962 50
30,000 00

30,000 00
50,642 50

13,000 00
62,057 50

20,000 00
59,787 50

30,210'00
54,535 00

7,204 19
3,000 00

3,000 00
6,340 48

2,000 00
4,431 65

3,500 00
4,997 15

5,789 07
2,582 18

834 29

381 52
1,039 86
1,806 56

289 05
903 76
2,806 79

452 24
537 79
4,166 08

635 85
404 54
8,750 94

.............................. $3,846,083 55 $4,057,512 20 $3,992,648 07 $4,089,186 04

$4,014,351 51

U . S. and N a tio n a l bank currency:
Commercial d ep a rtm en t................
Savings d ep a rtm en t.........................
G old coin:
Commercial d ep a rtm en t. . . . . . . .
Savings d ep a rtm en t........................
Silver coin:
Commercial d ep a rtm en t................
Ravings d ep a rtm en t........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Ravings depa.rtm ent.........................
Checks and other cash ite m s ...........
T o ta ls . . .

L iabilities.
C apital stock pa,id in ...........................
Rnrplns fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id . .
..........................................
Com m ercial deposits subject to
c h e c k ........................... .................. .. • ■
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
F>ue to hanks and ha.nkers................
P ostal savings d e p o sits.......................
Ravings d e p o sits....................................
Savings certificates of d e p o sit.........

3,764 07

$300,000 00
200,000 00

$300,000 00
200,000 00

$300,000 00
200,000 00

$300,000 00
200,000 00

$300,000 00
200,000 00

50,948 53

67,813 51

88,790 58

102,157 37

81,436 66

800,314
207,421
866
4,890

36
81
95
93

840,420
157,056
1,481
2,493

34
94
77
06

53,902
9,429
1,982,858
235,450

37
47
50
63

2,151,203 41
253,109 40

83,933 77

686,710
114,644
657
3,091
100,000
44,215

33
64
67
57
00
36

665,353
82,595
18,604
2,675
100,000
37,503

40
77
72
29
00
94

637,373
48,094
353
954
25,000
35,685

50
40
90
81
00
04

2,207,705 27
372,590 28

2,284,075 30
401,377 90

T o ta ls ............................................... $3,846,083 55 $4,057,512 20 $3,992,648 07 $4,089,186 04

$4,014,351 51

2,133,946 08
320,591 84

B onds sold under repurchase agree-


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

STA TE BANKS OF MICHIGAN.

43

No. 513.
T H E STA TE BANK OF B EA V ERTON .
Organized Septem ber 25, 1912.
C. H.

N i g g e m a n , President; J o h n P. N i g g e m a n , J r ., A. E . S l e e p e r , Vice Presidents;
F r a n k A. N i g g e m a n , Cashier; J o h n C. W i l e r , A ssistant Cashier.

D i r e c t o r s .—

John P. N iggem an, Jr., A. E. Sleeper, Frank A. N iggem an, Charles H. N iggem an,
H enry Croll, Jr., M ark E . T hom pson, John C. Wiler.

Resources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fixtures........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it......................................
U n ited S tates bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t................
Savings departm en t.........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C ommercial deposits subject to
c h e ck ......................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S ta te m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, T 4. Mar. 4, T5.

Report of
Report of
Report of
M ay 1, ’15. June 23, T 5. Sept. 2, T5.

$104,317 35

$110,016 84

$110,942 67

$109,842 65

$103,145 44

9,087 71

8,637 46

, 8,483 46

8,383 46

8,633 46

942 63

158 85

367 02

142 19

598 09

4,530 00
1,666 07

4,530 00
1,666 07

4,530 00
1,666 07

4,530 00
1,891 07

4,530 00
1,891 07

9,914 44

11,095 60

5,154 55

4,437 20

7,409 51

-

4,751 00

6,073 00

3,621 00

3,099 00

3,814 00

1,997 50

2,045 00

2,100 00

2,110 00

2,145 00

449 95

492 90

608 45

554 05

394 65
72 99

95 23

170 67

150 47

154 57

112 31

340 73

222 47

402 64

10 70

$137,864 19

$145,227 12

$137,846 16

$135,546 83

$132,644 91

$20,000 00
1,200 00

$20,000 00
2,000 00

$20,000 00
2,000 00

$20,000 00
2,000 00

$20,000 00
3,000 00

5,109 54

3,709 48

5,455 76

6,644 16

2,886 93

54,285 95
51,139 74

59,497 70
49,026 93

47,931 32
47,457 44

36,821 51
. 45,042 96

1,128 96
5,000 00

993 01
5,000 00

1 64
5,000 00

38 20
5,000 00

5,000 00

10,000 00

20,000 00

.20,000 00

$145,227 12

$137,846 16

$135,546 83

$132,644 91

$137,864 19

36,470
45,108
109
70
5,000

20
39
04
35
00

44

ST A T E BANKING D EPA R TM EN T.
No. 2.
T H E B E L D IN G SAVINGS BANK, B E L D IN G .
Organized January 15, 1889.
H. J.

L eonabd,

D i b e c t o b s .— H .

President; A. N . B
W. H.

e l d i n g , Vice President; W .
A n g e l l , A ssistant Cashier.

S.

L am bebtson,

Cashier;

J. Leonard, A. N . B elding, W . P. H etherington, M . M . B elding, Jr., E . E. Chappie,
W. C. Spicer, E . C. Lloyd, W . S. Lam bertson.

Resources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
B onds, mortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts.............................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................
U n ited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
Commercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N a tio n a l bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t........................
G old coin:
Commercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
Commercial d ep artm en t................
Savings departm en t.........................
N ick els and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in .........................
Surplus fu n d ..................................
U ndivided profits, less losses, current expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
Commercial certificates of d e p o s it. .
Certified ch e ck s.....................................
C ashier’s checks o u tsta n d in g...........
S tate m onies on d e p o sit.....................
D ue to banks and b an kers................
P osta l savings d e p o sits.......................
Savings d ep o sits.....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscoun ted............
B ills p a y a b le...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
R eport of j Report of
Report of
Report of
D ec. 31, T 4. Mar. 4, T5. | M ay 1, T 5. June 23, T5. Sept. 2, T5.

«91,350 01
56,523 19

«101,502 50
44,102 19

$107,337 38
52,266 19

$108,591 18
35,294 00

$97,653 00
39,878 00

12,455 14
162,934 48

8 455 14
165,541 02

8,455 14
161,865 70

12,455 14
158,068 44

12,455 14
156,092 22

547 63

1,051 25

347 14

611 10

314 82

8,000 00
500 00

8,000 00
500 00

8,000 00
500 00

8,000 00
500 00

8,000 00
500 00

2,574 60

1,191 80

390 00

986 53

9,266 43
25,473 79

23,650 45
20,892 64

13,781 60
24,477 35

15,529 45
24,563 99

35,262 29
44,730 20

6,093 00
3,000 00

5,283 00
2,000 00

4,844 00
2,000 00

5,635 00
1,500 00

5,618 00
3,000 00

1,151 00
12,000 00

503 50
13,000 00

568 50
13,000 00

93 50
13,500 00

1,588 50
12,000 00

1,407 30

1,546 40

1,377 65

1,172 25

2,862 45

,

225 75

119 99

136 69

170 42

162 55

365 38

308 78

3,931 60

557 36

1394,333 04

$397,705 26

$399,266 12

$390,006 07

$421,661 06

$50,000 00
15,000 00

$50,000 00
15,000 00

$50,000 00
15,000 00

$50,000 00
15,000 00

$50,000 00
15,000 00

6,847 76
2,250 00

7,800 68

9,163 65

10,136 80

8,763 37

83,006 12

77,700 97

88,394 13

76,180 95

118,219 82

830 72

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

4,000 00

20 90

1,624 96
102,862 17
132,742 03

i,649 51
106,323 41
135,230 b9

1,649 51
106,845 23
128,213 60

1,649 51
106,696 55
130,321 36

«394,333 04

$397,705 26

$399,266 12

$390,006 07

1,669 96
99,270 36
128,737 55

j

$421,661 06

STA TE BANKS OF MICHIGAN.

45

No. 159.
T H E P E O P L E ’S SAVINGS BANK OF B E L D IN G , B EL D IN G .
Organized M ay 12, 1893.
B r in to n F. H a ll,

President; F r a n k R. C h a s e , Vice President; W. L. C u s s e r , Cashier;
A m b r o s e S p e n c e r , A ssistant Cashier.
B rinton F. H all, Frank R. Chase, Charles E ddy, George H oppough, H. L. Page,
ir a n k L. M oon, W . L. Cusser, Jno. G. Hessler, Fred Underw ood, Geo. W. M oulton.

D i r e c t o r s .—

Resources.

Loans and discounts:
C ommercial d ep a rtm en t..............
Savings d ep a rtm en t......................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t.............
Savings d ep a rtm en t......................
Prem ium a cco u n t. . . .
O verdrafts..................
E xpenses, interest and taxes paid
exceeding earnings. . . . . ' ................
B anking h o u se ................
Furniture and fix tu res...............
Other real e s ta te .................
D u e from other banks and bankers
not reserve c itie s .....................
Item s in tr a n sit...................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
U . S. and N ational bank currency:
C ommercial departm en t................
Savings d ep a rtm en t.........................
Gold coin:
Commercial d ep a rtm en t...........
Savings d ep a rtm en t.........................
Silver coin:
C ommercial d ep artm en t...........
Savings d ep artm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ..........................
L iabilities.
C apital stock paid in .........................
Surplus fu n d ......................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................
D ividend s unpaid..................
C ommercial deposits subject to
c h e c k .................................
C ommercial certificates of d e p o sit. .
Certified c h e c k s..............
C ashier’s checks o u tsta n d in g ...........
S tate monies on d e p o sit............
D u e to banks and b a n k ers................
P ostal savings d e p o sits..................
Savings d e p o sits.........................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc ........
N o tes and bills red iscoun ted............
B ills p a y a b le ....................
Bonds sold under repurchase agree­
m e n t........ .......................
T o ta ls ........................................


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

Report of
D ec. 31, T4

Report of
Mar. 4, T5.

$106,826 33
69,095 48

$108,310 15
59,990 48

$125,122 78
60,305 53

$132,475 94
57,505 53

$146,172 54
49,625 48

2,000 00
78,199 92

2,000 00
83,175 62

2,000 00
84,662 38

2,000 00
84,796 77

2,000 00
92,695 66

1,071 81

565 52

330 26

288 76

416 52

8,000 00
3,600 40
637 50

8,000 00
3,600 40
637 50

8,000 00
3,600 40
637 50

8,000 00
3,600 40
637 50

8,000 00
3,600 40
637 50

18,911 56

18,478 78

8,287 50

3,750 00

5,121 25

16,968 20
14,366 66

25,966 1414,393 53

17,257 06
14,420 53

7,064 02
14,434 08

16,250 43
14,474 93

R eport of
R eport of
M ay 1, T5. June 23, ’15

R eport of
Sept. 2, T5.

•

209 81

1,507 37

273 24

840 84

123 59

11,506 00
4,000 00

4,976 00
2,500 00

9,078 00
2,500 00

7,124 00
2,000 00

7,436 00

1,709 50
10,000 00

852 00
11,500 00

814 50
11,500 00

404 50
12,000 00

2,434 50
10,000 00

1,656 10

1,700 80

517 95

546 20

853 45

567 83

696 80

598 49

668 00

591 64

394 15

598 19

224 78

509 25

350 43

$349,721 25

$349,449 28

$350,130 90

$338,645 79

$360,784 32

$40,000 00
7,000 00

$40,000 00
7,000 00

$40,000 00
7,000 00

$40,000 00
7,000 00

$40,000 00
7,000 00

2,786 10

3,249 81
45 00

45 00

3,581 29

. 3,437 81
90 00

67,199 13
56,585 17

62,652 54
85,975 75

104,455 76

56,639 88
95,744 21

61,890 29
78,058 19

850 13
69,954 00
100,346 72

860 85
72,726 19
76,939 14

2,912
859
78,135
53,772

870 44
80,910 38
78,527 21

6,246
860
77,181
54,001

56
85
57
58

13
77
76
75

5,000 00

$349,721 25

10,000 00

$349,449 28

$350,130 90 | $338,645 79

$360,784 32

ST A T E BANKING D EPA R TM EN T.

46

No. 347.
T H E B E L L A IR E STA TE BANK, BELLATRE.
Organized August 14, 1906.
F. W . B echtold,
D i r e c t o r s . — F.

President;

C. C. P o tter,

Vice President; V i.

H . R ic h a r d s,

W . B echtold, H . L. Richards, W . H . Richards, C. W . P u tt, C.

Resources.

Cashier.
C.

Potter.

Report of
R eport of
R eport of
Report of
Report of
Dec. 31, T 4. Mar. 4. T 5. 1 M ay 1, ’15. June 23, T 5. Sept. 2, T5.

Loans and discounts:
C om m ercial departm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C ommercial departm en t................
Savings d ep a rtm en t........................

$63,467 49
7,800 00

$57,808 49
10,295 00

$65,980 46
9,495 00

$62,241 91
12,495 00

$62,433 20
10,435 00

4,096 75
28,375 71

4,096 75
27,912 48

4,511 75
30,124 07

4,493 75
30,124 07

4,477 75
30,114 07

83 43

216 76

207 75

252 87

370 14

5,243 79
3,000 00
392 02

5,243 79
3,000 00
382 02

5,243 79
3,000 00

5,243 79
3,000 00

5,243 79
3,000 00

2,000 00

2,000 00

2,000 00

2,000 00

2,000 00

8,711 35
2,000 00

11,657 54
4,000 00

6,478 87
5,000 00

1,028 27
3,000 00

2,416 53
3,000 00

5,456 00
2,000 00

2,730 00
2,000 00

2,957 00

1,714 00

2,764 00
2,500 00

Gold coin:
C ommercial departm en t................
Savings d ep artm en t.........................

185 00
3,000 00

260 00
3,000 00

680 00
2,500 00

845 00
2,500 00

430 00
3,000 00

Silver coin:
C ommercial departm en t................

1,860 35

2,147 05

1,986 80

1,908 65

1,577 45

N ickels and cents:
Commercial departm en t................

116 13

152 39

162 65

190 56

204 02

C hecks and other cash ite m s ...........

489 75

676 99

279 89

13 81

93 20

T o ta ls ...............................................

$138,277 77

$137,579 26

$140,608 03

$131,051 68

$134,059 15

$20,000 00
7,000 00

$20,000 00
7,000 00

$20,000 00
7,000 00

$20,000 00
7,000 00

$20,000 00
7,000 00

1,121 57

2,119 75

3,866 02

4,245 62

3,748 28

38,080 62
25,585 20

38,088 33
21,374 05
77 86

42,272 24
18,970 45

32,558 04
17,619 33

36,974 15
16,342 95

135 69
46,354 69

137 32
48,781 95

137 32
48,362 00

137 32
49,491 37

49,873 77

$138,277 77

$137,579 26

$140,608 03

$131,051 68

$134,059 15

O verdrafts................................................
Expenses, interest and taxes paid,
B anking h o u se .......................................
Furniture and fixtu res.........................
D u e from other banks and bankers,

U nited States bonds:
Savings d ep artm en t........................
D u e from banks in reserve cities:
C ommercial departm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:

U . S. and N ation al bank currency:
Commercial departm en t................

L iabilities.
C apital stock paid in ...........................
Surplus fu n d . ..........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
C om m ercial deposits subject to
c h e c k .............................................. , . . .
C om m ercial certificates of d e p o sit. .

Postal savings d ep o sits.......................
Savings d ep o sits....................................

120 00

B onds sold under repurchase agree
T o ta ls .............................................


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

STATE BANKS OF MICHIGAN.

47

No. 527.
T H E P E O P L E ’S STA TE BAN K OF B EL L E V IL L E .
Organized Jan u ary 24, 1913.
J am es

R.

C la rk ,

D ir ec to r s.

President;

F r a n k l in

L.

R o bbe,

Vice President;

F rank

H.

C la rk ,

Cashier.

Jam es R. Clark, Franklin L. Robbe, John C. Stellw agen, George T Clark
Irvin g H. Riggs.

Resources.

Loans and discounts:
Com m ercial d e p a r tm en t... .
Savings departm ent.
B onds, m ortgages and securities:
Commercial d ep artm en t. . . .
Savings departm en t........
Premium a cco u n t. . . .
E xpenses, interest and taxes paid
exceeding earn ings.. .
B anking h o u se . . . .
Furniture and fixtures
Other real e s ta te . . .
D u e from other banks and bankers,
not reserve c itie s . .
Item s in tr a n sit. .
U nited States bonds:
Savings departm en t...........
D u e from banks in reserve cities:
Commercial d ep a rtm en t. . . .
Savings departm en t..
Exchanges for clearing house:
Commercial d ep artm en t. . . .
U . S. and N ation al bank currency:
Commercial departm en t...........
Savings departm en t___
Gold coin:
C ommercial d ep a rtm en t..
Savings departm en t.............
Silver coin:
Commercial departm en t. . .
Savings d ep artm en t...........
Commercial d e p a r tm en t... .
Savings departm en t.. .
C hecks and other cash item s .
T o ta ls ..........
Liabilities.
C apital stock paid in.
Surplus fu n d .. .
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................
D ividends u n p a id . .
C ommercial deposits subject to
c h e c k ..............
C om m ercial certificates of d e p o sit.
Certified checks
Cashier's checks outstanding
S tate m onies on deposit
P ostal savings d e p o s its .. .
Savings d ep o sits. .
Savings certificates of deposit
R eserve for taxes, interest, etc
N otes and bills red iscoun ted.

R eport of
Report of
D ec. 31, T4 . M ar. 4, ’15

Report of ! R eport of
R eport of
M ay 1, T5 June 23, T5 . Sept. 2, ’15.

$32,698 32
19,875 00

$31,686 18
21,450 00

$33,269 93
22,271 00

$31,427 36
27,660 79

$32,409 79
28,666 61

9,050 00
85,473 59

9,050 00
88,123 59

8,950 00
97,834 69

8,850 00
99,696 63

8,850 00
101,496 63

31 24

124 37

11 21

364 02

1,043 89

3.500 00
1.500 00

3,500 00

3.500 00
1.500 00

4,000 ÒÓ
1,500 00

7,000 00
1,500 00

843 11

658 92

1,171 39

127 38

6,756 04
26,470 24

6,266 90
34,982 00

7,314 00
33,274 19

2,587 18
26,130 45

12,496 82
29,556 04

1,475 00
3,000 00

1,768 00
3,000 00

2,018 00
3,300 00

3,385 00
3,300 00

3,417 00
3,300 00

425 00
4,700 00

565 00
4,700 00

740 00
4,700 00

910 00
4,700 00

1,115 00
4,700 00

1,618 15

1,601 25

1,741 45

1,561 70

1,407 90

37 83

43 11

45 97

25 73

23 53

537 62

435 86

463 Ì7

306 26

155 29

$197,991 14

$212,902 80

$221,592 53

$217,576 51

$237,265 88

$20,000 00
2,000 00

$20,000 00
4,000.00

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
5,000 00

2,636 96
9 00

7 00

1,950 76
7 00

1,711 16
7 00

566 34
31 00

34,254 89

30,370 48

43,949 26

104,920 53
56,459 35

107,743 22
53,744 65

110,687 00
57,032 28

$212,902 80 j $221,592 53

$217,576 51

$237,265 88

33,826 35

93,779 23
45,739 60

154 03
101,130 75
50,970 81

B onds sold under repurchase agreem e n t.............
T o ta ls ...............


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

$197,991 14

48

STA TE BANKING D EPA R TM EN T.
No. 548.
T H E B EL L E V U E STA TE BANK, B ELLEV U E.
Organized April 16, 1914.
M.

H .
D i r e c t o r s .—

A l l e n , President; F. A . B r o w n , Vice President; C. D . K i m b e r l y , Cashier;
M . H. K i m b e r l y , Auditor.
H. M . Allen, C. D . K im berly, F. A. Brown, W . C. D yer, Chas. H. Legge, G. R. B u rt,
N . H . Johnson, J. H . Gork, A . J. Hager.

Resources.

Loans and discounts:
C om m ercial departm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................

R eport of
Report of
D ec. 31, ’14. M ar. 4, ’15.

Report of
Report of
R eport of
M ay 1, ’15. June 23, T5. Sept. 2, ’15.

$70,892 18
36,186 31

$78,476 44
23,506 97

$71,993 96
31,111 97

$76,940 50
40,443 50

$79,620 72
38,673 80

2,000 00
75,584 24

2,000 00
82,995 74

90,612 23

3,000 00
94,957 23

3,000 00
99,837 23

141 12

176 18

61 77

448 34

128 80'

E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
Banking h o u se ........................................
Furniture and fix tu res.........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................

3,000 00

3,000 00

3,080 00

3,130 00

3,180 00'

54 00

792 30

221 58

1,242 00'

U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial departm en t................
Savings d ep artm en t.........................

16,819 39
27,445 02

20,800 29
35,500 63

11,710 78
34,085 96

16,469 52
18,512 32

39,046 12'
19,041 47

647 99

496 17

220 44

402 66

3,692 98

7,906 00
9,000 00

7,288 00
10,000 00

9,514 00
10,000 00

6,982 00
9,000 00

6,715 00
10,000 00

1,487 50

2,050 00

2,547 50

2,625 00

2,755 00

740 95

907 55

632 25

518 70

1,580 15
186 55

U . S. and N a tio n a l bank currency:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
Silver coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

60 34

14 196

110 16

151 94

103 54

144 45

266 63

136 91

119 14

$252,014 58

$267,540 38

$266,739 95

$273,940 20

$308,818 96

$20,000 00

$20,000 00

$20,000 00

$20,000 00

$20,000 00

146 86

820 40

489 50

1,542 49

1,270 33

55,732 51
27,919 64

66,289 46
28,427 18

51,237 74
29,202 55

56,706 66
31,778 00

87,549 44
32,446 66

148,215 57

152,003 34

165,810 16

163,913 05

167,552 53

$252,014 58

$267,540 38

$266,739 95

$273,940 20

$308,818 96

STA TE BANKS OF MICHIGAN.

49

No. 219.
T H E B EN T O N H ARBOR STATE BANK, B EN T O N HARBOR.
Organized December 20, 1899.
President; G. M . V a l e n t i n e , Vice President; M . P . R e s c h , Cashier;
B. F. W e l l s , A ssistant Cashier.
i r e c t o r s . — I. W . Conkey, H. D . Poole, G. M . V alentine, S. L. VanCam p, M . B. W ells, C. A. C onkey,
M . P. Resch, D . B. Sutherland, W m. W allace, G. H andy.
H . D . P oole,

D

Resources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Premium a.ccount,
..............
Overdrafts ............................................
E xpenses, interest and taxes paid,
exceeding' earnings .......................
Ranking h o u se .......................................
Furniture and fixtures ......................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Tferns in transit,
...................
U nited States bonds:
Savings departm ent
D u e from banks in reserve cities:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Commercial d ep artm en t................
Savings department,
U . S. and N ation al bank currency:
Comm ercial dep a rtm en t................
Savings d ep artm en t........................
Gold coin:
Commercial departm en t................
Savings d ep artm en t........................
Silver coin:
Commercial departm en t................
Savings department,
..............
N ickels and cents:
Commercial d ep artm en t................
Savings department,
Checks a,nd other cash item s. . . . . .
T o ta ls ...............................................
Liabilities.
Capital stock paid in ...........................
Surplus fund
.....................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid
..............................................
C om m ercial deposits subject to
check
.....................................
Com m ercial certificates of d e p o sit. .

R eport of
R eport of
D ec. 31, ’14. Mar. 4, T5.

$227,452 77
205,521 00

$238,379 23
174,556 00

$277,033 15
157,106 00

$298,690 43
148,456 00

$267,710 18
142,865 00

11,200 00
187,500 00

11,200 00
308,375 20

11,100 00
298,909 73

11,100 00
294,-680 73

11,000 00
285,662 67

761 27

2,072 07

559 25

1,410 48

1,685 93

37,500 00
13,000 00
325 00

37,500 00
13,000 00
325 00

37,500 00
13,000 00
325 00

37,500 00
13,000 00
325 00

37,500 00
12,000 00
6,221 03

20,928 95
806 81

11,112 27
603 94

1,206 95
6,048 00

1,810 01

1,416 48
400 00

14,399 20
37,500 00

38,118 32
37,500 00

5,847 93
37,500 00

11,015 05
37,500 00

32,054 80
37,500 00

5,725 23

5,244 64

7,089 18

2,948 19

4,506 92

14.495.00
13.000 00

10,679 00
13,000 00

17,645 00
10,000 00

12,399 00
13,000 00

15,315 00
13,000 00

4,542 50
10,000 00

7,135 00
10,000 00

2,152 50
8,000 00

4,517 50
5,000 00

4,412 50
6,000 00

2,279 80
1,500 00

3,382 70
1,000 00

3,587 60

2,371 00
1,000 00

2,241 75
1,000 00

262 74

269 76

745 69

695 50

771 71

547 95

859 11

643 13

714 95

929 15

$809,248 22

$924,312 24

$895,999 11

$898,133 84

$884,193 12

$75,000 00
45,000 00

$75,000 00
45,000 00

$75,000 00
45,000 00

$75,000 00
45,000 00

$75,000 00
46,000 00

9,951 33
2,655 00

9,946 54
25 00

13,209 46

15,209 38

11,529 68

231,425 73
25,157 49

359,559 96
24,231 59

374,212 05
25,213 22

299,550 72
26,365 75

337,850 78
26,044 23

225,229 33
146,360 24
418 42

2,944
230,625
153,750
448

6,981 74
Savings deposits ................................
Savings certificates of d e p o sit.........
R eserve for taxes interest, e tc . . . .

Report of
Report of
Report of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

270,087 57
142,989 36

3,654 58
. 2,907 86
268,490 88
139,150 41

239,604 66
119,708 47
396 67

18
17
16
92

65,000 00
B onds sold under repurchase agreeT otals

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

7

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

$809,248 22

$924,312 24

$895,999 11

$898,133 84

$884,193 12

---- -

50

ST A T E BANKING D EPA R TM EN T.
No. 561.
* B E R R IE N CO U N TY BANK, B EN T O N HARBOR.
Organized January 5, 1915.
F r a n k H . E l l s w o r t h , President; A r t h u r B. H i g m a n , C h a s . L . Y o u n g , Vice
J a m e s M . R o s e , Cashier; D w i g h t M . R u t h , A ssistant Cashier.

D i r e c t o r s .—

Presidents;

John R obinson, C hairman of Board; F. H . E llsw orth, Chas. L. Y oung, Claude P. Sykes,
Jam es M . R ose, Arthur B. H igm an, W . W orth B ean, Jr., Chas. H andy.

Resources.

Report of
Report of
D ec. 31, T 4. M ar. 4, T5.

Loans and discounts:
C ommercial d ep artm en t................
Sayings departm en t........................
Bonds, m ortgages and securities;
C ommercial departm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................

Report of
R eport of
R eport of
M ay 1, T5. June 23, T 5. Sept. 2, ’15.

$15,724 98
363 67

$114,716 63
6,145 07

$142,514 45
30,430 40

6,800 00

12,240 00

77 88

341 71

2,000 00

E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
B anking h o u se .......................................
Furniture and fixtures.........................
Other real e s ta te ...................................
D u e from other banks and bankers,
not reserve c itie s ............................
Item s in tr a n s it.....................................

327 38

1,975 55

1,891 18

1,027 80

6,632 46

7,115 56

454 02

2,733 47

3,063 21

U n ited States bonds;
Savings departm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t........................

49,221 59

9,721 25
12,720 33

8,204 94
10,849 23

1,525 44

757 03

1,434 29

6,283 00
2,000 00

1,986 00
3,000 00

2,016 00
5,800 00

12 50

800 00
1,030 00

1,000 00
1,077 50

531 80
573 00

240 00
503 00

749 85
2,160 00

101 48
07
71 10

37 78
32 31
34 65

106 08
48 18

$80,217 83

$169,943 41

$231,042 58

$50,000 00
17,160 00

$50,000 00
45,280 00

$50,000 00
48,100 00

U . S. and N a tio n a l bank currency:
•Commercial departm en t................
Savings departm en t.........................
G old coin:
Commercial departm en t................
Savings departm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings departm en t........................
N ickels and cents:
Commercial departm en t................
Savings departm en t........................
C hecks and cither cash ite m s............
T o ta ls ..........................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
check ...................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
C ashier’s checks ou tsta n d in g .........
Sta te m onies on d e p o sit.....................
D u e to banks and ban kers..............
P ostal savings d ep o sits.......................
Savin gs d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
Bills p a y a b le...........................................
B onds sold under repurchase agree­
m ent .....* ; f .....................
T o ta ls ...............................; .............
♦Com m enced business April 28, 1915.


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

10,021 09
100 00

40,305
1,500
433
1,265

15
00
00
00

67,812 09
451 70

929 55

1,949 48

2,206 74
730 00

16,291 77
13,938 94

40,936 59
21,668 72

$80,217 83

$169,943 41

$231,042 58

124 00

STATE BANKS OF MICHIGAN.

51

No. 448.
T H E B E R L IN STATE BANK, B E R L IN .
Organized January 21, 1910.
F rank

J.

G oodenow ,

D i r e c t o r s .—

President;

A llen C. B u t t e r fie l d ,

Vice President;

C has.

P.

G oodenow ,

Cashier.

Charles P. G oodenow , A llen C. B utterfield, John Coffee, Frank J. G oodenow,
W m . R iem ersm a.

Resources.

Loans and discounts:
Commercial d ep a rtm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
Premium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earnings...........................
Banking h o u se .......................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n sit.....................................
U nited States bonds:
Savings departm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings departm en t........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
Commercial d ep artm en t................
Savings d ep artm en t........................
Gold coin:
Commercial departm en t................
Savings departm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep artm en t........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
Cashier’s checks ou tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and ban kers................
Postal savings d ep o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, etc.
N o tes and bills red iscoun ted............
Bills p a y a b le...........................................
Bonds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
R eport of
D ec. 31, ’14. M ar. 4, T5.

Report of
Report of
R eport of
M ay 1, T5. June 23, T5. Sept. 2, T 5.

$24,854 31
31,802 00

$23,583 46
32,192 88

$24,124 84
32,022 14

$13,194 40
43,583 01

$7,567 40
53,813 10

6,000 00
47,284 42

6,000 00
45,484 42

12,650 00
39,009 42

12,650 00
38,309 42

5,850 00
44,709 42

391 24

53 89

223 03

553 64

175 14

3,840 48
2,248 53

3,840 48
2,248 53

3,840 48
2,278 53

3,840 48
2,278 53

3,820 00
2,250 00

1,592 24
8,096 26

3,408 97
9,101 50

1,515 58
5,617 29

3,006 38
10,122 58

3,882 15
11,138 53

2,291 00
2,000 00

98 00
3.000 00

595 00
700 00

453 00
2,600 00

869 00
2,000 00

35 00
2,000 00

350 00
2.000 00

5 00
1,700 00

820 00
1,000 00

90 00
2,000 00

617 15

513 25

69 65
500 00

10 60
400 00

351 05

241 52

92 66

134 72
100 00

206 44

173 37

$133,294 15

$131,968 04

$125,085 68

$133,028 48

$138,689 16

$20,000 00
800 00

$20,000 00
1,000 00

$20,000 00
1,000 00

$20,000 00
1,000 00

$20,000 00
1,300 00

955 12

467 79
45 00

983 23
30 00

1,072 57
30 00

687 46

23,032 70

19,168 72

15,175 47

16,010 86

16,758 33
860 00

118 16

814 09

9 65

9 65

59 65

28,835 89
59,552 28

30,725 96
59,746 48

33,538 88
54,348 45

35,524 56
59,380 84

38,189 10
60,834 62

$125,085 68 | $133,028 48

$138,689 16

•
$133,294 15

$131,968 04

ST A T E BANKING D EPA R TM EN T.

52

No. 416.
T H E B E R R IE N SPR IN G S STATE B A N K ' B E R R IE N SPR IN G S.
Organized October 21, 1908.
W m.

H.

Sy lvester,

President; I r a R. S t e m m , E. F. G
G. L. V a l e n t i n e , Cashier.

a r l a n d

,

Vice Presidents;

W m. H. Sylvester, Ira R. Stem m , Jam es D . Boone, E. F. Garland, W m . E. Sheffield,
H. S. Gray, Jno. E. Barnes, J. N . Klock, C. M . N iles, Geo. R. D ater, G. L. V alentine.

D i r e c t o r s .—

Resources.

Loans and discounts:
C om m ercial departm en t................
Savings d ep artm en t........................
Bonds, mortgages and securities:
Commercial departm en t.............
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se . . . . “...............................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.....................................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t........................
Exchanges for clearing house:
Commercial departm en t................
Savings d ep artm en t...................... ..
U . S. and N ation al bank currency:
C ommercial departm en t................
Savings d ep artm en t........................
Gold coin:
C ommercial departm en t................
Savings d ep a rtm en t........................

Report of
Report of
D ec. 31, T 4. Mar. 4, To.

$74,388 09
27,829 60
1,000
56,086
175
1,308

00'
48
00
91

3,000 00
1,500 00

Report of
Report of
Report of
M ay 1, T5. June 23, T 5. Sept. 2, T 5.

$70,387 78
25,829 60

$63,875 66
33,012 95

$72,972 89
32,709 25

$71,828 01
29,314 76

57,825 62
175 00
1,106 70

60,550 67
175 00
203 37

58,751 67
175 00
1,383 15

57,115 05
.175 00
516 05

3,000 00
1,500 00

3,000 0Ò
1,500 00
324 65

4,000 00
1,500 00
824 65

9,000 00
1,500 00
824 65

100 00

13,994 37
13,000 00

5,060 68
30,257 24

10,079 86
24,123 93

6,109 48
10,000 00

2,901 27
13,359 72

2,500 00

1,738 14

691 02

1,314 75

1,056 05

10,000 00
9.000 00

3,838 00
3.500 00

5,442 00
3,000 00

2,176 00
1,500 00

3,940 00
700 00

1.000 00
2,250 00

1,142 50
2.500 00

1,360 00
2,500 00

1,332 50
3,000 00

2,010 00
4,000 00

Silver coin:
C ommercial departm en t................
Savings departm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t........................
C hecks and other cash ite m s...........

441 00
50 00

612 70

293 95
300 00

114 00
300 00

200 25
300 00

320 31
43 09
358 38

337 74
39 51

207 91
200 00
14 40

143 94
200 00
122 50

193 27
200 00
376 09

T o ta ls ...............................................

$218,245 23

$208,851 21

$210,955 37

$198,629 78

$199,510 17

$20,000 00
2,500 00

$20,000 00
2,500 00

$20,000 00
2,500 00

$20,000 00
2,750 00

861 91

1,843 35

1,451 21

1,189 29

68,654 33

77,680 40

68,324 55

68,712 42

Liabilities.
$20,000 00
C apital stock paid in ...........................
Surplus fu n d ............................................
2,500 00
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
505 84
p a id ........................................................
D ividends unpaid
1,000 00
C ommercial deposits subject to
86,974 99
check .....................................................
Commercial certificates of d e p o sit. .
Certified ch e ck s.....................................
C ashier’s checks o u tsta n d in g...........
S tate m onies on d e p o sit.....................
D u e to banks and ban kers................
5 28
P ostal savings d ep o sits.......................
18,085 32
Savings d ep o sits....................................
89,173 85
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............ ' ” 4...................
B ills payable .......................................
B onds sold under repurchase agree­
m ent ......................................................
T o ta ls ...............................................


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

$218,245 23

6 50

25,104 35
91,724 12

1,241 13

6,552 45

25,879 02
81,811 47

24,872 59
74,928 98

26,745 17
77,113 29
3,000 00

$208,851 21

$210,955 37

$198,629 78

$199,510 17

STA TE BANKS OF MICHIGAN.

53

No. 500.
T H E P E O P L E ’S STA TE BANK, B ESSEM ER .
Organized M arch 22, 1912.
J acob G oldm an,
D ir ec to r s.

President;

R.

E d w in

B a y l iss,

Vice President; M . A.

H agebm an,

Cashier.

Jacob Goldman, E dw in R. B ayliss, Joseph Ochis, J. S. Rum m age, M A Hagermnn
Jam es D evoy, Solom an Sax, G. S. Barber.
‘
s

Resources.

R eport of
D ec. 31, ’14

Report of
Mar. 4, T5.

$39,243 08
16,548 46

$37,476 26
13,898 46

Loans and discounts:
Commercial d ep artm en t. . .
Savings departm en t....................
B onds, mortgages and securities:
C ommercial departm ent
Savings d ep artm en t...............
Premium a cco u n t. . . .
O verdrafts.........................

20,000
25,311
406
80

00
97
80
45

20,000
30,165
406
6

00
97
80
53

R eport of
Report of
M ay 1, T5. June 23, ’15

$33,852 58
13,721 96
20,000
33,023
406
48

00
43
80
40

$35,895 08
11,676 96
20,000
33,028
406
33

00
20
80
78

Report of
Sept. 2, T5.

$37,262 75
11,549 46
20,000
32,732
406
7

00
45
80
49

E xpenses, interest and taxes paid
exceeding earnings..............
B anking h o u se ................
Furniture and fixtures. . . .
Other real e s t a te .................
D ue from other banks and bankers,
not reserve c itie s . . .
Item s in tr a n sit..........

2,295 92

1,906 51

1,566 19

1,019 00

1,267 13

2,344 55

2,344 55

2,344 55

2,344 55

2,344 55

502 16

192 50

11 90

246 97

274 50

U nited States bonds:
Savings departm en t...........
D u e from banks in reserve cities:
C ommercial departm en t. . . .
Savings d ep a rtm en t.............
E xchanges for clearing house:
C ommercial d ep artm en t...........
Savings departm en t___

3,254 27
151 63

26,722 47
6,298 38

5,610 95
4,508 38

4,007 76
1,508 38

6,220 24
3,508 38

527 50

598 01

658 49

1,366 93

450 18

1,116 00
5,500 00

1,681 00
3,000 00

3,077 00
2,500 00

728 00
2,100 00

1,514 00
3,000 00

50 00
500 00

660 00

50 00
800 00

35 00
900 00

660 00

921 20

472 60

685 80

960 10

756 80

40 42

37 96

40 12

112 99

221 93

$118,794 41

$145,868 00

$122,906 55

$116,370 50'

$122,176 66

$25,000 00
2,500 00

$25,000 00
2,500 00

$25,000 00
2,500 00

$25,000 00
2,500 00

$25,000 00
2,500 00

33,421 86

58,371 31

32,520 99

30,094 82

36,282 54

49 34

543 09
5,000 00

48 75
46 09
5,000 00

198 63

14,434 00
32,512 54
13,000 81

14,369 24
29,937 42
13,035 81

14,369 24
29,220 79
10,090 81

14,547 78
27,899 20
10,748 51

U . S. and N ation al bank currency:
Commercial departm en t..
Savings departm en t...........
Gold coin:
Commercial departm ent
Savings departm en t. . .
Silver coin:
Commercial d ep artm en t. . .
Savings departm en t...........
N ickels and cents:
C ommercial departm en t..
Savings d ep a rtm en t...........
C hecks and other cash item s
T o ta ls .......... ' ...........
Liabilities.
C apital stock paid in ........
Surplus fu n d ................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................
Commercial deposits subject to
check .......................
C om m ercial certificates of deposit
Cashier’s checks o u tsta n d in g ...........
State m onies on d e p o sit. .
D u e to banks and b a n k e rs..
P ostal savings d e p o s its .. .
Savings d ep o sits...............
Savings certificates of d e p o sit.
R eserve for taxes, interest, e t c .
N o tes and bills rediscounted. ..
B onds sold under repurchase agree­
m ent ......................
T o ta ls .................


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

•

60 85
14,262
32,910
10,338
300

30
67
73
00

5,000 00

'
$118,794 41

$145,868 00

$122,906 55 j $116,370 50

$122,176 66

ST A T E BAN KING D EPA R TM EN T.

54

No. 536.
T H E C E N T R A L STA TE BAN K OF BENZONIA, BEULAH.
Organized A ugust 18, 1913.
H erbert

B.

W oodw ard,

D i r e c t o r s .—

President;

F rank

L.

O r c ijt t ,

Vice President;

I r v in g

P.

J o n es,

Cashier.

Herbert B. W oodward, J. C. Underw ood, Frank L. O rcutt, Charles E. Case,
W illiam Reim er, G. M . Sprout, Irving P. Jones.

Resources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
. Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking ho u se. . . .“ ..............................
Furniture and fixtu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
n o t reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
U . S. and N ation al bank currency:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
G old coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o s it.....................
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d ep o sits.....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
Bills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

Report of
R eport of
D ec. 31, T 4. Mar. 4, ’15.

Report of
R eport of
R eport of
M ay 1, '15. June 23, ’15. Sept. 2, ’15.

$32,169 72
7,809 00

$27,700 80
11,859 00

$33,322 79
7,809 00

$35,143 12
7,809 00

$37,011 65
11,409 00

173 00
37,721 04

703 00
37,395 04

633 00
37,279 04

461 00
35,388 04

393 00
35,297 04

70 77

52 21

77 31

37 71

137 59

7,200 00
2,800 00

6,550 00
2,800 00

6,550 00
2,800 00

6,550 00
2,800 00
296 42

6,550 00
2,800 00

591 73
412 34

2,518 01
1,087 61

1,019 02
82 21

910 37
25 00

6,707 12
5,626 97

14,133 76
v 5,626 97

7,423 64
8,126 97

2,532 12
3,526 97

6,085 44
5,526 97

2,616 00
1,950 00

1,157 00
1,950 00

486 00
1,950 00

1,524 00
1,950 00

2,522 00
1,800 00

177 50
1,000 00

217 50
1,000 00

312 50
1,000 00

322 50
1,000 00

370 00
1,000 00

680 89

765 31

518 30

513 15

271 91

198 85

148 28

156 32

197 70

46 55

124 45

753 86

798 92

281 02

1,711 38

$108,029 38

$116,418 35

$110,262 81

$100,414 96

$113,867 90

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
3,000 00

$20,000 00
4,000 00

232 17

798 56

1,860 21

1,946 22

246 93

29,108 64

33,386 69

26,584 35

21,985 80

33,045 65

133 63

693 50

150 75
5,000 00

245 85
5,000 00

631 63

21.577 62
33.577 32
400 00

23,110 35
35,029 25
400 00

23,369 03
30,298 47

20,317 41
27,919 68

20,097 80
35,845 89

$108,029 38

$116,418 35

$110,262 81

$100.414 96

$113,867 90

/

STA TE BANKS OF M ICHIGAN.

55;

No. 259.
B IG R A PID S SAVINGS BANK, B IG RAPIDS.
Organized M ay 1, 1902.
N . F e r b i s , President; C. D . C a r p e n t e r , E. C. N e w c o m b e , Vice Presidents;
R e a m e r W . W i g l e , Cashier.
W oodbridge N . Ferris, C. D . Carpenter, E. C. N ew com be, S. J. Throp, J J H enderson
A. K. H anchett, A. Broom field, A. B. Knapp, J. K. Brower, T. H. Coughlin.

W o o d b b id g e
D i r e c t o r s .—

R esources.

Loans and discounts:
Commercial d ep artm en t. . . .
Savings d ep artm en t.................... . .
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep a rtm en t...............
Prem ium a cco u n t....................
O verdrafts.............................
E xpenses, interest and taxes paid,
exceeding earn ings.........................
B anking house. . . ............
Furniture and fixtures...............
Other real e s t a te ...................
D u e from other banks and bankers,
not reserve c itie s .....................
Item s in tr a n sit.......................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve c itie s:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t..........................
Exchanges for clearing house:
C om m ercial d ep artm en t.............
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial departm en t................
Savings d ep artm en t......................
Silver coin:
Com m ercial d ep artm en t...........
Savings d ep a rtm en t........................
N ickels and cents:
C om m ercial d ep artm en t................
Savings departm ent.-......................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid i n ..................
Surplus fu n d ..............................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ..............................
D ividend s u n p a id ......................
Commercial deposits subject to
c h e ck .......................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s................................
Cashier’s checks o u tsta n d in g...........
S tate m onies on d e p o sit.....................
D u e to banks and ban k ers................
Postal savings d ep o sits.....................
Savings d e p o s its ....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
Bills p a y a b le .........................................
B onds sold under repurchase agree­
m ent .............................
T o ta ls .................................


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

R eport of
D ec. 31, T4

Report of
Mar. 4, T 5.

$209,294 34
10,000 00

$231,678 31

14,050
231,770
214
352

00
34
37
11

14,050
245,704
214
99

00
84
37
13

Report of ! Report of
M ay 1, T5. June 23, T5

$262,661 61
8,900
248.004
214
13

00
84
37
48

$249,953 89
8,900
241,070
214
509

00
41
37
42

R eport of
Sept. 2, T 5.

$245,652 75
5,900
257,421
214
1

00
77
37
52

2,632 97

2,692 97

2,757 95

2,757 95

2,798 95

3,500 00
15,545 33

3,500 00
7,905 09

3,500 00
3,555 12

3,500 00
6,957 49

1,804 50

21,816 18
25,770 33

36,746 29
25,843 44

15,941 78
27,980 47

24,556 88
23,253 32

23,568 45
21,108 45

2,600 00

1,000 00
1,000 00

620 89

1,000 00

15.000 00
10.000 00

17,843 00
4,059 00

16,610 00
9,300 00

14,199 00
16,960 00

18,880 00
14,000 00^

4,110 00

4,362 50

3,997 50

4,030 00

527 50'
3,805 00

2,100 50
70 00

1,140 00
1,238 00

1,540 00

647 50
683 00

2,158 00
490 00

279 76
22 39
882 88

116 43
188 28
238 91

46 97
52 37
664 87

31 54
61 72
680 57

251 70
58 08
586 35

$567,411 50

$600,220 56

$607,741 33

$599,587 95

$600,227 39

$25,000 00
10,500 00

$25,000 00
11,000 00

$25,000 00
11,000 00

$25,000 00
11,000 00

$25,000 00
11,500 00

30,417 08

28,645 96

26,975 56

31,390 75

31,094 46

85,432
111,629
286
802
10,000

26
56
01
63
00

97,158
135,937
188
176
10,000

88
37
01
18
00

107,313
125,741
41
615
10,000

99
79
19
52
00

106,194
119,172
9
43
10,000

98
34
40
93
00

88,303
120,640
108
30
10,000

66
10
00
63
00

7,218 02
266,225 94
19,900 00

7,218 10
264,996 06
19,900 00

7,218 10
270,735 18
23,100 00

7,218 10
263,258 45
26,300 00

6,667 24
265,083 30
31,800 00

$567,411 50

$600,220 56

$607,741 33

$599,587 95

$600,227 39

10,000 00

ST A T E BANKING D EPA R TM EN T.

56

No. 243.
C IT IZ E N S ’ STATE BANK, BIG RA PID S.
Organized Septem ber 28, 1901.
President; F r e d E. H o o d , Vice President; D . C. M o r r i l l , Cashier;
F r e d A. A s h l e y , A ssistant Cashier.
A. W right, A. W. B en n ett, Geo. F. Fairm an, Jos. B arton, W. T. D odge,
D . C. M orrill, W m. E. B ailey, F. E. H ood, L. F. Bertran, W m. T. Jones, C. W. D oe.

G eorge

A.

W r ig h t ,

D i r e c t o r s . — George

F.esources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
Dnmmereia,! d ep a rtm en t................
Savings d ep artm en t.........................
.......................
Premium account
Overdrafts ............................................
E xpenses, interest and taxes paid,
PYceeding earnings
B anking h o u se .......................................
Furniture and fixtures.........................
Other real estate
..............
D u e from other banks and bankers,
.........................
'not, reserve cities
Item s in tr a n s it.....................................
U n ited States bonds:
Savings departm ent ....................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Oommero.ial department,
Savings departm ent
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial departm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
C ommercial d ep artm en t................
Savings departm en t.........................
Checks and other cash ite m s ...........
T otals

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

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................................................
"Dividends unpaid
C om m ercial deposits subject to
check .....................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e u o sit. .
D u e to banks and ban kers................
Posta.l sa.vings d en o sits...........
Savings d ep o sits....................................
Sa.vings eert,ifirates of d e p o s it.. .
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
Bills p a y a b le ............................................
B onds sold under repurchase agreem ent
T o ta ls ...............................................


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

Report of
R eport of
D ec. 31, T 4. M ar. 4, T 5.

Report of
Report of
R eport of
M ay 1, '15. June 23, ’15. Sept. 2, T 5.

$338.357 44
62,354 05

$338,458 15
63,885 12

$352,067 16
62,757 26

$368,748 43
76,652 50

$387,948 18
71,352 50

236,127 70

231,932 70

233,380 20

237,250 20

232,392 50

255 46

213 70

147 07

36 81

94 70

10,000 00
3,500 00

10,000 00
3,500 00

10,000 00
3,500 00

10,000 00
3,500 00

10,000 00
3,500 00
5,688 62

1,573 60

1,715 53

1,928 09

4,672 62

5,555 28

49,377 62
45,819 98

50,568 31
44,767 45

50,537 95
41,587 70

19,627 85
30,710 89

30,419 77
45,626 78

35.000 00
5,821 00

15,970 00
13,000 00

13,117 00
10,000 00

10,000 00
9,438 00

12,000 00
7,022 00

4,317 50
10.000 00

9,000 00
5,405 00

8,000 00
6,987 50

9.000 00
7,195 00

15,000 00
2,270 00

5,800 00
4,295 35

3,708 05
5,800 00

5,000 00
4,516 15

8.000 00
2,324 15

6,500 00
3,571 10

127 53
780 08
1,877 40

573 21
406 52
798 46

296 81
585 63
886 07

115 89
630 80
667 81

319 92
560 16
836 00

$815,384 71

$799,702 20

$805,294 59

$798,570 95

$840,657 51

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

7,506 13
2,500 00

8,846 03

12,383 77

10,468 13

10,251 69

175,971 40
183,762 54
60 00
99

166,989 11
180,588 62

5,385 49

3,078 46

2,016 28

5,028 13

6,882 19

328,398 16
36,800 00

326,896 79
38,300 00

325,114 44
34,700 00

328,901 54
35,300 00

327,595 04
35,200 00

14,500 00

34,248 50

$798,570 95

$840,657 51

$815,384 71

3 19

$799,702 20

166,113
189,606
350
9

72
39
00
99

$805,294 59

136,493
192,760
. 100
19

18
48
00
49

148,141
203,304
29
4

75
50
50
34

STA TE BANKS OF MICHIGAN.

•57

No. 505.
T H E B IR C H R U N STA TE BANK, B IR C H RUN .
Organized June 13, 1912.
H.

C has.
D i r e c t o r s ,—

M ay,

President;

E rnest

R.

M ay,

Vice President;

R aymond

G.

F rost,

Cashier.

Chas. H. M ay, E rnest R. M ay, R aym ond G. Frost, Chas. W olohan, M iles L. Hadsall.

Resources.

Loans and discounts:
C ommercial departm ent .
Savings departm en t..
Bonds, m ortgages and securities:
Commercial departm ent .
Savings d ep artm en t___
Prem ium a c co u n t..
E xpenses, interest and taxes paid
exceeding earn ings. . .
B anking h o u se . . .
Furniture and fixtures..
Other real e s t a te .
D u e from other banks and bankers,
not reserve cities
Item s in tr a n sit. .
U n ited S tates bonds:
Savings d ep artm en t...........
D u e from banks in reserve cities:
C ommercial d ep a rtm en t. . . .
Savings departm en t. . .
E xchanges for clearing house:
C ommercial d ep artm en t..
U . S. and N ation al bank currency:
C ommercial d ep artm en t.
Savings d ep artm en t. . .
G old coin:
C ommercial departm ent
Savings departm en t........
Silver coin:
C ommercial d ep artm en t. . . .
Savings departm en t..
N ickels and cents:
C om m ercial departm en t.
Savings departm ent .
C hecks and other cash item s
T o ta ls ............
Liabilities.
Capital stock paid i n . . .
Surplus fu n d .........
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .....................
D ividend s u n p a id ..........
C om m ercial deposits subject to
c h e ck ................
Commercial certificates of d e p o sit. .
Certified ch e ck s. .
Cashier s checks outstanding
S ta te m onies on d e p o sit.........
D u e to banks and bankers
Postal savings d ep o sits.........
Savings d e p o s its ... .
Savings certificates of deposit
R eserve for taxes; interest, e tc . . . .

Report of
D ec. 31, T4

R eport of
Mar. 4, T5.

$34,308 68
35,715 18

$32,126 43
30,239 84

$34,446 85
38,456 37

$38,739 75
36,359 40

$43,551 60
34,384 12

45,269 78

47,193 13

43,561 81

9,900 00
41,530 27

9,900 00
42,783 02

220 57

4,927 81

482 71

146 46

256 85

1,939 80
2,491 83

1,939 80
2,491 83

1,939 80
2,491 83

1,939 8Ò
2,491 83

1,939 8Ò
2,491 83

19,912 52

23,577 35

18,776 04

3,095 72

170 77

14,803 56
9,000 00

10,659 26
9,000 00

5,474 06
9,000 00

6,758 28
9,000 00

18,322 90
9,000 00

2,061 00
4.000 00

245 00
4.000 00

2,066 00
4.000 00

1,850 00
4.000 00

201 00
4.000 00

15 00
1.000 00

70 00
1.000 00

107 50
1.000 00

175 00
1.000 00

280 00
1.000 00

350 25

1 20

355 30

160 95

179 70

Report of j Report of
R eport of
M ay 1, T5. June 23, T5 . Sept. 2, T5.

41 91

3 76

60 68

132 68

104 45

431 59

969 75

946 00

69 57

■ 1,271 20

$171,561 97

$168,445 16

$163,164 95

$157,349 71

$169,837 24

$20,000 00
600 00

$20,000 00
1,000 00

$20,000 00
1,000 00

$20,000 00
1,000 00

$20,000 00
1,000 00

980 89

506 44

1,162 06

1,704 24

357 27

37,962 59
23,782 39

26,966 11
25,440 24

28,500 70
23,889 47

117 34

1,921 20

2,355 84

88,118 76

92,611 17

$171,561 97

$168,445 16

23,413
24,600
300
154

66
57
00
52

37,459 05
22,315 40

86,256 88

86,176 72

87,538 94

$163,164 95

$157,349' 71

$169,837 24

1,166 58

B ills p a y a b le .............
Bonds sold under repurchase agree­
m ent ..................
T o ta ls .................


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

ST A T E BANKING D EPA R TM EN T.

58

No. 411.
T H E F IR S T STA TE SAVINGS B AN K OF B IR M IN G H A M , B IR M IN G H A M .
Organized Septem ber 15, 1908.
F ra n k
D i r e c t o r s .—

F ord,

President;

F rank H agerm an,

Vice President;

T hos.

H.

C obb,

Cashier.

Frank Ford, Frank H agerm an, Thom as H . Cobb, Frank Schlaack, W. W. M asters,
T. B. Sm ith, W . B. Harris.

Resources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................

R eport of
R eport of
D ec. 31, ’14. Mar. 4, T5.

Report of
R eport of
Report of
M ay 1, ’15. June 23, T5. Sept. 2, T5.

$127,777 24
73,450 74

$132,410 18
76,368 81

$139,832 87
75,098 07

$130,647 78
97,109 47

$135,447 78
85,211 10

2,300 00
136,184 56

2,300 00
140,761 48

2,300 00
144,768 16

2,300 00
150,903 16

2,300 00
165,548 16
478 56

296 98

221 98

460 55

323 09

E xpenses, interest and taxes paid,
exceeding earn ings...........................
B an k in g house .....................................
Furniture and fixtures.........................
Other real esta te
..............................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................

2,000 00

1,000 00

1,000 00

1,000 00

U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................

9,548 61
23,740 36

29,238 26
22,612 63

9,107 91
42,627 66

43,994 64
57,635 30

35,994 85
55,657 97

4,867 00
4.000 00

8,120 00
3,000 00

6,248 00
9.000 00

9,609 00
6,000 00

10,818 00
2,000 00

274 84
10.000 00

372 50
11,000 00

787 36
7.000 00

702 36
10,000 00

312 36
14,000 00

1,687 00-

1,750 00

1,460 00

1,474 10

1,750 00

U . S. and N ation al bank currency:
Commercial d ep artm en t................
Savings d e p a rtm en t.........................
Gold com:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ......... ..............................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
Commercial deposits subject to
c h e ck ......................................................
C ommercial certificates of d e p o sit. .
Certifi ed ch e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red isco u n ted ............
Bills p a y a b le ............................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

266 30

275 77

168 93

144 50

170 42

1,101 30

536 82

1,333 29

871 84

587 91

$397,494 93

$429,968 43

$441,192 80

$512,715 24

$510,277 11

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

3,251 16

1,865 30

3,165 66

6,663 12

1,895 39
3 00

91,021 65
71,997 87

65,433 03
51,364 61
18 78

91,905 37
69,825 71

5,000 00

2,000 00
5,000 00
219,452 20
92,868 84

229,735 29
60,705 47

$512.715 24

$510,277 11

62,450
56,036
14
3

29
48
97
28

197,714 26
53,024 49

199,267 20
40,816 41

199,110 49
92,100 23

$397,494 93

$429,968 43

8441.192 80

Ì

85,541
103,278
1
4,117

61
35
00
00

STA TE BANKS OF MICHIGAN.

59

No. 481.
T H E BLA N CH ARD STATE BANK, BLANCHARD.
Organized April 4, 1911.
W il l ia m J. O k e ,

D i r e c t o r s .—

W m.

President;

A a h o n A m o n , Vice President; A n d r e w
C h e s t e r C . M c D o n a l d , A ssistant Cashier.

J.

W . O h r,

Cashier■

Orr, George Bilbrough, Aaron A m on, Andrew W . Orr, E. M . Orr.

Resources.

Loans and discounts:
C ommercial d ep artm en t...........
Savings d ep a rtm en t......................
Bonds, m ortgages and securities:
Commercial d ep artm en t.
Savings departm en t...............
Premium a c co u n t........
O verdrafts.............
E xpenses, interest and taxes paid
exceeding earn ings..............
Banking h o u s e . . . .
Furniture and fixtu res...........
Other real estate . . .
D u e from other banks and bankers
not reserve c itie s ................
Item s in tr a n sit...................
U nited States bonds:
Savings d ep a rtm en t..................
D u e from banks in reserve cities:
Commercial d ep a rtm en t...........
Savings d ep artm en t...............
Exchanges for clearing house:
C ommercial d ep a rtm en t.............
Savings d ep a rtm en t...............
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t....................
Gold coin:
Commercial d ep artm en t.............
Savings d ep artm en t....................
Silver coin:
C ommercial departm ent .
Savings d ep artm en t...........
N ickels and cents:
C ommercial d e p a r tm en t.. . .
Savings d ep artm en t....................
Checks and other cash ite m s ...........
T o ta ls .............................
Liabilities.
C apital stock paid i n . . . .
Surplus fu n d ....................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................
D ividends u n p a id .................
C ommercial deposits subject to
c h e c k ................
C ommercial certificates of d e p o sit. .
Certified ch e ck s................
C ashier’s checks o u tsta n d in g ... .
State m onies on d e p o sit. . . 7. .
D u e to banks and ban k ers.............
P ostal savings d ep o sits..................
Savings d e p o sits.........................
Savings certificates of d e p o sit. . .
R eserve for taxes, interest, e t c . . . .
N otes and bills red iscoun ted.........

R eport of
D ec. 31, T4

R eport of
M ar. 4, T5.

$63,064 11
15,000 00

$59,995 55
24,000 00

$50,385 99
25,793 70

$53,501 01
18,209 64

$51,063 57
31,659 20

1,984 66
32,625 00

2,084 66
27,080 00

2,084 66
27,685 00

2,084 66
27,885 00

2,084 66
15,670 00

32 73

4 66

13 61

255 19

120 40

5,283 35
1,477 52

5,283 35
1,477 52

5,283 35
1,477 52

5,283 35
1,477 52

5,283 35
1,477 52

3,187 21

921 38

8,460 21
7,000 00

9,832 41
7,000 00

7,639 48
3,000 00

12,143 49
4,000 00

3,968 52
4,500 00

89 01

390 13

184 24

555 17

125 84

4,619 00
2,500 00

3,990 00
2,200 00

2,982 00
2,700 00

2,017 00
3.500 00

490 00
500 00

610 00
500 00

122 50
1,000 00

90 00
1.500 00

95 00
1.500 00

1,071 40
241 00

946 10
375 00

557 40
492 00

829 75

777 90

91 05
12

115 36
8 13

121 68
8 16

146 52

168 14

$147,716 37

$146,814 25

$131,531 29

$133,478 30

$124,046 10

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4.000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

1,288 82

682 44

1,585 07

1,937 17

1,210 64

40,520
19,500
77
163
10,000

57
09
28
49
00

34,784
18,748
80
355
10,000

Report of
Report of
M ay 1, T5. June 23, T5

66
35
00
67
00

25,752 21
13,749 50

28,354 69
23,811 43

$147,716 37

Report of
Sept. 2, T5.

-

3,052 00
2.500 00

32
42
33
71
00

25,208 81
11,825 54

165 65
10,000 00

26,814
13,329
106
173
10,000

28,493 83
29,669 30

27,531 18
28,747 68

26,046 24
31,071 11

25,658 44
26,101 63

$146,814 25

$131,531 29

$133,478 30

$124,046 10

41 04
10,000 00

Bonds sold under repurchase agree­
m ent .........................
T o ta ls ........................


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

ST A T E BANKING D EPA R TM EN T.

60

No. 163.
T H E B L IS S F IE L D STA TE BANK, B LISSFIE LD .
Organized M ay 31, 1893.
F. F o r d , Vice Presidents; L. H. R o t h f u s s , Cashier;
K. B. G l a s e r , A ssistant Cashier.
i r e c t o r s . — Geo. F. Ford, W illiam R othfuss, Geo. W. D avenport, L. H . R othfuss, G. A. H athaw ay,
Jam es G. H ill, E. A. Beam er.
W il l ia m

D

R othfuss, G eo .

Resources.

Loans and discounts:
Commercial departm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
Commercial d ep artm en t................
Savings d ep artm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding ea rn in g s...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n sit......................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t. . . ' .........
Savings d ep artm en t........................
E xchanges for clearing house:
C ommercial d ep artm en t................
Savings departm en t.........................
U . S. and N ation al bank currency:
Commercial departm en t................
Savings d ep a rtm en t........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
Commercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
C ommercial deD artm ent................
Savings d ep a rtm en t........................
Checks and o~ther cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................................................
D ividends u n p a id .................................
Com m ercial deposits subject to
c h e c k .....................................................
Commercial certificates of d e p o sit. .
Certified ch eck s.....................................
Cashier’s checks o u tsta n d in g...........
S ta te m onies on d e p o sit.....................
D u e to banks and b a n k ers................
P ostal savings d ep o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc ........
N otes and bills red iscoun ted............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

R eport of
Report of
D ec. 31, ’14. M ar. 4, T5.

R eport of
Report of
Report of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$157,562 23
47,406 36

$171,354 57
44,932 85

$176,337 23
41,568 33

$139,999 54
37,559 73

$128,645 43
36,889 77

164,870 00

172,635 00

161,235 00

166,440 00

166,040 00

170 21

453 30

267 01

303 08

79 91

5.000 00
2.000 00

5.000 00
2.000 00

5.000 00
2.000 00

5.000 00
2.000 00

5.000 00
2.000 00

40,619 16
29,813 54

29,705 94
25,439 42

9,448 39
23,886 15

31,830 43
30,592 11

58,155 42
38,273 21

244 90

61 90

229 79

15 80

9 00

6,118 00
7,200 00

7,806 00
7,000 00

7,565 00
6,500 00

4,909 00
7.000 00

7,865 00
7,100 00

3,300 00
5,000 00

3.200 00
5.200 00

3,300 00
5,000 00

3,400 00
5.000 00

3,900 00
5,000 00

893 30
526 00

368 15
301 00

930 ’05
397 00

1,082 35
342 00

960 20
591 00

201 61

153 97

147 40

131 92

121 -62

$471,077 53

$475,612 10

$443,811 35

$435,605 96

$460,637 20

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
15,000 00

3,333 43

5,274 24

8,076 77

8,143 98

4,354 95

68,769 72
82,438 09

70,150 56
88,160 01

60,693 22
90,089 57

55,760 85
92,851 41

76,440 08
91,022 04

254,536 29

250,027 29

237,951 79

246,849 72

253,820 13

30,000 00

30,000 00

15,000 00

S471,077 53

$475,612 10

$443,811 35

$435,605 96

$460,637 20

152 22

6 64

STA TE BANKS OF MICHIGAN.

61

No. 221.
T H E JIP S O N -C A R T E R STATE BANK, B LISSFIE LD .
Organized M arch 1, 1900.
W.

C. J ipso n ,

D i r e c t o r s .—

President;

C h a s . L. K i n g , J. J. W a l p e e , Vice Presidents;
O t t o H. J o h n s o n , A ssistant Cashier.

J.

G . B a u er ,

Cashier;

W. C. Jipson, C. E . H ow land, J. H. H olt, J. J. W alper, R. M . Eccles, Chas. L. King,
J. G. Bauer, T. G. Glaser, H. E. Morrow.

R esources.

Loans and discounts:
C ommercial d ep a rtm en t................
. Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Premi um -account...............
O verdrafts...........................
E xpenses, interest and taxes paid
exceeding ea rn in g s...........................
B ankin g h o u se ..........................
Furniture and fix tu res....................
Other real e s t a te ......................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.......................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial d ep a rtm en t................
Savings d ep artm en t..................
E xchanges for clearing house:
Commercial d ep a rtm en t................
Savin gs d ep artm en t.........................
U . S. and N ation al ban k currency:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial d ep a rtm en t................
Savin gs d ep a rtm en t........................
Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................
Liabilities.
C apital stock paid in .............
Surplus fu n d ...................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................
D ividend s u n p a id .................................
Com m ercial deposits subject to
c h e ck ...............................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s...................
C ashier’s checks o u tsta n d in g ...........
State m onies on d e p o sit.....................
D u e to banks and ban k ers.............
Postal savings d e p o sits................
Savings d e p o sits.........................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
B ond a c c o u n t.........................................
N o tes and bills red isco u n ted ............
Bills p a y a b le ..................................
B onds sold under repurchase agree­
m en t ...........................
T o ta ls .................................


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

Report of
R eport of
D ec. 31. ’14. Mar. 4, T5.

$120,441 75
-66,485 30
2,000
405,128
2,073
900

00
75
61
86

$146,442 49
52,975 62
3,000
409,778
4,664
638

00
75
88
69

Report of
Report of
Report of
M ay 1, ’15. June 23, T5. Sept. 2, T 5.

$115,909 79
29,946 10
10,000
408,720
4,625
403

00
75
75
06

$82,215 65
16,766 75

$70,094 45
23,383 37

10,000
441,825
4,598
158

10,000
511,201
4,486
111

00
75
95
07

00
86
64
45

8,301 90
4,694 58

8,301 90
4,694 58

8,301 90
4,694 58

8,301 90
4,694 58

8,301 90
4,694 58

3,068 86

3,425 44

900 00

2,750 00

3,875 00

8,866 75
81,698 31

25,172 97
86,895 88

19,436 99
116,059 61

44,215 85
131,694 51

36,348 72
103.205 57

2,500 00
8,324 00

4.500 00
5,516 00

5.000 00
6,367 00

4.000 00
8,039 00

5.000 00
7,027 00

4,000 00
16,075 00

4.500 00
15,520 00

4.000 00
16,075 00

4.000 00
16,065 00

5.000 00
15,160 00

1,189 45

1,212 40

1,533 60

1,450 65

1,739 95

55 27
437 34

215 53
924 01

230 13
4,463 96

219 96
56 62

156 99
43 85

$736,241 73

$778,379 14

$756,668 22

$781,053 24

$809,831 33

$50,000 00
14,000 00

$50,000 00
15,000 00

$50,000 00
15,000 00

$50,000 00
15,000 00

$50,000 00
16,000 00

9,525 34

8,480 44

11,666 52

12,458 52

7,330 37

93,851 97

125,759 76

122,778 82

105,458 79

114,872 27

5,000 00

5,000 00
317,135 02
276,000 91

359,117 38
. 262,511 31

$781,053 24

$809,831 33

308,793 92
232,070 50

306.148 84
244,990 10

28,000 00

28,000 00

294,149 63
258,073 25
•

$736,241 73

$778,379 14

$756,668 22

ST A T E BAN KING D EPA R TM EN T.

62

No. 516.
T H E P E O P L E ’S STATE BAN K OF B LO O M IN GD ALE.
Organized July 9, 1912.
E. A l l e n , President; A e t h u r B. W i g g i n s , Vice President; E l l i s S i m o n , Cashier.
D i r e c t o r s .— D aniel M . Allen, Lowell A. N ew com b, E llis Sim on, R uben E . Allen, Edw in J. D a y to n ,
D a v id Joy, Arthur B. W iggins.
R uben

R esources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t........................
O verdrafts................................................

R eport of
Report of
D ec. 31, T 4. Mar. 4, T5.

R eport of
R eport of
R eport of
M ay 1, ’15. June 23, T 5. Sept. 2, T 5.

$74,630 73
55,241 50

$70,158 95
51,161 50

$79,549 61
48,805 00

$81,003 38
44,705 00

$76,983 40
45,860 00

4,000 00
64,195 95

4,000 00
65,145 58

5,600 00
66,895 58

5,600 00
66,395 58

4,400 00
66,615 58

514 93

620 37

2,173 01

136 33

176 66

1,000 00
830 00

1,000 00
830 00

1,000 00
830 00

1,000 00
830 00

800 00
830 00

483 08
580 19

337 09
356 75

27 30
398 00

2,727 10
11,500 00

8,989 53
14,500 00

2,726 54'
13,100 00

4,658 65
11,000 00

5,495 64
13,000 00

3,022 00
4,700 00

307 00
3,900 00

2,387 00
4,400 00

2.091 00
4,100 00

3,285 00
4,800 00

95 00
2,107 42

162 50
2,107 42

90 00
2,309 92

120 00
2,309 92

110 00
1,609 92

392 45

388 20

207 40

273 60

318 60
74 50

E xpenses, interest and taxes paid,
earn in g s
Furniture and fixtu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
Tterns in tra n s it
U nited States bonds:
Sayings d ep artm en t,
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C om m ercial departm ent.
U . S. and N ational bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
Gold coin:
Commercial d ep a rtm en t................
Savings departm en t.........................
Silver coin:
C ommercial d ep artm en t................
S ayings d e p a rtm e n t
N ickels and cents:
Commercial d ep a rtm en t................
Sa.vings d e p a rtm e n t
C hecks and other cash ite m s ............
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fund ..........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D iv id e n d s u n p aid
C om m ercial deposits subject to
c h e c k .....................................................
C om m ercial certificates of d ep o sit
C ertified checks
Ca.shier’s checks o u ts ta n d in g . . .
State m onies on deposit .
D u e to banks and ban kers................
P o sta l sa.vings d ep o sits
Savings d e p o sits....................................
Savings certificates of d e p o sit..........
B eserv e fo r ta x e s, in te re s t, e tc .
N o te s a,nd bills red isco u n ted
B ills payable
B onds sold under repurchase agreement,
T o ta ls ...............................................


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

1,707 22

84 92

118 69

76 71

105 99

251 00

247 68

125 25

22 02

64 11

$226,356 27

$224,331 26

$230,701 32

$224,351 47

$226,130 63

$20,000 00
22,000 00

$20,000 00
22,000 00

$20,000 00
22,000 00

$20,000 00
22,000 00

$20,000 00
22,000 00

2,315 35
30 00

1,558 62
30 00

1,891 48
30 00

2,376 45

791 76

46,252 07

47,105 48

49,283 60

44,752 84

46,702 78

5,000 00
17 16

5,000 00
449 80

1,986 27

16,824 09
115,654 99

17,949 32
111,823 06

19,671 61
108,978 21

15,423 49
120,335 36

15,156 74
118,480 42

6,000 00
'
$226,356 27

$224,331 26

$230,701 32

$224,351 47

$226,130 63

STA TE BANKS OF MICHIGAN.

63

No. 436.
T H E FA R M E R S' STA TE BAN K OF B R E C K E N R ID G E , B R E C K E N R ID G E .
Organized April 21, 1909.
President; A . L . G i l e s , Vice President; R . L . B a l d w i n , Cashier;
L. W . W o l f e , A ssistant Cashier.
Alex. Chisholm , B . L . H odge, A. L . Giles, J . L . Sm ith, E . Arnold, R obert D onnan,
Robert B osw ell, C. K. Fox.

A l e x . C h ish o lm ,
D i b e c t o r s .—

i
Resources.

Loans and discounts:
Commercial d ep a rtm en t................
Savings departm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep artm en t...............
Prem ium a cco u n t...........
O verdrafts.............................
Expenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se .....................
Furniture and fixtures...............
Other real e s t a te ......................
D u e from other banks and bankers,
not reserve c itie s .................
Item s in tr a n s it............
U nited States bonds:
Savings departm en t.........................
D u e from banks in reserve cities:
C ommercial departm en t...........
Savings d ep artm en t....................
Exchanges for clearing house:
Commercial d ep artm en t................
Savings d ep artm en t........................
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep artm en t................
Savings departm en t.........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................
D ividends u n p a id ......................
C ommercial deposits subject to
c h e c k .................................................
C om m ercial certificates of d e p o sit..
Certified ch e ck s...................................
C ashier’s checks ou tsta n d in g...........
S ta te m onies on d e p o sit.....................
D u e to banks and b a n k ers................
Postal savings d ep o sits.......................
Savings d ep o sits................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
B ills p a y a b le .......................................
B onds sold under repurchase agree­
m e n t.......................................................
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, T 4. Mar. 4, T5.

R eport of
Report of
R eport of
M ay 1, T 5. June 23, T 5. Sept. 2, T5.

$52,245 43
25,788 68

$68,867 93
15,744 80

$75,770 06
19,325 94

$74,239 86
18,494 58

$79,682 34
15,035 37

32,836 61

43,036 61

36,010 50

35,560 50

36,560 50

3,551 00

349 67

245 90

360 91

201 82

5,300 00
2,500 00

5,300 00
2,500 00

5,300 00
2,500 00

5,300 00
2,500 00

5,300 00
2,500 00

454 58

476 02

11,664 89
7,680 96

6,552 44
7,301 11

6,127 99
7,006 15

8,885 43
6,314 69

4,256 80
4,732 05

1,942 00
2,500 00

4,316 00
2,000 00

3,203 00
2,000 00

4,500 00
1,760 00

3,836 00
2,000 00

697 50
1,200 00

342 50
1,600 00

717 50
1,200 00

100 00
1,680 00

85 00
1,500 00

244 70
90 00

587 70
50 00

137 90
90 00

404 50
40 00

423 75
150 00

73 07
4 12
252 76

81 03
35 67
122 95

76 21
2 87
175 95

109 66
2 25
44 42

90 23
1 11
278 12

$148,571 72

«158,788 41

$160,344 55

$160,296 80

$157,109 11

$20,000 00
3,400 00

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

683 03

409 78

1,023 11

567 56

92 51

23,258 79
31,129 51

20,464 76
44,145 68

26,203 07
43,482 91

24,555 51
47,321 71

24,401 63
43,635 94

43,632 20
26,468 19

42,480 17
27,288 02

39,376 94
26,258 52

41,052 06
22,799 96

39,293 06
20,685 97
5,000 00

$148.571 72

$158,788 41

$160,344 55

$160,296 80

$157,109 11

ST A T E BAN KING D EPA R TM EN T.

61

No. 187.
F IR S T STA TE SAVINGS BAN K OF B R E C K E N R ID G E , B R E C K E N R ID G E .
Organized April 7, 1896.
B. C r a w f o r d , President; W. O. W a t s o n , A. J o h n s t o n e , Vice Presidents;
A lf . F. C r a w f o r d , Cashier; O. G. C o l t h o r p , A ssistant Cashier.
i r e c t o r s .— Jam es B. Crawford, W . O. W atson, L. W aggoner, A. Johnstone, John M itchell,
Jam es P. Gibbs, Alf. F. Crawford, Thos. Crawford, C. Peterm an.
J ambs

D

R esources.

Loans and discounts:
C ommercial departm en t................
Savings department,
Bonds, mortgages and securities:
r,ommprria,l department,
Savings d ep artm en t........................

Report of
R eport of
Dec. 31, T 4. Mar. 4, T 5.

Report of
Report of
R eport of
M ay 1, T5. June 23, T5. Sept. 2, ’15.

$103,786 52
3,000 00

$113,774 22

$110,905 06
3,761 11

$115,666 94

$127,107 10

34,785 07

32,785 07

30,285 07

29,985 07

29,214 87

1,285 03

1,368 14

796 37

1,348 57

900 54

1,219 40
1,500 00

1,219 40
1,500 00

1,219 40
1,500 00
1,100 00

1,219 40
1,500 00
1,100 00

1,219 40
1,500 00
1,100 00

7,809 18

4,443 82

1,827 34

3,261 11
4,214 28

1,820 00
1,361 78

D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings departm en t.........................
Exchanges for clearing house:

10,565 36
4,507 80

21,449 65
10,208 07

3,595 13
2,885 61

8,533 53
5,695 51

9,596 03
2,606 73

U . S. and N ational bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Gold com:

4,839 00
1,000 00

5,280 00
5,000 00

4,487 00
2,400 00

4,723 00
2,500 00

3,655 00
3,500 00

Savings d ep artm en t........................

1,072 50

1,102 50

1,142 50

1,142 50

1,182 50

1,061 20
350 00

1,154 75
500 00

974 50
59 50

1,032 05
275 00

591 50
300 00

70 14
21 33
109 98

67 88
35 21
1,184 86

177 40
7 95
643 73

•

62 70
22 90
440 74

83 27
16 20
460 09

$176,982 51

$201,073 57

$167,767 67

$182,723 30

$186,215 01

$16,000 00
16,000 00

$16,000 00
16,000 00

$16,000 00
16,000 00

$16,000 00
16,000 00

$16,000 00
16,000 00

491 67

1,223 88

1,305 18

834 48

693 18

47,386 25
45,925 85
442 04

63,165 09
49,053 75

37,044 52
45,876 23

41,546 22
63,721 62

44,29o 89
67,404 64

O verdrafts................................................
Expenses, interest and taxes paid,
Banking house .....................................
Furniture and fixtures ......................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve cities
.....................
Item s in tr a n sit......................................
U nited States bonds:

Silver coin:
C ommercial departm en t................
Savings d ep artm en t........................
N ickels and cents:
C ommercial d ep artm en t................
Savings departm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid
.
...................................
C om m ercial deposits subject to
c h e c k .....................................................
C ommercial certificates of d e p o sit. .

*
Savings deposits
..............................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .

24,417 61
20,319 09
6,000 00

23,758 08
25,872 77
6,000 00

B ills payable
.....................
B onds sold under repurchase agree-

22,653 68
17,888 00
6,000 00

25,458 27
14,162 71

26,198 98
• 10,621 32

5,000 00

5,000 00

5,000 00

$167,767 67

$182,723 30-

$186,215 01

...................................
T o ta ls ...............................................


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

$176,982 51

$201,073 57

65

STA TE BANKS OF MICHIGAN.
No. 452.
T H E B R IG H T O N STA TE BANK, B R IG H TO N .
Organized April 11, 1910.
W . P.
D

President; W . T. F r y , Vice President; F r a n k M . L a n s i n g , Cashier.
i r e c t o r s . — J. A . N elson, C. E . Placew ay, W . T. Fry, F. M . Bergin, A. L. Sm ith,
W . P. V an W inkle, F. T. H yne.
V an W in k l e ,

Resources.

Loans and discounts:
C ommercial departm en t................
Savings departm ent ......................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings departm en t.........................
Premium account
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earnings
Banking h o u se .......................................
Furniture and fixtu res........................
Other real estate
D u e from other banks and bankers,
not reserve cities
Item s in tr a n sit.....................................
U nited States bonds:
Savings d ep artm en t........................
D u e from banks in reserve cities:
C ommercial departm en t................
Savings departm en t........................
E xchanges for clearing house:
Commercial departm ent. . .
Savings departm en t.........................
U . S. and N ation al bank currency:
Commercial departm en t................
Savings departm en t.........................
Gold coin:
C ommercial departm en t................
Savings d ep a rtm en t........................
Silver coin:
Commercial departm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial departm en t................
Savings d ep artm en t........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ..
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends unpaid
C ommercial deposits subject to
c h e c k .....................................................
Commercial certificates of deposit
Certified checks
C ashier’s checks o u tsta n d in g ...
S tate monies on deposit
O ne to hanks and hankers
Postal savings d ep o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o s it.........
Reserve for taxes, interest, etc
N otes and hills rediscounted
Rills payable
B onds sold under repurchase agreem ent
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, T 4. M ar. 4, T5.

Report of
Report of
Report of
M ay 1, T 5. June 23, T 5. Sept. 2, T5.

326,790 44

$27,808 11

$33,252 85

$34,136 37

$35,805 32

8,000 00
52,650 00

11,400 00
54,875 00

7,550 00
62,350 00

5,000 00
62,100 00

8,000 00
60,940 00

44 63

113 25

79 97

7,936 65
1,590 75

7,900 00
1,500 00

7,900 00
1,500 00

365 13

490 46

963 67

319 00

86 47

15,043 05
7,281 38

19,020 75
7,824 82

16,588 06
8,115 88

21,833 09
9,078 56

18,291 89
12,851 62

4,500 00
3,278 00

3,590 00
4,000 00

3,287 00
3,000 00

3,067 00
4,000 00

3,500 00
3,065 00

522 50
200 00

155 00
600 00

222 50
720 00

457 50
500 00

516 25
516 25

679 55
' 70 00

272 30
400 00

307 70
310 00

253 50
290 00

376 54
522 31

193 44
27
51 45

65 90
153 30
58 68

14 98
200 56
265 95

228 90
8 92
116 68

102 47
102 50
47 10

$129,197 24

$140,232 57

$146,629 12

$150,789 52

$154,186 65

$20,000 00

. $20,000 00
300 00

$20,000 00
300 00

$20,000 00
300 00

$20,000 00
300 00

2,827 40
....

1,348 88

1,561 84

1,627 76

1,958 30

41,303 13

49,276 83

48,351 15

51,430 54

52,458 88

1,535 61
29,735 63
33,795 47

1,453 74
32.284 36
35,568 76

1,453 74
41,304 00
33,658 39

1,453 74
38,371 84
37,605 64

1.471 79
39,534 60
38,463 08

$129,197 24

$140,232 57

$146,629 12

$150,789 52

$154,186 65

62 93

7,900 00 ’
1,500 00

7,900 00
1,500 00

68

ST A T E BANKING D EPA R TM EN T.
No. 519.
T H E B R IM L E Y STATE BANK, B R IM LEY .
Organized August 28, 1912.
W m.

H.

W allace,

D i r e c t o r s .—

President; A. W.

R e in h a r d ,

Vice President;

F rank

K.

W allace,

Cashier.

Wm. H. W allace, Frank K. W allace, C. B. Chatfield, A. W. Reinhard, M . Reinhard.

Resources.

Loans and discounts:
C ommercial departm ent
Savings d ep artm en t...............
Bonds, mortgages and securities:
C om m ercial departm en t..
Savings d ep artm en t..................
Prem ium a c co u n t....................
O verdrafts...........................
E xpenses, interest and taxes paid
exceeding earn ings................
Banking h o u se .....................
Furniture and fixtures...........
Other real e s t a te ............
D u e from other banks and bankers
not reserve c itie s ............
Item s in tr a n s it.................
U nited States bonds:
Savings d ep a rtm en t...........
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t. . . .
Savings d ep a rtm en t. . . .
E xchanges for clearing house:
C ommercial d ep a rtm en t. . . .
U . S. and N a tio n a l bank currency:
C ommercial d ep a rtm en t...........
Savings departm en t........
Gold coin:
C ommercial d ep artm en t..
Savings d ep a rtm en t...........
Silver coin:
Commercial departm en t. . . .
Savings d ep a rtm en t. . .
N ickels and cents:
C ommercial d ep artm en t..
Savings d ep artm en t...........
C hecks and other cash ite m s .. .
T o ta ls .............................
Liabilities.
C apital stock paid in ........
Surplus fu n d .............
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ............................
D ividend s u n p a id ...............
C om m ercial deposits subject to
c h e ck ................................
C om m ercial certificates of deposit
Certified ch e ck s. .
C ashier’s checks o u tsta n d in g ... .
Sta te m onies on d e p o sit. .
D u e to banks and bankers.
P o sta l savings d e p o sits.........
Savings d e p o sits....................
Savin gs certificates of d e p o sit. .
R eserve for taxes, interest, e t c . . . .
N o tes and bills rediscounted. . . .
B ills payable
B onds sold under repurchase agree­
m ent .................
T o ta ls ........................


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

Report of
D ec. 31, T 4

Report of
Mar. 4, T5.

$21,203 30

$22,651 90

$23,780 44

$20,765 76

$18,455 25

14,369 87

16,520 82

22,835 95

26,985 95

27,935 95

5 74

2 60

5 50

3 50

49 16

3,948 62
1,476 04
212 47

3,948 62
1,519 11

3,948 62
1,516 11

3,948 62
1,527 34

3,515 05

6,151 56
105 55

2,377 01

2,262 92

4,400 33

3,134 22
1,500 00

5,191 88
1,500 00

3,214 81
1,500 00

1,911 38
1,500 00

2,279 25
1,500 00

1,789 00
675 00

1,449 00
700 00

730 00
945 00

1,192 00
600 00

1,280 00
457 00

40 00

45 00

45 00

45 00

40 00

200 00
42 50

59 60
100 00

150 80
118 35

150 00
98 85

257 05
100 00

52 06
13 27
317 88

44 13
36 05
246 51

56 26
38 31
766 80

33 37
18 21
86 38

41 20
23 57
366 19

$52,495 08

$60,272 33

$62,028 96

$61,129 28

$62,662 15

$20,000 00

$20,000 00

$20,000 00

$20,000 00

$20,000 00

'
764 93

863 13

766 65

1,270 86

1,186 82

20,444 63

24,553 00

21,456 37

20,162 08

19,795 46

71 55

131 00

Report of
Report of ! Report of
M ay 1, T5. June 23, T5 ; Sept. 2, T5.

.

3,948 62
1,528 58

25 00
5,000 00

5,000 00

2,000 00
5,000 00

10,308 97
905 00

10,005 07
4,720 13

9,898 84
4,907 10

8,786 24
5,885 10

9,108 94
5,570 93

$52,495 08

$60,272 33

$62,028 96

$61,129 28

$62,662 15

STA TE BANKS OF MICHIGAN.

67

No. 409.
T H E F IR S T STA TE SAVINGS BAN K OF BRONSON.
Organized M ay 1, 1908.
J. E.

Vice President; B . P . T a g g a r t , Cashier;
A ssista n t Cashier.
C J. H olm es, J. E. W atson, J F Werner, C. G. Babcock, W m . B. Bushnell,
E . W. Werner, Frank Coward, Jesse M onroe, C. C. Fenner.

W atson,

D ir ec to r s.

President; C. G.

E eso'urces.

Loans and discounts:
C om m ercial d ep artm en t...........
Savings d ep artm en t....................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t. . .
Savings d ep artm en t...........
Prem ium a c co u n t........
O verdrafts................
E xpenses, interest and taxes paid
exceeding earn ings. . .
Banking h o u se ...................
Furniture and fix tu res............... . '
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve ci ti es . . . .
Item s in tr a n s it.....................
U nited States bonds:
Savings d ep artm en t......................
D u e from banks in reserve cities:
C om m ercial d ep artm en t.............
Savings d ep artm en t.................... j
Exchanges for clearing house:
C ommercial d ep artm en t. . . .
Savings d ep artm en t......................
U . S. and N ation al bank currency
C om m ercial departm ent
Savings d ep artm en t...............
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep a rtm en t. . .
Savings departm en t.............
N ickels and cents:
C ommercial d ep artm en t. . .
Savings d ep artm en t.............
C hecks and other cash ite m s .
T o ta ls .
Liabilities.
C apital stock paid i n . . .
Surplus fund
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ..........................................
D ividends u n p a id ...............'' ' ' '
Com m ercial deposits subject to
c h e c k ...................................................
C om m ercial certificates of deposit
Certified ch e ck s...................................
C ashier’s checks o u tsta n d in g .........
Sta te monies on d e p o sit...................
D u e to banks and bankers
Postal savings deposits.
Savings d ep o sits..................................
Savings certificates of d e p o sit. . . !
R eserve for taxes, interest, etc
N otes and bills rediscounted. .
Bills p a y a b le .........................................
B onds sold under repurchase agree
m e n t......................
T o ta ls ...............................................


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

B abcock,
S haffm aster,

Report of
D ec. 31, ’14

Report of
Mar. 4, ’15.

Report of
M ay 1, T5

$47,847 47
47,475 93

$45,326 98
66,279 26

$47,889 45
68,030 91

9,000 00
103.845 00

1,000 CO
99,370 00

109,795 00

112,285 00

113,820 00

774 91

447 70

21

148 23

1,019 35

7,400 00
2,710 42

7,400 00
•2,710 42

7,400 00
2,710 42

7,400 00
2,710 42

7,400 00
2,729 28

55 21

1,000 00

R eport of
June 23, ’15

$48,o20 93
45,793 98
1,000 00

104 92

Report of
Sept. 2, ’15.

$53,604 91
51,477 52
1,000 00

2,040 00

4,184 03
17,701 45

9,198 23
37,715 18

7,424 85
26, 252 92

9,117 17
31,116 91

5,454 78
18,518 11

4,238 00
2,500 00

2,742 00
3,500 00

2,549 00
4,200 00

1,654 00
4,500 00

1,265 00
3,000 00

395 00
6,500 00

550 00
5,000 00

297 50
4,600 00

47 50
5,000 00

147 50
5,000 00

1,373 55

905 25
490 00

278 15
190 00

404 80
485 00

643 35
990 00

135 53

138 49

76 17

626 35

678 40

94 05
15 00
98 18

64 57

354 ÓÒ
5,490 50

$283,409 86

$285,575 90

$270,691 17

$268,185 37

$50,000 00
4,000 00

$50,000 00
4,000 00

$50,000 00
4,200 00

$50.000 00
4,200 00

$50,000 00
4,400 00

3,190 08

4,592 87

4,223 39

4,248 47

3,990 44

31,992 60

44,055 24

49,146 69

25,231 42

27,017 64

1,000 87

18 00

10 00

10 00

102 00

5,000 00

5,000 00

10 00
1 00

2 00

35,330 59
130,976 36

37,905 71
142,838 04

36,725 82
136,178 00

38,133 42
143,877 86

37,825 78
144,949 51

$256,490 50

$283,409 86

$285,575 90

$270,691 17

$268,185 37

ST A T E BANKING D EPA R TM EN T.

68

No. 312.
T H E BRO O KLYN STATE B A N K , BROOKLYN.
Organized M ay 16, 1905.
d w in

J.

E

ir e c t o r s .—

E.

J.

E
D

President; F r a n k B r o w n , Vice President; E b e n F . H o r n in g , Cashier;
A. E. S h b k e l l , A ssistant Cashier.
E nnis, John M . H orning, D a v id J. B oyce, W m. J Roberson, Chas. T. Greene,
Frank; Brown, J. W . Pierce, W . J. N eely, W . T. Parker.

n n is ,

Resources.

R eport of
R eport of
|j Dec. 31, ’14. Mar. 4, ’15.

Loans and discounts:
Cnmmere.ial departm en t................
Savings department, ......................
Bonds, m ortgages and securities:

R eport of
R eport of
Report of
M ay 1, ’15. J une 23, ’15. 3ept. 2, ’15.

$78,301 08
68,304 66

$80,895 91
72,990 02

$81,275 87
77,244 86

$81,447 84
73,625 44

$80,370 42
73,378 00

2,610 00
136,387 19

2,610 00
136,667 19

7,340 00
124,517 19

7,340 00
126,643 84

7,325 00
126,997 19

2,241 55

1,900 36

1,084 32

733 87

824 10

4,474 54 .
2,122 75

6,730 25
2,943 75

7,179 23
2,943 75

7,210 41
2,943 75

7,320 08
2,943 75

5,074 50
25,721 75

6,490 94
25,279 26

4,325 08
21,254 51

4,903 48
27,113 06

100 00

178 19

154 17
400 00

1,500 00
4,301 00

2,100 00

2,200 00
2,426 00

1,000 00
3,303 00

2,000 00

2,859 00

3,671 30
6,180 00

2,400 00
7,553 80

2,200 00
7,811 30

3,000 00
7,491 30

2,150 00
8,585 30

Silver coin:
Commercial d ep a rtm en t................
S a v in g s d ep a rtm en t........................
N ic k e ls^ n d cents:
Commercial d ep artm en t................
Savings departm ent,.........................

200 00

200 00

416 60

300 00
410 15

150 00
228 70

200 00

626 85
128 70
111 95

200 00

207 59

145 83
243 41

150 00
205 68

139 50
165 00

T o ta ls ...............................................

$364,511 28

$351,748 91

$349,646 28

$341,053 42

$348,371 08

L iabilities.
Capital stock paid in ...........................

$50,000 00

$50,000 00

$50,000 00

$50,000 00

$50,000 00
4,000 00

1,105 44

2,722 20

5,190 72

5,115 05

2,039 02

72,147 49

67,225 52

63,844 18

54,141 46

56,878 92

3,500 00

3,500 00

134,538 31
89,273 07

141,376 o5
83,620 36

Ì4Ò, Ò27 88
92,125 26

3,300 00

3,300 00

3,300 00

$349,646 28

$341,053 42

$348,371 08

Savings departm ent,........................

E xpenses, interest and taxes paid,
Furniture and fix tu res.........................
D u e from other banks and bankers,

U nited States bonds:
D u e from banks in reserve cities:
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Commercial department, ............
Savings department,
..................
U . S. and N ation al bank currency:
S a y in g s d ep artm en t........................

Gold coin:
Savings d ep a rtm en t........................

U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ......................................................
Com m ercial deposits subject tc
c h e c k ................................................
C om m ercial certificates of d e p o sit.

11,787 60
41,562 11

S tate m onies on d e p o sit...................
Savings deposits
............................
Savings certificates of de pos i t . . . .

143,163 87
98,094 48

137,857 76
93,943 43

10 50

3,614 00

331 70

B onds sold under repurchase agree T'ôtais

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


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

$364,511 28

$351,748 91

STA TE BANKS OF MICHIGAN.

69

No. 216.
B RO W N C IT Y SAYINGS BANK, BRO W N C IT Y .
Organized June 9, 1899.
J ames

L.

B en e d ic t ,

D i r e c t o r s .—

President; J

Jam es

L.

o h n E. C a m p b e l l , V
ice President; C h a r l e s N o b l e , Cashier;
J u l i u s L. B e n e d i c t , Assistant Cashier.
B enedict, A E . Sleeper, Charles N oble, H . M cN air, D C Merrill
J. E . Cam pbell, W . A . M artin.
' '
’

R eport of
D ec. 31, T4

Report of
M ar. 4, T 5.

$147,742 73
12,823 79

$154,499 37
10,717 25

$161,319 77
10,077 10

$170,667 19
11,143 91

$181,854 96
11,143 91

24,263 83

24,031 83

26,038 83

25,554 33

23,654 33

354 75

305 92

1,352 31

519 99

595 65

Expenses, interest and taxes paid
exceeding earn ings...........
B anking house . . .
Furniture and fix tu res. . .
Other real e s t a te . . . .
D u e from other banks and bankers,
not reserve c itie s . . . .

12,000 00
3,000 00

12,000 00
3,000 00

12,000 00
3,000 00

12,000 00
3,000 00

12,000 00
3,000 00

U nited States bonds:
Savings d ep a rtm en t.............
D u e from banks in reserve cities:
C ommercial d ep artm en t.........
Savings d ep a rtm en t...............
E xchanges for clearing house:
C om m ercial d ep artm en t................
Savings departm ent

9,715 88
3,425 16

R esources.

Loans and discounts:
C om m ercial departm en t.........
Savings d ep a rtm en t.............
B onds, m ortgages and securities:
C ommercial d ep artm en t. . . .
Savings d ep a rtm en t...........
Prem ium a c co u n t.................
O verdrafts................

U . S. and N ation al bank currency:
C om m ercial d ep artm en t. . .
Savings d ep a rtm en t...........
Gold coin:
C ommercial d ep artm en t. . . .
Savings d ep a rtm en t...............
Silver coin:
Com m ercial departm en t. . .
Savings departm en t...........
N ickels and cents:
C ommercial d ep artm en t...........
Savings d ep a rtm en t...............
C hecks and other cash ite m s . .
T o ta ls ........................
L iabilities.
C apital stock paid i n . . . .
Surplus fu n d ....................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ..........................
D ividend s u n p a id ............
C ommercial deposits subject to
check ............................
C ommercial certificates of d e p o sit. .
Certified c h e ck s..........
Cashier s checks u liLs Lamliii^. . .
S tate m onies on d e p o s it. .
D u e to banks and ban k ers. . .
Savings d e p o sits...........
Savings certificates of d e p o sit. .
R eserve for taxes, interest, e tc . .
N o tes and bills rediscounted.
B ills p a y a b le ..................
B onds sold under repurchase agree­
m ent ....................
T o ta ls ...............


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

Report of
Report of ! R eport of
M ay 1, ’15. June 23, ’15 ■ Sept. 2, ’15.

-

15,540 15
4,425 16

16,788 54
3,925 16

17,469 11
3,925 16

19,554 27
3,925 16

7,436 00
1,477 00

8,819 00

8,488 00

9,525 00

9,270 00
500 00

2,952 50

490 00
2,492 50

1,210 00
1,845 00

1,230 00
1,940 00

773 75

798 65

1,060 55
1 90

1,309 35

1,330 60
15 50

422 16
31

418 63
77
231 10

443 67
08
76 19

498 80
36
355 13

438 68
17
377 32

$227,513 79

$237,770 33

$247,627 10

$259,138 33

$270,850 55

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

11,893 74

10,362 11

11,214 18

10,965 47

11,125 51

34,229 58
99,400 38

46,590 09
104,150 62

55,765 93
103,526 92

5,000 00

5,000 00

15
95
00
00
00

84,579 68
95,216 29

5,000 00

69,555
99,223
1,530
300
5,000

41,990 09

41,667 51

42,120 07

42,563 76

44,329 07

$237,770 33

$247,627 10

$259,138 33

$270,850 55

1,125 93

3,190 00

600 00
5,000 00

5,000 00

1

S927 .MS 70

STA TE BANKING D EPA R TM EN T.

70

No. 253.
C IT IZ E N S ’ ST A T E SAVINGS BANK, BRO W N C IT Y .
Organized Jan u ary 8, 1902.
President; L. H. H ows®, Vice President; D . A. M c K e i t h , Cashier;
H u g h M c L e o d , A ssistant Cashier.
— H ugh M cP hee, L. H. H ow se, D aniel W ebster, H arvey T appan, D . A. M cK eith,
H ugh M cLeod.

D a n ie l W e b s t e e ,
D ik e c t o b s

R esources.

Report of
D ec. 31, ’14

Loans and discounts:
C om m ercial d ep a rtm en t.............
Savings d ep artm en t...........
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t.............
Savings d ep artm en t......................
Prem ium a c co u n t.............................
O verdrafts...........................................
Expenses, interest and taxes paid
exceeding earn ings...........................
B anking h o u se ............................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t......................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t.............
Savings d ep a rtm en t......................
E xchanges for clearing house:
C om m ercial d ep a rtm en t.............
Savings d ep artm en t......................
U . S. and N ation al bank currency
C om m ercial d ep a rtm en t.........
Savings d ep a rtm en t..................
G old coin:
C ommercial d ep a rtm en t.........
Savings d ep a rtm en t..................
Silver coin:
C om m ercial d ep a rtm en t. . .
Savings d ep a rtm en t.............
N ickels and cents:
Com m ercial d ep a rtm en t. . .
Savings d ep artm en t. . .........
C hecks and other cash ite m s .
T o ta ls .
L iabilities.
C apital stock paid i n ......................
Surplus fu n d .......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .................................................
D ividend s u n p a id . ...............
Com m ercial deposits subject to
C ommercial certificates of deposit
Certified c h e c k s.................................
C ashier’s checks o u tsta n d in g ... .
S ta te m onies on d e p o sit................
D u e to banks and b a n k ers...........
P ostal savings d e p o sits..................
Savings d e p o sits......................
Savings certificates of d e p o s it. ..
R eserve for taxes, interest, e tc . .
N o tes and bills red isco u n ted . . . .
Bills p a y a b le .......................................
B onds sold under repurchase agree­
m ent ................................................
T o ta ls ...............................................


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

Report of
R eport of
Report of I R eport of
M ar. 4, ' 15. ! M ay 1, ’15. June 23, ’15. Sept. 2, T5.

$144,189 96
30,000 00

$138,774 04
44,000 00

$146,139 80
40,000 00

$146,939 69
40,000 00

81,243 00

86,330 00

10,600 00
71,630 00

9,600 00
71,930 00

9,600 00
71,930 00

203 64

1,287 33

580 36

10,000 00

$149,770 36
29,000 00
1,000 00

10,000 00

10,000 00

10,000 00

10,000 00

1,820 00
1,500 00

1,820 00
1,500 00

1,820 00
4,900 00

1,820 00
4,900 00

1,820 00
4,900 00

2,391 26

6,422 69

2,941 10

1,620 48

2,199 34

12,168 00
13,259 22

9,817 60
14,662 05

9,436 69
9,775 41

3,780 82
13,359 41

12,229 43
14,382 05

988 05

421 07

204 41

697 73

7,441 00

9,987 00

11,780 00

9,685 00

12,482 00

2,025 00
7,000 00

2,522 50
7 000 00

2,545 00
7,000 00

2,525 00
7,000 00

2,525 00
7,000 00

1,075 20

1,121 75

671 85

757 25

373 60

460 76

590 49

620 89

646 96

246 09

$321,878 09

$327,672 44

$327,279 75

$324,665 08

$336,729 33

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00 I
5,000 00

$25,000 00
5,000 00

10,220 08
3,750 00

11,617 00

12,777 39

10,682 89

11,734 15

33,691 10
112,247 45

34,511 92
108,551 47

33,378 88
113,806 52

30,714 17
115,978 61

44,230 28
117,531 05

5,000 00

5,000 00

5,000 00

130,457 52
52 25

137,939 80
52 25

132,264 71
52 25

132,237 16
52 25

133,181 60
52 25

$321,878 09

$327,672 44

$327,279 75

$324,665 08

$336,729 33

‘532’6Ò

1,459 69

STA TE BANKS OF MICHIGAN.

71

No. 212.
T H E B U R R OAK STATE BANK, B U R R OAK.
Organized December 21, 1898.
H. P.
D i r e c t o r s .— H.

M o w r t,

President;

M . F . S m i t h , Vice President; S .
M a k y A. H o g l e , A ssistant Cashier.

H.

H ogle,

Cashier;

P. M ow ry, B. P. Taggart, C. J. H olm es, M . F. Sm ith, f f m . M allow, S. H. H ogle,
Geo. W atson.

Resources.

Loans and discounts:
Commercial d ep artm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
Commercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................

Report of
Report of
D ec. 31, ’14. Mar. 4, ’15.

Report of
Report of
M ay 1, ’15. June 23, ’15

$14,456 00
33,357 92

$10,841 00
32,697 78

$10,491 00
32,805 31

$10,411 00
32,860 76

$12,911 00
34,647 88

1,000 00
56,81.0 75

1,000 00
56,850 75

1,000 00
55,710 75

1,000 00
56,085 75

1,000 00
55,735 75

15 28

10 03

4 59

105 63

E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se .......................................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
Item s in tr a n s it.....................................

3,300 00
1,900 00
4 i021 62

3,300 00
4,900 00
4,021 62

3,300 00
1,900 00
4,021 62

3,300 00
1,900 00
4,046 62

U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial departm en t................
Savings d ep a rtm en t........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................

500 00

500 00

1,000 00
13,750 29

2 , 0 0 0 00

U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial departm en t................
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s............
T o ta ls ...........................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and ban kers................
Postal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc ........
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ............................................... !


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

Report of
Sept. 2, ’15.

3,300 00
1,900 00
4,601 88
2,500 00

500 00

500 00

500 00

14,258 62

14,496 43

16,748 74

7,596 53

1,553 00

2,836 00

2,461 00

1,870 00

2,329 00'

5,000 00

80 00
5,000 00

10 00
5,000 00

5 00
5,000 00

5,000 Off

265 30

332 20

234 45

258 50

192 35

95 27

120 89

35 28

110 32

63 84

11 49

108 88

515 05
$132,793 28

79 72
$137,105 15

$135,748 89

$131,981 92

$134,311 20

$15,000 00
3,000 00

$15,000 00
3,000 00

$15,000 00
3,000 00

$15,000 00
3,000 00

1,042 10

1,276 13

1,867 84

2,638 24

2,139 52

21,104 58

19,491 76

12,433 51

11,929 20

11,295 77

563 49
3,227 65
93;167 33

570 59
3,217 48
93,192 93

570 59
3 081 53
96^ 028 45

370 59
2,714 26
98,658 91

377 60
3,063 58
97,913 81

$137,105 15

$135,748 89

$131,981 92

$134,311 20

$132,793 28

$15,000 00
3,000 OO

STA TE BAN KING D EPA R TM EN T.

72

No. 313.
T H E STA TE B AN K OF BYRON, BYRON.
Organized June 7, 1905.
L.

C . K a n o x ise ,

D i k e c t o k s .—

L.

C.

President;

Ivanouse,

C . A. F b i t z , Vice President; J. L. V a n A e s t i n e ,
B t j b e S. W o o d , A ssistant Cashier.

C.

Cashier;

A. Fritz, Orlando Lee, F. S. R uggles, E. D . W iltse, Geo. H. E d d y,
J. L. V an A lstine.
Report of
R eport of
R eport of 1 R eport of
R eport of
Dec. 31, ’14. M ar. 4, T5. M ay 1, T 5. fune 23, T 5. Sept. 2, ’15.

R esources.
!
Loans and discounts:
Com m ercial d ep artm en t................

$55,330 88

$48,637 05

$45,905 96

$51,731 64

$53,622 63

B onds, m ortgages and securities:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................

27,875 00
110,486 34

18,200 00
117,587 34

25,200 00
103,775 11

11,200 00
116,353 54

21,025 00
103,894 11

181 68

81 29

46 06

77 55

59 23

1,000 00
1,000 00

1,000 00
1,000 00

1,000 00
1,000 00

1,000 00
1,000 00

1,000 00
1,000 00

60 00

45 00

70 00

70 00

D u e from banks in reserve cities:
P,mruTiercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:

2,167 50
10,705 20

13,503 68
19,679 63

16,750 44
11,214 56

3,952 41
8,080 41

12,255 12
5,988 73

U . S. and N ation al bank currency:
nnm m ereial d ep artm en t................
Savings d ep a rtm en t.........................
Gold coin:

4,674 00
3,160 00

3,179 00
3,025 00

5,176 00
2,797 00

3,979 00
2,960 00

2,971 00
3,002 00

Overdrafts

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

E xpenses, interest and taxes paid,
"Ranking house .....................................
Furniture and fixtures........................
D u e from other banks and bankers,
Tterns in tr a n s it.....................................
U nited States bonds:

Savings d ep a rtm en t.........................

3,245 00

3,370 00

3,370 0Ò

3,385 00

3,485 00

Silver coin:
Commercial d ep a rtm en t................

995 00

1,490 00

755 00

1,250 00

1,000 00

N ickels and cents:
Commercial d ep a rtm en t................
Savin p-s d ep a rtm en t........................
Checks and other cash ite m s ...........

108 40
53
163 12

39 41
2 86
166 10

83 02
87
98 32

117 67
48
192 04

100 88
24
575 81

T otals .............................................

$221,152 65

$231,006 36

$217,242 34

$205,349 74

$209,979 75

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

$20,000 00
4,000 00

1,472 48

51 44

2,072 84

2,868 39

425 02

C om m ercial deposits subject to
rheek
..........................................
Com m ercial certificates of d e p o sit. .

25,991 70
30,091 40

42,224 34
21,065 75

35,741 52
34,270 44

25,179 28
22,522 64

20,782 68
40,401 97

Savings certificates of d e p o sit.........

127,597 07

143,664 83

121,157 54

130,779 43

116,370 08

B ills p a y a b le .........................................
B onds sold under repurchase agree

12,000 00

Liabilities.
Capital stuck paid in ...........................
Surplus fund
.....................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id . ......................................................

T o ta ls .............................................


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

$221,152 65

8,000 00

<16231 006 26

$217,242 34

«205,349 74

$209,979 75

STA TE BANKS OF MICHIGAN.

73

No. 181.
T H E CADILLAC STATE BANK, CADILLAC.
Organized October 30, 1895.
r e d L. R e e d , H e n r y K n o w l t o n , V
ice Presidents•
G eo . G. B r o w n , Cashier.
w fir
L. Saunders, W. W . M itchell, Joseph M urphy, Fred L. Reed
Geo. F. W illiam s, A. W . N ewark, D . B. K elly, C. T. M itchell, H enry K now lton, W. A . K ysor.

A . W.

N e w a r k ,

President; F

Resources.

Loans and discounts:
C ommercial d ep artm en t. . . .
Savings d ep artm en t....................
B onds, mortgages and securities:
C om m ercial departm en t. . . .
Savings departm en t....................
Prem ium a cco u n t.............
O verdrafts....................
Expenses, interest and taxes paid
exceeding earn ings.........
B anking h o u se .........
Furniture and fix tu res___
Other real e s ta te ............
D u e from other banks and bankers
not reserve c itie s ..........
Item s in tr a n s it. . .
U nited States bonds:
Savings d ep artm en t...........
D u e from banks in reserve cities:
C ommercial departm en t. . .
Savings departm en t...........
Exchanges for clearing house:
C ommercial departm en t. . .
Savings d ep artm en t...........
U . S. and N ation al bank currency:
C om m ercial d e p a r tm en t... .
Savings d ep artm en t........
Gold coin:
C ommercial d ep artm en t. . .
Savings departm en t___
Silver coin:
Commercial departm ent
Savings departm en t........
N ickels and cents:
C ommercial d ep artm en t. . . .
Savings d ep artm en t. . . .
Checks and other cash item s.
T o ta ls ......................
Liabilities.
C apital stock paid i n ........
Surplus fu n d ................
U ndivided profits, less losses, current expenses, interest and taxes
p a id .......................
D ividends un paid. . . .
C om m ercial deposits subject to
check ...................
Commercial certificates of d e p o sit. .
Certified ch e ck s. .
C ashier’s checks outstanding.
Sta te m onies on d e p o sit. . .
D u e to banks and b a n k e rs... .
Postal savings d ep o sits...........
Savings d ep o sits.............
Savings certificates of d e p o sit.
R eserve for taxes, interest, etc
N o tes and bills rediscounted
Bills p a y a b le.........
B onds sold under repurchase agreem e n t..................
T o ta ls ...............................


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

R eport of
D ec. 31, T4

Report of
M ar. 4, ’15

$475,120 89
33,461 50

$438,770 20
64,420 00

$424,418 91
107,950 00

$422,137 53
112,950 00

$412,262 85
106,750 00

21,400 00
420,897 38

21,400 00
402,689 78

6,500 00
383,590 97

13,500 00
395,235 72

14,775 00
400,237 57

907 65

166 26

299 03

1,254 62

506 16

16,500 00
2,000 00
7,500 00.

16,5ÒÒ 0Ó
2,000 00
7,500 00

16,500 00
21,169 11

16,500 00
2,000 00
16,298 11

16,500 ÓÒ
2,000 00
14,639 87

6,876 16

2,592 25

11,130 13

9,752 90

5,746 77

R eport of
Report of
M ay 1, ’15. June 23, ’15

Sept. 2, ’15.

15,000 00

15,000 00

72,652 87
65,713 37

94,696 95
56,929 34

85,192 32
59,599 70

143,996 59
60,464 96

156,797 11
60,720 87

854 83

471 17

2,495 98

1,427 58

664 18

43,578 00
2,500 00

28,577 00
6,000 00

33,922 00

25,776 00
25,000 00

32,135 00
11,600 00

950 00
25,000 00

12 50
22,000 00

1,597 50
14,000 00

13,540 00
4,300 00

795 00
18,000 00

3,417 90
'450 00

1,875 05
220 00

2,680 80
200 00

1,783 85
70 00

2,679 30
99 00

1,008 80
10 59
3,447 82

430 59
4 10
1,382 00

332 25
22 09
327 79

257 97
4 01
1,351 79

330 21
31
406 28

$1,219,247 76 $1,183,637 19 |il,187,928 58 $1,267,601 63

$1,257,645 48

$100,000 00
40,000 00

$100,000 00
45,000 00

13,141 42

5,875 76
3,030 00

386,190 75
51,008 71
173 65

417,783 48
22,708 71

18,345
12,355
311,729
236,303

24,467
12,508
314,522
237,740

08
31
58
26

21
81
55
67

50,000 00

fl, 219,247 76 j$1,183,637 19

$100,000 00

$100,000 00
45,000 00

11,191 25
3,000 00

42 00
22,008 71
2,180 00
9,872 50
12,369 48
264,513 40

$100,000 00
45,000 00

471,163 55
38,008 71
800 00

439,344 57
49,073 71

10,850
11,221
289,255
293,769

18,558
9,069
278,374
304,033

34
78
58
11

37
83
57
18

20,000 00

1 1 S7 Q9Q fiQ

1,267,601 63

$1,257,645 48

ST A T E BANKING D EPA RTM EN T.

74

No. 261.
T H E PE O PL E S SAVINGS BAN K OF CADILLAC, CADILLAC.
Organized June 17, 1902.
J ohn P

W il c o x ,

President; H

e n r y

B allou,

Vice President; G

C hapm an,

e o r g e

Cashier;

A. G. C h a p m a n , A ssistant Cashier.
D ir ecto rs __E J. H aynes, H enry B allou, Jam es E nglish, Charles H. Drury, John P. 'Wilcox,
•Tames M ather. George Chapm an, Charles A. B arton, Perry P. Powers.

R esources.

R eport of
R eport of
Dec. 31, ’14. Mar. 4, ’15.

Loans and discounts:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
O verdrafts................................................

R eport of
R eport of
Report of
M ay 1, ’15. Tune 23, ’15. Sept. 2, ’15.

$118,829 41
107,589 92

$95,308 55
126,556 35

$106,102 47
107,158 28

$100,776 41
105,593 02

$98,138 98
108,262 23

49,592 72
301,975 51

49,362 72
297,066 51

49,282 72
299,484 51

50,062 72
298,561 51

47,212 72
296,796 88

328 80

211 61

159 60

210 37

183 32

37,000 00
2,000 00
12,500 00

37,000 00
2,000 00
12,500 00

37,000 00
2,000 00
12,500 00

37,000 00
2,000 00
12,500 00

37,000 00
2,000 00
4,800 00

12,746 10
35,000 00

7,146 51
45,000 00

16,194 52
45,000 00

24,544 64
45,000 00

29,690 87
45,000 00

866 99

1,070 10

1,150 53

626 91

2,822 00

E xpenses, interest and taxes paid,
Banking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te .......................... • • • •
D u e from other banks and bankers,

U nited States bonds:
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Com m ercial d ep artm en t................
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................

9,124 00
7,000 00

6,662 00
7,000 00

2,429 00
7,000 00

3,312 00
7,000 00

2.203 00
7',000 00

1,135 00
20.000 00

1,125 00
20,000 00

1,467 50
20,000 00

1,025 00
20,000 00

1,052 50
20.000 00

Silver coin:
C om m ercial d ep a rtm en t................

6,129 65

5,952 85

5,126 80

4,501 85

4,563 30

458 80

525 67

252 56

214 29

167 77

C hecks and other cash ite m s ...........

1,213 77

291 18

712 70

1,182 25

751 84

T o ta ls ...............................................

$723,590 67

$714,779 05

$713,021 19

$714,110 97

$707,645 41

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

12,161 84
260 00

8,687 97

9,002 33

3,932 42

9,965 04
190 00

112,832 54

103,341 57

106,470 58

111,759 21

105,401 2$

270,508 35
197,827 94

269,454 81
213,294 70

270,520 81
207,027 47

205,911 61
272,507 73

270j161 77
201,927 32

N ickels and cents:
C om m ercial departm ent

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id . ........... ;......................................
D ividend s u n p a id . ...............; .............
C om m ercial deposits subject to
c h e c k ......................................................

Savings d e p o sits...................... ...........
Savings certificates of d e p o sit. . . .
N o tes and bills red isco u n ted .........
B ills p a y a b le .........................................
B onds sold under repurchase agree

10,000 00

T o ta ls ............................................. 1 $723,590 67 | $714,778 05


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

. . j ......................

$713,021 19 j $714,110 97

$707,645 41

STA TE BANKS OF MICHIGAN.
No. 291.
T H E STATE BAN K OF CALEDO NIA, CALEDO NIA.
Organized June 11, 1904.
C h a s. R ic e ,

President; J

o h n

T.
J.

D i r e c t o r s .—

Vice Presidents; J
Assistant Cashier.

S m i t h , I s a a c G. W e n g e r ,
C liffo r d P r o c t o r ,

o h n

T.

S m it h ,

Cashier;

Chas. R ice, Isaac G. W enger, John T. Sm ith, Seth Gray, A. T. Slaght, F. W. Ruehs.

Resources.

Report of
D ec. 31, ’14

Report of
Mar. 4, ’15.

$101,799 09
33,945 00

$104,022 24
35,945 00

$114,068 44
35,955 00

$118,118 18
37,500 00

$131,111 07
37,423 00

132,489 06

127,289 06

124,506 85

123,306 85

121,656 85

2,573 94

1,873 45

338 36

813 31

537 06

2,627 00

2,627 00

2,627 00

2,627 00

2,627 00

2,056 15
40,962 09

16,577 67
37,053 47

13,604 47
45,214 87

10,468 77
51,156 62

5,544 53
37,701 40

4.000 00
7,690 00

4.000 00
7,151 00

3.000 00
8,559 00

4.000 00
5,452 00

4.000 00
9,948 00

5.000 00
655 00

5.000 00
750 00

5.000 00
825 00

5.000 00
885 00

5.000 00
1,070 00

1,511 70

1,792 50

1,720 20

1,832 30

1,921 20

155 32
1 00

188 Ì2
7 00

116 11
1 00

i i l 16
1 00

136 48
3 00

$335,465 35

$344,276 51

$355,536 30

$361,272 19

$358,679 59

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
12,000 00

$20,000 00
12,000 00

1,925 08
1,905 00

3,970 78
25 00

5,965 53
25 00

4,704 08
25 00

5,301 15
25 00

38,684 57
80,012 89

37,521 95
61,852 17

45,554 55
52,667 03

45,064 02
78,106 87

41,049 15
91,427 96

109,194 56
71,743 25

115,267 43
93,639 18

112,979 62
106,344 57

117,732 35
83,639 87

117,316 98
71,559 35

$335,465 35

$344,276 51

$355,536 30 1 ■$361,272 19

$358,679 59

Loans and discounts:
C om m ercial d ep a rtm en t.............
Savings d ep artm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t....................
O verdrafts..................

Report of 1 Report of
M ay 1, T5. June 23, T5

Report of
Sept. 2, T5.

Expenses, interest and taxes paid
exceeding earn ings...........................
Furniture and fixtures......................
Other real e s t a te ......................
D u e from other banks and bankers,
not reserve c itie s ...................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Com m ercial departm en t.........
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial d ep artm en t..............
Savings d ep a rtm en t.........................
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial d ep a rtm en t.............
Savings d ep artm en t......................
Silver coin:
C om m ercial d ep artm en t................
Savings departm en t......................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls .............................
Liabilities.
Capital stock paid in ......................
Surplus fu n d ....................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ............................
D ividends u n p a id ...............................
C ommercial deposits subject to
c h e ck ................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................
C ashier’s checks o u tsta n d in g...........
S tate m onies on d e p o sit............
D u e to banks and b an kers................
Postal savings d ep o sits.......................
Savings d e p o sits.............................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
B ills p a y a b le ................................
Bonds sold under repurchase agree­
m ent ......................................
T o ta ls ........................................


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

'

STA TE BANKING D EPA R TM EN T.

76

No. 336.
C A LU M ET STA TE BANK, CALU M ET.
Organized April 23, 1908.
T h o m a s H o a t s o n , President; E d w a r d U l s e t h , F r a n k J. K o h l h a a s , Vice Presidents;
F r a n k J. K o h l h a a s , Cashier; W a l t e r E d w a r d s , A ssistant Cashier.

— Thom as H oatson, W m. C. K insm an, W . J. Uren, Edw ard U lseth Joseph Vertin,
T hom as H. Collins, Joseph B osch, Frank J. K ohlhaas, G. M artini, Chas. J. M orrison.

D ir ec to r s

Resources.

Report of
R eport of
Dec. 31, ’14. Mar. 4, ’15.

Loans and discounts:
Commercial d ep artm en t................
Savin gs d ep artm en t........................
B onds, m ortgages and securities:
C om m ercial depart.merit ..............
Savings department, ....................

R eport of
Report of
R eport of
M ay 1, ’15. Tune 23, ’15. Sept. 2, T5.

$354,796 09
63,749 42

$370,739 14
67,085 35

$362,338 92
64,935 23

$344,373 50
79,667 87

$330,912 57
69,731 48

2,800 00
102,955 07

2,800 00
100,827 70

2,800 00
100,318 03

2,800 00
99,149 29

49 10

38 32

26 18

95 11

2,800 00
110,718 80
476 55
37

50,000 00
8,733 71

50,000 00
8,733 71
1,490 21

50,000 00
8,733 71
1,490 21

50,000 00
8,000 00
1,490 21

50,000 00
8,000 00
1,490 21

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

1,514 12

608 75

740 91

546 79

1,104 05

D u e from banks in reserve cities:
Commercial d ep a rtm en t................
Savings departm ent ....................
E xchanges for clearing house:

51,024 03
15,733 82

43,076 63
16,509 73

83,192 83
•22,343 56

58,842 24
21,569 57

139,966 89
3S,550 17

34,122 00
24.000 00

20,352 00
20,000 00

42,580 00
26,000 00

13,427 00
55,000 00

20,777 00
27,000 00

1,347 50
20.000 00

1,712 50
20,000 00

2,320 00
20,000 00

22,800 00

23,507 50

Silver coin:
Commercial d ep a rtm en t................

4,306 00

3,721 20

2,986 00

3,023 20

5,068 35

N ickels and cents:
Commercial d ep a rtm en t................

815 52

561 54

624 14

258 04

209 49

727 60

1,147 60

(^yp-prj

, , .............................. '

E xpenses, interest and taxes paid,
T anking house
................................
Furniture and fix tu res........................
other real esta te
.......................
D u e from other banks and hankers,
Jtpj-ps in transit,
U n ited States bonds:

U . S. and N a tio n a l bank currency:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
G old coin:
Commercial d ep a rtm en t................
Slayings d ep a rtm en t........................

Checks and other cash ite m s ...........

2,772 70

786 88

1,634 32

T o ta ls ...............................................

$738,719 08

$729,043 66

$793,064 04

$761,770 42

$831,461 03

$100,000 00
50,000 00

$100,000 00
50,000 00

$100,000 00
50,000 00

$100,000 00
50,000 00

$100,000 00
50,000 00

24,649 78
54 00

18,066 92
48 00

21,430 66
66 00

19,368 46
60 00

21,572 95
61 50

227,015 90
98,098 97

235,463 98
96,393 97
44
2,103 00

272,785 50
112,917 97

L iabilities.
pa,i d i n ...........................
fund .........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid
..............................................
" D i v i d e n d s u n p a id .................................
Com m ercial deposits subject to
check
............................: ...........
Com m ercial certificates of d e p o sit. .
Certified c h e c k s
C a s h i e r ’s checks o u tsta n d in g...........

Capital

sto ck

S u rp lu s

3,027 26

36
97
40
46

281,082 74
129,744 91
1,810 89

96 59

9,409 29
Savings d e p o sits....................................
Savings certificates of d e p o s it. . . .

777 14

222,208
112,917
180
2,049

175,088 72
51,375 16

181,667 91
45,299 44

187,769 47
47,220 71

208,465 06
46,520 71

217,383 23
29,804 81

$738,719 08

$729,043 66

$793,064 04

$761,770 42

$831,461 03

B onds sold under repurchase agree
T o ta ls .............................................


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

STA TE BANKS OF MICHIGAN.

77

No. 87.
T H E M E R C H A N T S’ AND M IN E R S ’ BANK, CALU M ET.
Organized A ugust 7, 1873.
Corporate existence extended December 4, 1902.
President; P e t e r R u p p e , Vice President; W m . B . A n d e r s o n , Vice President and
M anager; S t e p h e n P a u l l , Cashier; J. E d w . S h e p a r d , A ssista n t Cashier.
Charles Briggs, W ill A. C hilds, Peter R uppe, Paul P. Roehm , E. M . Lieblein, W m. B.
Anderson, Fred Sm ith, Charles O. Jackola, Gordon R. Campbell, Jam es H oatson, Jam es C hynow eth,
N orm an M acdonald.
J
*

C harles

B r ig g s,

D i r e c t o r s .—

R esources.

R eport of
Report of
D ec. 31, ’14. M ar. 4, ’15.

Report of
R eport of
R eport of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

Loans and discounts:
C ommercial d ep a rtm en t................ $1,382,554 98 $1,364,394 76 $1,263,332 14 $1,258,389 82
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
240,358 82
259,348 82
327,104 58
370,534 58
Savings d ep artm en t.........................
Prem ium a c co u n t....................
Overdi a ft s ..............................................
83 91
29 58
249 30
3 46
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se ..............................
Furniture and fix tu res.........................
Other real e s t a te .................................
D u e from other banks and bankers,
not reserve c itie s ............................
Item s in tr a n sit...................................
U nited States bonds:
Savings d ep a rtm en t......................
D u e from banks in reserve c itie s:
Com m ercial d ep artm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls .................

$1,182,815 19
449,306 58
42 19

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00

4.000 00
2.000 00

38,085 64
198 75

8,650 00
3,567 76

1,917 52
3,384 83

6,084 00
63 55

7,320 28
660 53

874,569 97

964,831 14

1,019,494 94

1,253,167 84

1,130,739 95

136,040 00

121,654 00

109,376 00

145,509 00

148,655 00

42,942 50

43,515 00

43,645 00

44,180 00

44,490 00

3,852 95

5,497 60

5,240 50

3,848 70

4,258 40

640 53

1,117 56

1,331 12

801 19

372 51

3,839 09

4,772 87

4,400 03

9,500 08

4,271 32

$2,729,167 14 $2,783,379 09 $2,785,475 96 $3,098,082 22

$2,978,931 95

L iabilities.
C apital stock paid in ...........................
$150,000 00
Surplus fu n d ............................................
200,000 00
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................................
62,655 26
D ividends u n p a id .................................
5,180 00
C ommercial deposits subject to
c h e c k ...................................................... 1,845,858 44
C ommercial certificates of d e p o sit..
448,734 87
Certified c h e ck s.....................................
1,512 00
Cashier’s checks o u tsta n d in g ...........
2,799 42
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
12,427 15
P ostal savings d ep o sits.......................
•Savings d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e t c . . . .
N o tes and bills red iscoun ted............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent ..................................................

$150,000 00
200,000 00

$150,000 00
200,000 00

$150,000 00
200,000 00

$150,000 00
200,000 00

52,781 58
120 00

62,754 30
40 00

57,768 92
40 00

58,090 23
90 00

1,932,821
437,641
800
2,213

58
68
00
69

7,000 56

1,827,149
486,766
929
47,075

35
57
61
60

10,760 53

2,194,317
478,981
440
1,301

27
92
00
22

2,075,106
474,233
440
3,134

43
54
00
86

12,232 89

14,836 89

3,000 00

3,000 00

T o ta ls ............................................... j $2,729,167 14 $2,783,379 09 12,785,475 96 $3,098,082 22 ! $2,978,931 95


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

STA TE BANKING D EPA R TM EN T.

78

No. 320.
T H E F IR S T STATE BAN K OF C A M D EN , C A M D EN .
Organized August 24, 1905.
President; W . S. B l a i r , Vice President; B . R . A l w a r d , Cashier;
B . W . S t o r e s , A ssistant Cashier.
i r e c t o r s . — C. B. Alward, W . S. Blair, J. A. B ates, Jas. M cC allum , B. R . Alward, B. S. Alward.
C. B. A lw aed,

D

Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep artm en t........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................

R eport of
Report of
Dec. 31, T 4. M ar. 4, T5.

R eport of
Report of
Report of
M ay 1, T 5. June 23, ’15. Sept. 2, ’15.

$38,235 85
37,841 46

$44,918 89
43,286 57

$43,884 11
41,839 58

$45,916 78
41,606 08

$48,002 06
41,728 41

1,000 00
59,172 83

1,000 00
61,505 71

1,000 00
63,136 71

1,000 00
65,686 71

1,000 00
65,136 71

304 89

232 74

46 40

243 68

89 91

Furniture and fixtu res.........................

1,000 00

1,000 00

1,000 00

1,000 00

1,000 00

D u e from other banks and bankers,
not reserve c itie s ...............................

1,000 00

1,154 00

1,226 20

726 20

D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:

2,691 98
10,304 69

3,918 92
10,233 26

4,593 00
10,336 59

4,247 22
15,564 54

2,783 90
9,798 11

U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:

2,262 00
7,345 00

2,785 00
7,230 00

1,274 00
7,185 00

1,455 00
4,395 00

1,915 00
6,175 00

Savings d ep artm en t.........................

2,655 00

2,770 00

2,815 00

2,840 00

2,825 00

Silver coin:
C ommercial d ep artm en t................

908 25

810 90

544 60

556 30

851 75

N ickels and cents:
C ommercial d ep artm en t................

332 16

379 07

331 42

373 76

392 65

C hecks and other cash ite m s ...........

1,674 52

333 16

376 71

54 54

1,082 70

T o ta ls ...............................................

$166,728 63

$181,558 22

$179,589 32

$185,665 81

$182,781 20

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

4,298 27

1,216 71

1,730 10

2,569 24

2,787 95

27,126 96

27,058 28

31,153 80

26,689 88

28,828 73

C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
ITHif* to "hfvnVs ivnrl tifl.olcors

83 19

211 66
5,000 00

93 45
5,000 00

363 87
5,000 00

794 23

Savings certificates of d e p o sit.........

110,210 74

123,071 57

116,611 97

126,042 82

125,370 29

$166,728 63

$181,558 22

$179,589 32

$185,665 81

$182,781 20

O verdrafts................................................
E xpenses, interest and taxes paid,

U nited States bonds:

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
Com m ercial deposits subject to
c h e c k ......................................................

9 47

B onds sold under repurchase agreeT o ta ls ...............................................


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

ST A T E BANKS OF MICHIGAN.

79

No. 208.
T H E CAPAC SAVINGS BANK, CAP AC.
Organized Septem ber 8, 1898.
A. E.
D i r e c t o r s .—

President; F r a n k B u r t , Cashier;
Cashier.
A. E. Sleeper, Lincoln A very, Gus H ill, Charles Lang, A lva Leach, O. A. Prey,
A lbert Tosch, H. C. Siegel, Geo. C. W atson.

Slee pe r ,

President;

R esources.

Loans and discounts:
C ommercial d ep artm en t. . . . . . . .
Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings departm en t.........................
Premiurh a cco u n t..................................
O verdrafts................................................

H . C. S i e g e l , Vice
F . J . B u r t , A ssistant

Report of
D ec. 31, ’14

R eport of
M ar. 4, ’15.

$69,245 67
34,803 34

$88,993 35
22,876 52

$80,766 93
29,837 56

$89,163 64
24,259 34

$96,376 42
21,207 15

4,563 00
52,336 01

4,563 00
55,270 74

4,563 00
53,660 89

8,713 00
55,356 68

8,713 00
56,706 68

Report of
Report of
M ay 1, ’15. June 23, ’15

Report of
Sept. 2, T 5.

122 68

229 54

465 72

227 39

193 19

Expenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se ........................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................

4,775 00
1,000 00
12,754 62

4,775 00
1,000 00
12,754 62

4,775 00
1,000 00
14,537 22

4,775 00
1,000 00
13,854 62

4,775 00
1,000 00
13,854 62

2,785 51

1,646 35

1,247 04

1,615 97

477 49

U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................

21,135 77
4,853 42

20,917 24
784 13

6,243 84
7,637 88

4,582 61
8,669 44

1,683 84
10,429 70

3,400 00
3,067 00

6,000 00
940 00

3,000 00
3,277 00

3,000 00
3,005 00

5,000 00
2,033 00

350 00

365 00

517 50

602 50

700 00

1,563 75

1,422 15

463 10

903 75

1,105 20

30 26
732 75

Ì24 65
3,016 76

160 23
911 14

1ÒÓ 32
1,167 90

75 19
1,260 70

$217,518 78

$225,679 05

$213,064 05

$220,997 16

$225,591 18

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
2,500 00

$20,000 00
2,500 00

2,430 86
800 00

3,397 09

4,522 32

4,311 34
800 00

2,151 59

45,351 91
44,737 45

56,889 17
44,124 92

35,208 79
51,398 67

34,486 10
59,690 39

34,970 87
69,302 81

5,000 00

5,000 00

5,000 00

5,000 00

5,000 00

304 18
97,394 38

583 24
94,184 63

95,434 27

94,209 33

91,615 91

U . S. and N ation al bank currency:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d e p a r tm en t...............
Savings d ep artm en t........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ...........
T o ta ls .............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
check .....................................................
C om m ercial certificates of d e p o sit. .
Certified ch e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
State m onies on d e p o s it.....................
D u e to banks and b an kers................
Postal savings d ep o sits.......................
C hristm as m on ey c lu b .......................
Savings d e p o sits..................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
R ent a c co u n t..........................................
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent ....................................................
T o ta ls ...............................................


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

50 00

$217,518 78

$225,679 05

$213,064 05

$220,997 16

$225,591 18

STA TE BANKING D EPA R TM EN T.

80

No. 303.
STA TE SAVINGS B AN K OF CARLETO N, CA RLETO N .
Organized December 1, 1904.
J acob

J.

L u c k e ,

D i r e c t o r s .— Jacob

President,' J. E . K a h l b a u m , Vice President; H a r r y S.
R . J. M c C o r m i c k , A ssistant Cashier.

G erm an,

Cashier;

J. Lucke, C. L. Edw ards, J. E. K ahlbaum , E . C. M axw ell, J. E dw ard R eady,
Harry S. German.

Resources.

Report of
Report of
Dec. 31, ’14. M ar. 4, ’15.

Loans and discounts:
Commercial d ep artm en t................
Ravings d ep artm en t........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................

R eport of
R eport of
R eport of
M ay 1, ’15. June 23, T5. Sept. 2, ’15.

$60,119 05
30,742 69

$59,767 23
21,306 75

$69,888 77
14,951 75

$61,928 23
20,426 75

$61,771 26
18,433 95

7,200 00
115,227 87

7,200 00
121,492 87

7,200 00
119,732 87

7,200 00
118,162 87

7,200 00
118,862 87

161 50

2 31

5,000 00
1,500 00

5,000 00
1,500 00

5,000 00
1,500 00

5,000 00
1,500 00

5,000 00
1,500 00

4,414 73

2,434 32

442 30

4,299 61

5,017 13

5,267 19
16,258 94

4,327 90
17,052 60

2,106 77
20,114 26

8,323 67
18,213 08

7,156 99
21,247 70

4,458 00
1,400 00

2,850 00
518 00

3,100 00
295 00

2,000 00
638 00

2,500 00
922 00

830 00
9,826 00

2,400 00
7,810 00

1,423 00
9,000 00

2,000 00
8,683 00

1,500 00
9,160 00

480 00
500 00

260 00
500 00

393 95
120 00

150 00
500 00

600 00
614 25

24 68
46 40
393 35

347 59
74 62
59 46

186 53
204 43
406 30

157 95
411 09
107 09

85 37
370 83
7 00

$263,688 90

$255,062 84

$256,068 24

$259,701 34

$261,949 35

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

Expenses, interest and taxes paid,
Banking house ...................................
Furniture and fix tu res........................
D u e from other banks and bankers,
not reserve c itie s ...............................

-

U nited States bonds:
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:

U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Gold corn:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial departm en t................
Savings departm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
Capital stock pa,id in ...........................
Surplus fund
...................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid
............................................

8,380 00
1,050 00

10,352 47
30 00

10,308 43

10,696 97

10,252 30
60 00

Com m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified checks

30,644 42
24,313 95

23,747 82
26,814 82

28,039 67
27,593 14

27,272 80
29,394 39

30,583 72
27,184 28
151 31

P ostal savings d e p o sits.......................
Savings d e p o sits....................................

298 63
174,001 90

302 39
168,815 34

*
302 39
164,824 61

302 39
167,034 79

306 14
168,411 60

$263,688 90

$255,062 84

$256,068 24

$259,701 34

$261,949 35

B onds s'oid under repurchase agreerrient.......................................................
T otals

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


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

STA TE BANKS OF MICHIGAN.

81

No. 287.
T H E C O M M ERC IA L SAVINGS BAN K OF CARO.
Organized M ay 14, 1904.
J ohn F.

Seeley ,

President; S .

D i r e c t o r s .— John

Vice. Presidents; L
Assistant Cashier.

F . C h a s e , W . A. F o r b e s ,
S . R. P a r k ,

e w is

G.

S eeley ,

Cashier;

F. Seeley, S. F. Chase, Lewis G. Seeley, W . A. Forbes, Jonathan K night,
G.
H . Slocum.

Resources.

Loans and discounts:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
B onds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................

Report of
R eport of
D ec. 31, T 4. M ar. 4, T5.

Report of
Report of
Report of
M ay 1, T 5. June 23, T5. Sept. 2, T 5.

$56,281 18
56,980 13

$71,970 95
56,980 13

$75,016 51
56,980 13

$80,346 50
56,980 13

$90,382 06
56,980 13

1,940 00
105,459 80

1,895 00
107,676 80

1,885 00
106,201 80

1,975 00
104,146 50

1,945 00
103,284 50

507 19

320 53

289 68

682 04

211 33

E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fixtures.........................
Other real e s t a t e ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................

10,000 00
3,300 00
6,258 04

10,000 00
3,300 00
6,367 32

10,000 00
3,300 00
6,431 57

10,000 00
3,300 00
6,431 57

10,000 00
3,300 00
7,172 48

304 99

346 50

U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep artm en t..............:
Savings d ep a rtm en t.........................
E xchanges for clearing house:
Commercial d ep artm en t................
Savings d ep a rtm en t.........................

3,985 31
39,764 14

3,677 00
29,108 79

3,948 50
21,888 26

3,669 22
14,861 02

3,150 20
21,314 77

4,644 43

103 34

2,900 00
6,411 00

2,362 00
2,911 00

794 00
2,700 00

3,000 00
2,629 00

2,871 00
2,094 00

4,145 00

115 00
4,000 00

3,070 00
1,000 00

4,175 00

4,010 00

1,000 00
284 00

1,200 00
200 00

81 70
1,783 00

1,326 65

279 20
269 60

85 31
675 18
104 09

890 73
388 80

2 80
203 31
465 53

15 24
846 05
549 85

632 54
368 82

$305,029 79

$303,813 89

$296,041 79

$295,587 75

$308,965 92

$35,000 00
10,000 00

$35,000 00
10,000 00

$35,000 00
10,000 00

$35,000 00
10,000 00

$35,000 00
10,000 00

7,156 55

7,458 83

8,883 26

8,235 94

5,275 25

52,907 92
736 84

39,300 27
46 19

42,923 80
12 40

10,000 00

10,000 00

10,000 00

78,551 10
123,457 50

79,198 79
110,023 54

77,849 76
114,897 17

U . S. and N a tio n a l bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Gold com :
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
Silver coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C ommercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D ue to banks and ban k ers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
B ills p a y a b le ............................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................

11

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

77,825 84
121,402 64

653 98
700 29

39,592 48 |
42,00269
12 40
12 40
........................ ........................

75,282 03
141,393 55

........................ ........•...............
$305,029 79

$303,813 89

$296,041 79 | $295,587 75 :

$308,965 92

STA TE BANKING D EPA RTM EN T.

82

No. 525.
T H E P E O P L E ’S STA TE BANK OF CARO, CARO.
Organized November 11, 1912.
H enry

R.

President; F

M a r t in i,
J oseph

D i r e c t o r s . — H enry

H.

P.

B en d er , C lark
h a se C r is s e y ,

Cashier; C

E.

D augherty ,

Assistant Cashier.

Vice Presidents;

R. M artini, Frederick P. Bender, Joseph H. B eckton, Clark E. D augherty,
A lbert O. Purdy, John W . Quinn, R obert Park, Jr.

Resources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
B onds, m ortgages and securities:
C ommercial departm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se . . . T..............................
Furniture and fix tu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n sit............'.........................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Exchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in .................... -. . .
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
Cashier’s checks o u tsta n d in g...........
S tate m onies on d e o o s it. ... ..............
D u e to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
Bills p a y a b le ...........................................
Bonds sold under repurchase agree­
m ent .......................................................
T o ta ls .....................................’ .........


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

r e d e r ic k

B eck to n ,

Report of
Report of
D ec. 31, ’14. Mar. 4, T5.

R eport of
Report of
Report of
M ay 1, T 5. June-23, T5. Sept. 2, T5.

$31,882 99
30,107 93

$36,815 18
29,173 65

$42,843 72
32,603 61

$37,375 39
44,795 61

$52,781 43
34,966 41

45,855 00

47,055 00

46,155 00

48,120 00

47,720 00

126 06

148 31

265 17

505 32

111 69

18,500 00
5,728 42

18,500 00
5,728 42

18,500 00
5,728 42

18,500 00
5,728 42

18,500 00
5,728 42

1,550 27

842 29

7 25
536 80

110 23
317 76

81 93

19,411 34
5,000 00

11,931 13
12,400 00

10,421 36
8,000 00

7,428 13
15,000 00

12,648 41
9,000 00

395 58

20 84

1,950 86

465 67

2,692 00
7.000 00

3,742 00
6,500 00

2,194 00
5,500 00

1,727 00
5,800 00

2,163 00
4,500 00

215 00
1.000 00

1,000 00

82 50
1,000 00

192 50
1,000 00

30 00
1,677 50

58 15
900 00

863 40

490 25
500 00

521 25

716 25
300 00

79 35

105 19

144 31

99 38

90 15

243 66

93 60

268 67

97 14
22 50
113 80

$170,662 33

$175,048 23

$175,461 57

$187,510 50

$193,109 34

$40,000 00

$40,000 00

$40,000 00

$40,000 00

$40,000 00

623 84'

1,264 49

1,282 36

569 58

1,225 39

39,726 86
380 46

33,838 56
3,541 86
300 00

34,656 55
352 00
416 50

27,043 16
• 161 72

53,472 91
201 42

5,000 00

5,000 00

30

5 00

39,640 46
50,290 41

38,978 46
57,124 86

40,524 16
53,230 00

55,139 62
59,596 42

46,557 73
51,646 89

$170,662 33

$175,048 23

$175,461 57

$187,510 50

$193,109 34

STA TE BANKS OF MICHIGAN.

83

No. 286.
T H E STATE SAVINGS BAN K O F CARO.
Organized April 27, 1904.
T. W.

A tw ood,

President; G. H. S l o c u m , H e n r y P a r k e r , Vice Presidents; J. M .
L o u is W e a n , H . P. B u s h , A ssistant Cashiers.

D i r e c t o r s .—

E aly,

Cashier;

T. W . A tw ood, G. H. Slocum, J. M . E aly, H enry Parker, T. C. Quinn,
J. M cN air E aly.

Resources.

Loans and discounts:
C om m ercial departm ent................
Savings d ep artm en t.........................
Bonds, mortgages and securities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................

Report of
R eport of
R eport of 1 Report of
Report of
D ec. 31, C 4. Mar. 4, G5. j M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

8248,599 96
69,539 00

$238,540 88
81,339 00

$205,439 18
67,215 00

$210,745 91
73,915 00

$236,528 71
73,875 00

21,000 00
205,894 07

21,000 00
206,737 32

21,000 00
194,152 32

22,000 00
202,574 81

21,000 00
204,455 50

6,692 82

4,720 18

3,821 10

13,389 13

4,418 02

E xpenses, interest and taxes paid,
exceeding earn ings............................
B anking h o u se . . . ..............................
Furniture and fix tu res...........: ...........
Other real e s ta te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n sit......................................

10,000 00
3,000 00
1,382 21

10,000 00
3,000 00

10,000 00
3,000 00

10,000 00
3,000 00

10,000 00
3,000 00
4,891 07

2,653 65

5,165 12

4,611 77

4,842 37

U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................

15,880 32
29,783 30

31,448 07
43,043 35

42,531 25
87,331 59

27,723 64
63,691 78

11,963 65
72,602 36

995 72

1,469 29

148 31

263 17

461 56

16,511 00

15,168 00
600 00

17,086 00
800 00

17,998 00
500 00

19,092 00

150 00
15,800 00

100 00
16,300 00

67 50
16,500 00

85 00
16,800 00

217 50
17,300 00

4,778 85

4,531 15

3,529 95

3,701 20

3,754 65

U . S. and N ation al bank currency:
Commercial departm en t................
Savings departm en t.........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
C ommercial departm en t................
Savings d ep artm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ............
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified checks
C ashier’s cheeks outstanding . .
S tate m onies on d e p o sit.....................
D u e to banks and bankers
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscou n ted ............
................................
Bills payable
B onds sold under repurchase agreem e n t............... .......................................
T o ta ls ...............................................


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

170 52

172 23 ’

132 57

126 33

177 88

59 07

2 00

153 59

419 71

878 45

$652,890 49

$683,336 59

$677,520 13

$671,776 05

$684,616 35

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

$50,000 00
25,000 00

6,066 53

3,545 96

7,607 53

7,186 29

3,756 64

237,255 70
2,420 31

250,319 06
4,148 50

240,210 30
3,189 48

222,401 73
3,425 77

261,939 06
3,337 92

10,000 00

10,000 00

10,000 00

4,430 37
103,948 94
213,768 64

4,383 15
109,057 22
226,882 70

4,342 22
109,606 21
227,564 39

10,000
6,187
2,655
112,167
232,752

2,705 64
108,617 89
224,259 20

$652,890 49

$683,336 59

$677,520 13

00
01
46
04
75

$671,776 03 |

5,000 00

1684,616 35

ST A T E BAN KING D EPA R TM EN T.

81

No. 558.
*THE FA R M E R S A ND M E R C H A N T S STATE BAN K OF CARSON C IT Y .
Organized December 21, 1914.
W m . E . A dams,
D i r e c t o r s .— W m .

President;

G e o . W a l t , Vice President; E n s i g n
P a u l Y . B r e t z , A ssistant Cashier.

B.

S t e b b in s,

Cashier;

E . A dam s, Geo. W alt, Chas. H. A dam s, D elbert M ayes, Michael' H. Kipp,
Charles R . Burkholder, E nsign B. Stebbins.

Resources.

R eport of
Report of
R eport of
R eport of
R eport of
D ec. 31, T 4. Mar. 4, ’15. M ay 1, ’15. June 23, T 5. Sept. 2, T 5.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
C ommercial d ep artm en t................
Savings departm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................

$5,976 26

$27,658 70
2i 500 00

$44,629 57
5,500 00

$49,794 79
14,761 00

8,050 00

9,400 00

10,500 00

114 53

6 06

E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se . . . .“ ..............................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................

555 68

518 96

463 33

317 27

356 86
3,002 35

450 82
3 ,0 0 0 00

1,697 19
4,098 57

1,812 19
5,943 88

U n ited S tates bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................

15,479 06

12,972 57
2,008 62

6,617 48
4,347 86

4,439 75
5,905 77

8,733 00

6,607 00
1,000 00

2,428 00
3,000 00

2,168 00
3,000 00

200 .00

85 00
300 00

90 00
700 00

95 00
800 00

497 20

835 65

988 30

725 75

75 51

126 78

100 07

114 43

6 77

135 21

136 5Ó

7 63

$34,882 69

$66,249 31

$84,311 40

$100,391 52

$18,550 00

$20,500 00

$23,250 00

' $25,000 00

8,877 19
3,975 04

25,470 69
6,420 00

24,421 67
13,691 87

26,454 71
13,970 04

3,480 46

329 40
13,529 22

2,906 54
20,041 32

6,834 93
28,131 84

$34,882 69

$66,249 31

$84,311 40

$100,391 52

U . S. and N a tio n a l bank currency:
C ommercial departm en t................
Savings d ep a rtm en t.........................
Gold coin:
Commercial departm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial departm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Checks and other cash ite m s ............
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id ..................................
C om m ercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
Certified ch e ck s....................... *............
C ashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o s it.....................
D u e to banks and ban kers................
P ostal savings d e p o sits.......................
Savings d e p o sits.....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
Bills p a y a b le ............................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls .................................
♦Com menced business February 19, 1915.


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

STA TE BANKS OF MICHIGAN.

85

No. 72.
STA TE B AN K OF CARSON C IT Y , CARSON C ITY .
Organized February 14, 1887.
I'..

C . C u m m i n g s , President; J. W H a l l e t t , Vice President; I r a C u m m i n g s ,
B e s s E . S o m e r s , H a r l e y M . G l a s s , A ssista n t Cashiers.

D i r e c t o r s .—

Cashier-

E. C. Cum m ings, J. W . H a llett Ira Cum m ings, G . H. Patterson, W.
H. G . Sessions, Isaac Krohn, E . D . Lyon, J. P. Taylor.

R esources.

Loans and discounts:
C om m ercial departm en t. . .
Savings d ep artm en t___
R onds, m ortgages and securities:
Commercial d ep a rtm en t..
Savings d ep artm en t.............
Prem ium a cco u n t....................
E xpenses, interest and taxes paid
'exceeding earn ings.........
Banking h o u se ............
Furniture and fix tu r e s ...
Other real e s t a te . . . .
D u e from other banks and bankers
not reserve c itie s . .
Item s in transit
U n ited S tates bonds:
Savings d ep artm en t.........
D u e from banks in reserve cities:
Commercial d ep artm en t. . . .
Savings d ep a rtm en t...............
Exchanges for clearing house:
C om m ercial d e p a r tm en t...
Savings departm ent

Report of
Report of
D ec. 31, ’14 . M ar. 4, ’15

R eport of
M ay 1, ’15

A

Crabb

'

R eport of
R eport of
June 23, ’15 . Sept. 2, ’15.

SI 12,458 54
10,000 00

$111,767 97
10,000 00

$108,043 13

$110,307 43

$118,471 55

49,247 22
197,191 25

49,280 04
201,937 25

49,280 04
225,347 25

49,511 29
232,784 75

39,911 29
232,409 75

40

149 48

249 39

130 55

75 07

4,000 00
1,441 00

4,000 00
1,441 00

4,000 00
1,441 00

4,000 00
1,441 00

4,000 00
1,441 00

16,000 00

4,647 30

29,890 31

27,361 23
24,984 29

10,968 53
19,416 85

19,676 97
17,995 57

13,706 40
28,566 19

507 23

U. S. and N ation al bank currency:

C ommercial d e p a r tm en t... .
Savings d ep artm en t. . . .
Gold coin:
C ommercial d ep a rtm en t.........
Savings d ep a rtm en t...........
Silver coin:
Commercial d ep artm en t.........
Savings d ep artm en t. . . .

C ommercial d ep artm en t...........
Savings d ep artm en t..................
Checks and other cash item s . .
T o ta ls ...............
Liabilities.
C apital stock paid in . . .
Surplus fu n d .........
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id .......................
D ividends u n p a id . .
Commercial deposits subject to
c h e c k ..............
C ommercial certificates of d e p o sit.
Certified ch e ck s. . . .
Cashier’s checks o u tsta n d in g . . .
D u e to banks and ban kers.........
Postal savings d ep o sits..............
Savings deD osits...........
Savings.certificates of deposit.
R eserve for taxes, interest, e tc . .
N otes and bills red iscou n ted .........
B ills p a y a b le .........................
B onds sold under repurchase agree­
m ent ...............
T o ta ls. . . .

14,680 00
8,000 00

14,422 00
8,000 00

8,838 00
8,000 00

10,224 00
8,000 00

5,790 00
S,000 00

565 00
6,000 00

365 00
6,000 00

350 00
6,000 00

237 50
6,000 00

270 00
6,000 00

1,263 25

1,241 95

1,063 20

1,256 00

1,391 65

46 45

39 01

94 58

62 56

60 23

1,262 27

637 03

149 95

1,431 62

362 29

, / / 2i (Jo

$455,855 37

$448,427 97

$50.000 00
10,000 00

¡8485 0 5 0

na

$50,000 00

$50,000 00
10,000 00

$50,000 00
10,000 00

$50,000 00
10,000 00

1,034 34
3,000 00

38 10

38 10

6,073 86
38 10

1,184 40
17 00

75,269 93
59,366 26

75,070 36

56,101 43
84,469 13

47,042 45
76,416 07

61,952 53
69,596 12

1,038 21
248,719 23

1,027 11
256,189 63

468 62
263,862 92

1,186 17
265,015 43

1,764 08
261,341 24

$470,356 59

$455,772 08

$455,855 37

$448,427 97

*


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

-

ST A T E BANKING D EPA R TM EN T.

86

No. 234.
E X C H A N G E STA TE BANK, C ARSON V ILLE.
Organized June 20, 1901.
D a v i d C k o k e y , President; W . C. V i v i a n , Vice President; W .
F r a n k C . C b o e e y , F . D . M c C a r e n , A ssistant
D i r e c t o r s .—

J. M c C a
Cashiers.

e e n

,

Cashier;

D a v id Crorey, W . J. M cCaren, Frank C. Crorey, Edward M eyer, W . C. V ivian,
Jam es Trigger, H . A. R uttle.

R esources.

R eport of
Report of
D ec. 31, ’14. M ar. 4, ’15.

Loans and discounts:
C om m ercial departm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
Commp,roial d ep a rtm en t................
Savings departm ent-........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve cities ............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
C ommercial d ep a rtm en t................
Savings departm ent .......................
U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Gold coin:
C ommercial departm en t................
Savings departm en t.........................

Report of
Report of
R eport of
M ay 1, T 5. June 23, ’15. Sept. 2, T5.

$122,241 67
28,916 97

$119,383 76
24,695 16

$131,613 80
27,831 60

$140,202 22
25,740 60

$129,890 79
29,714 91

116,504 30

113,111 54

118,088 52

114,138 19

112,210 60

1,429 84

800 37

488 81

718 15

637 05

2,750 00
2,209 05
500 00

2,750 00
2,209 05
4,175 00

2,750 00
2,209 05
4,175 00

2,750 00
2,209 05
4,175 00

2,750 00
2,209 05
4,175 00

4,970 62

4,180 00

3,622 65

4,316 25

13,645 04
31,223 49

26,577 04
35,425 60

16,072 97
29,867 69

9,551 84
36,691 13

10,598 40
35,945 74

10,480 50
3,747 50

8,152 00
3,690 00

7,807 00
2,685 00

9,233 00
2,665 00

8,874 00
2,615 00

7,252 50

2 50
7,310 00

2 50
7,315 00

2 50
7,335 00

2 50
7,385 00

302 70

402 85

60 00

119 10

329 60

Silver coin:
Commercial d ep artm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........

34 79

68 67

62 07

82 47

132 73

1,504 87

201 81

520 33

337 95

224 42

T o ta ls ...............................................

$347,713 84

$353,135 35

$355,171 99

$360,267 45

$347,694 79

$25,000 00
6,000 00

$25,000 00
6,000 00

$25,000 00
6,000 00

$25,000 00
6,000 00

$25,000 00
6,000 00

8,310 46

'6,847 00

7,164 16

6,939 77

5,162 23

69,944 11
52,261 75

73,227 71
50,446 50

71,936 80
49,440 85

68,756 73
51,547 85

68,788 25
51,214 76

5,000 00

5,000 00
500 38

10,000 00
75 49

10,000 00
460 35

1,358 44

181,197 52

186,113 76

185,554 69

191,562 75

190,171 11

$347,713 84

$353,135 35

$355,171 99

$360,267 45

$347,694 79

Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
D u e to banks and ban k ers................
P ostal savings d ep o sits.......................
Savings d e p o sits. . .
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e t c . . . .
N o tes and bills red isco u n ted ............
B ills p a y a b le ...
Bonds sold under repurchase agree­
m ent : .................................. ..................
T o ta ls ...............................................


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

STA TE BANKS OF MICHIGAN.

87

No. 180.
♦STATE BAN K OF CARSONVILLE, CARSONVILLE.
Organized October 17, 1895.
W m.

H.

A it k in ,

President; H. W.
W . W. G

D i r e c t o r s . — W m.

Vice Presidents; A
A ssistant Cashiers.

Loans and discounts:
C ommercial d ep artm en t...........
Savings d ep a rtm en t......................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t.............
Savings d ep artm en t....................
Prem ium a cco u n t.............................
O verdrafts...........................................
E xpenses, interest and taxes paid
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res.........................
Other real e s t a te ....................................
D u e from other banks and bankers
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t......................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t..............
Savings d ep a rtm en t......................
Exchanges for clearing house:
C om m ercial d ep artm en t..............
Savings d ep a rtm en t......................
U . S. and N a tio n a l bank currency
Commercial d ep artm en t................
Savings d ep artm en t.........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Silver coin:
C om m ercial departm en t. . .
Savings d ep a rtm en t.............
N ickels and cents:
C ommercial d e p a r tm en t...
Savings d ep artm en t.............
C hecks and other cash item s.
T o ta ls .
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
check ......................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and ban k ers................
P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted............
B ills p a y a b le...........................................
B onds sold under repurchase agree­
m ent .......................................................

R.

N il e s,

Report of
D ec. 31, T4

R eport of
M ar. 4, ’15.

$130.327 81
50,281 28

$127,545 05
45,396 76

$132,560 35
69,555 42

103,293 43

99,633 43

77,403 66

242 29

424 22

3,300 00
1,700 00
501 96

3,300 00
1,700 00
501 96

3,300 00
1,700 00

3,300 00
1,700 00

4,083 39
41 73

7,813 44

2,333 62

8,030 11

11,263 04
23,247 89

5,047 79
31,753 67

7,276 17
19,988 57

1,729 88
13,585 54

9,485 00

Report of
R eport of
M ay 1, ’15. June 23, T5

$130,892 10
77,999 30
75,953 66
....... 14'72'

11,023 00

207 50

222 50

10,000 00

237 50

10,000 00

10,000 00

10,000 00

307 25

420 95

213 80

409 00

265 00

117 71

173 28

159 76

153 15

597 77

77 41

147 5Ò

'627'04'

$348,998 05

$346,049 46

$335,931 77

$336,545 50

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

$25,000 00
5,000 00

2,050 31

2,520 10

4,040 83

4,079 88

58,608 89
.67,544 48

55,299 47
59,895 49

48,759 45
62,687 79

42,443 36
57,196 93

20 50
5,000 00
2,500 00

10,000 00

10,000 00

10,000 00

2,500 00

185,273 87

$348,998 05

$346,049 46

2,500 00

2,500 00

177,943 70

190,325 33

$335,931 77

$336,545 50

♦C onverted to the First N ation al Bank of Carsonville, .Tidy 1, 1915.


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

l l e n

Cashier;

H . A itk in, H. W. Sm ith, A. R. N iles, M . H. A itkin, A. W. Graham, W. R . H arvey.

Resources.

T o ta ls .

S m i t h , M . H. A i t k i n ,
, M. H a r t s h o r n ,

r e e n

R eport of
Sept. 2, T 5.

ST A T E BANKING D EPA R TM EN T.

88

No. 421.
T H E CASS COU NTY STA TE BANK, CASSOPOLIS.
Organized August 27, 1908.
F a i r f i e l d G o o d w i n , President; E d g a b A. P l a n c k , S t e p h e n I. R u d d , Vice Presidents;
F k a n k J. P h i l l i p s , Cashier; W i l s o n B. D e c k e r , A ssistant Cashier.
D i r e c t o r s .—

Fairfield G oodwin, John R . Carr, E dgar A. Planck, Stephen I. R udd, Fred E. Sm ith,
W illiam Jones, Isaac R . Shurte.

„
R esources.

R eport of
Report of
D ec. 31, T 4. M ar. 4, T5.

Loans and discounts:
Com m ercial departm en t................
Savings d ep artm en t........................
B onds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
O verdrafts................................................

R eport of
Report of
R eport of
M ay 1, T 5. lune 23, T5.j Sept. 2, T 5.

$71,646 42
3,502 79

$69,310 49
3,445 79

$68,482 49
5,005 79

$73,351 02
4,945 79

00
84
00
56

35.975 00
35.975 84

35,975 00
35,550 84

35,975 00
34,850 84

29,475 0Ò
36,350 84

132 57

52 66

96 48

12 54

7.500 00
4.500 00
501 30

7.500 00
4.500 00
501 30

7.500 00
4.500 00
501 30

7.500 00
4.500 00
501 30

7.500 00
4.500 00
451 30

1,123 21

181 16

506 90

464 31

429 32

7,437 41
2,245 41

9,522 01
2,245 41

19,534 45
4,245 41

18,439 18
4,245 41

6,273 79
4,245 41

3.698 00
3,000 00

3,714 00
3,732 00

2,641 00
2,500 00

3,665 00
3,058 00

3,975 00
2,500 00

742 50
700 00

487 50
1,000 00

1,522 50

1,522 50

1,615 00

1.698 45
23 00

1,473 50

558 50
69 00

2,441 25

1,208 90
26 00

89 85
90
725 26

163 39
37
86 00

100 67
78
254 53

$75,727 34
3,112 79
36,375
42,975
160
4

E xpenses, interest and taxes paid,
B anking h o u se ........................................
Furniture and fix tu res.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ..............................
U n ited States bonds:
D u e from banks in reserve cities:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:

U . S. and N a tio n a l bank currency:
Com m ercial d ep artm en t................
Savings d ep a rtm en t...................... .
G old coin:
Com m ercial d ep artm en t................
Silver coin:
C om m ercial d ep artm en t................
N ickels and cents:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........ ................
C hecks and other cash ite m s ...........

136 59
27
250 68

T o ta ls ...............................................

$191,912 35

$182,911 22

$189,229 85

$190,997 31

$177,215 89

$40,000 00
1,125 00

$40,000 00
1,225 00

$40,000 00
1,225 00

$40,000 00
1,225 00

$40,000 00
1,325 00

663 02
252 00

872 35
20 00

1,395 47

1,604 37

1,377 03

Com m ercial certificates of d e p o sit. .

34,907 62
62,559 85

33,840 15
60,328 40

41,185 75
59,276 69

40,388 57
59,983 96

25,810 93
60,299 11

C ash ier’s checks o u tsta n d in g...........

347 55

168 98

335 00

635 00

335 00

Savings d e p o sits...................... .............
Savings certificates of d e p o sit.........

35,653 83
16,403. 48

36,081 65
10,374 69

32,247 99
13,563 95
»

32,928 40
14,232 01

30,598 42
17,470 40

$191,912 35

$182,911 22

$189,229 85

$190,997 31

$177,215 89

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
paid . ._.............. ^...................................
D ividend s u n p a id . ............... ...............
Com m ercial deposits subject to

94 24'
30
727 18

B onds sold under repurchase agree
T o ta ls .............................................


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

STA TE BANKS OF M ICHIGAN.

89

No. 537.
T H E STATE BANK OF CED A R, CED A R.
Organized M ay 10, 1913.
G eorge

A.

M ason,

President; A. E .

D i r e c t o r s .— E lm er

R esources.

Loans and discounts:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verd rafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Gold coin:
Commercial d e p a r tm e n t...............
Savings d ep a rtm en t........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ivid en d s u n p a id .................................
Commercial deposits subject to
c h e c k ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g ...........
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
Postal savings d e p o sits.......................
Savings d e p o sits. . .
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

B e l l in g e r ,

Vice President;

E lm er

B illm a n ,

Cashier.

B illm an, Adam E . Bellinger, G. A . M ason, S. B . Burke, J. C. Ylack.
Report of
Report of
D ec. 31, T 4. Mar. 4, T 5.

R eport of
Report of
Report of
M ay 1, T5. June 23, T 5. Sept. 2, T 5.

$28,880 89
11,670 86

$24,585 04
15,703 70

$29,783 85
17,379 28

$33,416 33
16,725 06

$36,220 06
16,077 90

66,890 25

66,974 25

71,754 25

72,879 25

72,420 25

107 89

7 12

36 39

129 88

137 69

1,270 00
1,689 86

1,270 00
1,689 86

1,270 00
1,689 86

1,270 00
1,689 86

1,270 00
1,689 86

1,500 00
700 00

200 00

2,885 21
7,000 00

9,572 03
15,000 00

5,797 90
15,000 00

5,919 83
14,017 50

2,265 65
10,000 00

126 00
2,300 00

335 00
2,500 00

394 00
2,500 00

292 00
2,000 00

114 00
2,000 00

15 00
2,300- 00

2,280 00

165 00
2,500 00

2,770 0Ò

2,790 00

232 00
400 00

211 00
220 00

395 00

358 35
230 00

281 00
210 00

143 48

126 96

77 72

76 50

117 61

158 19

92 72

146 10

32 17

178 23

$128,269 63

$140,767 68

$148,889 35

$151,806 73

$145,772 25

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
1,500 00

$20,000 00
2,000 00

253 25
765 00

554 30
10 00

369 20

2,204 53

120 13
20 00

12,988 69

15,327 11

14,244 56

13,513 72

12,979 02

727 94

377 61
2,500 00

1,501 16
2,500 00

884 15
2,500 00

433 69

59,917 42
32,117 03

62,941 13
37,557 53

70,535 92
38,238 51

70,704 40
40,499 93

68,742 62
33,476 79
8,000 00

$128,269 63

$140,767 68

$148,889 35

$151,806 73

$145,772 25

STA TE BANKING D EPA RTM EN T.

90

No. 343.
T H E F IR S T STATE BAN K OF C E N T R A L LAKE, C EN T R A L LAKE.
Organized June 30, 1906.
C . W . M c P h a i l ,,
D i r e c t o r s .— C.

President;

J o h n S m a l l e g a n , Vice President; W . S . R i c h a r d s o n ,
G u y E . W h i t e , A ssistant Cashier.

Cashier;

W . M cPhail, John Sm allegan, W . S. R ichardson, A. F. W allbrecht, N . A. R ichardson.

Resources.

Loans and discounts:
C om m ercial departm en t................
Savings d ep artm en t.........................
B onds, mortgages and securities:
Cnmmp.rr.ial departm en t................
Savings d ep a rtm en t........................
Premium account
............................
O verdrafts................................................

Report of
R eport of
D ec. 31, T 4. Mar. 4, T 5.

R eport of
Report of
R eport of
M ay 1, To. June 23, T o. Sept. 2, T 5.

$71,436 80
18,575 92

$74,057 68
14,568 91

$79,896 76
18,667 43

$76,090 07
22,866 05

$83,859 65
18,634 05

35,142 94

40,240 29

35,810 29

31,257 34

31,159 34

110 66

156 88

162 15

6 00

65 10

E xpenses, interest and taxes paid,
exceeding earnings...........................
Banking h o u se ........................................
Furniture and fixtures.........................
Other real e s ta te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Tterns in transit
............................

3,200 00
1,950 00
657 79

3,200 00
1,950 00
657 79

3,200 00
1,950 00
657 79

3,200 00
1,950 00
657 79

3,200 00
1,950 00
657 79

4,528 30

2,498 22

745 77
437 76

4,308 05

1,561 85

U nited States bonds:
Savings departm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial departm en t................
Savings d ep artm en t.........................

6,319 18
6,792 46

6,298 50
6,824 68

3,939 53
6,834 57

5,225 40
6,511 48

3,016 78
6,541 70

1,629 23

409 42

1,047 73

4,624 00
1,700 00

3,387 00
1,550 00

4,119 00
1,000 00

3,332 00
2,174 00

3,655 00
1,000 00

545 00
2,200 00

1,000 00
1,787 50

787 50
2,000 00

1,500 00
1,300 00

762 50
2,100 00

516 35
200 00

245 65
200 00

171 90

318 40
126 15

268 25
200 00

196 26
50 88

176 04
106 37

279 73
8 73

198 80
58 45
32 15

270 07
10 99

$160,375 77

$159,314 93

$161,716 64

$161,112 13

$158,922 07

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

$20,000 00
5,000 00

1,328 56

2,548 35

3,669 68

3,806 55

25,786 94
42,416 62

20,037 02
42,887 57

17,951 56
42,134 10

18,259 51
38,797 98

U . S. and N ation al bank currency:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings d ep artm en t........................
N ickels and cents:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s unpaid
............................
C ommercial deposits subject to
c h e c k .....................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
C ashier’s checks outstanding .
S tate m onies on d e p o sit.....................
D u e to banks and b an kers................
Postal savings d e p o sits.......................
Savings d ep o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N otes and bills red iscoun ted ............
Bills p a y a b le ...........................................
Bonds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

24,330 30
40,724 69

9 00

5,507 48
399 19

25 00

155 19

27 00

455 63

42,457 01
21,957 10

42,994 86
21,762 95

43,152 40
21,436 11

43,423 29
20,406 50

40,968 90
20,133 50

6,500 00

8,500 00

11,500 00

$160,375 77

$159,314 93

$161,716 64

$161,112 13 j

$158,922 07

STA TE BANKS OF MICHIGAN.

91

No. 391.
the

W OLF BROS. STATE BANK, C E N T R E V IL L E .
Organized M arch 26, 1908.
F rank W olf,

D i r e c t o r s .—

President; C. D .

M osher,

Cashier.

Frank W olf, C. D . M osher, C. A. D ockstader, B ryant W eed.

Resources.

Loans and discounts:
C ommercial d ep artm en t. . . .
Savings d ep a rtm en t....................
Bonds, m ortgages and securities:
Commercial d ep a rtm en t.........
Savings d ep artm en t...............
Premium a cco u n t........
O verdrafts......................

Report of
D ec. 31, T4

Report of
Mar. 4, T5.

$108,010 43
96,033 25

$121,284 00
93,330 28

$147,376 75
110,986 00

$106,486 05
78,346 00

$102,686 81
82,136 00

1,000 00
140,229 50

1,000 00
137.973 50

1,000 00
140,192 15

1,000 00
138,588 65

1,000 00
134,166 69

Report of
R eport of
M ay 1, T5. June 23, T5

Report of
Sept. 2, T 5.

150 18

54 99

14 18

84 63

53 76

E xpenses, interest and taxes paid,
exceeding earn ings.............
Banking h o u se ............1
Furniture and fixtures \ .........
Other real e sta te . . . . J
D u e from other banks and bankers,
not reserve c itie s .....................

2,500 00

2,500 00

2,500 00

2,500 00

2,500 00

U nited S tates bon d s-Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t......................
Exchanges for clearing house:
C ommercial d ep artm en t.........
Savings d ep a rtm en t........................

4,072 81
37,348 58

26,188 88
48,867 46

9,759 81
50,030 70

8,571 67
50,123 58

3,900 40
51,284 88

1,255 00
6,000 00

1,243 00
4.500 00

1,185 00
2.500 00

1,406 00
2.500 00

1,606 00
4.000 00

225 00
2,250 00

140 00
2.500 00

190 00
2.500 00

410 00
2.500 00

270 00
1.000 00

175 50
1,500 00

481 50
1,000 00

1,102 75
1,000 00

962 50
1,000 00

1,191 25
1,000 00

223 80
250 00
980 12

429 29

564 69

498 57

351 24

1,447 78

493 68

193 72

274 71

$402,204 17

$442,940 68

$471,395 71

$395,171 37

$387,421 74

$30,000 00
8,000 00

$30,000 00
9,000 00

$30,000 00
9,000 00

$30,000 00
9,000 00

$30,000 00
9,000 00

5,621 12

31 65

1,756 81

1,188 83

604 84

56,893 69

114,132 20

146,785 61

73,608 58

74,892 77

1 65

153 10

64 60

432 64
90,310 37
210,944 70

438 11
89,557 88
199,627 74

438 11
90,848 32
192,502 26

438 il
88,354 66
192,581 19

443 54
85,405 40
187,060 30

$402,204 17

$442,940 68

$471,395 71

$395,171 37

$387,421 74

U . S. and N ation al bank currency:
C om m ercial d ep a rtm en t.............
Savings d ep a rtm en t....................
Gold coin:
Commercial d ep artm en t................
Savings departm en t...............
Silver coin:
C ommercial d ep artm en t..
Savings d ep artm en t........................
N ickels and cents:
Commercial departm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s .........
T o ta ls ........................
Liabilities.
C apital stock paid in ..................
Surplus fu n d . ?............................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................
D ividends u n p a id ..........................
Commercial deposits subject to
check ............................
Commercial certificates of d e p o sit. .
Certified c h e ck s..............
C ashier’s checks o u tsta n d in g...........
State m onies on d e p o sit................
D ue to banks and b an kers................
P ostal savings d ep o sits.......................
Savings d e p o sits..................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc . . . .
N o tes and hills rediscounted. .. .
B ills p a y a b le ..................................
B onds sold under repurchase agree­
m ent ............................. ..
T o ta ls. . . ........................................


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

14 89

ST A T E BAN KING D EPA R TM EN T.

92

No. 315.
T H E CH A R LEV O IX STA TE SAVINGS BANK, CHA RLEV O IX .
Organized June 8, 1905.
J.

L. C ra n e,

President;

D i r e c t o r s .— John

S. H a r s h a , Vice President; W . J. R a c h o w ,
A r c h i e L i v i n g s t o n , A ssistant Cashier.

Burns, H . S. Harsha, J.

R esources.

Loans and discounts:
Commercial d ep artm en t................
Savings d ep a rtm en t........................
B onds, mortgages and securities:
C ommercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................

Cashier;

H .

L.

Crane,

Report of
R eport of
D ec. 31, T 4. M ar. 4, T5.

W .

J. R achow , P.

D .

Campbell.

R eport of
R eport of
R eport of
M ay 1, ’15. June 23, T 5. Sept. 2, ’15.

$62,246 51
36,100 00

$62,714 58
37,500 00

$60,270 92
36,862 22

$69,749 55
40,540 92

$66,800 00
48,191 36

82,477 00

73,632 00

77,631 15

75,261 15

72,054 85

261 03

469 18

49 35

61 54

359 63

Expenses, interest and taxes paid,
exceeding earnings...........................
B anking h o u se . . . .................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it.....................................

11,600 00
3,000 00
1,500 00

11,600 00
3,000 00
1,500 00

11,600 00
3,000 00
1,500 00

11,600 00
3,000 00
1,500 00

11,600 00
3,000 00
1,500 00

U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Exchanges for clearing house:
Commercial d ep a rtm en t................
Savings d ep artm en t........................

996 81
9,588 01

1,643 81
10,074 70

15,621 03
13,083 23

8,937 52
12,793 72

29,585 45
17,509 48

759 22

413 58

1,000 00

450 00

616 28

6,031 00
5,100 00

1,736 00
4,400 00

2,860 00
3,500 00

7,676 00
3,500 00

4,331 00
4,150 00

2,245 0Ò

2,580 00

2,580 00

2,705 00

2,005 00

672 80
600 00

533 95
920 00

573 10
800 00

650 20
750 00

430 35
695 00

127 51
55 00
93 76

68 11
100 00

120 00

93 04

89 31

72 93
45 00
368 67

67 92
150 00
99 70

$223,491 44

$213,056 73

$231,236 35

$239,662 20

$263,206 02

$25,000 00
3,200 00

$25,000 00
3,200 00

$25,000 00
3,200 00

$25,000 00
3,200 00

$25,000 00
3,400 00

2,892 16
1,750 00

3,641 52
7 00

4,403 82

4,154 57

4,677 52

50,064 95
41 50

47,921 99
41 50

56,847 81
41 50

66,068 25
41 50

98,680 85
41 50
15 00

5,000 00

5,000 00

5,000 00

59,746 77
68,497 95

57,438 04
69,305 18

53,277 66
67,920 22

10,000 00

15,000 00

$231,236 35

$239,662 20

U . S. and N ation al bank currency:
C ommercial departm en t................
Savings d ep artm en t........................
Gold coin:
C ommercial departm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial d ep artm en t................
Savings departm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep artm en t........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
Liabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
Commercial deposits subject to
c h e ck .....................................................
Commercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks ou tsta n d in g ...........
S tate monies on d e p o sit.....................
D ue to banks and ban kers................
Postal savings d ep o sits.......................
Savings deposits.*..................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e t c . . . .
N otes and bills red iscoun ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ...............................................


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

37 79

57,697 29
74,986 68

60 00

170 82

7,858 86

$223,491 44

$213,056 73

61,629 97
69,761 18

$263,206 02

STA TE BANKS OF MICHIGAN.

93

No. 218.
EATO N COUNTY SAVINGS BANK, C H A R LO TTE.
Organized A ugust 14, 1899.
G eo .

H.

S pen c er ,

President;

A l b e r t M u r r a y , Vice
F i s h e r , A ssistant

C. E .
D i r e c t o r s .— W .

N ed

B.

A lsover,

Cashier;

B. O tto, A lbert M urray, Geo. H . Spencer, E . D . Barber, C. B. Lamb,
N ed B . Alsover, M . Yomberg.

R esources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Premium account.. . .
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se . . . .“..............................
Furniture and fixtures.........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not reserve c it ie s . .
Item s in tr a n s it......................................
U n ited S tates bonds:
Savings departm en t.........
D u e from banks in reserve cities:
C ommercial d ep a rtm en t.„ ............
Savings d ep a rtm en t.........................
Exchanges for clearing house:
C ommercial d ep a rtm en t..
Savings d e p a r tm en t...
U . S. and N a tio n a l bank currency:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
Gold coin:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id ............................... .
C om m ercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
Certified ch e ck s.....................................

R eport of
Report of
D ec. 31, T 4. Mar. 4, T5.

$282,084 79
90,523 32

$272,761 33
101,323 32

$287,797 37
105,323 32

$290,194 69
110,123 32

21,000 00
224,143 55

28,154 00
219,928 55

34,154 00
228,348 25

32,000 00
220,413 25

22,000 00
220,651 25

550 61

72 18

810 93

1,484 56

727 48

20,000 00

20,000 00

20,000 00

20, ÒÒÒ ÓÒ

20,000 00

5,554 91

22,321 16

10,641 65

7,019 95

7,411 58

36,015 86
33,144 79

60,286 98
32,125 14

64,027 07
37,292 61

39,864 07
33,980 33

31,562 61
33,426 49

18,580 00
1,722 00

15,053 00
4,346 00

13,352 00
3,423 00

14,576 00
3,799 00

13,455 00
2,918 00

4,602 50
15,005 00

3,422 50
15,000 00

1,470 00
15,000 00

1,457 50
15,000 00

1,255 00
15,000 00

4,403 00
50 15

4,097 00
84 85

2,679 00
70 00

2,993 00
116 25

3,222 00
92 20

540 69
2 67
1,293 28

706 25
2 02
588 59

483 84
1 46
295 66

642 62
4 67
70 32

592 12
1 07
214 55

$775,742 88

$803,796 33

$811,134 12

$791,542 21

$777,847 36

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

$100,000 00
20,000 00

5,488 06
4,019 00

8,631 82
124 00

8,639 61
59 00

11,582 13
59 00

9,296 62
284 00

131,645 23
147,820 35
1,145 00

169,066 78
153,152 33
651 87

' 167,936 71
159,284 62
595 00

134,200 17
165,369 33
395 00

142,945 51
160,391 82
2,684 00

2,500 00

10,000 00

10,000 00

10,000 00

5,000 00

5,000 00

bankers

P ostal savings d ep o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes, interest, e tc . . . .
D ills p a y a b l e

Report of
Report of
R eport of
M ay 1, T5. June 23, T 5. Sept. 2, T 5.

$287,338 87
96,795 00

C a s h i e r ’s e h e e k s o u t s t a n d i n g

S ta te m onies on d e p o sit.....................
D u o to b an k s and

President;
Cashier.

704 90
329,820 34
12,600 00

713
326,355
12,600
2,500

80
73
00
00

5,000 00

709
328,810
12,600
2,500

10
08
00
00

5,000 00

5,000 00

80
78
00
00

354 78
329,290 63
12,600 00

$791,542 21

$777,847 36

346
334,489
12,600
2,500

20,000 00

B onds sold under repurchase agreemerit
T o ta ls ...............................................


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

$775,742 88

$803,796 33

$811,134 12

STA TE BANKING D EPA RTM EN T.

91

No. 509.
T H E CHASSEL STATE BANK, CHASSEL.
Organized June 27, 1912.
C has.

H.

W orcester,

D i r e c t o r s .—

President;

E dw ard

A.

H am ar,

Vice President;

M arcell

A.

N ad ea u ,

Cashier.

Chas. H . W orcester, M arcell A. N adeau, Edward A. H am ar, Percy H. W illson,
W. H. Funk.

R esources.

L oans and discounts:
Com m ercial d ep artm en t................
Savings d ep artm en t........................
B onds, m ortgages and securities:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts.................... ............. .............
E xpenses, interest and taxes paid,
exceeding ea rn in g s.. .
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a t e ...................................
D u e from other banks and bankers,
not reserve c it ie s . .
Item s in tr a n s it. .
U nited States bonds:
Savings d ep a rtm en t........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings departm ent
U . S. and N a tio n a l bank currency:
C om m ercial d ep artm en t................
Savings d ep a rtm en t........................
Gold com :
Commercial d e p a r tm e n t..
Savings d ep artm en t.........................
Silver coin:
Com m ercial d ep a rtm en t................
Savings d ep artm en t........
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Checks and other cash ite m s ...........
T o ta ls ...............................................
L iabilities.
C apital stock paid in ...........................
Surplus fu n d . ? .......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .............
Com m ercial ‘deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o utstan ding. . .
S tate m onies on d e p o sit. . .
D u e to banks and b a n k e r s..
P osta l savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
Reserve for taxes, interest, e tc . . . .
N otes and bills rediscounted .
Bills p a y a b le .. .
Bonds sold under repurchase agreem e n t.......................................................
T o ta ls ...............................................


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

Report of
Report of
D ec. 31, T 4. Mar. 4, ’15.

R eport of
R eport of
M ay 1, T5. June 23, ’15

Report of
Sept. 2, T5.

$36,022 59
2,135 00

$34,749 40
2,135 00

$32,730 95
2,135 00

$31,604 04
2,135 00

$33,555 18
1,850 00

5,997 50
14,253 82

8,672 50
14,079 12

8,672 50
14,409 12

9,074 2514,879 62

9,074 25
14,879 62

278 37

334 81

126 18

477 82

116 24

3,300 00
1,700 00

3,300 00
1,700 00

3,300 00
1,700 00

3,300 00
1,700 00

3,300 00
1,700 00

111 27

2,471 71

497 42

231 33

10,875 79
1,846 16

9,138 64
2,095 98

12,273 47
2,891 56

2,179 34
300 00

6,499 84
2,837 61

3,781 00

3,942 00

3,321 00
1,250 00

2,681 00
1,445 00

3,350 00
95 00

1,555 00

322 50
1,275 00

1,677 50

1,685 00

1,100 00

159 50
47 00

258 85

245 95
3 00

282 35
30

162 10

73 77
53
133 87

131 17
13
191 66

154 29
98
162 21

62 53
141 89

55 59
90
91 37

$82,271 17

$84,798 47

$85,551 13

$72,179 47

$80,162 82

$20,000 00
3,200 00

$20,000 00
3,200 00

$20,000 00
3,200 00

$20,000 00
3,200 00

$20,000 00
3,200 00

361 52

909 27

1,043 45

697 40

41,558 72
80 00

38,860 16
180 00

27,416 44
75 00

25,427 29
10,075 00

14 00

45 44

10 46

827 62

39,059 21
70 00
74 00

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

667 50

19,867 96

19,584 23

22,356 26

20,434 12

20,763 13

$82,271 17

!...............
i - .
$84,798 47

$85,551 13

$72,179 47

$80,162 82

STA TE BANKS OF MICHIGAN.

95

No. 305.
T H E CHEBOY GA N C O U N TY SAVINGS BANK, CHEBOYGAN.
Organized Jan u ary 24, 1905.
J ames F. M oloney,
D i r e c t o r s .-

President;

W m , L. M a r t i n , S . A . S t . A m o u r ,
J a s . A . G a l l a g h e r , Cashier.

Vice Presidents;

Jam es F M oloney, W m L .M a r tin , W. L. Hagadorn, George Annand, S. A. St. Amour,
v et. S. M oloney, Y. D . Sprague, H enry Barber, J. H. M yers.
R esources.

Loans and discounts:
C ommercial departm en t...........
Savings departm en t....................
Bonds, mortgages and secu ties:
Commercial departm en t.............
Savings departm en t.............
Prem ium account.
O verdrafts......................

Report of
Report of
D ec. 31, T4 | M ar. 4, T5.

R eport of
Report of
M ay 1, ’15. June 23, T5

R eport of
Sept. 2, ’15.

$101,034 26
40,200 00

$104,009 61
36,200 00

$104,419 81
36,200 00

$110,714 44
38,115 85

$105,886 68
42,875 00

3,981 00
56,199 12

3,981 00
56,895 12

3,881 00
55,169 91

3,844 25
53,789 90

3,792 26
48,604 68

1,019 80

93 14

438 95

304 40

170 34

E xpenses, interest and taxes paid,
exceeding earn ings.......................
Banking h o u se ................
F urniture and fixtures. . .
Other real e s ta te ............
D u e from other banks and bankers,
not reserve c itie s . .
Item s in tr a n sit. . .

4,198 75
4,511 11

4,198 75
3,907 22

4,198 75
3,907 22

4,198 75
3,632 22

4,198 75
3,632 22

1,600 91

1,690 25

780 50

1,316 13

644 52

U nited States bonds:
Savings departm en t....................
D u e from banks in reserve cities:
Commercial d ep artm en t. . .
Savings departm en t....................
E xchanges for clearing house:
C om m ercial departm en t..
Savings departm en t...........

3,020 38
9,786 97

9,041 63
9,816 57

1,229 22
9,884 27

244 37
6,944 10

11,580 97
11,497 69

8,785 00
5.500 00

8,438 00
5.500 00

2,260 00
5.500 00

2,462 00
5,000 00

5,759 00
5,000 00

1,757 50
1.500 00

2,245 00
1.500 00

1,230 00
1.500 00

1,340 00
1,500 00

1,640 00
1,500 00

2,614 40
1,100 00

3,397 25
1,100 00

2,146 35
1,100 00

2,550 10
1,100 00

4,729 80
1,100 00

935 32
60 00
1,043 16

925 86
60 00
996 58

881 43
60 00
1,087 80

789 59
60 00
629 49

788 19
60 00
629 60

$248,847 68

$253,995 98

$235,875 21

$238,535 59

$254,089 70

$50,000 00
3,855 00

$50,000 00
4,260 00

$50,000 00

$50,000 00
4,260 00

$50,000 00
4,260 00

5,047 36

1,082 67

2,273 67

2,732 47

70,768 15
6,268 95
205 25

83,423 31
5,610 37
67 03

51,827 72
4,884 85
1 10

51,047 62
3,668 75

64,161 34
3,700 15
59 62

381
360
46,049
58,412

834
360
42,684
60,673

5,013
360
48,853
62,818

5,582
360
46,018
62,306

1,326
114
47,814
62,920

U . S. and N ation al bank currency:
C ommercial d ep artm en t..
Savings departm en t.............
Gold coin:
C ommercial departm en t. . . .
Savings d ep a rtm en t....................
Silver coin:
C om m ercial d ep artm en t. . . .
Savings d ep artm en t___
N ickels and cents:
C om m ercial departm en t. . . .
Savings departm en t......................
Checks and other cash ite m s . . . .
T o ta ls ........................
Liabilities.
C apital stock paid in ....................
Surplus fu n d ...........................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ............................
D ividends u n p a i d . . . . .
Commercial deposits subject to
check .......................
Commercial certificates of d e p o sit. .
Certified c h e ck s............
C ashier’s checks o u tsta n d in g...........
State m onies on de pos i t . . . .
D u e to banks and b an kers...........
P ostal savings d e p o sits................
Savings d ep o sits....................
Savings certificates of de pos i t . . . . .
R eserve for taxes, interest, e tc . . . .
N o tes and bills red iscoun ted.........
Bills p a y a b le ...............
Bonds sold under repurchase agree­
m ent .........................
T o ta ls ....................................


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

08
25
16
48

06
15
70
69

60
15
63
50

00
15
84
29

07
57
51
97

7,500 00

5,000 00

7,000 00

13,000 00

17,000 00

$248,847 68

$253,995 98

$235,875 21

■$238,535 59

$254,089 70

STA TE BANKING D EPA R TM EN T.

96

No. 304.
T H E CHEBOYGAN STATE BANK, CHEBOYGAN.
Organized February 11, 1905.
F rank

S h e p h e r d , President; H . A. B l a k e , M i l e s E. R i g g s , Vice Presidents; H. T. G l e z e n ,
G e o . D . N i m m o , A ssistant Cashier; J a m e s F. S h e p h e r d , Attorney.

Cashier;

D i r e c t o r s . — Frank Shepherd, M . E. R iggs, G. A. T hom pson, B. A. C ueny, H. A. Blake,
G. W . R itten house, Fred A. H out, J. F. Shepherd, W . E. Chapm an, H. T. Glezen, Geo. D . N im m o.

R esources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fix tu res........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c it ie s ..............................
Item s in tr a n s it......................................
U n ited States bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
U . S. and N a tio n a l bank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Silver coin:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
Com m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
C hecks and other cash ite m s ...........
T o ta ls ................................................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C om m ercial deposits subject to
c h e c k ......................................................
C ommercial certificates of d e p o sit. .
Certified c h e ck s.
Cashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o sit.....................
D u e to banks and b an kers................
P ostal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, ate.
N o tes and bills rediscounted.
B ills payable
................
Bonds sold under repurchase agreemen t .......................................................
T o ta ls ...............................................


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

Report of
R eport of
D ec. 31, ’14. M ar. 4, T 5.

Report of
Report of
R eport of
M ay 1, T5. June 23, ’15. Sept. 2, T 5.

$133,178 54
58,963 18

$131,833 45
53,308 34

$155,400 31
52,856 79

$165,128 65
46,476 39

$147,618 64
43,535 51

1,800 00
65,952 09

1,800 00
65,263 11

1,800 00
67,881 58

1,200 00
68,259 83

1,200 00
69,153 00

239 58

355 51

226 62

378 58

186 40

11,000 00

11,000 00

11,000 00

11,000 00

11,000 00

3,000 00
800 00

3,000 00
800 00

3,000 00
800 00

3,000 00
800 00

3,000 00
400 00

231 46

69 67

11,000 00
1,202 60

106 84

5,000 Ò0
700 00

8,289 66
8,649 52

10,676 40
14,246 14

20,865 83
8,431 40

5,225 02
13,674 74

26,484 83
16,681 50

932 o3

505 92

715 51

990 38
423 45

352 83

2,021 00
6,000 00

1,264 00
5,000 00

3,029 00
5,000 00

10,101 00
4,000 00

6,374 00
5,200 00

1,390 00
4,000 00

365 00
3,000 00

2,000 00

2,000 00

1,570 00

2,000 00

208 75

2,102 05

1,000 00

1,703 35

100 00

44 02

89 00

119 43
50
533 39

2,140 75

2,000 00

1,440 00

1,660 00

476 55

165 11

204 61

193 69

226 95

248 14

732 19

$308,980 47

$305,149 04

$349,677 57

$336,044 45

$342,903 38

$50.000 00
10,000 00

$50,000 00
10,000 00

$50,000 00
10,000 00

$50,000 00
10,000 00

$50,000 00
10,000 00

541 81
1,556 00

987 17
104 00

2,673 01
101 00

3,353 46
101 00

3,107 73
21 00

64,962 75
4,223 74
47 10

83,090 50
15,562 95

117,220 57
22,519 89

101,978 95
20,823 69

100,152 08
41,798 38
173 15

1,582
351
70,037
73,526

2,228
358
67,583
75,234

10,000 00

10,000 00

30
98
90
89

31
52
03
56

634. 81
358 52
65,177 80
70,991 97

32,150 00

$308,980 47

1,060
241
69,315
66,095

27
12
50
46

1,308
112
70,504
65,725

14
39
87
64

3,075 00

$305,149 04

$349,677 57

$336,044 45

$342,903 38

STA TE BANKS OF MICHIGAN.

97

No. 397.
T H E F A R M E R S ’ A ND M E R C H A N T S’ BAN K OF C H ELSEA , CHELSEA.
Organized April 22, 1908.
J ohn

F.

W altrous,

D i r e c t o r s .— J.

President;

P e t e r M e r k e l , Vice President; P a u l
A l b e r t F a h r n e r , A ssistant Cashier.

G.

S c h a ib l e ,

Cashier;

F. W altrous, Peter M erkel, Chris. Grau, Lewis Geyer, Jas. Guthrie, C. H. K alm bach,
John Kalm bach, O. C. Burkhart, John Farrell.

R esources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Bonds, m ortgages and securities:
Com m ercial d ep artm en t................
Savings d ep a rtm en t.........................
Prem ium a c co u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B ankin g h o u se .......................................
Furniture and fix tu res.........................
Other real e s t a t e ....................................
D u e from other banks and bankers,
not reserve c it ie s ..............................
Item s in tr a n s it......................................
U n ited S tates bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
C om m ercial d ep artm en t................
Savings d ep a rtm en t.........................
E xchanges for clearing house:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
U . S. and N a tio n a l bank currency:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
G old coin:
Com m ercial d ep artm en t................
Savings d ep a rtm en t........................
Silver coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
C hecks and other cash item s
T o ta ls ...............................................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, in terest and taxes
p a id ........................................................
Com m ercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
C ertified ch e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
S ta te m onies on d e p o s it.
P u e to hanks a.nd hankers .
Savings d e p o sits....................................
Savings certificates of d e p o s it.........
R eserve for taxes interest, e tc . . . .

R eport of
Report of
D ec. 31, C4. Mar. 4, T5.

Report of
Report of
R eport of
M ay 1, C5. June 23, C5. Sept. 2. C5.

$59,694-88
30,757 35

$74,231 26
16,000 00

$60,618 71
17,000 00

$63,995 15
25,000 00

$59,173 44
30,200 00

3,500 00
174,152 33
220 00
31 87

3,500
190,828
185
116

8,500
201 981
360
138

11,500
198,626
360
275

11,924
194,442
185
15

2,800 00
1,544 67

00
48
00
25

2,800 00
1,544 67

1,325 00

00
47
00
00

2,800 00
1,544 67

00
47
00
36

38
57
00
26

2,800 00
1,544 67

2,800 00
1,544 67

1,775 00

22,509 09
28,627 12

27,718 15
38,627 12

10,148 98
31,627 12

4,559 55
30,127 12

7,036 67
32,000 00

553 18

51 78

24 94

31 60

1,666 10

'3,331 00
6,500 00

3,100 00
4,000 00

3,397 00
.4,600 00

2,384' 00
4,500 00

2.301 00
4,000 00

445 00
7,000 00

470 00
8,500 00

580 00
7,600 00

475 00
9,000 00

307 50
9,400 00

819 85
350 00

1,327 80
845 50

1,032 15
1,100 00

1,098 00
535 00

1,200 00

378 48
95 20

350 45
83 40
41 47

235 93
82 86

216 36
54 65

177 69
136 19

........................
$374,321 33 | $355,14683

$357,082 93

$359,092 32

$344,635 02

581 85

$25,000 00
16,000 00

$25,000 00
16,000 00

$25,000 00
16,000 00

$25,000 00
16,000 00

$25,000 00
18,000 00

4,468 89
1,250 00

6,159 86

7,754 69

6,832 56

6,060 70

50,404 13

67,006 56

42,370 69

41,127 13

38,622 86

30 00

1.240 41
30 00

30 00

30 00

25 00
255 00

200,503 44
46,978 56

216,840 40
42,044 10

220,214 29
43,777 16

223,498 35
44,344 89

226,187 64
45,191 12:

$344,635 02

$374,321 33

$355,146 83

$357,082 93

$359,092 32

R ills payable
B onds sold under repurchase agreem e n t.......................................................
T o ta ls ...............................................


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

STA TE BANKING D EPA R TM EN T.

98

No. 203.
T H E KE.M PF C O M M ERC IA L AND SAYINGS BANK, CHELSEA .
Organized Jan u ary 14, 1898.
H .
D i r e c t o r s .—

S.

H olm es,

President; C.

H .

K em pf,

Vice President;

J.

L.

F letcher,

Cashier.

C. H. Kem pf, H. S. H olm es, C. Klein, O tto D . L uickr Edward Vogel, D . C. M cLaren,
John R . K em pf, D . E . Beach.

R esources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings departm en t.........................
B onds, m ortgages and securities:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................

Report of
R eport of
D ec. 31, ’14. M ar. 4, ’15.

$140,930 53
18,848
309,216
1,071
2,965

09
40
75
00

$151,791 11
18,685
317,793
1,022
1,465

94
61
70
10

R eport of
Report of
R eport of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$166,216 73
18,060
316,194
982
4,511

11
35
70
90

$151,440 47
23,568 00
18,475
320,646
959
3,923

61
73
99
13

$160,304 59
16,078 00
13,167
306,034
959
3,604

24
23
99
39

Expenses, interest and taxes paid,
exceeding earnings...........................
B anking h o u se ........................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n sit......................................

15,000 00
5,300 00
2,271 18

15,000 00
5,300 00
2,261 18

770 00

6,080 00
1,449 42

U nited States bonds:
Savings d ep artm en t........................
D u e from banks in reserve cities:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
Commercial d ep artm en t................
Savings d ep artm en t........................

2,500 00

2,500 00

2,500 00

2,500 00

2,500 00

20,565 99
35,010 43

21,048 16
34,324 79

11,423 70
39,508 92

10,241 15
29,463 73

7,166 39
40,984 95

905 13
25 40

26 39
159 38

50 58

26 50

8 10

5,344 00
4,955 00

3,221 00
5,337 00

3,336 00
3,068 00

6,209 00
2,068 00

8,801 00
2,068 00

3,095 00
17,632 50

2,687 50
17,660 00

2,880 00
17,600 00

2,392 50
17,600 00

4,092 50
17,600 00

2,536 25
20 45

2,021 80

2,252 10

2,055 10

2,577 05

99 10
51 74
559 08

126 22
32 16
437 04

189 21

185 89

272 09

237 56

315 59

187 90

$589,673 02

$610,474 70

$611,573 04

$618,874 98

$608,094 71

$40,000 00
40,000 00

$40,000 00
40,000 00

$40,000 00
40,000 00

$40,000 00
40,000 00

$40,000 00
40,000 00

15,049 39
2,400 00

16,584 75
96 00

20,825 39

18,271 01

17,734 61

76,034 76
46,716 05
11 83

82,523
43,280
11
889
5,000

79,744
46,411
71
650
5,000

20
08
10
00
00

70,950 07
48,695 61
11 83
100 00
5,000 00

71,399
50,183
511
3,000

U . S. and N ational bank currency:
C ommercial departm en t................
Savings d ep artm en t.........................
Gold corn:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
Silver coin:
Commercial d ep a rtm en t................
Savings departm en t.........................
N ickels and cents:
Commercial d ep artm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s...........
T o ta ls ...............................................
Liabilities.
C apital stocL paid in ...........................
Surplus fund ..........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividend s u n p a id .................................
C ommercial ‘deposits subject to
c h e ck ......................................................
C om m ercial certificates of d e p o sit. .
Certified c h e ck s.....................................
Cashier’s checks o u tsta n d in g...........
State m onies on d e p o sit.....................
D u e to banks and ban k ers................
Postal savings d e p o sits.......................
Savings deposits
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc ........
N o tes and bills red iscoun ted............
B ills p a y a b le ...........................................
B onds sold under repurchase agreem ent .
............................................
T o ta ls ...............................................


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

15,000 00
5,300 00
2,261 18

15,000 00
5,300 00
3,604 27

15,000 00
5,000 00
1,688 29

2,899 32

44 20

11
22
83
60
00

329,242 88
40Ì218 11

342,706 17
39,383 02

336,180 22
42,691 05

341,988 32
43,858 14

$589,673 02

$610,474 70

$611,573 04

$618,874 98

18
91
83
00

344,253 37
41,011 81

10,000 00
$608,094 71

STA TE BANKS OF M ICHIGAN.

99

No. 235.
T H E C H E SA N IN G STA TE BANK, C H E SA N IN G .
Organized June 22, 1901.
M i l l i s L. P a e s h a l l ,
F r a n k A. G r e e n f e l d e r ,
D i r e c t o r s .—

President; G e o r g e M . P e e t ,
Cashier; H a r r y N . S l a c k , F

O t is
r a n k

C.
J.

S p e r r y , Vice Presidents;
S t e v e n s , A ssistant Cashiers.

Frank A. Greenfelder, R alph Agnew, George M . P eet, M illis L. Parshall, O tis C. Sperry,
G. M . N ason.

Resources.

Loans and discounts:
C om m ercial d ep a rtm en t................
Savings d ep artm en t.........................
Bonds, m ortgages and securities:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
Prem i iim a c co iin t..................................
O verdrafts................................................

R eport of
R eport of
D ec. 31, ’14. M ar. 4, ’15.

R eport of
R eport of
R eport of
M ay 1, '15. June 23, T 5. Sept. 2, ’15.

$192,786 67
50,200 46

$200,368 85
47,178 93

$210,241 81
50,736 07

$202,856 41
45,636 03

$210,437 58
48,719 63

15,000 00
186,749 46

39,000 00
199,285 46

54,000 00
205,696 59

39,000 00
227,448 66

44,000 00
234,395 66

132 33

49 21

282 71

70 26

422 96

6,000 00
1,000 00

6,000 00
1,000 00
3,637 00

6,000 00
1,000 00

3,637 00

6,000 00
1,000 00
3,637 00

6,000 00
1,000 00
3,639 00

16,085 05

4,810 34

1,041 17

2,032 04

4,872 53

42,536 02
42,000 00

30,495 14
41,000 00

32,839 77
23,000 00

8,369 67
51,000 00

12,424 05
42,000 00

14,613 00
5,500 00

20,702 00
8,000 00

17,076 00
10,000 00

20,737 00
9.000 00

21,284 00
10,000 00

250 00
9,000 00

467 50
9,000 00

17 50
9,750 00

855 00
9.000 00

10,000 00

C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep artm en t.........................
C hecks and other cash ite m s ...........

2,261 25
300 00

2,007 75
200 00

1,761 35

3,285 05
240 00

2,240 85
600 00

106 31
2 75
419 37

40 96
54 26
3,402 24

94 36

162 10
5 54
311 28

103 99
19 07
297 40

T o ta ls ...............................................

$584,942 67

$616,699 64

$627,174 33

$630,646 04

$652,561 72

$25,000 00
25,000 00

$25,000 00
25,000 00

$25,000 00
25,000 00

$25,000 00
25,000 00

$25,000 00
30,000 00

4,493 33

9,163 34

13,409 60

9,260 00

4,140 74

134,906 79
101,289 88

125,337 66
127,479 99

127,905 90
136,676 17

81,139 78
147,916 03

92,253 72
155,442 90

227,161 49
67,091 18

241,250 65
63,468 00

233,255 02
65,927 64

253,820 32
88,509 91

262,776 21
82,948 15

$584,942 67

$616,699 64

$627,174 33

$630,646 04

$652,561 72

Expenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fixtu res.........................
Other real e s t a te ....................................
D u e from other banks and bankers,
not, reserve c it ie s ..............................
Item s in tr a n s it......................................
U n ited S tates bonds:
D u e from banks in reserve cities:
Com m ercial departm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
Commeroi a.l <iepartm ent................
Savings d ep artm en t.. .
U . S. and N ation al bank currency:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Gold coin:
C om m ercial departm en t................
Savings d ep artm en t.........................
Silver coin:

L iabilities.
C apital stock paid in ...........................
Surplus fu n d ............................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................
D ividends u n p a id .................................
C om m ercial deposits subject to
c h e c k .....................................................
C ommercial certificates of d e p o sit. .

105 00

"Duo to banks and b an kers................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
■ppsprve for tn/xes, interest, etc. . . .
N o tes a,nd bids red iscoun ted. . .
Bonds sold under repurchase agree1116nt...............
T o ta ls ...............................................


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

ST A T E BANKING D EPA R TM EN T.

100

No. 424.
T H E C IT IZ E N S ’ STA TE BAN K OF CLARE.
Organized December 22, 1908.
A. E.

Slee pe r ,

D i r e c t o r s .— A.

President; A. E.
A. T.

Vice President; J a m e s S.
A ssistant Cashier.

B ic k n e l l ,

Cashier;

E. Sleeper, Jam es S. B icknell, A. E. M ulder, W. H. B icknell, A. J. D oherty,
A. E. M ussell, Jam es D uncan.

Resources.

Loans and discounts:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t...................... ..
Bonds, m ortgages and securities:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Prem ium a cco u n t..................................
O verdrafts................................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se . . . .................................
Furniture and fixtures.........................
Other real e s t a t e ...................................
D u e from other banks and bankers,
not reserve c it ie s ..............................
Item s in tr a n s it......................................
U n ited S tates bonds:
Savings d ep a rtm en t.........................
D u e from banks in reserve cities:
Commercial d ep a rtm en t................
Savings d ep artm en t.........................
E xchanges for clearing house:
C ommercial d ep artm en t................
Savings d ep artm en t.........................
U . S. and N ation al bank currency:
Commercial d ep a rtm en t................
Savings d ep a rtm en t........................
Gold coin:
C om m ercial d ep a rtm en t................
Savings d ep artm en t........................
Silver coin:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t.........................
N ickels and cents:
C ommercial d ep a rtm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s ............
T o ta ls ...............................................
L iabilities.
C apital stock paid i n ...........................
Surplus fu n d . T.......................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ...............................................
D ividend s u n p a id .................................
C ommercial deposits subject to
c h e ck ......................................................
C ommercial certificates of d e p o sit. .
Certified ch e ck s.....................................
C ashier’s checks o u tsta n d in g ...........
Sta te m onies on d e p o s it.....................
D u e to banks and b an kers................
Postal savings d e p o sits.......................
Savings d e p o sits....................................
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e tc .........
N o tes and bills red iscou n ted ............
B ills p a y a b le ...........................................
B onds sold under repurchase agree­
m ent .......................................................
T o ta ls ........................


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

M ulder,
Stev en s,

R eport of
Report of
D ec. 31, ’14. Mar. 4, T5.

R eport of
R eport of
Report of
M ay 1, T5. June 23, T5. Sept. 2, T5.

*75,803 17
9,500 00

*79,023 28
8,500 00

*87,852 35
10,500 00

$91,613 62
9,000 00

*95,332 04
11,000 00

19,075 00

19,075 00

19,439 92

19,289 92

19,489 92

88 40

507 29

256 74

652 01

735 52

6,000 00
2,000 00

6,000 00
2,000 00

6,000 00
2,000 00

6,000 00
2,000 00

6,000 00
2,000 00

205 41

183 42

23,141 42
2,000 00

16,919 40
2,000 00

13,784 43
2,000 00

11,489 80
2,000 00

8,087 40
2,000 00

3,282 44

307 69

626 77

2,781 80

1,158 50

5,047 00
2,000 00

2,543 00
1,000 00

2,000 00

2,570 00
2,000 00

3,365 00
3,400 00

2,000 00

555 00

20 00
2,572 50

1,107 50
1,500 00

275 00
2,400 00

375 00
2,500 00

721 05
161 00

1,159 80
287 00

1,979 85

1,585 60
39 00

1,121 30
53 00

93 58
71
80 38

136 15
62
4 00

292 52
5 89
119 42

135 95
72
72 23

300 37

*151,549 15

$142,261 14

*149,465 39

*154,089 07

*157,028 09

$20,000 00
4,000 00

*20,000 00
6,000 00

*20,000 00
6,000 00

*20,000 00
6,000 00

*20,000 00
6,000 00

4,465 14

527 81

1,819 47

2,413 98

3,111 43

46,916 59
36,430 71

40,329 35
36,628 90

43,222 66
39,977 45

45,534 25
40,411 20

46,380'50
38,093 24

5,000 00

5,000 00

5,000 00

5,000 00

5,000 00

34,736 71

33,435 12

33,445 81

34,729 64

38,442 92

$149,465 39

$154,089 07

*157,028 09

110 04

339 96

$151,549 15

*142,261 14

101

STA TE BANKS OF MICHIGAN.
No. 118.
T H E CLA RE CO U N TY SAVINGS BANK, CLA RE.
Organized June 23, 1891.
C. W . P ebby,
D i b e c t o b s .—

C.

President;

W .

J o s e p h H u d s o n , Vice President; C . H . S u t h e b l a n d ,
G e o . V . C o l l i n s , A ssistant Cashier.

Perry, Joseph H udson,

Resources.

Loans and discounts:
C om m ercial d ep artm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
f^ommerpial departm ent
Savings d ep artm en t........................
Premium aeeonnt . .
O verdrafts................................................
E xpenses, interest and taxes paid,
exeeeding earn ings.. .
B anking h o u se ........................................
Furniture and fixtures .
Other real e s t a t e . . .
D u e from other banks and bankers,
not reserve, c itie s. .
Tterns in tr a n s it.....................................
U n ited S tates bonds:
Savings department,
D u e from banks in reserve cities:
Commercial d ep artm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
Oommereia.l department,
Payings departm en t,...
U . S. and N a tio n a l hank currency:
C om m ercial d ep a rtm en t................
Savings d ep a rtm en t.........................
Gold coin:
Onmmercia,l d ep a rtm en t................
Savings d ep artm en t.........................

C.

H. Sutherland, Geo.

Report of
Report of
D ec. 31, ’14. Mar. 4, T5.

Y.

Cashier;

Collins, Jas. A. M cK ay.

Report of
R eport of
Report of
M ay 1, ’15. June 23, ’15. Sept. 2, ’15.

$99,974 16
33,178 21

$118,753 32
21,217 97

$133,967 84
25,851 41

$141,403 21
32,609 92

$148,233 11
46,111 74

8,000 00
144,045 50

8,000 00
148,230 50

8,000 00
149,555 50

152,625 00

149,554 00

1,809 51

902 28

3,594 07

1,322 75

1,149 71

5,500 00

5,500 00

5,500 00

5,500 00

5,500 00

1,336 22

31 78

891 82

348 05

613 80

57,010 04
35,980 93

58,160 38
44,352 46

34,453 52
39,198 89

38,348 01
36,608 46

36,717 05
28,015 57

14,104 00
7,196 00

6,760 00
10,153 00

5,820 00
12,670 00

4,215 00
13,332 00

5,839 00
9,930 00

5,530 00

5 00
307 50

65 00
427 50

35 00
605 00

10 00
840 00

Silver coin:
Commercial departm en t................
Savings d ep artm en t........................
N ickels and cents:
Commercial d ep a rtm en t................
Savings d ep artm en t........................
C hecks and other cash ite m s ...........

3,955 10
41 40

4,515 40
280 55

3,986 30
187 60

5,036 00
182 50

4,779 55
374 30

266 48
17 89
12,323 31

321 27
22 67
3,376 17

388 01
11 67
1,605 74

574 08
20 07
3,852 05

426 42
20 60
6,541 87

T o ta ls ...............................................

$430,268 75

$430,890 25

$426,174 87

$436,617 10

$444,656 72

$20,000 00
20,000 00

$20,000 00
20,000' 00

$20,000 00
20,000 00

$20,000 00
20,000 00

$20;000 00
20,000 00

3,430 39

5,759 34

1,491 58
600 00

2,503 59

67,335 71
80,145 05
20 57

68,206 10
85.334 07
2 40

75,729 54
91,577 38

Liabilities.
C apital stock paid i n ...........................
Surplus fu n d ...........................................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................................................

400 00

C om m ercial deposits subject to
c h e c k ......................................................
Commercial certificates of d e p o sit. .
C e rtifie d ph eeks.

74,434 36
88,798 61

72,814 13
90,081 08

5,000 00

5,000 00

P ostal savings d e p o sits.......................
Pavings d e p o sits....................................
Savings certificates of d e p o sit.........

539 41
170,079 25
56,017 12

535 72
167,285 06
56,743 87

533 42
168,827 32
58,553 46

418 42
181,015 15
54,549 38

424 78
178,997 89
55,423 54

$430,26S 75

$430,890 25

$426,174 87

$436,617 10

$444,656 72

Bonds sold under repurchase agreeT o ta ls ...............................................


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

102

ST A T E BANKING D EPA R TM EN T.
No. 540.
T H E CLA RKSTO N STA TE BANK, CLA RKSTO N.
Organized October 31, 1913.
W. J.

D i r e c t o r s .—

P erry,

President; G. A.

W a lter ,

Vice President;

G eorge

D.

K in g ,

Cashier.

G. A. W alter, D a v id R. Teggerdine, W m. J. Perry, Lewis L. Brow n, Joseph H. Alger.

Resources.

Loans and discounts:
Com m ercial d ep artm en t................
Savings d ep artm en t.........................
B onds, m ortgages and securities:
C ommercial departm en t................
Savings departm en t.........................
Prem ium a cco u n t..................................
E xpenses, interest and taxes paid,
exceeding earn ings...........................
B anking h o u se ........................................
Furniture and fixtures.........................
Other real e s t a te ...................................
D u e from other banks and bankers,
not reserve c itie s ...............................
Item s in tr a n s it......................................
U nited States bonds:
Savings d ep artm en t.........................
D u e from banks in reserve cities:
C ommercial departm en t................
Savings d ep a rtm en t........................
E xchanges for clearing house:
C om m ercial d ep artm en t................
U . S. and N ation al bank currency:
Commercial d ep a rtm en t.............
Savings d ep artm en t.........................
G old coin:
Com m ercial d ep artm en t.........
Savings d ep artm en t......................
Silver coin:
Commercial d ep artm en t..............
Savings d ep artm en t.........................
N ickels and cents:
C om m ercial departm en t................
Savings d ep a rtm en t........................
C hecks and other cash ite m s ...........
T o ta ls ...............................
Liabilities.
C apital stock paid in ..................
Surplus fu n d .....................
U ndivided profits, less losses, cur­
rent expenses, interest and taxes
p a id ........................
D ividend s u n p a id .................
C om m ercial deposits subject to
c h e c k .......................
C om m ercial certificates of d e p o sit. .
Certified ch e ck s................
C ashier’s checks o u tsta n d in g .. . .
State m onies on ripposit
D u e to banks and bankers . .! . ! .
P ostal savings d ep o sits..............
Savings d e p o sits...........
Savings certificates of d e p o sit.........
R eserve for taxes, interest, e t c . .
B ills p a y a b le.............
B onds sold under repurchase agree­
m ent ..................
T o ta ls ........................


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

R eport of
D ec. 31, T4

Report of
Mar. 4, T 5.

$31,718 82

$28,434 19
2,775 90

$27,281 98
2,775 90

$29,995 27
2,775 90

$35,997 33

57,085 00

57,835 00

55,985 00

47,785 00

56,271 68

4,500 00
1,375 00

505 81
4,500 00
1,375 00

4,500 00
1,375 00

4,500 00
1,375 00

28 47
4,500 00
1,375 00

Report of
Report of
R eport of
M ay 1, T5. June 23, T5. Sept. 2, G5.

150 00

5,020 38
6,000 00

3,497 28
10,000 00

881 74
5,000 00

1,499 52
5,000 00

2,084 27
5,000 00

1,096 00
3,000 00

3,259 00
3,600 00

437 00
3,500 00

1,578 00
3,500 00

918 00
4,500 00

30 00

40 00

30 00

135 00

245 00

304 40

239 00

392 90

454 60

424 15
102 81

88 71

111 04

127 06

108 47

268 96

22 06

706 06

157 03

$110,218 31

$116,591 18

$102,308 64

$99,412 82

$111,603 74

$20,000 00
500 00

$20,000 00
500 00

$20,000 00
500 00

$20,000 00
500 00

$20,000 00
500 00

500 00

7 50

2 58

890 04

22,234 35

24,208 12

17,697 72

17,883 31

23,669 24

43,567 05
17,416 91

49,859 90
22,015 66

36,644 94
20,463 40

35,975 29
21,164 18

44,407 26
21,027 24

7,000 00

3,000 00

2,000 00

$102,308 64

$99,412 82

$111,603 74

6,000 00

$110,218 31

$116,591 18

103

STA TE BANKS OF MICHIGAN.
No. 485.
T H E E D W IN NASH STA TE BANK, C LA RKSV ILLE.
Organized June 5, 1911.
L. A.
D i r e c t o b s .—

S c o v ille

President; G. E.

L. A. Scoville, D .

Resources.

Loans and discounts:
C ommercial d ep artm en t................
Savings d ep a rtm en t.........................
Bonds, m ortgages and securities:
Commercial d ep artm en t................
Savings d ep a rtm en t........................
Prem ium a cco u n t..................................
O verdrafts................................................
Expenses, interest and taxes paid,
exceeding earn ings...........................
Banking h o u se ........................................
Furni