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TWENTY-SIXTH ANNUAL REPORT OF THE COMMISSIONER OF THE BANKING DEPARTMENT OF THE STATE OF MICHIGAN DECEMBER 31, 1914. BY A U T H O R IT Y LANSING, M ICHIGAN WYNKOOP H A L LEN BECK CRAW FORD CO., STA TE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1914 P R IN T E R S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DEPARTMENT OFFICERS. C O M M ISSIO N ER , EDWARD H. DOYLE. DEPUTY COM M IS S IO N E D , ALBERT E. MANNING. BANK EXAMINEES. CH A R LES H. ADAMS, E. K. MATLOCK, E. P. H OPK IN S, W. J. SC H EC H TER, J. C. VAN CAMP, CH A R LES O. BALL, H. A. MORRIS, F R E D L. PE R K IN S , GEO. F. E C K FE LD , W. C. PLUM MER, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F. E. Q UISEN BERRY, R. L. NIXON, JOS. M.. DODGE, R. C. W IXSON, GEO. H. VAN BUREN, A RTH U R WALTON, HARRY OLMSTEAD, JA S. B. G R E E N F IE L D , D. R. EASON. J. M. CONWAY. ASSISTANT BANK EXAMINEE. CARL F. SPA ETH . O FFIC IA L ADDRESS, LA N SIN G , M IC H IG A N . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMMISSIONERS OF BANKING OF MICHIGAN. [Under Act 205, 1887.] THEODORE C. SHERWOOD, Appointed January 7, 1889; resigned November 7, 1896. DANIEL B. AINGER, Appointed November 11, 1896; resigned April 1, 1897. JOSIAH E. JUST, Appointed April 1, 1897; died February 19, 1898. GEORGE L. MALTZ, Appointed February 26, 1898; term expired January 8, 1903. GEORGE W. MOORE, Appointed January 8, 1903; term expired February 19, 1907. HENRY M. ZIMMERMANN, Appointed February 19, 1907; resigned January 11, 1911. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EDWARD H. DOYLE, Appointed January 18, 1911. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page. A bstracts, com parative, 1889 to 1914, inclusive, state b an k s.................................................. xcvx-ci com parative, 1889 to 1914, inclusive, national b an k s............................................ c ii - c v ii of state banks, 1914......................................................................................................... cv m of national banks, 1914................................................................................................... cix to tal volume of business state and national banks, reports of 1914................... cx state banks in D e tro it................................. ................................................................... cxi national banks in D e tro it............................................................................................... cxn state and national banks in D e tro it................................................................. cxm state and national banks in G rand R a p id s.............. cxiv state and national banks in Saginaw .......................................................................... cxv state and national banks in B attle C reek.................................................................. cx v i state and national banks in K alam azoo..................................................................... cxvn state and national banks in Bay C ity ....................................................... cx v m sta te and national banks in Ja ck so n ........................................................................... c x ix state and national banks in Ann A rbor...................................................................... cx x state and national banks in C alum et.......................................................................... cxxr state and national banks in L ansing........................................................................... c x x ii cxxnx state and national banks in Port H u ro n .................................................................... state and national banks in A d rian ............................................................................. cx x iv state and national banks in M uskegon....................................................................... cxxv state and national banks in M a rq u e tte ...................................................................... cxxvx national banks in H oughton.......................................................................................... c x x v ir state and national banks in Traverse C ity ................................................................ cxxvixr state and national banks in A lpena.................................................. . . . .................... cxxxx sta te and national banks in B enton H a rb o r....................... ...................................... cxxx state and national banks, by counties........................................................................ c x x x i-c x lv i Banks, p riv a te ....................................................................................................................................... x x iii Banks examined and fees p a id ......................................................... lxxxi-xciv Branch b an k s......................................................................................................................................... x x ii C apital stock, increase o f.................................................................................................................... x ii C apital to be paid in at organization.............................................................................................. xx Certificate of state treasurer as to fees........................................................................................... x civ Change of n a m e .................................................................................................................................... x iii Consolidation of national banks w ith state b a n k s....................................................................... xx Conversion into national b a n k .................................. xixr E arnings and D ividends...................................................................................................................... x iv E xam inations......................................................................................................................................... x ix Excessive loans by way of pseudo corporations............................................................................ x x iii Extensions of corporate existence..................................................................................................... x iii Financial condition............................................................................................................................... ix G row th of state b an k s......................................................................................................................... xiv Index to b a n k s....................................................................................................................................... 595-612 Investm ent, stock of federal reserve b a n k s................................................. xx List of bank cashiers in M ichigan.................................................................................................... 589-594 List of bonds approved by securities com m ission......................................................................... xvxx Liquidations and consolidations........................................................................................................ x iii x ii New b an k s............................................................................................................................................ . N um ber of depositors........................................................................................................................... xv Num ber of exam inations........................................................................................................................... x N um ber of state banks and tru st com panies................................................................................. ix Opinions of attorney general.............................................................................................................. x x v -lx x x Powers, tru st com pany for state b an k s........................................................................................... • xxi Receipts and disbursem ents..................................................................................... x y -x v i R eserves.................................................................................................................................................. x -x i Reserve cities..................................... x iv Receiverships......................................................................................................................................... x v x n -x ix R eports of state banks and tru st companies (see index)............................................................ 3-479 R eports of national banks (see index)............................................................................................. 481-588 xxr Safeguarding organization of new b an k s..................................................................... ^ ................ Segregation of deposits............................................................................................ x v iii S tate funds to be deposited in sta te banks o n ly ............................................................................ xxi Tim ber b o n d s................................................................................... x x ii Usurious interest ra te s ......................................................................................................................... x x iv Verification of depositors’ balances.................................................................................................. x x ii https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKING DEPARTMENT REPORT OF THE COMMISSIONER, STA TE OF MICHIGAN, B a n k in g D ep artm en t, L an sin g , D ecem ber 31, 1914. To th e H onorable W oodbridge N. F e rris, G overnor of M ichigan: A greeable to th e p ro v isio n s of S ection 43 of th e G eneral B a n k in g L aw of M ichi gan, I have th e h o n o r to su b m it fo r y o u r c o n sid eratio n th e tw en ty -six th a n n u a l re p o rt of th is D e p a rtm e n t fo r th e y ear en d in g D ecem ber 31, 1914. NUMBER OF STATE BANKS AND TRUST COMPANIES. T h ere are a t th e d ate of th is rep o rt, u n d er th e su p erv isio n of th is D ep artm en t, 462 s ta te ban k s an d six tr u s t com panies tra n s a c tin g b u sin ess in M ichigan. FINANCIAL CONDITION. R ep o rts show ing th e con d itio n of all sta te b an k s an d tr u s t com panies w ill be found on pages 3 to 479 inclusive. R ep o rts of con d itio n w ere called for by th e D e p artm en t and m ade by th e b an k s a t th e close of business, O ctober 21, 1913, J a n u a r y 13, M arch 4, Ju n e 30, S eptem ber 12, and O ctober 31, 1914. T he la s t nam ed re p o rt as to each sta te an d 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 1915. In o rd er 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 p u b lish in g rep o rts h as been adopted. S tatem en ts of co n d itio n of each n a tio n a l b an k in M ichigan w ill be found on pages 481 to 588 inclusive. Special a tte n tio n is called to th e tab les in th e te x t of th is re p o rt, as evidencing th e in c reasin g w ealth and p ro sp e rity of th e people of M ichigan since th e o rg a n izatio n of th e D e p a rtm e n t in 1889. T hese tab les co n ta in a b stra c ts of th e a n n u a l re p o rts of sta te an d n a tio n a l b a n k s for th e p a st tw enty-six years. A gain in cluded a re th e sta tis tic s of th e sta te an d n a tio n a l b an k s located in re serv e cities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. X NUMBER OF EXAMINATIONS. T he exam ining staff of th e D ep artm en t, d u rin g th e y ear 1914, m ade 1009 ex am in atio n s, as follow s: 471 460 58 14 F ir s t ex am in atio n s ........... Second ex am in atio n s T h ird ex am in atio n s ........ P re lim in a ry e x am in atio n s Special ex am in a tio n s . . . . 6 1,009 T he above table w ill show th a t all of th e b a n k s have been exam ined tw ice d u rin g th e y ear w ith th e exception of seven of th e new banks. P re lim in a ry ex ex am in atio n s consist of ex am in a tio n s of new b an k s u n d e r Section 7 of th e B an k ing 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 as been exam ined once d u rin g th e year, in accordance w ith th e p ro v isio n s of th e tru s t, deposit and se c u rity law. R eports of ex am in ers as to con d itio n of th e sev eral sta te b an k s have been c are fully scru tin ized and le tte rs of critic ism w ritte n th e banks. Such le tte rs, as Aveli 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. All sta te banks, w ith th e exception of those o rganized 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 an d dividends, tw o re p o rts show ing re s u lt of d ire c to rs’ e x 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 req u ire same. 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 d ep o sito rs a re fu rn ish e d th e D e p a rtm e n t each y ear by each sta te bank. RESERVES. The req u ire m e n ts of S ections 24 and 27 of th e B an k in g Law 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 Commercial deposits. Date of report. January 13, 1914... March 4, 1914....... June 30, 1914........ September 12, 1914. October 31, 1914. . . $126,883,121 124,093,070 134,754,224 140,498.255 133,927,655 $32,523,887 33,349,894 36,151,162 34,064,971 30,649,314 44 03 18 03 77 Per cent Commercial Per cent reserve. cash reserve. reserve. ' 25.63 26.87 26.82 24.24 22.88 $12,504,707 05 10,752,726 64 13,963,904 45 13,578,240 42 11,964,154 16 Savings deposits. 9.85 $218,068,076 53 8.66 222,203,457 66 10.36 225,488,182 72 9.66 222,479,333 06 8.93 223,862,333 73 Savings legal reserve. $38,814,918 40,860,026 40,493,552 37,396,953 36,451,116 61 71 64 14 34 Per cent reserve. 17.79 18.38 17.95 16.80 16.28 Savings cash reserve. $13,505,186 13,246,429 13,521,561 13,978,274 13,830,196 56 66 92 67 09 Per cent reserve. 6.19 5.96 » 5.99 6.28 6.17 T otal reserve. $71,338,806 74,209,920 76,644,714 71,461,924 67,100,430 Per cent reserve. 05 74. 82 17 51 20.68 21.42 21.27 19 68 18.75 R E PO R T OF T H E COM MISSIONER. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 71 55 46 80 Commercial legal reserve. y, STA TE BANKING D EPA R TM EN T. xii As exhibited by th e above table, th e h ig h e st com bined re se rv e m a in ta in e d d u rin g th e y ear w as on M arch 4, bein g 21.42 p er c e n t; w hile reserv es w ere low est October 31, dro p p in g to 18.75 per cent. T he com m ercial legal reserve th ro u g h o u t th e y ear h as been w ell m ain ta in e d , th e h ig h e st p o in t o ccu rrin g M arch 4, w ith 26.87 per cent, w ith low p o in t on O ctober 31, of 22.88 p er cent. C om m ercial cash reached th e h ig h e st p o in t Ju n e 30, 10.36 p er cent, w ith low p o in t o c cu rrin g M arch 4, 8.66 per cent. The m ax im u m legal sav in g s re serv e o ccurred M arch 4, 18.38 per cent, w ith th e m in im u m on O ctober 31, 16.28 p er cen t; w hile sav in g s cash reserv e w as h ig h e st on S eptem ber 12, w ith a percen tag e of 6.28, and low est on M arch 4, a t 5.96 p er cent. W here rep o rts of co n d itio n of sta te b an k s h av e show n low reserves, or o th e r conditions not in h a rm 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 la w ’s provisions. NEW BANKS. D u rin g th e y ear 1914, th e re have been o rganized in M ichigan 14 sta te banks, as' follow s: Location. Title. No. Commenced business. C apital 541 542 543 544 545 The Thft The The The F irst S tate Bank of Three O aks............ Farm ers S tate Savings B a n k .................. Spring Lake S tate B a n k .......................... Citizens S tate Savings B a n k .................. Home S tate B a n k ...................................... Three O aks........ R ich lan d ............. Spring L ake. . . . O tsego................. L aw rence............ *20,000 20,000 25,000 25,000 25,000 00 00 00 00 00 Jan. 3,1914 Feb. 2,1914 Feb. 24,1914 M ar. 26,1914 M ar. 31,1914 546 547 548 549 550 The The The The The Bedford S tate Savings B a n k ........... M erchants and M iners S tate B ank. . . . Bellevue S tate B a n k ................................. Snover S tate B a n k .................................... Union S tate B a n k .......... R edford............... Ironw ood............ B ellevue.............. S nover................. M io ...................... 25,000 50,000 20,000 20,000 20,000 00 00 00 00 00 April M ay M ay June July 551 552 553 554 T he The The The M orley S tate B a n k ................................... First S tate Bank of Gobleville. . S tate Bank of E w en . . . S tate Bank of Six L ak es.......................... M orley................ G obleville........... E w en ................... Six L akes............ 20,000 20,000 20,000 20,000 00 00 00 00 Oct. 3,1914 Nov. 28,1914 Dec. 1,1914 Dec. 14,1914 6,1914 18,1914 22,1914 16,1914 15,1914 INCREASE OF CAPITAL STOCK. In accordance w ith th e re q u ire m e n ts of section 10 of th e G eneral B a n k in g 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 tio n in th e d irectio n of in c rea sin g th e ir cap ital stock. No. N am e of bank. Location. Form er capital. Present capital. Increase. Ill 109 116 356 167 The T he The The The Lowell S tate B a n k ....................... F irst S tate and Savings B a n k .. M anistee C ounty Savings Bank Peoples S tate B a n k ... . 7 ........... Com m ercial and Savings B ank. Lowell............. H ow ell............. M an istee........ D e tro it............ A lbion............. *25,000 40,400 50,000 1 ,500,000 35,000 *30,000 50,000 100,000 2,000,000 50,000 *5,000 9,600 50,000 500,000 15,000 105 350 240 434 144 The The The The T he W ayne Savings B a n k ................. F ru it Growers S tate B a n k ........ Niles C ity B a n k ........................... H ighland P ark S tate B a n k . . . . S tate Savings B a n k ..................... W ay n e............. S augatuck. . . . N iles................ H ighland P ark Ann A rb o r. . . . 25,000 25,000 50,000 250,000 50,000 50,000 50,000 100,000 500,000 100,000 25,000 25,000 50,000 250,000 50,000 312 81 6 The Culver S tate B a n k ...................... The M ichigan Savings B a n k ............. The W ayne C ounty and Hom e Savings B a n k ........................................... The Commercial B a n k ........................ The Old S tate B a n k ............................ B rooklyn........ D e tro it............ 25,000 400,000 50,000 500,000 25,000 100,000 D e tro it............ Bay C ity ........ F re m o n t......... 2,000,000 100,000 35,000 2,500,000 300,000 50,000 500,000 200,000 15,000 *4,610,400 *6,430,000 *1,819,600 30 345 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. x iii T he foregoing tab le show s an in crease in b ankifig cap ita l of $1,819,600. A dding to th is th e $330,000 new cap ital stock by o rg an izatio n of new banks, c o n stitu tes a to tal increase for th e y ear of $2,149,600. T h ere has been a loss in b a n k in g cap ital of $720,000 caused by th e liq u id a tion, consolidatio n and conversion of c e rta in banks, w hich w ould leave a n e t in crease in cap ital fo r th e y ear of $1,429,600. AMENDMENTS TO ARTICLES OF INCORPORATION CHANGING NAME. On F e b ru a ry 28, 1914, “T he E lk R ap id s S avings B ank, E lk R ap id s,” am ended a rtic le s ch an g in g n am e to “T he E lk R apids S ta te B ank, E lk R ap id s.” On J a n u a ry 29, 1914, “T he M etro p o litan S ta te B an k of D e tro it,” am ended a r t i cles changing nam e to “T he F e d e ra l S ta te B an k of D e tro it.” On S eptem ber 10, 1914, “T he C ulver S ta te B ank, B ro o k ly n ,” am ended a rtic le s ch an g in g nam e to “T he B rooklyn S ta te B ank, B ro o k ly n .” On October 9, 1914, “T he C om m ercial B ank, B ay C ity,” am ended a rtic le s ch an g ing nam e to “T he P eople’s C om m ercial an d S avings B ank, B ay C ity.” On O ctober 16, 1914, “ The W oodw ard A venue S ta te B ank, H ig h lan d P a rk ,” am ended artic le s ch an g in g n am e to “T he A m erican S ta te B an k of H ig h la n d P a rk .” LIQUIDATIONS AND CONSOLIDATIONS. J u ly 1, 1914, “T he C itizens S ta te S avings B ank, O rion,” consolidated w ith “T he O rion S ta te B ank, O rion.” O ctober 1, 1914, “ The F a rm e rs S ta te B ank, B ro o k ly n ,” consolidated w ith “T he C ulver S tate B ank, B rooklyn,” u n d er th e title “The B rooklyn S tate B an k .” F o r th e purpose of co n so lid atin g w ith th e “C om m ercial B ank of B ay C ity,” th e stockholders of “The P eople’s S avings B ank of B ay C ity ” and “T he Old Second N atio n al B ank, B ay C ity,” voted to go in to liq u id atio n . T he conso lid atio n of th e th re e banks w as consum m ated N ovem ber 19, 1914, u n d er th e title of “ The People’s C om m ercial and Savings B ank of B ay C ity.” O ctober 27, 1914, “The M ichigan S avings B ank, D e tro it,” co nsolidated w ith “T he W ayne C ounty and H om e S avings B ank, D e tro it.” “The P eople’s S ta te B an k of Ith a c a ,” a t a m eetin g of its sto ck h o ld ers held on th e fifteenth day of D ecem ber, 1914, voted to place th e affairs of th e b an k in liq u id atio n according to th e p ro v isio n s of Section 53 of th e G eneral B a n k in g Law. T he 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, and com plying w ith th e provisions of th e above section liq u id atio n w as consented to th e sam e becom ing effective D ecem ber 15, 1914. T he stockholders of “T he B ay C ounty S avings B ank of B ay C ity,” on th e seven te e n th day of A ugust, 1914, voted to consolidate w ith th e “L u m b e rm a n ’s S ta te B an k of B ay C ity,” an d on th e tw e n ty -n in th day of J u ly th e “L u m b e rm a n ’s S ta te B a n k ” voted to consolidate w ith “ The B ay C ounty S avings B an k ,” w hich con so lid atio n becam e effective D ecem ber 31, 1914. CONVERSION INTO NATIONAL BANK. On A pril 30, 1914, “The F a rm e rs an d M erch an ts B an k of B enton H a rb o r,” w as converted into “T he F a rm e rs an d M erch an ts N atio n al B an k of B enton H a rb o r.” On D ecem ber 31, 1914, “T he S ta te B an k of G ladw in,” w as converted in to “The F ir s t N atio n al B an k of G ladw in.” EXTENSIONS OF CORPORATE EXISTENCE. In accordance w ith th e p ro v isio n s of A ct 143 of th e P u b lic A cts p o rate existence of th e follow ing h a n k s h a s been ex ten d ed : “The D im e S avings B ank, D e tro it,” exten d ed th ir ty y e ars from 4, 1914. “T he B ay C ounty S avings B ank, B ay C ity,” extended th ir ty a fte r J a n u a r y 31, 1914. “T he O xford S avings B ank, O xford,” extended five y e a rs from 12, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of 1899, th e cor an d a fte r A p ril y ea rs from and an d a fte r Ju n e STA TE BANKING D EPA R TM EN T. XIV RESERVE CITIES. As req u ired by S ections 24 an d 27 of th e b a n k in g law, I hereby d esig n a te for th e year 1915 th e follow ing cities as re se rv e cities for M ichigan sta te b a n 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, H ough ton, M arquette, L ansing, B a ttle Creek, A lpena, T rav erse City, New York, Boston, P h ilad elp h ia, P ittsb u rg , B altim ore, Buffalo, Cleveland, C in cin n ati, Toledo, St. Louis, Chicago, M ilw aukee an d M inneapolis. GROWTH OF STATE BANKS. T he tw enty-sixth y ear of sta te b an k su p erv isio n u n d er th e p re se n t law te rm i n ated D ecem ber 31, 1914. A t th e close of th e first y ear of th e p re se n t b an k su p e r vision, 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 October 31, 1914, th e re w ere 461 sta te b an k s and 6 tr u s t com p an ies in M ichigan w ith to ta l footings of $420,965,185.70. Since 1889 deposits have increased $326,505,865.14. L oans for th is p eriod show a g ain of $307,741,280.78, w ith a g ain in b a n k in g c a p ita l of $27,115,575.00, an d in su rp lu s an d u n divided profits of $25,344,130.04. Y our a tte n tio n is called to th e follow ing co m parativ e tab le: 80 banks, Jan. 7, 1889. 453 S tate banks, 6 trust companies, Oct. 21, 1913. L oans........................................................... Real estate, furniture and fixtures. . . . C a sh ............................................................. $30,815,697 13 534,411 76 7,550,661 99 $320,730,991 57 9,316,240 05 65,257,302 19 $343,118,455 21 9,104,007 28 68,742,723 21 T o ta ls.................. ........................... $38,900,770 88 $395,304,533 81 $420,965,185 70 Resources. 461 S tate banks, 6 trust companies, Oct. 31, 1914. Liabilities. C apital stock paid i n ............................... Surplus fund and undivided profits-. ... D eposits...................................................... N otes and bills rediscounted................. T o ta ls.............................................. $5,519,425 1,818,835 31 ,284,124 278,385 00 53 39 96 $38,900,770 88 $30,633,030 24,205,876 338,654,529 1,811,098 00 00 81 00 $395,304,533 81 $32,635,000 27,859,057 357,789,989 2,681,139 00 10 53 07 $420,965,185 70 C om pared w ith th e show ing m ade O ctober 21, 1913 th e above tab le show s th a t up to and in clu d in g O ctober 31, 1914, loans .increased $22,387,463.64, w hile a g ain in deposits is show n of $19,135,459.72. T he in crease in deposit for th is p eriod is divided as follow s: C om m ercial deposits ...................................................... Savings deposits ............................................................... $12,460,384.98 6,675,074.74 EARNINGS AND DIVIDENDS OF STATE BANKS. T he 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 all re p o rt to th e D e p a rtm e n t w ith in ten days a fte r d ecla rin g an y dividend, such re p o rts show ing a m o u n t of sam e, am o u n t ca rrie d to su rp lu s, an d a n y e a rn in g s in excess th ereo f. T he custom of th e D ep artm en t in th is re g a rd is to call for a re p o rt o f e a rn in g s and d ividends on Ju n e 30 and D ecem ber 31 of each y ear. F o r th e y ear en d in g Ju n e 30, 1914, th e gross earn in g s of s ta te b a n k s am o u n ted to $21,920,283.12. F ro m th is sum w as charged off on acco u n t of losses, bad debts, prem ium s, etc., $1,558,749.76, w hile expenses and in te re s t p aid an a g g reg ate of $14,978,597.73. N et profits for th e period am o u n t to $5,382,935.63, o u t of w hich to ta l d ividends of $3,312,303.67 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. xv w ere declared. F o r th e tw elve m o n th s en d in g Ju n e 30, 1914, th e to ta l av erag e cap ital of sta te b an k s w as $31,267,413.00, w ith to ta l av erag e su rp lu s a t $16,901,200.76, and av erag e to ta l deposits of $345,579,145.84. On to ta l dep o sits th e n e t profits w ere eq u iv alen t to 1.55 p er cen t; on cap ital, 17.21 p er cen t; on cap ital and su rp lu s, 11.17 p er cen t; w ith an av erag e d ividend on cap ital stock of 10.5 p er cen t; and on cap ital stock and su rp lu s 6.87 per cent. NUMBER OF DEPOSITORS. R ep o rts as to n u m b er of dep o sito rs w ere received from each of th e 462 sta te banks and 102 n a tio n a l b an k s as of N ovem ber 15, 1914. An a b stra c t of th ese re p o rts show to ta l depositors, 1,506,973, and divided in to th e follow ing classi fications: S ta te banks, in d iv id u a l deposits, subject to check ........................................ S tate banks, com m ercial certificates of deposit .............................................. S tate banks, sav in g s d ep o sito rs ......................................................................... S ta te banks, sav in g s certificates of deposit .................................................... N atio n al banks, in d iv id u a l deposits, su b ject to check ......................... .. N atio n al banks, certificates of deposit ........................................................ .... 233,638 54,565 810^850 1161648 229,413 61,859 An increase in th e n u m b er of com m ercial d ep o sito rs in sta te b an k s for th e y ear is show n of 32,978, w hile th e g ain in th e n u m b er of sav in g s d ep o sito rs is 105,696, c o n stitu tin g an in crease in sta te b an k s for th e y ear 1914 of 138,674 d ep o sit ors. D u rin g th e y ear d ep o sito rs in M ichigan n a tio n a l b an k s have in creased 18,164. 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 d ep o sito rs in sta te and n a tio n a l ban k s ag g reg ate 156,838 for th e y ear 1914. T he 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 462 sta te ban k s and 102 n a tio n a l banks, th e ag g reg ate deposits, and per cap ita of deposits: Class of deposits. Banks. 462 S tate B a n k s...................... 102 N ational B a n k s............... T o ta ls.................................. . j Com m ercial........ S avings............... Com m ercial........ N um ber of depositors. Amount of deposits. Average to each depositor. 288,203 927,498 291 ,272 $122,512,939 57 223,862,333 73 131,960,189 73 $425 09 241 36 453 05 1 ,506,973 $478,335,463 03 $317 41 RECEIPTS AND DISBURSEMENTS OF DEPARTMENT. In accordance w ith Section 40 of th e B an k in g Law and section 19 of the T ru st C om pany Act th e d e p a rtm e n t has collected and tu rn e d over to th e sta te tre a su ry on account of an n u al, p re lim in a ry and special ex am in a tio n s of b anks, $43,516.54‘and collections from o th e r sources $849.26. T h ere h as also been tu rn e d over to th e S ecretary of S tate for fra n c h ise fees, on acco u n t of new banks, in crease of cap ita l stock, and exten sio n s of co rp o rate existence, $1,629.00, show ing to ta l receip ts d u rin g th e y ear of $45,994.80. A tte n tio n is called to th e lis t 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 list show s th e d ates of ex am in atio n s and th e am o u n t of each a n n u a l ex am in a tio n fee collected from each sta te b ank an d 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 am in atio n fees a re d e te rm in e d ) have been c arefu lly com pared, checked and verified by th e S ta te 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 resp e c tfu lly called to h is le tte r appended to th e text. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. xvi D u rin g th e y ear 1914 th e expenses of th e D e p a rtm e n t w ere as follow s: S alary of E. H. Doyle, C om m issioner ............................................................ S alary of A. E. M anning, D eputy C om m issioner ....................................... S alary of J. M. Conway, C hief C lerk an d E x a m in e r ................................. S alary of Chas. H. A dam s, E x a m in e r ............................................................ S alary of E. K. M atlock, E x a m in e r .........................................................• •• S alary of E. P. H opkins, E x a m in e r ............................................................... S a la ry of J. C. VanCam p, E x a m in e r ........................................... S alary of W. J. Schechter, E x a m in e r ............................................................ S alary of H. A. M orris, E x a m in e r ................................................................... S alary of Chas. O. B all, E x a m in e r .................................................... S a la ry of F red L. P e rk in s, E x a m in e r ............................................ S alary of R. L. N ixon, E x a m in e r ................................................................... S alary of Jos. M. Dodge, E x a m in e r ................................................................ S alary of Geo. H. V anB uren, E x a m in e r .................................... S alary of Geo. S. A nderson, E x a m in e r (resig n ed D ecem ber 15, 1914) 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, (ap p o in ted A ssista n t E x am in er, J a n u a ry 1, 1914, appoin ted E x a m in e r May 1, 1 9 1 4 )............................................ S alary of F. E. Q uisenberry, A ssista n t E x a m in e r to May 31, 1914, (appointed E x a m in e r Ju n e 1, 1914) ....................................................... S alary of Geo. F. E ckfeld, A ssista n t E x a m in e r to May 31, 1914, (ap pointed E x am in e r Ju n e 1, 1914) ............................................................. S alary of Jas. B. G reenfield, A ssista n t E x a m in e r to October 25, 1914, (appointed E x a m in e r O ctober 26, 1914) .............................................. S alary of W. C. Plu m m er, A ssista n t E x a m in e r to O ctober 31, 1914, (a p pointed exam in er N ovem ber 1, 1914) .................................................... S alary of D. R. E ason, A ssista n t E x a m in e r to D ecem ber 15, 1914, (appointed ex am in er D ecem ber 16, 1914) ............................................ C. F. Spaeth, A ssista n t E x a m in e r ................................................................... S alary of J. H. U nderw ood, A ssista n t E x a m in e r, (resig n ed Ju n e 22, 1914) S a laries of clerk s and e x tra clerk s ............................................................... E xpenses in c u rre d in ex am in a tio n of b an k s ................................................. P rin tin g and b in d in g .............................................................................................. P ostage ........................................................................................... S tatio n ery , telephone, teleg rap h , express, office equipm ent, etc................ T o tal ..................................................................................................................... $3,500 00 2,500 00 1,500 00 2,200 00 2,072 25 2,033 50 2,009 91 2,009 91 1,986 95 2,118 78 2,000 00 1,962 20 1,933 10 1,813 20 1,721 31 1,766 40 1,766 40 1,700 00 1,533 80 1,529 14 1,516 80 1,289 68 1,282 90 1,221 72 1,200 00 573 6,278 21,167 3,533 2,800 2,829 63 50 66 62 00 56 $83,350 92 B ank su p erv isio n cost th e sta te for th e y ear 1914, as show n from above, $37,356.12. As sta te d h ereto fo re, 1,009 e x am in atio n s of b a n k s w ere m ade d u rin g th e y ear w hich exceeds th e n u m b er m ade in 1913 by 68 n o tw ith sta n d in g th e fa c t th a t th e asse ts an d lia b ilitie s of sta te b a n k s exam ined in creased a p p ro x i m ately $26,000,000.00. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis x v ii R E PO R T OF T H E COM MISSIONER. SECURITIES COMMISSION. T he follow ing tab le show s th e steam sh ip bonds w hich a re leg al in v e stm e n ts for savings deposits of sta te b a n k s a t th e d ate of th is re p o rt: N o. D ate of approval. Nam e of company. N am e of steam er. Am ount bond issue. $190,000 160,000 1 3 5 6 7 Aug. Sept. Sept. M ar. M ar. 9,1906 12,1906 12,1906 26,1907 26,1907 Hawgood T ransit C o ... Toledo Steam ship C o . . T onaw anda T ransit Co D earborn T ransit C o . . F ranklin Steamship Co H arvey D. Goulder. Eugene Zim m erm an Charles W eston. . .. E. L. W allace.......... E . J. E arlin g ............ 8 9 13 20 22 M ar. April Oct. April Aug. 26,1907 10,1907 8,1907 2,1908 13,1908 M inerva Steam ship Co.* Chicago N avigation Co. M idland N avigation Co. Jenkins Steamship C o ... P ostal Steam ship C o . . . . H enry A. Hawgood** Wm. E. F itzg erald ... Jas. S. D u n h am .......... M idland P rin c e........... Charles O. Je n k in s__ Thom as B ariu m .......... 205.000 280.000 130.000 150.000 150.000 23 24 26 27 29 Jan . Jan. Ja n . Jan . Jan . 13,1909 13,1909 13,1909 13,1909 13,1909 Frem ont Steam ship C o .. D etroit Steam ship C o ... N eptune Steamship Co.* A tlas Steam ship Co.*. Holmes Steam ship C o . . . B. F: B e rry ........ ................... Chas. W. K o tch er............... A rthur H. Hawgood***. . . Wm. A. Hawgood****. . .. Salt Lake C ity*****........... 160,000 140.000 215.000 30 32 33 34 35 Jan . Jan . Jan . Jan . Ja n . 13,1909 13,1909 13,1909 13,1909 13,1909 F rontier Steam ship C o .. . Y ork T ransit C o ............... Shenango Steam ship C o .. W ainwright Steamship Co Alva Steam ship C o ........... Josiah G. M unro John J. B o la n d .. W ilpen................. W ainw right........ M . A. B radley. . 210,000 36 37 38 40 41 Jan . Jan . M ar. M ar. M ar. 13,1909 13,1909 18,1909 18,1909 18,1909 Croxton .¡Steamship C o . . . Em pire Steam ship C o . . . . Valley Steam ship C o ........ T riton Steam ship C o ........ Hawgood Steam ship Co.* C ald era........................ Wm. H. T ru esd ale... Alexis W. Thompson. R ufus P. Ranney-... . N. F. Leopold****** 170.000 157.000 140.000 215.000 42 43 44 45 46 M ar. M ay M ay M ay Ju n e 18,1909 27,1909 27,1909 27,1909 2,1910 F arrar T ransportation C o . . Pennsylvania Steam ship Co American Steam ship C o . . . . F rontier Steam ship C o ........ Stadacona Steam ship C o . . . Collingwood............. Jacob T. Ivopp........ Adam E . C ornelius. Jam es C orrigan. . . . D aniel B. Meachem S tadacona................. 135.000 165.000 150.000 420.000 150.000 47 48 49 51 52 Ju n e Ju n e Ju n e Ju n e Ju n e 2,1910 2,1910 2,1910 2,1910 2,1910 Douglas Steam ship C o . . K inney Steamship C o . .. Postal Steamship C o . . . . Tecumseh Steamship Co Shenango Steam ship Co. G. A. Tom linson......... J. S. A shley.................. John J. B a riu m ........... Andrew S. U pson........ S henango....................... 140.000 150.000 140.000 53 54 55 56 57 Ju n e Nov. Nov. Nov. Nov. 2,1910 30,1910 30,1910 30,1910 30,1910 American Steam ship C o ........ N orthern Lake Steamship Co A shtabula Steam ship C o . . . . N orthern Lake Steam ship Co N orthern Lake Steam ship Co Theodore H. Wickwire Clifford F. M o ll........... O n tario .......................... N orm ania...................... C ham plain.................... St. C lair......................... 58 60 61 62 63 Nov. Nov. Nov. Nov. Nov. 30,1910 30,1910 30,1910 30,1910 30,1910 Wisconsin T ransportation C o ......... Raleigh Steam ship C o ....................... N orth American Steam ship Co. . . . N orth American Steam ship C o . .. . F ranklin Steam ship C o ..................... John P. R eiss.......................... Charles L. H u tch in so n ......... A. M . B eyers...................... P eter R e iss.............................. E . H. U tle y ............................. 150.000 150.000 145.000 145.000 150.000 64 65 Nov. 30,1910 Ja n . 31,1912 Theodore I I . W ickwire, J r . . H arry Y a te s............................ 320.000 66 67 Feb. 16,1912 Ju n e 26,1912 Jas. M . S choonm aker........... Willis L. K in g ........................ 237.000 185.000 68 Jan . 23,1913 American Steam ship C o ...............| Shenango Steam ship and T ranspor tation C o .......................................... In terstate Steamship C o .................. Shenango Steam ship and Transpor tation C o .......................................... Yale T ransportation C o ................... Wm. P . Snyder, J r ................ Louis R. D avidson................ 237.000 160.000 C o n so lid ated w ith th e Com m onwealth Steamship Co. **Name changed to C. Russell H ubbard. ***Name changed to Joseph Block. ****Name changed to R. L. Agassin. *****Name changed to Chester A. Congdon. ******Formerly W. R. Woodford. C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 200,000 140.000 190.000 2 0 0 .0 0 0 2 0 0 ,0 0 0 165.000 2 1 0 .0 0 0 135.000 155.000 1 0 0 .0 0 0 120.000 230.000 } 320,000 160.000 150.000 160.000 160,000 xviii STA TE BAN KING D EPA R TM EN T. SEGREGATION OF DEPOSITS. I su b m it th e follow ing tab le fo r th e p u rpose of show ing th a t th e abso lu te sepa ra tio n and seg reg atio n of sav in g s dep o sits an d in v e stm e n ts h as n o t re ta rd e d or re s tric te d in an y w ay th e com m ercial or b u sin ess in te re sts of th e state. Date of report. Jan. 13, 1914... March 4, 1914.. June 30, 1914.. Sept. 12, 1914.. Oct. 31, 1914... Savings deposits. $218,068,076 222,203,457 225,488,182 222.479.333 223.862.333 Total savings investments. Mortgage and bond investments required. Total mortgage and bond investments. 53 $226,318,480 84 $107,551,894 75 $145,432,678 04 66 228,821,351 04 108,806,058 57 147,361,783 78 72 232,304,380 73 110,996,778 04 152,263,298 27 06 231,180,444 76 117,049,427 95 154,120,696 81 73 232,524,447 75 112,446,730 43 155,216,748 22 Amount Amount savings deposits savings deposits permitted to be 4actually invested in invested in commercial commercial paper. paper. $79,951,667 79,155,265 80,814,050 76,734,063 83,625,600 48 $42,070,884 19 76 40,599,540 55 05 39,547,529 82 67 39,662,794 81 98 40,856,583 19 An 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. T he re p o rt of O ctober 31, 1914, show s th a t com m ercial or b u sin ess needs w ere am ply supplied. S ta te 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 sav in g s d e p a rtm e n t a g g re g a tin g $40,856,583.19, n o tw ith sta n d in g th e fa c t th a t th ey could, if necessary, h a v e av ailed th em selv es to th e a m o u n t of $83,626,600.98. T he seg reg atio n of sav in g s in v e stm e n ts h as not, in M ichigan, led to an y lack of 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 fa c t th a t since th e law w en t in to o p eratio n sav in g s deposits have in creased a p p ro x im ately $72,000,000.00, w hile th e com m ercial deposits show a g ain of ap p ro x im a te ly $42,000,000.00. REPORT OF RECEIVER. T H E E. JO SSM A N STATE B A N K , CLARKSTON. E lm er R. W ebster, receiver, u n d e r d ate of D ecem ber 16, 1914, re p o rts as fol low s: C laim s proved fo r lia b ilitie s show n by books ............................................ L ia b ilitie s n o t proved as show n by th e books ............................................ C laim s estab lish ed n o t on books ..................................................................... L ia b ilitie s cancelled by offset an d o th erw ise .............................................. $215,585 3,192 1,410 9,559 66 81 14 69 T o tal ...................................................................................................................... $229,748 30 T otal assets a t d ate of an d received since su sp en sio n ............................. A m ount collected by receiv er to d ate ............................................................ $164,323 54 93,245 68 DISPOSITION OF COLLECTIONS. L oans paid and o th e r d isb u rse m e n ts ............................................................. D ividends p aid ......................................................................................................... All o th e r expenses ................................................................................................... B alance in h an d s of S ta te T re a su re r ............................................................. B alance in h an d s of receiv er ............................................................................ T otal ...............; ................................................................................................... $8.670 41,739 1,007 36,634 5,193 79 39 55 86 09 $93,245 68 A dividend of tw e n ty p er cen t h as a lre a d y been p aid to th e com m ercial and sav in g s depositors, an d th e D e p a rtm e n t h as consented to th e d e c la ra tio n of a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. xix fifteen per cen t dividend. T he h e a rin g for th e allow ance of th is d ividend and th e acceptance of th e re c e iv e r’s re p o rt w ill occur J a n u a r y 29, 1915. U nder th e law th e D ep artm e n t h as m ade an e x a m in a tio n of th e affairs of th e receiv ersh ip an d finds th e above show ing su b s ta n tia lly correct. ABSTRACT OF RECEIVERSHIPS. T he follow ing tab le is a condensed a b stra c t of sev en teen closed an d one activ e receiv ersh ip s since th e o rg an iz a tio n of th e d e p a rtm e n t in 1889: 17 Closed receiverships. T otal assets turned over to receivers. . . . •19,910,593 32 Disposition of assets: Offsets allowed and se ttled ......................... 285,573 43 Losses on assets, com pounded or sold under order of c o u rt.................................... 3,516,174 89 Remaining assets.......................... 847,851 75 Collected from assets................ 5,260,993 25 T o ta l....................................... $9,910,593 32 Collected from above assets............................. Collected from assessments and stockholders........ T otal collections...................................... Disposition of collections: Loans paid and other disbursem ents........... D ividends p a id ..................... Legal expenses................................ Receiver’s salary and other expenses............... Balance in hands of S tate T reasu rer........... Balance in hands of receiver........................ T o ta l............................................... C apital stock at date of failu re............. A m ount of deposits a t date of failure.......... 1 Active receivership. Total. $164,323 54 $10,074,916 86 8,220 82 293,794 25 50 00 79,627 91 76,424 81 3,516,224 89 927,479 66 5,337,418 06 $164,323 54 $10,074,916 86 $5,260,993 25 281,392 45 $78,433 24 14,812 44 $5,339,426 49 296,204 89 $5,542,385 70 $93,245 68 $5,635,631 38 $672,921 4,274,990 296,194 298,279 70 03 60 37 $8,670 79 41,739 39 1,007 55 .«5 542 385 70 $93,245 68 $5,635,631 38 $1 ,021,000 00 6,365,896 98 $20,000 00 215,810 64 $1,041,000 00 6,581,707 62 36,634 86 5,193 09 $681,592 4,316,729 297,202 298,279 36,634 5,193 49 42 15 37 86 09 F rom th e foregoing tab le it w ill be seen th a t th e p er cen t collected on to ta l a ssets of closed re c eiv ersh ip s w as 50.3 w hile th e re w as 55.91 p er cent of assets collected in clu d in g th e am o u n t received from a ssessm en ts on stockholders, 28.54 per cent of th e to ta l a m o u n t of cap ita l stock w as collected by assessm en t on stockholders. E xpenses in c u rre d by th e sev eral receiv ers am ounted to 5.99 p er cent of th e to ta l a ssets and equaled 10.72 p er cen t of to ta l collections, an a v erag e of 67.15 p er cen t h as been p aid to depositors. EXAMINATIONS. As sta te d in th e D e p a rtm e n t’s re p o rt for th e y ear 1913, it h as been m y aim to stre n g th e n M ichigan’s b a n k in g system , and th e d e ta ils now m ak in g up ex a m in a tio n s are n e a rly one h u n d re d per cen t g re a te r th a n a t a n y o th e r tim e in th e h is to ry of th e D ep artm en t. The im proved system h as re su lte d in n o t only th e discovery and e lim in a tio n of d ish o n est officials an d em ployes, b u t in a m ore com prehensive know ledge of c re d it co n d itio n s o b ta in in g in th e sev eral sections of th e S tate. In m y ju d g m en t one m an can n o t p ro p erly exam ine an d c o rrectly analyze and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST A T E BAN KING D EPA R TM EN T. XX re p o rt th e conditio n of th re e or fo u r h a n k s each w eek. I t is tru e th a t a m a n can step in to a hank, co u n t th e cash, lis t th e n o tes an d m ortg ag es, and o th e r a s sets, ta k e off th e balance of lia b ilitie s as show n by th e ledgers, and th u s m ak e a p e rfu n cto ry re p o rt as to th e co n d itio n of th e bank, h u t if h is w o rk ends th e re w ith o u t a p ro p er an a ly sis of th e la rg e r lo an s an d m ortg ag es, w ith o u t a th o ro u g h reco n cilem en t of re se rv e accounts, an d w ith o u t checking back p aid certificates of deposit an d paid d ra fts, an d m a k in g a th o ro u g h ex am in a tio n of th e profit an d loss account, th e e x a m in a tio n is n o th in g m ore n o r less th a n a farce, an d th e ex am in er leaves th e b an k w ith v e ry little know ledge of its exact condition. T he D ep artm en t for th e p a st six teen m o n th s h as been sen d in g in to each s ta te hank, no m a tte r how sm all, a t le a st tw o ex am in ers, w ho to g e th e r a re assig n ed from 2 to 4 ban k s each w eek; th e la tte r n u m b er b eing assig n ed only w here th e size of th e b an k s and th e p ro x im ity w ill p erm it. The D e p artm en t h as been criticised on account of th e expense of such a sy stem ; if good re su lts are obtain ed com m e n su ra te w ith th e o utlay, th e q u estio n of a reaso n ab le expense should n o t be raised. I firm ly believe th e tax p a y e rs an d depositors p re fe r an ex p en d itu re of th ir ty to fo rty th o u sa n d d o llars each y ear if th e y can be assu red of efficient supervision, ra th e r th a n to have in d ifferen t or farcical inspection of b an k s by en d eav o rin g to keep th e e x p e n d itu re s som ew here n e a r th e re c e ip ts of th e De p a rtm en t. LEGISLATION. W hile M ichigan h as a t th e p re se n t tim e a good stro n g w orkable b a n k in g act, I w ould recom m end th e follow ing am en d m en ts in view of th e fo u r y e a rs e x p e ri ence in th e D ep artm en t, and by reaso n of th e changes th a t have re c e n tly occu rred in th e n a tio n a l b a n k in g sy stem : TOT AT, CAPITAL TO BE PAID IN AT ORGANIZATION. As sta te d in th e p reced in g A n n u al R e p o rt of th e D ep artm en t, in o rd er to g u a ra n te e th e d epo sitin g p ublic th a t sto ck h o ld ers of sta te b a n k s have th e a c tu a l cash in v ested a t th e tim e a b a n k is organized, I am in fav o r of a ch an g e in th e p re s e n t law re q u irin g th e to ta l sub scrib ed c a p ita l sto ck to be p aid in in cash, or its equivalen t, before c h a rte r is issued to com m ence business, r a th e r th a n re q u irin g b u t h a lf to be p aid in, as a t th e p re se n t tim e. N um erous no tes re p re se n tin g p ay m en t of th e balance of th e c a p ita l stock h av e been found in bank s, a d m itte d by officers an d d ire c to rs to be given in p ay m en t for cap ital stock. I believe also th is w ill a ttr a c t as sto ck h o ld ers p erso n s of stro n g e r financial resp o n sib ility , and th u s m ak e a d d itio n a l sto ck h o ld e rs’ lia b ility m ean som ething, as in M ichigan th e re h as been realized b u t tw enty-five p er cen t as a re s u lt o f assessm en t of n e a rly one h u n d re d p er cen t in d efu n ct sta te banks. CONSOLIDATION OF NATIONAL BANKS WITH STATE BANKS. In m y opinion th e p re s e n t law should be so am ended as to provide th e m ean s for conso lid atin g a n a tio n a l b an k w ith a sta te bank, re q u irin g th e n a tio n a l h an k to pro cu re consent in w ritin g of th e tw o-tliirds of th e stockholders, w hich such proceedings should be certified to th e D e p a rtm e n t; an d p ro v id in g fu r th e r fo r th e ex am in atio n of th e n a tio n a l b a n k by th e D ep artm en t, before co n sen t is given to th e consolidation. INVESTMENT IN STOCK OF FEDERAL RESERVE BANKS. A tte n tio n is ag ain called to th e fact th a t th e a tto rn e y g en e ra l h a s h eld th a t a sta te b an k can n o t p u rc h a se stock in a F e d e ra l R eserve B an k u n d e r th e new cu rren cy law. I am h e a rtily in fav o r of h a v in g th e b a n k in g law am ended so th a t sta te b a n k s and tr u s t com panies can become m em bers of th e F e d e ra l R eserv e S ystem in th e event th e F ed e ra l R eserve B oard so in te rp re ts th e new law , or th e law is am en d ed so as to m ake it possible an d feasib le for sta te b an k s to affiliate w ith th e new system ; In view of th e changes in re se rv e re q u ire m e n ts of n a tio n a l b an k s u n d e r th e new F ed eral R eserve B an k System , I w ould resp e c tfu lly recom m end th a t th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. xxi reserv e re q u ire m e n ts of th e p re se n t law be changed so as to conform to th e p ro v isions of th e F ed e ra l R eserve Act. STATE FUNDS TO BE DEPOSITED IN STATE BANKS ONLY. In view of th e p ro v isio n s of th e F e d e ra l R eserve Act, th a t po stal sav in g s fu n d s a re to be deposited only in m em ber or n a tio n a l b a n k s; an d fu rth e r, th a t th e re a re m any com m u n ities in M ichigan h a v in g sta te b a n k s only, th e re b y d ep riv in g such com m unities an d h a n k s from re ta in in g and u sin g , such funds, p e rm it me a g a in to recom m end a n am en d m en t to th e law p ro v id in g th a t sta te fu n d s be de p osited in sta te b an k s only. Of la te y ears th e b a n k in g d ep a rtm e n t, in th e eyes of th e public a t least, m u st sh a re w ith th e s ta te tr e a s u re r th e re s p o n sib ility fo r s ta te fu n d s deposited in banks, and is supposed to ap p rise th e sta te tr e a s u re r as to th e solvency of a n y such depository. I can see no reason, th ere fo re , w hy sta te fu n d s should n o t be deposited ex clusively in b an k s th a t a re su b ject to sta te superv isio n , as by so doing th e b a n k in g com m issioner an d sta te tr e a s u re r w ill a t all tim es be fu lly advised as to th e exact co nditio n of b an k s w h ere such fu n d s a re or w ill he deposited. TRUST COMPANY POWERS FOR STATE BANKS. In view of th e p ro v isio n s of th e F e d e ra l R eserv e A ct giv in g n a tio n a l b an k s th e rig h t to conduct a tr u s t com pany business, I am also in fav o r of a n am en d m en t to th e M ichigan B an k in g A ct giv in g th e s ta te b an k s th e sam e pow ers and privileges. H ow ever, I w ould lim it such pow ers an d p riv ileg es to s ta te b a n k s w hich have a cap ital an d su rp lu s of $100,000.00, a n d a re located in cities of 5,000 population, and over. I am in favor of such a n am endm ent, p ro v id in g of course, th e tr u s t b ran ch of th e b u sin ess in each sta te b a n k be k e p t ab so lu tely se p a ra te a n d in ta c t from th e com m ercial an d sav in g s b an k b ran ch es of th e business. SAFEGUARDING ORGANIZATION OF NEW BANKS. I feel it m y d u ty to a g a in call y o u r a tte n tio n to th e reco m m en d atio n m ade in th e D e p a rtm e n t’s A n n u al R e p o rt fo r th e y ear 1911, p e rta in in g to th e o rg a n izatio n of new banks. A s sta te d a t th a t tim e, th e p rin c ip a l w eakness of th e b a n k in g law s of th e sev eral states, (a n d M ichigan is no e x cep tio n ), is th e absence of a u th o rity dele gated to su p erv iso rs or com m issioners of th e sev eral sta te d e p a rtm e n ts to p re v e n t th e o rg an iza tio n of b an k s by u n d e sira b le p a rtie s, or th o se who a re unfit alik e from th e sta n d p o in t of c h a ra c te r, financial resp o n sib ility , an d experience. In M ichigan, a t th e p re se n t tim e, sta te b an k s m ay be o rganized by such p ersons a n d th e law confers no ex p ress a u th o rity upon th e com m issioner to w ith h o ld a p proval of ap p licatio n to organize or to refu se c h a rte r. I am of th e opinion th a t it w ould be p refe ra b le to have th is a u th o rity d elegated to a board of com m is sioners, ra th e r th a n to an y one official, and w ould, th e re fo re recom m end th a t A ct 262 of th e law s of 1905, w hich p rovides for th e se c u ritie s com m ission, he am ended so as to m ak e it th e im p e ra tiv e d u ty of th e com m ission to d eterm in e th e financial re s p o n sib ility an d sta n d in g of sto ck h o ld ers in a proposed bank, and to in v e stig a te th e c h a ra c te r an d exp erien ce of th o se who a re to be in activ e charge, and th e a u th o rity to re fu se to approve a p p licatio n to organize or to re fuse to issu e c h a rte r w h ere in v e stig a tio n is n o t satisfacto ry . I am also convinced th a t th e se c u ritie s com m ission should have a u th o rity to exercise its d iscre tio n in th e m a tte r of p assin g upon th e n ecessity of new b an k s in com m unities a lre a d y h av in g sta te or n a tio n a l b a n k in g facilities. T he p ro m iscuous c h a rte rin g of b an k s in th is resp ect does n o t te n d to w ard co n serv ativ e m ethods, e ith e r on th e p a rt of th e new b an k or th e older esta b lish e d in s titu tions. A new b an k in a com m u n ity w hich is a lre a d y afforded am ple b a n k in g facilities, ten d s to th e m a k in g of u n safe loans, as such b an k s m ay be co n tem plated by irresp o n sib le p a rtie s, who, on acco u n t of th e ir sta n d in g h av e n o t been able to pro cu re c re d it from e stab lish ed b an k s in such com m unities, an d a re in te re ste d in th e new o rg an iz a tio n w ith a view only of co n tro llin g an d o b ta in in g cre d it w hich th e ir financial re sp o n sib ility does n o t w a rra n t. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxii STA TE BANKING D EPA R TM EN T. BRANCH BANKS. U nder th e p resen t b a n k in g act, as co n stru ed by th e a tto rn e y general, sta te ban k s m ay estab lish an d m a in ta in b ra n c h e s o r agencies in th e city or v illage nam ed in th e o rig in a l a rtic le s of in co rp o ratio n . I am a p p reh en siv e th a t th is p riv ileg e m ay be c a rrie d too far, an d I w ould recom m end leg islatio n in th e d ire ctio n th a t a sta te b an k should first receive ap p ro v al of th e se c u ritie s com m ission, provided for in th e b a n k in g law, before e sta b lish in g a b ran ch or an y a d d itio n al branches. VERIFICATION OF DEPOSITORS’ BALANCES. I deem it m y d u ty to ag a in call y o u r a tte n tio n to th e necessity of som e leg is la tio n along th is line, esp ecially w h ere th e D e p a rtm e n t finds b a n k s co ntrolled by one or tw o m en, an d b an k s w h ere th e em ployes do n o t ta k e vacatio n s, or in th e larg e ban k s w h ere em ployes a re n o t ro ta te d , (esp ecially in b ra n c h b a n k s), or relieved by b ran ch b an k m an ag ers. T h ere is a grow in g se n tim e n t in fav o r of verificatio n of d ep o sito rs’ balances, especially those of sav in g s depositors. T he su b ject is b eing discussed by de positors, b an k ers, an d su p e rv isin g d ep a rtm e n ts, especially in th e e a ste rn and m iddle w estern state s. M aine, New H am p sh ire, an d V erm o n t ap p e a r to be th e p ioneers in th is m ovem ent. Some b an k s a re v o lu n ta rily , a n n u a lly or b ien n ially , v e rify in g d ep o sito rs’ balan ces by m eans of c irc u la r le tte rs c o n ta in in g sta te m e n t of balance, u sin g a re tu rn p o stal card on w hich th e d epositor certifies to th e co rrectn ess of th is balance by referen ce to acco u n t n u m b er only. O thers use th e new spapers, and som e em ploy c irc u la rs or booklets, w hich c o n tain acco u n t n u m b ers and balances only, w ith p rin te d in s tru c tio n s to b rin g in pass books or certificates of deposit w h ere th e re a re d iscrepancies. O thers call in all pass books or certificates, em ploying a clerk, o th e r th a n th e re g u la r p ay in g and receiv in g tellers, to v erify balances. T he n ecessity for som e such pro ced u re in th is sta te becam e a p p a re n t in th e w reck in g of th e E. Jo ssm a n S ta te B ank, by th e C ash ier who acted as p aying an d receiv in g teller, an d who en te re d cu sto m e rs’ deposits on b a n k ’s books a t a m uch less figure th a n in th e dep o sito rs' pass books, or certificates of deposit. In fact, th e ac tu a l deposits of th is b an k w ere n e a rly $125,000.00 m ore th a n show ed by th e b a n k ’s books. To p re v e n t a re c u rre n c e of a c a ta stro p h e of th is k in d th e D e p a rtm e n t im m e d ia te ly in s tru c te d its ex am in ers to v erify a c e rta in n u m b er of b alances in all b an k s w here th e re w as a n y possible o p p o rtu n ity of successfully c a rry in g on such a schem e by one m an h a v in g ch arg e of receip ts an d d isb u rse m e n ts of deposits and th e ledgers, or w h ere collusion m ig h t e x ist betw een tw o em ployes p e rfo rm in g such duties. P re d ictio n s of loss, an d all k in d s of d ire fu l foreboding w ere m ade a g a in s t th e D e p a rtm e n t’s in n o v atio n in th is re g a rd ; b u t to d ate none of th e prophecies have been fulfilled. If a b a n k e r is fe a rfu l of th e consequences th e D ep a rtm e n t w ill send o u t w ith its b lan k s a n y le tte r w hich th e b a n k e r d esires to w rite, e x p lain in g th e reaso n s for th e verification. E x am in ers a re now in s tru c te d to v e rify b alances of each an d every depositor, w here it is found th a t em ployes do n o t ta k e vacatio n s, an d w h ere em ployes are n o t ro ta te d in b ran c h banks, or reliev ed by b ra n c h m an ag e rs. I am h e a rtily in fav o r of a le g islativ e a m en d m en t along th is line, in c lin in g to th e p lan of h av in g th e b an k ex a m in e r p re p a re a lis t of d ep o sito rs’ balances and account nu m b ers a t tim e of re g u la r ex am in atio n , an d th e n h av in g b an k p u b lish sam e, e ith e r in a new sp ap er or in c irc u la r or p am p h let form , and m ailed each depositor. In o th e r w ords, th e nam e of th e d epositor ivould be om itted, th e new spaper giving only n u m b er of account, pass book o r certificate of deposit, and th e am o u n t on deposit. T he new sp ap er p u b licatio n is p referab le, as it is th e only m ethod of c a tc h in g th e crooked official or em ploye who tak e s dep o sito rs’ a law is favored by ban k s w hich follow con serv ativ e m ethods an d who have th e best in te re st of th e fra te rn ity a t h eart. TIMBER BONDS. T he D ep artm en t lias a t v ario u s tim es in th e p a st sta te d its view s as to th e sa lie n t p oints to be considered by b an k s before m a k in g tim b e r bond in v estm en ts. I desire a t th is tim e to re ite ra te all fo rm er sta te m e n ts in th is respect. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OP T H E COM MISSIONER. xxiii I t can n o t be denied th e re a re tim b e r issu es w hich afford all th e re q u isitie s of a safe in v estm en t, b u t th e n u m b er of tim b e r com panies w hich h a v e defaulted, both on in te re s t and p rin c ip a l p ay m en ts in th e p a st year, in d ic a te th a t th e day of reck o n in g is n o t v ery d is ta n t for oth ers, w h ere th e com pany’s m an ag e m en t is n o t in th e h an d s of experienced lum berm en, an d m en sufficiently stro n g finan cially to w eath er adverse co n d itio n s in lum ber trad e. I t is a p ecu liar c ircu m stan ce th a t in th e days w hen tim b e r w as a b u n d a n t such issues w ere u n h e a rd of, y et n o th w ith sta n d in g th e fa c t th a t th e g re a te r p o r tion of th e tim b er of th e c o u n try h as been cut an d m a n u fa c tu re d in to lum ber, tim b e r bond flotations a re now m ore n u m ero u s th a n a t a n y o th e r tim e. The necessity exists to d ay fo r an am en d m en t to M ichigan’s b a n k in g law , w hich w ill a t least m ake it im p e ra tiv e th a t th e bonds of all in d u s tria l c o rp o ratio n s be passed upon and approved by th e secu rities com m ission provided fo r in A ct 262 of th e P ublic A cts of 1905. My experience in th e D e p a rtm e n t h as show n m e th a t th e sm all b an k s have v ery few ch an n els th ro u g h w hich th e y can g et th e n ecessary in fo rm atio n as to bonds, and re ly alm o st e n tire ly upon th e sta te m e n ts in th e prospectus, th e sta te m e n ts of th e bond salesm an, or th e sta te m e n ts of som e la rg e r banks. T he D e p a rtm e n t h a s received m an y re q u e sts for in fo rm a tio n con cern in g d ifferent bond issues, an d I am fra n k to say th a t in a larg e n u m b er of cases wTe have been u n ab le to o b tain th e in fo rm a tio n w hich we th o u g h t neces sary, w hich in tu r n could be im p a rte d to th e b a n k m a k in g th e in q u iry . I be lieve such an am en d m en t w ould receive th e h e a rty su p p o rt of all of th e sm aller sta te ban k s conducting sav in g s dep artm en ts. EXCESSIVE LOANS BY WAY OF PSEUDO CORPORATIONS. The public confidence enjoyed by som e b an k s w ould be bad ly sh a tte re d if th e e x te n t w ere know n to w hich in d iv id u als, often b an k officials an d d irecto rs, e n d an g er th e b a n k s’ safety by excessive use of th e d e p o sito rs’ funds. T he law in M ichigan, and o th e r sta te s, p e rm its loans of a c e rta in percen tag e of cap ital and su rp lu s to an y one person, firm, or co rp o ratio n , w hich w ould seem as m ost conservative. I t is possible, how ever, fo r a perso n engaged in sev eral b ran ch es of tra d e to borrow for h im self p erso n ally th is lim it, an d also o b tain th e sam e am o u n t of c re d it fo r each b ra n c h of h is b u sin ess if he o rganized each div isio n in to a se p a ra te co rp o ratio n , w ith him self, w ife, sons, or d a u g h ters, an d p erh ap s em ployes, as th e only stockholders. T he d an g er is in creased a h u n d re d fold w here th e d o m in an t in d iv id u a l in such c o rp o ratio n is also th e co n tro llin g s p irit in a bank. As h ereto fo re recom m ended, I am u n qualifiedly in favor of a law w hich will co rrect th is defect in th e M ichigan law, an d p rev en t, excessive b o rro w in g by an y such com m unity of in te re sts. T h is could be done by in c lu d in g in th e lin e of an y such person th e lo an s of h is pseudo co rp o ratio n s, or vice versa. Such a law is favored by b an k s w hich follow co n serv ativ e m ethods and who have th e best in te re s t of th e fra te rn ity a t h e a rt. PRIVATE BANKS. T he experience of th e D ep a rtm e n t d u rin g th is an d o th e r a d m in is tra tio n s p ro m p ts me to recom m end th e passage of a law w hich w ould p ro h ib it th e ow n er ship of p riv ate banks by stockholders or d irecto rs of sta te b anks, u n less th e s ta te h as som e a u th o rity to ex am in e and to su p erv ise such p riv a te banks. T he op p o rtu n itie s for m a n ip u la tio n a re m any, and th e ease w ith w hich th e a ssets are sw itched, and have been sw itched in th e past, m ak es som e such re g u la tio n nec essary. In th is connection am fra n k to sta te th a t I am u nqualifiedly in fav o r of ab o lish in g p riv a te banks, except in th e sm aller villag es w here, by re a so n of lack of sufficient business, a sta te b an k w ith th e m in im u m c a p ita l of $20,000.00 could n o t possibly pay, th is to be d eterm in ed by th e p re s e n t se c u ritie s com m ission. I have come to th e conclusion th a t in no case should p riv a te b a n k s e x ist in M ichigan unless sub ject to sta te su p erv isio n . In o th e r w ords, I recom m end th e passage of such a law as w ould e lim in a te p riv a te b an k s in c itie s or villag es capable of su p p o rtin g a sta te b an k w ith a m in im u m c a p ita l of $20,000.00, th e e lim in atio n to be by liq u id a tio n or conversion to sta te or n a tio n a l b anks, a suffi cien t len g th of tim e being allow ed in w hich to b rin g a b o u t such liq u id a tio n or conversion w ith o u t w o rk in g an y un d u e h a rd sh ip . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxiv ST A T E BAN KING D EPA R TM EN T. USURIOUS INTEREST RATES. E xcessive in te re s t is ch arg ed in som e sectio n s of th e sta te , n o tw ith sta n d in g th e p rovisions of A ct 156 of th e P u b lic A cts of 1891, w hich voids a ll in te re s t w here excess of th e legal ra te is e ith e r d ire c tly or in d ire c tly ch arg ed a n d col lected. I f in stan ces of th is p ra c tic e w ere ra re , or obtain ed only w h ere e x te n u a tin g c ir cum stances prevailed, no c ritic ism could p ro p erly apply. C om plaints, how ever, in d ic a te n o th in g m ore n o r less th a n ex to rtio n , an d I stro n g ly u rg e an am en d m en t to said A ct 156 w hich w ill void b oth th e p rin c ip a l and in te re s t w h ere u su ry is proven. T his, I am inform ed, is th e law in som e of th e o th e r states. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C om m issioner of th e B an k in g D ep artm en t. OPINIONS OF THE ATTORNEY GENERAL. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O PINION S OF T H E ATTO RN EY G EN ERA L. EXCESSIVE LOANS. On account of th e im p o rtan ce of th e su b ject of excessive loans I deem it a d visable to a g 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 re g a rd as su b m itte d 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 ear 1903: L ansing, Mich., May 23, 1903. Hon. George W. Moore, C om m issioner of B anking, L an sin g , M ichigan: D ear S ir— I am in receip t of y our com m unication 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 opinion upon th e follow ing q uestio 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 any person, or com pany, or corpo ratio n , or firm, by a tw o -th ird s vote of its board of d ire c to rs? Second, How m uch m oney m ay an y b an k loan on an y one lin e of com m ercial paper? 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 e n dorsem ent of th e officers or d ire c to rs of a firm, com pany or co rp o ratio n , or by th e a ssig n m en t of v alue as c o lla te ra l? ” In co n sid erin g th ese q u estio n s I d esire to call y our a tte n tio n to section G141 of th e C om piled Law s, b eing section 52 of th e G eneral B a n k in g L aw of th is S tate, w hich provides in p a rt as follow s: “The to ta l lia b ilitie s to an y b ank of an y person or of a n y com pany, co rp o ratio n or firm for 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 several m em bers thereof, except special p a rtn e rs, sh all a t no tim e exceed one-tentli p a rt of th e am o u n t of th e cap ital and 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 values an d th e disco u n t of com m ercial or b u sin ess p ap er a c tu a lly ow ned by th e p erson n egotiating th e sam e sh all n o t be considered as m oney borrow ed: Provided, hoivever, T h a t th e foregoing lim ita tio n s sh all n o t apply to loans on re a l e sta te or o th er co llateral 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 an y b an k or 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-fiftli of th e cap ital and su rp lu s of th e b a n k .” I t is ev id en t th a t th is lim ita tio n w as borrow ed from th e N atio n al B an k in g Law, section 5200 of th e R evised S ta tu te s of th e U n ited S tates, p ro v id in g as follow s: “The to ta l lia b ilitie s of an y association, or any person, or an v 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 several m em bers thereof, sh all a t no tim e exceed one-tenth p a rt of th e am o u n t of th e cap ital stock of such asso ciatio n a c tu a lly paid in ; 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 ac tu a lly ex istin g values, and th e d isco u n t of com m ercial or b u sin ess p ap er ac tu a lly ow ned by th e person n e g 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 an k in g L aw an d also in th e N atio n al B a n k in g Law, has n ev er been co 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 itted by you. The Suprem e C ourt of P en n sy lv an ia, in th e case of O’H are v. Second N atio n al B ank of T itu sv ille, 77 Pa. St., 102 re fe rrin g to th is p ro v isio n in its a p p licatio n to n a tio n a l banks, m ak es use of th e follow ing lan g u ag e : “E v id e n tly th e lim ita tio n of th e indebted n ess to th e one-tenth in th e 29th section, w as in ten d ed as a g en eral ru le for condu ctin g th e b u sin ess of th e b a n k ; a ru le laid dow n from experience to re g u la te its loans for its own b est in te re s t an d those of sto ck ho ld ers and cred ito rs, n o t a ru le to re g u la te its custom ers. I t w as, as rem a rk e d in F ow ler v. Sculy, a re g u la tio n to p re v e n t th e se asso ciatio n s from s p littin g https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxviii STA TE BAN KING D EPA R TM EN T. on th e rock w hich h a s ru in e d so m an y h anks, to w it, that of lending too much of th eir capital to one person or firm. T he in te n tio n bein g to p ro te c t th e as sociation and its sto ck h o ld ers an d c re d ito rs from u n w ise h a n k in g , we c an n o t su p pose it w as m e a n 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 lo an s.” In Vol. 29 of th e A m er. & E ng. E ncy. of Law s, 2nd ed. p. 382, we find th e fol low ing w ith resp ect to th e lim ita tio n found in th e N atio n al B a n k in g L aw : “ T he object of th is provision of th e s ta tu te w as to g u ard N atio n al ban k s from th e h az a rd of speculativ e loans, b u t it contem p lated and p e rm itte d to a n u n lim ite d am o u n t th e disco u n t of p ap er used an d 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 atio n al B an k v. B u rt, 93, N. Y. 244. I t w as ev id en tly th e in te n t of th e le g isla tu re , in en a c tin g th e p ro v isio n above re fe rre d to, as found in th e b a n k in g law of th is State-, to g u a rd th e b a n k s o rg a n ized th e re u n d e r from th e h a zard of speculative loans, and to p rev en t such b an k s from 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 or corporation, and in c o n stru in g th e s ta tu te w ith re sp ect to th e exception, it is n ecessary to keep c o n sta n tly in m ind th e p u rpose of th e lim ita tio n , an d n o t to co n stru e th e p rovisio n re la tin g to th e exceptions th e re fro m in such a w ay as to destroy th e force and effect of th e lim ita tio n itself. T he 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 ra w n in good fa ith a g a in s t a c tu a lly e x istin g values, and th e d isco u n t of com m ercial or b u sin ess p ap er a c tu ally ow ned by th e p erso n n e g o tia tin g th e sam e, and w hich, in m y opinion, should be s tric tly co n stru ed an d should be held to apply to no tra n sa c tio n th a t did n o t clea rly and fu lly come w ith in th e p ro 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 q uestions w hich you su b m it fo r m y co n sid eratio n are q u ite 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 banks, b u t I am un ab le 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, ten d to defeat th e very purpose of th e lim ita tio n . I t is a n elem en tary p roposition recognized by th e c o u rts w ith re sp e c t 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 ap p licatio n to com m ercial paper, th e te rm s “lo a n s” a n d “d isc o u n ts” are synonym ous. A m er. & E ng. Ency. of Law , Vol. 21, 2nd ed. 381. T he ques tio n who is b orrow er is n o t alw ays to be d eterm in ed from th e p o sitio n of th e p a rtie s as th e y ap p ear on th e paper. T he b o rro w er m ay be th e m a k e r or th e endorser. P r a t t’s D igest, 94. O ur s ta tu te p rovides th a t in th e d isco u n t of com m ercial or business p ap er a c tu a lly ow ned by th e perso n n e g o tia tin g th e sam e, it sh all n o t be considered as m oney borrow ed. The applicatio n of th is provision, in m y opinion, re la te s exclusively to th e p erso n n e g o tia tin g th e paper. T he s ta tu te contem plates th a t he alo n e sh all be considered as n o t receiv in g a loan from th e bank. W ith resp ect to th e m a k e r of such p ap er w ho is p rim a rily liable, if such m ak er h a s received c re d it a t th e b a n k to th e fu ll lim it im posed by law, th e b an 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 a k e r w ould 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 itte d , 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 u estio n s 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 co n stru c tio n of th ese p ro v isio n s in th e absence of an y ju d icial d e te rm in a tio n as to th e ir p ro p er m eaning. In view of th e fact th a t th e sev eral ban k s of th is S ta te o rganized u n d e r th e G eneral B a n k in g Law, a re subject to S ta te su p erv isio n , n o t only for th e p ro te c tio n of th e b a n k s th e m selves, b u t for th e pro tectio n of th e persons doing bu sin ess w ith such banks, th e law s re la tin g th e re to should be c o n stru cte d in such a m a n n e r as to afford such p ro tectio n in ev ery possible way, u n til such tim e as th e c o u rts m ay d e te r m in e otherw ise. In an sw er to y o u r first q uestion, 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 a n k w ould be au th o riz e d to loan to an y person, or com pany, or co rp o ratio n , or firm, by a tw o -th ird s v o te of its b o ard of d irecto rs, w ould n o t exceed one-fifth of th e c a p ita l an d su rp lu s of th e bank, and it w ould be im m a te ria l w h e th e r su ch loan w as secu red or un secu red , ex cepting, of course, lo an s on re a l e sta te or o th e r co lla te ra l se c 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 q uestion, I w ould say th a t th e sam e ru le w ould apply to an y one lin e of com m ercial p ap er th a t w ould apply to an y one p e r son, com pany, firm or corp o ratio n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. XXIX In an sw er to y o u r th ird question, I w ould sa y th a t, in m y opinion, it is im m a te ria l w h eth er 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 a s sig n m en t of value as co llateral, except w h ere such loan is m ade upon re a l e sta te or o th er co llateral se cu rities recognized by th e G eneral B a n k in g Law . In th is connection I call yo u r a tte n tio n to th e ru le laid dow n in th e A m er. & E ng. 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 e x istin g values w ith in th e m ean in g of th e sta tu te , tho u g h n o t accom panied by specific b ills of la d in g in each case. I t is sufficient if th ey a re d raw n a g a in s t p ro p e rty p rev io u sly consigned an d e x ist in g e ith e r in its o rig in a l form o r in th e sh ap e of proceeds of sales in th e h a n d s of th e consignees.” T h is ru le, of course, applies to th e fed eral sta tu te . The s ta te and fed eral s ta tu te being id e n tic a l in th is p a rtic u la r, u n q u estio n ab ly th e sam e ru le w ould ap p ly to a b an k organized u n d e r th e G eneral B an k in g L aw of th is state. R esp ectfu lly yours, C h a s . A . B l a ir , A tto rn ey General. T he follow ing opinions have been ren d e re d d u rin g th e y ea rs 1907, 1908, 1909, 1910, 1911, 1912, 1913 and 1914 by th e A tto rn ey G eneral’s D ep artm en t on q uestions concerning th e co n stru c tio n of th e B an k in g Law. CORPORATION STOCKS AS TRUST COMPANY INVESTMENTS. L an sin g , M ichigan, M arch 21, 1907. H on. H en ry M. Z im m erm ann, B a n k in g C om m issioner, L an sin g , M ich.: D ear S ir—T his d e p a rtm e n t h a s given c arefu l c o n sid eratio n of y our in q u iry of th e 13th in 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 Public A cts of 1889 have th e rig h t to in v e st in th e stocks of S avings B an k s; an d p a rtic u la rly to th e q u estio n as to w h e th e r section 11 of th is ac t (C om piled L aw s of 1897, Section 6166) p e rm its such in v estm en t. It 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 of th is S ta te on th e p a rt of tr u s t com panies to in v e st in th e stock of o th e r cor p o ratio n s; and, fu r th 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 irecto rs to in v est in “such re a l or perso n al secu rities as th e y m ay deem p ro p e r” does n o t a u th o riz e in v e stm e n t in . th e stock of p riv a te cor p orations. R esp ectfu lly yours, J n o . E . B ir d , A tto rn ey General. AUTHORITY TO SUBSCRIBE ARTICLES OF INCORPORATION AS “ TRUSTEE” REQUIRED. L ansing, M ichigan, A u g u st 7, 1907. Hon. H en ry M. Z im m erm ann, C om m issioner S ta te B an k in g D ep artm en t, “C apitol,” L an sin g : D ear S ir— I t ap p ears th a t step s a re bein g ta k e n to o rg an ize a b a n k u n d e r th e G eneral B an k in g Law s of th is State, w ith a cap ital stock of $100,000. F ro m th e a rtic le s of asso ciatio n w hich have been p rep ared , it a p p ears th a t, ap p ro x im ately , sixty per cent, of such c a p ita l stock h a s been subscribed fo r by c e rta in p erso n s designated as “tr u s te e s ” ; th a t such a rtic le s do n o t disclose th e n am es or re s i dences of th e cestu i que tr u s t in a n y in stan ce, or th e a u th o rity of th e p erso n su b scrib in g as tru s te e to ac t in th a t capacity. In th is connection, you a sk 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 issu e th e certificate of a u th o rity provided fo r by section 7 of th e G eneral B an k in g Law. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA R TM EN T. XXX In rep ly th ereto w ould say th a t section 2 of th e B a n k in g L aw re q u ire s th e persons asso ciatin g in th e o rg an iz a tio n of a b a n k to execute a rtic le s of in c o 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 re s i dence of th e stock h o ld ers an d th e n u m b er of sh a re s h eld by each of th e m .” The la tte r p a rt of section 4 provides as follow s: “No b ank sh all tra n s a c t an y business except such as is in c id e n ta l and n e cessarily p re lim in a ry to its o rg an izatio n u n til it h as 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 siness of b a n k in g .” T he a rtic le s of in c o rp o ra tio 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 county clerk of th e co unty 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 anking D ep artm e n t; and one filed in th e office of th e S ecretary of S tate. W hen such artic le s of in c o rp o ra tio n a re p ro p erly executed an d filed and reco rd ed, as required by law, an d th e C om m issioner of th e B an k in g D e p a rtm e n t is notified th a t a t lea st fifty p er cent, of its c a p ita l h as been p aid in, an d th a t su ch b a n k has com plied w ith all th e provisions of th e g en eral b a n k in g law ; before th e b ank shall be au th o riz e d to com m ence business, th e C om m issioner is re q u ire d to exam ine into th e co n d itio n of such bank, 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 an d th a t th e v a rio u s p ro 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 an k in g is issued by such C om m issioner. W hen th e s ta tu te is h o t com plied w ith in any essen tial p a rtic u la r, it is clearly my opinion th a t such c er 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 c o r p o ratio n w hich do no t fu lly disclose th e n am e an d resid en ce of th e cestu i que tru s t, w here th e stock is su bscribed fo r by a tru ste e , a n d w hich also fa ils to disclose th e a u th o rity to su b scrib e for such stock in th a t capacity, do n o t conform to th e re q u ire m e n ts of th e g en e ra l b a n k in g law, and, u n d e r such co n d itio n s as you have outlined; it w ould be y our d u ty to refu se to issue th e certificate of a u th o rity provided fo r by law. I do n o t deem it e sse n tia l to p o in t ou t th e n u m ero u s com plications th a t m ig h t a rise if stock in a b a n k in g c o rp o ratio n should be subscribed for in th e m a n n e r 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 n o . E . B ir d , A ttorn ey General. CERTIFICATES OF INDEBTEDNESS AS LEGAL INVESTMENTS. L an sin g , M ichigan, October 23, 1907. H on. H. M. Z im m erm ann, C om m issioner of th e B a n k in g D ep artm en t, “ C apitol,” L ansing, M ichigan: My D ear S ir—I am in re c e ip t of yo u r com m u n icatio n of th e 16th in st. in w hich you ask w h eth er or n o t certificates of indebtedness issued in p ay m en t for vo tin g m achin es u n d e r th e p ro v isio n s of section 13 of A ct 217 of th e P ublic A cts of 1905 a re p ro p er in v e stm e n ts for sav in g s b an k s u n d e r su b d iv isio n (b ), sectio n 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 saving deposits of such b a n k s sh all be in v ested as follow s: “ (b ). In th e public debt or bonds of an y city, county, tow n sh ip , 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 : P rovided, th e to ta l in debtedness of such m u n ic ip a lity does n o t exceed five p er cent, of its assessed v alu 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 pu rch ased if th e to ta l lia b ilitie s do n o t exceed ten p er 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 rtm e n t th a t th e term “public d e b t” and “bo n d s” w ere synonym ous an d th a t an issue of bonds, in order 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 h a v e received th e ap p ro v al of th e v o ters of th e m u n i c ip ality issu in g th e bonds. F o r an sw er to y our in q u iry I w ould say it is m y opinion th a t th e ru lin g of y our d e p a rtm e n t places too n a rro w a c o n stru c tio n upon th e sta tu te . T he te rm s “public d eb t” and “b o n d s” a re n o t synonym ous. T he te rm “public d e b t” includes n o t only a bonded debt, b u t also o th er form of public indebtedness. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. xxxi S ta te v. H ickm an, 11 Mont. 541, an d cases cited. T he s ta tu te u n d e r w hich certificates of in d eb ted n ess a re issued in p ay m en t for voting m ach in es re a d s as follow s: “T he local a u th o ritie s, on th e adop tio n an d p u rch ase of a v o tin g m achine, m ay provide for th e p a y 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 b est in te re s t of th e lo cality an d m ay for th a t purpose issu e bonds, certificates of indeb ted n ess or o th e r obligations, w hich sh all be a ch a rg e on th e city, tow n or village. Such bonds, certificates or o th e r o b lig atio n s m ay be issu ed w ith or w ith o u t in te re st, p ayable 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 issu ed or sold a t less th a n p a r.” T he le g isla tu re h a s th e undou b ted rig h t to a u th o riz e debts of th is c h a ra c te r to be in c u 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 in d eb ted n ess issued u n d e r a u th o rity of th is section come w ith in th e te rm “p ublic d e b t” as used in su b d iv isio n (b ), section 27 of th e G eneral B an k in g Law, an d th a t, consequently, sav in g s b an 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 n o . E . B ir d , A ttorn ey General. STRICTLY COM M ERCIAL BA N K S M U ST AM END A RTICLES TO TRANSACT SAVINGS B U SIN E SS. L an sin g , M ichigan, O ctober 28, 1907. Plon. H. M. Z im m erm ann, C om m issioner of th e B a n k in g D ep artm en t, L ansing, M ich: D ear S ir— I am in re c e ip t of y o u r co m m u n icatio n of th e 16th in st. re q u e s t in g an opinion upon th e q u estio n of w h e th e r or n o t a b an k o rganized as a p u re ly com m ercial b an k u n d e r th e G eneral B a n k in g L aw of th e S ta te is a u th o riz e d to a d v e rtise for sav in g s deposits an d do a g en e ra l b a n k in g b u sin ess u n d e r th e ex ception co n tain ed in section 24 of th a t law , w hich pro v id es: “C om m ercial b an k s m ay allow in te re s t on accounts or certificates of deposit, b u t all deposits in such b a n k s sh all be p ayable on d em and w ith o u t notice, ex cept w hen th e co n tra c t of deposit otherw ise provides.” F o r an sw er th ere to , I w ould say th a t th e G eneral B an k in g L aw in sectio n 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 sta b lish offices of d isco u n t an d deposit, to be know n as com m ercial banks, an d also to estab lish offices of loan and d eposit to be know n as sav in g s banks, or to e sta b lish b an 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 c o rp o ra tio n a re req u ire d to specify th e n a tu re of th e b u 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, or both. S ections 23, 24 an d 25 of th e sam e law co n tain c e rta in p ro v isio n s re fe rrin g to “a n y b an k w hich, by its a rtic le s of in co rp o ratio n , sh a ll d e sig n ate its b u sin ess as th a t of a com m ercial b a n k ;” an d section 26 an d succeeding sections of th e sam e law c o n tain p ro v isio n s g o v ern ing “an y b an k w hich by its a rtic le s of in c o rp o ra tio n sh a ll d esig n ate its bu sin ess as th a t of a savings b a n k ;” an d S ection 29 c o n tain s p ro v isio n s g o v ern in g “a n y b an k com bining th e b u sin ess of a com m ercial b an k an d a sav in g s b a n k ” an d p rovides th a t “all receip ts, 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 b u sin ess sh a ll be governed by th e p ro v isio n s an d re s tric tio n s h e re in specifically provided for th e resp ectiv e k in d s of b a n k s.” R ead in g all th ese provisions of th e G eneral B an k in g L aw to g eth er, it is clear th a t it w as n o t in ten d ed to p e rm it a b a n k o rganized as a s tric tly com m ercial b an k to engage in th e b u sin ess of a sav in g s bank, an d th a t th e exception con ta in e d in section 24, to w hich re feren ce h a s been m ade, w as n o t in ten d ed to have https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA R TM EN T. x x x ii th a t effect. B efore a com m ercial bank, o rganized as such, can conduct a savings, b a n k business, it m u st am end its a rtic le s of in c o rp o ra tio n so as to pro v id e fo r co nducting both classes of business. R esp ectfu lly yours, J n o . E . B ir o , A tto rn ey General. BANKS CANNOT EXTEND THEIR CREDIT TO AN INDIVIDUAL OB BANK. J u n e 10, 1908. H on. H. M. Z im m erm ann, C om m issioner, B a n k in g D ep artm en t, “ C apitol,” L a n sin g : D ear S ir— I have y o u r co m m u n icatio n of J u n e fifth, enclosing c e rta in c o rres pondence w ith th e ..................... bank. I t ap p ears from your co m m u n icatio n th a t th is bank, by a n 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 issu e d ra fts p ayable o u t of th e fu n d s of th e fo rm er b an k on deposit w ith its c o rresp o n d en t b an k s a t New Y ork an d Chicago. You sta te th a t you have ta k e n th e p osition th a t such p ractice is illegal, an d req u est an opinion as to th e p ro p rie ty of th is holding. R eplying th e re to w ould say, a n y a tte m p t upon th e p a rt of a n y b an k to p e rm it anyone or an y in s titu tio n to issu e d ra fts p ayable o u t of its d ep o sit w ith c o rres po n d en t b an k s is an a tte m p t to p erfo rm a n a c t an d p e rm it a n a rra n g e m e n t n o t au th o rized by law . T he b a n k possesses no a u th o rity to extend its c re d it to a n y in d iv id u al or b an k in th e m a n n e r se t fo rth in y o u r co m m unication. Such a p ra c tice m ay operate to th e d e trim e n t of d ep o sito rs a n d m ay im p a ir th e fa ith a n d cre d it of th e bank. The 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 e r th e s ta tu te to p ro h ib it such p ra c tic e an d 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 esp ectfu lly yours, J n o . E . B ir d , A ttorn ey General. SIMILARITY OF TRUST COMPANY TITLES. J u n e 30, 1908. H on. H e n ry M. Z im m erm ann, 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 rs of th e 19th in s ta n t in w hich you sta te th a t a c e rta in co rp o ratio n o rganized u n d e r 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 b u sin ess of sellin g v a ri ous k in d s of secu rities, 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 e th e r i t is p erm issib le for such a concern to do b u sin ess u n d e r 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 e r 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, c o n tain s th is p ro viso: “No nam e shall be assum ed alre a d y in use by a n y o th e r e x istin g c o rp 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 ta te , or so n e a rly sim ila r as to lead to u n c e rta in ty or confusion. ’ U nder th e decisions of th e c o u rts of th is S ta te it seem s to be clea r th a t th e q uestion 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 e x istin g co rp o ratio n depends upon w h e th e r th e n am es a re so sim ila r th a t p erso n s w ould be likely to deal w ith one concern w hen th e y believed in good fa ith th ey w ere dealin g w ith th e o ther. SeeL am b K n it Goods Co. v. L am 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. x x x iii I t would seem also if th e sim ila rity of th e nam e of a c o rp o ratio n organized u n d e r A ct 232, P u b lic A cts of 1903, to th e n am es of c o rp o ratio n s o rganized u n der A ct 108, Public 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 believing th a t th e y w ere d ealin g w ith a co rp o ratio n 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, th a t th e use of such a n am e could p ro p erly be re s tra in e d in a p roceeding in s ti tu te d for th a t purpose. V ery resp e c tfu lly yours, J no. E. B ird, A ttorn ey General. ASSESSMENT IN CASE OF IMPAIRMENT NOT AUTHORIZED. Ju ly 29,' 1908. Hon. H en ry M. Z im m erm ann, C om m issioner of B anking, “C apitol,” L an sin g : D ear S ir—We have c arefu lly exam ined th e le tte r of ..................... ca 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 clo su res accom panying same. Section 42 of th e G eneral B a n k in g Law, bein g section 6131 of th e Com piled 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 a m o u n t re q u ire d by law, to req u ire such b an k to m ake good th e deficiency w ith in n in e ty days a fte r a w rit ten req u isitio n is m ade, and in case th e im p a irm e n t is not 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 p roceedings to r th e ap p o in tm en t of a receiv er to w ind up th e affairs of th e bank. T he laiv 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 provisio n for an assessm en t upon th e sto ck h o ld ers of th e b ank n o r is th e re an y a u th o rity u n d e r th e s ta 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 ent, it follow s th a t an a ssessm en t m ad e by th e sto ck 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 a n assessm en t a g a in st th e sto ck h o ld ers of a b an k is u n d e r section 46 of th e G eneral B a n k in g Law, section 6135 of th e C om piled L aw s of tio n ThiS assessm en t can only be m ade w hen th e b an k is in process of liquidaI t is our view of th is sta tu te th a t it contem plates 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 ord er of th e C om m issioner, an d leaves it open to th e b an k to m ak e good th e deficiency in an y m a n n e r th a t seem s to it feasible. T he only a lte rn a tiv e in case of th e fa ilu re of th e b an k to m ak e good th e deficiency is fo r th e Com m issio n er to proceed as d irected by th e sta tu te . We re tu rn the le tte r and enclosure herew ith. V ery re sp e c tfu lly yours, J no. E. B ird, A tto rn ey General. FOREIGN BANKS NOT PERMITTED TO TRANSACT BUSINESS. J u ly 29, 1908. H on. H en ry M. Z im m erm ann, C om m issioner of B anking, “ C apitol,” L a n sin g : D ear S ir—We are in re c e ip 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 egin ald F. F en n ell, u n d e r d ate of J u n e 20, 1908, in w hich he su b m its th e follow ing in q u iry : “ Is th e re any license necessary or o th e r legal form req u ired to be gone th ro u g h w ith for ban k s doing b u sin ess o u tsid e of th e S ta te of M ichigan, to " e sta b lish an agency or re p re se n ta tiv e in th is S ta te ? In th e ev en t of th e re being a n 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 prescrib ed s tric t conditions to be com plied w ith by c o rp o ratio n s d e sirin g to engage in th e business of banking , or in lo an in g an d in v e stin g m oney. T h ere is no s ta tu to ry p rovision w hich p e rm its fo reig n c o rp o ratio n s to come in to th is S ta te fo r th e E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxxiy STA TE BAN KING D EPA R TM EN T. purpose of en gagin g in th a t k in d of business. T he fact th a t th e le g isla tu re h a s seen fit to lay dow n th ese co n d itio n s for dom estic c o rp o ratio n s d e sirin g to engage in such b u siness an d to place th em u n d er th e su p erv isio n of th e S ta te b a n k in g d e p a rtm e n t in d icate s clea rly a n 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 fo reig n co rp o ratio n s from e n g ag in g in such 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 an d am u s proceeding a g a in s t th e S e c re ta ry of S ta te to com pel th e issu an ce of a license to do b u sin ess in th is S ta te to a c o rp o ratio n d e sirin g to engage in th e b u sin ess of m a k in g “lo an s secured by m o rtg ag es on re a l esta te , to sell such m ortgag es an d bonds of th is com pany secured by m o rtg ag es on re a l estate, b u t said bonds are n o t to be sold on th e in s ta llm e n t p la n .” In response to th e c o n ten tio n of th e re la to r in th a t case th a t it should be ad m itte d to do business u n d e r o u r fo reig n c o rp o ratio n law, th e c o u rt said : “In o th er w ords such co n stru c tio n w ould o p e ra te as to such fo reig n c o rp o ra tio n s as a rep eal of all th e beneficial and p ro tectiv e p ro v isio n s 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 sug g estio n th a t a rise s to th e m ind, upon th e c o n sid eratio n of th e proposition. O ur c o n stru c tio n of th e a ct is th a t b a n k in g c o rp o ratio n s an d those co rp o ratio n s w hich a re 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 p rovisio n s of th e a c t a u th o riz in g fo reig n c o rp o ratio n s to tr a n s a c t b u si ness in th is S ta te .” In view of th e above, w e a re of th e opinion th a t fo reig n b a n k s have no rig h t to engage in busin ess in th is S tate, or to esta b lish a n agency or re p re se n ta tiv e in th is S ta te 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 e c tfu lly yours, J no. E. B ird, A tto rn ey General. INCREASE OF CAP ITAT. NOT REQUIRED BY BANKS IN EXTENSION OF CORPORATE LIMITS, BRANCH BANKS PERMITTED IN CERTAIN INSTANCES. M ay 27, 1909. H on. H en ry M. Z im m erm ann, C om m issioner of th e B a n 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 u ltim o in w hich you s ta te th a t a b an k o rganized w ith a c a p ita l of $20,000.00 in a v illag e ad ja c e n t to a larg e city subseq u en tly becam e located w ith in th e co rp o rate lim its of th e city by an ex ten sio n of th e b o u n d aries of th e city to in clu d e th e te r rito ry fo rm e r ly em braced w ith in th e lim its of th e v illa g e ; th e b a n k th u s com ing in to th e city w ith a cap ita l less th a n is re q u ire d by s ta tu te of b an k s o rganized w ith in th e city You also sta te th a t it is now suggested th a t th is b a n k m ay estab lish b ran ch es w ith in th e city an d re q u e st a n 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 a n k o rganized in a village, w hen it becom es 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 c a p ita l 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 e r or n o t a S ta te b an k h a s a u th o rity to e sta b lish b ra n ch es 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. In reply w ill say th a t Section 1 of th e G eneral B a n k in g L aw (S ectio n 6090 C. L.) provides for th e e sta b lish m e n t of com m ercial an d sav in g s b an k s in cities an d villages in th e S ta te an d p rescrib es th e m in im u m c a p ita l th a t h a n k s m ay have, based on th e p o p u latio n of th e c ity or v illage in w hich th e b a n k is to be located. Section 2 of th e ac t p rovides th a t th e a rtic le s of in c o rp o ra tio n sh all specify am ong o th e r th in g s: “The county and city or v illage w h ere such b an k is to be located and to con d u ct its b u s in e s s ;” S ection 7 provides th a t upon com pliance writh th e s ta tu te th e C om m issioner of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COMMISSIONER. XXXV 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 e r h is h a n d an d official seal th a t th e b an k h a s com plied w ith th e s ta tu te an d is a u th o riz e d to com m ence business. 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 an tic ip 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 c o n tain s no p rovisio n re q u irin g a b a n k e stab lish ed w ith in a village w hich be comes located in a city by reaso n of th e ex ten sio n of th e co rp o ra te lim its of th e city to in crease its cap ital in accordance w ith th e p o p u latio n of th a t city. N e ith e r is th e re in th e B an k in g L aw a n y pro v isio n re q u irin g a b a n k a fte r its o rg a n iz a tio n w ith in a c ity of c e rta in p o p u latio n to in crease its c a p ita l as th e p o pulation of th e city increases. T h e b a n k upon com plying w ith th e p ro v isio n s of th e s ta tu te w as given th e rig h t by th e S tate to conduct its business 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 ex ten sio n of th e co rp o rate lim its of th e city. T he pro v isio n of th e s ta tu te re q u irin g b an k s to have a c e rta in c a p ita l according to th e p o p u latio 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 e reto fo re stated , a b an k once law fu lly estab lish ed w ith th e re q u ire d c a p ita l according to th e p o p ulation of th e c ity is n o t re q u ire d to in crease its cap ital alth o u g h th e p o p u latio n of th e city m ay in crease to such an e x te n t th a t a new b an k could n o t be estab lish ed th e re in w ith o u t h a v in g a m uch la rg e r cap ital. A c arefu l con s id e ra tio n of th e p ro v isio n s of th e G eneral B an k in g L aw leads m e to th e con clu sio n th a t a b an k once law fu lly estab lish ed in a village w ith th e re q u ire d cap ital in accordance w ith S ection 1 of th e G eneral B a n k in g L aw is n o t re q u ire d u n d e r th e p rovision s of th a t law to in c re a se its c a p ita l w hen it becom es located w ith in a city by reaso n of th e ex ten sio n 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 o u r second questio n I w ould say th a t no a u th o rity to e sta b lish b ran ch es is co n ferred upon b an k s by an y p ro v isio n 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 esta b lish b ra n ch es a t w hich a g en eral b a n k in g b u sin ess is conducted. MaGee on B an k s an d B anking, 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 u n less ex p ressly a u th o rized by s ta tu te so to do, it seem s th a t it m ay have a n agency fo r th e tra n s a c tio n of som e p a rt of its b u sin ess in th e city or v illag e d esig n ated in its c h a rte r as th e place w here th e b an k is to be located an d to conduct its business. In MaGee on B ank in g , page 41, a re com piled th e p ro v isio n s in force in th e differ e n t sta te s re la tin g to th is su b ject an d of th is S ta te it is said : “T h ere is no law a u th o riz in g th e e sta b lish m e n t of b ran ch es. A gencies a re p e rm itte d w hich are re s tric te d in th e ir o p eratio n s to receiv in g an d p ay in g o u t of dep osits and issu in g exchange.” an d several instances of ban k s located in th e cities of D e tro it an d L a n sin g h av in g estab lish ed agencies of th is c h a ra c te r a re noted. T he agencies estab lish ed by th e b an k s a t th e cities in d ic a te d have been con ducted by th e bank s for som etim e a n d th e rig h t of th e b an k s to estab lish such agencies does n o t ap p ear 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 any officer of th e S tate. In view of th e fo regoing I am of opinion th a t a b ank m ay estab lish agencies of th e c h a ra c te r of th o se in d icated h e re in w ith in th e lim its of th e city or v illage in w hich th e b a n k is located. In a sm u c h as a b a n k o rig in a lly located in a village, an d w hich 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, 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 ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxxvi STA TE BANKING D EPA R TM EN T. NOTES AND SECURITIES DEPOSITED WITH TRUST COMPANIES NOT LEGAL SAVINGS INVESTMENTS. M ay 27, 1909. Hon. H en ry M. Z im m erm ann, C om m issioner of he B a n 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 our le tte r of th e 29th ultim o in w hich you a sk w h eth er or n o t notes an d se c u ritie s re p re se n tin g fra c tio n a l p a rts of la rg e lo an s w here th e se c u rity is deposited w ith a tr u s t com pany a re legal in v e stm e n ts fo r a S tate b ank u n d er 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. In rep ly w ould say th a t th is section pro v id es in S ubdivision (i) th a t a c er ta in p ro p o rtio n of th e sav in g s 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 un en cu m b ered re a l e s ta te w o rth a t le a st double th e a m o u n t loan ed ; th e re m a in d e r of such deposits m ay be invested in notes, b ills or o th er evidences of debt th e p ay m en t of w hich is secured by th e d eposit w ith th e bank, of c o llateral se c u rity c o 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 p er cen t m o re 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 a n ; or m ay be in vested in notes, bills or 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 llateral deposit com pany o rg a n ized u n d e r th e law s of th is S ta te .” I t is ev id en t th a t th e no tes and se c u ritie s in q u estio n 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 of debt, he p aym ent of w hich is secured by such p ro p e rty or se cu rities deposited in a co llateral deposit com pany o rganized u n d e r th e law s of th is S ta te .” T his provision w as in co rp o rated in th is subd iv isio n 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 p ro v id in g fo r th e in co rp o ratio n of “safety an d co llateral deposit com panies,” th e sam e being A ct No. 240 of th e P ublic A cts of 1907, h a v in g pow er u n d e r th e p ro v isio n s of S ection 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 llateral se c u rity for th e p ay m en t of bonds, or o th e r obligations issued by such in d iv id u als, p a rtn e rsh ip s or co r p o ratio n s, and to e n te r in to and execute an y in s tru m e n ts in w ritin g n e cessary and pro p er to c a 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 ac t and en g ag in g in th is b ran ch of th e b u sin ess u n d e r th e su p erv isio n of th e C om m issioner of th e B a n k in g D epartm en t. T hse acts w ere passed by th e sam e le g isla tu re ; a re in p a ri m a te ria an d m u st be co n stru ed togeth er. T h u s construed, th e c o llateral deposit com panies organized u n d e r th e law s of th is S ta te re fe rre d to in th e am en d m en t to th e G eneral B an k in g L aw m u st be held to re fe r to co llateral d eposit com panies organized u n d e r th e provisions of A ct 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 ere are no co llateral deposit com panies organized in th is S tate u n d er th a t act. C onsequently, I am of opinion th a t savings banks have no a u th o rity to in vest th e ir funds in notes and secu rities u n d er subdivision (i) of Section 27 of th e G eneral B an k in g Law w here th e se cu rity for th e sam e is deposited w ith a tr u s t com pany. R esp ectfu lly yours, (S ig n ed ) J n o . E. B ir d , A tto rn ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis x x xvii R E PO R T OF T H E COM MISSIONER. STATE BANKS ORGANIZED BY STOCKHOLDERS OF NATIONAL BANKS. J u n e 10, 1909. H on. H en ry M. Z im m erm ann, C om m issioner of th e 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 our com m u n icatio n of th e 29th u ltim o re q u e st in g an opinion upon th e questio n of w h e th e r or n o t a S ta te b an k m ay leg ally be organized in th is S ta te by th e sto ck h o ld ers of a N atio n al B an k u n d er a p lan su b s ta n tia lly as follow s: 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 ank by th e te rm s of w hich th e sto ck h o ld ers ag ree th a t th e offi c e rs m ay ta k e n ecessary steps to org an ize a S ta te b a n k w ith a p rescrib ed cap ital, th e sh a re s of w hich m ay be prescrib ed fo r in th e first in sta n c e by such p ersons a s m ay be selected by th e officers, b u t w hen paid for sh all be held in th e nam es of such persons as from tim e to tim e sh all be th e officers of th e n a tio n a l bank, as tru ste e s, w hich said tru ste e s m ay exercise d u rin g th e life of th e tr u s t all th e rig h ts and pow ers of abso lu te ow ners of th e stock except to th e e x te n t th a t th e y m ay be ordered oherw ise by express d irectio n s in w ritin g signed by a m a jo rity of a t least tw o-third s in in te re s t of th e p erso n s beneficially in te re ste d in th e stock. T he dividend s upon said stock a re to be received by th e tru ste e s and p aid by th em to th e n a tio n a l b an k for d is trib u tio n am ong th e sto ck h o ld ers of th e n a tio n a l b ank pro r a ta according to th e ir o w nership of reco rd of sh a re s of stock in th e n a tio n a l bank, th e tr u s t to co n tin u e as long as th e n a tio n a l b an k sh all co n tin u e to do b u sin ess u n less sooner te rm in a te d by a re q u e st in w ritin g of a m a jo rity of a t le a st tw o -th ird s in in te re s t of th e c a p ita l stock of said bank. T he necessary cap ital for th e S ta te b an k is to be fu rn ish e d , by a special or e x tra dividend declared by th e n a tio n a l bank. I t is provided th a t th e stock in th e S ta te b an k shall be h eld by th e tru ste e s and th a t no p ersons sh all h av e th e rig h t to tra n s fe r h is in te re s t th e re in o th erw ise th a n by th e tra n s fe r of th e o w n er sh ip of stock in th e n a tio n a l b an k upon th e books of th e la tte r. The only evi dence of th e beneficial in te re st of any person in th e stock of th e S tate b ank is th a t given by an in d o rse m e n t on th e back of th e certificates of stock of th e n a tio n a l b ank to th e effect th a t th e ow ner of th e sh a re s re p re se n te d by th a t certificate is beneficially in te re ste d in com m on w ith all o th e r sto ck h o ld ers of th e n a tio n a l b ank in a pro r a ta a m o u n t of th e cap ita l stock of th e S ta te b an k and th a t said beneficial in te re s t can n o t be sold or tra n s fe rre d o th erw ise th a n by th e tr a n s fe r of th e sh are s of stock rep re se n te d by th e certificate upon th e books of th e n a tio n a l bank, an d th a t th e beneficial in te re s t in th e sto ck of th e S ta te b an k shall pass w ith th e tr a n s fe r of th e sh a re s of th e n a tio n a l b an k re p re se n te d by th e certificate. I t is fu rth e r provided th a t no p erson sh all be eligible to th e office of d irecto r of th e S ta 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. F o r reply to your in q u iry I w ould say th a t th e G eneral B a n k in g L aw of th is S ta te co n tain s no p ro v isio n 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 b an k from o rg an izin g a S ta te b an k upon com pliance w ith th e p ro v isio n s of th e G eneral B an k in g Law. N e ith e r is th e re in th a t law a n y p ro v isio n expressly p ro h ib itin g th e stock h o ld ers in a S ta te b an k from e n te rin g in to a n a g reem en t in su b sta n tia lly th e form in d icated above. T he ag re e m e n t is n o t betw een th e n a tio n a l b an k and th e S ta te bank, b u t is betw een th e sto ck h o ld ers in those banks. As betw een th e S ta te b an k an d th e S tate, an y ag re e m e n t of th is c h a r a c te r betw een th e sto ck h o ld ers of th e b an k w ould be w holly ineffectual to p re v e n t th e S tate from ex ercisin g a su p erv iso ry co n tro l over th e affairs of th e bank, o r enforcing th e lia b ility of th e stockholders, in accordance w ith th e provisions of 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 ld in g th a t ag ree m en ts betw een stockh o ld ers in co rp o ratio n s im posing a p e rm a n e n t r e s tr a in t upon th e a lie n a tio n of th e ir sh a re s of stock a re in v alid , b u t u n d e r th e te rm s of th is ag reem en t a stockhold er m ay tra n s fe r h is sh a re s of stock in th e S ta te b an k p ro vided 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 n o t seem th a t th e re is in th a t case such a r e s tr a in t upon th e a lie n a tio n of th e sh ares as w ould re n d e r th e a g reem en t invalid. Upon due co n sid 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 iz a tio 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 L aw of th e S tate. I express no opinion, how ever, upon th e v a lid ity of th e d e ta ils of an y p a rtic u la r p la n fo r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxxviii STA TE BANKING D EPA R TM EN T. such o rganizatio n , leav in g those q u estio n s to he d eterm in ed w hen it is so u g h t to organize a S tate b an k upon th is p lan and d e ta ils of th e proposed p lan of o rg a n ization a re before me. R esp ectfu lly yours, (Signed) J no. E. Bird, A ttorn ey General. BANK EXAMINERS PUBLIC OFFICERS. J u n e 30, 1909. H on. H en ry M. Z im m erm ann, C om m issioner of B an k in g D ep artm en t, Capitol, L an sin g : D ear S ir—I am in re c e ip t of y our 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 a n k in g Law 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 e x am in ers who have alread y been em ployed by th e B a n k in g D e p a rtm e n t for th re e y e a rs w ill be e n title d to th e in c ra se in th e ir sa la rie s w hen th e am en d m en t becomes operative. In reply th ere to w ill say th a t Section 3 of A rticle XVI of th e revised con s titu tio n provides, in p a rt: “S alaries of public officers, except c irc u it judges, sh all n o t be increased, n o r sh all th e sa la ry of a n y public 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 question su b m itted it is im p o rta n t to a sc e rta in first, w h eth er a b an k exam iner 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 public office to be: “T he rig h t, a u th o rity and duty, c reated and conferred 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 le a su 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 sov erig n fu n c tio n s of th e governm ent, to be ex ercised by h im fo r th e benefit of th e pub lic.” (M echem on P ublic Officers, Sec. 1.) A nd he p o in ts o u t tw o e sse n tia ls: F irs t, T he delegation of sovereign fu n c tio n s; Second, P ow ers created and co n ferred by law . (Sec. 4 an d 5.) In section 9 he sta te s: “A ny m an is a p ublic officer who h a th an y d u ty co n cern in g th e public, and he is n o t th e less a p ublic 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 and th e n a tu re of th a t d u ty w hich m ake him 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 p rovides for th e a p p o in tm e n t of b an k ex am in ers, fixes th e ir sa la rie s and re q u ire s th e m to file a bond of te n th o u sa n d dollars. Section 39 auth o rizes th e ex am in ers to exam ine b an k s an d to exam ine th e offi cers, agents, clerks, cu sto m ers or d ep o sito rs upon oath, an d m ak es false sw e a r ing before such ex am in ers p e rju ry . S ection 40 re q u ire s th e ex a m in e r to tak e an o ath to keep secret all facts and in fo rm a tio n obtain ed in th e course of h is exam inations. S ection 41 a u th o riz e s th e com m issioner to a sk for th e a p p o in t m en t of a receiv er in case of a re fu sa l of a b an k to su b m it to an ex am in a tio n by an exam iner. T rue, th e sta tu te , in S ection 38, sta te s th a t th e com m issioner sh all “em ploy from tim e to tim e such ex a m in e rs,” b u t th e fa c t th a t th e a p p o in tm e n t of a b an k ex am in er is d esig n ated as an em p lo y m en t does n o t change th e n a tu re of th e d u ties prescribed by law. C learly, th e s ta tu te in questio n delegates sovereign fu n ctio n s to th e ex am in er an d th e pow ers a re created an d co n ferred by law, th e tw o essen tia ls to th e cre a tio n of an office as poin ted ou t by P rof. Mechem. See also th e lang u ag e of Ju s tic e Cooley in : T hroop v. L angdon, 40 Mich. 673, 682. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xxxix R E PO R T OP T H E COM MISSIONER. T he am en d m en t to S ection 38 su b m itte d by you re ad s as follow s: “S a laries of th e ex am in ers shall be th e sum of seventeen h u n d re d d o lla rs 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 all be in creased one hun d red dollars each y ear of such em ploym ent u n til th e fu ll su m of two th o u san d do llars 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.” A b ank exam in er being a public officer as we have h e reto fo re show n, th e con s titu tio n a l provisio n 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 a ll n o t be increased, n o r sh a ll th e sa la ry of an y public officer be decreased, a fte r election or a p p o in tm e n 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 pleasu re of th e ap 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 shall n o t be in creased or d im in ish ed during the term for which the 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 u t an ex am in a tio 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 co n stitu tio n a l provision could n o t a p p ly 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 ro v isio n m ak es no re fe r ence to th e term , b u t p ro h ib its th e in crease or th e d ecrease of th e s a la ry a fte r election or appoin tm en t. I am th e re fo re of th e opinion th a t th e am en d m en t to S ection 38 of th e B an k in g Law, m ade by S en ate 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 departm ent,, or who m ay be in its em ploy w hen th e a m 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 p ro 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 en d m en t an d accep tin g an a p p o in tm e n t a fte r th e a m 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 resp e c tfu lly yours, (Signed) J no. E. B ird, A tto rn e y General. CAPITA!, STOCK REQUIREMENTS OF BANKS AFFECTED BY EXTENSION OF CORPORATE LIMITS. Nov. 12, 1909. H on. H en ry M. Z im m erm ann, C om m issioner of B anking, C apitol, L a n sin g : D ear S ir—R ep ly in g to y o u r le tte r of th e 19th ult., in w hich you re q u e st -our opinion as to w h e th e r th e ....................... B an k w hich w as located in th e v illag e of ........................... recen tly annexed to th e city of ...................... m ay in crease its cap ita l stock from tw en ty th o u sa n d d o llars to fifty th o u sa n d d o llars, w ill say th a t we held, in an opinion to you u n d e r d ate 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 c o rp o ra tio n w ith a cap ital stock of tw e n ty th o u sa n d d o llars, by th e fa c t of a n n e x a tio n of th e village of ..................... to th e city of ..................... W e reach ed th a t conclusion by reaso n of th e fa c t th a t th e h a n k w as law fu lly in co rp o rated w ith a c a p ita l of tw e n ty th o u san d d o lla rs to do b u sin ess in ................... ; th a t th e a n n e x a tio n of ................... placed th e b an k in th e city o f ......................w ith o u t its consent, an d th a t it could n o t be th u s dep riv ed of its rig h t to do b u sin ess u n d e r its o rig in a l in co rporation. Now, how ever, th is h an k proposes, by its own v o lu n ta ry act, to in crease its c a p ita l stock, th u s, in a m easure, effecting a re-o rg an izatio n . T he w hole aim https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xl STA TE BANKING D EPA R TM EN T. and purpose of th e sta tu te , Section 1 of th e G eneral B an k in g Law, is to provide a m in im u m cap ital for b an k s g rad ed acco rd in g to th e p o p u latio n of th e city or village in w hich th e y a re situ a te d . In o rd e r to p re v e n t a red u c tio n of th e cap ital below th e m inim um , 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 req u ire d in Section 1 for c a p ita l.” To p e rm it th is bank to su b sta n tia lly reo rg an ize by in c re a sin g its cap ital, w ith o u t in c re a s in g its cap ital stock to a t le a st th e m in im u m a m 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 leg islatu re, as expressed in Sections 1 an d 10 of th e B an k in g Law, to w hich I have refe rre d . T he b ank is now a co 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 d ifferen t th a n in ....................... W hile I do n o t th in k th e b an k could be d eprived of its rig h ts to co n tin u e d u rin g th e period of its co rp o rate existence, w ith a cap ita l of tw e n ty th o u sa n d dollars, by th e ann ex atio n , I am co n stra in e d to hold th a t in ta k in g a d v an ta g e of th e sta tu te re lativ 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 applicab le to th e city of ................... an d m ust, th erefo re, if it increases its cap ita l a t all, in crease it to a t lea st th e m in im u m a m o u n t re quired for cities h a v in g a p o p u latio n of over one h u n d re d an d te n th o u san 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 ed ) J no. E. B ird, A ttorn ey General. CONSTITUENT CORPORATIONS ENTITLED TO TWENTY PER CENT LOAN LIMIT. Ja n . 20, 1910. Hon. 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—We are in re c e ip t of y o u r le tte rs of th e 14th in s ta n t in w hich you a sk : “In th is S tate, w here a c o rp o ratio n is in o p eratio n and co n tro l of o th e r co rp o ra tio n s by h av in g acqu 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 hich m ig h t be exten d ed th ese co rp o ratio n s, both p a re n t and su b sid iary , by o u r S ta te banks, u n d e r th e B a n k in g Law, ex clusive of real esta te or o th er c o llateral loans au th o rized by s ta tu te ? ” Section 6141 C. L. 1897 as am ended, being Section 52 of th e B a n k in g Law, provides as follow s: “T he to ta l lia b ilitie s to a n y b an k of a n y person or of an y com pany, co rp o ra tio n or firm for m oneys advanced, in c lu 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 several m em bers th ereo 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 c a p ita l an d su rp lu s of such bank, b u t th e disco u n t of b ills of exchange d ra w n in good fa ith a g a in s t ac tu a lly e x istin g values and th e d isco u n t of com m ercial or b u sin ess p ap 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: * * * Provided, 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 an y perso n or com pany or co rp o ra tio n or firm m ay be in creased to a sum not exceeding one-fifth of th e cap ital 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 o r 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 an d th e sev eral m em bers thereof, except special p a rtn e rs, w h ile no such re stric tio n ap p ears in th e case of th e cor poration. C orporations are 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 ap p re c ia te th e fa c t th a t th e effect of ex ten d in g a 20 per cen t 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 c en t lin e of c re d it to one cor poration, yet we are satisfied th a t th e sta tu te does n o t au th o rize in te rfe re n c e by th e b an k in g com m issioner w hen th e 20 per cent line to each corp o ratio n is n o t ex ceeded. T he s itu 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 ird, A ttorn ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COMMISSIONER. xli DIRECTORS’ NOTES, IN LIEÜ OF ASSESSMENT NOT PERMISSIBLE. M arch 16, 1910. 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, L an sin g , M ichigan: D ear S ir -I am in rec e ip t of yo u r com m u n icatio n of th e 14th ultim o, re q u e st in g m y opinion on th e follow ing p ro 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 banks, 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 hank, p ledging th e ir perso n al re sp o n sib ility to its pay m en t, b u t w ith th e ex cep tatio n th a t th e stockholders w ill au th o riz e 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 o te 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 ay m en t on th e g ro u n d of no co n sid e ratio 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 act pro v id in g for th e in co rp o ratio n of ban k s in th is S tate, in p a rt, read s as follow s: “The stockholders of every b an k sh a ll be in d iv id u a lly liable, equally and r a t a bly, and not one for 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 v alue th ereo f, in a d d itio n to th e said sto ck .” As a g eneral p ro p o sitio n th e d ire c to rs of a b an k organized u n d e r th e G eneral B an k in g Law of th is S ta te a re n o t liable w h ere th e cap ita l h as been im p aired except as stockholders, and u n d e r th e p ro v isio n above quoted th is lia b ility of th e stockholders is “equally and rata b ly , an d n o t one for a n o th e r.” F o r th e p u rpose of. avoiding liq u id a tio n u n d e r c ircu m stan ces such as you have o utlined, 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 sto ck h o ld ers as w ill m ake good such im p a irm e n t and fully p ro tect th e depositors and cred ito rs of th e bank, b u t such im p a irm e n t c a n n o t be m ade good u n d e r th e law by an y tr a n s actio n 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 ank to an a m o u n t equal to th e sum received. In o th e r w ords, a d ire c to 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 ta te b an k in lieu of an assessm en t or for th e purpose of avoid in g 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 actio n 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 ital 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 your 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 an k in g L aw of th is S tate, and p a rtic u la rly those provisions designed fo r th e p rotection of depositors an d cre d ito rs thereof. R esp ectfu lly yours, (Signed) J no. E. B ird, A tto rn ey General. REAL ESTATE MORTGAGES NOT TO BE DEPOSITED WITH COLLATERAL DEPOSIT COMPANIES. O ctober 12, 1910. H on. H en ry M. Z im m erm ann, C om m issioner of th e B a n k in g D ep artm en t, Capitol, L an sin g : https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. xlii 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 su p erv isio n of th e b a n k in g d e p a rtm e n t be such d epository? 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 a re S ection 9 of A ct 240, P ublic A cts of 1907, w hich re a d s as follow s: “A ny co rp o ratio n organized u n d e r th is ac t sh a ll have pow er to conduct a safety deposit busin ess for th e safe k eeping of any perso n al p roperty, and p ro vide proper v au lts and prem ises for th e sam e; an d sh a ll also have pow er to re ceive or deposit, in tru 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 corp 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 er o bligations issued by such in d iv id u als, p a rtn e rsh ip s or co rp o ratio n s, and to e n te r in to and execute an y in s tru m e n ts in w ritin g n ecessary and pro p er to c a rry such tr u s ts into effect.” Also subdivision 1 of Section 27 of th e B an k in g Law w hich au th o riz e s S ta te b an k s to loan and in v est sav in g s deposits as follow s: “Upon notes or bonds secured by m o rtg ag e lie n 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 lo an ed ; th e re m a in d e r of such deposits m ay be in vested in notes, hills or other 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 collateral security consisting of personal property or securities of know n m a rk e ta b le valu e w o rth te n p er cen t m ore th a n th e a m o u n t so loaned and in te re s t for th e tim e of th e lo a n ; pr m ay be inv ested in notes, Mils or other evidences of debt th e p a y m en t of w hich is secured by such property or securities deposited in a co llateral d eposit com pany o rganized u n d er th e law s of th is S ta te .” 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 ap p ly to loans on real estate or other collateral securities authorized by th is act an d deposited w ith th e hank or a safety and collateral deposit company o rganized u n d e r th e law s of th is S ta te .” I t is a p p a re n t th a t th e proviso to S ection 52 can fu rn ish no assista n c e in dete rm in g th e scope of th e p ro v isio n s of S ubdivision 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 c tio n th a t a proviso does n o t e n larg e th e scope of th e en actin g section. S u th e rla n d ’s S ta tu to ry C onstru ctio n , 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.,” a re n o t included am ong th e se c u ritie s w hich a re au th o riz e d to be deposited in a col la te ra l deposit com pany u n d e r th e te rm s of said S ubdivision I of S ection 27 above quoted unless it can be said th a t such “no tes or bonds secured m y m o rtg ag e lie n ” are also included in “notes, bills 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 an k of co lla te ra l se c u rity co n sistin g of personal p ro p erty or se c u ritie s of know n m a rk e ta b le value, etc.” W e a re of th e opinion th ey are n o t so included. I t is our 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 d eposit of p erso n al c h a tte ls or se c u ritie s such as p rom 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 his w ould, of course, exclude re a l e sta te m ortgages. We th e refo re hold th a t re a l e sta te m o rtg ag es m ay n o t be deposited w ith col la te ra l deposit com panies organized 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 ubd iv isio n I of section 27 of th e B an k in g L aw au th o riz e s ban 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 a m o u n t lo an ed .” 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 lo an s 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 securities. I t is essen tial th a t th e b a n k in g d e p a rtm e n t in m ak in g a n ex am in atio n of th e affairs of th e b an k have a n o p p o rtu n ity to ex am in e th e m ortupon w hich such notes or bonds are p redicated in o rd er th a t th e depart- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis x liii R E PO R T OF T H E COM MISSIONER. 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 ete rm in e w h e th e r th e loan is p ro p er u n d e r th e provisions of th e sta tu te . W here, how ever, such re a l e sta te m o rtg ag e is placed in a tr u s t com pany o rg a n ized u n d e r th e M ichigan law s and over w hich th e b a n k in g com m issioner h a s adeq u ate superv isio n , we th in k th e com m issioner w ould he 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 an d deposited w ith it allow ing th e b a n k s to loan upon p a rtic ip a t in g notes in such m ortgage. We do not, how ever, believe th a t a b an k w ould be au th o rized to in v e st in p a rtic ip a tin g no tes secured by a m o rtg ag e h eld by a fo reig n tr u s t com pany or by a dom estic c o rp o ratio n o th e r th a ii a tr u s t com pany, a p a rtn e rsh ip or in d iv id u a l for th e reaso n th a t th e b a n k in g com m issioner w ould have no a u th o rity u n d e r th e law to ex am in e th e m o rtg ag e in such cases and th u s d eterm in e th e p ropriety of the loan. W e are fu r th e r of th e opinion th a t Section 9 of A ct 240, P u b lic A cts of 1907 does n o t a u th o riz e a c o llateral deposit com pany to be th e ow ner or tru s te e of a real estate 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 personal p ro p erty and co llateral such as w ould pass by m an u al delivery. V ery re sp e c tfu lly yours, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. PRIVATE BANKS NOT DEPOSITORIES FOR PUBLIC FUNDS. D ecem ber 7, 1910. H on. H en ry M. Z im m erm an, C om m issioner of B anking, Capitol, L an sin g : D ear S ir—In response to y our re q u e st for a n opinion upon th e q u estio n of w h eth er or n o t p riv a te banks, so-called, m ay be d esig n ated as d ep o sito ries of county funds, u n d e r 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 ac t in th is title an d p ro v isio n s re fe rs to th e d esig n atio n of “a b an k or b a n k s” as dep o sito ries w ith o u t specifying w h e th e r p riv a te or in co rp o rated ban 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 ean s an in co rp o rated b an k 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 an y b an k in a city, th is is h eld 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 include 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. T he le g isla tu re h a s passed a law p ro v id in g for th e in c o rp o ra tio n and o rg a n iz a tio n of ban k s and m a k in g th em su b ject to th e S ta te su pervision. U nder th a t law , as u n d er th e fed eral law p ro v id in g for th e o rg an iz a tio n of n a tio n a l banks, th e stockholders are liab le in double th e a m o u n t of th e stock held by them . I t bank, it m eans an seem s to me th a t w hen referen ce is m ade in th e sta tu te law s. A p riv a te 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 ' L aw s b anker, so-called, conducts h is b u sin ess u n d e r C h ap ter of 1897, th e sam e b eing a n ac t re la tiv e to b ro k ers 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 ing to convey th e im p ressio n th a t th e place of If he ad v ertise s, he m u st use h is in d iv id u a l nam “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 cc b an k w ith in th e m ean in g of A ct 99, P u b lic A cts o | A som ew hat sim ila r questio n w as before th e cou D uQ uoin v. K elly, 176 111. 218. An o rd in an ce w as 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’ th a t th e ordin an ce contem plated a b an k organized \ b a n k in g law an d n o t a p riv a te b an k ow ned by a n in d i “We a re of th e opinion th a t th e te rm ‘re g u la rly o rg a^ and V illage a c t m eans a b an k organized u n d e r e ith e r tli https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xliv STA TE B AN KING D EPA R TM EN 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 h as 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 be re q u ired to deposit th em in a p riv a te bank. T h ere w ould seem to be no m ore reaso n for th a t th a n th e re w ould be fo r tu rn in g th e fu n d s over to a p riv a te in d ividual. 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 all give bond; b u t we do n o t th in k th is a lte rs th e case.” 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 for d epositing th e public fu n d s in a p riv a te b an k th a n th e re is fo r lo an in g th em o u t to an in d iv id u al, 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 ere fo re , th a t th e B oard of S u p erv iso rs can n o t law fu lly d esig n ate a p riv a te b a n k as a d e p o sito ry of co u n ty 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 resp e c tfu lly yours, (S ig n ed ) F r a n z C. K u h n , A tto rn ey General. AS TO EXAMINERS’ SALARIES. J a n u a r y 19, 1911. Hon. W. D onovan, D eputy B a n k in g C om m issioner, C apitol, L an sin g : D ear S ir—W e are in re c e ip t of y our le tte r of J a n u a ry 11th, callin g o u r a t te n tio n to Section 6127 of th e Com piled Laws, as am ended by A ct 103 of th e P ublic A cts of 1909, re la tiv e to th e sa la rie s of b an k ex am in ers a n d re q u e stin g th e opinion of th is d e p a rtm e n t as to th e sa la rie s th ese ex a m in e rs w ill he e n title d to receive w hen th ey receive com m issions from th e new ly appointed com m issioner. The language of th e s ta tu te in q u estio n is as follow s: “S alaries of th e ex am in ers sh a ll 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 all be in creased $100 each y ear of such em ploym ent u n til th e full sum of $2,000 is reached, w hich sum sh all he th e ir a n n u a l sa la ry th e re a fte r.” T his 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 c o n stru ctio n th a t s ta tu te s a re p resu m ed to he 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 certa 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 ake it retro activ e. I t is, th ere fo re , o u r view th a t no m a tte r w h at len g th of tim e an ex am in er had served, he w as n o t e n title d to a n 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 Septem ber 1, 1909, w ould be en title d , upon receiv in g th e ir 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 title d 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 a n in crease based on th e tim e o f ^ r - v ic e , w hen th e y have com pleted a y e a r’s service in th e d ep artm en t. V ery resp e c tfu lly yours, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis UNDER PROVISIONS OF SECTIONS LAWS. 10335-8, COMPILED M arch 10, 1911. m issio n er of th e B a n k in g D ep artm en t, Capitol, Lanof F e b ru a ry 25th, you sta te th a t th e ............... B ank of e n tly so u g h t to enforce its rig h ts, u n d e r S ection 6090 f 1897, by a sale of sh a re s of its own b an k stock, w hich held by Chicago p a rtie s as co lla te ra l to a loan m ade by R E P O R T OF T H E COMMISSIONER. xlv them . T his sale w as m ade by th e sheriff, by o rd er of th e c o u rt an d stock bid in by th e ................... B ank. T he Chicago p a rtie s refu sed to su rre n d e r th e stock in Question, and you inquire by what authority, under the statute, can the officers of the bank cancel the old outstanding issue and a new issue of stock be made which, when sold, will reimburse the bank for the amount which they have al ready applied on the stockholders’ obligation, as noted above. Since receiving th is com m u n icatio n we have received a copy of th e proceedings u n d er 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 co n ferred by th e G eneral B an k in g Law, Section 6090, to w hich you re fe r in y our le tte r, b u t w as m ad e p u rs u a n t to an ag reem en t confessing ju d g m en t, w hich seem s to be in com pliance w ith Section 10299 of th e Compiled L aw s of 1897. The sale of stock w as th e n m ade p u rs u a n t to a u th o rity con ferred by S ections 10335 to 10338 of th e C om piled L aw s of 1897. Section 10338 provides: “And th e p u rc h a se r (a t such execution sale) shall th ereu p o n be en title d to a certificate or certificates of th e sh a re s b o ught by him , upon p ay in g th e fees th e re for, an d for reco rd in g th e tr a n s fe r .” I t is clear 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 those sold upon th e execution an d p u rs u a n t to th e a u th o rity conferred upon it by th e G eneral B a n k in g L aw w ould have a u th o rity to sell these sh a re s so issued w ith in th e s ta tu to ry period. V ery resp e c tfu lly yours, (S ig n ed ) F ranz C. Kuh n , A ttorn ey General. CORPORATIONS TO INVEST IN OR POSSESS BANK STOCK ONLY ON CERTAIN CONDITIONS. May 24, 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, C apitol, L a n sing: D ear S ir l o u sta te in y our 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 h as 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 req u ire th e in d iv id u al ow nership of cap ital stock of sta te b an k s; th a t in re c e n t rep o rts to th e d ep a rtm e n t i t appears th a t in n u m erous in stan ces cap ital stock of s ta te ban k s is ow ned by firms, c o p a rtn ersh ip s, co rp o ratio n s an d tw o or m ore in d iv id u als jo in tly . You in q u ire w h eth er such a h o ld in g is legal. In rep ly th e re to w ill say th a t it is o u r view th a t tw o or m ore in d iv id u a ls have th e a u th o rity to hold 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 rig h t. The q uestion of th e rig h t of a co rp o ratio n to ta k e an d hold sto ck in a b an k is dependent upon th e s ta tu te p ro v id in g fo r th e o rg an iz a tio n of such c o rp o ratio n and th e m an n er in w hich th 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: “A corporation h as no pow er to subscribe for or p u rch ase sh a re s of stock in a n o th e r co rp o ratio n un less such pow er is expressly granted or u n less th e th e n a tu r e of th e co rp o ratio n and th e c ircu 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 ean s of c a rry in g out th e object for w hich it w as created or of accom plishing som e p u rpose w hich is au th o rized by its c h a rte r.” W ith o u t m ak in g an ex ten siv e e x am in atio n in to th e ac ts p ro v id in g fo r th e c rea tio n of th e d ifferen t classes of c o rp o ratio n s doing b u sin ess in th is sta te , w ill say th a t in th e g re a t m a jo rity of cases th e a ct p ro v id in g for th e o rg an izatio n of such co rp o ratio n s does n o t a u th o riz e th e p u rc h a sin g an d h o ld in g of sh a re s in o th e r co rporations, and u n d er th e g en eral ru le above sta te d such co rp o ratio n s w ould have 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 tak en 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 in g out of th e objects fo r w hich th e co rp o ratio n w as created. No in sta n c e occurs to us w here it could be said to be n ecessary for a co rp o ratio n to p u rch ase and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA R TM EN T. x lv i hold sh a re s of stock in a sta te h a n k except as such stock m ig h t he ta k e n in p ay m en t of debts in good fa ith ow ing to th e corporation. S ection 50 of th e C om piled L aw s re la tiv e to th e c o n stru c tio n of s ta tu te s p ro vides: “T he w ord ‘p e rso n ’ m ay extend an d be applied to bodies p o litic an d 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 a ct of in c o rp o ra tio n of th e co rp o ratio n hold in g th e b an k stock an d a d e te rm in a tio n m u s t be m ade of th e purpose for w hich such stock w as p u rch ased in o rd er to se ttle th e q u estio n of th e rig h t of th e co rp o ratio n to ta k e an d hold such stock. V ery re sp e c tfu lly yours, (S ig n ed ) F r a n z C. K u h n , A tto rn ey General. BANK ABSORBING ANOTHER CANNOT CONTINUE TO HOLD CERTAIN UNAUTHORIZED INVESTMENTS. 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 sing, M ich ig an : D ear S ir—W e are in re c e ip t of yo u r le tte r of M ay 20tli, in w hich you sta te as follow 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 p rovisions of subdivisions (e ) , (f) and ( g ) , of Section 27 of th e B an k in g Law , w hich h ad n o t been ap proved by th e Securities 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 reason of th e fact th a t th ey w ere in v e stm e n ts p rio r to th e ta k in g effect of th e a m en d m en ts to Section 27 m ade by A ct 262 of th e P ublic A cts of 1905. The p u rc h a sin g b ank contends th a t because th e d e p a rt m en t p erm itted th em 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 se cu rities as legal savings investm en ts. In reply th ereto 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 req u ire m e n ts of Section 27, and th a t th e fa c t th a t th e secu rities m entio n ed w ere p urchased fro m 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 em as legal sav in g s investm ents. In th is connection it m ay be pro p er to say th a t Section 27 req u ires fifteen p er cen t of th e deposits to be k e p t on h a n d as a reserve, in cash or reserve banks, three-fifths of th e re m a in d e r of th e deposits a re req u ired to be invested in sec u ritie s m entioned in subdivisions (a ) to (i) inclu siv e of Section 27. You w ill note th a t subdivison (i) provides th a t: “A po rtio n of said re m a in d e r n o t exceeding th e cap ital and ad d itio n a l sto ck h o ld e rs’ lia b ility m ay be in vested in negotiable p ap er approved by th e b o ard of d irecto rs.” T his w ould au th o rize a sav in g s b an k to c a rry an am o u n t of negotiable bonds or o th er negotiable p ap er up to th e am o u n t nam ed in th e above quoted p ro vision, even tho u g h such bonds or o th er negotiable paper had no t received th e ap p ro v al of th e S ecu rities Com m ission. V ery resp ectfu lly yours, (S ig n e d ) F r a n z C. K u h n , A ttorn ey General. JOINT TRUSTEESHIP IN CERTAIN BOND ISSUES PERMISSIBLE. Ju n e 29, 1911. H on. E. H. Doyle, C om m issioner of B anking, C apitol, L an sin g : D ear S ir—R eplyin g to y our le tte r of Ju n e 15th, re la tiv e to th e first m ortgage six p er cent bonds of th e O regon-W ashington T im ber C om pany, for w hich th e U nion T ru st Com pany of D etro it, an d th e M ississippi V alley T ru st Com pany of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. x lv ii 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 our ru lin g of October 15, 1910, to th e effect th a t if th e bonds possess th e o th er req u isite qualifications for in v estm en t fo r sav in g s banks, you w ould be w a rra n te d in p e rm ittin g savings banks 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 ttorney General. STATE BANKS NOT PERMITTED TO PLEDGE ASSETS. A ugust 23, 1911. H on. E. H. Doyle, C om m issioner of B a n k in g D ep artm en t, Capitol, L an sin g , M ichi gan: D ear S ir— I am in receip t of y our com m unication of th e 28th ultim o, callin g a tte n tio n to Section 9 of th e F ed eral Act p ro v id in g fo r th e e stab lish m en t of postal savings banks in th e U nited S tates an d also to Section 32 of th e G eneral B an k in g L aw of th is state. Section 9 of th e F e d e ra l Act re fe rre d to provides fo r th e deposit of p ostal sa v in g s funds in solvent b an k s w h eth er organized u n d er th e n a tio n a l or sta te law s and contains th e follow ing prov isio n s: “The board of tru ste e s sh all tak e fro m such b an k s such se c u rity in public bonds o r o th er secu rities, su pported by th e ta x in g pow er, as th e board m ay p rescribe, approve, an d deem sufficient an d necessary to in su re th e safety and p ro m p t p ay m en t of such deposits on dem and.” 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 an k or b an k officer sh all give preference to a n y depositor or cred ito r by pledging th e assets of th e b a n k as c o llateral secu rity .” You w ish to know if M ichigan sta te banks a re p ro h ib ited from p ledging m u nicip al bonds to secure such postal savings b an k deposits. If th e p lan 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 b an k pledging its secu rities, w hich are a p o rtio n of its assets, as a co llateral se c u rity fo r th e deposit of po stal savings funds. In th e ev en t of a fa ilu re of a sta te b an k u n d e r such conditions, it w ould operate as giv in g such deposits a p referen ce over th e g eneral deposits in th e bank, w hich, in m y opinion, is clearly 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 can n o t be law fu lly pledged as se c u rity for such deposits. R espectfully yours, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. ASSESSMENT ON STOCKHOLDERS NOT LIMITED TO ONE HUNDRED PER CENT. O ctober 14, 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 ich ig an : D ear S ir— In your le tte r of Septem ber 30th you su b m it th e follow ing in q u iries: “ In case of an im p a irm e n t of th e cap ital stock of a sta te b a n k to an am o u n t in excess of its to ta l cap ital, h as th e board of d irecto rs th e a u th o rity to order, upon th e req u isitio n of th e C om m issioner of th e B a n k in g D ep artm en t, to m ake good such deficiency, an assessm en t upon th e cap ital stock of such b a n k for an am o u n t exceeding 100 p er cent of such stock? A fter h av in g paid an assessm en t of 100 p er cent 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 ascerta in e d subsequently by th e depart- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis x lv iii STA TE BANKING D EPA R TM EN T. m ent, could a fu rth e r assessm en t be levied by th e directors, upon re q u isitio n of th e com m issioner, fo r th e purpose of m ak in g good such deficiency? W ould the paym en t by stockholders of assessm en ts such as above indicated, lessen th e ir liab ility in case of th e liq u id atio n or insolvency of th e b an k ?” T he s ta tu to ry provisions involved in these in q u iries a re Section 46 of th e B an k in g Law , w hich provides as follow s: “The stockholders of every b ank sh all he in d iv id u ally liable, equally and ratab ly , an d n o t one for an o th er, fo r th e benefit of th e d epositories in said b ank to tlie am o u n t of th e ir stock a t th e p a r valu e th ereo f, in a d d itio n to th e said stock: b u t persons holding stock as executors, a d m in istra 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 ersonally liable as stockholders, b u t th e assets a n d 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 sta to r, in te sta te , w ard or persons in te re ste d in such tr u s t funds w ould he, if liv in g or com petent to act, and th e person p ledg in g such stock shall he deemed th e stockholder and liable u n d er th is section. Such lia b ility m ay be enforced in a su it a t law or in eq u ity by an y such b ank in process of liquid atio n , or by a n y receiver, or o th e r officer succeeding to th e legal rig h ts of said b an k .” Also Section 42 of Act 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 shall ap p ear from th e re p o rt of a n y bank, or th e com m issioner shall have reason to believe th a t th e cap ital of any b an k is im p aired or reduced below the am o u n t req u ired by law , it sh all be th e d u ty of th e com m issioner and he shall have th e pow er to ex am ine th e said b 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 capital, he sh all req u ire such b ank to m ake good th e deficiency so a p p earin g w ith in six ty days a fte r th e date of such requisition. The d irecto rs of every such b an k upon w hich such re q u isi tion shall h ave been m ade sh all levy an assessm en t upon th e stock th ereo f to re p a ir such deficiency, and sh all cause notice of such req u isitio n to be given to each stockholder of th e h an k an d of th e am o u n t of th e assessm en t w hich he m u st pay for th e purpose of m ak in g good such deficiency, by a w ritte n or p rin te d notice m ailed to such stockholder a t h is last know n place of residence or served p erso n ally upon h im .” These tw o sections a re p lain ly in ten d ed to subserve e n tire ly d ifferen t p u r poses. Section 46 re fe rs only to cases w here 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 assessm en t w hich m ay he m ade upon th e stockholders for th a t purpose 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 an k from going in to liq u id atio n and m a in ta in ing it as a going concern. The lan g u ag e used is e q u iv alen t to say in g to the stockholders, “The cap ital of your 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 atio n a t th e h an d s of a receiv er.” It is our view th a t th e tw o sections have no re la tio n to each o th er and th a t u n d er Section 42 of A ct 1 of th e P ublic A cts of 1911, th e C om m issioner h as a rig h t to o rd er th e h an k to m ake good an im p a irm e n t of an y am o u n t, w h e th e r 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 assessm ent 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 rth e r assessm en t or assessm en ts could be m ade to m eet fu tu re c o n tin gencies. I am fu rth e r of th e opinion th a t p ay m en t by stockholders of assess m ents u nder Section 42 w ould in no w ay lessen th e ir lia b ility to an assessm ent by th e receiver in case of th e liq u id atio n or insolvency of th e bank. V ery resp ectfu lly yours, (S ig n ed ) F e a n z C. K u iix , A ttorn ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. xlix BONDS OWNED BY DIRECTORS OR STOCKHOLDERS MAY BE PLEDGED TO SECURE POSTAL SAYINGS DEPOSITS. October 20, 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, Lansing* M ichigan: D ear S ir—We a re in receip t of your le tte r of October 13th, enclosing le tte r from th e ........................ B ank. You in q u ire w h eth er or not in d iv id u als m ay pledge bonds w ith th e board of tru ste e s a t W ashington, D. C., for th e purpose of h av in g a sta te b ank in w hich th ey are in te re ste d designated as a depository fo r postal savings funds. In reply 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 an k in g L aw w hich w ould p ro h ib it stockholders or officers of a sta te bank from pledging: th e ir personal secu rities in ord er to obtain for th e b ank th e benefits w hich m ig h t accrue from its being m ade a depository for postal savings funds. Such a pledge of secu rities w ould in no m an n er affect th e assets of th e b an k or th e perso n al liab ility of th e stockholders. We are of th e opinion th a t it w ould not be a v iolation of th e B an k in g L aw fo r th e stockholders, d irectors or o th er persons in te re ste d in a sta te b an k to pledgesecurities, n o t a p a rt of the assets of th e bank, as secu rity for deposits of p o sta l savings funds. The le tte r from th e ..................... B ank is h erew ith re tu rn e d . Y ours respectfully, (Signed) F ranz C. Kuh n , A tto rn ey General. TRUST COMPANIES IN ORDER TO QUALIFY AS TRUSTEE IN OTHER STATES MAY DEPOSIT SECURITIES. October 28, 1911. H on. Edw ard. H. Doyle, C om m issioner of th e B a n k in g D ep artm en t, L ansing* M ich ig an : D ear S ir—We have h ad u n d e r co n sid eratio n y our le tte r of October 13th, iir w hich you su b m it th e follow ing in q u irie s : “Can a corporatio n organized u n d e r Act No. 108 of th e P ublic A cts of 1889* as am ended, actin g as tru ste e u n d er an issue of bonds covering p ro p e rty lo cated in p a rt in M ichigan, and in p a rt in one or m ore o th e r states, deposits its bonds or m ortgages w ith a sta te d e p a rtm e n t or official, in e ith e r one o r all o f th e sta te s in w hich th e p ro p erty is located in o rd er th e re in to legally qu alify an d act as such tru ste e ? W ould th e dep o sitin g of such assets be considered as giv in g preference to one cred ito r over an o th e r, as m entioned in Section 34 of said act?” You have also su b m itted a le tte r of L ouis H. W ith ey em bodying h is view s relativ e to th e question involved. U nder date of October 17th a le tte r from M essrs. B utterfield & K enney, atto rn ey s-at-law , G rand R apids, M ichigan, c o n ta in in g a discussion of these q uestions w as received by th is D ep artm en t. The 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 tatu tes of Illin o is fo r 1909. I t is clear u n d e r th e decision of th e U nited S tates Suprem e C ourt in B lake vs. McClung, 172 U. S. 239, th a t th e d ep o sit o f secu rities m ade w ith th e S tate A u d ito r of Illin o is could n o t be used for th e p u r pose of g iving preference to c red ito rs of a tr u s t com pany re sid in g in Illin o is. On th e o th er hand, a M ichigan tr u s t com pany could n o t be a d m itte d to do a tr u s t com pany business 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 an d 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. C om pany, 173 111. 439. Section 6179 of th e Compiled L aw s of 1897 provides as follow s: “All tra n s fe rs of notes, bonds, b ills of exchange, or o th e r evidences of d ebt ow ing to an y such corp o ratio n , or of deposit to its cred it, all a ssig n m en ts o f G https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 STA TE BANKING D EPA R TM EN T. m ortgages or o th e r 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 er valu ab le th in g s fo r its use, or fo r th e use of its stockholders or cred 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 ac t or insolvency, or in contem plation thereof, w ith a view to p rev en t application of its a sse ts in th e m an n er p rescribed in th is act, or w ith a view to th e preferen ce of one cre d ito r over a n o th er, sh a ll be held to be n u ll and void.” The in te re st upon deposits of se cu rities m ade p u rs u a n t to th e Illin o is sta tu te is paid to th e depositing com pany as long as it re m ain s solvent. We a re unable to see how th e m ak in g of th is deposit u n d e r the s ta tu te of Illin o is an d th e de cision of the Suprem e C o u rt of th e U nited S tates, h erein b efo re re fe rre d to, c o n sti tu te an y preference to Illin o is c red ito rs in v iolation of th e provisions of Sec tio n 6179 of th e Compiled Law s. W e are of th e opinion th a t it w ould not be in v io latio n of th e provisions of A ct 108 of th e P ublic A cts of 1889 for 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 tate of Illin o is u n d e r th e provisions of th e sta tu te s now in force in th a t sta te , in o rd er to p e rm it such tr u s t com pany to ca rry out th e provisions of an act of tr u s t in th a t state. V ery respectfully, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. land c o n tr a c ts n o t e v id e n c e s of in d e b t e d n e s s a s co ntem plated by b a n k in g l a w . D ecem ber 7, 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, 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 N ovem ber 23rd in w hich you ask w h eth er or not lan d c o n tracts evidencing th e sale of re a l e sta te a re legal inv estm en ts for savings han k s u n d er subdivision (i) of Section 27 of th e G eneral B an k in g Law , w hich re ad s as follow s: “T he re m a in d e r of such deposits m ay be invested in notes, b ills o r o th e r evi dences of debt, th e p ay m en t of w hich is secured by th e d eposit w ith th e b a n k of co llateral se cu rity co n sistin g of p ersonal p ro p erty or se cu rities of know n m a rk e t able value, w o rth te n p er cent m ore th a n th e a m o u n t so loaned an d in te re st fo r th e tim e of th e loan.” I t appears from y our sta te m e n t th a t c e rta in savings ban k s in th e sta te in v e st sav in g s deposits in th ese co n tracts, ta k in g an assig n m e n t th ereo f from th e vendor who also tra n s fe rs to th e b an k th e legal title to th e re a l e state conracted to be conveyed. In som e in stan ces th e legal title to th e p ro p erty is tra n sfe rre d and th e assig n m en t m ade as co llateral se c u rity for a loan to th e vendor and I do not 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 he done, b u t th a t y our 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 savings deposits in these c o n tracts w hen no loan is madfe to th e vendor. T he sav in g s b an k s claim th a t th e se con tra c ts a re “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 e n t of savings deposits th e re in in th e m a n n e r outlin ed is p e r m issible a n d legal. F o r reply th ereto 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 e state is m ade, th e v en d o r holds th e legal title only as tru ste e fo r th e vendee and equitable title v ests in th e vendee. The v endor re ta in s th e legal title as se c u rity fo r th e p ro p er p erfo rm an ce of th e co n tra c t on th e p a rt of th e vendee. H ooper v. V an H u san , 105 Mich. 592; C ity of M arq u ette v. Iro n & L and C om pany, 132 Mich. 130, 132. In th e case la s t cited th e c o u rt held th a t th e re w as no legal d istin ctio n be tw een th ese obligations a n d cred its secured by m ortgages. W hile these co n tra c ts m ay u n d e r our decisions be “evidences of debt,” 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- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis li R E P O R T OF T H E COM MISSIONER. sid eratio n . By th e te rm s of th a t s ta tu te it is only 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 c o llateral se c u rity con sistin g of personal p ro p erty or secu rities of know n m ark etab le value, w o rth ten p e r cent m ore th a n th e am o u n t so loaned an d in te re st fo r th e tim e of th e loan,” in w hich savings deposits m ay law fu lly be invested. T his sta tu te , as I read it, tr e a ts of “ lo an s” by th e b an k upon bills, notes and o th e r 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 a n k in d ealin g in th ese co n tracts m akes no loan to th e holder of th e legal title to th e land, b u t th e lan d co n tra c t and th e se c u rity of th e legal title are p u rch ased o u trig h t by th e bank. T he tra n sa c tio n is one of dealing in cred its secured by th e legal title to th e re a l p ro p erty . I do no 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 co ntem plation of th e s ta tu te and consequently am of opinion th a t savings b an k s m ay n o t law fu lly in v est th e ir savings deposits in th ese contracts. V ery re sp ectfu lly yours, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. TRUST COMPANIES MAY OWN AND OPERATE ABSTRACT DEPARTMENT. F e b ru a ry 16, 1912. 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, L an sin g , M ichigan: D ear S ir—Y our le tte r of F e b ru a ry 2d, callin g a tte n tio n to p a rts of sections 9 and 10 of A ct 108 of th e P ublic A cts of 1889, as am ended, (C om piled L aw s of 1897, Sections 6164-6165) re la tiv e to th e pow er of a tr u s t com pany organized u n d er said act to acq u ire and hold as perso n al e sta te a b stra c t books of title used by it in its bu sin ess of g u a ra n te e in g or in s u rin g th e v a lid ity of title s to re a l estate, and req u e stin g an opinion th ereo n , h a s been received. In reply th ereto w ould say th a t u n d er th e provisions m entioned w hich give 'to a tr u s t com pany organized u n d e r th e act 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, an d upon such te rm s and conditions as m ay be agreed upon,” (S ection 9,) and w hich m akes it law fu l “for an y such co rp o ratio n to lease, p urchase, hold and convey such perso n al e state as m ay be n ecessary to c a rry on its b u sin ess,” (Section 10), a tr u s t com pany is law fully e n title d to acquire and hold a n y sy s tem of a b stra c t books necessary to enable it to engage in th e bu sin ess of g u a ra n teein g or in s u rin g title s to re a l estate. The sections of th e law quoted have n o t been am ended or modified in an y w ay an d t h 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 respectfully, (S ig n ed ) F r a n z C. K u h n , A tto rn ey General. BANKING CORPORATIONS MUST INCORPORATE UNDER GENERATE BANKING LAW. M arhch 27, 1912. H onorable F re d e ric k C. M artin d ale, S ec re ta ry of S tate, L an sin g , M ichigan: D ear S ir—I am in receip t of y our co m 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 er th e provisions of C h ap ter 160 of th e Com piled L aw s of 1897 (T h e P a rtn e rsh ip A ssociation L im ited A c t), w ere presen ted fo r record; and th a t th e purposes of o rg an izatio n se t up in these artic le s of association are as follow s: “T his association is organized for th e follow ing purposes: To own an d operate a b an k in W akefield, Gogebic C ounty, M ichigan, and to tra n s a c t a gen eral b a n k ing business, th e location of said b an k and of th e tra n sa c tio n of said bu sin ess being a t said W akefield.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lii STA TE BANKING D EPA R TM EN T. You w ish to he advised w h eth er or n o t you should accept for record a rticles of association u n d er C h ap ter 160 of th e Compiled L aw s of 1897, in w hich th e purposes of organ izatio n sta te d a re to own and operate a b an k and to tra n s a c t a g eneral b an k in g business. A ct No. 191 of th e P ublic Acts of 1877 (C h ap ter 160, Section 6079 et seq Com piled L aw s of 1897), is e n title d : An A ct a u th o riz in g th e fo rm atio n of p a rtn e rsh ip associations in w hich th e cap ital subscribed sh all alone be responsible fo r th e debts of th e association except u n d er certa in circu m stan ces.” Section 1 of th is Act provides th a t th ese asso ciatio n s m ay be form ed “fo r th e purpose of conducting a n y law ful bu sin ess or occupation w ith in th e U nited S tates or elsew here.” The m em bers of such associations are liable onlv to th e ex ten t of th e ir su b scrip tio n and fo r lab o r debts. The leg isla tu re h as expressly recognized associations organized u n d er th is Act as corporations, as is show n ov Section 36 of Act 232 of th e P ublic A cts of 1903, th e gen eral co rp o ratio n law, w hich excepts from its o peration “th e co rporations provided fo r in th e follow ing sta tu te s: C hapters 160 to 164 both inclusive * * * *” C h ap ter 160 bein°' Act 191 of th e P ublic Acts of 1877, th e p a rtn e rsh ip association lim ited law. nd th e Suprem e C o u rt of th is S tate h as held th a t p a rtn e rsh ip asso ciatio n s lim ited, organized u n d er A ct 191, a re to be governed by th e general ru les g overn ing corporations. R ouse H azzard & Co. v. D etro it Cycle Co., I l l Mich. 251. S taver etc. Mfg. Co. v. Blake, 111 Mich. 283. 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 conducting a n y law ful business or occupation. As th ese p a rtn e rsh ip associations lim ited are governed by th e ru les re la tin g to co rporations it follows th a t u nder th is g en eral b la n k e t clause a p a rtn e rsh ip association lim ited cannot be organized to tra n s a c t a bu sin ess aro u n d w hich th e le g isla tu re h as th ro w n special re stric tio n s and for w hich it h as provided special in co rp o ratio n laws. It has been held th a t w here a sta tu te a u th o rizes inco rp o ratio n for an y law ful p u r pose, and an o th er s ta tu te provides fo r th e in co rp o ratio n of c e rta in k in d s of corporations such as railw ay , teleg rap h , or telephone com panies—no com pany can be incorporated u n d er th e m ore g en eral s ta tu te fo r th e purposes w hich are covered by th e oth er sta tu te . The leg islatu re is ta k e n to have in ten d ed th a t, n o tw ith sta n d in g th e g en eral lan g u ag e of th e one sta tu te , no corp o ratio n should be formed^ for th e purposes m entioned in th e o th er w ith o u t su b jectin g itse lf to th e provisions of th e o th er and m ore re stric tiv e sta tu te . M achem ’s M odern L aw of C orporations, Vol. 1, Sec. 63. The leg islatu re of th is S tate h a s provided by th e G eneral B a n k in g Law s fo r th e incorporation of com panies proposing to do a b a n k in g business, has fixed th e lia b ility of stockholders in such corp o ratio n s in excess of th e cap ital stock, and has placed special re stric tio n s aro u n d such corporations. T he passage of these G eneral B an k in g Law s, pro v id in g fo r th e o rg an izatio n of corp o ratio n s u n d e r condi tio n s qu ite in co n sisten t w ith those p rescribed by th e p a rtn e rsh ip association lim it ed law, seem s to be a stro n g leg islativ e d eclaratio n th a t b a n k in g com panies can n o t be organized to acquire a co rp o rate existence u n d e r acts such as th e la tte r, and show s a clear legislativ e in te n t to se p a ra te b a n k in g co rporations from o th e r corpor ations, or from p a rtn e rsh ip associations lim ited w hich m ig h t law fu lly be organized and prom oted u n d er such broad and g en eral lan g u ag e as is co n tain ed in th e p a rtn e r ship ^association lim ited law. The G eneral B a n k in g L aw s have placed upon b an k in g corporations special re stric tio n s and lim ita tio n s n o t applicable to o th e r corporations or to p a rtn e rsh ip associations lim ited, and have im posed upon sto ck holders of such corp o ratio n s a special and increased liab ility . T hese special re stric tio n s an d lim ita tio n s can n o t be evaded by th e sim ple device of in co rp o ra tion u n d er th e p a rtn e rsh ip lim ited law or o th e r g en eral in co rp o ratio n law s. In m y ju d g m en t th e le g isla tu re has clearly expressed its i-ntention th a t no corporation or p a rtn e rsh ip asso ciatio n lim ited sh all acquire or exercise th e rig h t to do a b a n k in g business w ith o u t su b jectin g itse lf to th e s a lu ta ry provisions of th e G eneral B an k in g Law s by in c o rp o ra tin g u n d er such law s, an d it is, there- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. liii fore, m y opinion th a t an association or p a rtn e rsh ip lim ited can n o t he organized u n d e r C hapter 160 of th e Compiled L aw s of 1897, fo r th e purpose of ow ning and o p eratin g a b ank or condu ctin g a g en eral b a n k in g business. Y our com m unication calls a tte n tio n to a previous ru lin g of th is d e p a rtm e n t to th e effect th a t “T h ere is no legal objection to a p a rtn e rsh ip association lim ited, form ed u n d er and p u rs u a n t to C h ap ter 160 of th e Com piled L aw s of 1897, do i n g a p riv ate b an k in g business, b u t th a t such business w ould have to be con ducted p u rs u a n t to and in acco rd an ce. w ith th e re q u irem en ts of C h ap ter 133 of th e Compiled L aw s of 1897.” T he opinion h erein given is c o n tra ry to and re v erses th is ru lin g . I have carefu lly exam ined C hapters 160 and 133 to d eterm in e th e ir possible re la tio n to each other. C h apter 160, th e p a rtn e rsh ip asso ciatio n lim ited act, ap pears to a tta c h no lia b ility to m em bers of such associations o th e r th a n fo r 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 a n act re la tin g to th e bu sin ess of b an k ers, brokers, and exchange dealers, creates no re s tric tio n s or 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 ca rry in g on a bu sin ess p u rs u a n t to its req u irem en ts. It is tru e th a t u n d e r C h ap ter 133 in d iv id u als or p a rtn e rsh ip asso ciatio n s m ay engage in a p riv ate b a n k in g business, b u t it by no m eans follow s th a t p a rtn e r sh ip associations organized u n d e r C h ap ter 160, th e p a rtn e rsh ip association lim ited law , m ay th erefo re also engage in th e sam e business. T he lia b ility in c u rre d by m em bers of a p a rtn e rsh ip a ctin g u n d er th e fo rm er law is clearly in co n siste n t and irreconcilable w ith th a t im posed upon and in c u rre d by m em bers or stock holders of a p a rtn e rsh ip inco rp o rated and ac tin g u n d er th e la tte r law', an d it Avould th erefo re be im possible fo r a p a rtn e rsh ip association lim ited, organized u n d e r C hapter 160 to come u n d er th e provisions of C h ap ter 133 an d to conduct, a p riv ate b a n k in g business u n d e r th a t act. Y ours v e ry tru ly , ( S ig n e d ) F r a n z C. K u h n , A tto rn ey General. EXECUTOR NOT TO SUBSCRIBE FOR STOCK IN BANK; ARTICLES OF INCORPORATION. Ju n e 6, 1912. H on. E. H. Doyle, 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 your com m unication of May 21st, in w hich you ask w h eth er or n o t th e D e p a rtm e n t should accept a rtic le s of in co rp o ratio n for a sta te bank w hich discloses th a t one of th e proposed in c o rp o rato rs is an executor of an e state and subscribes for sh ares in h is re p re se n ta tiv e cap acity as executor. F o r reply th ereto w ould say th a t section 1 of th e G eneral B a n k in g L aw a u thorizes th e org an izatio n of com m ercial b an k s by an y n u m b er of persons not less th a n five who m ay associate to g eth er fo r th a t purpose. The persons so asso c iatin g are req u ired to execute a rticles of in co rp o ratio 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 becom e th e o rig in al in co rp o rato rs. By o th er pro v isio n s of th e act each stockholder is liable fo r th e benefit of th e depositors to th e am o u n t of his stock a t th e p ar v alu e th e re o f in ad d itio n to th e stock, b u t i t is expressly provided th a t persons ho ld in g stock as executors, a d m in istra to rs, g u a rd ia n s or tru ste e s, and persons h o ld in g stock as c o llateral security,, sh all no t be perso n ally liable as stockholders b u t th e assets and funds in th e ir h a n 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 person in terested 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 ban k s m ay come in to th e h an d s of executors, a d m in istra 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 executor or a d m in is tra to r to tak e p a rt in th e o rg an izatio n of a sta te b ank and subscribe fo r stock th e re in as one of th e o rig in a l in co rp o ra to rs. It seem s to me th a t in p rin cip le a n executor or a d m in is tra to r w ould n o t have a u th o rity to bind th e e sta te in th is m a n n e r an d 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 articles of inco rp o ratio n for a sta te b ank w hich discloses th a t one of th e proposed in co rp o rato rs is an executor of an e state and subscribes for sh a re s in h is re p re sen ta tiv e capacity. Y ours respectfully, (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 liv STA TE BANKING D EPA R TM EN T. BUILDING AND LOAN ASSOCIATIONS NOT REQUIRED TO REPORT ESCHEATED DEPOSITS. 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 our le tte r of Ju ly 29th, w ith reference to th e rig h t of th e C om m issioner of B a n k in g D ep a rtm e n t to dem and of th e N o rth e rn M ichigan B u ild in g an d 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 ublic Acts of 1897. I t ap p ears from a com m uni cation of Mr. C. D. H an ch ette, S ec re ta ry of th e association, w hich accom panies y our letter, th a t th e N o rth e rn M ichigan B u ild in g an d Loan A ssociation does n o t accept deposits and th e se c re ta ry for 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 rep ly to your com m unication I w ould say th a t section 6 of th e a ct re ferred to, sam e being section 1218 of th e C om piled L aw s of 1897, provides in p a rt th a t: “On th e th irtie th day of Ju n e , eig h teen h u n d red ninety-seven and th e re a fte r on th e th irtie th day of Ju n e in every th ird y ear as h e re in a fte r set fo rth , it shall be the d u ty of each person, co p artn ersh ip , com pany or corporation who sh all be engaged in th e tr u s t business 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 any m a n n e r w h atev er m oneys or secu rities of persons upon deposit, to m ake 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 deposits w here th e person m a k in g th e sam e h a s n o t h ad any dealin g s w ith such person, co p artn ersh ip , com pany or c o rp o ratio n in rela tio n to such deposits w ith in th re e years before m ak in g such rep o rt, and th e person, co p artn ersh ip , com pany or corporation receiv in g such deposits sh all have good reason to believe th a t the' depositor is dead and th a t such deposit should escheat to th e S tate of M ichigan.” The law provides th a t th e re p o rt sh all be m ade to th e C om m issioner of th e B an k in g D ep artm en t an d sh all co n tain a sta te m e n t in detail of th e m a tte rs and th in g s se t fo rth in th e sta tu te . You w ill n ote from th is provision an d 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, co p artn ersh ip s, com panies a n d co rp o ratio n s engaged in th e tr u s t business or th e bu sin ess of b a n k in g an d as a p a rt of such business receiving m oneys or sec 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 associations do not come w ith in these p ro visions and can n o t be req u ired to m ake th is re p o rt to th e C om m issioner of th e B an k in g D epartm en t. Y ours respectfully, (S ig n ed ) F r a n z C. K u h n , A ttorn ey General. NATIONAL BANKS NOT REQUIRED TO REPORT ESCHEATED DEPOSITS. October 9th, 1912. Hon. E d w ard H. Doyle, C om m issioner, S tate B an k in g D ep artm en t, C apitol, L a n sing, M ichigan: D ear S ir— I have y o u r com m unication of S eptem ber 10th in w hich you ask th a t I indicate to y our d e p a rtm e n t m y opinion upon th e q uestion of w h eth er or not n a tio n al bank s can be req u ired to m ake re p o rt of escheated deposits as re quired by Section 6 of A ct 238, P u b lic A cts of 1897, (S ectio n 1218, Compiled L aw s of 1897.) F o r reply th ere to w ould say th a t th is section m akes it th e d u ty of every p er son or corporation who sh all be engaged in th e tr u s t business or th e bu sin ess of b an k in g w ith in th is S ta te an d as p a rt of such b u sin ess receiv in g m oneys or secu rities of persons upon deposit, to m ake a re p o rt of all such deposits w hich have escheated to th e S tate of M ichigan, and also to re p o rt all such deposits w here th e person m ak in g th e sam e h as n o t had any dealings w ith such person or corporation w ith re la tio n to such deposits w ith in th re e y ears b efore m ak in g such rep o rt, and th e b an k receiv in g such deposit sh all have good reason to believe th a t th e depositor is dead and th a t such deposit w ould escheat to th e S tate of M ichigan. The re p o rt is req u ired to be m ade to th e C om m issioner of B ank- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. lv ing, and to contain a tr u th fu l sta te m e n t in d etail of th e m a tte rs re fe rre d to in th e act. The succeeding section of th e act provides th a t if a n y person o r co rp o ra tio n sh all a fte r being req 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 an d tim e fixed by th e act, h e or it sh a ll become liable to an d sh all fo rfe it to th e People of th e S tate of M ichigan th e penal sum of th re e h u n d red dollars, an d an a d d itio n al pen al sum of ten d o llars fo r each and every day w hile said re p o rt shall rem ain unfiled, th e penalties 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 act m akes it th e d u ty of th e A tto rn ey G eneral to see th a t such rep o rts are pro p erly m ade a t th e p roper tim e and m an n er, and if th ey are n o t 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 has good reaso n to believe th a t a pro p er disclosure h as n o t been m ade by a n y person or corp o ratio n in any of th e rep o rts provided for by th e act and th a t th e re a re m oneys and sec 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 fo r leave to file a bill in c h a n cery, and upon leave g ra n te d to file such a b ill in b eh alf of th e people a g a in st such person or corporation, to compel a full, com plete an d 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 can n ot be re q u ired of n a tio n a l banks, by reason of th e provisions of Section 5241, R evised S ta tu te s of th e U nited States, 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: “No association sh all be su b ject to an y v is ito ria l pow er o th e r th a n a re a u th orized by th is title , or are vested in th e co u rts of ju stic e .” The scope of th is provision of th e act of C ongress is discussed by the* S uprem e C ourt of th e U nited S tates in th e case of G u th rie v. H ark n e ss, 199 U. S. 148, w here Mr. Ju stice 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 isito ria l pow ers” said: “The rig h t of v isita tio n bein g a public rig h t ex istin g in th e S tate for th e purpose of exam inin g in to th e conduct of th e co rp o ratio n w ith a view to keep ing 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 er sections of th e law it h ad m ade fu ll and com plete p rovision fo r in v estig atio n by th e C om 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 receiver, to ta k e possession of th e business w ith a view of w in d in g up th e affairs of th e bank. 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 provisions upon th e sub ject, and th a t no S tate law or en actm en 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 corporation. E x cep t in so fa r as such corpora tio n w as liable to co ntrol in th e co u rts of ju stice, th is ac t w as to be th e fu ll 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 ac t as th u s co n stru ed by th e Suprem e C ourt of th e U nited S tates, I am inclined to th e opinion th a t th e M ichigan act re la tin g to re p o rts by b an k s of escheated deposits w ould if con stru e d to apply to n a tio n a l b an k s be h eld 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 erefo re, th a t th e M ichigan escheated estate, so fa r as it re la te s to rep o rts of escheated deposits by banks, should be co n stru ed as n o t applying to n a tio n a l banks. R espectfully yours, (Signed) R oger I. W ykes, A tto rn ey General. TRUST COMPANIES MAY RECEIVE DEPOSITS AND ISSUE CERTIFICATES THEREFOR. D ecem ber 31, 1912. Hon. E dw ard H. Doyle, C om m issioner of B ank in g , C apitol, L an sin g : D ear S ir :— In yo u r com m unication to th is d e p artm e n t of N ovem ber 26th, 1912, you p resen t for co n 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ivi STA TE BANKING D EPA R TM EN T. th e 1ru st, D eposit and S ecu rity Com pany Law, we w ould ap p reciate y our opinion a s to w h eth er or n o t a tr u s t com pany h as th e rig h t to issue certificates of d e p o sit; and w h eth er or no t such certificates of deposit m u st he re stric te d as evidencing th e receip t of m oney in tru st. Also advise w h eth er or n o t a tr u s t com pany can issue its certificates of dep o sit for m oney received in an y o th er m a n n e r th a n in tr u s t.” I he specific in q u iry is, w h eth er a tr u s t com pany in M ichigan can receive m oneys o th e rw ise th a n in tr u s t and 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 lav/. As in th e case of an y o th e r corporation, th e -act of inco rp o ratio n w hich c o n stitu te s 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 e r sta tu te s of th e S tate, w hich m ay pro p erly be term ed a p a rt of th e c h a r te r ) confers th e au th o rity , th e tr u s t com pany does n o t possess it. T he law for th e in co rp o ratio n of tr u s t com panies in M ichigan is Act No. 108 of th e P ublic Acts of 1889, bein g Sections 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 capacities as a tru ste e . (b) To act as and to conduct a depository for th e safe keep in g of c e rta in p erso n al p ro p erty an d th e re n tin g of safety deposit receptacles, and (c) To act as su re ty an d g u a ra n to r u n d er c e rta in circum stances. In ad d itio n to th ese specific a u th o ritie s, Section 9 of said act 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 : ‘‘A ny corporation organized u n d er th is act sh all have pow er in and by its co rp o rate nam e to tak e, receive, an d hold, an d repay, reconvey a n d dispose of a n y effects and p ro p erty , both re a l an d p ersonal, w hich m ay be g ran ted , com m itted , tra n s fe rre d or conveyed to it w ith its consent, upon an 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 c id e n t to th a t a u th o rity th e r e w ould exist th e rig h t to issu e notes, certificates or o th e r evidences of th e indebtedness or re la tio n th e re b y created. T h is g eneral 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 u t n o th in g h e re in 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 do a general b a n k in g b u siness.” I t m ay be tak en for g ra n te d th a t th e issuance of certificates of deposit is n o t th e issu in g of bills to circu late as m oney or bu y in g or se llin g of exchange; th e q uestion th erefo re resolves itse lf into w h eth er th e issu in g of such certificates i s doing a general b a n k in g business as to be w ith in th e lim ita tio n upon th e p o w ers of tr u s t com panies an d th u s beyond th e ir au th o rity . T he g en eral stru 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 and p ro p e rty is n o t to be lim ited to th e re c e ip t of those w hich it receives an d 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: I t is sufficient to refer 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 corp o ratio n w as to be lim ited to th e ta k in g a n d receiving of effects and p ro p e rty (w h ich w ould include m oney) to be held in tru s t, as, fu ll a u th o rity is, by o th e r provisions of th e act, conferred upon ¿the com pany to act as tru ste e . T h is conclusion is fu rth e r borne o u t by th e -state 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 ublic Acts of 1889. P rev io u s to th e passage of th a t act, th e act fo r th e inco rp o ratio n of tr u s t com panies bein g section 3237 an d 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 an y law fu l purpose and th e extension of th e ir a u th o rity , by th e use of languag e designed to include o th er th a n pow ers of tru ste e sh ip , in d 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 an d to p e rm it th em to receive effects and p ro p erty upon o th er te rm s th a n as tru ste e , and in fact, -as th e sta tu te as am ended provides, “upon a n y te rm s.” W e come th e n to th e re a l q uestion p resen ted fo r solution, nam ely, w h e th e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. lv ii in th e receiving of deposits and issu in g certificates th erefo r, a tr u s t com pany w ould be doing “a general b a n k in g busin 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 any fu n ctio n s o rd in a rily and u su ally perform ed by a bank, b u t it does n o t ap p ear th a t such fu n ctio n h as been exercised alone by banks, or th a t it is such as to be in sep arab le from th e b a n k in g business, or th a t its exercise w ould fix the d iv id in g lin e betw een being a b an k or not, or betw een exercising^ or n o t ex ercisin g “gen eral b a n k in g busin ess.” In th e inception an d g row th of th e b a n k in g business th e re have been th re e types of ban k s—b an k s of issue, b an k s of deposit an d b an k s of discount. The m odern b a n k in g in stitu tio n , how ever, u su ally com bines tw o or m ore of these a u th o ritie s and h as m an y ram ifications in th e p lan and m ethod of c a rry in g out its functions. The gen eral b a n k in g a u th o rity is exercised in M ic h ig a n ,‘by "state b an k s a t least, w ill be best described in th e language of th e G eneral B a n k in g L aw (S ection 4, 6093, C. L. 1897) w hich a u th o rizes: “All such pow ers as sh a ll be n ecessary to c a rry on th e business of b a n k in g by disco u n tin g and n e g o tia tin g pro m isso ry notes, d rafts, bills of exchange or o th e r evidences of debts, by receiving deposits, by b u y in g and sellin g exchange, coin and bullion, a n d by lo an in g m oney on perso n al an d re a l se c u rity as pro vided h e re in a fte r.” If a tr u s t com pany sought 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, or 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 w ould be w ith in th e in h ib itio n of th e sta tu te . The exercise, how ever, of a single a u th o rity w hich a b an k in th e course of its business exercises b u t w hich is open to o th ers th a n bankers, nam ely, th e b o r row ing of m oney an d issu in g an evidence of th e debt, w ould n o t c o n stitu te th e doing of a general 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 pany m u st exercise those fu n ctio n s w hich a re p rim a rily b a n k in g fu n ctio n s and w hich fix th e ch a ra c te r of th e in s titu tio n doing th em as a bank. A tr u s t com pany does n o t receive m oney in th e sam e m an n er and in th e sam e re la tio n th a t a b ank 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 otherw ise. T his is th e only pow er th a t is given to such com pany to receive m oney. It is n o t in co rp o rated as a bank, nor au th o rized as a bank, to receive m oney, b u t as a tr u s t com pany. And 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 h a re to re p ay it would be to rep ay it as a tr u s t com pany and not as a bank. W hen a deposit is m ade in a bank, no u n d e rsta n d in g , no contract, no arra n g e m e n t, n o th in g is n ecessary to a u th o rize th e depositor to d raw h is check on such b an 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 a l ly a ban k ; w ith it, any in s titu tio n is doing a b a n k in g business. In Corwin v. The Urhana and Champaign Mutual Insurance Company (14 Ohio 6) th e c h a rte r contained a provision p ro h ib itin g th e ex ercisin g 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 itio 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 o u rt th e re said : “ It 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 st b a n k ing; and, if not, it is a law ful p u rsu it, in w hich a corporation, as w ell as an individual, m ay engage; and it is w ell said by th e d efen d an t th a t, alth o u g h re ceiving deposits is a p a rt of th e bu sin ess of banks, it is no exclusive privilege of theirs, nor is th e d isco u n tin g of notes.” In D ietrich v. R o th en b erg er, (75 S. E. (K en tu ck y ) 271) it w as held th a t th e borrow ing of m oney by a title com pany and th e issuance of a certificate of de posit th e refo 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 ing: “T he d istin ctio n betw een such a tra n sa c tio n and th e business 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 bank, alth o u g h it draw s and sells bills of exchange. W ells F arg 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 bank, w hich borrow s fo r its own use on bonds. B a rry v. M erch an ts’ E xchange Com pany, 1 Sandf. Ch. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lviii STA TE BANKING D EPA R TM EN T. 280. In 3 A m erican & E n g lish Ency. of L aw , 791, it is said : ‘The d istin ctio n betw een a b ank and a tr u s t com pany is w ell defined. The pow ers of th e tr u s t c6m pany depend upon th e te rm s of its c h a rte r, of course, b u t th e y a re n o t b a n k in g powers. The tr u s t com pany, lik e th e sav in g s bank, pays in te re s t upon de posits, b u t its deposits are stric tly loans, n o t su b ject to check. I t m ay n o t issu e its own notes for circu 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 a re n o t a k in to b an k in g , its pow ers are m uch broader, and extend o utside th e m o n etary re a lm in to re a l e sta te tr a n s actions, tru steesh ip s, an d th e conduct of p ro p e rty in te re sts of a ll k inds. 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 no t m ake th e com pany a b an k in g in stitu tio n , n o r lay its officers liable to p rosecutions fo r 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 a re public, agencies created for th e public service, an d a re re q u ired to serve th e public. T he m oney in th is case w as sim ply le n t fo r 12 m onths. I t w as n o t su b ject 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 fa c t done, by m an y in d iv id u als th ro u g h o u t th e S tate. I t w as n o t exercise by th e corp o ratio n of an y b a n k in g p rivilege, n o r beyond th e pow ers of th e corporation u n d er 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 C om pany, 144 Mo. 562, 588. The p ra ctical co n stru ctio n w hich h as been given to th e sta tu te in question should be given some w eight. I t is claim ed th a t th e ac t in q uestion h as been construed by those o p e ra tin g u n d e r it as p e rm ittin g th e receiv in g of m oneys fo r safe keeping, and th e issu an ce of certificates of deposits th e re fo r, an d th a t th is p ractice has been followed w ith o u t successful opposition or objection, fro m th e passage of th e act in 1889, u n til th e p re se n t tim e. W here th e language of th e act is doubtful, th e long continued p ractice u n d e r it is often p e rm itte d to tu rn th e scale in fav o r of th e co n stru ctio 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 a n d to issue certificates th ereo n , and a t least 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 fo r safe keeping, and th e question is n o t to be view ed in th e sam e lig h t as th o u g h a w ell defined public policy p o in ted to th e exclusion of th is pow er from tr u s t com panies. In Bank of Saginaw v. Title & Trust Company, (105 Fed. 491, 492,) a P e n n sy l v a n 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 , and th e b a n k b ro u g h t its action in th e U n ited S tates C ir cu it C ourt in P en n sy lv a n ia to recover upon th e certificates. The certificates 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 en n sy lv an ia. C onnelsville, Pa., Feb. 5, 1900. J. F. B arrow s has deposited w ith th is com pany five h u n d re d dollars, payable to th e order of J. F. B arrow s on re tu rn of th is certificate pro p erly endorsed. W M. R uth , T re a su re r. C ertificate of Deposit. N ot su b ject to check. Indorsed: J. F. B arro w s.” T he question arose resp ectin g th e rig h t of th e T ru s t Com pany to issue cer tificates, and C ircu it Ju d g e Acheson said : “T h a t th e defend an t com pany is a u th o rized 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 suit. T h ere is, how ever, no sta tu to ry or o th e r in h ib itio n of such certificates. T hese certificates are in th e form com m only used everyw here in th e com m ercial w orld by b a n k ers and com panies receiv in g m oney deposits and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R EPO R T OF T H E COM MISSIONER. lix th e d e fen d an t’s rig h t to issue th e m in th e course of its bu sin ess and as an in c i d ent th ereto is n o t to be doubted.” In M ichigan, as well as in m an y o th e r sta te s, a certificate of deposit is con sidered to he a p ro m isso ry note su b ject to th e sam e ru les an d conditions. T h is we believe to be th e law in all b u t th re e of th e s t a te s ,, nam ely, M assachusetts, P en n sy lv an ia and Texas. T he 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 an evidence of its receip t in th e form of a note, an d th is w ould extend to and p e rm it th e issuance of a certificate of deposit. There, h as been some q uestion as to w h eth er a dem and certificate could be given, an d w h eth er if th e rig h t to issue certificates exists 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 certificate c a rrie s w ith it th e a u th o rity to issue it e ith e r payable a t a sta te d tim e, or upon dem and. “ I t w ill be noted th a t tr u s t com panies are n o t expressly re q u ired to m a in ta in a reserve as is req u ired to he m ain ta in e d by sta te b an k s in th a t th ey are expressly req u ired to m a in ta in as reserve only 20% of th e ir m a tu re d obligations, w hile sta te ban k s are req u ired to m a in ta in 15 to 20% of all obligations. W e doubt som ew hat th e policy of p e rm ittin g a tr u s t com pany to do a deposit bu sin ess w ith out m a in ta in in g a t lea st th e sam e reserv e th a t is m ain ta in e d by sta te banks. To th is question, w e w ish to d irect th e a tte n tio n of th e leg 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 he con tin u ed .” We concur in th e above opinion. (S ig n ed ) Grant F ellows, R oger I. Wykeu. VACANCY ON BOARD THROUGH FAILURE OF STOCKHOLDERS TO ELECT CANNOT BE FILLED BY BOARD. L an sin g , J a n u a ry 8, 1913. Hon. A lb ert 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 ich ig an : D ear S ir— I am in receip t of y o u r com m unication of D ecem ber 30th enclosing copy of le tte r received by your d ep a rtm e n t from Mr. W illiam V. Moore, of D etro it, re la tiv e to am end in g th e artic le s of association 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 k now n as th e old b a n k in g law , an d a sk in g for an opinion from th is d e p a rtm e n t w ith reference to th e sam e. Mr. M oore’s le tte r sta te s th a t in th e o rig in al a rtic le s filed by th e W ayne C oun ty Savings B ank in 1871, th e first d irecto rs w ere nam ed an d th e ir n u m b er w as fixed by A rticle 7; th a t su bsequently by am ended artic le s filed F e b ru a ry 12, 1885, th e n u m b er of d irecto rs w as fixed a t 9; an d 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 nu m b er of d irecto rs w as fixed a t 11 by a reso lu tio n of th e stockholders adopted J a n u a ry 11, 1900. I t is now proposed to am end th e artic le s of asso ciation by p ro v id in g th a t th e board of d irecto rs sh all be elected a t th e re g u la r an n u a l m eetin g in Ja n u a ry of each y ear, th a t th e n u m b er of d irecto rs to be elected sh all be reg u lated by a by-law p rescribed by th e board 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 al m eetin g or th ro u g h th e death, resig n atio n or incap acity of an y d irecto r duly elected. You w ish to know w h eth er or n o t such a n am en d m en t w ill be legal. Section 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 hich th e W ayne C ounty S avings B an k w as organized, provides for a board of d irectors of n o t m ore th a n n in e m em bers. T he p re se n t b a n k in g law u n d e r w hich th a t b ank is now o p eratin g by v irtu e of h av in g filed th e certificate req u ired by section 60 th ereo f (S ection 6149. Compiled L aw s of 1897) does n o t lim it th e n um ber of directors. Section 4 of th e law (S ection 6093, Compiled L aw s 1897) provides in p a rt th a t a bank, upon filing its articles, sh all be a body co rporate, a n d as such shall have pow er: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lx STA TE BANKING D EPA R TM EN T. “F ifth . To elect or ap p o in t d irecto rs * * * * * * *” “ Sixth. To prescribe by its board of d irecto rs, by-laws not in co 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 and officers elected or appointed, its stockholders convened fo r special m eetings, its p ro p erty tra n sfe rre d , its gen eral business conducted an d th e p rivileges g ra n t ed to it by law exercised and enjoyed.” Section 12 of th e p resen 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 irecto rs who sh all be elected by th e sto ck h o ld ers.” As the certificate filed by th e W ayne C ounty S avings B ank u n d e r section 60 (since repealed) of th e p re se n t h 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 provisions above se t fo rth w ith referen ce to th e n u m b er and m an n er of election o f its d irectors. U nder these provisions th e re a re no lim ita tio n s as to the n u m b er of d irecto rs, except th a t there' can n o t be less th a n five. T he d irecto rs m ust, how ever, be elected a t th e a n n u a l m eetin g of th e stock holders in Ja n u a ry , and if “for an y cause an election is n o t had a t th a t m eetin g it m ay be had as a sub seq u en t m eetin g called fo r th a t purpose.” V acancies in th e hoard of directo rs sh all be filled by th e hoard, b u t I am of th e opinion th a t th is does n o t m ean such vacancies as are created by fa ilu re of th e stockholders to elect a t an an n u al m eeting. The proposed am en d m en t to th e o rig in al artic le s of th e W ayne C ounty Savings B ank, above referred to, provides fo r th e election of a hoard of d irecto rs a t th e reg u lar an n u al m eetin g in Ja n u a ry , provides th a t the n u m b er of d irecto rs to be elected shall be reg u lated by a by-law p rescribed by th e board of d irectors, and provides fu r th e r th a t said by-law m ay provide for th e filling of an 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, or th ro u g h th e death, re s ig n a tio n or in cap acity of an y d irecto r duly elected. None 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 co n siste n t w ith th e 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 he e n tire ly proper and legal to in co rp o rate th em in to th e o rig in al artic le s by th e proposed am endm ent. I am of th e opinion, how ever, th a t th e provision re la tiv e to th e fill in g of a vacancy on th e hoard caused by fa ilu re to elect a t th e a n n u a l m eetin g is in c o 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 provisions w ould th e re fo re be illegal. As herein 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 he filled by th e hoard of d irecto rs itself. I t m ay be suggested th a t th e provisions w hich can be in co rp o rated in to the a rticles of association of th e W ayne C ounty Savings B ank by am endm ent, and w hich are not alread 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 hoard 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 hoard of d irecto rs pow er to make' 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 irecto rs an d officers. V ery respectfully, G r a n t F ello w s, A ttorn ey General. STATE BANKS MAY OPEN ON LEGAL HOLIDAYS WITH CERTAIN RESTRICTIONS. M arch 15, 1913. H on. E dw ard H. Doyle, B an k in g C om m issioner, C apitol, L an sin g : D ear S ir—I have yours of th e 12th inst. in w hich you sta te : “W e have had several in q u iries of la te from sta te b an k s a sk in g w h e th e r or n o t a sta te b ank could keep open on all holidays fo r 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 p ay m en t or acceptance or p ro testin g of pro m isso ry notes and o th e r obligations. We have alw ays tak 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 bank from keep in g open on an y of th e h olidays m entioned in Act 124 of th e P ublic Acts of 1865 as am ended and tra n sa c tin g bu sin ess except t h a t re la tin g to p resen tatio n , acceptance or p ro te stin g of notes, etc.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. lx i In reply th ereto w ould sta te th a t th e language of th e A ct in q uestion is som e w h a t confusing. T he title of th e A ct b eing as follow s: “An A ct d esig n a tin g th e holidays to be observed in th e acceptance an d p ay m en t of hills of exchange and prom issory notes, in h o ld in g of courts an d re la tiv e to th e con tin u an ce of su 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: “ Provided, fu rth e r, T h a t n o th in g h erein contained shall be con stru ed to p rev en t or in v a lid a te th e en try , issuance, service or execution of an y w rit, sum m ons or confession of ju d g m e n t or o th e r legal process w h atever, h o ld in g courts or the tra n sa c tio n of any law ful bu sin ess except h a n k in g on an y of th e S atu rd a y aftern o o n s h e re in d esignated as h a lf holidays, n o r to p rev en t an y b an k from k eeping its doors open or tra n sa 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 irecto rs it elects to do so.” F rom a re ad 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 keep in g 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 was, as is set fo rth in th e title of th e act itself, nam ely : th e prev en tio n of th e acceptance and p ay m en t of bills of exchange and pro 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 stated would not 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 respectfully, A. B. D o u g h e r t y , D eputy A tto rn ey General. COMMISSIONER MAY REQUIRE INFORMATION TENDING TO SHOW BANK’S CONDITION. M arch 24th, 1913. H on. E dw ard H. Doyle, C om m issioner of B anking, C apitol, L an sin g : D ear S ir—I have y our com m unication of M arch 17th callin g a tte n tio n to sec tions 21, 39 and 55 of th e G eneral B a n k in g L aw s re la tin g to re p o rts to be m ade by sta te han k s and th e fu rn ish in g of in fo rm atio n to th e B an k in g C om m issioner. You sta te : “We w ould appreciate yo u r opinion as to w h eth er 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 a n y c h a ra c te r fro m th e C om m issioner, h is dep uty, or one of th e b ank exam iners, upon bein g requested to fu rn ish sam e. To w h a t e x te n t could th e D e p artm en t go in case of re fu sa l to fu rn ish an y in fo rm a tio n affecting th e co ndition of th e b an k ?” In reply th ereto w ould say section 21 of th e g en eral b a n k in g law req u ires every b an k to m ake c e rta in re p o rts “according to th e form s w hich he (C om m is sio n er of B anking) sh all prescribe^ and fu rn ish . T his section also provides th a t “ Such rep o rts sh all ex h ib it in detail, and u n d er a p p ro p riate heads, th e resources, assets and liab ilities of th e b a n k a t th e close of b u sin ess of an y p a st day by him specified.” etc. Also th a t “ Such com m issioner sh all also have th e pow er to call for special rep o rts from an y b an k or b an k s w henever, in h is jud g m en t, th e sam e are necessary to in fo rm him fu lly of th e condition of such h an k s.” Section 39 p ro v id es: “ It sh all he th e d u tv of th e com m issioner of th e b a n k in g d e p a rtm e n t, a n d he shall have pow er for h im self, h is deputy, or a n y ex am in er he m ay appo 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, colat erals or securities, hooks of account, condition and affairs of each b an k u n d e r th e law, and also w hen requested by th e hoard of d irecto rs of an y hank. F o r th a t purpose he m ay exam ine on o ath an y of th e officers, agents, clerks, custom ers or depositors of such hank, to u ch in g th e affairs a n d bu sin ess of such bank. A ny w ilful false sw earin g in any e x am in atio n sh a ll be deemed p erju ry . H e sh a ll also a scertain w h eth er each b an k tra n sa c ts its business a t th e place d esignated in th e articles of inco rp o ratio n , and w h e th e r its bu sin ess is conducted in th e m an n e r prescribed by law .” Section 55 of th e g en eral b a n k in g law provides, am ong o th er th in g s, th a t if th e com m issioner shall become satisfied th a t a b an k “is co nducting its business in an unsafe or u n a u th o rized m an n er, or if any b an k sh all refu se to su b m it its https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ixii STA TE BANKING D EPA R TM EN T. books and papers a n d concerns to th e inspection of th e com m issioner, h is deputy or an y exam iner, or if an y officer of such b an k sh all refu se to be exam ined u n d e r o ath to u ch in g th e concerns of th e bank, or if from an y ex am in atio n m ade or re p o rt h ere provided for, th e com m issioner sh all conclude th a t such b an k is in an unsound or u n safe condition to tra n s a c t the b a n k in g business, so th a t i t is un safe and in exped ien t to continue sam e,” he sh all in th e m a n n e r th e re in p re scribed m ake applicatio n for th e a p p o in tm e n t of a receiver fo r such bank. T he foregoing sections a re th e only provisions of sta tu te to w hich m y a tte n tio n has been called expressly b e a rin g upon y our question. T he lan g u ag e of th e s ta tu te seem s clearly to confer upon th e b a n k in g com m issioner th e rig h t and a u th o rity to dem and, receive and pro cu re an y and all such in fo rm a tio n as he m ay req u ire or deem n ecessary in o rd er to fu lly u n d e rsta n d th e condition of a bank, th e c h aracte r or am o u n t of its o bligations and th e affairs thereof. The com m issioner is expressly ch arg ed w ith th e d u ty of d e te rm in in g w h eth er or n o t a b an k is conducting its b an k in an u n safe or u n au th o rized m an n er. H e m u st also d eterm in e w h e th e r th e b a n k is in a n unsound or u n sa fe condition to tr a n s a c t th e b a n k in g b u sin ess so th a t it is u n safe and in ex p ed ien t to continue th e sam e. H e has th e rig h t to secure in fo rm a tio n upon form s p rescribed by him , an d he m ay exam ine on o ath an y of th e officers, agen ts, clerks, custom ers or depositors of th e b an k to u ch in g its affairs an d its business. The com m issioner of banking, an d n o t th e bank, is th e ju d g e of th e in fo rm atio n necessary fo r h im to have to place h im in a position w here he can p erfo rm h is s ta tu to ry duty. I t w ill be assum ed th a t th e com m issioner of b an k in g , or h is deputy, or any a s s is ta n t duly auth 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 such as it is deem ed expedient to have in ord er to determ in e th e exact condition of a b ank and its affairs. W hen in fo rm atio n is dem anded, it is th e d u ty of th e b ank to fu rn ish it, and th e com m issioner’s dem ands are n o t open to question by th e bank. I t w ould be indeed an anom alous condition if n o tw ith sta n d in g all th e du ties devolving upon th e b a n k in g com m issioner, th e b an k could d eterm in e fo r itse lf th e ch a ra c te r or am o u n t of in fo rm a tio n it should disclose. I t is th erefo re m y opinion th a t th e b an k h as n o t th e rig h t to w ith h o ld a n y in fo rm atio n w hich th e b a n k in g com m issioner sh all in th e exercise of h is d is cre tio n a ry a u th o rity d ete rm in e is n ecessary in o rd er to fu rn ish h im w ith th e know ledge to p erfo rm h is duty. Said section 55 is v ery clear and exp licit in its term s. W hen a n y such condi tio n as is th e re in re fe rre d to exists, it is clearly th e d u ty of th e b a n k in g com m issio n er to m ake applicatio n fo r a receiver. The b a n k in g com m issioner has 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 desires, th e b a n k is in a safe or sound condition. The v ery fa c t th a t in fo rm atio 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 refused by a b a n k is in itself som e reaso n for suspicion. If, th erefo re, th ro u g h th e refu sa l of a b an k to fu rn ish such in fo rm atio n as you m ay deem n ecessary you are u n ab le to d eterm in e w h e th e r it is p roper for th e b a n k to continue in th e b a n k in g business, it is m y ju d g m e n t th a t you w ould be clearly authorized to proceed in th e m an n er outlin ed in said section 55 of th e g en eral b a n k in g law. V ery respectfully, Gra n t F ello w s, A ttorn ey General. BOARD OF DIRECTORS CANNOT INCREASE OR DECREASE THEIR NUMBER. A pril 3, 1913. H on. E. H. Doyle, B a n k in g C om m issioner, C apitol, L a n sin g : D ear S ir— I have y our com m unication of M arch 27th, in w hich you sta te th a t, “ The D ep artm en t h as alw ays held th a t th e board of d irecto rs could n o t in crease or decrease th e n u m b er of stockholders co nstituting- 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 ey 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, an d 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 w ould ap p re c iate y our opinion as to w h e th e r or n o t th e board of d irecto rs of a sta te b an k https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R EPO R T OF T H E COM MISSIONER. lx iii has th e rig h t to increase or decrease th e n u m b er of m em bers c o n stitu tin g th e board.” In reply th e re to w ould say it is m y opinion th a t, a t le a st betw een sto ck h o ld ers’ m eetings, th e n um b er of d irecto rs can n o t be decreased or in creased by th e board of directors. Section 12 of th e b a n k in g law provides in p a rt th a t, “a n y vacancy in th e board of d irecto rs sh all be filled by the' B oard, an d th e d irecto r so a p pointed shall hold office u n til th e n ex t election.” The above quoted language clearly im plies a d u ty devolving upon th e board of d irecto 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 board of d irecto rs. I t is a positive req u irem e n t th a t th e v acancy “sh all be filled by th e b oard.” T his is a m an d ato ry provision, and th e law clearly contem plates a s tric t com pliance th e re w ith. V ery respectfully, (S ig n ed ) G r a n t F e l l o w s , A tto rn ey General. DIRECTORS MUST HAVE FULLY PAID FOR TEN SHARES OF STOCK AT ORGANIZATION. 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 co m m unication of M arch 22nd in w hich you in q u ire w h eth er as a condition p reced en t of th e rig h t of a person to be elected and a c t as a d irecto r of a b an k he m u st a c tu a lly pay in fu ll fo r a t le a st te n sh a re s, or if he subscribes for ten sh ares of stock and only pays for fifty p er cent if he th ereb y becomes eligible as a director. In reply th ereto w ould say section five of th e b a n k in g law re q u ires th a t a t least 50% of th e cap ital stock of every b an k sh a ll be p aid in before i t sh a ll 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 la te s to directors, provides in p a rt th a t: “E v ery d irecto r m u st own and hold in h is ow n nam e n o t less th a n ten sh a re s of th e cap ital stock of such b an k .” The fa c t 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 ereo f paid in h as 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 ow n and hold in h is own nam e n o t less th a n te n sh a re s of th e cap ital stock. The lan g u ag e above quoted m eans exactly w h a t it says. I t m eans th a t every d irecto r m u st a c tu a lly own, th a t is, th a t he m u st have fu lly paid for a t le a st te n sh ares of th e cap ital stock of th e b an k and n o t th a t he m ay a c tu a lly p ay fo r 50% of th e te n sh a re s and subse q u en tly have th e rig h t of ow nership in th e balance th e re o f w hen he m akes p ay m en t th erefo r. V ery respectfully, (S ig n ed ) G r a n t F e l l o w s , A tto rn ey General. TAXATION OF BANK STOCK. A p ril 26, 1913. H on. E d w ard H. Doyle, B a n k in g C om m issioner, Capitol, L a n sin g : D ear S ir—I have before m e y o u r co m m u n icatio n of A p ril 18tli, in w hich you req u est an opinion upon th e follow ing pro p o sitio n s: “F irs t. H as th e board of d irecto rs of an in co rp o rated bank, by pro p er p ro cedure, th e pow er to a u th o rize th e to ta l stock of th e bank, to be assessed to th e b an k by th e su p erv iso r w h ere th e b an k is located, and have th e tax es on stock paid by th e bank, reg ard less of w here th e stockholders a re located? Second. H as th e village assessor a legal rig h t to assess th e to ta l b an k stock to th e b ank in th e village w here th e b an k is located, w here a p o rtion 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 renly th ereto w ould say th e an sw er to y our in q u iries seem s to be contained in th e language of th e 3rd subdivision of section 14 of th e g en eral ta x law as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. lxiv found on page 27 of th e pam p h let of gen eral ta x law s, rev isio n of 1907. T his sub division provides th a t, “All sh ares in ban k s sh all be assessed to th e ir ow ners in th e tow nship, village or city w here th e b a n k is lo cated: P rovided, T h a t th e sh ares owned by a person re sid in g in th e county w here th e b an k is located sh all be assessed in th e tow nship or city w here he resid es.” My a tte n tio n has n o t been challenged to any provision of th e law th a t w ould au th o riz e eith e r th e board of d irecto rs or th e v illage assessor to change th e m ethod prescribed in th e above sta tu te . A ccordingly, I am in clined to believe th a t each of th e in q u iries w hich you su b m itted should be answ ered in th e nega tive. V ery respectfully, (S ig n ed ) G r a n t F e l l o w s , A ttorn ey General. STATE BANKS CONTEMPLATED IN CITIES OR VILLAGES ONLY. May 10, 1913. H on A lbert E M anning, D eputy C om m issioner of B anking, C apitol, L an sin g : D ear S ir— I have y our co m m unication of May 1st in w hich you sta te th a t you a re in receip t of an ap p licatio n to organize a sta te b an k w ith its office and place of business to be located in “th e tow nship of S pringw ells,” C ounty of W ayne and S tate of M ichigan, w ith a cap ital of $25,000.00. You ask : F irs t. Can th e D e p artm en t legally accept th e a rtic le s of in co rp o ratio n w ith th e location designated, a n d bu sin ess to be c arried on, as in a tow n sh ip ra th e r th a n in a city or v illage? Second. If so, w h a t co n stru ctio n on th e law can be placed w ith reference to th e cap ital stock re q u irem en ts? T hird. In o th er w ords, w ould th e cap ita l stock be based upon th e p o pulation of th e tow nship as a whole (in clu siv e, of course, of in co rp o rated -cities and v il la g es), or w ould th e cap ital stock be based upon th e p o pulation of th e settlem en 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 ess?” In answ er to your first in q u iry , w ould say th a t section 1 of th e G eneral B an k in g L aw seem s to recognize only cities and villages as th e place w here a b a n k in g b u siness m ay be conducted. W e have, how ever, held th a t a b an k m ay be estab lished in an u n in co rp o rated village. (See A tto rn ey G en eral’s R ep o rt for 1905, page 98.) . . . . . . Section 2 of th e G eneral B an k in g Act req u ires th e persons asso ciatin g to exe cute articles of inco 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 business. 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 h ere a b an k in g business m ay be conducted to e ith e r a city or v illag e (in c lu d ing u n in co rp o rated v illag es) and th a t y our d e p a rtm e n t would have no a u th o rity to accept a n applicatio n w hich show s upon its face th a t th e place of b u sin ess is a designated “to w n sh ip ” ra th e r th a n a city or village. In answ er to your second and th ird in q u iries, w ould say if a b a n k is e stab lished in an inco rp o rated village th e am o u n t fo r w hich it m ay be capitalized depends upon th e p o p u latio n of th e village. T he sam e ru le is applicable in th e case of an unin co rp o rated village. I have h ereto fo re held th a t w here a sta te b an x is authorized to do business w ith in an u n in co rp o rated village, th a t it cannot legally establish a b ran ch agency outside of such u n in co rp o rated village and in an o th e r se ttle m e n t or u n in co rp o rated village. (See opinion to H on. E. H. Doyle, B an k in g C om m issioner, u n d er d ate of F e b ru a ry 17, 1913.) I t is th e re fo re m y opinion th a t th e cap ital stock in th e case you su g g est w ould be based upon th e populatio n of th e settlem en t, com m unity or village, inco rp o r ated or otherw ise, in w hich th e b an k is actu a lly a u th o rized to tra n s a c t business. V ery respectfully, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Signed) Grant F ellows. A tto rn ey General. R E PO R T OF T H E COMMISSIONER. lxv PROPER RECORD OF REPORT OF DIRECTORS’ EXAMINATIONS. Ju n e 30th, 1913. E d w ard H. Doyle, C om m issioner of B anking, Capitol, L a n sin g : D ear S ir— I have your com m unication of Ju n e 25th, w hich re ad s in p a rt as follow s: “We desire to call your a tte n tio n to Section 15 of th e law. W e have recen tly been asked by a sta te b an k w h eth er th ey w ould be com plying w ith th e p rovisions of th is section of th e law if th e y p e rm itted th e re p o rt of d ire c to rs’ ex am in atio n to be read a t board m eeting, an d have th e m in u tes of such m eetin g show as follow s: ‘T he com m ittee appointed on th e 8th day of October to m ake th e sec ond exam ination of th e y ear su b m itted re p o rt of such ex am in atio n . On m otion of Mr. C. re p o rt w as accepted and ordered placed on file, and 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 an k in g law to w hich you refer req u ires th e hoard of d irecto rs to ap p o in t an e x am in in g com m ittee. The sec tion provides th a t: “T he ex am in in g com m ittee sh all re p o rt to th e hoard, give in d etail all item s included in th e assets of th e h an k w hich th ey have reason to believe a re n o t of th e value a t w hich th e y ap p ear on th e hooks and records of th e h an k , and give th e valu e 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 roper 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 req 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 he m ade to th e board, an d th a t th e board sh all m ak e a pro p er record thereof. T he sta te m e n ts set fo rth in th e m in u tes as in d icated by your le tte r, show th a t th e re p o rt w as subm itted , accepted, placed on file and m ade a p a rt of th e record. The sta tu te req u ires th e re p o rt to be recorded in th e m inute' hooks of th e bank. It is believed, how ever, th a t th e actio n in questio n is a su b s ta n tia l com pliance w ith th e law. R espectfully yours, (S ig n ed ) G r a n t F e l l o w s , A tto rn e y General. amount of bonds of o f f ic e r s and em plo yes m u st be co m m ensurate w it h s iz e OF BANK, ETC. A ugust 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 our com m unication of th e 20th in w hich you su b m it an in q u iry u nder th e F ifth subdivision of Section 4 of Act 205 of th e P ublic Acts of 1887, as am ended. Y our in q u iry is as follow s: “W here th e d irecto rs of a b an k accept bonds from officers and em ployes a t a nom inal am o u n t only w hen com pared to th e cash and secu rities in th e ir con tro l, w ould th e D ep a rtm e n t have th e rig h t to re q u ire bonds of a g re a te r a m o u n t w hich w ould be m ore co m m en su rate w ith th e size of the hank, a n d th e oppor tu n ity for d e fa u 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 er said am en d m en t th e D ep artm en t has th e rig h t to reject p ersonal bonds of b an k officers and em ployes w here officers and banks d irecto rs become su re tie s th e re o n ? ” T he am endm ent to th e Act in q uestion is found in Act No. 11 of th e P u b lic A cts of 1913. T he F ifth subd iv isio n th e re o f read s as follow s: “To elect or appo 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 all h av e pow er to ap p o in t and em ploy a cash ier or tre a su re r, and o th e r officers, define th e ir duties, dism iss such officers so elected or appointed, or an y of them , a t p leasu re and elect or ap p o in t i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ixvi STA TE BAN KING D EPA R TM EN T. o th ers to fill th e ir places, a n d th e board of d irecto rs sh all req u ire every officer and every clerk concerned in th e h a n d lin g of m oneys, accounts an d se cu rities of th e b an k to he bonded e ith e r by a su re ty com pany a u th o rized to do b u sin ess in th e S tate of M ichigan or by a p erso n al bond in such an a m o u n t as sh all be d eterm ined by th e board of d ire c to rs: Provided, T h a t th e b an k sh a ll p ay fo r an y su re ty bonds re q u ired of its em ployes.” I t w ill be observed from th e fo reg o in g q u o tatio n th a t it is a m a n d ato ry d u ty devolving upon th e board of d irecto rs to re q u ire every officer an d clerk con cerned in th e h an d lin g of m oneys, accounts and sec u ritie s to give a bond. The law clearly contem plates th a t th e am o u n t of th e bond sh all be fo r a reasonable am o u n t and fo r an a m o u n t reaso n ab ly p ro p o rtio n ate to th e size of th e bank, th e ch a ra c te r of em ploym ent and th e o p p o rtu n ities afforded for w rong- doing. A board of directo 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 for an am o u n t w hich clearly show s th e action to he a m ere su b terfu g e. It is probably tru e th a t a board of d irecto rs would be liable fo r fa ilu re to re q u ire a bond in a proper an d reaso n ab le am ount. I am in clined 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 board of d irecto rs to p erfo rm its s ta tu to ry d u ty in ap p ro v in g and accepting a bond for a reasonable 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 language au th o rizes an y such officer or clerk to be bonded e ith e r by a su re ty company au th o rized to do business in th e S tate of M ichigan or by a perso n al bond. I t needs no arg u m e n t to su p p o rt th e p roposition th a t th e le g isla tu re never in ten d ed th a t th e personal bonds re fe rre d to in th e above quoted law should have as su re -' tie s th ereo n th e officers an d d irecto rs of th e bank. I t is m y opinion th a t th e b o ard of d irecto rs w ould h av e no a u th o rity to accept or approve a n y such bond, and th a t you w ould be a c tin g w ell w ith in yo u r rig h ts if you reject perso n al bonds of b an k officers and b an k em ployes w here th e s u re ties th ereo n are officers an d d irecto rs of th e b ank R espectfully yours (S ig n ed ) G r a n t F e l l o w s , A tto rn ey General. ART. 143, PUBLIC ACTS 1913, NOT RETROACTIVE AS TO EXAMINERS’ SALARIES. Septem ber 12, 1913. Hon. 0. B. F u ller, 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 fo r an opinion as to th e co nstruction to he placed upon Section 38 of th e B a n 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 ex am in ers. T he question is p resen ted as to w h eth er 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 fo r by th e am en d ed section. In o th e r w ords, w h eth er 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 he considered in de te rm in in g the rig h t to increased com pensation. The clause th a t is in question 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 an 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 year of such em ploym ent u n til th e fu ll sum of $2,200.00 is reached, "which sum sh all be th e ir a n n u a l s a la ry th e re a fte r.” I t w as undoubtedly th e belief of th e le g isla tu re th a t experience and service in th e em ploym ent in q uestion w ould o p erate to re n d e r a b a n k ex am in er m ore p ro ficient in th e discharge of h is duties, and th a t he should ip consequence of such increased proficiency receive a sa la ry co m m en su rate th ere w ith . In view of th e u n d erly in g reasons p ro m p tin g th e passage of th is am en d m en t as suggested above, it does n o t occur to me th a t it is m a te ria l w h eth er th e em ploym ent upon w hich th e increased com pensation is based sh all have been ren 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 su bsequent th ereto . In o th e r w ords, it is my opinion th a t such in crease m ay be based upon services ren d ered p rio r to A ugust https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. lx v ii 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 ard th e incu m b en ts of th e positions affected fo r p ast 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 e x p eri ence in th e line of w ork involved. I t follow s in consequence th a t a n y ex am in er who u n d er th e provisions of Sec tion 38 of th e B an k in g Law s, as am ended a t th e session of 1909, would a t th e p resen t tim e be en title d to an in crease of $100.00 p er a n n u m w ere such am en d m en t still in force m ay receive th e increase 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 espectfully yours, (S ig n ed ) G r a n t F e l l o w s , A tto rn e y General. DISCRETIONARY AUTHORITY VESTED IN COMMISSIONER IN CAPITAL STOCK IMPAIRMENT. October 2, 1913. Hon. E. H. Doyle, C om m issioner of B anking, C apitol, L an sin g : D ear S ir— I have y our com m unication of S eptem ber 11th, w hich reads as fo l low s: “We resp ectfu lly req u est your opinion as to w h e th e r o r not, in case of an im p airm en t of cap ital stock, th e D ep artm en t could p e rm it a sta te b ank to accept, in lieu of case, stock h o ld ers’ notes pro ra ta to m ake good th e deficiency of cap ital stock in said b ank on account of bad or d o ubtful assets, req u ired by th e De p a rtm e n t to be elim in a te d ? ” In reply th ereto , of th e im p airm en t 42 of th e B an k in g la tin g to banking, w ould say th e m a tte r of m ak in g good a deficiency as a re s u lt of cap ita l stock in a b an k seem s to be governed by section Law, being com piler’s section 52 of th e p am p h let of law s re rev isio n of 1911. T h is section provides in p a rt th a t: “W henever it shall ap p ear from th e re p o rt of a n y bank, or th e C om m issioner sh a ll have reason to believe th a t th e cap ital stock of any b an k is im p aired or reduced below th e am o u n t req u ired by law , it sh all be th e d u ty of th e Com m is sioner, and he sh all have th e pow er to exam ine th e said b 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 b an k to m ake good th e deficiency so a p 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 sam e section m akes it th e d u ty of th e d irecto rs of th e b an k upon such req u isitio n to levy th e necessary assessm en t and p rescrib e th e m ethod fo r th e sale of the stock in case th e assessm en t is n o t paid. I t w ill be observed from th e foregoing qu o tation th a t th e re is a m an d a to ry re q u irem en t th a t th e C om m issioner of B an k in g sh all re q u ire th e b an k to m ake good th e deficiency. I am unable to find a n y provision w hich is co n tro llin g in th e p a rtic u la r m an n e r in w hich the deficiency sh all be 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, note or c o llateral secu rity , it is som ew hat diffi c u lt to outline a h ard an d fa s t ru le, to be g en 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 tak e n in to consideration. The s ta tu to ry p ro vision w hich m akes it th e d u ty of th e C om m issioner of B a n k in g to req u ire th e b ank to m ake good th e deficiency so ap p e a rin g vests in him a larg e d iscretio n ary au th o rity . I t is his 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 approval of th e board of d irecto 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 be required. A sto ck h o ld er’s note 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 ap p ro v in g a note, w ith or w ith o u t collateral se c u rity in d e te rm in in g w h e th e r th e re h a s been a com pliance w ith th e law and y o u r requisitio n . I t is th erefo 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 eth er h is req u isitio n re q u irin g a b an k to m ak e good th e deficiency https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. Ixviii 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 aym ent of cash; th a t cash or its eq u iv alen t should be req u ired and th a t in d eterm in in g w h eth e r th e re h as been a com pliance w ith th e law a note, or a note accom panied by c o 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 ission be approved in d e te rm in in g w h eth er th e re h as been a com pliance w ith your req u isitio n . V ery respectfully, (S ig n ed ) G r a n t F e l l o w s . A tto rn ey General. LOANS TO MUNICIPAL CORPORATIONS LIMITED TO TWENTY PER CENT OF CAPITAL AND SURPLUS. N ovem ber 24, 1913. Hon. E. H. Doyle, C om m issioner of B anking, C apitol, L an sin g : D ear S ir— I have your com 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 an k in g Law. Y our le tte r reads, in p a rt, as fol lows: “The la tte r provides th a t a loan to an y person, firm or corporation, shall not exceed tw en ty per cent, of cap ital and su rp lu s; and th e n only upon th e twoth ird s au th o rizatio n of th e board of d irectors. U nder said section wre desire to be inform ed w h eth er or n o t a m u n icip al corp o ratio n can borrow on its note, signed by proper officials, an a m o u n t in excess of tw en ty per cent, of capital and surplus. It is m a in ta in e d upon th e p a rt of som e ban k s th a t th e lim ita tio n in said section does n o t apply to loans to m unicip al co rp o ratio n s; th a t such loans are in th e n a tu re of a public debt, as m entioned in subdivision (b ), section 27 of th e law , and th ereb y are subject to such lim ita tio n s.” In reply th ereto w ould say it is believed th a t th e ban k s re fe rre d to in your le tte r a re placing an erroneous c o n stru ctio n upon th e sta tu te . Section 52 p ro vides in p a rt: “The to ta l liab 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 or firm, th e lia b ilitie s 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 cap ital an d su rp lu s of such bank, etc.” The sam e section a u th o rizes a loan of n o t to exceed tw en ty per cent, cap ital and 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 directors. Section 37 refers to e n tire ly d ifferent m atter. T his section prescribes a d irec tion 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 made. 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 nicipal corporation th a n to an y o th e r person, firm or corporation, no good reason suggests itse lf to m e re q u irin g th e applicatio n of a d ifferen t rule. In stan ces m ig h t a rise w hen it m ig h t lie h azard o u s to a b an k to overstep th is lim it in m ak in g loans to a m unicipal corpo ratio n as to an y o th er corporation. I t is m y opinion th a t a m un icip al corp 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 unicip al corporation on a note signed by th e p roper officials in an am o u n t in excess of tw en ty per cent, of th e cap ital and su rp lu s. R espectfully yours, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gr a n t F ello w s, A tto rn ey General. R E P O R T OF T H E COM MISSIONER. lxix STATE BANKS HAVE NO AUTHORITY TO INVEST IN CAPITAL STOCK OF FEDERAL RESERVE BANKS. J a n u a ry 6, 1914. H onorable E d w ard H. Doyle, B an k in g C om m issioner, L an sin g , M ichigan: D ear S ir— I have y our com m unication of th e 29th u lt., as follow s: “We resp ectfu lly req u est yo u r opinion as to w h e th e r or n o t a sta te b an k in M ichigan can invest in th e cap ital stock of reg io n al banks as provided for in w h at is know n as the new cu rren cy law. We w ould re fe r you resp ectfu lly to C om piler’s Sections 6113, 6115 an d 6116.” In reply thereto, I w ish to advise as follow s: The title to th e F e d e ra l R eserve Act, recen tly passed by C ongress, in d icates its gen eral scope and purpose, and read s as follow s: “A n A ct to provide for th e e stab lish m en t of F ed e ra l R eserve B anks, to fu rn ish an elastic currency, to afford m eans of re-d isco u n tin g com m ercial paper, to estab lish a m ore effective superv isio n of b a n k in g in th e U nited S tates, and for o th e r purposes.” The A ct has undoubtedly been passed by C ongress w ith a view to co rrectin g c e rta in conditions in cu rren cy d istrib u tio n and in th e n a tio n a l b a n k in g business w ith in th e U nited States. I t has for its m ain fe a tu re s th e follow ing: (F ir s t) The creatio n of F ed eral R eserve D istric ts; (Second) The creatio n of F ed eral R e serve B anks; (T h ird ) T he creatio n of a F ed eral R eserve B oard; (F o u rth ) The creatio n of a F ed eral A dvisory C ounsel; (F ifth ) The a u th o riz a tio n of a d d i tio n al cu rren cy ; (S ix th ) C ertain am en d m en ts and changes in th e N atio n al B an k L aw ; (S ev en th ) In d ire c tly b rin g in g sta te banks u n d er th e control of th e Comp tro lle r of th e T re a su ry an d o th e r F ed eral powers. In c a rry in g out th e gen eral schem e of th e Act w h a t are know n as “F ed eral R eserve B an k s” are auth o rized . These b an k s a re 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 not less th a n eig h t and no m ore th a n tw elve, or one fo r each d is tric t created. The F e d e ra l R eserve B anks w ill no t be o rd in a ry banks of deposit, b u t w ill be w h a t m ig h t be term ed “B a n k e rs’ b an k s.” T hese banks w ill be corporations h av in g a g en eral schem e of o rg an izatio n sim ila r to o th e r b an k in g corporations and h av in g all th e o rd in a ry pow ers of corporations, w ith such lim ita tio n s and re stric 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 cap ital stock fo r in stan ce m ay only be held by (F ir s t) N ational B an k s; (Second) S tate B an k s; (T h ird ) T ru s t C om panies; (F o u rth ) In d iv id u als; (F ifth ) The U nited S tates. T he la s t tw o can only hold stock on th e fa ilu re of th e first th re e classes of stock h o ld ers to ta k e up th e n ecessary stock subscrip tio n of th e fo u r m illion d ollars as a m inim um . The featu re of th is law w hich we have u n d er co n sid eratio n is th a t applying to S tate B anks. The question involved is w h eth er S tate B anks of th e S tate of M ichigan m ay become “m em ber b a n k s” in a F ed eral R eserve B ank. The Act p erm its S tate B anks to become m em bers, giv in g th em all th e rig h ts and pow ers of stockholders to th e sam e ex ten t as is given to N atio n al Banks. T he p a rtic u la r featu res of th is Act 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 Act provides in p a rt as follow s: “The share-h o ld ers of every R eserve B ank sh all be held in d iv id u ally responsible, equally and ratab ly , and not one for ano th er, for all con tracts, debts and engagem ents of such bank to the 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 ereo f in ad d itio n to th e a m o u n t subscribed, w h eth er such su b scrip tio n s have been paid up in whole or in p a rt, u n d er th e provisions of th is A ct.” 2nd. Section 5 provides in p a rt as follow s: “A b ank app ly in g for 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 ereo f m u st sub scribe for an am oun t of th e cap ital stock of th e F ed e ra l R eserve B ank equal to six per centum of th e paid up cap ital stock and su rp lu s of. said a p p lican t bank, pay in g th e re fo r its p a r value, plus one-half of one per centum a m o n th from th e perio d of th e la s t divid en d .” 3rd. U nder th e provisions of Sections 9 and 21 S tate b an k s w hich become https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. lxx m em ber banks w ill be p ractically u n d e r th e ju risd ic tio n of th e C om ptroller of th e T reasu ry , th e sam e as N atio n al Banks. 4th. Section 19 re q u ires m em ber b an k s to m a in ta in a po rtio n of th e ir reserve w ith th e F ed eral R eserve B ank. T he th re e m ain q uestions a re p resen ted : (F ir s t) W h eth e r u n d e r th e b a n k in g law of M ichigan a S ta te B ank m ay subscribe to th e cap ita l of, and become sto ck holders in a F ed eral R eserve B ank. (Second) W h eth e r u n d e r th e provisions of th e M ichigan b an k in g law a S tate 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 ed eral 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 Act fo r S ta te B anks to become stockholders in a F ed eral R eserve B ank, an d to ta k e ad v an tag e of o th e r p ro v i sions of th is Act w hich a re in c o n siste n t w ith th e provisions of th e sta te b a n k in g law , is a ll 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 er 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 ital of, and become stockholders in a n o th e r b a n k in g c o rp o ra tion. T he pow ers of S tate B anks organized u n d e r 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 ey have only such pow ers as are expressly g ra n te d by th e S tate B an k in g Act, and such o th er pow ers as are given th em ex necessita te re i in o rd e r th a t th e ir express pow ers m ay be fully carried o u t a n d enjoyed. T his h as been th e policy in M ichigan as ex pressed by th e co u rts an d th e B an 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 tofore given by th is D ep artm en t: A tto rn ey A tto rn ey A tto rn ey A tto rn ey G eneral’s R ep o rt G en eral’s R e p o rt G en eral’s R e p o rt G en eral’s R ep o rt for fo r fo r for 1912, 1911, 1909, 1908, page page page page 158. 332. 178. 217. See also th e follow ing Suprem e C ourt decisions of th is S tate: L afferty v s Peoples Savings B ank, 76 Mich. 65. S tate Savings B an k 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 L aw of B anking, Sec. 19 et seq. p. 17, 18-27. McGee on B anks an d B ank in g , Chap. X III. See note p. 777, U. S. S uprem e C ourt R eport, 94 to 97. T h ere 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 ho ld in g stock in a n o th e r b an k or in a n o th e r corporation. B u t on th e o th er hand, th e use of th e b a n k ’s co rp o rate fu n d s an d of its deposits, both savings and com m ercial, is se t fo rth by express e n u m eratio n , an d th is e n u m era tio n does not con tain an y reference to in v e stm e n t of cap ital o r o th e r fu n d s in oth er corporations, w h eth er b a n k in g or o therw ise. In th is resp ect the 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 the 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 a n k co r poration, in th e absence of express p erm issio n by sta tu te , can n o t in v est its funds in th e stock of a n o th e r b an k or o th er corporations. Bolles M odern L aw of B an k in g , page 205. M ichie, “B anks and B a n k in g ,” page 660. M etropolitan T ru s t 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 an k v. K ennedy, 167 U. S. 362. T illin g ast v. C arr, 82 Fed. 288. T he reaso n in g upon w hich th is ho ld in g is founded is wTell set fo rth in th e case of F ir s t N atio n al B ank v. C onverse, su p ra, page 438 of th e opinion, w hich w as delivered by Mr. Ju stic e W h ite: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. lxxi “Now, the 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 alifornia 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 sta tu te s re la tiv e to n a tio n a l b an k s co n sti tu te th e m easure of th e a u th o rity of such corporations, and th a t th ey c an n o t rig h tfu lly exercise an y pow ers except those expressly g ra n te d or w hich are in ci d en tal to c a rry in g on th e bu sin ess for w hich th ey a re established. L ogan 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 acquire th e stock of a n o th e r corp o ratio n is con fe rre d upon a n a tio n a l bank, b u t it h as been held th a t, as in cid en tal to the 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 co rporation as collateral, 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 co llateral, an d be subject to lia b ility as o th er stockholders. G erm ania N at. B ank v. Case, 99 U S. 628, 25 L. ed. 448. So, also, a n a tio n a l b a n k m ay be conceded to possess th e incid en tal pow er of accepting in good fa ith , stock of a n o th e r corporation as se c u rity for a previous indebtedness. It is clear, how ever, th a t a n a tio n a l b ank does not possess th e power to deal in stocks. The p ro h ib itio n is im plied from th e fa ilu re to g ra n t th e power. 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 tate B anks as to N atio n al B anks, as will be seen by a review 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 ed eral R eserve B anks do n o t come w ith in th a t class of corporations in w hich N atio n al an d S tate B anks are p ro h ib ited from holding stock, and th a t th e F ed eral R eserve B anks are n o t p riv a te co rp o ratio n s; b u t on th e oth er hand, a re public corporations. F ro m m y re a 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 eserve B anks, I am of th e opinion th a t th e b an k s so created an d au th o rized u n d er th is A ct differ only from o rd in a ry N atio n al and S tate B anks in th e lim ita tio n s upon th e pow ers and scope of th e ir business. It is tru e th e y have, as d istin g u ish ed from th e N atio n al B anks, probably a closer re la tio n to th e gov ern m en t th a n N atio n al B an k s; b u t ou tsid e of th e h ig h er degree of F ed eral control and resp o n sib ility to th e g o vernm ent and o th er re s tric tio n s in th e ir pow ers, th ese b an k s have all th e in cid en ts of th e o rd in a ry bank as to p rim a ry org an izatio n , control an d use of corporate funds, d istrib u tio n of profits a n d lia b ility of stockholders. In th ese respects th e F ed eral R eserve B anks a re v ery sim ila r to N a tio n a l B anks, and N atio n al B anks a re held to be p riv ate corporations, alth o u g h g o v ern m en tal agencies. Bolles M odern L aw of B anking, p. 3. B ranch v. U nited S tates, 12 U. S. C ourt of Claim s, 281 to 286. 2nd. W h eth er u n d er th e provisions 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 obligations in w hole or in p a r t of an o th e r b a n k in g corporation. 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 tate B anks w ould have no re la tio n s w ith F e d e ra l R eserve B anks, unless th ey should be stockholders. T he F e d e ra l R eserve A ct expressly defines the liab ility of stockholders in F ed e ra l R eserv e B anks. I t is m y opinion th a t S tate B anks u n d er th e M ichigan B an k in g L aw cannot be p erm itte d to th u s assum e th e lia b ilitie s of a n o th e r bank, n o r can th e y th e re fo re assum e th e lia b il ities of a F ed eral R eserve B ank by becom ing stockholders, n o r loan th e ir cred it in th is m an n er to one of these. M ichie, “B anks & B a n k in g ,” Sec. 99, p. 681, an d 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 proposition is as to w h eth er th e p erm ission given by th e F ed eral R eserve Act fo r S tate B anks to become stockholders in a F e d e ra l R eserve B ank and to ta k e ad vanta g e of o th er provisions of th is Act w hich are in c o n siste n t w ith th e provisions of th e S tate B a n k in g Law, is all th a t is n ecessary and w h eth er it w ould hence be u n n ecessary fo r th e S tate to pass an en ab lin g sta tu te . T he general proposition th a t th e sta te s are 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 nited States, tre a tie s an d 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 applicatio n to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxii STA TE BANKING D EPA R TM EN T. th e question u n d er consideration. th e police pow ers of states. The reg u latio n of b a n k in g is an exercise of McGee on B anks and B anking, pages 1 an d 2. A ssaria S tate B ank v. Dolley, 219 U. S. 127. Noble S tate B ank v. H askell, 219 U. S. p. 113 of U. S. R eports. E ngel vs. O’M alley, 219 U. S and page 128 of R eports. The police pow er of th e states, being expressly reserved to th e sta te s by th e F ed eral C o nstitution , is n o t su b o rd in ate to th e F ed e ra l C o nstitution, and hence is n o t su b o rd in ate to Acts 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. Iowa, 18 W all. 129. Cooley’s Const. Lim . 5 ed., page 708. See also cases cited in A ssaria S tate B an k v. Dolley, in th e note on page 127 of U nited S tates Suprem e C ourt R eports. I w ould have had no doubt on th is proposition w ere it not for th e ru lin g of th e U nited S tates Suprem e C ourt in Casey v. Galli, 94 U. S., page 673. T h at 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 erm 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 necessary in such conversion. In th e opinion it w as said: “ The second plea is clearly bad. No a u th o rity from th e sta te w as necessary to enable th e b ank so to change its organ izatio n . The option to do th a t was given by th e 44th Section of th e B ank A ct of C ongress (13 S tat. L. 112). The pow er th ere conferred w as am ple, and its v a lid ity c an n o t be doubted. The Act is sile n t as to any a sse n t or perm issio n by th e state. It w as as com petent for Congress to au th o rize th e tra n sm u ta tio n as to c re a te such in s titu tio n s o rig in ally .” T he tw o propositions, how ever, it 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 rporations does n o t extend to the rig h t to p ro h ib it such corp o ratio n s fro m v o lu n ta ry dissolution. A sta te b a n k in g corporation m ay dissolve itself and cease to exist, and beyond th e rig h t of th e sta te to compel a b ank to p ro p erly liq u id ate, it can n o t concern itse lf in th e d eterm in atio n of th e in co rp o rato rs and stock h o ld ers of th e b an k to cease to exist. Hence, a sta te bank, w ith o u t th e consent of th e sta te , m ay cease to e x ist and th e in co rp o rato rs an d stockholders m ay by p roper action con v ert th e b an k in to a N atio n al B ank. B u t it is necessary th a t a S tate B ank in o rd er to be converted in to a N atio n al B ank should have th e consent an d perm issio n of th e U nited States. T his, it seem s to me is all th a t is m ean t by th e opinion in Casey v. Galli. H ow ever, the rig h t of a sta te to control its co rp o ratio n s (a n d th is includes b an k in g c o rp o ratio n s), and to say w h a t th ey m ay do and m ay n o t do, is abso lutely conceded by th e decisions of th e U nited S ta te s S uprem e C ourt, su p ra. The S tate of M ichigan has seen fit to lim it its banks in th e use of th e ir corporate funds and th is lim ita tio n can n o t be e n larg ed by th e law s of th e U nited States. The F ederal R eserve Act, as to S tate B anks, is p u rely perm issive. It has le ft th e w ay open for S tate 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 an y 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 an k s organized 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 provisions of th e F e d e ra l R eserve Act. R espectfully yours, (S ig n ed ) G r a n t F e l l o w s , A tto rn ey General. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. lx x iii RENEWALS WITH PROPER SIGNATURES TO BE PROCURED. M arch F o u rte e n th , N ineteen F o u rteen , H on. 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 ard ed to th is D e p artm en t a le tte r from C harles D. Thom pson, of Bad Axe, M ichigan, a sk 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 practice of c o u n try ban k s in e x ten d in g th e ir paper from tim e to tim e because of th e in a b ility to get all sig n ers to join in new notes, it has been suggested to me th a t a note for th e o rig in al 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 the paym ent of th e w ith in note a t m a tu rity , or a t an y tim e th e re a fte r, in clu d in g an y renew al of sam e, w aiv in g a dem and, notice of non-paym ent and p ro te st” could safely and properly be han d led by p e rm ittin g th e m ak er to execute a new note and re ta in in g the old note w ith th e en d o rsem en t u n d er th e above g u a ra n ty . T his w ould give th e b a n k e r new p aper an d avoid th e question of extension, y et w ould n o t inconvenience h is custom er.” You desire to know w h eth er th e re are an y objections to th e m ethod outlin ed in th e above com m unication. In reply th ereto would say th a t th e p rin c ip a l idea co n tain ed in th e suggestion seem s to be th a t such a c o n tra c t would lessen th e w ork of th e b an k in pro cu rin g renew als of u n p aid notes by h a v in g th e renew als signed only by th e p a rtie s p rim a rily liable. It is e n tire ly possible th a t such a co n tra c t would be b in d in g upon th e m akers w ere th e m a tte r tested in court, b u t it occurs to me th a t it would establish 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 banks should be encouraged in th e id ea th a t th e s ta tu s of th e ir pap er is m ore a m a tte r fo r th e ban k s to look o u t for th a n th e b orrow ers th e m selves. I t is u n q uestio n ab ly th e d u ty of bo rro w ers to see th a t th e ir paper is re new ed as often as necessary. R egardless of th e ex act legal question involved I am im pressed th a t you should n o t co untenance th e suggestion m ade by Mr. Thom pson. I re tu rn h erew ith Mr T hom pson’s lette r. R esp ectfu lly yours, A. B. Dougherty, D epu ty A tto rn ey General. PURCHASE PRICE OF TEASES MAY BE CARRIED AS BANKING HOUSE. L an sin g , M arch 17, 1914. Hon. E. H. Doyle, B an k in g C om m issioner, Capitol, L an sin g : D ear S ir—Y our com m unication of recen t date, re la tiv e to long te rm leases by ban ks for b an k in g houses, received and co n ten ts noted. In yo u r first com m unica tio n you sta te the follow ing: “As you are probably w ell aw are, in th e larg e cities in M ichigan sta te banks are estab lish in g a nu m b er of branches or agencies, and in som e in stan ces procure b an k in g office and re a l e sta te u n d er a long tim e lease, in som e in stan ces fo r 99 years, ca rry in g purch ase price of th e lease in b a n k in g house account. In view of th e fact th a t we are advised th a t ce rta in b an k s m ay erect expensive buildings on leased grounds w ith th e expectation of c a rry in g sam e in th e ir b an k in g house account, we resp ectfu lly ask y o u r opinion as to w h eth er or not th e D ep artm en t has th e rig h t, u n d er th e law and all th e circum stances, to p e rm it b a n k in g house and land so held w here th e fee of th e p ro p erty is not in the b an k .” The p a rtic u la r question is p resen ted as to w h eth er a c e rta in lease en tered into by th e ................... B ank, a copy of w hich you have procured an d fo rw ard ed to me, is valid so fa r as th e b an k is concerned; and also w h eth er bu ild in g s erected upon the ground so leased by th e b ank should be c arried as “b a n k in g house.” I have exam ined th is lease, w hich w as o rig in ally m ade betw een th e ................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxiv STA TE BANKING D EPA R TM EN T. Com pany and th e .......... . . . Com pany, p a rtie s of th e first p a rt, an d ........................., p a rty of the 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 nder th e te rm s of th is lease, w hich ru n s fo r 99 years, th e lessee is required to pay $20,000.00 a y ear g round re n t fo r th e first te n years, and $25,000.00 a y ear th e re a fte r. The lessee also agrees to c o n stru ct on p a rt of th e ground a b u ild in g of n o t less value 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 co 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 o r h e re a fte r constructed. T he lease contains th e u su a l provisions for fo rfe itu re and se c u rity for perform ance and provides in case of fo rfe itu re before th e end of th e te rm and also upon the te rm in a tio n of th e lease by ex 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 term , how ever, th e lessee is given th e rig h t to sublet, m ake im provem ents, assig n or sell his in te re st in th e lease, or use it as se c u rity fo r loans, etc. The in te n t of th e in s tru m e n t a p p aren tly is th a t th e lessee sh all exercise all th e rig h ts of ow nership in th e b u ild in g or b u ildin g s in cid en t to o rd in a ry ow nership w ith th e exception th a t th e lessor h as th e rig h t of e n try fo r inspection or ex hibition, and w ith th e fu rth e r reserv atio n th a t th e lessee m ay n o t incum ber th e p ro p erty in such a m a n n e r as to im p air th e lesso r’s in te re st th e re in . T he first question p resen ted by your in q u iry is as to w h eth er u n d e r th e M ichi gan B an k in g Law s it is w ith in th e pow er of a S tate B ank to .e n te r in to such a lease. On th is proposition I th in k we are agreed th a t S ta te B anks m ay u n d er Section 6100 of th e Compiled L aw s of 1897 e n te r in to a lease of th e n a tu r e indicated. T his section provides, in p a rt, as follow s: “A b ank m ay purchase, hold and convey re a l e state for the follow ing purposes, b u t no o th er: F irs t, such as sh all be necessary for 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 offices o th er a p a rtm e n ts to re n t as a source of incom e, h u t w hich sh all n o t exceed 50% of its paid in cap ital * * * * ’’ The N atio n al B an k in g A ct (R evised S tatu tes, Section 5137) con tain s a v e ry sim i la r provision, nam ely : “A N atio n al B an k in g A ssociation m ay p urchase, hold and convey real e sta te for th e follow ing purposes and for no o th e rs: F irs t, such as sh all be necessary fo r 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 an k in g Law , th e Suprem e C o u rt of th e U nited S tates held in several in stan ces th a t N atio n al B anks possessed th e power to purchase and hold long te rm leases, provided such leases are bona fide. See B row n vs. Schleier, 194 U. S. 18, affirm ing th e decision of th e C ircu it C ourt of A ppeals in th e sam e case, rep o rted 118 Fed. 981. I th in k th is decision is con clusive upon th e proposition, and th a t th e re fo re it is in tr a v ires of our S tate ban k s to e n te r in to such a lease in preferen ce to o b tain in g th e fee. Y our second in q u iry is as to w h eth er u n d er such a lease th e in v estm en t of the lessee b an k should be c arried u n d er th e head “B an k in g H ouse.” Upon th is propo 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 ligh t. If th e b an k had obtained th e fee in th e lan d upon w hich th e b u ild in g is erected it would 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 non perform ance on th e p a rt of th e bank, and th e te rm s of th e lease itself im posing a continuous lia b ility upon th e lessee bank, th e re is some question as to w h eth er th is lease is an a ss e t or a liab ility . It is a lia b ility to th e e x te n t th a t th e bank m u st pay its re n t w h eth er it o b tain s any incom e fro m th e b u ild in g or not, and it has th e fu rth e r lia b ility th a t it m u st erect a b u ild in g w o rth n o t less th a n $50,000 upon th e land, and it m u st a t all tim es a fte r th e erection 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 at a v alue no t less th a n $100,000. U ndoubtedly if the plan s of th e b an k do not m isc a rry th e lease will be a valu ab le asset Independent of such co n sid eratio n s, how ever, and w hich a re larg ely speculative, th e fact rem ain s th a t th e h an k h as invested, or w ill invest, a specified am o u n t of money in th e erection 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 fro m th e in v e s t-' m en t in a fee, both bein g for th e sam e purpose. The only difference w ould be as to actu al 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. lxxv houses u n d er sim ila r leases are p erm itte d to c a rry th e sam e in ‘•B anking 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. T he am o u n t w hich should he ca rrie d as “B an k in g H ouse” account should not exceed th e ac tu a l valu e of th e build in g s erected by th e b an k u n d er th e lease, and should not include th e a n n u a l re n ta l p aid for th e gro u n d or b u ild in g s erected by th e landlord. R espectfully yours, Gr a n t F ello w s, A tto rn e y General. L an sin g , Ju n e 5, 1914. H onorable E. H . Doyle, S tate B an k in g C om m issioner, C apitol: D ear S ir—Y our com m unication of th e 1st in st. received, in w hich you req u est m y opinion on a p roposition su b m itted to you by th e .................................. B ank. T his proposition is as follow s: “The .................................................. B ank h as outgrow n its p re se n t q u a rte rs and it is absolutely n ecessary th a t we o btain a la rg e r site or go to p ra c tic a lly th e sam e expense of reb u ild in g on th e p re se n t site, and th e n n o t have a desirable b u ild in g on account of th e n arro w lo t w hich we now occupy, it being only 21 feet. “T here is a b u ild in g a d jac en t to our p re se n t location of 28 feet, th e title of w hich stan d s as follow s: The p ro p erty 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 ereo f for th e ir n a tu r a l lives. A t th e d eath of e ith e r one, th e title is to go to h e r h eirs. Miss ..................... 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 th re e ch ild ren , who w ill be th e rem ain d erm en of h e r in te re st in th e pro p erty , and u n d oubtedly th e re m ain d erm en of th e m aiden lady, unless M rs....................... sh o u ld ' 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 rem a in d e rm e n do n o t w ish to sell, claim in g th e m oney is w ell invested a n d th a t th ey w ould ra 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 ten a n ts. “The question a rises as to w hether, 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 purch ase on th e death of th e life te n a n ts, so th a t th e y could go on and erect a b an k building, a n d pay th e life te n a n ts a re n ta l d u rin g th e ir lives, an d a t th e end of th e lease period, or a t th e d eath of th e life te n a n ts, have th e option to p u rch ase become operative an d th e y convey th e ir in te re sts in fee to th e p resen t b an k or its successor.” In reply th ereto w ould say th a t th is p roposition is sim ila r to th a t involved in m y opinion given you M arch 17th, 1914, relativ e to b an k s b u ild in g on leased p rop erty. In th is p a rtic u la r case th e lease and option w ould n ecessarily have to in clude both the life te n a n ts and all th e possible rem ain d erm en . Gr a n t F ello w s, A tto rn e y General. treasurer of m u n ic ip a l it y not to holder d e p o s it funds in bank w here he is sto c k OR OTHERWISE. A p ril 29th, N in etee n F o u rteen . Hon. E dw ard H. Doyle, C om m issioner of B anking, C apitol: D ear S ir—Y our oral co m m unication on th e follow ing proposition h as been con sidered. You h an d in a com m unication fro m Mr. Leo J. N a v a rre of E ssexville, M ichigan, as follow s: “The w riter, E ssexville. has “An opinion m oney w hich I who is a stockholder and d irecto r in th e S ta te Savings B ank of been elected tre a s u re r of th e village of E ssexville. has been h anded me th is m o rn in g w hich concerns th e deposit of m ay h an d le as such tre a su re r. T he opinion is from th e law firm https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST A T E BAN KING D EPA R TM EN T. lx x v i of C oum ans & Gaffney of B ay City, and is enclosed h ere w ith for your inspec tion. “T he w rite r talk ed 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 esign ated th is b an k as a d ep o sito ry 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 le s of th e D ep a rtm e n t and w ish you would w rite me in th is reg ard , so th a t y our decision m ay he su b m itted at the d ire c to rs’ m eetin g an d settle an y q uestion w ith re g a rd to yo u r office.” A ccom panying th is w as also an opinion given by M essrs. C oum ans & Gaffney of B ay C ity b earin g upon th e proposition, th e conclusion of w hich is as follow s: “T herefore, we th e tre a s u re r of in w hich he is a T he references conclude th a t by th e provisions of Sections 892, 893 and 895, any m u n ic ip a lity is forbidden to deposit m oneys in any bank stockholder or o th erw ise.” are to H ow ell’s M ichigan S ta tu te s (n e w ). In reply th ereto w ould say th a t it h as hereto fo re been th e position of th is d e p artm en t th a t th e tre a su re rs of th e v ario u s m u n icip alities can n o t deposit th e funds w hich th ey hold as such tre a s u re rs in ban k s in w hich th ey a re in te re ste d as stockholders, d irecto rs or officers. T his, how ever, is modified by th e pro v i sions of A cts 99, and 305, P ublic A cts of 1909. Act 99 applies to counties, and 305 applies to tow nships. B oth of these Acts provide fo r th e deposit of public funds in banks to be d esignated by B oards of S upervisors, C ounty A uditors, and T ow nship B oards, as th e case m ay be. U nder e ith e r Act th e tre a s u re r is relieved from his resp o n sib ility in case of th e fa ilu re of th e ban k s in w hich th e deposits a re m ade w here th e depositories a re desig n ated in accordance w ith th e te rm s of th e Acts. I th in k it would also follow th a t w here th e B oard of S upervisors or th e T ow nship B oard, as th e case m ay be, h a s u n d e rta k e n to d esig n ate a depository for 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 directio n s of those h av in g th e rig h t to designate such depositories. This, how ever, 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 term s of th e above Acts, 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 provision by w hich th e electors of a p rim a ry school d is tric t m ay d esignate th e depository of th e school d is tric t funds. W here th is is done, I am of th e opinion th a t i t w ould relieve th e tre a s u re r of an y lia b ility fo r d epositing fu n d s 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, Géant F ello w s, A tto rn e y General. SIGNER ON FACE OF NOTE CONSIDERED MAKER UNLESS OTHERWISE DESIGNATED. A p ril T w en ty -n in th N in eteen F o u rteen . 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 your o ral req u est fo r an opinion as to th e lia b ility of th e sig n ers of a pro m isso ry n ote for th e follow ing fo rm : $100.00. ................................ M ichigan Jan y . 1, 1914. Sixty days a fte r date I prom ise to pay to th e ord er of T h e F ir 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 r e s t a t 7 p er c e n t p er a n n u m a n d p r o te st. D u e ................................................ a f t e r d u e , w a i v i n g n o t i c e o f d e m a n d , d is h o n o r J o h n S m it h , W i l l i a m . J o n e s .” I w ish to advise you as follow s: It w ill be noted th a t th e in s tru m e n t is signed by n e ith e r p a rty h av in g been req u ired to sign on the back. in p a rtic u la r is as to th e lia b ility of W illiam Jones, th e to have signed th e note as a n accom m odation p a rty an d https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tw o p a rtie s on its face, W h at you desire to know second sig n er, who claim s n o t as a beneficiary. R E PO R T OP T H E COMMISSIONER. lx x v ii In rep ly th ereto , I call y o u r a tte n tio n to th e follow ing p ro v isio n s of A ct 265 of th e P ublic 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 te rm s of th e in s tru m e n t is ab so lu tely re q u ire d to pay th e sam e. All o th e r p arties a re secondarily liable.” “ Section 26. E v ery negotiable in s tru m e n t is deemed pr'im a facie to have been issued for a valuable co n sid eratio n ; and every person whose sig n a tu re ap p ears thereo n to have become a p a rty th e re to for valu e.” “Section 31. ACCOMMODATION P A R T Y , L ia b ility of—An accom m odation p a rty is one who has signed th e in s tru m e n t as m aker, d raw er, acceptor, or en dorser, w ith o u t receiv in g value th ere fo r, and for th e purpose of len d in g h is nam e to som e o th er person. Such a person is liable on th e in s tru m e n t to a ho ld er for value, n o tw ith sta n d in g such holder a t th e tim e of ta k in g th e in stru m e n t knew him to be only an accom m odation p a rty .” “ Section 65. W hen Person cleemecl endorser— A person placing h is sig n a tu re upon an in s tru m e n t oth erw ise th a n as m ak er d raw er or acceptor, is deemed to be an endorser unless he clearly in d icates .by a p p ro p ria te w ords h is in te n tio n to be bound in some o th er capacity.” In view of th e above provisions and th e nu 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 Jones would be p rim a facie deemed to be a m ak er of th e note, th e re being 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 any o th er capacity. R espectfully yours, G r a n t F e ix o w s , A tto rn e y General. STATE BANKS NOT TO PLEDGE ASSETS IN LIEU OF BOND TO SECURE COUNTY FUNDS. A pril T w enty-ninth, N ineteen F ourteen. H on. A lbert E. M anning, D eputy B an k in g C om m issioner, C a p ito l: D ear S ir— I have y our com m u n icatio n of th e 28th in st. re q u e stin g m y opinion as to w h eth er or not a S ta te 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 or 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 question is raised. In reply th ereto would say th a t th e only d irect a u th o rity for th e deposit of coun ty bonds w ith ban k s is found in Act 99 of th e P ublic Acts 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 Supervisors or B oard of C ounty A uditors, th e C ounty T re a su re r w as held absolutely responsible for all county funds. T here w as no d irect a u th o rity fo r his depositing th e county m oneys w ith ban k s or o th e r depositories unless as in som e cases by local legislation. U nder th e p rovisions of Act 99 of th e Public A cts of 1909, ab o v e -re fe rre d to, th e B oard of S upervisors m ay designate a depository for county fu n d s u n d er c e rta in conditions. Y our a tte n tio n is called p a rtic u la rly to Section 3 of th is Act, w hich provides as follow s: “B efore any deposit sh all be m ade w ith any b an k or banks as aforesaid, such b ank or ban k s sh all execute and deliver to th e B oard of Supervisors or th e B oard of C ounty A u d ito rs, 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 ax im u m a m o u n t to be deposited in such bank, and w ith such su re tie s as sh all be approved by such board 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 tioned for th e safe keep in g and rep a y m e n t of such m oneys or a n y p a rt th e re o f on dem and and th e p ay m en t of said in te re st, and sh all c o n tain such o th e r condi tio n s as m ay be re q u ire d by th e B oard of S u p erv iso rs or th e B oard of C ounty A uditors, not in c o n siste n t w ith th e p ro v isio n s of th is A ct.” The condition p rescribed in Section 3 is, in my opinion, an ab so lu te one and for w hich th e re would be no a u th o rity to m ake a su b stitu tio n . The dep o sitin g of co llateral se c u ritie s w ould not, in m y opinion, fulfill th e conditions p rescrib ed in th e Act. I am assu m in g for th e purpose of th is opinion th a t th e B oard of S upervisors https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lx x v iii STA TE BAN KING D EPA R TM EN T. or th e B oard of C ounty A u d ito rs of W ayne h a s u n d e rta k e n to d esig n ate th e d epositories for th e ir co u n ty fu n d s e ith e r u n d e r th e p ro v isio n s of th e above A ct or som e o th er sim ila r law. R espectfully yours, Gr a n t F ello w s, A tto rn ey General. CERTAIN MUNICIPAL PUBLIC UTILITY BONDS NOT LEGAL SAVINGS INVESTMENTS. . October 26, N in eteen F o u rteen . Hon. E. H. Doyle, S tate B a n k in g C om m issioner, C apitol: D ear S ir—You have re fe rre d to me a co m m unication fro m a public com m ittee in th e C ity of Y psilanti, req u e stin g an opinion as to w h e th e r a proposed issue of u tility bonds w ould come w ith in th e class of in v estm en ts p e rm itted to he m ade by savings banks o rganized u n d er th e M ichigan B an k in g Law . T he C ity of Y psilanti has recen tly au th o rized th e p u rch ase th e Y p silan ti gas p la n t and h a s au th o rized an issue of one h u n d re d th ir ty th o u san d d o llars of m o rtg ag e bonds 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 re d it of th e city 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 la n t, in clu d in g a tw enty-year fra n c h ise in case of fo re closure. Section 27 of the S ta te B a n k in g L aw prescrib es th e class of in v estm en ts w hich m ay be m ade by savings b an k s of th e sav in g s m oney on deposit. T h ere are sev eral classes w hich a re described in sub-sections (a ) to (i) of th is section. T here are tw o classes of public bonds: (a ) B onds of th e U nited S tates, of a n y S tate or te rrito ry of th e U n ited S tates; (b ) T he public debt or bonds of a n y city, county, tow nship, v illag e or school d is tric t of a n y S ta te or te r r ito r y in th e U n ited S tates, w hich sh a ll h av e been au th o riz e d by th e le g isla tu re of such S ta te or te rrito ry . T he 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 riv a te corporation w as evid en tly based upon th e p erm issio n given in Section 4 of A ct 279 of the P ublic Acts of 1909, as am ended by A ct 5 of th e P ublic A cts of 1913. T h is 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 b o rrow 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 v alue of all re a l and perso n al p ro p e rty in th e city * * * * w hen a city is au th o riz e d to acq u ire or o p erate an y public u tility , i t m ay for th e purpose of a cq u irin g th e sam e borrow m oney on th e c re d it of th e c ity in a sum n o t to exceed tw o p er cen tu m of th e assessed valu e of all th e re a l and p erso n al p ro p e rty of th e city, a n d th e city m ay also, for th e p u rpose of acq u irin g such public u tility , issue m ortgage bonds th e re fo r beyond th e g en eral lim it of bonded indebtedness p rescribed by law : P rovided, th a t such m ortgage bonds issued beyond th e g en eral lim its of bonded indebtedness p rescribed by law sh all n o t im pose an 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 p ublic 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 operate th e sam e * * * And provided fu rth e r, T h a t th e c h a rte r sh all provide fo r th e cre a tio n of a sin k in g fund by se ttin g aside such percentage of th e gross or n e t e a rn in g s of th e public u tilty as m ay be deem ed sufficient fo r th e p ay m en t of th e m ortgage bonds at 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 the C ity of Y p silan ti come w ith in th e provisions 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 ublic A cts of 1913 and w as th e re fo re re-enacted in its p re se n t form su bsequent to th e p a s sage of section 4 of th e C ity H om e R u le L aw and u n d er th e o rd in a ry ru les of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. lxxix s ta tu to ry co n stru ctio n m u st th erefo re be deemed to have been enacted in view of th e provisions of th e C ity H om e R ule Law. T he precise question u n d e r con sid e ra tio n involves th e definition of th e te rm “ in th e public debt or bonds of a n y city .” The b an k in g law does n o t a tte m p t to define th is te rm an y m ore th a n is im plied in th e lang u ag e used and so fa r as I have been able to discover, th e S u prem e C ourt of th is S tate h as nev 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. T he purpose of th e provisions of Section 27 is to th ro w pro p er safeg u ard s aro u n d th e in v estm e n t of savings deposits an d like o th e r sim ila r p rovisions of our b an k in g law, an d th e b a n k in g law s of o th e r S tates an d of th e U nited S tates, m u st be stric tly construed to give it its in ten d ed effect. In o rd er th a t sav in g s ban k s m ay in v est in such debts or bonds, th e y m u st correspond to all of th e req u ire m e n ts of th e sta tu te , th a t is, th ey m u st be public debts dr bonds and m u st p e rta in to th e city, county, tow nship, v illag e o r school d is tric t as the case m ay be an d m u st have been au 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 e sita tio 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 a u th o rized by th e L eg islatu 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 ey a re th e bonds of th e C ity of Y psilanti, is, how ever, a n o th e r question. It is tru e th e se -b o n d s are au th o rized by th e C ity of Y psilan ti and th e y are to be paid an d redeem ed by fu n d s belong in g to th e C ity of Y psilan ti. T hey are not, how ever, secured by th e fa ith and c re d it of th e city as a whole. It is a g en eral ru le of law th a t w here special fu n d s a re created for th e pay m en t of a p a rtic u la r class of claim s, those 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 fu n d are u su ally n o t payable out of a n y o th e r fund, an d hence th e m u n icip ality is n o t liable outsid e of such fund. B rooke vs. S an L u is Obispo, 109 Cal. 50; D irectors Chicago P ublic L ib ra ry vs. A rnold, 60 111. App. 328; W iek vs. W ausan, 143 W is. 645; R hode Islan d M. & T. Com pany vs. Spokane, 19 W ash. 616; Loudenslag er vs. A tlan tic City, 80 N. J. L. 658. T his being th e law in d ep en d e n t of sta tu te , we m ay consider o u r own sta tu te as n o t only lay in g down a ru le a lread y adopted b u t as absolutely co 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 ome R ule A ct m akes a d is tin c tio n betw een bonds issued on th e fa ith and cred it of a city, and bonds se cured by a publicly ow ned u tility and th is d istin ctio 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 Suprem e C ourt in A tto rn ey G eneral vs. L indsay, 20 D. L. N. 1167, w here th is pro v isio n w as u n d e r d iscussion and in te rp re te d . I t th e re fo re follow s th e p ublic d ebt an d bonds of a city a re su b ject to a very pronounced classification to th e e x ten t th a t one class is desig n ated as th e debt of a city an d th e o th e r class is recognized as of an opposite, d escrip tion, alth o u g h still a public 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 s u it w as b ro u g h t in ch an cery for se ttle m e n t betw een a g u a rd ia n and h is w ards, th e question p resen ted bein g 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 him fo r th e w ard s and by h im in vested in th e purchase of sh ares 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 in vested in public funds, and h o lding th e g u a rd ia n liable in case of loss w here o th er in v e st m en ts w ere m ade, it w as held by th e C o u rt 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 fund invested by him 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 entucky as “public fu n d s,” or in o th er w ords gov ern m en t stock, depending fo r its c red it and se c u rity on th e fa ith , solvency an d sta b ility of th e G overnm ent.” T he b ank of K en tu ck y w as, how ever, a G overnm ent B ank (B riscoe vs. The B ank of The C om m onw ealth of K entucky, 11 Bet. 257), b u t in asm u ch th e fa ith and c red it of th e S tate of K en tu ck y w as n o t pledged as se c u rity fo r th e b an k https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxx STA TE BANKING D EPA R TM EN T. stock, th e stock w as n o t considered “public fu n d s.” So in th e presen 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, an d is a u th o rized by th e C ity of Y psilanti, th e bonds are n o t “bonds of th e C ity of Y p sila n ti” w ith in th e m ean in g of th e b a n k in g law. The object of Section 27 of th e b a n k in g law is to p rovide th e h ig h e st k in d of secu rity , b u t th e City 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 refused to pledge its fa ith and c re d it as a city to m eet th e bond issue and has pledged only a p a rtic u la r p ro p e rty be lon ging to th e city. I am th e re fo re of th e o p inion th a t th ese bonds do n o t m eet th e re q 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, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gr a x t F ello w s, A tto rn e y General. BANKS EXAMINED AND FEES PAID. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxxii STA TE BAN KING D EPA R TM EN T. The following is a list of banks examined and the amount paid by each, as required by section 40 of the general banking law. No. Name of bank. Location. Date first Date second Amount examination. examination. paid. 325 Addison State Savings Bank................ Addison...................... April 8 .... Nov. 3 .... $25 00 162 Adrian State Savings Bank.................. Adrian........................ Feb. 2 .... Aug. 31__ 170 93 89 The Commercial Savings Bank............ Adrian...................... Aug. 31.... 79 89 66 Lenawee County Savings Bank............ Adrian........................ Jan. 31.... Aug. 31__ 102 11 171 Waldby & Clay's State Bank............... Adrian........................ Jan. 31.... Aug. 31__ 105 83 179 Albion State Bank............................... Albion........................ Feb. 4 .... Sept. 2 .... 167 Commercial and Savings Bank............. Albion................... Feb. 4 .... Sept. 2 .... 52 81 498 Algonac Savings Bank.......................... Algonac...................... June 1 .... Dec. 12.... 25 00 Feb. 2__ 51 42 314 Allegan State Savings Bank................. Allegan....................... April 8 .... Sept. 28__ 38 28 323 First State Bank.................................. Allegan....................... April 8 .... Sept. 28.... 64 54 487 Allen State Savings Bank..................... Allen........................ 25 00 232 The Alma State Savings Bank............. Alma.......................... April 13__ Sept. 2 3.... 34 61 233 First State Bank of Alma..................... Alma.......................... April 13.. Sept. 23 .58 22 Feb. 25.... May 20__ 437 Almont Savings Bank.......................... Almont....................... Mar. 31.... Sept. 30..., 169 Alpena County Savings Bank............... Alpena........................ April 20 . 302 Farmers’ State Bank............................ Alto........................... Feb. 28.... May 14.... 25 00 48 Ann Arbor Savings Bank..................... Ann Arbor.................. May 4 .... Nov. 23.... 299 78 118 38 Sept. 5 25 13 247 87 26 Farmers’ and Mechanics’ Bank............ Ann Arbor.................. May 4 .... Nov. 23__ 333 German-American Savings Bank.......... Ann Arbor.................. May 4 .... Nov. 23.... 84 20 144 State Savings Bank.............................. Ann Arbor.................. May 4 .... Nov. 23__ 155 38 512 State Bank of Applegate...................... Applegate................... Mar. 18.... June 24.... 25 00 468 Armada State Bank............................. Armada...................... Mar. 30.... Sept. 28.... 34 93 473 Farmers’ State Bank............................ Armada...................... Mar. 30.... Sept. 28.... 25 00 414 Athens State Bank............................... Athens...................... Feb. 21.... May 18.... 25 00 418 People’s State Savings Bank................ Auburn...................... Mar. 25.... June 18.... 25 00 522 Au Gres State Bank............................. Au Gres...................... Mar. 30.... Oct, 26.... 25 00 420 State Bank of Augusta......................... Augusta...................... Jan. 31__ June 10.... 25 00 236 State Bank of Frank W. Hubbard & Co Bad Axe..................... Mar. 16.... June 22.... 50 88 237 State Savings Bank of Bad Axe............ Bad Axe..................... Mar. 16.... June 22.... 337 State Exchange Bank........................... Bancroft..................... Feb. 9 .... May 11.... 51 44 25 80 62 West Michigan Savings Bank............... Bangor....................... Mar. 10.... Oct. 21.... 40 20 444 Baraga County State Bank.................. Baraga....................... April 18.... Nov. 14.... 25 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. i List of banks examined.—Continued. No. Name of bank. Location. Date first examination. 458 Bark River State Bank............................................. Bark River................. April 22.... 394 Barryton State Savings Bank................................... 93 178 Barryton.................... Mar. 21.... City Bank................................................................ Battle Creek............... Mar. 2 .... Merchants’ Savings Bank......................................... Battle Creek............... Mar. 4 .... 63 Bay City Bank........................................................ Bay City.................... April 27.... 43 Bay County Savings Bank. . Bay City........ .. April 27... 30 Commercial Bank.................................................... Bay City.................... April 27.... 96 Lumbermans State Bank.......................................... Bay City.................... April 29.... 17 Peoples Savings Bank............................................... Bay City.................... April 27.... 513 State Bank of Beaverton.......................................... «Beaverton................... Mar. 25.... 2 Belding Savings Bank.............................................. Belding...................... April 14.... 159 People’s Savings Bank............................................. Belding................... April 14 ... 347 Bellaire State Bank.................................................. Bellaire...................... Feb. 17.... 527 Peoples State Bank.................................................. June 2 .... 548 Bellevue State Bank................................................. Bellevue..................... Oct. 219 Benton Harbor State Bank....................................... Benton Harbor........... April 4. .. . Belleville.................... 1 .... April 4.. 76 Farmers’ and Merchants’ Bank................................ Benton Harbor........... 448 Berlin State Bank.................................................... Berlin......................... Mar. 7 .... 416 Berrien Springs State Bank...................................... Berrien Springs........... Feb. 28.... 500 Peoples State Bank.................................................. Bessemer.................... 536 Central State Bank of Benzonia......... ...................... Beulah....................... Feb. 17.... 259 Big Rapids Savings Bank......................................... Big Rapids................. April 13.... 248 Citizens’ State Bank................................................ Big Rapids................. April 13.... 505 Birch Run State Bank.............................................. Birch Run.................. Feb. 10.... 411 First State Savings Bank.......................................... Birmingham............... Feb. 19.'... 481 Blanchard State Bank.............................................. Blanchard................... Mar. 21.... April 18.... 163 Blissfield State Bank................................................ Blissfield..................... Feb. 23.... 221 Jipson-Carter State Bank......................................... Blissfield.................... 516 Peoples State Bank.................................................. 436 Farmers’ State Bank................................................ Breckenridge.............. Mar. 26.... 187 First State Savings Bank......................................... Breckenridge.............. Mar. 26.... 452 Brighton State Bank................................................ Brighton..................... Feb. 11.... 519 Brimley State Bank................................................. 409 First State Savings Bank.......................................... Bronson...................... Feb. 24.... Feb. 23.... Bloomingdale.............. Mar. 31. ... Brimley...................... April 20.... 312 Culver State Bank................................................... Brooklyn.................... Mar. 4 .... 310 Farmers’ State Bank................................................ Brooklyn.................... Mar. 2 .... 216 Brown City Savings Bank.. . 253 Citizens’ State Savings Bank.................................... Brown City................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Brown City.... Mar. 18 Mar. 18.... STA TE BANKING D EPA R TM EN T. Ixxxiv List of banks examined.— Continued. Location. i Date first Date second Amount examination. examination. paid. No. Name of bank. 212 Burr Oak State Bank............................................... Burr Oak.................... Feb. 25__ 313 State Bank of Byron................................................ Byron......................... Feb. 9 .... May 20.... 25 00 181 Cadillac State Bank................................................. Cadillac...................... May 4 .... Sept. 14. ... 124 77 May 19.... $25 00 261 People’s Savings Bank.............................................. Cadillac...................... May 4 .... Sept. 14.... 78 52 291 State Bank of Caledonia.......................................... Caledonia................... Mar. 10.... June 8... . 34 46 336 Calumet State Bank................................................. Calumet..................... April 20.... Nov. 14.... 80 99 87 Merchants’ and Miners’ Bank.................................. Calumet..................... April 20.... Nov. 17.... 256 30 320 First State Bank...................................................... Camden...................... Feb. 26.... May 19... . 25 00 208 Capac Savings Bank................................................ Capac......................... April 11.... Dec. 1... . 25 00 303 State Savings Bank of Carleton................................ Carleton..................... April 9 .... Oct. 28... . 28 44 287 Commercial Savings Bank........................................ Caro........................... Mar. 2__ Nov. 30.... 28 16 286 State Savings Bank.................................................. Caro........................... Mar. 2 .... Nov. 30.... 62 51 Peoples State Bank............................................... Caro........................... Mar. 2.. Nov. 30... State Bank of Carson City....................................... Carson City................ April 30.... Oct. 19.. 525 72 234 Exchange State Bank.......................................... Carsonville................. Mar. 17.. June 23... 180 State Bank of Carsonville..................................... Carsonville................. Mar. 19 June 23... 421 Cass County State Bank.......................................... Cassopolis................... April 1 .... Oct. 537 State Bank of Cedar................................................ Cedar......................... Feb. 16.... Sept. 22.... 343 First State Bank...................................................... Central Lake.............. Feb. 18... Aug. 11... . 391 Wolf Bros. State Bank............................................ Centreville.................. Feb. 21 . May 18.... 25 00 43 96 33 61 1. ,. 25 00 25 00 25 00 ' 39 85 315 Charlevoix State Savings Bank............................... Charlevoix.................. Feb. 18 Aug. 8 .... 218 Eaton County Savings Bank.................................... Charlotte.................... Mar. June 6 . 500 Chassell State Bank................................................. Chassell...................... April 21.... Nov. 16 25 00 305 Cheboygan County Savings Bank............................. Cheboygan................. April 14.... Sept. 14.... 25 00 304 Cheboygan State Bank'............................................ Cheboygan................. April 13.... Sept. 12. ... 397 Farmers’ and Merchants’ Bank................................ Chelsea...................... Feb. 28. 203 The Kempf Commercial and Savings Bank............... Chelsea...................... Feb. 28 Nov. 4 61 85 235 The Chesaning State Bank..................................... Chesaning .. Feb. 7 May 20__ 47 21 June 13 7 .... Nov. 2 25 00 84 02 34 15 33 01 424 Citizens State Bank................................................ Clare......... Mar. 23 118 Clare County Savings Bank..................................... Clare..................... Mar. 23 540 Clarkston State Bank............................................... Clarkston........... April 14.... Nov. 11 486 Edwin Nash State Bank........................................... Clarksville.................. Mar. 11. June 9... 25 00 376 Climax State Bank................................................... Climax....................... Feb. 26. May 21.... 25 00 Feb. 9 June 9 25 00 40 33 25 00 483 Clio State Bank....................................................... Clio.......................... 104 Branch County Savings Bank................................... Coldwater................... April 8 .... Sept. 2 .... 74 99 25 00 26 05 292 State Bank of Coleman............................................ Coleman..................... Mar. 25..... Sept. 22.... 442 State Bank of Coloma.............................................. Coloma .................... Mar. 2__ June 8 .... 25 00 427 E. Hill & Sons State Bank....................................... Colon......................... Feb. 25... May 19.... 25 39 433 Columbiaville State Bank......................................... Columbiaville............. Mar. 4 .... May 11.... 25 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxxv R E P O R T OF T H E COM MISSIONER. List of banks examined.— C ontinued. No. Name of bank. Location. Date first Date second Amount examination. examination. paid. $31 36 32 Farmfirs’ Stat.fi "Rank................................................ Concord...................... Feb. 21.... May 14__ 496 Conklin State Bank.................................................. Conklin...................... Oct. 8__ 25 00 174 Commfircial State Bank............................................ Constantine................ Feb. 24.... May 19__ 29 34 173 First State Bank Constantine................ Feb. 24.... May 19__ 47 36 281 Coopersville State Bank........................................... Coopersville................ Mar. 10.... June 8__ 38 94 524 Peoples Savings Bank......... ..................................... Coopersville................ Mar. 9 .... June 10__ 25 00 406 State Bank of Montcalm County.............................. Coral.......................... Mar. 26.... June 17__ 25 00 339 OLi Corunna State Bank.......................................... Corunna..................... Sept. 8 .... Dec. 21__ 44 39 132 State Bank of Croswell......... Croswell..................... Mar. 17__ June 23__ 68 02 529 Daggett State Bank................................................. Daggett...................... April 21.... Nov. 11__ 25 00 Mar. 4 .... 176 Davison State Bank................................................. Davison...................... Feb. 10.... May 12.... 33 28 459 Dearborn State Bank............................................... Dearborn.................... Feb. 19.... May 12__ 27 59 319 Citizens’ State Bank................................................. Decatur...................... Mar. 30__ Sept. 21__ 25 00 102 First State Bank...................................................... Decatur...................... Mar. 30__ Sept. 21__ 34 68 196 Farmers’ State Bank of Deckerville.......................... Deckerville................. Mar. 14.... June 24.... 25 19 195 State Bank of Deckerville......................................... Deckerville................. Mar. 14.... June 24.... 31 19 335 Deprfielrl State Bank................................................ Deerfield.................... Feb. 25.... June 2__ 301 Del ton State Bank................................................... Delton........................ Mar. 31__ Oct. 21.... American State Bank.. 25 00 25 00 .................................... Detroit....................... Jan. 21__ June 30__ 183 78 73 Central Savings Bank............................................. Detroit....................... Jan 16__ July 6 ....... 665 02 47 Detroit. Savings Bank . , . Detroit....................... Jan. 19__ June 29.... 1,376 82 Detroit, Trust, Company Detroit....................... Jan. 19__ Dime Savings Bank. . T, ......................................... Detroit....................... Feb. 16.... Aug. 10__ 1,603 34 357 9 766 87 479 Federal State B ank................................................. Detroit....................... Jan. 19__ Aug. 18__ 107 08 5 Cerman-American Bank........................................... Detroit....................... Jan. 5__ June 29.... 434 45 &1 Michigan Savings Bank ....................................... Detroit....................... Jan. 12__ Oct. 12__ 661 27 15 Peninsular State B an k ............................................ Detroit....................... May 25__ Aug. 17.... 1,590 92 356 People’s State Bank , , ............................................ Detroit....................... Jan. 12.... Aug. 3---- 4,293 16 Security Trust Company Detroit....................... Jan. 19__ 426 87 Union Trust. Company Detroit....................... Jan. 26.... 508 06 United Savings Bank................................................ Detroit....................... Feb. 9 .... July 6 .... 530 64 6 Wayne County Ar FTome Savings B ank.................... Detroit....................... Jan. 26.... Oct. 12.... 3,109 34 336 157 Dexter S&vings Bank Dexter........................ April 8 .... Nov. 9__ 29 40 396 State Savings Bank ................................................ Dowagiac................... Feb. 4 .... Sept. 2 2.... 25 00 351 Dryden State Bank ................................................ Dryden...................... Mar. 17.... Oct. 28.... 25 00 Dundee...................... Feb. 24.... May 29__ 25 00 Dundee...................... Feb. 24.... May 29__ 26 43 Durand...................... Feb. 7 .... Sept. 17.... 25 00 Durand...................... Feb. 7 .... Sept. 16__ 47 76 477 142 423 124 ..................................... Dundpe State Savings Bank Monroe County Bank .................... ...................... First Commercial and Savings Bank Shiawassee County Bank.......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lxxxvi STA TE BAN KING D EPA R TM EN T. List of banks examined.— Continued. No. Name of bank. Location. Date first Date second Amount examination. examination. paid. 462 Peoples’ State Savings Bank..................................... East Jordan................ Feb. 16.... Aug. 15 238 State Bank of East Jordan....................................... East Jordan................ Feb. 16... Aug. 15 53 Michigan State Bank............................................... Eaton Rapids....... Mar. 10 .. June 9 33 70 Eau Claire State Bank...................................... . Eau Claire.................. Mar. 4... June 10 25 00 499 $25 00 40 96 193 Edmore State Bank................................................. Edmore................. Mar. 24 June 15 25 00 403 Peoples State Bank.................................................. Edmore...................... Mar. 24 . June 15 25 00 129 Elk Rapids State Bank............................................ Elk Rapids................. Feb. 18.... Sept. 26 26 34 342 State Savings Bank.................................................. Elsie...................... Mar. 25 28 78 508 Empire State Bank.................................................. Empire....................... Feb. 17.-... Sept. 22 . 299 State Savings Bank.................................................. Escanaba.................... April 21.... Nov. 14 520 State Savings Bank.................................................. Essexville........... April 29 .. Sept. 22 25 00 295 Evart Savings Bank................................................. Evart . Mar. 23 June 15 25 00 June 16 25 00 65 55 152 First State Savings Bank.......................................... Evart......................... Mar. 23... June 15 50 48 460 Farmington Exchange Bank..................................... Farmington............... Feb. 10... May 25 25 00 215 Old State B a n k ...................................................... Fennville....... Mar. 7... June 6 25 00 209 Commercial Savings Bank of Fenton......... Fenton... Mar. 25 June 17 39 59 384 Fenton State Savings Bank...................................... F enton........ Mar. 25 June 17 30 03 495 State Savings Bank........................................ Flat Rock.... April 7 Oct. 25 00 6 101 Citizens’ Commercial and Savings Bank................... Flint......................... Jan. 31.... Sept. 8 193 43 23 Genesee County Savings Bank.................. ............... Flint .. Jan. 31 351 20 Sept. 5 431 Industrial Savings Bank........................................... Flint........................... Jan. 31... Sept. 5 99 83 165 Union Trust and Savings Bank................................. Flint..................... Sept. 5 228 09 48 13 Jan. 31 126 First State and Savings Bank................................... Flushing.............. April 29 Oct. 5 223 People’s State Bank................................................. Flushing................... April 29 .. Oct. 5 25 00 454 Bank of Fountain..................................................... Fountain... Mar. 3 June 2 25 00 141 State Savings Bank of Fowler.................................. Fowler............... April 13... Sept. 30 31 99 293 State Bank of Fowlerville......................................... Fowlerville. . . Feb. 10 June 6 29 63 Aug. 26 32 23 450 Frankenmuth State Bank......................................... Frankenmuth... April 29 229 State Savings Bank of Frankfort.............................. Frankfort................... Feb. 18.... Sept. 21.... 461 State Bank of Fraser................................................ Fraser........................ Feb. 9... Sept. 14... 25 00 449 State Bank of Freeport............................................ Freeport....... Mar. 10 June 8 25 00 297 Fremont State Bank................................................ Fremont. . . Mar. 2 Oct 8 36 53 345 Old State Bank........................................................ Fremont........... Mar. 2 June 24 47 31 362 State Savings Bank.................................................. Gagetown................... Mar. 16.... June 22.... 25 00 426 Galesburg State Bank.............................................. Galesburg. .. 25 00 Feb. 2 June 9 27 32 447 Garden State Savings Bank...................................... Garden....................... April 2 2.... Nov. 7 .... 25 00 153 Gaylord State Savings Bank..................................... Gaylord...................... April 23.... Sept. 1 .... 47 11 507 Gladstone State Savings Bank.................................. Gladstone................... 39 75 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April 20.... Nov. 17.... R E PO R T OF T H E COMMISSIONER. lx x x v ii List of banks examined.— Continued. Date first Date second Amount examination. examination. paid. No. Name of bank. Location. 471 Home State Bank.................................................... Gladwin..................... 298 State Bank of Gladwin............................................. Gladwin...................... Mar. 24__ 249 Grand Haven State Bank......................................... Mar. 24.... June 17.... $25 00 June 17__ 26 86 Grand Haven............. Mar. 10.... Aug. 31__ 142 51 443 Peoples Saving Bank................................................ Grand Haven............. Mar. 11.... June 22.... 58 79 308 Grand Ledge State Bank.......................................... Grand Ledge............... Mar. 30.... Sept. 26.... 25 00 389 Loan and Deposit Bank........................................... Grand Ledge.............. Mar. 28.... Sept. 26.... 53 05 316 City Trust and Savings Bank................................... Grand Rapids............. Jan. 5 .... July 6__ 163 76 276 Commercial Savings Bank........................................ Grand Rapids............. Jan. 5 .... July 6__ 256 33 61 Grand Rapids Savings Bank..................................... Grand Rapids............. Jan. 5 .... June 29.... 423 80 Grand Rapids Trust Company................................. Grand Rapids............. April 9 .... Kent State Bank...................................................... Grand Rapids............. Jan. 402 50 99 5 .... July 6 .... 797 42 256 32 Michigan Trust Company........................................ Grand Rapids............. Jan. 5 .... 108 People’s Savings Bank............................................. Grand Rapids............. Jan. 5__ July 6 .... 235 08 359 Grandville State Bank.............................................. Grandville.................. Mar. 7 .... June 6 .... 25 00 340 Grant State Bank.................................................... Grant......................... Mar. 4 .... Mav 26.... 25 50- 27 Farmers Bank of Grass Lake................................... Grass I.ake................. Feb. 12.... May 13.... 30 02 518 Miners’ and Merchants’ State Bank.......................... Greenland................... April 18.... Nov. 17.... 25 00- 263 Commercial State Savings Bank............................... Greenville................... April 15.... Oct. 6 .... 52 65 188 Greenville State Bank.............................................. Greenville................... April 15.,.. Oct. 6 .... 410 Gwinn State Savings Bank....................................... Gwinn........................ 435 Hamtramck State Bank........................................... Hamtramck................ Feb. 11.... May 27.... Superior Trust Company.......................................... Hancock..................... April 20.... 35 13 254 Huron County Savings Bank.................................... Harbor Beach............. 27 51 412 State Bank of Harbor Beach.................................... Harbor Beach............. Mar. 16.... June 22.... 29 70 326 Emmet County State Bank...................................... Harbor Springs........... Feb. 19.... Aug. 3 .... 36 79 April 21.... Nov. 17.... Mar. 16.... June 22.... 355 State Savings Bank.................................................. Harrison..................... Mar. 25.... June 17.... 369 Alcona County Savings Bank................................... Harrisville.................. April 18__ Sept. 15.... 50 Oceana County Savings Bank.................................. Hart........................... Mar. 2__ May 18.... 11 Hastings City Bank................................................. Hastings..................... May 11.... Oct. 6 .... 56 34 25 001 29 88 25 00 25 OO 25 04 73 77 441 Hemlock State Bank................................................ Hemlock..................... Mar. 21.... Oct, 20.... 25 00 446 State Bank of Hesperia............................................ Hesperia..................... Mar. 2 .... June 3 .... 25 00 434 Highland Park State Bank....................................... Highland Park............ May 25.... Aug. 31__ 576 61 465 American State Bank of Highland Park.................... Highland Park............ June 8 .... Oct. 26.... 25 00 361 Montmorency County Savings Bank........................ Hillman...................... April 17.... Sept. 16.... 25 00 260 First State Savings Bank.......................................... Hillsdale..................... Jan. 28.... June 8 .... 41 19 78 Hillsdale Savings Bank............................................. Hillsdale..................... Jan. 26.... June 8 .... 56 First State Bank of Holland..................................... Holland...................... Mar. 9__ 91 Holland City State Bank.......................................... Holland...................... 322 People’s State Bank................................................. Holland...................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 73 57 Oct. 19.... 156 36 Mar. 9 .... Oct. 19.... 120 67 Mar. 9__ Oct. 19.... 53 61 STA TE BAN KING D EPA R TM EN T. List of banks examined.—Continued. Date first Date second examination. examination. Name of bank. Location. 262 Citizens’ Savings Bank............................................. Holly......................... April 13__ Oct. 7__ 106 First State and Savings Bank................................... Hollv......................... April 13.... Oct. 7 .... 432 Holton State Bank................................................... Holton........................ Mar. 2 .... June 3 .... 255 Calhoun State Bank................................................. Homer........................ Feb. 24-,... May 13.... 353 Hopkins State Bank................................................. Hopkins..................... Mar. 12.... June 10__ 109. First State and Savings Bank................................... Howell....................... Feb. 11.... May 18.... No. 140 Boies State Savings Bank ..................................... Hudson...................... April 6 .... Nov. 3 .... 143 Thompson Savings Bank ....................................... Hudson...................... April 6 .... Nov. 3 .... 492 Hudsonville State Bank............................................ Hudsonville................ Mar. 9 .... Nov. 24.... 24 Lapeer County Bank................................................ Imlay City................. Mar. 16.... Dec. 1 .... 517 Peoples State Bank Imlay City.................. Mar. 16.... Dec. 2__ 191 State Savings Bank ................................................ Ionia.......................... ............................. Iron Mountain............ April 20.... Nov. 30.... ........................................... Iron River.................. April 20.... Dec. 2 .... ................................. Feb. 9 .... Dec. 7 .... 135 Commercial Bank 501 Miners State Bank 547 Merchants’ and Miners’ State Bank Ironwood.................... Nov. 25.... Peninsula Bank ........................... Ishpeming.................. April 22.... Nov. 17.... ........................... Ithaca........................ April 11.... Dec. 2 .... April 11.... Dec. 2 .... 12 150 Tthana Savings Bank 480 Peoples State Bank .............................................. Ithaca........................ 387 Central State Bank ........................... Jackson...................... Mar. 18.... Sept. 14__ May 4 .... Dec. 7 .... 177 Jackson City Bank ........................................... Jackson...................... 186 Jackson State Savings B ank.................................... Jackson...................... Mar. 16.... Sept. 14.... Union Bank Jackson...................... April 13.... Sept. 14.... 14 ................................................ Jonesville.................... Feb. 21.... Nov. 11.... 115 Crosvenor Savings Bald' 147 Home Savings Bank .............................................. Kalamazoo................. Mar. 30.... Sept. 28.... Kalamazoo City Savings Bank Kalamazoo................. Mar. 30.... Sept. 28.... 1 257 Kalkaska State Bank 490 Farmer’s State Bank 451 Kent City State Bank. . 514 Kinde State Bank 485 ............................. ........................... Kalkaska.................... Feb. 19.... Sept, 2 .... ............................. Kawkawlin................. Mar. 25.... June 17.... ..................................... Kent City................... Mar. 5 .... May 27.... ............................. Kinde......................... April 8 .... June 23.... The First State Bank............................................... Kingsley..................... Feb. 17.... Sept. 30__ 504 Kingston State Bank................................................ Kingston.................... Mar. 16.... June 22.... 383 Union State Bank Laingsburg................. Feb. 10.... May 12.... .................................... 417 283 Farmers’ and Merchants’ Bank of Lake Odessa........ Lake Odessa............... Mar. 31. .. Oct, 3 .... 41 Lake Odessa State Savings Bank ........................... Lake Odessa............... Mar. 30..... 300 Farmers’ and Merchants’ State Bank........................ Lakeview.................... ; Mar. 23.... June 15.... 445 American Savings Bank............................................ Lansing...................... May 11... Nov. 9__ 133 Lansing State Savings Bank Lansing.................... May 11... Nov. 23.... Lapeer........................ Mar. 17... Nov. 9__ 271 ........................... Lake City................... May 6 .... Sept. 15.... Lake City State Bank , .......................... Lapeer Savings Bank................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Oct, 3 .... R E P O R T OF T H E COM MISSIONER. lxxxix L ist of banks examind.— Continued. No. Name of bank. Location. Date first Date second examination examination Amount paid. 117 State Savings Bank....................... Lapeer........................ Mar. 17.... Dec. 28.... 852 00 201 State Savings Bank of Laurium Laurium..................... April 21.... Nov. 16__ 115 77 545 Home State Bank......................... Lawrence.................... May 4__ 1 .... 25 00 8 People’s Bank............................... Leslie.......................... April 7 .... Sept. 23.... 37 99 184 Lexington State Bank................... Lexington................... Mar. 18.... June 24.... 25 00 533 State Bank of Linwood................. Linwood..................... Mar. 20.... June 15.... 25 00 408 Litchfield State Savings Bank....... Litchfield.................... Feb. 24.... May 20__ 25 00 360 City State Bank. ................. Lowell........................ April 1 .... Oct. 5 .... 31 36 111 Lowell State Bank........................ Lowell........................ April 1 .... Oct. 5. ... 40 79 239 Ludington State Bank.......... ....... Ludington.................. Jan. 9 .... Oct. 26.... 86 47 503 McBain State Bank...................... McBain...................... May 5 .... Sept. 14.... 25 00 Oct. 130 Antrim County State Savings Bank Mancelona................. Feb. 17.... Aug. 18— 37 99 242 People’s Bank of Manchester........ Manchester................ May 5__ 32 86 Nov. 5 .... 172 Union Savings Bank...................... Manchester................ May 6 .... Nov. 4 .... 61 41 116 Manistee County Savings Bank..., Manistee.................... Feb. 9 .... Sept. 5 .... 192 60 21 Manistique Bank.......................... Manistique................. April 21.... Nov. 9 .... 63 74 296 Manton State Bank...................... Manton...................... May 4__ Sept. 17.... 25 00 381 First State Savings Bank............... Marcellus................... Feb. 26.... May 20__ 25 00 198 G. W. Jones Exchange Bank......... Mareellus................... Feb. 26.... May 21__ 41 43 122 Marine Savings Bank.................... Marine City............... June 3 .... Dee. 1 .... 346 Marion State Bank....................... Marion....................... May 4__ Sept. 14__ 25 00 37 70 62 22 252 Commercial State Bank................ Marlette..................... Mar. 17.... June 23__ 338 State Savings Bank....................... Marlette..................... Mar. 17__ June 23__ 30 81 100 Marquette County Savings Bank. . . Marquette.................. April 21.... Nov. 14__ 103 81 137 Commercial Savings Bank.............. Marshall..................... Feb. 4 .... June 10__ 88 93 22 Farmers’ Bank............................... Mason........................ April 4 .... Oct. 3 .... 43 97 Oct. 107 First State and Savings Bank......... Mason........................ April 4 .... 3 .... 60 46 334 Memphis State Bank...................... Memphis................... April 1 .... Sept. 29__ 25 00 28 70 168 First State Bank............................. Mendon...................... Feb. 21.... May 16.... 324 Commercial Bank........................... Menominee................. April 18.... Dec. 7__ 43 08 285 State Bank of Merrill..................... Merrill........................ Mar. 21__ 25 96 Oct. 21.... 423 Metamora State Savings Bank........ Metamora.................. Mar. 18.... Nov. 10__ 25 00 274 Farmers’ State Bank...................... Middleville................. Nov. 11.... June 9 .... 45 11 97 Midland County Savings Bank....... Midland..................... Mar. 23__ Sept. 21__ 35 16 309 People’s Savings Bank.................... Midland..................... Mar. 23.... Sept. 21.... 40 33 77 Farmers’ and Merchants’ Bank....... Milan......................... April 7 .... Nov. 10.... 40 04 469 Milan State Savings Bank.............. Milan......................... April 472 First State Bank............................. 413 State Savings Bank........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 .... Nov. 10.... 25 00 Milford...................... Mar. 12__ June 22__ 36 16 Minden City............. ’. Mar. 18.... | June 23.... 38 90 STA TE BANKING D EPA R TM EN T. xc List of banks examined.—Continued. Date first Date second examination. examination. ■No. | Name of bank. 550 Union State Bank.................................................... Mio. . . 363 Keweenaw Savings Bank.......................................... Mohawk..................... April 22... . Nov. 21.... 318 B. Dansard & Son’s State Bank................................ Monroe...................... June 3 .... Oct. 21.... 321 Monroe State Savings Bank..................................... Monroe...................... June 3 .... Oct. 21.... 491 Farmers’ State Bank................................................ Montague................... Feb. 28.... May 16.... 511 Montgomery State Bank.......................................... Montgomery............... Feb. 25.... May 20__ 515 Montrose State Bank............................................... Montrose.................... April 29__ 202 Wakefield State Bank............................................... Morenci...................... Feb. 25.... June 3 .... 551 Morley State Bank................................................... Morley....................... Oct. 24.... 222 Citizens’ Savings Bank............................................. Mt. Clemens ... June 1 .... Oct. 19.... 51 Mt. Clemens Savings Bank...................................... Mt. Clemens June 1... Oct. 19.... 158 Ullrich Savings Bank................................................ Mt. Clemens ... June 1. .. . Oct. 19.... 170 Exchange Savings Bank........................................... Mt. Pleasant........ Mar. 23.... June 15.... 277 Isabella County State Bank..................................... Mt. Pleasant ... Mar. 23.... June 15.... 453 People’s State Bank................................................. Munising........ April 20__ 60 Muskegon Savings Bank........................................... Muskegon . April 4 . .. . Oct. 26... . 19 Farmers’ and Merchants’ Bank................................ Nashville May 9 .... Oct. 5 .... 311 State Savings Bank.................................................. Nashville................... May 12.... Oct. 5 .... 439 Negaunee State Bank............................................... Negaunee................... 368 First State Bank...................................................... Newaygo.................... Mar. 3 .... May 23.... 399 Newberry State Bank.............................................. Newberrv April 18... Nov. 16.... 245 New Haven Savings Bank........................................ New Haven................ Mar. 31 . Sept. 30.... 523 Newport State Bank................................................ Newport June 3... Oct. 27__ 240 Niles Citv Bank....................................................... Niles Mar. 7 .... Oct. 36 Pioneer Bank........................................................... North Branch............. April 13.... June 23.... 367 Lapham State Savings Bank.................................... Northville . May 13.... Sept. 28.... 145 Northville State Savings Bank................................. Northville... May 13 .. 526 Arenac Countv State Bank....................................... Omer.......................... Mar. 30.... Oct. 24.... 280 Onawav State Savings Bank..................................... Onaway...................... April 15. ... July 7__ 378 Onsted State Bank................................................... Onsted April 9 . Nov. 4 ... 484 The Citizens State Bank........................................... Ontonagon. . . April 18 Nov. 18... 364 Citizens State Savings Bank..................................... Orion. . April 11 June 27... 190 Orion State Bank..................................................... Orion.......................... April 11.... June 29.... 365 Otisville State Bank................................................. Otisville...................... Mar. 4 .... May 11.... 544 Citizens State Savings Bank..................................... Otsego... 373 First State Savings Bank.......................................... Otsego........................ April 8 .... Sept. 29.... 199 State Savings Bank.................................................. Ovid........................... May 9 .... 185 Citizens’ Savings Bank............................................. Owosso....................... Sept. 5 .... Dec. 21.... 112 Owosso Savings Bank............................................... Owosso....................... Sept. 5 .... Dec. 21.... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Location. Oct. 28.... Nov. 11.... Nov. 17..-.. April 22.... Nov. 16.... 7 .... Aug. 31.... May 5 .... Sept. 30.... Dec. 2 .... R EPO R T OF T H E COMMISSIONER. xci List of banks examined.— Continued. Name of bank. Location. Date first examination. aount aid. 370 State Savings Bank.................................................. Owosso....................... Sept. 5 .... $71 31 328 Farmers’ State Bank................................................ Oxford........................ April 14.... 25 00 34 Oxford Savings Bank............................................... Oxford........................ May 25__ 83 58 59 Paw Paw Savings Bank............................................ Paw Paw.................... Mar. 11.... 36 19 247 State Savings Bank of Peck...................................... Peck........................... Mar. 16.... 25 00 466 Peoples State Savings Bank...................................... Pellston...................... Feb. 20.... 25 00 478 Pentwater State Bank............................................ Pentwater.......... Mar. 3 25 00 132 State Bank of Perry................................................. Perry......................... Feb. 11.... 25 00 463 H. C. McLachlin & Co., State Bank......................... Petersburg.................. April 8 .... 26 33 119 First State Bank...................................................... Petoskey.................... Feb. 16__ 59 94 348 Pigeon State Bank................................................... Pigeon........................ Mar. 14__ 25 00 476 The Citizens State Savings Bank............................. Pinconning................. Mar. 23__ 25 00 400 Pinconning State Bank........................................... Pinconning......... Mar. 23 25 96 535 Pittsford State Savings Bank.................................... Pittsford..................... April 9 .... 25 00 282 Citizens’ State Savings Bank.................................... Plainwell.................... May 5 .... 29 66 99 Plymouth United Savings Bank................................ Plymouth........... Mar. 10 80 06 456 Pompeii State Bank................................................. Pompeii...................... Mar. 24__ 275 American Savings Bank............................................ Pontiac...................... Feb. 3 .... 82 79 146 First Commercial Bank............................................ Pontiac...................... Feb. 3 .... 208 46 No. 25 00 149 Oakland County Savings Bank................................. Pontiac..................... Feb. 4... 130 98 211 Pontiac Savings Bank.............................................. Pontiac...................... Feb. 3 .... 148 95 534 Port Austin State Bank............................................ Port Austin................ April 6 .... 25 00 502 State Bank of Port Hope.......................................... Port Hope.................. Mar. 17.... 25 00 245 54 75 Commercial Bank............................................ ! .... Port Huron................. June 1 .... 375 German-American Savings Bank............................... Port Huron................ May 25__ 62 11 98 St. Clair County Savings Bank................................. Port Huron................ July 13.... 111 82 330 Maynard-Alien State Bank....................................... Portland..................... April 13... . 40 31 385 Webber State Savings Bank..................................... Portland..................... April 11... . 36 01 464 First State Bank.........................'............................ Powers....................... April 18.... 25 00 217 Quincy State Bank................................................... Quincy....................... Feb. 4 .... 25 00 69 State Bank of Reading............................................. Reading...................... Feb. 23.... 27 10 546 Redford State Savings Bank..................................... Redford...................... June 8. ... 25 00 372 Commercial Savings Bank........................................ Reed City................... Mar. 24.... 25 10 393 State Savings Bank.................................................. Remus........................ Mar. 23.... 25 00 521 Republic State Bank................................................ Republic..................... April 21... . 25 00 542 Farmers State Savings Bank..................................... Richland..................... May 6 .... 25 00 206 Macomb County Savings Bank................................ Richmond (Lenox P. O.) Feb. 9 .... 55 54 429 Bank of Riverdale.................................................... Riverdale.................... Mar. 23.... 25 00 332 River Rouge Savings Bank....................................... River Rouge............... May 6__ 33 14 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA R TM EN T. List of banks examined.—Continued. No. Name of bank. Location. Date first Date second examination examination. Rochester................... Rockford State Bank................... Rockford.................... 470 The Rockwood State Bank.......... Rockwood................... April 354 Presque Isle County Savings Bank Rogers City................ April 16__ GO Rochester Savings Bank.............. 331 O" 224 May 14__ Mar. 11.... 8 ____ iaid. $46 44 25 00 Sept. 17.... 25 00 July 8 ____ 46 13 194 Romeo Savings Bank.................. Romeo........................ May 11.... Sept. 29.... 86 37 531 Romulus State Bank................... Romulus..................... April 15... .* Sept. 16.... 25 00 371 Roscommon State Bank.............. Roscommon................ Mar. 25__ 532 Rose City State Bank................. Rose City................... 528 First Commercial State Bank........ Royal Oak.................. June 9 .... 374 Royal Oak Savings Bank.............. Royal Oak.................. June 16.... Oct. 26.... 44 26 25 Bank of Saginaw......................... Saginaw...................... April 2 7.... Aug. 24__ 942 54 493 German-American State Bank....... Saginaw...................... April 27.... Aug. 24__ 103 72 38 People’s Savings Bank.................. Saginaw...................... April 27.... Aug. 24 129 00 390 Saint Charles State Bank.............. Saint Charles.............. Feb. 10.... May 19__ 25 47 29 Commercial and Savings Bank...... Saint Clair................. 61 79 39 Clinton County Savings Bank....... Saint Johns................. Mar. 19__ Nov. 23.... 61 51 45 State Bank of St. Johns................ Saint Johns................. Mar. 9 .... Nov. 2 .... 66 80 89 43 Aug. 29__ 25 00 Mar. 31.... Sept. 30.... 25 00 Oct. 26.... April 1 .... Nov. 30... 25 00 31 Union Banking Company.............. Saint Joseph............... 42 Commercial Savings Bank............. Saint Louis................. April 14.... Sept. 22.... 37 67 197 Gratiot County State Bank........... Saint Louis................. April 14.... Sept. 22.... 25 00 50 96 April 7 .... Sept. 16.... 265 The Citizens’ Bank....................... Saline......................... 395 Saline Savings Bank...................... Saline......................... Mar. 3__ Nov. 12.... 25 00 231 State Bank of Sandusky................ Sandusky.................... Mar. 16.... June 22__ 31 76 200 Truman Moss State Bank............. Sandusky.................... Mar. 16.... June 22.... 25 00 225 Saranac State Bank...................... Saranac...................... 26 67 Mar. 3 .... Nov. 12.,.. Mar. 26.... June 17__ 350 Fruit Growers’ State Bank............ Saugatuck.................. Mar. 9__ June 8 .... 34 08 269 Central Savings Bank................... Sault Ste. Marie......... April 2 0.... Nov. 16.... 52 35 54 Sault Savings Bank....................... Sault Ste. Marie......... April 20__ Nov. 16.... 93 45 407 Kalamazoo County State Bank Schoolcraft................. Feb. 21.... May 16.... 33 92 489 Peoples State Bank...................... Scottville.................... Mar. 4 .... June 1 .... 25 00 204 State Savings Bank of Scottville... Scottville.................... Mar. 4__ June 1 .... 25 00 251 Sebewaing State Bank................... Sebewaing.................. Mar. 14__ June 3__ 30 65 398 Central State Savings Bank.......... Shepherd.................... Mar. 23__ June 16__ 25 00 175 Commercial State Bank................ Shepherd.................... Mar. 24.... June 16__ 25 00 430 State Savings Bank....................... Sherwood.................... Feb. 24.... May 20__ 25 00 549 Snover State Bank........................ Snover........................ Dec. 3__ 25 00 327 South Grand Rapids State Bank... South Grand Rapids... May 11__ 148 Citizens’ State Bank..................... South Haven.............. April 1 .... Oct. 5 .... 56 43 71 First State Bank........................... South Haven.............. April 1__ 6 .... 63 86 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nov. 2 .... Oct. 63 73 R E P O R T OF T H E COMMISSIONER. L ist of banks examined.—Continued. No. Name of bank. Location. Date first Date second examination. examination. Feb. 10.... May 19.... 306 State Savings Bank......................................... ■....... South Lyon................ 278 South Range Bank................................................... South Range............... April 21.... Nov. 23.... 488 Peoples State Bank.................................................. Sparta........................ Mar. 9__ 207 Sparta State Bank................................................... Sparta........................ Mar. 9 .... June 9__ June 8__ 543 Spring Lake State Bank........................................... Spring Lake................ May 13.... Oct. 24.... 404 Springport State Savings Bank................................. Springport................ . May 4 .... Nov. 30.... 538 Springwells State Bank................................ ............ Springwells................. April 6 .... Oct. 539 Commercial Bank of Stambaugh........................... 7 .... Stambaugh................. April 20.... Dec. 3__ 279 State Bank of Standish............................................ Standish..................... June 1 .... Sept. 23.... 243 State Savings Bank.................................................. Stanton...................... 270 Bank of Stephenson................................................. Stephenson................. April 20__ Nov. 18.... 392 Stockbridge State Bank............................................ Stockbridge................ April 7__ Dec. 1 .... 134 Citizens’ State Bank................................................ Sturgis........................ Feb. 23.... May 18.... 494 Sunfield State Savings Bank..................................... Sunfield...................... 290 Leelanau County Savings Bank.............................. . Sutton’s Bay............... Feb. 16.... Sept. 2 3.... Mar. 24.... June 16.... Mar. 7 .... June 10.... 151 Lilley State Bank..................................................... Tecumseh................... April 6 .... Nov. 9__ 156 Tecumseh State Savings Bank.................................. Tecumseh................... April 6__ 258 First State Bank...................................................... Tekonsha.................... Feb. 25.... May 18.... Nov. 9__ 541 First State Bank...................................................... Three Oaks................. May 9 .... Sept. 23.... 120 First State Savings Bank.......................................... Three Rivers............... Feb. 25.... May 19.... 266 People’s Savings Bank.............................................. Traverse City............. May 6__ Sept. 16.... 138 Traverse City State Bank......................................... Traverse City............. May 6__ Sept. 16.... 510 Trenton State Bank................................................. Trenton...................... April 6 .... Oct, 3 .... 341 State Savings Bank.................................................. Turner...................... 289 State Savings Bank.................................................. Unionville................... Mar. 3 .... June 2 .... 241 Bank of Vassar........................................................ Vassar........................ Feb. 28.... Sept. 21.... 467 Michigan Savings Bank............................................ Yassar........................ Feb. 28.... Sept. 19.... 192 State Savings Bank................ ................................. Vassar........................ 377 Barber State Bank................................................... Vermontville............... April 8 .... Oct, 482 State Bank of Vestaburg.......................................... Vestaburg................... Mar. 21.... June 15.... April 1 .... Sept. 28.... Feb. 28.... Sept. 21.... 7.... 344 Farmers State Bank................................................. Vicksburg................... Feb. 24... . May 18.... 317 First State Bank...................................................... Vicksburg................... Feb. 24.... May 19.... 401 State Savings Bank....... .......................................... Warren....................... Feb. 7 .... May 26.... 440 Washington Savings Bank........................................ Washington................ Feb. 7 .... June 15.... 530 Watervliet State Bank.............................................. Watervliet.................. Mar. 3 .... June 6 .... 284 Wayland State Bank................................................ Wayland.................... Mar. 10.... June 9 .... 105 Wayne Savings Bank............................................... Wayne........................ Mar. 9 .... June 8 .... 415 Farmers State Bank................................................ Webberville................ Feb. 7__ May 14.... 382 WestDhalia State Bank............................................ WestDhalia................. April 15__ Sept. 30.... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 xcxv STA TE BANKING D EPA R TM EN T. List of banks examined.—Concluded. - No. Name of bank. Location. Date first Date second Amount examination. examination. paid. 455 First State Bank...................................................... White Cloud............... Feb. 14.... June 3 .... 250 State Bank of Whitehall........................................... Whitehall................... May 14.... 25 00 294 Farmers’ Savings Bank............................................ White Pigeon.............. Feb. 21.... May 18.... 25 00 438 Crossman and Williams State Bank.......................... Williamston................ Feb. 7 .... June 20.... 25 00 35 Williamston State Bank.......................................... Williamston................ Feb. 7 .... June 24.... 33 53 329 Wolverine State Savings Bank.................................. Wolverine................... April 23.... July 6 .... 25 00 Wyandotte....... 7........ May 11__ Sept. 2 .... 42 49 16G First Commercial and Savings Bank......................... 04 Mar. 3__ $25 00 Wyandotte Savings Bank......................................... Wyandotte................. May 11__ Oct. 27.... 160 70 Yale State Bank..................................... Yale........................... Mar. 18.... June 24__ 34 74 86 Ypsilanti Savings Bank............................................ Ypsilanti.................... May 11.... Nov. 11.... 92 08 307 State Commercial and Savings Bank........................ Zeeland............... . Mar. 10.,.. Oct. 14.... 40 07 226 Zeeland State Bank.................................................. Zeeland...................... Mar. 10.... Oct. 12.... 121 39 227 D ecem ber 31, 1914. 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—In accordance w ith y our req u est we have exam ined th e re p o rts of th e several sta te ban k s and tr u s t com panies on file w ith y our d e p a rtm e n t and find th a t th e am ou n ts of th e fees tu rn e d over by you to th is D ep artm en t d u rin g th e y ear 1914 are co rrect in accordance w ith th e provisions of Section 40 of the B an k in g Law. V ery tru ly yours, (S ig n ed ) F r a n k E. G o r m a n , D epu 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 STA TE BANKING D EPA R TM EN T. COM PARATIVE A BSTRACTS (S T A T E B A N K S). 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 and 1914 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. December 19, 1893, 159 banks, 3 trust companies. Loans and discounts......................... 624,667 12 $27,628,145 16 $30,543,959 76 $38,883,892 66 $32,402,874 53 Stocks, bonds and mortgages............ 645,031 54 18,846,637 08 21,308,913 14 26,843,183 47 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 50 941,19Ì 77 1,274,415 65 1,517,146 91 647,824 26 Other real estate.............................. 253,782 59 311,476 52 350,381 69 692,412 41 Expenses and taxes paid................... 276,624 57 266,114 72 307,386 48 364,088 85 395,207 14 Interest paid.................................... 210,872 79 217,130 03 145,482 78 271,426 84 352,701 34 Due from banks in reserve cities. , . . . 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 13 209,662 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 United States and National bank notes 242,843 00 1,575,817 00 1,807,081 00 2,266,977 00 2,312,851 00 $47,354,277 90 $56,950,395 68 5,191,972 53 $82,649,533 48 3,156,116 80 $9,522,420 00 $11,109,827 59 $12,311,041 98 Totals. Liabilities. Capital stock paid in..................... 254,559 10 $8,460,835 00 Surplus fund................................. 132,329 90 1,502,849 44 1,704,248 31 2,124,487 81 2,443,906 07 Gross undivided earnings.............. 679,925 61 1,912,300 21 2,169,532 72 2,534,015 14 2,639,574 57 Dividends unpaid................. _ ..... 2,571 63 6,234 60 2,158 87 5,739 37 18,081 02 Individual deposits....................... 879,586 71 9,300,393 00 11,750,841 68 16,948,803 62 14,529,942 64 Certificates of deposit.................... 452,081 74 6,054,724 25 6,746,187 18 9,632,918 47 6,686,895 92 Savings deposits................... ........ 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 $47,354,277 90 $56,950,395 68 $65,191,972 53 2,649,533 48 $73,156,116 80 State monies on deposit................. Liabilities other than above stated. Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. X C V ll Comparative abstracts (State Banks.)—Continued. Resources. December 19, 1894, 164 banks, 4 trust companies. December 13, 1895, 169 banks, 4 trust companies. December 17, 1896, 173 banks, 3 trust companies. December 15, 1897, 177 banks, 3 trust companies. Loans and discounts......................... $34,320,138 74 $40,179,933 36 ;$36,942,440 70 $38,601,949 09 Stocks, bonds and mortgages............ 26,516,601 07 Overdrafts....................................... 192,415 39 Banking house, furniture and fixtures. December 1, 1898, 182 banks, 3 trust companies. $41,384,075 83 27,852,301 82 ; 28,451,447 71 31,926,938 07 224,066 95 199,468 95 227,624 36 298,762 48 1,694,992 89 1,758,139 62 1,814,724 74 1,820,639 66 1,906,096 96 882,473 08 1,237,183 41 1,593,803 10 2,054,891 06 Other real estate.............................. 719,150 15 Expenses and taxes paid................... 403,575 78 Interest paid.................................... 312,758 62 Premiums paid................................. 37,453,689 93 23,493 99 26,213 98 41,708 51 47,333 15 Due from banks in reserve cities....... 9,653,012 05 9,527,910 70 10,689,631 08 14,460,853 39 15,656,008 52 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......................................... 1,683,739 65 2,028,483 58 2,286,076 60 2,273,685 90 2,448,122 25 Silver coin........................................ 269,032 24 277,618 80 289,380 11 307,663 09 387,684 17 United States and National bank notes 2,152,421 00 2,065,781 00 2,530,816 00 2,590,180 00 2,754,711 00 Totals. $78,872,148 57 $85,970,689 87 686,065 17 $95,397,535 01 $106,069,058 88 Liabilities. Capital stock paid in................... $12,003,600 00 $12,600,820 00 $12,518,117 21 $12,458,275 00 $ 12, 010,200 00 2,735,755 49 2,876,322 12 2,986,650 27 2,981,382 73 *2,112,933 75 *2,042,341 06 *1,927,498 49 *1,958,531 34 Surplus fund................................. 2,589,052 49 Gross undivided earnings............. 2,698,387 31 Dividends unpaid........................ 17,696 03 23,539 94 14,629 00 16,430 88 8,204 48 Individual deposits....................... 15,476,103 85 16,562,755 06 15,274,265 98 18,025,578 88 20,599,904 56 Certificates of deposit......... .......... 7,024,676 13 8,364,560 85 7,530,592 54 8,576,587 67 9,782,646 49 Savings deposits........................... 35,939,957 25 41,192,483 54 42,055,852 60 48,076,282 71 54,105,981 76 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............ 2,007,773 87 1,936,615 12 2,441,456 29 3,647,253 47 4,420,425 42 Notes and bills rediscounted.......... 354,059 88 359,129 28 273,075 73 Bills payable................................ 73,064 47 State monies on deposit................ 45,000 00 32,000 00 36,886 14 51,754 81 13,148 38 25,000 00 524,200 00 Liabilities other than above stated. $78,872,148 57 $85,970,689 87 $85,686,065 17 $95,397,535 01 $106,069,058 Totals. ‘Undivided earnings, less current expenses, interest and taxes paid. M https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis xcviii STA TE BAN KING D EPA R TM EN T. Comparative abstracts (State Banks).—Continued. Resources. December 2, 1899, 187 banks, 3 trust companies. December 13, 1900, 192 banks, 3 trust companies. December 10, 1901, 213 banks, 3 trust companies. November 25, 1902, 228 banks, 4 trust companies. 1 ■ Loans and discounts......................... $50,272,936 26 $53,161,024 07 $61,706,112 90 $71,029,727 87 Stocks, bonds and mortgages......... 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 real estate....................... 2,032,366 69 2,060,599 30 1,764,547 92 1,740,305 79 1,655,978 73 Overdrafts.......................... 66,317,185 97 Expenses and taxes paid................. Interest paid........................ Premiums paid..................... 213,747 47 337,043 17 323,505 22 295,373 97 264,608 79 Due from banks in reserve cities....... 14,395,138 44 16,304,200 53 19,334,239 13 19,566,876 95 20,455,482 93 1,363,614 21 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 $15,919,551 21 Surplus fund......... 2,987,971 24 3,065,924 18 3,762,660 91 4,959,893 71 5,560,112 18 Undivided earnings net. . . 2,102,350 42 2,430,966 72 2,932,193 32 3,251,864 56 3,565,570 84 Dividends unpaid............ Individual deposits....... 11,914 42 10,178 36 4,929 72 2,876 72 3,511 36 24,522,326 97 24,840,803 37 29,540,186 91 34,503,984 97 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 Certified checks........ 66,649 37 98,418 48 94,652 52 194,520 09 110,395 49 Cashier’s checks outstanding......... 83,450 18 27,222 23 68,734 87 146,271 08 77,541 33 3,748,526 37 4,481,075 44 5,368,915 27 5,259,834 85 5,365,378 83 Due to banks and bankers. . . . State monies on deposit__ Notes and bills rediscounted . 14,000 00 35,799 00 6,071 19 75,479 88 97,711 15 Bills payable................ 81,173 30 125,468 75 104,500 00 251,508 10 411,573 04 Liabilities other than above stated. Totals................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $120.790,914 60 $129,959,209 43 $152,193,029 75 $169,720,108 41 $179,434,970 33 xcix R E P O R T OF T H E COM MISSIONER. C om parative a bstracts (S ta te B a n k s).— C ontinued. 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............................................ $78,746,336 05 $86,181,935 90 $101,287,736 39 $106,958,178 47 Stocks, bonds and mortgages................................ 68,383,331 90 78,124,757 40 85,902,873 96 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 Due from banks in reserve cities.......................... 21,137,556 22 25,542,384 93 26,665,895 22 21,295,814 35 Due from other banks and bankers...................... 1,287,220 02 1,934,177 39 2,551,776 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 4,499,431 65 4,324,849 84 4,559,569 06 4,596,825 41 Gold coin............................................................ Silver coin........................................................... 599,619 41 687,826 10 712,190 77 937,065 78 United States and National Bank notes................ 5,049,774 00 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 Liabilities. Capital stock paid in............................................ $16,111,120 00 $17,403,144 04 $19,119,930 00 $20,351,064 00 Surplus fund........................................................ 6,471,703 33 7,239,305 31 8,547,385 55 10,196,000 34 Undivided earnings, net....................................... 3,055,451 39 3,836,000 67 4,710,432 87 4,618,594 41 Dividends unpaid............................... ...... .......... 5,291 14 2,933 29 4,853 69 7,375 23 Individual deposits.............................................. 38,287,417 40 45,041,231 95 53,085,474 90 47,587,078 42 Certificates of deposit.......................................... 16,679,540 71 18,364,826 02 18,991,487 21 16,701,012 53 Savings deposits............................................... .. 99,782,932 96 111,234,128 86 125,464,596 49 134,923,712 46 Certified checks................................................... 191,493 34 90,768' 06 204,330 21 136,542 84 Cashier's checks outstanding................................ 136,795 00 105,934 17 172,294 39 212,989 96 Due to banks and bankers................................... 4,902,817 34 5,969,398 11 6,205,626 80 5,753,481 15 211,263 14 Notes and bills rediscounted............................... 76,405 96 90,221 16 93,672 88 Bills payable...................................................... 232,744 21 158,000 00 164,505 00 972,000 00 *370,000 00 Totals..................................................... 'Clearing house certificates. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $185,933,712 78 $209,535,891 64 $236,764,589 99 $242,041,114 48 c STA TE BAN KING D EPA R TM EN T. C om parative abstracts ( S ta te B a n k s).— C ontinued. 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 38 361,154 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 Overdrafts................ 138,025,807 91 Expenses and taxes paid........ Interest paid.................... Premiums paid............. 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 Due from banks in reserve cities Checks and cash items....... Nickels and cents......... Gold coin............... Silver coin............. United States and National bank notes Totals..................... 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... Surplus fund............ Undivided earnings net...... Dividends unpaid........... Individual deposits.............. Certificates of deposit.......... Savings deposits..................... $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 6,873 00 14,272 08 13,024 41 17,001 50 50,450,061 86 61,951,396 26 67,238,188 48 76,650,505 67 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 91 190,590,212 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 6,392,573 47 7,277,997 59 8,222,465 26 9,344,879 94 Due to banks and bankers... State monies on deposit... . 185 9,> fi Q4 Notes and bills rediscounted. . . . 170,854 33 80,189 01 221,152 22 156,862 21 Bills payable........................... 321,700 00 311,000 00 441,500 00 496,435 50 112,526 61 238,402 71 292,077 32 5244,287,712 37 5273,718,216 23 $303,996,116 29 $343,269,424 51 Liabilities other than above stated . Totals................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COMMISSIONER. ci C om parative abstracts ( S ta te B a n k s).— 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. $146,633,532 23 $151,721,428 07 $158,313,544 62 155,032,559 70 164,700,742 59 180,733,973 29 Overdrafts....................................... 379,555 76 317,622 32 294,035 71 Banking house, furniture and fixtures 7,407,177 57 8,302,071 05 9,104,007 28 Other real estate............................. 1,069,248 80 1,014,169 00 1,233,333 10 Loans and discounts........................ Stocks, bonds and mortgages............ Expenses and taxes paid. Interest paid. Premiums paid................................... 137,507 81 70,801 98 90,293 43 Due from banks in reserve cities......... 36,645,421 87 41,220,130 38 40,815,540 26 Due from other banks and bankers. . . . 3,851,610 25 4,404,736 61 4,095,668 82 Exchanges for clearing house............... 1,885,174 70 2,337,018 49 2,507,132 65 Checks and cash items........................ 415,824 24 464,045 14 490,438 94 Nickels and cents................................ 135,815 27 175,348 34 151,064 07 Gold coin........................................... 6,459,757 35 6,557,443 63 8,684,250 96 Silver coin.......................................... 1,051,216 86 1,127,442 31 1,181,114 67 United States and National bank notes. 11,535,838 11 12,891,533 90 13,270,787 90 $372,640,240 52 $395,304,533 81 $420,965,185 70 Totals Liabilities. Capital stock paid in........... $28,643,710 00 $30,633,030 00 $32,635,000 00 Surplus fund....................... 14,792,683 93 16,149,951 12 18,422,805 61 Undivided earnings net........ 7,695,640 95 7,779,234 64 8,740,159 96 Dividends unpaid................ 14,953 40 13,289 77 24,378 60 91,921,232 44 102,960,433 97 Individual deposits.............. 81,532,326 62 Certificates of deposit.......... 20,158,588 55 19,176,582 68 18,699,133 42 Savings deposits.................. 207,132,407 05 217,187,258 99 223,862,333 73 Certified checks................... 355,228 63 385,707 77 309,306 62 Cashier’s checks outstanding. 480,946 46 624,295 26 544,065 56 Due to banks and bankers... 8,644,358 71 8,679,835 48 9,051,112 21 State monies on deposit....... 778,631 50 679,617 19 1,697,374 43 441,386 82 558,698 00 734,533 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 47 871,712 93 $372,640,240 52 $395,304,533 81 $420,965,185 70 666,229 59 Postal savings deposits. Notes and bills rediscounted......... Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cii STA TE BAN KING D EPA R TM EN T. C O M PA R A TIV E ABSTRACTS (N ATIO NA L 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 and 1914, as made to and furnished this department by the comptroller of the currency at Washington. Resources. December 11, 1889, 113 national banks. December 19, 1890, 109 national banks. December 2, 1891, 106 national banks. December 9, 1892, 104 national banks. Loans and discounts......................... $45,860,178 79 $47,527,375 32 $48,424,955 39 $52,752,163 51 December 19, 1893, 99 national banks. $40,783,209 13 Stocks, bonds and mortgages............ 4,716,830 60 4,289,671 45 4,231,798 69 5,623,070 40 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 Other real estate............................... 696,499 38 807,729 15 654,818 49 597,433 76 523,837 66 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 14 566,999 05 483,927 31 330,558 68 401,760 31 Due to banks and bankers................ 5,857,859 32 6,052,260 90 7,140,938 64 9,946,624 23 6,100,036 83 National 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 07 426,228 15 100 00 23,000 00 United States deposits...................... Bills payable.................................... Liabilities other than those above stated........................................... 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 2,274 38 R E P O R T OF T H E COM MISSIONER. ciii C om parative abstracts (N ational B a n k s).— C ontinued. Resources. December 19, 1894, 96 national banks. December 13, 1895, 94 national banks. December 17, 1896, 89 national banks. December 15, 1897, 82 national banks. Loans and discounts......................... $43,083,288 41 $44,736,533 88 $40,304,416 58 $41,143,927 46 December 1, 1898, 81 national banks. $42,919,871 77 Stocks, bonds and mortgages............ 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 09 556,397 40 690,205 85 796,229 53 880,219 77 1,061,231 36 392,218 02 Other real estate.............................. 9,766,446 01 Current expenses and taxes paid....... Exchanges for clearing house............ 300,541 92 243,688 09 333,694 76 358,309 99 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 Totals.................................... $67,281,708 68 $66,970,828 96 $65,435,775 97 $71,554,966 02 $76,815,182 64 Clearing house certificates................. Liabilities. Capital stock paid in........................ $13,634,000 00 $13,434,000 00 $12,959,000 00 $11,945,000 00 $11,770,000 00 Surplus fund..................................... 3,572,570 99 3,631,010 78 3,418,221 47 3,242,018 09 3,188,318 72 Undivided earnings, 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 3,958,300 00 National bank notes outstanding...... 4,141,997 50 4,202,742 50 4,071,495 00 3,551,767 50 Notes and bills rediscounted............. 316,887 33 386,898 33 140,289 20 2,500 00 Bills payable.................................... Liabilities other than those above stated........................................... 61,000 00 137,500 00 88,400 00 10,000 00 1,364 80 380 40 1,142 35 Reserved for taxes............................ Bonds borrowed............................... Clearing house certificates................. Totals.................................... $67,281,708 68 $66,970,828 96 $65,435,775 97 $71,554,966 02 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $76,815,182 64 CIV STA TE BAN KING D EPA RTM EN T. C om parative abstracts (N ational B anks) —C ontinued. December 2, 1899, 80 national banks. Resources. Loans and discounts.......... December 13, 1900, 85 national banks. 1 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 Stocks, bonds and mortgages... . 11,652,043 11 Overdrafts. ................ 12,318,672 86 194,788 80 14,141,822 34 November 17, 1903, 87 national banks. $64,088,225 33 15,106,385 98 16,331,297 13 286,561 65 351,732 17 Due from reserve agents. .. 8,671,815 91 10,658,399 31 11,231,301 10 10,167,335 72 9,147,612 91 Due from other banks and bankers... 3,647,971 66 3,463,374 00 4,058,641 12 3,845,841 49 4,174,213 53 Banking house, furniture and fixtures. 1,003,999 44 1,142,970 99 1,150,952 69 1,300,681 27 1,363,481 00 Other real estate.... 1,060,810 20 927,158 12 696,254 41 455,261 67 393,115 75 Exchanges for clearing house 597,274 04 415,477 92 930,166 52 578,212 52 499,453 75 Checks and cash items.. 240,308 50 182,689 83 204,714 74 239,577 39 182,558 75 6,554,095 31 6,834,835 11 Current expenses and taxes paid. .. Cash................. 6,151,557 96 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......... $81,498,517 67 $88,623,537 34 $95,561,515 74 $99,974,511 02 $104,056,072 02 Liabilities. Capital stock paid in. .. , $11,440,000 00 $11,578,000 00 $11,548,750 00 $11,380,000 00 Surplus fund........... Undivided earnings, net... . Dividends unpaid. .. . Individual deposits....... $12,530,000 00 3,157,388 20 3,276,188 20 3,052,638 20 3,416,538 20 3,782,538 20 1,563,841 93 1,850,274 85 2,007,685 64 2,157*217 18 2,454,374 37 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 United States deposits.......... 1,354,864 72 1,391,304 19 1,772,959 84 2,150,114 62 2,404,832 56 Due to banks and bankers. . . 9,738,696 81 11,024,083 47 11,764,875 41 11,611,241 60 10,418,980 57 National bank notes outstanding... 6,774,840 00 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................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 j 181,498,517 67 $88,623,537 34 $95,561,515 74 $99,974,511 02 $104,056,072 02 R E P O R T OF T H E COM MISSIONER. cv C om parative a bstracts (N ational B a n k s).—C ontinued. September 6, 1904, 88 national banks. November 9, 1905, 88 national banks. November 12, 1906, 88 national banks. $65,803,150 16 $72,264,051 95 $81,508,444 65 $83,949,198 51 16,876,755 37 16,943,886 45 19,294,724 24 19,321,131 14 249,830 11 235,237 50 266,233 92 215,231 50 10,991,502 16 10,983,065 10 12,398,886 17 10,160,561 91 Due from other banks and bankers. . . . 4,414,365 24 5,462,829 33 6,396,474 02 5,127,590 55 Banking house, furniture and fixtures.... 1,488,498 28 1,577,703 17 1,641,589 76 1,946,629 37 380,373 53 358,357 49 300,029 77 345,190 33 Resources. Loans and discounts............... Stocks, bonds and mortgages........... Overdrafts........................... Due from reserve agents........... Other real estate................ December 3, 1907, 93 national banks. Current expenses and taxes paid......... 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 Cash........................... 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 Clearing house certificates......... Totals............................ 188,259 66 595,194 00 $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 fO 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 7,863, 265 00 National bank notes outstanding.......... 7,218,930 00 7,469,030 00 7,939, 985 00 Notes and bills rediscounted............... , 41,595 00 91,495 96 85, 948 00 358, 538 03 Bills payable.......................................... 35,000 00 13,000 00 125, 000 00 445, 000 00 Liabilities other than those above stated. 23,281 93 51,613 73 32 360 07 26, 691 01 Reserved for taxes.................................. 61 892 08 65, 881 50 Bonds borrowed........................... 563, 000 00 Clearing house certificates...................... 194, 988 00 Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,398,138 47 $117,495,460 83 $132,515,439 07 $132,690,353 31 STA TE BANKING D EPA R TM EN T. CV1 C om parative abstracts (N ation al B a n k s).— C ontinued. November 27, 1908, 96 national banks. November 16, 1909, 99 national banks. November 10, 1910, * 102 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 Resources. December 5, 1911, 100 national banks. 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 Current expenses and taxes paid, 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 Due to banks and bankers.................... 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 Clearing house certificates. Totals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cvii R E P O R T OF T H E COMMISSIONER, C om parative abstracts (N ational B a n k s).— Concluded. Resources. November 26, 1912, 99 national banks. October 21, 1913, 99 national banks. October 31, 1914,102 national banks. Loans and .discounts......................................................................... $106,614,756 53 $112,235,907 80 $114,670,732 34 38,318,028 17 Stocks, bonds and mortgages............................................................. 33,862,408 93 35,180,003 48 Overdrafts........................................................................................ 135,167 84 137,720 24 128,342 33 Due from reserve agents................................................................... 14,392,298 12 16,462,031 53 14,575,842 12 Due from other banks and bankers............................................ .... 10,104,057 24 10,605,854 58 9,434,690 14 Banking house, furniture and fixtures................................................ 3,275,802 44 3,375,274 52 3,604,609 08 Other real estate............................................................................... 369,412 01 374,727 08 699,838 29 Exchanges for clearing house............................................................. 1,243,697 45 1,240,377 21 1,044,114 18 Checks and cash items...................................................................... 293,533 69 291,603 26 420,198 09 Cash................................................................................................ 12,284,986 40 14,118,514 96 13,452,227 24 Due from United States treasurer..................................................... 655,542 50 711,255 00 781,727 50 Premiums on United States bonds..................................................... 18,962 78 7,097 20 4,090 17 Totals.................................................................................... $183,250,625 93 $194,740,366 86 $197,134,439 65 Liabilities. Capital stock paid in......................................................................... $15,010,000 00 $15,260,000 00 $17,084,860 00 Surplus fund..................................................................................... 7,127,300 00 7,732,610 00 9,060,600 00 Undivided earnings, net........ ........................................................... 4,072,440 70 4,228,289 58 3,077,790 75 Dividends unpaid............................................................................. 9,354 15 17,555 75 15,065 42 Individual deposits........................................................................... 123,966,021 77 131,680 554 31 131,960,189 73 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 59 20,057,828 89 National bank notes outstanding....................................................... 10,637,935 00 10,680,605 00 11,898,915 00 Notes and bills rediscounted............................................................. 406,702 45 570,757 71 745,822 96 Bills payable..................................................................................... 450,000 00 540,000 00 512,140 00 224,533 90 Liabilities other than those above stated........................................... 19,896 85 12,500 00 Reserved for taxes, interest, etc......................................................... 42,816 37 52,287 43 87,061 86 Bonds borrowed............................................. , ................................ 213,400 00 248,100 00 246,100 00 $183,250,625 93 §194,740,366 86 $197,134,439 65 Totals.................................................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cviii STA TE BANKING D EPA RTM EN T. STATE BANKS. 1914. A bstracts of reports made by the S ta te banks of M ichigan to th e C om m issioner of the B anking D epartm ent, the reports being called for on past days unknown to the bank officers, viz., January 13, March 4, June 30, S eptem ber 12, and Octo ber 31, 191Jf. For reports of in dividu al S ta te 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........................................ Expenses, interest and taxes paid, exceeding earnings............................ Banking house.............................. \ Furniture and fixtures................... j 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............. Report of Jan. 13, 455 state banks, 6 trust companies. Report of March 4, 457 state banks, 6 trust companies. Report of June 30, 462 state banks, 6 trust companies. Report of Sept. 12, 462 state banks, 6 trust companies. Report of Oct. 31, 461 state banks, 6 trust companies. $108,011,833 57 $106,012,635 36 $113,059,015 07 $118,125,402 25 $117,456,961 43 40,856,583 19 42,070,884 19 40,599,540 55 39,547,529 82 39,662,794 81 19,838,019 145,432,678 65,976 279,851 61 20,182,485 25 24,322,516 18 25,682,389 38 04 147,361,783 78 152,263,298 27 154,120,696 81 54,930 93 72,949 21 42 64,230 90 336,844 91 221,603 23 258,336 82 71 25,026,685 155,216,748 90,293 294,035 07 22 43 71 8,440,308 17 951,254 20 8,602,920 89 964,133 89 8,882,937 92 918,592 96 8,957,073 38 949,671 55 9,104,007 28 1,233,333 10 1,596,972 12 3,014,138 74 1,648,241 36 3,127,762 98 1,548,357 25 2,695,364 83 1,496,310 56 2,803,806 92 1,151,853 76 2,943,815 06 485,740 00 489,740 00 504,740 00 489,740 00 490,540 00 20,019,180 39 24,823,992 05 22,597,167 39 27,123,857 05 22,187,257 73 26,467,250 72 20,488,730 61 22,928,938 47 18,685,160 01 22,130,380 25 2,118,895 24 196,886 97 1,841,495 03 244,208 39 3,135,710 26 237,073 54 2,936,712 58 289,655 19 2,261,944 39 245,188 26 7,807,842 20 7,012,705 75 6,609,173 25 6,621,974 25 7,545,330 61 6,540,671 89 8,165,019 20 7,154,595 25 6,236,110 15 7,034,677 75 1,386,034 99 5,954,005 29 1,205,285 26 6,045,680 23 2,260,617 83 6,431,065 52 1,478,166 91 6,223,930 13 2,441,515 91 6,242,735 05 1,042,905 97 306,661 45 947,564 28 296,642 33 888,144 57 281,589 03 878,820 70 278,693 07 903,790 95 277,323 72 149,028 65 34,927 10 560,678 97 149,208 82 37,924 46 509,631 07 134,101 18 31,161 94 624,508 89 119,521 03 31,401 03 559,927 59 120,792 76 30,271 31 490,438 94 Totals.................................... $401,601,401 79 $403,620,131 68 $420,783,370 17 $424,151,283 45 $420,965,185 70 Liabilities. Capital stock paid in........................ Surplus fund.................................... Undivided profits, less losses, current expenses, interest and taxes paid... 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.......... Clearing house certificates................. Notes and bills rediscounted............. Bills payable.................................... $31,348,020 00 $31,466,605 00 $32,422,950 00 $32,514,500 00 17,111,651 83 17,273,786 56 17,826,466 38 18,080,174 31 $32,635,000 00 18,422,805 61 6,820,534 84,790 96,419,941 18,727,150 500,338 594,373 317,720 10,147,471 176,126 175,586,850 42,481,226 241,604 8,740,159 24,378 102,960,433 18,699,133 309,306 544,065 1,697,374 9,051,112 666,229 179,796,823 44,065,510 671,712 200'000 734,533 1,746,605 18 7,177,686 96 7,801,147 23 8,354,552 24 24,503 83 503,648 39 18,994 14 20 64 90,592,402 57 97,747,643 47 107,806,503 94 19 19,071,402 68 19,259,773 79 18,930,111 88 1,013,344 70 21 447,299 33 445,691 23 73 940,561 29 1,085,597 08 764,500 54 12 1,581,479 02 4,770,441 92 1,779,093 35 53 11,120,850 48 10,447,147 45 10,235,399 67 34 339,075 34 430,276 14 536,954 85 04 178,885,886 81 181,640,582 62 179,346,358 45 49 43,317,570 85 43,847,600 10 43,132,974 61 94 611,858 77 679,987 85 621,373 62 250,000 00 180,206 96 211,162 19 573,211 80 676Ì279 12 863,395 39 558,000 00 733,551 25 657,821 50 96 60 97 42 62 56 43 21 59 15 58 93 00 82 25 Totals.................................... $401,601,401 79 $403,620,131 68 $420,783,370 17 $424,151,283 45 $420,965,185 70 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cix R E PO R T OF T H E COMMISSIONER. NATIONAL BANKS. 1914. A bstracts of reports m ade by the N ational Banks of Michigan to the Com m is sioner of the B anking D epartm ent, January 13, March 4, June 30, Septem ber 12 and October 31, 1914. For reports of in dividu al N ational Banks see succeeding pages. Resources. Loans and discounts......................... Overdrafts, secured and unsecured.... U. S. bonds to secure circulation....... Miscellaneous securities to secure cir culation........................................ U. S. bonds to secure U. S. deposits. . Other bonds to secure U. S. deposits.. U. S. bonds on hand......................... Premiums on U. S. bonds................. Stocks, securities, etc........................ Banking house, furniture and fixtures. Other real estate and mortgages owned Due from other National banks........ Due from state and private banks and bankers........................................ Subscription to gold fund................. Due from approved reserve agents__ Checks and other cash items............. Exchanges for clearing house............ Bills of other National banks............ Fractional paper currency, nickels and cents............................................ Specie.............................................. Legal tender notes............................ Redemption fund with U. S. treasurer (5% of circulation)........................ Due from U. S. treasurer, other than 5% redemption fund..................... Clearing house certificates................. Totals. Report of Jan. 13, 99 national banks. Report of March 4, 98 national banks. Report of June 30, 99 national banks. Report of Sept. 12, 100 national banks. Report of Oct. 31, 102 national banks. $106,929,061 98 $106,012,063 33 $110,458,522 63 $114,304,546 00 $111,558,647 89 125,465 57 126,350 13 128,342 33 158,850 32 143,566 05 10,824,750 00 10,799,750 00 10,849,750 00 9,504,850 00 10,799,750 00 1,215,820 1,451,107 123,440 6,688 21,462,408 3,395,437 428,115 6,270,425 00 61 00 25 83 39 88 16 4,306,513 34 19,765,874 523,570 1,581,455 1,152,473 78 19 76 00 1,239,670 1,481,217 115,280 6,329 22,169,086 3,352,335 491,179 6,423,238 00 61 00 25 47 10 75 88 5,030,992 88 20,226,667 354,652 1,603,962 874,702 57 48 51 00 1,282,320 1,445,731 135,280 4,455 25,911,999 3,505,476 672,065 6,258,695 00 36 00 17 98 11 09 61 6,014,122 37 18,707,179 567,034 1,974,132 950,100 01 83 69 00 1,554,646 992,020 1,901,591 447,380 4,340 24,757,591 3,642,617 604,366 5,605,927 50 00 36 00 17 54 76 54 26 3,112,084 1,007,020 1,960,991 70,380 4,090 24,479,886 3,604,609 699,838 5,283,532 45 00 36 00 17 81 08 29 22 5,211,252 52 4,076,557 74,600 14,575,842 420,198 1,044,114 826,239 92 00 12 09 18 00 15,108,440 449,624 1,589,561 903,591 11 54 53 00 84,668 99 8,167,471 56 5,787,146 00 87,475 28 7,672,768 05 4,802,137 00 59,187 10 8,611,475 76 5,121,199 00 50,324 03 9,036,350 90 4,504,886 00 59,523 48 9,023,382 76 3,543,082 00 485,430 00 536,380 00 534,837 50 539,224 50 635,925 00 194,970 00 152,997 50 132,502 50 276,939 50 500,000 00 145,802 50 $194,315,679 04 $193,576,451 71 $203,321,532 28 $201,616,421 $197,134,439 65 Liabilities. Capital stock paid in........................ Surplus fund.................................... Undivided profits less expenses and taxes paid..................................... National bank notes outstanding...... Due to other National banks............ Due to state and private banks and bankers, trust companies and sav ings banks.................................... Dividends unpaid............................. Individual deposits subject to check.. Demand certificates of deposit.......... Time certificates of deposit............... Certified checks................................ Cashier’s checks outstanding............ United States deposits...................... Deposits of U. S. disbursing officers .. Postal savings deposits..................... Notes and bills rediscounted............. Bills payable.................................... Liabilities other than those above stated.................................. Bonds borrowed....................... Reserved for taxes, interest, etc. Clearing house certificates........ Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $15,260,000 00 $15,235,000 00 $16,437,000 00 $17,069,730 00 8,891,950 00 9,052,192 50 7,840,850 00 7,839,850 00 3,726,175 50 10,622,350 00 6,127,226 42 17,561,323 41,943 99,777,998 23,068,550 6,580,017 163,786 415,763 992,726 174,882 903,961 400,466 354,400 14 77 93 44 54 01 29 53 51 70 50 00 39,500 00 236,500 00 28,256 76 4,014,371 39 10,630,747 50 6,670,447 08 18,910,095 8,427 98,229,741 24,032,042 4,707,455 124,080 465,181 839,377 942,240 249,853 80,816 297,500 2,916,354 24 10,569,055 00 6,072,441 73 3.069.266 13 9.749.267 50 5,066,949 43 66 16,036,555 68 14,717,117 16 6,905 00 77 324,146 38 09 107,447,535 47 106,733,272 08 99 22,884,233 20 20,747,268 63 7,471,472 92 10,199,212 85 53 261,071 34 07 489,927 16 875,417 79 334,126 16 98 1,579,472 64 54 1,113,590 40 71 996,813 85 911,841 33 81 261,522 87 116,165 36 09 909,000 00 400,000 00 00 14,915 95 235,300 00 48,006 55 15,696 38 238,450 00 109,699 24 58,625 241,250 63,357 500,000 87 00 88 00 $17,084,860 00 9,060,600 00 3,077,790 75 11,898,915 00 5,250,115 04 14,807,713 15,065 78,402,473 20,136,931 33,100,833 115,831 204,119 1,084,110 85 42 25 93 77 46 32 24 1,079,420 90 745,822 96 512,140 00 224,533 90 246,100 00 87,061 86 $194,315,679 04 $193,576,451 71 $203,321,532 28 $201,616,421 89 $197,134,439 65 ex STA TE BANKING D EPA R TM EN T. STATE AND NATIONAL BANKS. 1914. A bstracts show ing the total volum e of business transacted by the S ta te and N ational banks and T rust Companies of Michigan, as reported to the Com m is sioner of the B anking D epartm ent, January 13, March J/, June 30, Septem ber 12 and October 31, 1911/. Resources. Report of Jan. 13, 455 state banks, 99 national banks, 6 trust companies. Report of March 4, 457 state banks, 98 national banks, 6 trust companies. Report of June 30, 462 state banks, 99 national banks, 6 trust companies. Report of Sept. 12, 462 state banks, 100 national banks, 6 trust companies. Report of Oct. 31, 481 state banks, 102 national banks, 6 trust companies. Loans and discounts......................... $257,011,779 74 $252,624,239 24 $263,065,067 52 $272,092,743 06 $269,872,192 51 Stocks, bonds and mortgages............ 187,218,846 48 190,203,095 50 203,002,554 43 205,050,417 73 204,723,320 10 Overdrafts........................................ 438,702 03 480,410 96 347,068 80 384,686 95 422,378 04 U. S. bonds to secure circulation....... 10,824,750 00 10,799,750 00 10,849,750 00 9,504,850 00 10,799,750 00 1,554,646 50 3,112,084 45 U. S. bonds to secure U. S. deposits. . 1,215,820 00 1,239,670 00 1,282,320 00 992,020 00 1,007,020 00 Other bonds to secure U. S. deposits.. 1,451,107 61 1,481,217 61 1,445,731 36 1,901,591 36 1,960,991 36 123,440 00 115,280 00 135,280 00 447,380 00 560,920 00 Miscellaneous securities to secure circulation........................................ Subscription to gold fund................. U. S. bonds on hand......................... 74,600 00 Premiums paid................................. 72,664 67 70,560 15 59,386 10 77,289 38 94,383 60 Banking house, furniture and fixtures 11,835,745 56 11,955,255 99 12,388,414 03 12,599,691 14 12,708,616 36 Other real estate.............................. 1,379,370 08 1,455,313 64 1,590,658 05 1,554,038 09 1,933,171 39 Due from other banks and bankers... 15,188,049 36 16,230,236 10 16,516,540 06 15,117,297 26 13,455,758 96 Due from banks in reserve cities....... 64,609,047 22 69,947,692 01 67,361,687 46 58,524,109 19 55,391,382 38 Checks and other cash items............. 1,084,249 16 Exchanges for clearing house............ 3,897,237 97 Nickels and cents............................. 268,624 74 Specie.............................................. 16,857,079 26 U. S. and National bank notes........ 21,760 166 95 Redemption fund with U. S. treasurer (5% of circulation).................■.... 485,430 00 Due from U. S. treasurer, other than 5% redemption fund..................... 194,970 00 Clearing house certificates................ 864,283 3,689,665 274,608 16,167,940 18,907,986 1,191,543 5,346,916 224,450 18,472,892 20,157,301 1,009,552 4,815,929 201,246 17,895,961 20,728,091 910,637 3,551,246 210,587 18,888,748 17,640,108 55 93 56 15 50 72 49 22 71 50 13 30 09 71 45 03 83 55 39 90 536,380 00 534,837 50 539,224 50 635,925 00 152,997 50 132,502 50 276.939 50 500,000 00 145,802 50 Totals.................................... $595,917,080 83 $597,196,583 39 $624,104,902 45 $625,767,705 34 $618,099,625 35 Liabilities. Capital stock paid in........................ $46,308,020 Surplus fund.................................... 24,951,501 Undivided profits less expenses and taxes paid..................................... 10,546,709 National bank notes outstanding...... 10,622,350 Due to banks and bankers................ 33,836,021 Dividends unpaid............................. 126,733 Commercial deposits......................... 246,247,919 Savings deposits............................... 218,068,076 State moneys on deposit................... 317,720 United States deposits...................... 2,247,697 Bonds borrowed....................... 236,500 Reserved for taxes, interest, etc........ 269,861 Notes and bills rediscounted............. 580,673 Bills payable.................................... 1,217,795 Liabilities other than those above stated ........................................... 39,500 Clearing house certificates................. 00 $46,701,605 00 $48,859,950 00 $49,584,230 00 83 25,114,636 56 26,718,416 38 27,132,366 81 $49,719,860 00 27,483,405 61 68 11,192,058 35 10,717,501 47 11,423,818 37 00 10,630,747 50 10,569,055 00 9,749,267 50 09 36,701,393 22 32,556,144 86 30,019,466 26 97 32,931 60 827,794 77 25,899 14 98 238,610,167 53 258,274,945 58 266,221,758 65 53 222,203,457 66 225,488,182 72 222,479,333 06 12 1,581,479 02 4,770,441 92 1,779,093 35 08 2,370,547 40 2,455,707 87 3,113,241 34 00 235,300 00 238,450 00 241,250 00 70 659,865 32 789,687 09 684,731 50 46 291,978 28 937.801 99 689,377 16 39 855,500 00 1,133,551 25 1,566,821 50 11,817,950 11,898,915 29,108,941 39,444 254,473,129 223,862,333 1,697,374 2,829,760 246,100 758,774 1,480,356 2,258,745 00 ' 14,915 95 15,696 38 58,625 87 750,000 00 71 00 10 02 30 73 43 73 00 79 78 25 224,533 90 200,000 00 Totals.................................... $595,917,080 83 $597,196,583 39 $624,104,902 45 $625,767,705 34 $618,099,625 35 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COM MISSIONER. cxi DETROIT, STATE B A N K S. 1914. A bstracts of the published reports of the S ta te banks and Trust Companies in the c ity of D etroit, as made to the C om m issioner of the B anking D epartm ent, January 13, March 4, June 30, Septem ber 12 and October 31, 1914. Resources. Loans and discounts: Commercial department................ Savings department...................... Bonds, mortgages and securities: Commercial department................ Savings department...................... Subscription to gold fund................. Premium account............................. Overdrafts............................. Expenses, interest and taxes paid, ex ceeding earnings............................ Banking house............. Furniture and fixtures...................... Other real estate...................... Due from other banks and bankers, 1'* 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............. Report of Report of Report of Report of Report of Jan. 13, 11 March 4, 11 Sept. 12, 11 June 30, 11 Oct. 31, 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. $38,475,435 84 $36,256,190 70 $42,148,753 88 $45,403,903 40 14,644,011 61 13,950,373 30 12,162,252 54 12,137,045 07 $44,008,148 97 12,373,393 42 11,790,473 55 61,986,144 76 11,137,483 52 63,349,599 80 12,984,940 62 67,203,028 40 15,433,386 96 67,584,424 52 2,926 66 12,561 86 2,926 66 13,161 53 2,926 66 16,640 26 8,626 66 35,897 29 2,490,372 95 417,872 08 427,810 63 2,557,689 77 432,008 14 437,800 42 2,689,363 82 475,868 57 361,816 93 2,737,272 80 465,414 52 366,029 68 2,804,316 62 468,932 96 614,758 88 790.064 23 1,582,719 23 803,511 82 1,558,854 74 871,221 34 1,568,049 46 736,604 93 1,412,347 36 446,775 78 1,394,152 30 15,139,505 67,697,634 4,000 8,526 23,890 88 54 00 66 84 300,000 00 300,000 00 300,000 00 300,000 00 300,000 00 7,442,570 63 9,695,438 90 10,124,539 63 11,269,189 33 12,262,624 64 11,173,751 60 10,069,184 88 8,273,778 64 7,512,384 36 7,971,634 03 1,571,511 22 131.065 21 1,286,506 09 179,745 96 2,449,520 50 166,801 40 2,271,077 19 209,397 58 1,588,131 23 188,253 86 2,919,996 00 2,624,145 00 2,717,470 00 2,566,228 00 3,244,342 00 2,201,247 00 4,089,718 00 2,815,460 00 2,341,852 00 2,797,114 00 288,793 65 2,882,517 62 223,315 73 2,837,360 37 1,208,986 95 3,253,846 98 526,166 70 2,986,505 71 1,475,775 89 3,015,919 62 311,300 77 45,408 95 279,079 38 43,298 40 262,890 62 42,513 20 260,849 48 31,337 40 250,704 20 26,622 88 45,870 04 9,399 77 122,565 84 44,178 69 10,650 71 141,153 44 41,719 17 7,938 97 191,219 44 34,671 78 6,953 91 126,906 81 30,969 70 6,346 30 111,003 40 Totals.................................... $161,010,977 00 $162,522,316 13 $177,292,264 95 $178,322,961 27 $172,600,748 32 Liabilities. Capital stock paid in........................ $10,900,000 00 $10,900,000 00 $11,400,000 00 $11,400,000 00 Surplus fund.................................... 7,791,000 00 7,791,000 00 8,298,000 00 8,298,000 00 Undivided profits, less losses, current expenses, interest and taxes paid... 3,546,650 81 3,604,033 56 4,080,266 91 4,298,673 01 Dividends unpaid............................. 5,404 00 5,675 00 145,109 00 1,715 50 Commercial deposits subject to check. 41,483,262 41 39,447,876 61 48,194,931 38 55,191,018 05 Commercial certificates of deposit___ 842,008 12 1,020,194 90 1,106,417 66 1,137,687 85 Certified checks................................ 443,016 00 350,757 39 752,262 39 334,673 44 Cashier’s checks outstanding............ 412,916 22 787,203 75 903,672 35 585,144 54 State monies on deposit.................... 65,366 45 470,702 39 2,297,189 63 357,023 09 Due to banks and bankers................ 7,183,288 16 7,806,566 62 8,064,941 48 7,445,212 55 Postal savings deposits..................... 71,189 44 109,763 91 155,560 66 219,889 81 Savings deposits............................... 83,717,303 69 85,667,399 28 87,067,778 96 83,943,029 22 Savings certificates of deposit............ 4,442,209 40 4,393,749 66 4,601,040 15. 4,735,563 69 107,362 30 Reserved for taxes, interest, etc........ 225,094 38 167,393 06 125,330 52 Clearing house certificates................. 250,000 00 Notes and bills rediscounted............. Bills payable.................................... $11,500,000 00 8,655,000 00 4,100,974 91 10,410 50 49,801,432 99 889,081 18 215,062 48 380,508 46 698,571 43 6,333,112 13 299,933 65 83,843,459 16 4,714,863 59 158,337 84 200,000 00 800,000 00 Totals.................................... $161,010,977 00 $162,522,316 13 $177,292,264 95 $178,322,961 27 $172,600,748 32 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA R TM EN T. cxii DETROIT. NATION AL BA N K S. 1914. A bstracts of the published reports of the N ational banks in the c ity of D etroit, as made to the C om m issioner of the B anking D epartm ent, January 13, March June 30, Septem ber 12 and October 31, 1914. Resources. Report of Report of Report of Report of Report of Oct. 31, 3 Sept. 12, 3 March 4, 3 j June 30, 2 Jan. 13, 3 national banks. national banks. national banks. national banks. national banks. Loans and discounts......................... $34,352,429 55 $33,836,671 62 $35,946,330 88 $39,321,226 90 2,215 88 16,142 86 3,025 22 3,783 01 Overdrafts, secured and unsecured.... 810,100 00 2,155,000 00 2,155,000 00 U. S. bonds to secure circulation....... 2,155,000 00 Miscellaneous securities to secure cir1,156,646 50 dilation.... $37,126,869 25 6,494 96 2,155,000 00 U. S. bonds to secure U. S. deposits. . Other bonds to secure U. S. deposits.. U. S. bonds on hand......................... Premiums on l). S. bonds Stocks, securities, etc........................ 2,491,777 40 695,000 00 192,800 00 86,900 00 695,000 00 217,800 00 88,400 00 695,000 00 207,800 00 88,400 00 399,700 00 648,720 00 398,400 00 399,700 00 752,470 00 24,400 00 4,421,697 68 4,271,703 89 7,595,926 93 6,954,827 52 6,830,110 93 Banking house, furniture and fixtures. Other real estate and mortgages owned Due from other National banks........ Due from state and private banks and bankers......................................... 170,000 00 70,000 00 4,774,969 92 110,000 00 130,000 00 4,952,009 38 170,000 00 300,000 00 5,047,430 60 181,568 29 . 300,000 00 4,354,462 02 121,917 72 360,000 00 4,126,884 19 2,496,772 47 3,193,932 88 4,448,763 67 3,445,237 07 2,479,179 47 74,000 00 Due from approved reserve agents.... Checks and other cash items............. Exchanges for clearing house............ Bills of other National banks............ Fractional paper currencv, nickels and cents............................................ 7,051,663 68,941 1,226,302 456,212 8,079,222 77,344 1,316,111 323,409 8,327,146 231,254 1,553,804 355,842 4,856,931 113,123 1,260,797 286,292 5,083,193 80,089 696,619 275,000 28,724 37 35,526 95 13,183 43 6,005 79 8,010 87 Specie....................................... r . .. Legal tender notes............................ Redemption fund with U. S. treasurer (5% of circulation)....................... Due from U. S. treasurer, other than 5% redemption fund..................... 2,981,170 90 3,496,686 00 2,781,605 80 2,845,534 00 3,459,005 00 3,131,281 00 3,670,520 00 2,798,032 00 3,824,940 00 1,822,626 00 90,995 00 107,745 00 107,715 00 111,039 50 193,545 00 159,000 00 117,000 00 116,000 00 248,800 00 500,000 00 122,000 00 Totals.................................... $64,979,047 74 $65,337,041 67 $73,966,027 12 $71,824,645 76 $69,054,828 57 10 72 02 00 31 59 03 00 18 97 60 00 52 69 08 00 86 58 34 00 Liabilities. Capital stock paid in. ....................... $5,000,000 00 Surplus fund.................................... 2,000,000 00 Undivided profits less expenses and 1,461,496 00 taxes paid..................................... 2,118,595 00 National bank notes outstanding...... Due to other National banks............ 5,351,420 86 Due to state and private banks and bankers, trust companies and savings banks.................................... 12,229,925 08 5,960 34 Dividends unpaid............................. Individual deposits subject to check. . 30,431,678 62 Demand certificates of deposit.......... 4,804,259 92 $5,000,000 00 2,000,000 00 $6,000,000 00 3,000,000 00 $6,629,730 00 3,157,432 50 $6,700,000 00 3,175,000 00 1,547,349 55 2,127,595 00 5,930,744 24 441,779 11 2,012,105 00 5,378,591 39 501,125 51 1,007,295 00 4,378,863 53 317,984 50 3,002,995 00 4,584,259 82 10,430,657 2,606 34,166,277 5,131,473 97 00 86 90 58,559 407,785 215,786 230.385 358;157 10 55 15 67 27 414,72Ì 21 825,996 26 466,697 93 50,462 62 260,255 79 1,014,562 01 61,429 03 159,341 95 438,761 37 352,638 71 394,559 06 465,682 95 414 30 220,000 00 18,056 42 481 76 220,000 00 24,000 00 485,000 220,000 1,770 500,000 00 00 72 00 193,587 50 220,000 00 4.770 72 Totals.................................... $64,979,047 74 $65,337,041 67 $73,966,027 12 .$71,824,645 76 $69,054,828 57 Postal savings deposits..................... Notes and bills rediscounted Liabilities other than those above stated ........................................... Bonds borrowed............................... Reserved for taxes, interest, etc........ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 131,161 310,156 415,730 142 969 350,231 66 40 48 32 25 220,000 00 5,462 8! 37 00 03 35 92 00 85 25 47 20 51 24 Certified checks................................ Cashier’s checks outstanding............ United States deposits...................... 11,820,955 120,398 37,575,478 5,312,184 10,242,952 324 37,327,871 5,652,440 13,766,817 259 28,915,409 4,539,722 R E PO R T OF T H E COM MISSIONER. cxiii DETROIT. STATE AND NATION AL B A N K S. 1914. A bstracts of the published reports of the S ta te and N ation al banks and T ru st Companies in the city of D etroit, as made to the C om m issioner of th e B an k ing D epartm ent, January 13, March Jf, June 30, Septem ber 12 and October 3 1 ,1911f. Resources. Report of Report of Report of Report of Report of Jan. 13, 11 March 4, 11 June 30, 11 Sept. 12, 11 Oct. 31, 10 state banks, 3 state banks, 3 state banks, 2 state banks, 3 state banks, 3 national banks, 3 national banks, 3 national banks, 3 national banks, 3 national banks, 3 trust companies. trust companies. trust companies. trust companies. trust companies. Loans and discounts......................... 587,471,877 00 $84,043,235 62 $90,257,337 30 $96,862,175 37 $93,508,411 64 Stocks, bonds and mortgages............ 78,498,315 99 79,058,787 21 88,083,895 95 90,272,639 00 Overdrafts........................................ 16,344 87 16,186 75 32,783 12 38,113 17 30,3S5 80 U. S. bonds to secure circulation....... 2,155,000 00 2,155,000 00 2,155,000 00 810,100 00 2,155,000 00 1,156,646 50 2,491,777 40 695,000 00 192,800 00 86.900 00 695,000 00 217,800 00 88,400 00 695,000 00 207,800 00 88,400 00 Miscellaneous securities to secure circulation........................................ U. S. bonds to secure U. S. deposits.. Other bonds to secure U. S. deposits.. U. S. bonds on hand......................... Subscription to gold fund................. Premiums paid................................. 2,926 66 Banking house, furniture and fixtures. 3,078,245 03 Other real estate............................... 497,810 63 Due from other banks and bankers... 9,644,525 85 Due from banks in reserve cities....... 24,189,672 63 Checks and other cash items............. 191,507 56 Exchanges for clearing house............ Nickels and cents............................. Specie.............................................. U. S. and National bank notes.......... Redemption fund with U. S. treasurer (5% of circulation)........................ Due from U. S. treasurer, other than 5% redemption fund..................... Clearing house certificates................. 2,928,878 83,994 6,509,191 9,497,039 45 18 89 00 2,926 66 2,926 66 399,700 00 648,720 00 398,400 00 8,626 66 89,667,251 35 399,700 752,470 324,400 78,000 8 |526 00 00 00 00 66 3,099,697 567,800 10,508,308 29,472,951 218,498 91 42 82 27 03 3,335,232 661,816 11,935,465 31,763,522 422,474 39 93 07 42 41 3,384,255 666,029 9,948,651 23,199,895 240,030 61 68 38 04 50 3,395,167 974,758 8,446,991 20,567,212 191,092 30 88 74 25 98 2,782,363 90,356 6,164,659 8,452,641 08 35 68 00 4,170,126 62,841 8,227,242 8,932,712 50 57 75 00 3,741,271 47,631 7,475,379 9,989,502 85 48 29 00 2,473,004 45,326 8,593,962 7,236,592 43 87 59 00 90,995 00 107,745 00 107,715 00 111,039 50 193,545 00 159,000 00 117,000 00 116,000 00 248,800 00 500,000 00 122,000 00 Totals.................................... $225,990,024 74 $227,859,357 80 $251,258.292 07 $250,147,607 03 $241,655,576 89 Liabilities. Capital stock paid in........................ Surplus fund.................................... Undivided profits less expenses and taxes paid..................................... National bank notes outstanding....... Due to banks and bankers................ Dividends unpaid............................. Commercial deposits......................... Savings deposits............................... State moneys on deposit................... United States deposits...................... Bonds borrowed............................... Reserved for taxes, interest, etc........ Notes and bills rediscounted........ Bills payable.................................... Liabilities other than those above stated....... Clearing house certificates................. $15,900,000 00 $15,900,000 00 $17,400,000 00 $18,029,730 00 9,791,000 00 9,791,000 00 11,298,000 00 11,455,432 50 5,008,146 2,118,595 24,764,634 11,364 78,858,459 88,159,513 65,366 980,120 220,000 112,825 81 00 10 34 35 09 45 49 00 11 5,151,383 2,127,595 27,504,128 5,934 75,527,509 90,061,148 470,702 914,093 220,000 185,449 11 00 33 20 05 94 39 00 00 48 414 30 4,522,046 2,012,105 25,264,488 265,507 95,085,663 91,668,819 2.297,189 974,897 220,000 249,094 4,799,798 52 02 1,007,295 00 00 24 22,067,029 00 2,039 50 00 63 100,539,554 39 11 88,678,592 91 63 357,023 09 1,629,010 88 30 220,000 00 00 38 127,101 24 481 76 $18,200,000 00 11,830,000 00 4,418,959 3,002,995 21,348,029 13,016 90,804,607 88,558,322 698,571 1,204,377 220,000 163,108 41 00 92 50 85 75 43 97 00 56 485,000 00 800,000 00 750,000 00 193,587 50 200,000 00 Totals.................................... $225,990,024 74 $227,859,357 80 $251,258,292 07 $250,147,607 03 $241,655,576 89 o https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cxiv STA TE BANKING D EPA R TM EN T. GRAND RAPIDS. STATE AND N ATION AL B A N K S. A bstracts of the published reports of the five S ta te banks, tw o T ru st Companies and three N ational banks in th e c ity of Grand R apids, as m ade to the Comm is sioner of the B anking D epartm ent, October 31, 1911f. Resources. Report of 5 state banks, 2 trust companies. Report of 3 national banks. Loans and discounts......................................................................... $8,385,129 73 $14,164,475 86 $22,549,605 59 Stocks, bonds and mortgages............................................................. 9,304,126 79 1,788,686 02 11,092,812 81 Overdrafts........................................................................................ 22,008 19 12,651 13 34,659 32 U. S. bonds to secure circulation....................................................... 2,000,000 00 2,000,000 00 U. S. bonds to secure U. S. deposits.................................................. 102,000 00 102,000 00 Other bonds to secure U. S. deposits................................................. 144,430 00 144,430 00 Other bonds to secure postal savings................................................. 25,000 00 25,000 00 U. S. bonds on hand......................................................................... 8,520 00 8,520 00 1,029,961 40 Total. Premiums paid.................................................................................. Banking house, furniture and fixtures. , ............................................ 246,934 77 783,026 63 Other real estate............................................................................... 10,705 91 37,475 01 48,180 92 Due from other banks and bankers................................................... 538,079 91 1,072,489 64 1,610,569 55 4,006,998 40 Due from banks in reserve cities....................................................... 2,327,625 81 1,679,372 59 Checks and other cash items............................................................. 56,857 63 16,082 39 72,940 02 Exchanges for clearing house............................................................. 203,501 35 151,255 56 354,756 91 Nickels and cents.............................................................................. 9,201 46 4,467 15 13,668 61 Specie............................................................................................... 304,996 78 659,517 90 964,514 68 U. S. and National bank notes.......................................................... 684,996 75 342,429 00 1,027,425 75 Redemption fund with U. S. treasurer (5% of circulation)................. 100,000 00 100,000 00 Due from U. S. treasurer, other than 5% redemption fund................ 7,000 00 7,000 00 $22,094,165 08 $23,098,878 88 $45,193,043 96 Capital stock paid in..................................... $1,750,000 00 $2 , 100,000 00 $3,850,000 00 Surplus fund................................................. 1,520,200 00 1,050,000 00 2,570,200 00 Undivided profits less expenses and taxes paid 349,197 00 602,488 51 951,685 51 2 , 000,000 00 2,900,000 00 Totals.................................................................................... Liabilities. 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......................... Deferred payment on bank building. . . . Reserved for taxes, interest, etc............ Premium account................................. Notes and bills rediscounted................. Bills payable........................................ Liabilities other than those above stated Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 806,885 1,578 4,811,315 12,335,455 85 34 90 72 3,185,348 37 3,714 31 13,217,033 15 14,703 74 174,070 31 47,304 00 120,000 00 200,000 00 235,620 37 93,169 91 56,038 25 $22,094,165 08 18,920 23 500,000 00 j 3,992,234 5,292 18,028,349 12,335,455 22 65 05 72 120,000 00 174,070 31 62,007 74 200,000 00 254,540 60 93,169 91 556,038 25 $23,098,878 88 | $45,193,043 96 R E P O R T OF T H E COMMISSIONER. cxv SAGINAW. STATE AND NATION AL B A N K S. A bstracts of the published reports of th e th ree S ta te banks and two N ational banks in the c ity of Saginaw, as m ade to the C om m issioner of the B anking D epartm ent, October 31, 1914. Report of 3 state banks. Report of 2 national banks. $5,155,073 82 $4,958,072 15 $10,113,145 97 4,249,441 92 622,450 41 4,871,892 33 3,712 70 1,780 82 5,493 52 17. S. bonds to secure circulation....................................................... 600 000 00 600 000 00 300 000 00 Resources. Loans and discounts............................................................... Stocks, bonds and mortgages............................................................. Overdrafts............................................ Total. Other securities to secure circulation................................................. 300,000 00 U. S. bonds to secure U. S. deposits................................................. 76 000 00 76 000 00 Other bonds to secure postal savings.................................... 35,000 00 35 000 00 6,900 00 0 000 00 83,000 00 293,400 00 160,075 91 93,775 90 253,851 81 1,386,192 17 U. S. bonds on hand........................................... Premiums paid................................................................ Banking house, furniture and fixtures.................................... Other real estate......................................... Due from other banks and bankers................................................... Due from banks in reserve cities.............................. 1 058 13 1,058 13 210,400 00 27 000 70 27,069 70 1,071,669 22 314,522 95 Checks and other cash items............................................................. 11,623 30 4,021 36 15,644 66 Exchanges for clearing house..................................... 23,803 24 33,440 57 57,243 81 Nickels and cents.................................................. 2,457 17 545 73 3,002 90 Specie......................................................... 222,636 63 433,902 60 656,539 23 U. S. and National bank notes.......................................................... 347,016 00 80,365 00 427,381 00 Redemption fund with U. S. treasurer (5% of circulation)................. 38,950 00 38 950 00 Due from U. S. treasurer, other than 5% redemption fund................ 1,000 00 1,000 00 $11,486,037 74 $7,683,727 49 $19,169,765 23 Capital stock paid in..................................................................... $650,000 00 $600,000 00 $1,250,000 00 Surplus fund................................................................................. 650,000 00 600,000 00 1,250,000 00 Undivided profits less expenses and taxes paid................................... 378,375 78 117,006 89 495,382 67 821 400 00 821 400 00 635,273 99 1,065,662 30 Totals..................................................... Liabilities. National bank notes outstanding....................................................... Due to banks and bankers...................................................•............ Dividends unpaid............................................................................ Commercial deposits......................................................................... Savings deposits............................................................................... State moneys 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........................................ Totals.............................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 430,388 31 863 2,562,850 6,706,888 60’000 00 01 22 00 78 00 4,803,769 42 941 7,366,619 6 706 888 60000 76’000 A 859 00 43 22 00 00 44 1,672 42 76 000 00 15,187 02 45,000 00 15,000 00 12 17 12 17 $11,486,037 74 $7,683,727 49 $19,169,765 23 60,000 00 cxvi STA TE BANKING D EPA R TM EN T. BATTLE CREEK. STATE AND NATION AL B A N K S. A bstracts of th e published reports of the tw o S ta te banks and tw o NatiQnal banks in the city of B a ttle Greek, as made to the C om m issioner of th e Banking D epartm ent, October 31, 1914. Resources. Report of 2 state banks. Report of 2 national banks. Loans and discounts......................................................................... $1,233,113 71 $5,079,417 12 $6,312,530 83 Stocks, bonds and mortgages............................................................. 1,775,100 31 2,747,276 95 4,522,377 26 Overdrafts........................................................................................ 2,375 73 2,946 25 5,321 98 500,000 00 500,000 00 U. S. bonds to secure circulation....................................................... Total. U. S. bonds to secure U. S. deposits.................................................. 15,000 00 15,000 00 Other bonds to secure U. S. deposits................................................. 28,000 00 28,000 00 Other bonds to secure postal savings................................................. 19,000 00 19,000 00 U. S. bonds on hand......................................................................... Premiums paid.................................................................................. Banking house, furniture and fixtures................................................ 122,657 67 1,600 00 1,600 00 35,700 00 158,357 67 Other real estate............................................................................... 7,114 31 7,551 47 14,665 78 Due from other banks and bankers................................................... 4,094 88 72,614 07 76,708 95 1,275,173 21 Due from banks in reserve cities........................................................ 388,103 50 887,069 71 Checks and other cash items............................................................. 153 61 5,221 18 5,374 79 Exchanges for clearing house............................................................. 8,121 05 ' 7,986 74 16,107 79 Nickels and cents.............................................................................. 1,268 84 1,847 35 3,116 19 Specie............................................................................................... 62,335 90 518,615 60 580,951 50 U. S. and National bank notes.......................................................... 114,887 25 66,375 00 181,262 25 Redemption fund with U. S. treasurer (5% of circulation)................. 25,000 00 25,000 00 Due from U. S. treasurer, other than 5% redemption fund................ 2,000 00 2,000 00 $3,719,326 76 $10,023,221 44 $13,742,548 20 Capital stock paid in......................................................................... $375,000 00 $500,000 00 $875,000 00 Surplus fund..................................................................................... 90,000 00 325,000 00 415,000 00 Undivided profits less expenses and taxes paid................................... 29,871 21 20,862 37 50,733 58 495,147 50 495,147 50 130,000 20 140,736 18 Totals.................................................................................... Liabilities. National bank notes outstanding....................................................... Due to banks and bankers................................................................ Dividends unpaid............................................................................. Commercial deposits......................................................................... Savings deposits................................................................................ State moneys on deposit.................................................................... Postal savings deposits...................................................................... United States 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 10,735 98 631,949 25 2,561,770 32 ' 20;000 00 $3,719,326 76 690 00 8,508,594 37 11,414 19 31,512 81 $10,023,221 44 690 9,140,543 2,561,770 20A00 11,414 31j 512 00 62 32 00 19 81 $13,742,548 20 R E PO R T OF T H E COM MISSIONER. cxvii KALAMAZOO. STATE AND NATION AL B A N K S. A bstracts of the published reports of the tw o S ta te banks and tw o N ational banks in the c ity of Kalam azoo, as m ade to the C om m issioner of th e B anking D e partm ent, October 31, 1914. Resources. Loans and discounts.......................... Report of 2 state banks. Report of 2 national banks. Total. $3,082,856 03 $4,471,810 96 ?7 554 666 99 Stocks, bonds and mortgages.................. 1,016,418 30 332,270 62 Overdrafts............................................. 3,367 42 11,435 18 1,348,688 92 11 ano #in U. S. bonds to secure circulation........... 230,000 00 230,000 00 U. S. bonds to secure U. S. deposits...... 44.000 00 44.000 00 Other bonds to secure postal savings......................... 35.000 00 35.000 00 200 00 9nn nn 179,900 00 273,585 00 808 10 16,113 86 453,485 00 1fi 091 Qfi U. S. bonds on hand................................ Premiums paid..................................... Banking house, furniture and fixtures..................... Other real estate........................................ Due from other banks and bankers............ 23,983 30 66,064 98 90,048 28 416,968 89 640,877 89 1,057,846 78 Checks and other cash items............... 10,207 00 11,495 98 21,702 98 Exchanges for clearing house................. 40,027 33 19,317 06 59,344 39 Nickels and cents........................... 1,996 94 1,347 22 3 344 16 Specie........................................... 63,952 95 253,951 00 450,430 00 11,500 00 11,500 00 Due from banks in reserve cities...... U. S. and National bank notes........................ 196,479 00 Redemption fund with U. S. treasurer (5% of circulation)................. Due from U. S. treasurer, other than 5 % redemption fund........ Totals................................. $5,036,965 26 $6,500,896 72 111 Öfi1 OQ $500,000 00 $500,000 00 11 nnn nnn nn 150,000 00 200,000 00 Liabilities. Capital stock paid in....................... Surplus fund.............................. Undivided profits less expenses and taxes paid.................. 45,697 40 National bank notes outstanding........ Due to banks and bankers.................... Dividends unpaid............................ 442,088 31 ' 76,830 96 122,528 36 229,997 50 229,997 50 132,743 39 1,210 50 614 75 574,831 70 1 SOS 9“ 5,277,241 39 7 17fi 7SQ 1Q Commercial deposits................................ 1,899,547 79 Savings deposits..................................... State moneys 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. . . . 1,743,504 72 20,000 00 Totals...................................... $5,036,965 26 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3*in nnn nn 18,206 77 40,261 96 77,675 66 157,240 88 1,743,504 20,000 18,206 40 ?<il 72 00 77 Qg 77,675 66 157,240 88 25,000 00 $6,500,896 72 25,000 00 111 K37 QQ STA TE BANKING D EPA R TM EN T. cxviii BAY CITY. STATE AND NATION AL BA N K S. A bstracts of the 'published rep o rts of the five S ta te banks and tw o N ational banks in the city of B ay City, as made to th e C om m issioner of the B anking D e partm ent, October 31, 1911/. Resources. Report of 5 state banks. Report of 2 national banks. Total. $3,262,186 68 $1,369,467 24 $4,631,653 92 Stocks, bonds and mortgages — 3,007,737 09 550,110 17 3,557,847 26 Overdrafts................................ 1,807 50 1,868 77 3,676 27 U. S. bonds to secure circulation 150,000 00 150,000 00 Bonds to secure U. S. deposits.. 65,000 00 65,000 00 Other bonds to secure postal savings. 22,850 00 22,850 00 Loans and discounts U. S. bonds on hand. Suspense account............................................................. 11,808 80 11,808 80 24,650 50 Premiums paid................................................................ 24,650 50 Banking house, furniture and fixtures.............................. 185,596 42 46,242 50 231,838 92 Other real estate............................................................. 19,368 43 32,501 00 51,869 43 Due from other banks and bankers................................. 13,291 58 38,551 30 51,842 88 Due from banks in reserve cities..................................... 873,335 12 114,480 61 987,815 73 Checks and other cash items.......................................... 26,241 24 463 98 26,705 22 Exchanges for clearing house.......................................... 20,718 98 5,690 47 26,409 45 Nickels and cents........................................................... 2,499 77 916 14 3,415 91 Specie............................................................................ 132,248 85 66,298 70 198,547 55 U. S. and National bank notes....................................... 362,502 25 65,128 00 427,630 25 7,500 00 7,500 00 7,943,993 21 $2,537,068 88 $10,481,062 09 Capital stock paid in.......................... .......... $450,000 00 $200,000 00 $650,000 00 Surplus fund................................................. 410,000 00 220,000 00 630,000 00 Undivided profits less expenses and taxes paid 198,688 30 52,970 71 251,659 07 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............................. Dividends unpaid.......................................... Commercial deposits..................................... Savings deposits........................................... State moneys 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....... Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 206,569 83 1,856,880 72 4,818,245 29. 2,500 00 148,150 00 148,150 00 121,228 04 327,797 87 196 53 1,698,346 66 10,000 00 47,074 39 27,467 66 53 38 29 00 39 66' 1,109 01 1,109 01 10,000 00 10,000 00 $2,537,068 88 $10,481,062 09 1,634 89 $7,943,993 21 196 3,555,227 4,818,245 12,500 47,074 27,467 1,634 89 R E P O R T OF T H E COM MISSIONER. cxix JACKSON. STATE AND NATIONAL BA N K S. A bstracts of the published reports of the four S ta te banks and one N ational bank in the c ity of Jackson, as m ade to the C om m issioner of th e B anking D epartm ent, October 31, 1914. Report of 4 state banks. Report of 1 national bank. Loans and discounts........................ $3,698,563 23 $1,284,218 81 $4,982,782 04 Stocks, bonds and mortgages........... 2,008,130 58 191,741 20 2,199,871 78 Overdrafts....................................... 6,804 56 8,922 97 15,727 53 U. S. bonds to secure circulation.. . . 100,000 00 100,000 00 Other securities to secure circulation. 100,356 80 100,356 80 U. S. bonds to secure U. S. deposits.. 15.000 00 15.000 00 Other bonds to secure postal savings. 15.000 00 15.000 00 213,717 75 Resources. Total. Premiums paid.............................. . 175 00 Banking house, furniture and fixtures 204,958 25 8,759 50 Other real estate............................. 15,077 51 63,992 59 79,070 10 Due from other banks and bankers.. 133,086 01 63,959 69 197,045 70 698,647 51 175 00 Due from banks in reserve cities...... 554,525 42 144,122 09 Checks and other cash items............ 1,527 20 3,527 37 Exchanges for clearing house........... . 63,541 94 4,500 66 5,054 57 ' 68,042 60 Nickels and cents.............................. 2,047 50 846 48 2,893 98 Specie............................................... 131,987 81 61,271 75 193,259 56 U. S. and National bank notes.......... 211,606 00 74,817 00 286,423 00 9,000 00 9,000 00 $7,032,031 01 $2,150,036 91 $9,182,067 92 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 less expenses and taxes paid 182,507 65 21,947 53 204,455 18 125,100 00 125,100 00 1,481 35 66,255 82 4,066,018 35 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............................. 64,774 47 Dividends unpaid......................................... 893 00 Commercial deposits..................................... 2,393,683 79 1,672,334 56 Savings deposits............................................ State moneys 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....... 3,118,022 59 15,000 00 4Òj ÒÒÒÒÒ Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ÌÒ,8Ò3 5Ì ""¿jòòòòò 893 00 15,000 00 4,173 47 3,118,022 55.000 15.000 14,976 59 00 00 98 2,000 00 18,346 00 àò’òòò’óò 48,346 00 $7,032,031 01 $2,150,036 91 $9,182,067 92 STA TE BANKING D EPA R TM EN T. cxx ANN ARBOR. STATE AND NATION AL B A N K S. A bstracts of the published rep o rts of the four S ta te banks and one N ational bank in the c ity of A nn Arbor, as m ade to the C om m issioner of the Banking D e p a rtm en t, October SI, 1914■ Resources. Report of 4 state banks. Report of 1 national bank. Total. Loans and discounts......................................................................... $1,923,776 61 $589,769 83 $2,513,546 44 Stocks, bonds and mortgages........... ; ....................... ....................... 3,514,491 29 197,775 00 3,712,266 29 Overdrafts........................................................................................ 4,326 27 7,067 01 11,393 28 100,000 00 100,000 00 12,000 00 123,376 25 32,795 91 lj pj bnnds f,n secure circulation ....................................... ........................ TI R bonHs to QW’.nrp TT R deposits Other bonds t-A TT R deposits ...................... 280 00 280 00 Banking house, furniture and fixtures................................................ 111,376 25 Other real estate............................................................................... 16,795 91 16,000 00 26,980 19 31,393 10 58,373 29 345,625 00 144,511 19 490,136 19 1,776 09 32,362 66 Due from other banks and bankers................................................... Due from banks in reserve cities........................................................ OV)ppVf5 and nth nr cash items ............................................ Exchanges for clearing house......................-...................................... 875 09 875 09 30,586 57 Nickels and cents................ ............................................................ 2,889 69 231 36 3,121 05 Specie............................................................................................... 184,409 20 34,066 05 218,475 25 U. S. and National bank notes.......................................................... 230,149 00 67,329 00 297,478 00 5,000 00 5,000 00 $6,392,561 07 $1,206,918 63 $7,599,479 70 Capital stock paid in........................................................................ $550,000 00 $100,000 00 $650,000 00 Surplus fund..................................................................................... 275,000 00 25,000 00 300,000 00 Undivided profits less expenses and taxes paid................................... 113,595 27 46,705 24 160,300 51 100,000 00 100,000 00 Ppreemption bind with TTt S. treasurer (5% of circulation)................. Due fmm TT ^ treasurer other th^n redemption fund ............... Totals.................................................................................... Liabilities. National bank notes outstanding ........................................... 85,084 66 ....................................... 85,084 66 Dividends unpaid............................................................................. 658 25 33 33 691 58 Commercial deposits......................................................................... 1,145,052 90 935,180 06 2,080,232 96 Ravinys deposits ............................................ State moneys on deposit, ..................................... Postal Ravings dpposits ....................................................... Unit°d States deposits ........................ Ponds bnrrnWed .................................... P psprypd for ta/ves ..................... Tîntes and bills rpdisconnted ...................................... Pills payable ............................... T,labilities other than those above stated .......................... 4,196,579 66 20,000 00 6;590 33 Totals.................................................................................... $6,392,561 07 D\1P to bflnks and bankers https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4,196,579 66 20,000 00 6,590 33 $1,206,918 63 $7,599,479 70 R E PO R T OF T H E COM MISSIONER. cxxi CALUMET. STATE AND NATION AL B A N K S. A bstracts of the 'published reports of th e tw o S ta te banks and one N ation al bank in the city of Calumet, as m ade to the C om m issioner of the B anking D epart ment, October 31, 1914Resources. Report of 2 state banks. Report of 1 national bank. Total. Loans and discounts......................................................................... $1,784,654 32 $2,557,932 93 $4,342,587 25 Stocks, bonds and mortgages............................................................ 346,960 07 255,060 40 602,020 47 Overdrafts............................................................. 1 ......................... 10 54 52 12 62 66 U. S. bonds to secure circulation....................................................... 200,000 00 200,000 00 U. S. bonds to secure II. S. deposits.................................................. 1,000 00 1,000 00 Other bonds to secure postal savings................................................. 10,000 00 10,000 00 U. S. bonds on hand......................................................................... 4,440 00 4,440 00 111,233 71 Other bonds to secure U. S. deposits................................................. Premiums paid................................................................................. Banking house, furniture and fixtures................................................ 62,733 71 48,500 00 Other real estate............................................................................... 2,000 00 17.000 00 19.000 00 Due from other banks and bankers................................................... 34,382 29 30,015 19 64,397 48 Due from banks in reserve cities....................................................... 773,661 06 148,730 66 922,391 72 Checks and other cash items............................................................. 13,709 60 3,273 80 16,983 40 6,949 30 6,949 30 Exchanges for clearing house............................................................. Nickels and cents.......................................................................".... 806 02 706 22 1,512 24 Specie............................................................................................... 71,882 75 301,503 75 373,386 50 U. S. and National bank notes.......................................................... 166,379 00 5,145 00 171,524 00 10.000 00 10.000 00 $3,257,179 36 $3,600,309 37 $6,857,488 73 Capital stock paid in........................................................................ $250,000 00 $200,000 00 $450,000 00 Surplus fund..................................................................................... 250,000 00 300,000 00 550,000 00 Undivided profits less expenses and taxes paid................................... 88,819 81 8,815 84 97,635 65 187,900 00 187,900 00 Redemption fund with IT. 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................................................................ 8,447 43 1,508 77 9,956 20 Dividends unpaid............................................................................. Commercial deposits......................................................................... Savings deposits............................................................................... State moneys 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 ......................................... 160 00 2,428,243 77 229,008 35 2,895,703 50 160 00 5,323,947 27 229,008 35 1,000 00 5,381 26 1,000 00 5,381 26 Totals.................................................................................... $3,257,179 36 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,500 00 2,500 00 $3,600,309 37 $6,857,488 73 cxxii STA TE BAN KING D EPA R TM EN T. LANSING. STATE AND NATION AL B A N K S. A bstracts of the published reports of the tw o S tate banks and tw o N ational banks in the city of Lansing, as m ade to the C om m issioner of th e B anking D ep a rt ment, October 31, 1914. Resources. Report of 2 state banks. Report of 2 national banks. Total. Loans and discounts......................................................................... $1,227,271 25 $1,857,087 61 $3,084,358 86 Stocks, bonds and mortgages............................................................. 847,902 35 811,013 28 1,658,915 63 Overdrafts........................................................................................ 597 45 1,422 10 2,019 55 U. S. bonds to secure circulation....................................................... 200,000 00 200,000 00 Bonds to secure U. S. deposits.......................................................... 64,031 80 64,031 80 Other bonds to secure postal savings................................................. U. S. bonds on hand......................................................................... Premiums paid................................................................................. 79 00 1,415 00 1,494 00 Banking house, furniture and fixtures................................................ 51,280 00 203,452 00 254,732 00 4,400 00 4,400 00 Due from other banks and bankers................................................... 1,533 20 140,344 71 141,877 91 Due from banks in reserve cities....................................................... 351,068 70 386,940 15 738,008 85 230 70 2,527 48 2,758 18 33,951 23 62,560 27 96,511 50 Other real estate............................................................................... Checks and other cash items.... Exchanges for clearing house............................................................. Nickels and cents............................................................................. 3,365 51 2,813 04 6,178 55 Specie............................................................................................ .. 63,835 00 73,507 05 137,342 05 U. S. and National bank notes.......................................................... 75,395 00 156,033 00 231,428 00 Redemption fund with U. S. treasurer (5% of circulation)................. 14,250 00 14,250 00 Due from U. S. treasurer, other than 5% redemption fund................ 10,500 00 10,500 00 $2,656,509 39 $3,992,297 49 $6,648,806 88 Capital stock paid in........................................................................ $250,000 00 $200,000 00 $450,000 00 Surplus fund..................................................................................... 125,000 00 200,000 00 325,000 00 Undivided profits less expenses and taxes paid................................... 68,451 30 108,262 65 176,713 95 Totals.................................................................................... Liabilities. National bank notes outstanding....................................................... 199,100 00 199,100 00 12,060 51 207,470 68 219,531 19 40 00 40 00 Commercial deposits......................................................................... 960,754 84 3,034,912 78 3,995,667 62 Savings deposits............................................................................... State moneys 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........................................... 1,161,425 30 65,803 00 13,014 44 20,513 12 21,998 26 Totals.................................................................................... $2,656,509 39 $3,992,297 49 Due to banks and bankers................................................................ Dividends unpaid............................................................................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,161,425 65,803 20,513 35,012 30 00 12 70 $6,648,806 88 R E PO R T OF T H E COMMISSIONER. cxxiii PORT HURON. STATE AND NATION AL B A N K S. A bstracts of the published reports of the three S ta te banks and one N ational bank in th e c ity of P o rt Huron, as m ade to the C om m issioner of th e B anking D epart m ent, October 31, 1911f. Resources. Report of 3 state banks. Report of 1 national bank. Total. Loans and discounts......................................................................... $2,237,235 97 $1,322,551 65 $3,559,787 62 Stocks, b^,nds and mortgages............................................................. 1,230,436 42 287,412 44 1,517,848 86 Overdra/ts........................................................................................ 2,240 13 1,076 63 3,316 76 U. S. bonds to secure circulation....................................................... 150,000 00 150,000 00 U. S. bonds to secure U. S. deposits.................................................. 40.000 00 40.000 00 Other bonds to secure postal savings................................................. 28.000 00 28.000 00 60,000 00 171,549 67 U. S. bonds on hand......................................................................... Premiums paid................................................................................. 5,400 44 Banking house, furniture and fixtures................................................ 111,549 67 Other real estate............................................................................... 20,726 53 Due from other banks and bankers................................................... 58,812 53 62,584 29 121,396 82 438,361 32 5,400 44 20,726 53 Due from banks in reserve cities....................................................... 246,067 66 192,293 66 Checks and other cash items............................................................. 5,493 00 4,367 76 9,860 76 Exchanges for clearing house............................................................. 59,254 24 4,763 48 64,017 72 Nickels and cents.............................................................................. 1,688 33 502 87 2,191 20 Specie.............................................................................................. 27,684 55 28,223 00 55,907 55 U. S. and National bank notes.......................................................... 88,962 00 114,044 00 203,006 00 7,500 00 7,500 00 $4,095,551 47 $2,303,319 78 $6,398,871 25 Capital stock paid in........................................................................ $300,000 00 $150,000 00 $450,000 00 Surplus fund..................................................................................... 152,250 00 75,000 00 227,250 00 Undivided profits less expenses and taxes paid................................... 9,095 54 35,814 87 44,910 41 149,995 00 149,995 00 139,012 05 329,011 76 1,692,126 14 2,937,355 59 46,635 56 1,921,522 39 65,000 00 46,635 56 8,667 36 6,068 80 14,848 23 6,068 00 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................................................................ 189,999 71 Dividends unpaid............................................................................. 273 51 Commercial deposits......................................................................... 1,245,229 45 Savings deposits............................................................................... State moneys on deposit................................................................... United States deposits...................................................................... Bonds borrowed................................................................................ Postal savings deposits..................................................................... Reserved for interest........................................................................ Notes and bills rediscounted............................................................. Bills payable.................................................................................... Bonds sold under repurchale agreement............................................. 1,921,522 39 65,000 00 Totals.................................................................................... $4,095,551 47 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6,180 87 273 51 65,000 00 141,000 00 65,000 00 141,000 00 $2,303,319 78 $6,398,871 25 cxxiv STA TE BAN KING D EPA R TM EN T. ADRIAN. STATE AND NATION AL BA N K S.' A bstracts of the published reports of the four S ta te banks and one 'National bank in th e c ity of A drian, as m ade to th e C om m issioner of the B anking D ep a rt m ent, October 31, 1914. Resources. Report of 4 state banks. Loans and discounts......................................................................... $1,205,480 93 $565,434 68 $1,770,915 61 Stocks, bonds and mortgages............................................................. 2,565,648 43 57,843 20 2,623,491 63 Overdrafts........................................................................................ 141 56 314 44 456 00 U. S. bonds to secure circulation....................................................... 100,000 00 100,000 00 Other bonds to secure circulation...................................................... 40.000 00 40.000 00 U. S. bonds to secure U. S. deposits.................................................. 7,000 00 7,000 00 13.000 00 13.000 00 Other bonds to secure U. S. deposits.......................................... Report of 1 national bank. Total. U. S. bonds on hand......................................................................... Suspense account.............................................................................. 414 85 Premiums paid.................................................................................. 194 16 404 83 598 99 Banking house, furniture and fixtures................................................ 99,000 00 67,304 00 166,304 00 414 85 Other real estate............................................................................... Due from other banks and bankers................................................... 46,181 03 14,840 89 61,021 92 Due from banks in reserve cities....................................................... 359,280 26 40,062 49 399,342 75 Checks and other cash items............................................................. 2,739 75 453 48 3,193 23 Exchanges for clearing house............................................................. 7,656 78 1,311 39 8,968 17 Nickels and cents.............................................................................. 1,292 27 1,044 08 2,336 35 Specie............................................................................................... 49,270 45 28,039 60 77,310 05 IT. S. and National bank notes.......................................................... 172,420 00 8,470 00 180,890 00 5,000 00 5,000 00 $4,509,720 47 $950,523 08 $5,460,243 55 Capital stock paid in......................................................................... $405,000 00 $100,000 00 $505,000 00 Surplus fund..................................................................................... 125,000 00 20,000 00 145.000 00 Undivided profits, less expenses and taxes paid.................................. 103,445 82 9,428 99 112,874 81 Redemption fund with IT. S. treasurer (5% of circulation)................. Due from IT. S. treasurer, other than 5% redemption fund................. Totals.................................................................................... Liabilities. National bank notes outstanding....................................................... Due to banks and bankers................................................................ Dividends unpaid............................................................................. Commercial deposits......................................................................... Savings deposits................................................................................ State moneys 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........................................... T otals.................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,003 93 505,380 34 3,361,045 40 7,500 00 344 98 $4,509,720 47 130,000 70,003 9 501,053 00 07 00 15 2,500 9,739 1,237 26,100 00 00 46 00 130.000 72,007 9 1,006,433 3,361,045 10,000 9,739 1,582 26,100 00 00 00 49 40 00 00 44 00 16,494 25 63,958 16 16,494 25 63,958 16 $950,523 08 $5,460,243 55 R E P O R T OF T H E COM MISSIONER. cxxv MUSKEGON. STATE AND NATION AL BANKS« A bstracts of the published reports of the one S ta te bank and th ree N ational banks in the c ity of Muskegon, as m ade to the C om m issioner of th e B anking D epart m ent, October SI, 1914. Resources. Report of 1 state bank. Report of 3 national banks. Total. Loans and discounts........................................................................ $437,157 02 $1,644,470 79 $2,081,627 81 Stocks, bonds and mortgages............................................................. 509,256 31 1,163,466 58 1,672,722 89 Overdrafts........................................................................................ 215 15 2,332 18 2,547 33 234,000 00 234,000 00 U. S. bonds to secure circulation....................................................... U. S. bonds to secure U. S. deposits.................................................. 1,000 00 1,000 00 Other bonds to secure postal savings................................................. 39,000 00 39,000 00 88,485 44 136,985 44 2,872 91 2,872 91 U. S. bonds on hand......................................................................... Premiums paid................................................................................. 1,600 00 Banking house, furniture and fixtures................................................ 48,500 00 Other real estate............................................................................... 1,600 00 Due from other banks and bankers................................................... 99 25 25,487 51 25,586 76 Due from banks in reserve cities....................................................... 118,256 28 299,136 79 417,393 07 Checks and other cash items............................................................. 287 82 44,743 30 45,031 12 Exchanges for clearing house............................................................. 7,017 76 6,755 02 13,772 78 Nickels and cents.............................................................................. 292 81 1,508 73 1,801 54 Specie............................................................................................... 13,922 85 167,816 75 181,739 60 U. S. and National bank notes.......................................................... 83,332 00 172,549 00 255,881 00 Redemption fund with U. S. treasurer (5% of circulation)................. 11,700 00 11,700 00 Due from U. S. treasurer, other than 5% redemption fund................. 1,000 00 1,000 00 $1,219,937 25 $3,906,325 00 $5,126,262 25 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 less expenses and taxes paid................................... 21,414 97 130,968 73 152,383 70 National bank notes outstanding....................................................... 233,297 50 233,297 50 Due to banks and bankers................................................................ 3,334 69 3,334 69 Totals.................................................................................... Liabilities. Dividends unpaid............................................................................. 86 00 111 00 197 00 Commercial deposits.................................. ....................................... 299,233 81 3,064,010 49 3,363,244 30 Savings deposits................................................................................ State moneys 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........................................... 768,019 97 5 ;000 00 1,000 00 768,019 97 5,000 00 1,000 00 31,102 59 3,000 00 32,285 09 3,000 00 Totals.................................................................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1,182 50 $1,219,937 25- 14,500 00 14,500 00 $3,906,325 00 $5,126,262 55 CXXV1 STA TE BAN KING D EPA R TM EN T. MARQUETTE. STATE AND NATION AL B A N K S- A bstracts of the published reports of the one S ta te bank and tw o N ational banks in the c ity of M arquette, as m ade to the C om m issioner of the B anking D epart m ent, October 31, 1914. Report of 1 state bank. Resources. Report of 2 national banks. Total. Loans and discounts......................................................................... $473,647 78 $2,075,967 83 $2,549,615 61 Stocks, bonds and mortgages............................................................. 261,506 03 648,154 65 909,660 68 Overdrafts....................................................................................... 235 37 2,399 62 2,634 99 U. S. bonds to secure circulation....................................................... 250,000 00 250,000 00 U. S. bonds to secure U. S. deposits.................................................. 26,000 00 26,000 00 Other bonds to secure postal savings................................................. 5,000 00 5,000 00 159,192 60 TT- S. bonds on hand ........................... Premiums paid ............................. Banking house, furniture and fixtures................................................ 57,692 60 101,500 00 Other real estate............................................................................... 12,186 37 4,000 00 16,186 37 Due from other banks and bankers................................................... 2,101 60 100,679 04 102,780 64 Due from banks in reserve cities........................................................ 109,658 15 374,917 10 484,575 25 Checks and other cash items............................................................. 851 72 9,189 83 10,041 55 Exchanges for clearing house........................................................... 795 38 Nickels and cents.............................................................................. 325 03 956 97 1,282 00 Specie............................................................................................... 30,043 00 126,749 10 156,792 10 U. S. and National bank notes.......................................................... 28,737 00 34,750 00 63,487 00 12,500 00 12,500 00 $977,780 03 $3,772,764 14 $4,750,544 17 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 less expenses and taxes paid................................... 2,608 51 98,666 71 101,275 22 245,100 00 245,100 00 43,184 33 77,800 27 Redemption fund with U. S. treasurer (5% of circulation)................. 795 38 Due from U. S. treasurer, other than 5% redemption fund................ Totals.................................................................................... Liabilities. National bank notes outstanding....................................................... Due to banks and bankers................................................................ 34,615 94 Dividends unpaid............................................................................. Commercial deposits......................................................................... 428,380 34 Savings deposits................................................................................ State moneys 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........... 361,484 35 25;000 00 Totals.................................................................................... $977,780 03 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 690 89 42 00 42 00 2,992,030 43 3,420,410 77 23,762 96 1,441 74 361,484 25,000 23,762 2,132 35 00 96 63 3,535 97 15,000 00 3,535 97 15,000 00 $3,772,764 14 $4,750,544 17 R E PO R T OF T H E COM MISSIONER. cxxvii HOUGHTON. NATION AL B A N K S. A bstracts of the published reports of the tw o N ational banks in the d t p of Hough ton, as m ade to the C om m issioner of the B anking D epartm ent, October 31, 1911h Resources. Report of 2 national banks.' Loans and discounts.............................................................. Stocks, bonds and mortgages.............................................. Overdrafts............................................................. U. S. bonds to secure circulation...................................................... U. S. bonds to secure U. S. deposits................................ Other bonds to secure postal savings................................................ IT. S. bonds on hand.................................................... $2,626,231 22 343,357 22 3,402 78 300,000 00 25.000 00 7,000 00 25.000 00 Premiums paid...................................... Banking house, furniture and fixtures................................... Other real estate............................................ 59,400 00 30,900 00 Due from other banks and bankers............................ 112,529 27 Due from banks in reserve cities....................................... 555,793 10 Checks and other cash items............................. 63,219 13 Exchanges for clearing house........................................... Nickels and cents................................................. 2,522 68 Specie............................................................. 293,574 25 IT. S. and National bank notes........................................... 116,825 00 Redemption fund with U. S. treasurer (5% of circulation).................................... 15,000 00 Due from IT. S. treasurer, other than 5% redemption fund............................... Totals.................................................... $4,579,754 65 Liabilities. Capital stock paid in.................... $300,000 00 Surplus fund....................................................... 250,000 00 Undivided profits less expenses and taxes paid....................................... 285,086 38 National.bank notes outstanding............................................... 293,300 00 Due to banks and bankers................................................... Dividends unpaid................................................................. Commercial deposits............................................. Savings deposits...................................................................... State moneys on deposit...................................................................... United States deposits................................................................ Bonds borrowed....................................................... Postal savings deposits............................................................................... 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 74,235 37 312 00 3,344,065 29 2,500 00 24,863 69 5,391 92 $4,579,754 65 cxxviii STA TE BAN KING D EPA R TM EN T. TRAVERSE CITY. STATE AND NATION AL B A N K S, A bstracts of the published rep o rts of th e tw o S ta te hanks and one N ational hank in the c ity of T raverse City, as m ade to th e C om m issioner of the Banking D epartm ent, October 31, 1911f. Report of Resources. Report of 2 state banks. Loans and discounts........................................................ *.............. $1,515,570 85 $641,569 17 $2,157,140 02 Stocks, bonds and mortgages............................................................. 681,609 13 220,370 85 901,979 98 Overdrafts........................................................................................ 709 88 1,800 28 2,510 16 TT. S. bonds to secure circulation....................................................... 100,000 00 100,000 00 "Ronds to secure TT. S. deposits ......................................................... 20,000 00 20,000 00 66,000 00 218,105 95 TT R bonds on hand 1 national bank. Total. .......................... Premiums paid ...................................... Banking house, furniture and fixtures................................................ 152,105 95 8,427 56 .......................................................... 8,427 56 Due from other banks and bankers.................................................... 4,560 92 30,463 61 35,024 53 Due from banks in reserve cities........................................................ 239,930 13 37,641 98 277,572 11 Checks and other cash items............................................................. 3,565 03 12,658 48 16,223 51 Exchanges for clearing house ................................ ........... 6,793 19 Nickels and cents.............................................................................. 1,097 74 712 48 1,810 22 Specie............................................................................................. 66,319 66 59,947 65 126,267 31 U. S. and National bank notes.......................................................... 90,892 00 22,022 00 112,914 00 5,000 00 5,000 00 $2,771,582 04 $1,218,186 50 $3,989,768 54 Capital stock paid in.................................................... ’................... $260,000 00 $100,000 00 $360,000 00 Surplus fund..................................................................................... 111,000 00 25,000 00 136,000 00 TTndivided profits less expenses and taxes paid................................... 24,179 60 15,661 06 39,840 66 Other real estate Redemption fund with TT. S. treasurer (5% of circulation)................. Due from TT R treasurer other than 6,793 19 redemption fund.... Totals.................................................................................... Liabilities. 99,300 00 99,300 00 66,808 33 40,835 96 107,644 29 171 00 171 00 924,479 20 2,343,301 12 National bank notes outstanding....................................................... Due to banks and bankers............................................................... Dividends unpaid............................................................................. Commercial deposits......................................................................... 1,418,821 92 Savings deposits................................................................................ 851,777 34 851,777 34 State moneys on deposit ................................................................. 27,500 00 27,500 00 10,000 00 United States deposits...................................................................... Ronds borrowed .......................................................... Postal savings deposits.................................................................... Reserved for taxes ........................................................ Notes and bills rediscounted .............................................. Bills payable .. .................................................................... Liabilities other than those above stated........................................... 10,000 00 1,494 85 2,739 28 Totals.................................................................................... $2,771,582 04 $1,218,186 50 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10,000 00 4,234 13 10,000 00 $3,989,768 54 R EPO R T OF T H E COMMISSIONER. cxxix ALPENA. STATE AND NATION AL B A N K S. A bstracts of the published reports of the one S ta te bank, and one N ational bank in the c ity of Alpena, as made to the C om m issioner of the B anking D epart m ent, October 31, 1914. Report of 1 state bank. Report of 1 national bank. Loans and discounts...................... $922,571 87 $747,375 38 $1,669,947 25 Stocks, bonds and mortgages......... 1,102,061 67 321,808 10 1,423,869 77 1,004 51 2,690 67 3,695 18 50.000 00 50.000 00 Resources. Overdrafts...................................... U. S. bonds to secure circulation Total. Other bonds to secure TJ. S. deposits. 10,855 00 10,855 00 Other bonds to secure postal savings 10.000 00 10.000 00 U. S. bonds on hand................. .... 220 00 220 00 6,975 00 44,582 24 Premiums paid Banking house, furniture and fixtures............................. 37,607 24 Other real estate............................................................ 886 55 Due from other banks and bankers...................... ......... 4,898 04 1,143 29 6,041 33 886 55 Due from banks in reserve cities.................................... 198,008 43 73,995 49 272,003 92 Checks and other cash items.......................................... 8 05 3,948 37 3,956 42 Exchanges for clearing house.......................................... 1,050 22 Nickels and cents........................................................... 146 60 364 09 510 69 Specie....................... ........................................ ........... 36,460 00 35,525 00 71,985 00 U. S. and National bank notes......................... ............. 128,985 00 67,955 00 196,940 00 2,500 00 2,500 00 1,050 22 Redemption fund with U. S. treasurer (5% of circulation) Due from U. S. treasurer, other than 5% redemption fund. $2,433,688 18 Totals. $1,335,355 39 | $3,769,043 57 I Liabilities. Capital stock paid in..................................... $ 100,000 00 $50,000 00 $150,000 00 Surplus fund................................................. 125,000 00 50.000 00 175,000 00 Undivided profits less expenses and taxes paid 25,901 84 21,939 51 47,841 35 50.000 00 National bank notes outstanding................... Due to banks and bankers 39 00 39 00 Dividends unpaid Commercial deposits Savings deposits................................... State moneys 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 266,932 04 1,789,089 21 10,000 00 6,087 48 $2,433,688 18 Totals Q https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50.000 00 110,638 61 110,638 61 1,144,326 26 1,411,258 30 5,000 00 1,789,089 21 15.000 00 10,000 00 10.000 00 4,089 62 $1,335,355 39 | 10,177 10 $3,769,043 57 cxxx STA TE BANKING D EPA R TM EN T. BENTON HARBOR. STATE AND NATION AL B A N K S. A bstracts of the published reports of the one S ta te bank and tivo N ational banks in the c ity of Benton Harbor, as m ade to the C om m issioner of the B anking De partm ent, October 31, 1914. Resources. Loans and discounts. .. Stocks, bonds and mortgages................................ Overdrafts........................... Report of 1 state bank. Report of 2 national banks. Total. $417,325 26 $1,207,874 10 $1,627,199 36 182,921 40 300,114 58 483,035 98 257 75 2,512 02 2,769.77 ' 100,000 00 100,000 00 3,000 00 3,000 00 51,500 00 78,899 20 130,399 20 325 00 800 92 1,125 92 23,690 31 46,255 61 69,945 92 246,012 81 U. S. bonds to secure circulation.............. U. S. bonds to secure U. S. deposits.......................... Other bonds to secure postal savings................. U. S. bonds on hand............................... Premiums paid........................... Banking house, furniture and fixtures..................................... Other real estate...................................... Due from other banks and bankers................. Due from banks in reserve cities...................................... 145,172 39 100,840 42 Checks and other cash items........................... 424 55 5,591 11 6,015 66 Exchanges for clearing house........................... 7,595 50 8,074 07 15,669 57 Nickels and cents.......................... 266 30 1,682 53 1,948 83 Specie........................................... 15,198 35 101,246 15 116,444 50 U. S. and National bank notes........................ 62,016 00 50,658 00 112,674 00 4,300 00 4,300 00 $908,692 81 $2,011,848 71 ........ v ............. $2,920,541 52 Redemption fund with U. S. treasurer (5% of circulation)... . Due from U. S. treasurer, other than 5% redemption fund........ Totals................................. Liabilities. Capital stock paid in....................... $75,000 00 $225,000 00 $300,000 00 Surplus fund......................... 38,500 00 73,500 00 112,000 00 Undivided profits less expenses and taxes paid........... 19,710 09 22,854 43 42,564 52 National bank notes outstanding................... 99,300 00 99,300 00 112,837 63 112,837 63 1,469,936 23 1,801,464 58 5,000 00 439,742 29 5,000 00 4,212 08 3,420 42 7,632 50 $908,692 81 $2,011,848 71 $2,920,541 52 Due to banks and bankers...................... Dividends unpaid.......................... Commercial deposits.................. 331,528 35 Savings deposits......................... State moneys 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. . . . 439,742 29 Totals................ R_____ _____________________________ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E PO R T OF T H E COMMISSIONER. CXXXl Abstract of the published reports of the State and National banks in the counties as made to Commissioner of the Banking Department October 31, 1914. Alcona County. Alger County. Allegan County. Alpena County. Antrim County. Resources. 1 state bank. 1 state and 1 9 state and 1 1 state and 1 national bank. national banks. national bank. 4 state banks. Loans and discounts................................. $63,592 87 Stocks, bonds and mortgages.................... 91,922 84 168,956 00 1,197,720 94 1,423,869 77 331,449 93 Overdrafts................................................ 406 97 1,280 23 13,632 02 3,695 18 339 59 60,000 00 50,000 00 50,000 00 U. S. bonds to secure circulation............... $462,203 94 $1,895,660 49 $1,669,947 25 II. S. bonds to secure U. S. deposits.......... $432,022 67 1,000 00 Other bonds to secure U. S. deposits.......... 2,000 00 10 855 00 Other bonds to secure postal savings deposits 10 000 00 U. S. bonds on hand................................. 220 00 Premiums paid......................................... 276 87 Banking house, furniture and fixtures........ 3,810 13 Other real estate....................................... 4,910 06 Due from other banks and bankers............ 1,549 84 4,164 62 12,805 57 6,041 33 5,864 83 Due from banks in reserve cities............... 8,038 70 45,818 13 306,846 08 272,003 92 98,857 33 Checks and other cash items..................... 1,843 37 3,084 97 7,545 86 3,956 42 478 26 130 20 3 459 15 1 050 22 1 097 02 Exchanges for clearing house..................... 38,228 15 119,210 63 44,582 24 22,638 06 31 920 93 886 55 5 526 86 Nickels and cents..................................... 280 25 397 93 2,456 34 510 69 877 33 Specie...................................................... 3,521 65 17,970 90 120,506 90 71,985 00 26,978 85 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................................... Due from U. S. treasurer, other than 5% redemption fund.................................... 4,873 00 11,094 00 58,789 00 196,940 00 30,743 00 3,000 00 2,500 00 2,500 00 Totals............................................ $184,749 68 $818,329 07 $3,824,330 78 $3,769,043 57 $956,873 73 Liabilities. Capital stock paid in................................ Surplus fund............................................. Undivided profits less expenses and taxes paid...................................................... National bank notes outstanding............... Due to banks and bankers........................ Dividends unpaid..................................... Commercial deposits................................. Savings deposits....................................... State moneys 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... Totals............................................ R https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $25,000 00 17,000 00 1,423 17 25 00 33,594 94 84,206 57 $85,000 00 23,000 00 12,487 59,497 8,408 47 519,906 69,452 2,500 87 50 90 00 62 68 00 1,459 88 23,500 00 $184,749 68 5,068 62 31,500 00 $314,000 00 70,300 00 38,921 86 49,200 00 6,715 74 138 00 1,536,667 86 1,723,304 33 10,000 00 ljooo 00 2^713 17 $150,000 00 175,000 00 47,841 50,000 lio ’638 39 1,411,258 1,789,089 15,000 10,000 10,177 35 00 61 00 30 21 00 00 10 21,370 00 50,000 00 $818,329 07 $3,824,330 78 $3,769,043 57 $95,000 00 42,000 00 15,048 55 192 39 321,633 88 462,196 58 1 000 00 7,802 33 12,000 00 $956,873 73 cxxxii STA TE BAN KING D EPA R TM EN T. A bstract of S ta te and N ational banks by counties.— C ontinued. Arenac County. County. Barry County. Benzie County. *Bay County. Resources. 1 state and 1 6 state and 1 12 state and 2 2 state banks. 4 state banks. national bank. national banks, national banks. $95,165 12 $1,485,107 83 54,992,421 85 $93,930 39 3,828,116 83 182,609 06 11,594 29 5,391 55 245 49 50,000 00 150,000 00 4,000 00 79,850 00 Loans and discounts.................................. $321,313 35 Stocks, bonds and mortgages..................... 177,250 42 41,899 24 959,131 04 Overdrafts................................................ 918 16 90 17 6,250 00 U. S. bonds to secure circulation............... U. S. bonds to secure TJ. S. deposits.......... 8,000 00 Other bonds to secure TJ. S. deposits.......... 1,019 31 Other bonds to secure postal savings deposits U. S. bonds on hand................................. 24,797 20 Premiums paid......................................... 267,905 66 17,835 00 3,894 60 23,736 00 14,563 00 92,573 2,965 70 688 05 6,630 58,062 33 3,629 92 6,273 31 23,112 54,406 77 3,185 32 Duo from banks in reserve cities............... 71,689 10 15,605 89 256,421 1,070,580 50 84,941 14 Checks and other cash items..................... 220 82 9,805 27,108 24 2,202 15 Banking house, furniture and fixtures........ Other real estate....................................... Due from other banks and bankers............ 26,734 49 Exchanges for clearing house..................... Nickels and cents..................................... 141 51 70 51 1,213 3,770 22 305 91 Specie...................................................... 8,680 50 9,753 60 117,108 215,303 55 13,242 75 U. S. and National bank notes............. Redemption fund with U. S. treasurer (5% of circulation).................................. Due from U. S. treasurer, other than 5% redemption fund............................... 23,872 00 58,893 445,595 25 7,453 00 2,500 7,500 00 312 50 $634,417 48 Totals. $191,690 70 $3,078,092 59 $11,265,544 44 $409,844 81 $775,000 00 644,800 00 $40,000 00 7,500 00 Liabilities. Capital stock paid in........................... Surplus fund........................................ Undivided profits less expenses and taxes paid................................................ National bank notes outstanding.......... Due to banks and bankers................... Dividends unpaid................................. Commercial deposits............................ Savings deposits....... .......................... State moneys 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 Totals............................................ $90,000 00 25,270 00 $45,000 00 9,200 00 $262,000 00 114,000 00 14,891 32 2,185 72 6,250 00 431 87 75,758 11 50,000 00 247,198 91 232,060 21 112,107 98 16,368 69 2,000 00 11,000 00 1,809 95 $634,417 48 99 00 20 53 03 39 00 39 01 1,769 00 139,748 18 220,827 63 2,743 90 3,497 04 10,500 00 38,000 00 8,000 00 18,000 00 $191,690 70 $3,078,092 59 $11,265,544 44 *Two state and one national merged as one state bank November 19, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 173 00 993,875 58 1,540,475 95 255,181 148,150 329,336 196 3,796,463 5,190,955 18,500 47,074 31,143 $409,844 81 R E P O R T OF T H E COMMISSIONER. cxxxiii A b stra ct of S ta te and N ational banks by counties.—C ontinued. Berrien County. Branch County. Calhoun County. Cass County. Charlevoix County. Resources. 8 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.................................. $3,143,629 70 $2,151,899 44 $7,647,855 94 Stocks, bonds and mortgages..................... 1,283,517 99 $999,980 08 $695,848 53 660,916 89 6,067,165 80 365,737 66 255,310 42 Overdrafts................................................ 13,618 94 4,120 67 10,880 23 7,725 23 2,945 39 U. S. bonds to secure circulation............... 175,000 00 287,500 00 600,000 00 60,000 00 50,000 00 U. S. bonds to secure U. S. deposits.......... 1,000 00 Other bonds to secure U. S. deposits.......... 1,000 00 Other bonds to secure postal savings deposits 33,320 00 U. S. bonds on hand................................. 16,000 00 22,000 00 500 00 38,000 00 5,300 00 19,000 00 17,000 00 2,465 30 160 00 160 00 Premiums paid......................................... 2,487 85 500 00 Banking house, furniture and fixtures........ 281,566 27 50,209 42 219,562 85 64,846 80 66,163 11 Other real estate....................................... 4,152 92 5,163 00 19,887 78 501 30 14,047 27 Due from other banks and bankers............ 142,234 78 7,708 63 102,437 01 4,744 94 3,317 64 Due from banks in reserve cities................ 840,173 99 337,355 68 1,542,583 38 80,368 06 97,719 87 Checks and other cash items..................... 15,452 10 6,766 75 13,234 25 6,869 21 817 52 Exchanges for clearing house..................... 28,820 35 2,534 19 20,515 83 355 56 746 26 Nickels and cents...................................... 4,844 90 1,353 71 4,816 72 1,918 70 671 47 Specie....................................................... 209,891 40 87,029 85 678,825 55 47,101 51 22,805 15 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................................... Due from U. S. treasurer, other than 5% redemption fund.................................... 225,242 00 73,995 00 262,969 75 40,849 00 50,333 00 7,250 00 13,575 00 29,200 00 2,500 00 2,500 00 Totals............................................ $6,412,203 19 $3,707,288 23 $17,303,400 39 $1,700,658 05 $1,269,525 63 2,000 00 Liabilities. Capital stock paid in................................ $715,000 00 Surplus fund......... ................................... 218,549 38 Undivided profits less expenses and taxes paid...................................................... 81,254 15 National bank notes outstanding............... 173,500 00 Due to banks and bankers........................ 127,992 78 Dividends unpaid..................................... 75 00 Commercial deposits................................. 3,845,634 80 Savings deposits....... .».............................. 1,195,512 65 State moneys on deposit........................... 13,000 00 United States deposits.............................. Postal savings deposits.............................. 41,682 21 Bonds borrowed........................................ Reserved for taxes, interest, etc................. Notes and bills rediscounted...................... Bills pavable............................................ Liabilities other than those above stated... 2 22 $535,000 00 $1,215,000 00 289,910 00 513,000 00 127,084 46 286,095 00 190 97 1,798,955 625,906 4,500 1,000 5i060 87 60 00 00 81 170,944 594,347 140,736 750 10,760,194 3,798,195 27,000 37,867 36^723 38 50 18 00 76 22 00 63 72 $245,000 00 57,325 00 26,385 12 59,597 50 2,265 73 864,825 19 397,299 35 7,500 00 $150,000 00 23,850 00 15,130 49,600 2,334 50 595,904 397,428 9,500 47 00 02 00 03 62 00 9,460 16 3,769 63 15,000 00 16^000 00 21,958 86 Totals............................................ $6,412,203 19 $3,707,288 23 $17,303,400 39 $1,700,658 05 $1,269,525 63 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23,584 52 loiooo 00 64i 66 8,000 00 STA TE BAN KING D EPA RTM EN T. cxxxiv A bstract of S ta te and N ational banks by counties.—C ontinued. Cheboygan County. Chippewa County. Clare County. Clinton County. Delta County. Resources. 6 state and 1 4 state and 2 3 state and 1 3 state and 1 national banks. national banks. 3 state banks. national banks. national banks. Loans and discounts................................. $915,548 78 $1,355,094 40 Stocks, bonds and mortgages..................... 246,304 29 431,255 04 Overdrafts................................................ 1,807 08 1,025 38 XT. S. bonds to secure circulation............... 50,000 00 70,000 00 $295,151 61 $1,066,423 44 $2,668,980 92 207,879 23 1,080,822 73 532,295 46 5,911 61 1,302 33 1,877 87 15,000 00 199,000 00 U. S. bonds to secure U. S. deposits.......... 30,000 00 1,000 00 Other bonds to secure U. S. deposits.......... 10,000 00 7,000 00 Other bonds to secure postal savings deposits 1,000 00 2,000 00 U. S. bonds on hand................................. Banking house, furniture and fixtures........ 527 50 500 00 Premiums paid......................................... 43,173 75 97,766 80 20,575 00 72,588 00 62,401 53 Other real estate....................................... 7,601 11 21,321 55 1,175 76 Due from other banks and bankers............ 14,817 17 28,299 19 5,485 74 25,801 85 28,326 80 11,300 00 Due from banks in reserve cities............... 108,478 74 308,933 06 106,277 40 168,927 12 349,433 20 Checks and other cash items..................... 2,000 21 1,068 20 6,757 67 2,744 27 13,723 58 Exchanges for clearing house..................... 549 21 12,476 07 1,486 40 272 94 6,272 69 Nickels and cents...................................... 1,679 02 1,586 85 485 33 867 47 3,179 81 Specie...................................................... 48,049 60 55,360 40 14,714 35 79,298 50 157,918 89 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................................... Due from U. S. treasurer, other than 5% redemption fund.................................... 37,804 00 99,143 00 20,710 00 84,234 00 68,678 00 2,500 00 3,500 00 450 00 8,950 00 $686,610 10 $2,599,732 65 $4,120,866 25 $60,000 00 26,500 00 $213,000 00 125,000 00 $390,000 00 187,500 00 10,717 97 47,117 48 14,700 00 79 70 253,765 77 329,183 95 6,000 00 690,057 66 1,486,185 39 442 41 592 42 2,300 00 Totals............................................ $1,482,312 96 $2,529,629 94 Liabilities. Capital stock paid in................................. Surplus fund............................................. Undivided profits less expenses and taxes paid...................................................... National bank notes outstanding............... Due to banks and bankers........................ Dividends unpaid..................................... Commercial deposits................................. Savings deposits........................................ State moneys 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... $170,000 00 25,355 00 9,363 50,000 7;048 56 878,380 310,349 2,500 57 00 91 00 83 59 00 1,059 06 23,200 00 5 ; 000 00 $320,000 00 80,500 00 26,993 69,600 '831 120 1,370,780 599,747 2,500 20"823 13;124 05 00 25 00 75 87 00 04 64 9,609 34 15,000 00 Totals............................................ $1,482,312 96 $2,529,629 94 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3,000 00 20,000 00 $686,610 10 $2,599,732 65 62,633 199,000 26;230 '239 2,763,630 399,553 14,500 1,000 7,209 58 00 66 00 70 33 00 00 08 53,364 81 16,005 09 $4,120,866 25 R E P O R T OF T H E COM MISSIONER. cxxxv A bstract of S ta te and N ational banks by counties.—C ontinued. 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 national banks. national banks. national banks. national banks. 3 state banks. Loans and discounts.................................. $1,474,697 13 $1,681,948 41 $1,202,910 47 $4,767,626 10 $421,550 06 Stocks, bonds and mortgages..................... 607,350 53 1,072,903 37 503,298 12 6,490,495 50 31,588 77 Overdrafts................................................ 234 26 6,758 37 703 97 9,695 02 1,264 41 U. S. bonds to secure circulation............... 100,000 00 87,500 00 100,000 00 100,000 00 TJ. S. bonds to secure U. S. deposits.......... 1,000 00 Other bonds to secure U. S. deposits.......... Other bonds to secure postal savings deposits 7,000 00 1,000 00 17,500 00 20,000 00 20,000 00 84,812 50 U. S. bonds on hand....................,•........... Premiums paid......................................... 1 790 00 5 186 13 Banking house, furniture and fixtures........ 45,000 00 81,000 00 7Q.953 64 168,262 25 Other real estate....................................... 1,000 00 20,623 59 2,071 50 21,925 00 481 32 Due from other banks and bankers............ 23,437 74 40,547 83 36 845 94 148 405 18 2 480 44 Due from banks in reserve cities................ 189,047 07 329,687 67 202,837 71 1,027,986 95 68,479 66 Checks and other cash items..................... 13,962 59 8,226 65 783 85 13,668 20 622 37 2 028 97 2 621 78 23 586 24 Exchanges for clearing house..................... 25,392 07 Nickels and cents...................................... 796 20 2,116 04 3,400 54 3,928 39 513 94 Specie...................................................... 101,187 55 117,081 95 64,542 30 416,472 60 12,456 80 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................................... Due from U. S. treasurer, other than 5% redemption fund.................................... 36,544 00 80,342 00 56,424 00 323,313 00 16,646 00 4,300 00 4,375 00 5 000 00 5,000 00 Totals............................................ $2,683,369 57 $3,559,639 85 $2,275,193 82 $13,545,550 66 $581,882 56 Liabilities. Capital stock paid in................................ $250,000 00 Surplus fund............................................. 127,000 00 Undivided profits less expenses and taxes paid...................................................... 52,745 45 National bank notes outstanding............... 96,497 50 Due to bankg and bankers........................ 3,369 72 Dividends unpaid......................... *.......... 4,393 00 Commercial deposits................................. 1,646,726 19 Savings deposits....................................... 398,890 82 2,500 00 State moneys on deposit........................... United States deposits.............................. 1,000 00 Bonds borrowed........................................ Postal savings deposits.............................. 66,309 11 Reserved for taxes, interest, etc................. 33,937 78 Notes and bills rediscounted...................... Bills payable............................................ Liabilities other than those above stated... $442,500 00 104,800 00 44,377 87,500 6,196 '359 1,441,148 1,339,216 11,000 10,000 09 00 25 00 65 82 00 00 6,652 3,289 17,600 45,000 87 17 00 00 $195,000 00 40,000 00 48,401 35 98,600 00 19j922 66 1,340,446 503,731 12,500 8,900 84 93 00 00 230,689 100,000 11 503 779 4,338,659 7,309,285 26,000 86 00 31 00 64 83 00 $80,000 00 13,200 00 18,151 60 407,981 59 34,705 08 17,500 00 26,124 83 6,608 19 344 29 20,000 00 10,000 00 Totals............... ............................ $2,683,369 57 $3,559,639 85 $2,275,193 82 $13,545,550 66 $581,882 56 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7,691 04 $742,500 00 733,400 00 STA TE BAN KING D EPA R TM EN T. cxxxvi A bstract of S ta te and N ational banks by counties.—C ontinued. Gogebic County. Resources. Loans and discounts......................... Grand Traverse County. Gratiot County. Hillsdale County. Houghton County. 5 state and 8 2 state and 2 3 state and 1 10 state and 2 9 state and 1 national banks, 1 trust national banks. national banks. national banks. national banks. company. $953,879 82 $2,226,672 32 ,365,286 48 $1,847,849 85 $10,967,701 19 Stocks, bonds and mortgages............ 340,209 02 933,919 35 961,057 44 670,540 97 Overdrafts....................................... 1,671 23 2,524 91 4,526 73 7,766 91 7,458 72 U. S. bonds to secure circulation....... 37,500 00 100,000 00 60,000 00 13,750 00 825,000 00 U. S. bonds to secure U. S. deposits.. 8,000 00 Other bonds to secure U. S. deposits.. 12,000 00 Other bonds to secure postal savings.. 1,993,995 87 26,000 00 7,000 00 239,000 00 22,000 00 29,440 00 U. S. bonds on hand......................... Premiums paid.............. .................. 406 80 Banking house, furniture and fixtures. 64,936 73 1,565 55 800 50 223,370 95 98,262 90 68,262 29 471,602 00 Other real estate............................... 1,335 40 8,427 56 365 00 287 73 60,721 15 Due from other banks and bankers... 20,589 72 35,024 53 72,913 42 48,053 71 239,783 14 Due from banks in reserve cities....... 94,624 61 280,110 72 210,268 92 352,846 23 2,018,030 79 Checks and other cash items............. 9,088 09 16,464 01 4,018 63 18,038 15 96,558 36 Exchanges for clearing house............ 1,301 86 6,793 19 1,751 97 Nickels and cents............................. 2,594 58 1,871 18 2,602 65 2,044 93 8,110 43 Specie.............................................. 96,538 55 127,378 06 70,428 88 120,926 22 634,698 30 IT. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)................................... r .. Due from U. S. treasurer, other than 5% redemption fund.................................... 57,107 00 115,179 00 71,836 00 90,811 00 748,561 75 1,875 00 5,000 00 3,000 00 687 50 41,250 00 $1,922,658 41 Totals. ,102,735 78 $2,927,119 52 18,109 24 1,248,865 49 $18,210,586 49 Liabilities. $225,000 00 Capital stock paid in................................. 87.500 00 Surplus fund............................................. Undivided profits less expenses and taxes 40,977 64 paid..................................................... National bank notes outstanding............... 37.500 00 1,023 78 Due to banks and bankers........................ Dividends unpaid...................................... Commercial deposits................................. 1,229,367 48 68,237 58 Savings deposits........................................ 3,500 00 State moneys on deposit........................... United States deposits.............................. Bonds borrowed........................................ 183,077 27 Postal savings deposits.............................. Reserved for taxes, interest, etc................. 13,974 66 Notes and bills rediscounted...................... 42,500 00 Bills payable............................................. Liabilities other than those above stated... $380,000 00 141,000 00 41,012 99,300 107,644 171 2,375,036 896,838 28,500 23 00 29 00 01 12 00 $301,000 00 139,400 00 $340,000 00 116,400 00 19,076 84 60,000 00 59,838 99 13,750 00 1,956 12 62 50 707,255 81 1,624,708 31 2,000 00 2,004,499 75 675,165 17 2,000 00 10,000 00 10,000 00 4,234 13 557 05 8,559 01 9,000 00 64,500 00 4,255 46 4,000 00 27,000 00 $1,475,000 00 1,248,116 22 631,768 805,000 107,631 1,080 9,985,765 3,902,498 98 00 46 53 05 38 10,000 00 25,863 69 15,362 18 2,500 00 Totals............................................ $1,922,658 41 $4,102,735 78 $2,927,119 52 $3,248,865 49 $18,210,586 49 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R E P O R T OF T H E COM MISSIONER. cxxxvn A bstract of S ta te and N ational banks by counties.—C ontinued. Huron County. Iron County. Ionia County. Ingham County. Isabella County. Resources. 9 state and 2 9 state and 1 2 state and 3 5 state banks. 9 state banks. national banks. national banks. national banks. Loans and discounts.................................. $1,245,671 51 $3,970,480 20 $2,114,159 46 $743,758 16 $727,016 54 Stocks, bonds and mortgages..................... 694,896 93 2,515,256 08 1,324,379 88 451,231 50 656,181 59 Overdrafts................................................ 2,243 25 10,395 27 18,545 59 •3,764 60 5,889 58 200,000 00 50,000 00 60,000 00 TT S bonds to secure circulation. .. Other securities to secure circulation....... 28,000 00 XT S boTirls to speure TT. S. deposits . . 36,031 80 7,757 40 48,000 00 Other bonds to secure postal savings deposits JT 5,000 00 bonds on hand 1,494 00 25 50 615 92 Banking house, furniture and fixtures........ 92,432 08 284,558 63 122,042 08 98,840 85 Ofher real estate 36,013 40 6,045 43 2,337 50 2,500 00 Premiums paid ........................... ........................... 48,260 87 Due from other banks and bankers............ 28,649 50 160,286 44 61,674 75 26,047 57 61,646 42 Due from banks in reserve cities............... 198,096 37 907,886 42 339,065 16 125,017 29 182,898 37 9,660 85 Checks and other cash items.. ................. P/Xchanges for clearing house. . . 9,414 60 6,963 63 4,466 48 22,215 68 99,809 72 12,901 39 449 09 5,602 34 Nickels and cents...................................... 1,287 29 7,614 54 3,022 22 2,301 79 981 54 Specie....................................................... 51,171 25 215,815 55 111,735 85 67,379 25 48,287 30 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation) ........................ Due from U. S. treasurer, other than 5% redemption fund 61,221 00 272,512 00 148,551 00 21,852 00 46,836 00 14,250 00 2,500 00 3,000 00 10,500 00 Totals............................................ $2,443,312 86 $8,752,899 71 $4,323,164 26 $1,663,969 78 --- --- - ' $1,784,049 64 Liabilities. $215,000 00 Capital stock paid in................................ 50,500 00 Surplus fund............................................. Undivided profits less expenses and taxes 91,581 79 paid...................................................... National bank notes outstanding 3,204 83 Xhie to banks and bankers........................ Oiyidends unpaid Commercial deposits................................. 1,073,519 50 945,207 33 Savings deposits....................................... 37,500 00 moneys on deposit Postal savings deposits.............................. Reserved for taxes, interest, etc................. Notes and bills rediscounted Pills payable .............................. Liabilities other than those above stated 8,172 25 4,627 16 14;000 00 $680,000 00 427,000 00 282,578 199,100 219i531 40 4,607,924 2,198,619 71,803 20,513 38|289 80 00 19 00 73 16 00 12 71 7,500 00 $415,000 00 173,900 00 $190,000 00 52,750 00 45,611 01 50,000 00 59,555 89 57,800 00 906 16 91 1,835,554 1,722,337 16,000 9,517 41 23,901 405 396,421 1,074,017 31,000 82 00 76 56 00 50 95 49 00 1,110,543 27 107,794 55 13,227 66 46,333 19 3,486 09 120 00 31,321 65 20,000 00 104 88 6,000 00 5,000 00 18,000 00 35,000 00 3,181 84 Totals............................................ $2,443,312 86 $8,752,899 71 $4,323,164 26 $1,663,969 78 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $140,000 00 76,300 00 $1,784,049 64 cxxxviii STA TE BAN KING D EPA R TM EN T. A bstract of S tate and N ational banks by counties.—C ontinued. Jackson County. Kalamazoo County. Kalkaska County. Kent County. Keweenaw County. Resources. 8 state and 1 9 state and 2 national banks. national banks. 1 state bank. Loans and discounts................................. 55,352,742 41 $8,081,330 87 15 state, 3 national banks, 1 state bank. 2 trust companies. $145,396 15 $24,027,253 30 $102,017 86 64,217 10 12,156,967 50 69,466 95 Stocks, bonds and mortgages.................... 2,777,871 25 1,857,269 66 Overdrafts................................................ 18,606 01 16,897 97 LI. S. bonds to secure circulation............... 100,000 00 230,000 00 2,000,000 00 Other securities to secure circulation.......... 100,356 80 U. S. bonds to secure U. S. deposits.......... 15,000 00 44,000 00 271,430 00 15,000 00 35,000 00 178 04 38,270 13 72 45 Other bonds to secure IJ. S. deposits.......... Other bonds to secure postal savings deposits U. S. bonds on hand.................................. 200 00 29,020 00 Premiums paid......................................... 175 00 Banking house, furniture and fixtures........ 233,734 37 500,240 53 13,985 06 1,101,147 79 4,824 00 Other real estate....................................... 79,070 10 29,870 26 5,682 22 43,953 96 3,761 28 Due from other banks and bankers............ 199,857 62 98,276 28 3,713 93 1,239,348 51 65 00 Due from banks in reserve cities............... 862,628 52 1,184,068 16 5,671 82 4,360,033 09 13,033 08 151 49 75,489 89 51 40 Checks and other cash items..................... 5,459 04 22,501 26 Exchanges for clearing house..................... 68,240 21 59,356 79 Nickels and cents...................................... 3,448 43 3,919 56 Specie....................................................... 225,443 16 IT. S. and National bank notes.................. Redemption fund with U. IS. treasurer (5% of circulation)........................................ Due from U. S. treasurer, other than 5% redemption fund.................................... 317,504 00 9,000 00 11,500 00 100,000 00 Totals............................................ $10,384,136 92 $12,827,234 31 $257,414 18 $47,991,185 48 $205,388 ,61 Capital stock paid in................................. $1,020,000 00 $1,155,000 00 623,500 00 Surplus fund............................................. 368,768 25 Undivided profits less expenses and taxes 223,752 81 133,204 29 paid...................................................... 125,100 00 National bank notes outstanding............... 229,997 50 66,255 82 Due to banks and bankers........................ 598,085 89 Dividends unpaid..................................... '999 00 1Ì868 25 Commercial deposits................................. 3,150,570 46 7,418,737 62 Savings deposits........................................ 5,034,533 98 2,567,827 98 56,000 00 State monevs on deposit........................... 21,000 00 15,000 00 United States deposits.............................. 18,206 77 Postal savings deposits.............................. 15i878 85 41i 621 22 Bonds borrowed........................................ Reserved for taxes, interest, etc................. 2,ÒÒÒ ÓÒ 77,675 66 Notes and bills rediscounted...................... 48,546 00 157,240 88 Bills payable............................................. 2,000 00 13,000 00 Liabilities other than those above stated. . . 25,000 00 $40,000 00 $4,073,000 00 4,300 00 2,640,800 00 $25,000 00 11,000 00 Totals............................................ $10,384,136 92 $12,827,234 31 $257,414 18 $47,991,185 48 356,613 33 60 00 124 62 15,306 40 280 49 165,752 97 5,915 75 1,059,005 83 2,415 10 487,050 00 12,378 00 1,110,345 75 9,341 00 7,000 00 Liabilities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,600 98 1,071,121 2,000,000 3 996 331 5,372 113,327 52 12,910;417 87,685 68 19,908,943 123,000 174;070 62;492 9,500 00 30 00 24 65 93 21 00 31 39 2,708 45 1,040 32 56,017 62 109,622 22 154,723 20 570;913 25 200,000 00 $205,388 61 R E P O R T OF T H E COMMISSIONER. CXXX1X A bstract of S ta te and N ational banks by counties.— C ontinued. Lapeer County. Leelanau County. Lenawee County. Livingston County. Luce County. Resources. 9 state and 1 14 state and 2 national banks 3 state banks. national banks 3 state banks. Loans and discounts............... Stocks, bonds and mortgages......... Overdrafts..................... U. S. bonds to secure circulation.............. $1,624,728 00 $155,493 92 $3,557,627 62 1,878,565 64 250,020 97 6,022 79 538 05 $202,176 09 $111,422 89 428,204 91 97,829 62 215 53 25,500 00 125,000 00 2,000 00 40.000 00 U. S. bonds to secure U. S. deposits.......... Other bonds to secure U. S. deposits.......... 5,164,732 08 1 state bank. 7,000 00 Other bonds to secure postal savings deposits 13.000 00 U. S. bonds on hand............. Premiums paid.................. Banking house, furniture and fixtures........ Other real estate............ Due from other banks and bankers . Due from banks in reserve cities. . Checks and other cash items...... Exchanges for clearing house......... Nickels and cents......... 96,638 10 90 00 2,953 27 12,604 86 255,473 06 349 77 15,927 40 15,454 19 9,825 21 40 00 18,402 12 30,471 85 2,800 00 73,199 01 2,694 79 872 95 439,436 32 32,267 76 898,490 01 102,238 63 25,713 73 15,303 91 271 05 8,278 96 651 79 471 40 300 17 10,354 96 1,193 01 258 96 1,391 73 157 30 Specie...................... 90,467 67 8,979 85 19,988 45 13,116 60 U. S. and National bank notes.... Redemption fund with U. S. treasurer (5% of circulation)................ Due from U. S. treasurer, other than 5% redemption fund........ 83,247 00 10,590 00 20,612 00 9,215 00 $794,059 70 $274,818 98 $95,000 00 13,745 00 $25,000 00 5,000 00 9,699 89 1,790 14 159,502 87 508,083 47 120,989 24 118,389 02 4,248 20 2,984 08 3,780 27 666 50 $794,059 70 $274,818 98 Totals........................ 335,291 00 1,275 00 ■ 6,250 00 $4,304,974 67 $473,955 42 $10,723,013 78 1,000 00 Liabilities. Capital stock paid in................. $405,000 00 Surplus fund.......................... 171,050 00 Undivided profits less expenses and taxes paid............................. 90,245 11 National bank notes outstanding.. 25,100 00 Due to banks and bankers............ 9,683 67 Dividends unpaid.................... Commercial deposits............. 896,649 09 Savings deposits........................ 2,598,693 62 State moneys on deposit....... 5,000 00 United States deposits................... Postal savings deposits..................... 674 47 Bonds borrowed.................. Reserved for taxes, interest, etc. . 6,500 00 Notes and bills rediscounted... 58;928 71 Bills payable........................ 37,450 00 Liabilities other than those above stated. Totals........................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $4,304,974 67 $60,000 00 7,800 00 $951,000 00 325,900 00 1,331 60 5,628 20 64,183 321,991 3,000 94 00 16 72 00 10,000 00 155,000 72,007 11 1,773,242 6,967,722 14,500 9,739 1,656 26,100 10,526 47,786 108,958 00 00 00 89 12 00 00 26 00 36 96 16 $473,955 42 !$10,723,013 78 STA TE BAN KING D EPA RTM EN T, cxl A bstract of S ta te and N ational banks by counties.—C ontinued. Mackinac County. Macomb County. Manistee County. Marquette County. Mason County. Resources. 1 national bank. Loans and discounts.................................. 12 state and 1 1 state and 1 5 state and 5 4 state and 1 national banks. national bank. national banks. national banks. $472,906 00 $3,070,681 90 SI,208,808 96 $5,475,104 46 $1,169,667 33 Stocks, bonds and mortgages..................... 137,093 10 3,232,494 85 781,503 07 1,610,526 47 Overdrafts................................................ 1,170 57 11,959 07 1,089 05 5,286 26 988 65 U. S. bonds to secure circulation............... 12,500 00 50,000 00 25,000 00 549,000 00 25,000 00 U. S. bonds to secure U. S. deposits........... 565,086 13 95,000 00 Other bonds to secure XJ. S. deposits.......... Other bonds to secure postal savings deposits 1,000 00 U. S. bonds on hand................................. 5,000 00 35,400 00 25,000 00 Premiums paid......................................... 250 00 Banking house, furniture and fixtures........ 16,053 70 132,382 89 82,002 08 319,479 52 Other real estate....................................... 739 46 43,068 18 654 00 27,436 37 740 05 Due from other banks and bankers............ 1,170 73 25,126 02 41,880 10 194,678 59 5,156 26 Due from banks in reserve cities................ 38,128 58 475,521 74 490,589 02 804,674 70 166,387 54 Checks and other cash items..................... 40 00 12.182 46 9,807 34 22,903 44 3,214 47 795 38 6 003 43 Exchanges for clearing house..................... 5,571 30 167,173 10 Nickels and cents...................................... 1,022 85 3,290 31 980 83 3,914 79 910 48 Specie....................................................... 77,770 05 163,484 75 94,713 80 371,788 95 .47,423 29 LT. S. and National bank notes................ . Redemption fund with U. S. treasurer (5% of circulation)........................................ Due from U. S. treasurer, other than 5% redemption fund.................................... 11,195 00 200,456 00 108,593 00 135,549 00 65,952 00 625 00 2,500 00 1,250 00 25,997 50 1,250 00 $771,415 04 $7,453,719 47 $2,851,871 25 $9,677,785 43 $2,225,042 78 Totals............................................ Liabilities. Capital stock paid in................................ Surplus fund............................................. Undivided profits less expenses and taxes paid...................................................... National bank notes outstanding............... Due to banks and bankers........................ Dividends unpaid..................................... Commercial deposits................................. Savings deposits....................................... State moneys 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,.. Totals............................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $50,000 00 25,000 00 13,684 12,500 10,427 111 657,019 64 00 43 00 00 172 97 $500,000 00 255,750 00 184,583 50,000 5,000 61 942,080 5,473,434 7;500 91 00 00 00 09 82 00 3,809 65 2,500 00 $200,000 00 125,000 00 29,664 25,000 16,317 12 1,495,169 947,966 94 00 83 00 17 88 1,327 70 11,412 73 31,500 00 $800,000 00 419,250 00 193,980 543,200 99,512 256 4,998,756 2 410 559 46 000 84,762 32,277 28 00 27 50 61 71 00 96 61 34 229 49 15^000 00 $771,415 04 $7,453,719 47 $2,851,871 25 $9,677,785 4.3 $285,000 00 66,000 00 35,161 97 25,000 00 5,724 34 1,129,230 71 640 104 37 20!000 00 13,535 84 936 80 4,258 75 $2,225,042 78 R E P O R T OF T H E COM MISSIONER. cxli A bstract of S ta te and N ational banks by counties.—C ontinued. Mecosta County. Menominee County. Midland County. Missaukee County. Monroe County. Resources. 4 state and 2 3 state banks. 5 state banks. national banks Loans and discounts.................................. Stocks, bonds and mortgages............ Overdrafts............................... $937,166 51 $1,802,027 76 7 state and 1 2 state banks. national banks. $320,153 11 $154,859 06 $1,327,114 84 530,143 21 425,337 45 306,645 37 32,147 82 1,348,547 44 1,716 63 1,267 04 1,894 46 468 58 U. S. bonds to secure circulation....... 300,000 00 U. S. bonds to secure U. S. deposits.......... 2,239 16 117,786 00 15,000 00 Other bonds to secure U. S. deposits........ Other bonds to secure postal savings deposits 4,000 00 U. S. bonds on hand........................... Premiums paid.............................. Banking house, furniture and fixtures...... 214 37 373 96 31,859 56 92,313 97 32,250 00 5,944 77 879 17 12,750 00 24,306 71 48,014 86 13,071 05 3,039 59 27,317 26 252,958 89 4,127 12 Other real estate................. Due from other banks and bankers.......... Due from banks in reserve cities... 151,720 40 213,058 39 112,209 48 17,738 72 Checks and other cash items............. 2,160 95 21,068 88 2,172 55 193 77 Exchanges for clearing house..................... 1,932 91 13,343 81 Nickels and cents................... 106,379 17 5,927 95 8,034 71 1,466 35 1,609 30 141 65 256 23 1,489 79 Specie............................................ 35,890 57 103,232 75 15,333 00 4,867 20 86,625 10 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................... Due from_U. S. treasurer, other than 5% redemption fund................. 73,630 55 47,735 00 28,393 00 9,451 00 75,565 00 Totals...................... 15,000 00 2,500 00 2 50 $1,792,208 72 S3,103,385 67 $832,263 67 $229,845 91 $70,000 00 35,000 00 $40,000 00 6,200 00 35,386 81 7,465 44 282,210 82 407,166 04 2,500 00 150,016 43 18,164 04 5,000 00 Liabilities. Capital stock paid in.............. Surplus fund....................... Undivided profits less expenses and taxes paid............................. National bank notes outstanding... Due to banks and bankers....... Dividends unpaid............... Commercial deposits........... Savings deposits............................ State moneys 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... Totals............... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $3,379,362 43 i $140,000 00 53,806 30 40,639 11 7,928 73 804,140 61 714,486 60 20,000 00 8,207 37 3,000 00 $425,000 00 146.000 00 40,356 300.000 21,759 68 1,585,517 514,400 11,013 15,000 1,263 91 00 48 00 49 30 00 00 09 17,700 2,500 6,750 16,056 79 00 00 61 $1,792,208 72 $3,103,385 67 $345,000 00 68,300 00 70,874 75,000 15,457 2,942 1,267,340 1,424,722 6,000 78 00 75 00 52 68 00 2,573 94 $832,263 67 3,000 00 4,150 76 45.000 00 52.000 00 $229,845 91 $3,379,362 43 STA TE BANKING D EPA RTM EN T. cxlii A b stra ct of S ta te and N ational banks by counties.—C ontinued. Montcalm County. Muskegon County. Montmorency County. Newaygo County. Oakland County. Resources. *10 state banks. 1 state bank. 17 state and 2 4 state and 3 national banks. 5 state banks. national banks. Loans and discounts.................................. $1,004,050 38 $58,724 16 $2,258,974 49 $557,600 35 $3,759,256 79 Stocks, bonds and mortgages..................... 924,669 78 1,880,047 94 671,641 97 5,261,868 79 Overdrafts .............................................. 6,526 83 2,721 76 2,449 14 39,340 75 XT P bnnds t.n secure TT S deposits 1,000 00 Other bonds to secure TT. S. deposits 19,000 00 Other band's to secure postal savings deposits 20,000 00 6,201 74 57,000 00 234,000 00 XT S bonds t,n secure circulation 6,500 00 95,412 94 1,600 00 375 00 1,999 52 161,762 24 42,350 00 184,174 23 2,872 91 4,457 00 14,815 87 TT. S. bonds on hand Premiums paid......................................... 2,000 00 Banking house, furniture and fixtures........ 51,560 03 Other real estate............................. .......... 21,321 76 Due from other banks and bankers............ 85,350 17 697 54 26,425 70 1,823 61 104,161 24 Due from banks in reserve cities............... 256,760 55 8,377 93 451,964 47 212,338 46 931,858 59 Checks and other cash items..................... 1,898 66 20 00 45,581 71 1,921 87 Uxcha/nges for clearing house. . . 5,340 65 2,000 00 10,640 33 15,584 15 13,772 78 Nickels and cents............................. ........ 1,022 49 43 87 2,299 09 826 37 4,118 25 Specie....................................................... 47,453 75 2,230 00 192,757 45 46,880 30 245,261 13 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation) Due from U. S. treasurer, other than 5% redemption fund 81,308 00 3,300 00 275,232 00 39,202 00 304,278 00 Totals............................................ $2,489,263 05 2,850 00 11,700 00 1,000 00 $114,734 25 $5,602,712 54 $1,588,366 07 $10,999,481 77 Liabilities. Capital stock paid in................................. $220,000 00 76,295 46 Surplus fund............................................. Undivided profits less exoenses and taxes 48,563 50 paid...................................................... National bank notes outstanding............... Due to hanks and bankers . . 1,934 57 Dividends unpaid 30 00 839,063 04 Commercial deposits................................. Savings deposits....................................... 1,259,564 99 State monevs on deposit. . . 16,000 00 United States deposits Postal savings deposits.... 8,116 20 Ponds borrowed . . P.eserved for taxes, interest, etc 14,695 29 Notes and bills rediscounted... 5 ;000 00 Bills payable........................................... Liabilities other than those above stated. Totals............................................ $2,489,263 05 $20,'000 00 11,500 00 2,840 16 39 00 25,476 87 54,878 22 $120,000 00 49,000 00 157,175 233,297 3,334 '197 2,909,463 1,606,326 6,000 1,000 35,022 02 50 69 00 52 80 00 00 29 27,436 86 308,551 83 1,073,177 38 3,000 81395 4,000 14,500 00 72 00 00 10,200 00 $710,000 00 280,350 00 180,408 57,000 27,956 660 2,855,390 6,832,929 14,500 27 00 08 00 34 70 00 9,772 49 7,014 89 10,000 00 13,500 00 $114,734 25 1$5,602,712 54 $1,588,366 07 $10,999,481 77 *1 state bank not reporting commenced business December 14, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $460,000 00 161,000 00 1 R E P O R T OF T H E COM MISSIONER. cxliii A bstract of S ta te and N ational banks by counties.—C ontinued. Oceana County. Ogemaw County. *Ontonagon County. Osceola County. Oscoda County. Resources. 3 state and 1 national banks. 1 state bank. Loans and discounts...................... $323,232 67 $97,183 51 Stocks, bonds and mortgages........... 255,546 50 11,890 74 Overdrafts........................... U. S. bonds to secure circulation............... 3 state and 2 4 state and 1 national banks national banks $343,225 51 $1,037,947 83 89,114 75 300,139 92 948 20 19 83 5,948 49 10,000 00 50,000 00 50,000 00 10,000 00 6,000 00 1 state bank. $31,516 65 1,898 99 U. S. bonds to secure U. S. deposits......... Other bonds to secure U. S. deposits.......... Other bonds to secure postal savings deposits 1,000 00 U. S. bonds on hand....................... Premiums paid............................... 129 20 Expense............................ Banking house, furniture and fixtures........ 244 16 17,713 12 8,045 84 22,093 36 58,655 00 8,725 31 45,374 73 405 00 Other real estate......................... 5,225 00 3,264 40 Due from other banks and bankers............ 25,171 45 Due from banks in reserve cities............... 94,640 44 11,472 24 74,448 22 113,217 71 11,696 55 3,252 59 117 00 4,875 77 2,034 04 774 23 Checks and other cash items............. Exchanges for clearing house................... Nickels and cents.................................... 2,806 91 1,115 87 91 28 568 63 1,372 97 Specie.................................... 16,191 55 1,539 80 30,233 55 38,896 10 707 50 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation.................................... Due from^U. S. treasurer, other than 5% redemption fund........................... 28,725 00 3,225 00 6,677 00 46,019 00 2,412 00 2,500 00 2,500 00 Totals............................................ 500 00 $787,166 59 $133,565 41 $115,000 00 36,300 00 $20,000 00 5,000 00 25,812 81 10,000 00 3,476 76 4,870 78 382,731 04 208,075 27 3,500 00 93,694 63 239 43 $638,481 93 $1,729,177 10 $55,119 51 $175,000 00 36,500 00 $20,000 00 Liabilities. Capital stock paid in................................. Surplus fund............................................. Undivided profits less expenses and taxes paid............. ........................................ National bank notes outstanding............... Due to banks and bankers........................ Dividends unpaid............................... Commercial deposits................................. Savings deposits....................................... State moneys 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... Totals............................................ 2,270 71 $133,565 41 *1 state bank not reporting commenced business December 1, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8,037 49,300 8,092 98 424,128 17,898 31 00 37 00 07 84 2,427 34 10,000 00 $787,166 59 $95,000 00 18,500 00 15,000 00 12,946 56 50,000 00 6 868,871 569,273 12,500 00 93 18 00 35,119 51 1,079 43 3,000 00 $638,481 93 $1,729,177 10 $55,119 51 ST A T E BAN KING D EPA R TM EN T. cxliv A b stra ct of S ta te and N ational banks by counties.—C ontinued. Otsego County. Presque Isle County. Ottawa County. Roscommon County. Saginaw County. 1 state bank. 9 state and 2 national banks. Resources. 1 state bank. Loans and discounts.................................. Stocks, bonds and mortgages..................... Overdrafts................................................ 13 state banks. 2 state banks. $61,356 93 $10,834,631 78 $248,217 12 $3,458,664 23 $225,898 98 118,167 50 2,973,865 48 389,942 22 26,953 42 41 62 6,083 20 81 56 331 82 5,556,720 35 6,614 21 900,000 00 TT. R. bonds to secure circulation. . 76,000 00 TT. R bonds to spcure TT. R. deposits . . Other bonds to secure TT. R deposits 15,000 00 Other bonds to secure postal savings deposits 20,000 00 TT. R. bonds on hand 6,900 00 10,020 00 ........................... Premiums paid . . . 921 64 950 00 1,058 13 334,231 10 Banking house, furniture and fixtures........ 14,900 00 214,234 56 29,600 00 9,779 98 Other real estate....................................... 225 00 18,241 78 7,380 28 790 00 27,069 70 Due from other banks and bankers............ 1,599 51 13,703 66 17 55 499 45 274,275 70 Due from banks in reserve cities................ 23,121 24 720,898 60 83,838 13 4,417 17 1,591,477 47 926 27 3,968 56 335 34 4,513 44 57,243 81 Checks and other cash items 20,708 30 Exchanges for clearing house.. . Nickels and cents...................................... 331 15 3,943 64 17,517 11 10 68 137 44 3,607 04 689,359 33 484,736 00 Specie....................................................... 16,104 40 240,237 80 12,569 20 1,527 50 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation) . . Due from U. S. treasurer, other than 5% redemption fund.. 12,419 00 210,583 00 29,887 00 4,876 00 Totals............................................ 38,950 00 1,000 00 $436,052 81 $7,896,074 45 $780,510 94 $115,183 15 $20,936,391 73 - Liabilities. Capital stock paid in................................. Surplus fund............................................. Undivided profits less expenses and taxes paid...................................................... National bank notes outstanding.... Due to banks and bankers............ Dividends unpaid..................................... Commercial deposits................................. Savings deposits....................................... State moneys 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... Totals............................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $25,000 00 5,000 00 $470,000 00 182,050 00 $65,000 00 17,000 00 $20,000 00 2,000 00 16,230 63 132,459 63 11,729 81 952 83 138,281 11 547,500 02 1,000 00 30,905 48 46,250 81 5,000 00 164,714 36 210,461 32 8,841 64 2,264,180 4,797,971 7,000 73 00 66 78 00 3,127 21 14,646 50 8,379 44 17,000 00 5 ;000 00 $436,052 81 $7,896,074 45- 10,074 03 $1,410,000 00 1,303,600 00 503,751 821,400 1,066,076 964 7,852,593 7,756,818 61,000 76,000 19,524 82 00 23 00 53 94 00 00 10 60,000 00 4,663 11 $780,510 94 $115,183 15 $20,936,391 73 1 R E PO R T OF T H E COM MISSIONER. cxlv A b stra ct of S ta te ancl N ational banks by counties.—C ontinued. *St. Clair County. St. Joseph County. Sanilac County. Schoolcraft County. Shiawassee County. Resources. 8 state and 3 9 state and 3 16 state and 1 1 state and 1 national banks. national banks. national banks. national bank. 10 state banks. Loans and discounts................................. 84,603,293 95 $2,380,009 89 $2,936,874 57 $541,156 28 $1,673,567 55 1,218,792 38 1,038,437 35 185,716 36 2,065,908 55 7,756 54 7,530 44 . 11,788 52 1,684 90 3,977 01 190,000 00 91,500 00 25,000 00 45,000 00 Stocks, bonds and mortgages..................... 2,490,283 87 Overdrafts........................................... U. S. bonds to secure circulation............... U. S. bonds to secure U. S. deposits.......... 40,000 00 5,000 00 3,000 00 Other bonds to secure postal savings deposits 29,000 00 7,500 00 14,998 95 U. S. bonds on hand................................. 500 00 Premiums paid.............; ........................... 5,400 44 Banking house, furniture and fixtures........ 194,206 17 113,130 16 Other real estate....................................... 49,716 36 22,933 04 8 203 06 Due from other banks and bankers............ 159,089 25 11,296 99 601 25 1 974 86 29,350 11 130,726 11 70,198 59 20,305 42 58,896 01 363,343 38 123,269 82 4 592 92 Due from banks in reserve cities............... 597,543 71 464,300 34 505,810 85 94,917 78 Checks and other cash items..................... 13,080 29 4,831 39 8,744 70 1,956 51 Exchanges for clearing house..................... 64,017 72 1,498 44 495 75 6,033 57 4 964 99 Nickels and cents...................................... 3,630 77 3,695 09 2,403 48 319 90 2,001 15 Specie....................................................... 95,398 05 114,177 80 138,663 20 35,394 65 107,393 33 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)....................................... Due from U. S. treasurer, other than 5% redemption fund.................................... 267,314 00 100,551 00 123,981 00 14,923 00 110,905 00 9,500 00 4,575 00 1,250 00 2,250 00 Totals............................................ 88,819,231 12 $4,551,821 96 $4,995,120 89 $991,575 11 $4,534,284 94 Liabilities. Capital stock paid in................................. $660,000 00 $440,000 Surplus fund............................................. 265,250 00 152,000 Undivided profits less expenses and taxes paid...................................................... 127,637 18 40,105 National bank notes outstanding............... 189,995 00 91,500 Due to banks and bankers......................... 329,011 76 Dividends unpaid..................................... '821 51 48 Commercial deposits................................. 3,469,307 33 2,087,085 Savings deposits........................................ 3,360,538 23 1,676,144 State moneys on deposit........................... 75,000 00 9,500 United States deposits............................... 46,635 56 Postal savings deposits............................. 17’155 75 10,438 Bonds borrowed........................................ Reserved for taxes, interest, etc................. 7,168 80 Notes and bills rediscounted...................... 145,710 00 - 5,000 Bills payable............................................ 125,000 00 40,000 Liabilities other than those above stated, .. ............1 Totals............................................ $8,819,231 12 $4,551,821 00 00 $450,000 00 92,100 00 $100,000 00 30,000 00 $306,000 00 79,500 00 92 00 128,477 48 25,000 00 7| 248 84 24,826 63 44,500 00 30,215 89 00 57 07 00 40 00 00 596,257 175,520 3,500 9 892 7*077 77 59 00 40 72 14,530 98 1,002,512 3,030,018 9,500 22,003 68 02 00 37 9 504 00 30,500 00 60,000 00 96 $4,995,120 89 *One national bank not reporting commenced business November 1, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,362,621 83 1,780,172 74 89,500 00 $991,575 11 $4,534,284 94 cxlvi STA TE B AN KING D EPA R TM EN T. A bstract of S ta te and N ation al banks by counties.—Concluded. Tuscola County. Resources. Van Buren County. Washtenaw County. Wexford County. Wayne County. 28 state, 4 na 9 state and 1 *9 state and 2 14 state and 2 tional banks and 3 state banks. 3 trust national banks. national banks. national banks. companies. Loans and discounts.................................. $1,066,143 89 $1,761,271 60 $4,757,118 52 $100,971,889 07 $834,457 20 Stocks, bonds and mortgages..................... 811,292 60 1,347,564 71 6,167,761 42 96,909,071 49 880,080 79 Overdrafts................................................ 2,684 91 6,223 93 31,983 68 33,687 74 1,755 27 XJ. S. bonds to secure circulation............... 6,250 00 37,500 00 100,000 00 3,491,830 90 Other bonds to secure postal savings deposits 3,000 00 2,000 00 10,000 00 752,470 00 U. S. bonds on hand................................. 3,500 00 40 00 34,500 00 327,420 00 399,700 00 U. S. bonds to secure U. S. deposits.......... Premiums paid.......................................... 3,775 68 9,546 95 Banking house, furniture and fixtures........ 94,315 62 85,186 32 278,484 21 3,937,717 06 66,250 00 Other real estate....................................... 7,469 30 21,459 65- 80,595 85 423,995 23 20,000 00 Due from other banks and bankers............ 9,595 36 20,507 68 80,944 11 8,486,282 27 15,765 90 Due from banks in reserve cities................ 225,534 58 473,831 17 893,108 12 23,966,868 69 207,888 97 Checks and other cash items..................... 3,453 97 14,966 10 8,154 94 195,117 15 6,454 75 Exchanges for clearing house..................... 2,235 87 501 09 37,176 95 2,288,530 48 3,327 08 Nickels and cents...................................... 1,355 14 2,703 48 5,834 90 47,998 19 1,255 15 Specie....................................................... 55,729 65 92,971 72 455,657 30 8,745,265 49 57,003 05 U. S. and National bank notes.................. Redemption fund with U. S. treasurer (5% of circulation)........................................ Due from U. S. treasurer, other than 5% redemption fund.................................... 64,563 00 96,005 00 408,830 00 8,154,887 00 65,281 00 312 50 1,875 00 10,000 00 193,545 00 122,000 00 Totals............................................ $2,357,436 39 $3,964,607 45 $13,363,925 68 $259,457,522 71 $2,159,519 16 Liabilities. Capital stock paid in................................. S300,000 00 Surplus fund............................................. 74,300 00 Undivided profits less expenses and taxes 55,101 91 paid...................................................... National bank notes outstanding............... 6,250 00 Due to banks and bankers........................ Dividends unpaid..................................... 597,335 25 Commercial deposits................................. Savings deposits........................................ 1,263,722 51 16,500 00 State moneys on deposit........................... United States deposits.............................. 4,226 72 Postal savings deposits.............................. Bonds borrowed. . ..................................... Reserved for taxes, interest, etc................. Notes and bills rediscounted...................... 40,000 00 Bills payable............................................ Liabilities other than those above stated... S385,000 00 $1,035,000 00 $19,296,360 00 608,000 00 12,405,677 50 162,075 00 85,686 37,500 13,269 500 1,218,979 2,019,885 7,500 02 00 51 00 11 28 00 6,712 53 285,662 199,200 85,084 1,652 4,335,003 6,839,860 27,500 20 00 66 58 48 65 00 12,276 49 4,601, 492 3,002, 995 21,348, 029 13, 289 98,019, 304 96,890, 836 1,452, 364 438, 762 779, 269 22 00 92 00 79 53 82 21 33 $220,000 00 65,000 00 18,742 55 10,681 260 677,518 1,058,182 46 00 19 55 14,134 41 20 , 000 00 27,500 00 9,685 62 25,000 00 183, 860 14 805,000 00 200,281 25 95,000 00 Totals............................................ |$2,357,436 39 $3,964,607 45 $13,363,925 68 $259,457,522 71 $2,159,519 16 *One state bank not reporting commenced business November 28, 1914. 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 REPORTS OF T H E STATE BANKS AND TRUST COMPANIES AS M A D E TO T H E C O M M IS S IO N E R OF T H E STA TE B A N K IN G D EPA RTM EN T OCTOBER 21,1913, JANUARY 13, MARCH 4, JUNE 30 AND SEPTEMBER 12, 1914 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 3 No. 325. THE ADDISON STA TE SAVINGS BANK, ADDISON. O rganized October 11, 1905. * 0 . B. B o w e n , P r e s id e n t; F. B. K l i n e , V ic e P r e s i d e n t ; F. B. C l e v e l a n d , C a s h ie r . D i r e c t o r s .— F. B. Kline, D. A. C urtis, L. S. Towne, F. B. Cleveland, W ade Millis. Resources. Loans and discounts: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fix tu res.. .. R eport of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. $35,461 90 36,859 31 $33,091 32 39,235 77 $33,341 95 38,931 26 $36,203 15 30,232 88 $37,0-46 98 28,943 97 71,369 26 71,750 99 70,785 99 73,693 20 71,877 00 5,289 62 3,282 84 9Q 'll 5,289 62 3,282 84 5,478 60 3,282 84 5,478 60 3,282 84 5,478 60 3,282 84 6,418 62 10,2S9 01 12,695 06 10,000 00 4,577 00 10,000 00 4,865 47 15,000 00 6,924 93 10,000 00 190 00 7,000 00 1,455 00 9,000 00 517 00 10,000 00 2,105 00 8,000 00 3,598 00 1,390 00 1,080 00 500 00 1,645 00 1,590 00 1,269 80 1,230 10 1,237 25 671 30 196 66 206 52 216 11 150 63 414 75 779 31 12 00 581 82 305 76 2,542 86 $179,431 77 $189,643 32 $180,025 00 $181,854 89 $173,874 68 $20,000 00 2,050 00 $20,000 00 2,400 00 $20,000 00 2,400 00 $20,000 00 2,400 00 $20,000 00 2,400 00 1,051 93 943 62 1,882 51 7 28 4 44 O ther real e s ta te ................................ Due from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t...................... U. S. and N ational b ank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Comm ercial "deposits subject to ch eck . ........................................ Commercial certificates of d ep o sit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... * Deceased. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3,012 56 450 00 1,690 00 2,179 30 26,823 87 40,002 75 31,328 92 35,580 53 29,511 22 68,628 98 58,916 36 68,704 34 58,086 23 71,581 58 53,662 57 68,939 00 49,609 74 66,738 15 48,342 80 4,382 00 5,000 00 $179,431 77 $189,643 32 $180,025 00 $181,854 89 $173,874 68 STA TE BANKING D EPA R TM EN T. 4 No. 162. T H E A DRIA N STATE SAVINGS BANK, ADRIAN. O rganized M ay 29, 1893. R A W G e o r g e A. W i l c o x , V ic e P r e s id e n t; B. E. T o b i a s , C a s h ie r ; R. H . W a t t s , C . S. W h i t n e y , A s s i s t a n t C a s h ie r s . D i r e c t o r s .— R . A. W atts, Geo. A. Wilcox, W. E . Jew ett, R . A K aiser, C. G . Wesley W. O. H unt, B. E. Tobias, A. D. Ellis, C. S. W hitney, R . H . W atts, W. W . Cooke, C. E . Baldwin. vt ts, P r e s id e n t; Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... R eport of Report of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, T4. rune 30, ’ 14. Sept. 12, ’14. $237,970 68 130,054 84 $303,172 93 113,438 17 $342,759 86 112,871 00 $291,449 36 126,702 88 $296,246 37 125,878 50 47,000 00 879,145 60 96,500 00 876,533 08 112,900 00 880,927 58 121,900 00 913,660 20 126,900 00 905,637 65 O v erd rafts .............................................. .. • Expenses, interest and taxes paid, 20 70 835 84 5,046 56 271 00 404 54 Banking house ^ ....................................... 30,000 00 30,000 00 30,000 00 30,000 00 30,000 00 10,000 00 10,000 00 10,000 00 10,000 00 10,000 00 9,511 34 1,000 00 7,932 51 1,000 00 6,341 00 8,855 79 22,334 70 22,111 44 107,809 80 31,351 72 118,659 49 76,191 45 125,297 08 42,322 31 130,686 95 23,891 77 91,600 61 4,216 41 2,826 08 14,751 45 3,473 96 3,692 52 6,871 00 30.000 00 28,332 00 30.000 00 17,155 00 30.000 00 18,734 00 30.000 00 5,659 00 30.000 00 2,475 00 25.000 00 2,010 00 25.000 00 3,192 50 25.000 00 2,685 00 25.000 00 1,435 00 25.000 00 Silver coin: Commercial d ep artm en t.............. 6,024 10 6,979 30 5,027 35 3,657 45 3,914 75 Nickels and cents: Commercial d ep artm en t.............. 439 62 665 17 603 47 433 50 577 78 Checks and other cash ite m s.......... 274 90 422 88 150 61 563 45 389 34 T o ta ls........................................... $1,548,925 43 $1,685,659 17 $1,799,211 91 $1,760,395 85 $1,703,562 53 Safety deposit v a u lts........................ Due from other banks and bankers, D ue from U. S. T reasu rer............... Item s in tr a n s it.................................. U nited S tates bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. TJ. S. and N ational bank currency: Commercial 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...................... Liabilities. C apital stock paid i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... $120,000 00 50,000 00 $120,000 00 50i000 00 $120,000 00 50,000 00 $120,000 00 50,000 00 $120,000 00 50,000 00 43,073 90 19,081 07 19,694 81 21,258 64 39,583 09 253,601 62 399,240 57 482,944 70 370,455 51 338,027 20 50 00 10 00 5,000 00 10 00 10,000 00 10 00 5,000 00 310 03 1,139,534 93 48,826 74 313 87 1,105,914 60 44,713 77 T o ta ls........................................... $1,548,925 43 $1,685,659 17 $1,799,214 91 $1,760,395 85 $1,703,562 53 Commercial deposits subject to ch eck .......................................... .. • • Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... Postal savings d eposits..................... Savings d eposits.................... ............ Savings certificates of dep o sit........ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 306 18 1,045,342 06 36,601 67 310 1,083,095 30,659 7,500 306 18 1,064,868 87 32,112 48 ♦ 03 88 49 00 1 n STATE BANKS OF MICHIGAN. 5 No. 89. T H E COMMERCIAL SAVINGS BANK, ADRIAN. O rganized May 10, 1888. A. B e n n e t t , P r e s id e n t; C h a r l e s G. H a r t , A. H . W o o d , V ic e P r e s id e n ts ; E. N. S m i t h , C a s h ie r ; P . J. D u n n , A s s i s t a n t C a s h ie r . D i r e c t o r s .— A. B ennett, A. H. Wood, E. C. Sword, Charles G. H art, John E. Bird, N. B. Hayes, A. E. Palm er, E. N. Sm ith, P. J. Dunn. Besources. 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it..................... U nited States bonds: Savings d e p a rtm e n t...................... D ue from banks in reserve cities: Commercial d e p a rtm e n 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. N ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck............. Commercial certificates of d ep o sit. . Certified ch eck s.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... Due to banks and b an k ers.............. Postal savings dep o sits..................... Savings d e p o sits.. . Savings certificates of d ep o sit........ Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p av ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of R eport of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. $186,112 68 139,363 13 $172,535 90 137,064 61 $194.958 35 134,680 81 $217,194 50 144,306 54 $211,934 68 183,517 04 10,316 35 307,932 10 9,900 00 313,596 83 8,150 00 310,016 41 20,600 00 311,249 08 27,493 50 299,954 30 1,620 52 986 32 578 12 1,048 02 676 95 12,000 00 12,000 00 16,000 00 16,000 00 16,000 00 30,788 18 1,244 91 1,526 67 12,289 78 20,399 78 10,200 00 69,176 08 10,500 00 78,468 26 10,400 00 102,233 27 12,500 00 110,103 05 11,400 00 57,513 08 1,599 43 370 31 600 20 854 85 10,200 00 20,538 00 10,500 00 32,829 00 10,400 00 26,837 00 12,500 00 18,901 00 11,400 00 30,663 00 3,112 50 4,730 00 4,960 00 4,647 50 2,875 00 4,264 20 5,261 50 7,268 65 3,239 80 3,398 15 347 55 578 41 301 90 2,185 36 203 66 827 81 231 57 1,093 86 294 60 291 23 $808 149 13 $792,384 90 $829,640 95 $886,759 55 $878,216 68 $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 10,630 11 2,482 18 6,254 26 3,062 43 11,299 11 128,521 53 8,207 94 131,553 7,632 939 20 13 74 42 00 128,170 9.135 1,371 20 77 74 00 00 336 52 520,453 03 509,757 43 340 76 544,348 42 $808,149 13 $792,384 90 $829,640 95 137,688 12,232 750 1,328 15,000 405 37 50 67 00 00 00 133,477 07 7,293 96 750 00 340 76 576,357 19 344 98 575,051 56 $886,759 55 $878,216 68 10,000 00 STATE BANKING D EPA R TM EN T. 6 No. 66. L E N A W E E COUNTY SAVINGS BANK, ADRIAN. O rganized D ecem ber 16, 1869. C orporate existence extended February 1, 1902. D. B. M o r g a n , V ic e P r e s i d e n t ; C. D. H a r d y , C a s h ie r ; F. E . A s h , A s s i s t a n t C a s h ie r . D i r e c t o r s .— D. B. M organ, H. L. Larwil-1, W arren J. P arker, H. V. C. H art, C. D. H ardy, H. B. Knowles, C. A. Stew art. H . V. C. H a r t , P r e s id e n t; 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...................... R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, T4. June 30, ’14. Sept. 12, T4. $154,780 25 $169,730 15 $164,499 68 $154,239 48 $131,241 32 658,325 74 664,580 82 677,600 04 677,793 65 672,911 81 90 11 90 11 51 11 230 61 78 33 480 72 514 52 411 87 603 00 391 78 25,000 00 25,000 00 25,000 00 25,000 00 25,000 00 O ther real estate D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it. . United States bonds: Savings departm ent 8,404 54 8,744 06 8,744 06 8,744 06 17 60 8,744 06 60 00 Due from Danks in reserve cities: Commercial d ep artm en t. . Savings d e p a rtm e n t..................... Exchanges for clearing house: Commercial departm ent Savings d ep artm en t...................... 122,732 13 101,110 91 95,758 51 100,006 48 116,228 95 328 34 1,383 88 393 98 335 20 1,013 75 44,449 00 40,257 00 33,437 00 36,716 00 37,974 00 4,378 50 3,959 00 4,126 50 3,909 00 4,399 00 1,846 55 2,003 35 1,858 40 1,800 20 1,936 75 74 44 641 73 111 27 536 23 44 77 160 45 85 75 432 86 93 73 1,53.0 21 T o ta ls ........................................... $1,021,530 05 $1,018,021 30 $1,012,086 37 $1,009,913 89 $1,001,603 69 Prem ium acco u n t............................... O verdrafts . Suspense acco u n t............................... Expenses, interest and taxes paid, exceeding earnings Banking h o u se.................................... F urn itu re and fixtures. . . X T . S. and N ational bank currency: Commercial departm ent Savings d ep artm en t...................... Gold coin: Commercial departm ent Savings d ep artm en t...................... Silver coin: Commercial departm ent Savings d ep artm en t...................... Nickels and cents: Commercial departm ent Savings d ep artm en t...................... Checks and other cash ite m s.......... 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 ................................................... Dividends unpaid . . Commercial deposits subject to check Commereia.l certificates of denosit Certified checks Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit. D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of d ep o sit........ for taxes, interest, etc. . N ot f tp and hills rediscounted . Hills payable $100,000 00 30,000 00 $100,000 00 30,000 00 $100,000 00 30,000 00 $100,000 00 30,000 00 $100,000 00 30,000 00 21,780 05 24,239 55 240 00 23,514 55 27,480 88 24,187 73 550 71 677 34 996 58 353 34 356 34 50 00 862,873 50 6,275 79 527 55 856,054 11 6,282 75 79 46 851,235 80 6,259 98 383 79 845,395 78 6,300 10 838,247 27 8,812 35 T o ta ls........................................... $1,021,530 05 $1,018,021 30 $1,012,086 37 $1,009,913 89 $1,001,603 69 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 7 STATE BANKS OF MICHIGAN. No. 171. WALDBY AND CLAY’S STA TE BANK, ADRIAN. O rganized Ju n e 24, 1894. H. B . W a l d b y , D P r e s i d e n t ; R . S. M o r e l a n d , V ic e P r e s id e n t; J . C. M u r p h y , C a s h ie r ; E . A. N e w t o n , A s s i s t a n t C a s h ie r H. B. W aldby, ,T. V. DeFoe, R. S. M oreland, A. W. Wood, Rial Clay, J. W. K irk, F. A. Stevenson, J. C. M urphy, Chas. E vans, Vernon Hoxie, F. W. Prentice, A. J. Walper. i r e c t o r s .— Resources. Report of Report of R eport of R eport of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: $164,799 74 179,008 10 $169,084 87 137,500 00 $159,160 72 159,688 19 $168,295 71 96,237 30 $155,899 77 107,733 75 Savings d ep artm en t....................... 557,570 50 545,420 50 568,220 50 567,820 50 555,808 00 O v erd rafts............................................ Expenses, interest and taxes paid, 51 56 59 01 7 47 527 94 43 00 Banking h o u se .................................... 18,000 00 18,000 00 18,000 00 18,000 00 18,000 00 820 00 573 45 1,691 79 D ue from other banks and hankers, not- reserve p ities. . U nited States bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. U. S. and N ational hank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d ep artm en t.............. Silver coin: Commercial d ep artm en t.............. 16,086 21 109,438 31 10,745 99 125,035 81 10,965 30 166,973 98 11,053 18 158,876 46 10,490 31 175,532 47 859 70 330 42 788 75 456 38 724 68 11,138 00 44,000 00 20,617 00 42,000 00 18,239 00 44,000 00 12,108 00 43,000 00 17,230 00 42,000 00 4,005 00 342 50 172 50 120 00 1,512 50 2,441 30 2,170 65 2,329 75 2,020 60 2,254 40 Nickels and cents: Commercial d e p a rtm e n t........ .. 399 24 419 67 283 07 307 06 203 55 Checks ahd other cash item s.......... 353 35 29 42 T o ta ls........................................... $1,108,151 01 $1,071,755 84 ¡$1,149,649 23 $1,079,396 58 $1,089,224 22 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 ................................................... Dividends unpaid .. Commercial deposits subject to ch eck ............................................. . . Comm ercial certificates of dep o sit. . 100 00 $75,000 00 15,000 00 $75,000 00 15,000 00 $75,000 00 15,000 00 $75,000 00 15,000 00 $75,000 00 15,000 00 12,741 39 8,503 36 13,235 64 8,107 54 16,915 94 122,383 06 3,226 06 145,341 99 5,055 71 165,196 95 8,628 95 138,999 25 7,186 57 159,112 66 6,965 59 681 36 879,119 14 1,916 94 820,937 84 2 01 872,585 68 91 46 835,011 76 1,382 21 814,847 82 T o ta ls ........................................... 81,108,151 01 $1,071,755 84 $1.149,649 23 $1,079,396 58 $1,089,224 22 Cashier’s cheeks outstanding Due to banks and b an k ers............... Savings dep o sits................................. jsjotes and bids redispnnnted . Bill* payable https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 STA TE BANKING D EPA R TM EN T. No. 179. ALBION STA TE BANK, ALBION O rganized M arch 29, 1895. P. R o b e r t s o n , P r e s id e n t; W. S. K e s s l e r , D. A. G a r f i e l d , V ic e P r e s id e n ts ; R . E. S c h u m a c h e r , R o b e r t C. B a k e r , A s s i s t a n t C a s h ie r s . D i r e c t o r s .— Eugene P. Robertson, W. S. Kessler, D. A. Garfield, W. H. Rodenbach, Geo. T. Bullen, D. M. McAuliffe, O. A. Leonard, G. W. Schneider, G. W. Perkins. E ugene Report of R eport of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. Resources. Loans and discounts: Commercial d ep artm en t............ Savings d ep artm en t.................... Bonds, mortgages and securities: Commercial d ep artm en t............... Savings d ep artm en t....................... Prem ium acco u n t............................... O v erd rafts.......................................... Expenses, interest and taxes paid exceeding earnings......................... Banking ho u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t............... Savings d ep artm en t...................... Exchanges for clearing house: Commercial d e p artm en t.............. Savings d ep artm en t...................... II. S. and N ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............................................... Dividends u n p a id .............................. Commercial deposits subject to check .................................... Commercial certificates of d ep o sit. . Certified checks.......................... Cashier’s checks o u tstan ding .......... S tate monies on d ep o sit................. Due to banks and b an k ers............... Postal savings deposits..................... Savings deposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le..................................... T o ta ls................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' $177,754 11 33,900 00 $211,333 48 34,900 00 $213,605 78 30,800 00 $219,992 36 20,876 00 $238,689 41 20,948 85 20,000 00 148,715 12 20,000 00 151,172 00 30,000 00 146,997 00 10,000 00 165,358 14 15,500 00 158,957 89 277 50 3,704 07 277 50 539 94 277 50 1,328 60 277 80 253 85 735 30 979 74 4,367 37 3,790 51 4,082 23 4,082 23 4,090 23 9,687 59 770 61 6,543 97 1,309 18 4,329 52 10,695 33 12,860 05 11,339 64 32,891 03 30,339 58 33,088 17 17,934 35 34,220 46 17,537 97 23,217 26 1,522 12 1,818 21 3,284 63 7,130 49 3,886 00 9.000 00 16,174 00 12,000 00 3,253 00 15,000 00 4,397 00 15,000 00 4,496 00 12,000 00 502 50 8.000 00 9,495 00 7,695 00 4,617 50 1,147 50 2,589 00 4,410 30 4,216 50 2,169 60 1,201 00 337 02 268 87 228 01 136 86 123 28 354 77 122 34 13 00 154 75 1,703 32 $448,152 55 $511,303 43 $530,752 97 $507,910 57 $505,657 27 $50,000 00 15,000 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 18,059 99 9,759 21 80 00 11,259 44 25 00 10,000 00 2,500 00 1 12,658 08 25 00 107,007 98 44,090 04 153,070 67 58,385 75 140,793 47 83,125 07 124,202 60 69,358 79 15 06 208,994 54 359 55 219,648 25 364 08 225,185 91 1,095 78 230,738 34 1,132 84 234,125 59 $511,303 43 $530,752 97 $507,910 57 $505,657 27 120,569 08 66,257 18 889 50 5.000 00 $448,152 55 STATE BANKS OF MICHIGAN. 9 No. 167. T H E COMMERCIAL AND SAVINGS BANK OF ALBION. O rganized Septem ber 39, 1893. H omer C. B l a i r , W. C. M a r s h , V ic e P r e s id e n t; C. G. B i g e l o w , C a s h ie r ; C. S. L o u d , A s s i s t a n t C a s h ie r s . Hom er C. Blair, L. J. W olcott, Samuel Dickie, W ashington G ardner, C. G. Bigelow, E. R. Loud, B. D. Brown, W. C. M arsh. P r e s id e n t; R D irecto rs. uth W Resources. Loans and discounts: Commercial d ep artm en t.......... Savings d ep artm en t.................. Bonds, mortgages and securities: Commercial d ep artm en t.......... Savings d ep artm en t.................. Prem ium acco u n t........................ O v erd rafts............................................ Expenses, interest and taxes paid exceeding earnings................... Banking h o u se.............................. F u rn itu re and fixtures................ O ther real e s ta te ................................ D ue from other banks and bankers not reserve c ities..................... Item s in tr a n s it............................ U nited States bonds: Savings d ep artm en t................ D ue from banks in reserve cities: Commercial 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 ational bank currency Commercial 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: Commercial d ep artm en t. . . Savings d ep artm en t............ Nickels and cents: Commercial d e p a rtm e n t. . . Savings d e p a rtm e n t............ Checks and other cash item s. T o ta ls. Liabilities. C apital stock paid i n .............. Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck.................................... .. Commercial certificates of d eposit. Certified checks................................ Cashier's checks o u tstan ding........ S tate monies on d ep o sit................. Due to banks and b an k ers............ Postal savings deposits................... Savings d eposits............................... Savings certificates of d ep o sit. . . . Reserve for taxes, interest, e tc . . . N otes and bills rediscounted......... Bills p ay ab le..................................... T o ta ls. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis olcott, R eport of Report of Oct. 21, ’13. Jan. 13, ’14 R eport of R eport of Report of M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $170,116 25 27,800 00 $131,275 18 63,050 00 $153,747 59 59,150 00 $169,396 83 31,550 00 $189,244 45 14,000 00 181,053 77 41,700 00 147,142 22 41,700 00 160,656 22 33,000 00 206,205 60 36,000 00 208,190 73 1,076 41 702 39 412 77 729 85 1,553 90 5,400 00 1,935 00 5,400 00 1,720 00 5,400 00 1,720 00 5,400 00 1,720 00 5,400 00 1,720 00 1,593 57 845 48 629 20 5,263 85 2,923 07 25,573 55 26,059 81 62,532 63 22,999 30 52,218 48 14,698 52 65,326 41 5,080 30 43,748 76 24,599 14 1,825 41 72 16 4,629 45 1,517 35 6,218 58 9,259 00 19,226 00 12,000 00 15,695 00 13,000 00 4,277 00 13,000 00 3,518 00 13,000 00 4,562 50 5,395 00 5,235 00 7,170 00 3,840 85 29 90 3,436 95 999 60 3,746 60 349 00 2,403 40 40 10 1,196 00 197 05 136 27 337 05 05 381 22 290 54 26 325 05 05 123 96 392 7Ì $483,281 84 $518,382 73 $533,438 63 $550,594 75 $545,183 58 $35,000 00 17,500 00 $35,000 00 17,500 00 $50,000 00 25,000 00 $50,000 00 25,000 00 $50,000 00 25,000 00 7,538 30 4,260 52 5,737 92 5,135 78 3,000 00 7,981 79 24 00 126,785 84 48,514 22 161,533 15 53,897 89 135,024 32 69,822 39 145,093 37 61,489 55 158,859 35 55,028 57 5,000 00 2,500 00 247,943 48 246,191 17 20,626 89 227,227 11 20,226 21 235,649 84 22,497 72 223,292 15 $483,281 84 $518,382 73 $533,438 63 3,594 75 $545,183 58 12,000 00 . 385 00 1,000 00 308 24 STA TE BANKING D EPA R TM EN T. 10 No. 498. ALGONAC SAVINGS BANK, ALGONAC. O rganized A pril 13, 1912. C u r t i s R. C h a m p i o n , P r e s id e n t; J D i r e c t o r s .— C urtis ohn E a s t , V ic e P r e s id e n t; W. E. F o i .s o m , C a s h ie r . R. Cham pion, John E ast, Geo. W. C arm an, Fred W. P arker, Alex Vancomberg. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, m ortgages and securities: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Prem ium account,. . O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Ba.nking house. ..................... F urn itu re and fixtures....................... O ther real’estate. . . D ue from other banks and bankers, not reserve c ities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings departm ent . . D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d e p artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t...................... U. S. and N ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ............................... Commercial "deposits subject to ch eck ................................................. Commercial certificates of d ep o sit. . Certified checks.................................. C ashier's checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings d eposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of Report of R eport of R eport of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. Ju n e 30, T4. Sept. 12, ’14. $16,110 96 $17,551 19 $18,162 95 $21,442 45 $14,338 81 34,735 34 62,669 75 37,585 34 58,459 88 37,050 00 54,309 64 37,025 00 54,588 06 29,000 00 60,493 06 178 31 278 09 89 19 187 28 09 2,500 00 2,500 00 2,500 00 2,500 00 2,590 00 1,430 06 252 18 1,230 39 5,304 17 472 50 4,962 88 150 00 3,988 09 6,609 00 1,703 79 6,134 00 3,384 28 3,259 00 5,002 86 6,111 00 22,135 13 7,372 00 2,341 00 4,000 00 3,036 00 2,900 00 2,500 00 4,259 00 4,745 00 3,194 00 7,764 00 3,071 00 555 00 740 00 120 00 825 00 • 1,280 00 388 10 698 00 286 80 727 00 266 75 258 65 413 05 1,353 61 500 84 700 70 89 526 27 522 01 27 301 65 389 84 500 31 245 96 65 414 80 361 48 $136,996 47 $136,063 20 $129,440 00 $142,201 78 $155,464 01 $20,000 00 400 00 $20,000 00 800 00 $20,000 00 800 00 $20,000 00 800 00 $20,000 00 1,000 00 1,258 96 168 87 30 00 819 35 1,813 59 1,212 19 40,569 56 790 00 40,355 07 663 81 33,639 49 425 00 41,007 10 4,688 02 57,562 18 4,252 66 73,977 95 69,045 45 63,756 16 63,893 07 71,436 98 5,000 00 10,000 00 10,000 00 $136,996 47 $136,063 20 $129,440 00 $142,201 78 723 11 $155,464 01 STATE BANKS OF MICHIGAN. 11 No. 314. A LLEGAN STATE SAVINGS BANK, ALLEGAN. O rganized May 24, 1905. H. A. D e L a n o , D i r e c t o r s .— H. P r e s id e n t; W. H. C h a d d o c k , V i c e P r e s id e n t; E. W. D e L a n o , C a s h ie r . A. DeLano, W. H. Chaddock, V. E. DeLano, E. W. DeLano, A. Brand. 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 acco u n t............................... O v erd rafts................................. Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se....................... F u rn itu re and fixtures...................... I R eport of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4 Sept. 12, T4. $55,155 94 73,052 79 $53,645 77 70,167 37 $47,314 04 81,721 73 $49,258 93 75,522 98 $47,054 88 94,998 15 158,428 20 160,153 20 6,000 00 153,216 71 6,000 00 156,409 61 157,559 61 140 00 1,384 47 130 00 584 88 130 00 1,098 54 120 00 988 86 15,000 00 12,275 58 128 60 15,000 00 12,100 00 15,000 00 12,100 00 119 39 15,000 00 12,100 00 15,000 00 12,100 00 245 70 • 782 57 844 96 O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it................................ U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 u n p a id .............................. Commercial deposits subject to ch eck ............................ Commercial certificates of d eposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Postal savings deposits..................... Savings d eposits............................... Savings certificates of d eposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4,000 00 18,770 84 3,000 00 24,643 02 4,000 00 25,499 62 5,000 00 23,814 24 5,000 00 28,634 71 967 05 651 78 567 80 725 23 485 13 3,873 00 6,550 00 4,150 00 3,400 00 3,237 00 4,690 00 2,790 00 8,830 00 2,322 00 3,946 00 205 00 9,000 00 117 50 8,800 00 45 00 8,900 00 140 00 9,000 00 110 00 8,200 00 113 35 2,195 00 82 70 3,179 00 76 75 1,785 00 107 40 2,545 00 86 80 1,795 00 28 20 217 26 313 40 8 99 194 58 489 03 10 45 165 61 263 00 11 95 294 85 725 42 9 24 260 56 1,386 83 $361,670 08 $360,626 42 $366,066 95 $370,286 23 $386,314 25 $30,000 00 2,200 00 $30,000 00 2,400 00 $30,000 00 2,400 00 $30,000 00 2,400 00 $30,000 00 2,400 00 1,260 63 45,367 40 18,000 00 1,085 26 38,004 37 18,000 00 36,455 86 18,000 00 840 60 38,168 47 17,000 00 14,000 00 5,000 00 2,500 00 153,443 87 111,398 18 163,971 92 108,250 13 170,047 90 108,077 93 172,328 40 105,389 36 460 02 175,793 08 120,022 73 $361,670 08 $360,626 42 $366,066 95 $370,286 23 $386,314 25 STA TE BANKING D EPA RTM EN T. 12 No. 323. T H E F IR S T STATE BANK OF ALLEGAN, ALLEGAN. O rganized May 15, 1905. F. H . ‘W i l l i a m s , D i r e c t o r s — F. P r e s i d e n t ; B. B. S u t p h i n , V ic e P r e s id e n t; H. D. P r i t c h a r d , C a s h ie r ; H e r m a n V a u p e l l , A s s i s t a n t C a s h ie r . H. W illiams, C. R. Wilkes, M. C. Sherwood, W. J. Oliver, E . W. Stone, B. B. Sutphin, H. F. M arsh, H. D. P ritchard, W. H. Bills. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house. . . .“ ........................... F u rn itu re and fix tu res...................... O ther real e s ta te ......... •..................... Due from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d e p a rtm e n t...................... D ue from banks in reserve cities: Commercial d ep artm en t............... Savings d e p artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t....................... U. S. and N ational b ank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... Silver coin: Commercial d ep artm en t.............. Savings d e p artm en t...................... Nickels and cents: Commercial d ep artm en t.............. R eport of R eport of Report of Report of Report of Oct. 21, ’13. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, ’14. $184,724 00 109,368 83 $238,780 25 36,214 86 $239,299 46 32,016 79 $292,564 68 $257,118 66 23,700 00 256,558 29 260,696 71 268,600 55 257,223 29 4,000 00 260,016 37 1,526 03 610 80 1,026 55 405 89 472 37 6,091 24 3,998 07 3,998 07 6,091 24 6,091 24 3’998 07 6,091 24 3,998 07 6,091 24 3,998 07 639 73 649 01 649 01 649 01 631 01 222 06 30 00 135 00 9,456 65 30,305 51 16,043 22 74,966 62 23,622 92 35,260 93 22,871 42 27,882 01 20,350 29 37,548 75 2,000 00 2,050 00 9,125 00 15,000 00 20,327 00 10,000 00 16,471 00 10,000 00 12,618 00 10,000 00 6,505 00 10,000 00 3,800 00 5,000 00 2,527 50 6,000 00 2,902 50 6,000 00 3,965 00 5,000 00 2,655 00 7,000 00 1,196 70 1,650 20 1,480 00 1,162 00 1,408 50 262 52 411 87 334 54 261 88 392 75 Checks and other cash ite m s.......... 1,135 38 2,047 85 1,345 07 448 48 446 53 T o ta ls........................................... $638,410 01 $681,045 20 $649,233 63 $647,140 97 $644,384 54 $50,000 00 7,000 00 $50,000 00 7,500 00 $50,000 00 7,500 00 $50,000 00 8,000 00 $50,000 00 8,000 00 9,533 50 6,509 73 7,883 25 6,974 82 2,025 00 9,355 68 66,446 17 104,050 22 129,763 10 169,272 02 81,387 48 199,775 18 58,408 67 198,594 36 75,225 36 151,410 11 10,000 00 5,000 00 226,948 33 91,052 02 10,751 1,585 228,116 62,234 1,875 46 236,970 69 44,936 10 1,838 40 229,668 57 89,030 55 29,355 87 24,855 87 $647,140 97 $644,384 54 Liabilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to check ................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Postal savings dep o sits..................... Savings deposits.*.............................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls....................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 228,658 90 163,871 22 02 42 33 95 8,850 00 $638,410 01 $681,045 20 $649,233 63 STATE BANKS OF MICHIGAN. 13 No. 487. A LL E N STATE SAVINGS BANK, A LLEN . O rganized M arch 7, 1911. A. L. N o r t o n , P r e s id e n t; B. W. B r o c k w a y , H. P. T il l o t s o n , V ic e P r e s id e n t; C a s h ie r . D i r e c t o r s .— B. W.. Brockway, A. M. W inchester, A. L. N orton, R. J. W atson, J. E . M cConnell, Chas. H. Shepard, E dson J. Benge. m Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d e p a rtm e n t.. Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t....................... G old coin: Commercial d e p a rtm e n t.............. Savings d e p artm en t...................... R eport of Report of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4 Sept. 12, ’14. $49,421 63 $50,758 72 822 00 $48,659 25 $48,757 59 735 68 $47,432 66 624 00 7,936 16 2,695 00 4,707 00 1,695 00 4,707 00 1,695 00 4,107 00 1,345 00 3,607 00 1,295 00 153 09 184 29 104 26 23 12 200 85 5,000 00 1,824 82 5,000 00 1,824 82 5,000 00 1,830 32 5,000 00 1,830 32 5,000 00 1,830 32 764 29 2,069 26 14,042 27 11 68 516 44 3,589 36 400 00 9,372 72 200 00 4,566 22 200 00 3,306 54 200 00 2,797 07 200 00 3,506 00 250 00 3,736 00 250 00 3,350 00 357 00 3,262 00 290 00 2,024 00 100 00 860 00 885 00 930 00 960 00 1,005 00 Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n t... Savings d ep artm en t...................... Checks and other cash item s. . 140 55 2 00 349 25 2 00 447 30 2 20 345 55 7 00 350 32 54 63 36 85 27 193 50 35 71 27 514 26 37 89 16 150 37 60 00 39 66 75 302 61 T o ta ls........................................... $76,773 52 $82,406 30 $86,079 24 $70,308 62 $67,399 76 $20,000 00 500 00 $20,000 00 900 00 $20,000 00 900 00 $20,000 00 900 00 $20,000 00 900 00 1,561 04 9 06 45 00 291 37 45 00 691 84 781 28 11,217 39 40,036 30 24,031 96 34,333 17 24,245 28 38,342 86 8,747 33 37,391 38 9,581 21 33,863 64 37 3,458 42 37 3,086 74 37 2,254 36 2,578 07 2,273 63 $76,773 52 $82,406 30 $86,079 24 $70,308 62 $67,399 76 Liabilities. C ap ital stock paid i n ......................... Surplus fu n d . ? .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Comm ercial deposits subject to ch eck ................................................. Comm ercial certificates of deposit. . Certified checks.................................. C ashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and h an k ers.............. Postal savings deposits..................... Savings d eposits................................. Savings certificates of d ep o sit........ Reserve for taxes, interest, etc. . . . N otes and Dills redisco u nted ........... Bills p ay ab le........................................ T o ta ls . . . . .... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 86 14 STA TE BANKING D EPA R TM EN T. No. 232. ALMA STATE SAVINGS BANK, ALMA. O rganized May 1, 1901. W il l ia m A. B a h l k f ., P r e s id e n t; J o t h a m A l l e n , V ic e P r e s id e n t; H K a r l R. A d a m s , A s s i s t a n t C a s h ie r . D ir e c t o r s .— C. M o o r e , C a s h ie r ; W illiam A. Bahlke, D aniel L. Sharrar, Geo. C. Parsons, H ira C. Moore, E. A. Bagley, Jam es E. M itchell, Jotham Allen. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t............... Savings d e p a rtm e n t...................... Prem ium acco u n t................ O verdrafts....................... Expenses, interest and taxes paid, exceeding earn in g s......................... Banking ho u se............................ F urniture and fixtures...................... O ther real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it........................ U nited States bonds: Savings d ep artm en t...................... Due from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................. Dividends u n p a id .............................. Commercial deposits subject to ch eck ............................ Commercial certificates of d eposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers............... Savings deposits............................... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills red isco unted ........... Bills p ay ab le..................................... T o ta ls......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ir a Report of Report of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, T4. June 30, T4. Sept. 12, ’14. $88,441 50 34,232 03 $72,076 43 41,284 56 $73,657 85 40,813 96 $90,558 68 33,191 70 $92,165 32 36,138 19 104,994 48 103,601 36 1,000 00 100,873 66 1,000 00 105,894 91 1,000 00 106,224 91 274 66 615 09 395 22 718 20 613 34 12,500 00 5,012 14 272 97 12,500 00 5,012 14 12,500 00 5,012 14 12,500 00 5,000 00 Ì2,5ÓÓ ÓÓ 5,000 00 1,741 71 1,462 28 14,086 74 8,192 73 7,395 57 10,334 23 20,597 52 38,747 12 19,734 24 47,910 38 29,180 01 13,241 20 20,175 81 15,795 28 22,884 64 717 07 235 17 1,017 28 1,173 38 1,216 69 2,721 00 4,768 00 7,648 00 4,650 00 3,845 00 5,100 00 6,375 00 4,520 00 3,153 00 5,095 00 3,731 36 3,950 00 3,900 00 3,980 00 3,705 00 1,087 90 1,107 20 1,178 05 1,450 60 841 70 215 86 64 427 54 182 67 154 51 286 01 320 67 207 43 701 48 413 89 198 63 $291,797 64 $313,286 66 $341,326 28 $308,672 11 $314,247 94 $25,000 00 20,000 00 $25,000 00 20,000 00 $25,000 00 20,000 00 $25,000’00 20,000 00 $25,000 00 20,000 00 1,085 49 4,197 63 2,708 45 656 51 186 00 54,817 10 13,000 00 94,880 50 110,871 38 4,416 81 84 97 77,339 74 14,372 32 74,940 24 17,541 99 9 52 73,950 26 94,373 77 76,469 32 96,750 84 74,807 89 105,059 74 70.985 64 96,776 78 71,714 75 102,332 99 $313,286 66 $341,326 28 $308,672 11 $314,247 94 10,000 00 $291,797 64 15 STATE BANKS OF MICHIGAN. No. 233. F IR S T STATE BANK OF ALMA, ALMA. O rganized J u n e 15, 1901. G. S. W a r d , D P r e s id e n t; ir e c t o r s .—G. L. A. S h a r p , F r a n c is K i n o , V ic e J. S. K n o e r t z f .R, C h a s . O . W a r d , P r e s id e n ts ; C a r l H. W a s h b u r n , C a s h ie r ; A s s i s t a n t C a s h ie r s . S. W ard, L. A. Sharp, Francis King, P. M. Sm ith, C arl FT. W ashburn, Chas. O. W ard , C. G. Rhodes. Resources. Loans and discount: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d e p artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house. . . .............................. F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. United S tates bonds: Savings d ep artm en t.................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... U. S. and N ational b ank currency: Commercial d ep artm en t.............. Savings d e p artm en t...................... Gold coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Nickels and cents: Commercial d e p 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 i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ......... Commercial 'deposits subject to ch eck ................................................. Commercial certificates of d ep o sit. . Certified checks.................................. Cashier’s checks o u tsta n d in g .. S tate monies on d ep o sit. . D ue to hanks and hankers. . Savings d eposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . N otes and hills rediscounted . Bills payable .. T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, C4. June 30, C4. Sept. 12, C4. $178,224 53 29,114 60 $143,050 60 28,864 60 $146,521 80 28,114 60 $148,327 44 39,788 00 $143,637 72 43,788 00 265,178 53 262,707 78 261,605 13 254,955 27 236,712 59 1,832 16 1,209 41 493 60 686 65 1 165 61 7,500 00 500 00 7,500 00 1,000 00 7,500 00 1,000 00 7,500 00 1,000 00 7,500 00 1,000 00 3,025 60 7,536 25 5,048 62 1,763 39 1,115 64 29,252 29 40,571 72 38,896 27 14,803 20 60,967 55 19,005 64 22,188 28 38,235 57 130 20 356 74 295 57 1,316 34 10,044 00 7,000 00 13,151 00 7,000 00 12,156 00 7,000 00 7,534 00 7,000 00 9,131 00 7,000 00 205 00 10,000 00 387 50 10,000 00 602 50 10,000 00 230 00 10,500 00 250 00 10,500 00 1,462 25 1,934 15 2,800 05 2,307 50 2,639 65 54 16 46 26 62 74 82 13 82 63 29 90 4 05 47 41 6 92 10 34 $544,538 66 $563,989 79 $559,079 94 $523,170 79 $502,969 45 $30,000 00 30,000 00 $30,000 00 30,000 00 $30,000 00 30,000 00 $30,000 00 30,000 00 $30,000 00 30,000 00 4,630 26 1,736 23 5,392 96 8,392 23 2,677 94 109,496 14 28,963 09 903 75 128,945 59 24,964 82 874 50 102,575 55 23,424 15 109,016 07 11,329 44 1 50 95,834 02 7,434 98 59,137 98 281,407 44 62,535 75 284,932 90 61,469 32 306,217 96 64,357 79 270,073 76 65,448 22 271,574 29 $544,538 66 $563,989 79 •$559,079 94 j $523,17079 $502,969 45 STA TE BANKING D EPA R TM EN T. 16 No. 437. T H E ALMONT SAVINGS BANK, ALMONT. O rganized May 5, 1909. T. C. T a y l o r , P r e s id e n t; P. P. A n d r u s , W. W. P a t o n , V ic e P r e s id e n ts ; G e o . D. H a r t , L. C. S a n b o r n , A s s i s t a n t C a s h ie r . C a s h ie r ; D ir e c t o r s .— T. C. T aylor, F. C. Ballard, F. P. Andrus, D. Cochrane, W. W. P aton, J. E . Leete, A. E. Leete, Geo. D. H art, John Sullivan. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t.................... Prem ium acco u n t............................... O verdrafts....................... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se. . . . F urniture and fixtures...................... O ther real e s ta te ............................ D ue from other banks and bankers, not reserve cities............................ 1terns in tr a n s it........................ U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels 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 i n ......................... Surplus fu n d .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ......................................... Dividends u n p a id ............................... Commercial deposits subject to ch eck ............................................... Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................. D ue to banks and b an k ers............... Savings deposits......................... Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls.......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $55,115 21 10,793 97 $44,211 88 15,686 15 $50,211 72 9,430 06 $45,571 78 13,254 63 $40,246 75 12,081 56 17,450 00 135,560 89 17,350 00 136,385 89 17,350 00 135.235 89 16,250 00 133,286 57 16,250 00 132,771 57 495 39 559 86 994 86 267 71 885 68 3,511 47 1,749 09 3,511 47 1,745 59 3,511 47 1,745 59 3,511 47 1,739 59 1,736 59 3,511 47 140 80 381 41 14,174 08 7,586 40 18,527 82 3,101 07 21,721 34 1,875 07 16,220 79 3,604 47 20,371 45 2,285 34 353 80 425 53 337 99 323 87 46 40 1,000 00 3,906 00 6,000 00 3,023 00 6,000 00 658 00 5.000 00 515 00 4,000 00 2,000 00 265 00 2,000 00 405 00 2,000 00 2 50 3.000 00 3.000 00 519 00 4,000 00 1,099 85 1,112 20 1,102 05 130 50 1.000 00 162 56 236 41 255 58 232 73 246 98 76 60 14 78 27 13 123 78 130 19 $250,462 21 $259,440 90 $256,550 44 $242,434 66 $240,806 08 $25,000 00 3,000 00 $25,000 00 3,000 00 $25,000 00 4,000 00 $25,000 00 4,000 00 $25,000 00 4,000 00 3,288 79 4,392 87 2,591 41 3,328 88 2,715 81 12,739 88 6,653 88 27,518 28 4,013 07 22,131 09 3,072 29 20,355 32 17,573 03 22,066 27 15,795 26 500 00 142 42 1,460 00 1,717 13 139,420 45 26,759 21 136,083 42 32,290 84 140,360 92 35,394 73 143,924 99 18,792 44 141,411 35 20,100 26 33,100 00 27,000 00 24,000 00 8,000 00 8,000 00 $250,462 21 $259,440 90 $256,550 44 $242,434 66 $240,806 08 j STATE BANKS OF MICHIGAN. 17 No. 169. T H E A LPE N A COUNTY SAYINGS BANK, A LPEN A . O rganized A p ril 12, 1894. P a t r ic k C u l l ig a n , P r e s i d e n t ; P r a n k C . H o l m e s , V ic e P r e s id e n t; W . A . P r i n c e , C a s h ie r ; B y r o n H . O l d s , A s s i s t a n t C a s h ie r . D i r e c t o r s — Fred L. Richardson, P atrick Culligan, F rank C. Holmes, W. A. Prince, M ichael O’Brien, nV,n.',Li D - rrIa/,10\ ftr’ R obert M ontrose, W. H. Davison, H erm an Besser, P. H. Hoeft, Donald M cRae, Y m . H. Sanborn, Geo. B. Holmes, ffm . A. Comstock, R . E. Gilchrist. Resources. Loans and discounts: Commercial d ep artm en t.. Savings d ep artm en t___ Bonds, m ortgages and securities: Commercial d e p a rtm e n t.. Savings d ep artm en t___ Prem ium acco u nt___ O v erd rafts. . . . Expenses, interest and taxes paid, exceeding earnings. . . Banking h o u se. .. F urn itu re and fix tu res... O ther real e s ta te . . . . Due from other banks and bankers, not reserve cities. . Item s in tr a n s it. . U nited States bonds: Savings d ep artm en t.......... D ue from banks in reserve cities: Commercial d e p a rtm e n t.. Savings d e p a rtm e n t... Exchanges for clearing house: Commercial d ep artm en t.. Savings d ep artm en t.......... U. S. and N ational bank currency: Commercial d ep artm en t. . . Savings d e p artm en t. . . . Gold coin: Commercial d ep artm en t. . . Savings d ep artm en t___ Silver coin: Commercial d e p a rtm e n t.. Savings d ep artm en t___ Nickels and cents: Commercial d e p a rtm e n t.. Savings d ep artm en t___ Checks and other cash item s T o ta ls.................. R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. $546,568 82 471,729 45 $538,400 08 452,485 04 974,732 15 914,361 98 3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Q1£ H55 1,940 09 34,607 24 3,000 00 3,000 00 3,000 00 $590,042 32 478,262 24 $502,517 85 472,960 63 953,139 59 972,848 28 1,775 51 1,159 65 34,607 24 3,000 00 34,607 24 3,000 00 -- 5,389 53 4,120 28 1,801 76 33,713 47 170,539 74 76,714 18 275,807 99 27,279 24 182,629 20 43,020 41 270,489 00 56,003 05 260,953 02 1,490 39 1,390 01 630 80 556 69 503 96 3,265 07 41,425 00 63,339 00 35,427 00 70,320 00 23,922 00 59,530 00 33,403 00 63,401 00 28,090 00 96,502 00 257 50 25,000 00 5,052 50 20,300 00 8,797 50 16,430 00 4,300 00 22,507 50 8,310 00 19,460 00 3,035 00 3,531 00 3,801 00 8,020 00 4,047 80 3,820 00 1,209 40 5,869 70 2,960 00 374 43 148 30 20 00 690 40 141 44 55 30 530 19 160 70 406 09 3 77 36 00 $2,380,841 11 $2,449,712 87 $2,473,235 67 $2,514,567 92 * $2,471,773 35 Liabilities C apital stock paid i n . .. $100,000 00 Surplus fu n d ............ 125,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes p a id ........................ Dividends u n p a id . . . . ’ 78 00 Commercial deposits subject to ch eck ....................... 275,871 25 Commercial certificates of deposit 3,576 78 Certified checks. . . . Cashier’s checks o u tsta n d in g .. S tate monies on deposit. . D ue to banks and b an k ers.. 137,548 78 Savings deposits.......... 1,501,083 69 Savings certificates of dep o sit. 214,858 34 Reserve for taxes, interest, etc. . . 21,000 00 N otes and bills rediscounted. Bills p ay ab le.......... T o ta ls................ $597,286 59 $100,000 00 $100,000 00 198 00 21 00 529 57 51 18 290 839 68 67 68 151,094 1,540,664 201,402 10,500 62 94 31 00 25,000 164,593 1 KK1 QQfi ‘l92;985 22,500 00 36 Q7 77 00 <$9 A7Q 9Q5 A7 1 $100,000 00 125,000 00 3,000 00 970 097 OÖ 27 68 50 non 126^789 1 647 956 190,793 no 63 11 64, 18,285 35 27 68 136,568 60 193,586 69 STA TE BANKING D EPA R TM EN T. 18 No. 302. T H E FA R M ER ’S STA TE BANK O F ALTO, ALTO. O rganized O ctober 18, 1904. J ohn Q. W a t t s, P r e s id e n t; E dson O ’H aerow , V . C . AALa l t o n , V ic e P r e s id e n ts ', C . M . C a m pa tj , C a s h ie r ; E . B. C a m pa tj , A s s i s t a n t C a s h ie r . D i r e c t o r s .— E dson O’Harrow , J. Q. AVatts, V. C. W alton, C. M. Cam pau, Fred C. Tillyer, Charles Bancroft. Resources. R eport of Report of R eport of R eport of R eport of O ct.2 1 .T 3 . Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. Loans and discount: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: $44,699 65 50,883 91 $49,120 73 49,947 95 $44,895 99 50,309 02 $46,710 11 45,277 85 $45,424 26 41,652 50 Savings d ep artm en t....................... 76,499 00 77,149 00 78,099 00 82,399 00 84,114 00 4 03 9 31 2,500 00 800 00 2,500 00 800 00 ......................... O verdrafts Expenses, interest and taxes paid, Banking h o u se. .. .............................. F u rn itu re and fixtures...................... 2,500 00 800 00 24 36 2,500 00 800 00 2,500 00 800 00 D ue from other banks and bankers, 3,123 16 28 68 266 67 U nited States bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: U. S. and N ational b ank currency: Commercial d ep artm en t............... Savings d ep artm en t....................... Gold coin: Commercial d ep artm en t.......... .. . Savings d e p a rtm e n t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Cheeks and other rash item s. T o ta ls........................................... Liabilities. C apital stock paid i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur ren t expenses, inxerest and taxes p a id ................................................... Commercial deposits subject to ch eck ................................................. 4,000 00 7,866 80 4,000 00 22,135 95 4,000 00 20,252 01 4,000 00 12,872 86 4,000 00 10,597 44 2,000 00 2,223 00 3,704 00 2,701 00 1,020 00 3,007 00 1,000 00 3,115 00 1,600 00 1,725 00 3,600 00 3,587 50 1,860 00 82 50 5,400 00 5,557 50 22 50 5,600 00 90 00 583 95 295 70 400 00 443 05 582 50 949 60 813 60 8 17 53 05 4 23 30 23 6 16 21 76 46 74 46 13 $197,799 20 $215,657 22 $210,821 13 $205,196 61 $203,56S 95 $20,000 00 5,000 00 $20,000 00 5,000 00 $20,000 00 5,000 00 $20,000 00 6,000 00 $20,000 00 6,000 00 918 38 432 08 987 00 1,177 44 112 00 1 13 332 79 42,712 59 51,544 87 47,696 53 46,562 09 55,044 80 12 80 (Cashier’s checks outstanding1. . O ne to hanks and hankers . Savings dep o sits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . 48,024 56 81,143 67 51,422 88 86,257 59 49,919 78 86,915 38 52,802 83 79,829 96 46,334 69 75,856 67 $197,799 20 $215,657 22 $210,821 13 $205,196 61 $203,568 95 Rills payable T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 19 No. 48. ANN ARBOR SAYINGS BANK, ANN ARBOR. O rganized F e b ru a ry 4, 1869. R eorganized D ecem ber 9, 1889. C h a s . E. H D W m . T). H a b e im a n , V i c e P r e s i d e n t ; M i c h a e l J. F r it z , C a s h ie r ; B r a u n , W m . L. W a l z , A s s i s t a n t C a s h ie r s . E . Hiscock, W m . D . H arrim an, W alter C. M ack, M ichael J. F ritz, is c o c k , P r e s id e n t; C a r l F. i r e c t o r s .— Chas. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Prem ium acco unt............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures....................... O ther real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it................... .............. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial departm ent Savings d ep artm en t....... Nickels and cents: Commercial d e p artm en t... Savings d ep artm en t............ Checks and other cash item s T o ta ls. E m ory E. Leland. R eport of Report of Report of Report of R eport of Oct. 21, ’13. Jan. 1 3 ,’14. M ar. 4, ’14. Ju n e 30, ’14. Sept. 12, ’14. $696,681 50 185,000 00 $692,888 05 140,000 00 $728,142 44 75,000 00 $751,784 16 95,000 00 $737,038 97 115,000 00 65,718 58 1,544,466 34 61,976 34 1,605,966 88 61,433 87 1,641,475 47 59,192 02 1,629,879 20 58,293 74 1,571,073 85 247 81 502 65 409 37 245 63 488 74 30,000 00 11,088 00 30,000 00 11,088 00 30,000 00 11,088 00 30,000 00 11,088 00 30,000 00 11,088 00 3,355 91 1,945 91 1,945 91 1,945 91 1,795 91 Ì5,8ÌÌ Ì9 25,028 8Ó 23Ì2Ì7 86 ÌÒj 049 29 è ’793 li 12,000 00 12,000 00 12,000 00 12,000 00 12,000 00 33,196 96 103,316 40 56,729 44 63,487 91 40,776 30 75,685 74 28,372 02 91,751 96 57,529 63 132,200 35 6,094 39 8,679 78 5,605 45 4,477 09 45,560 00 133,000 00 9,379 00 140,000 00 25,094 00 131,000 00 20,852 00 115,000 00 18,398 00 115,000 00 5,785 00 50,000 00 2,940 00 53,500 00 10,370 00 45,000 00 5,777 50 51,000 00 8,117 20 51,000 00 6,000 00 3,500 00 35,500 00 33,000 00 4,100 00 3,000 00 33,000 00 3,000 00 33,000 00 749 43 674 22 1,000 00 1, 000 00 ,954,526 87 $2,958,424 09 $2,970,154 83 $2,971,642 33 26,000 00 477 13 1,000 00 652 46 $2,973,834 37 Liabilities. C apital stock paid i n ......................... $300,000 00 Surplus fu n d ........................................ 100,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... 31,447 47 Dividends u n p a id .............................. 554 00 Commercial deposits subject to ch eck ............................................. 437,593 46 Commercial certificates of deposit 6,074 35 Certified checks.............................. 75 20 C ashier’s checks o u tsta n d in g ... . S tate monies on d ep o sit............... Due to banks and b a n k e rs.. . . 42,778 47 1,949,281 70 Savings dep o sits......................... Savings certificates of deposit. 106,029 72 Reserve for taxes, interest, etc Notes and bills rediscounted. . Bills payable. T o ta ls . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4,925 29 884 91 1,074 71 1,208 98 $300,000 00 100,000 00 1,000 00 841 31 $300,000 00 100,000 00 863 14 $300,000 00 433 89 785 49 $300,000 00 100,000 00 100,000 00 31,278 08 242 00 43,946 04 242 00 41,128 90 5,584 00 52,506 42 72 00 431,177 77 428,724 33 430,931 17 437,260 27 123 40 362 50 204 90 96 20 571 62 1,975 02 130 00 1,168 20 34,888 33 1,941,358 78 115,096 01 71,049 41 1,903,379 69 110,781 52 61,332 96 1,941,300 57 87,330 59 50,231 24 1,931,581 27 98,692 93 $2,973,834 37 $2,954,526 87 $2,958,42409 $2,970,15483 $2,971,642 33 20 STA TE BANKING D EPA R TM EN T. No. 26. FA R M E R S ’ AND M ECHA NICS’ BANK, ANN ARBOR. O rganized October 13, 1882. C orporate E x isten ce extended Ju ly 20, 1912. H E. B e a l , V ic e P r e s i d e n t ; F r e d e r i c k T. S t o w e , C a s h ie r ; W. A. B e G o l e , A s s i s t a n t C a s h ie r . D ir e c t o r s .— William F. Breakey, D. F. Schairer, Junius E. Beal, Oliver M. M artin, B u rt F. Schumacher, H erbert A. Williams, George S. Vandaw arker, G. W. Millen, W. W. W adham s. erbert A. W i l l i a m s , P r e s i d e n t ; J u n iu s Report of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, T4. Sept. 12, ’14. 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F urniture and fixtures...................... Other real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it............................ U nited S tates bonds: Savings d ep artm en t...................... 8225,000 19 109,435 30 $233,069 26 102,523 02 $239,306 93 102,198 02 $262,289 32 115,374 86 $278,262 86 106,129 06 115,022 73 461,156 90 88,874 85 483,603 75 96,889 16 465,398 75 69,094 84 493,788 75 53,094 84 503,742 61 604 75 6,758 77 519 75 510 79 519 75 866 27 374 75 742 27 374 75 509 46 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 700 00 200 00 200 00 200 00 200 00 414 00 754 80 854 56 10,518 76 98 50 10,000 00 10,000 00 10,000 00 10,000 00 10,000 00 15,370 49 54,421 98 64,029 81 62,134 65 72,125 01 71,816 93 36,775 27 64,379 42 32,384 45 49,037 88 2,615 40 537 20 8,278 81 279 88 3,588 19 1,497 91 9,065 58 298 12 4,655 34 ' 93 35 11,629 00 22,993 00 22,255 00 15.541 00 13,256 00 22,988 00 10,323 00 25,688 00 13,142 00 25,820 00 1,110 00 18,142 50 3,287 50 20,502 50 2,580 00 20,635 00 6,682 50 20,390 00 365 00 24,887 50 5,113 90 81 70 4,766 65 161 30 5,514 40 73 90 3,776 10 184 20 5,184 35 ' 97 90 264 16 37 40 41 46 468 02 13 10 63 04 476 65 30 11 153 12 215 52 23 65 287 73 206 04 12 70 49 47 T o ta ls........................................... 81,090,450 83 $1,150,837 48 $1,159,968 66 $1,169,472 64 $1,137,348 06 D ue from banks in reserve cities: Commercial d e p a rtm e n 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... Checks and other cash item s.......... Liabilities. C apital stock paid i n ........................ Surplus f u n d ........................................ Undivided profits, less losses, current expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d ep o sit. . Certified checks.................................. Cashier’s checks o u tstan ding .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits............................... Savings certificates of d ep o sit. . . Reserve for taxes, interest, etc . . . . Notes and bills rediscounted......... Bills p ay ab le................................. T o ta ls......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $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 23,269 43 160 00 22,848 00 648 00 23,246 40 160 00 24,556 02 4,024 00 25,623 99 160 00 207,162 65 16 4,499 51 00 13 62 73 00 00 28 239,341.46 65 00 509 00 3,695 07 228,845 65 25 3,613 42,605 27 604,850 40 89,899 80 48,313 71 615,070 08 79.567 94 28,217 03 646,577 02 83,549 38 32,709 60 625,907 26 93,913 14 $1,090,450 83 $1,150,837 48 $1,159,968 66 $1,169,472 64 $1,137,348 06 28,472 16 595.995 61 80,810 37 236,948 65 443 2,520 66 00 50 03 200,469 65 4 8,494 77 00 50 80 STATE BANKS OF MICHIGAN. 21 No. 333. T H E GERMAN AM ERICAN SAVINGS BANK, ANN ARBOR. O rganized Ju n e 28, 1905. C. W. G i l l , P r e s id e n t; G e o r g e J. M a n n , C h a s . W. W a g n e r , V ic e P r e s id e n ts ; E d w a r d L. S e y l e r , C a s h ie r ; R u d o l p h E . R e i c h e r t , A s s i s t a n t C a s h ie r . D i r e c t o r s .— C. W. Gill, George J. M ann, John M. Feiner, George W alker, Rudolph E. Reichert, John Lindenschm itt, Fred Jedele, Chas. W. W agner, E. L. Seyler. Resources. Loans and discount: Commercial d ep artm en t.............. Ravings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O verdrafts....................................... D ue from city of Ann A rb o r........... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se....................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d e p artm en t...................... Checks and other cash item s.......... T o ta ls ........................................... Liabilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit.. Certified checks.................................. Cashier7s checks o u tstanding.......... S tate monies on dep o sit. ................. D ue to banks and b ankers............... Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls........... ........................... .. . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. $206,313 14 $277,126 51 $205,521 33 $148,964 18 $136,214 40 6,650 00 360,324 80 6,650 00 382,934 80 45,922 66 385,057 80 64,053 75 415,071 30 36,650 00 417,366 30 467 34 258 90 22 92 1,209 20 8,490 61 294 75 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 3,715 04 1,149 02 1,481 89 6,577 88 120 00 - 8,476 62 36,282 96 16,471 53 44,339 50 80,446 16 40,557 60 43,465 92 47,321 41 6,507 81 29,439 54 1,984 23 7,844 36 1,895 07 3,348 08 1,528 32 8,619 50 15,000 00 11,099 55 20,000 00 12,989 00 15,000 00 7,112 00 13.000 00 5,877 50 10,000 00 4,060 00 6,000 00 10,270 00 5,117 50 5,000 00 6,017 50 10.000 00 4,655 00 15,000 00 1,279 40 1,405 15 2,566 60 2,357 50 1,328 35 147 28 338 27 314 12 281 82 1,176 05 $671,608 56 $792,175 84 $814,180 90 $789,559 40 $678,446 27 $50,000 00 20,500 00 $50,000 00 23,000 00 $50,000 00 23,000 00 $50,000 00 25,000 00 $50,000 00 25,000 00 3,329 88 70 50 1,692 93 131 25 2,915 36 47 25 352 57 1,518 00 801 64 62 25 189,020 08 311,736 78 324,975 03 242,583 34 166,102 82 13 35 2,797 62 50 00 1,406 40 i , 2Ò6 91 1,572 64 699 00 886 00 53 50 806 12 5,894 47 371,062 72 28,919 94 8,314 21 372,748 31 23,095 96 7,427 79 383,442 80 19,593 12 6,517 30 435,445 55 26,557 64 6,976 73 404,668 88 23,974 33 $871,608 56 $792,175 84 $814,180 90 $789,559 40 $678,446 27 ST A T E BAN KING D EPA RTM EN T. 22 No. 144. STATE SAVINGS BANK OF ANN ARBOR, ANN ARBOR. O rganized N ovem ber 18, 1892. W D m. J. B o o t h , W m . A r n o l d , V ic e P r e s id e n t; C. J. W a l z , C a s h ie r ; R . A. B e a l , A s s i s t a n t C a s h ie r . P r e s id e n t; ir e c t o r s .— William J. Booth, John V. Sheehan, Wm. Arnold, Jam es H. W ade, John Koch, C hristian M artin, Victor C. Vaughan, E . F. Mills, D aniel F. Zimmerman, H. W. Douglas, A. R. Peterson, A rth u r Brown. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... R eport of Report of Report of R eport of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, C4. Sept. 12, T4. $341,567 08 162,566 08 $333,400 20 142,235 58 $332,002 97 159,400 58 $381,348 70 130,591 54 $379,737 44 147,899 55 22,300 00 679,927 30 22,150 00 669,366 76 22,150 00 728,891 72 22,975 00 777,727 37 22,475 00 808,138 82 129 18 234 39 135 21 373 56 129 76 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 25,000 00 4,000 00 11,087 43 8,560 55 11,673 37 6,330 82 11,345 83 10,000 00 10,000 00 10,000 00 10,000 00 10,000 00 33,404 58 97,163 61 24,225 39 106,783 00 23,951 74 119,474 37 24,725 84 138,016 24 33,780 18 101,386 45 2,868 21 2,102 84 3,629 41 6,354 64 6,111 91 20,497 00 15,000 00 22,461 00 15,000 00 15,317 00 15,000 00 17,589 00 18,000 00 13,044 00 18,000 00 36,805 00 36,777 50 37,862 50 36,480 00 35,902 40 4,922 75 6,110 50 7,438 40 3,476 50 4,321 25 308 94 223 50 433 14 258 51 183 71 29 53 377 08 13 00 658 02 11 20 T o ta ls........................................... $1,467,576 69 $1,429,008 29 $1,516,373 41 $1,603,905 74 $1,621,467 50 Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se. .. .“ ........................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n t.............. Savings d e p artm en t...................... Checks and other cash item s.......... Liabilities. C apital stock paid i n ........................ Surplus f u n d ........................................ U ndivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified ch eck s. . . Cashier7s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and ban k ers.............. Postal savings d eposits..................... Savings deposits.*.............................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le ....................................... $50,000 00 75,000 00 $50,000 00 75,000 00 $50,000 00 75,000 00 $50,000 00 75.000 00 $100,000 00 100,000 00 31,019 56 26,699 49 144 00 31,071 36 6 00 25.000 00 10.000 00 29,114 03 200 00 314,091 75 243,244 43 308,156 03 349,427 34 299,093 19 10,000 17,441 1,728 954,641 68,328 512 467 20,000 5,428 2,880 990,262 74,927 428 503 20,000 5,041 4,974 980,938 81,174 13,282 81 20,776 13 912,999 88 71,182 69 945,908 7Ó 67,235 54 00 54 29 89 30 01 76 00 22 28 29 84 T o ta ls........................................... $1,467,576 69 $1,429,008 29 $1,516,373 41 $1,603,905 74 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 00 00 00 10 93 83 42 $1,621,467 50 STATE BANKS OP MICHIGAN. 23 No. 512. T H E STA TE BANK OF A PPLE G A T E . O rganized Septem ber 5, 1912. A l b e r t E . S l e e p e r , P r e s id e n t; J o h n P. N ig g e m a n , J r ., V ic e P r e s i d e n t ; W R o l a n d E i l b e r , A s s i s t a n t C a s h ie r . D ir e c t o r s .— alter C a l x i n s , C a s h ie r ; Albert E. Sleeper, John Schoettle, John P. Niggeman, Jr., W alter Calkins, John S. Sherman. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking house. . . F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tra n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t...................... IT. S. and N ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold com: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Report of R eport of R eport of Report of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, T4. June 30, ’14. Sept. 12, T4. $69,109 44 $67,620 74 $67,972 84 $71,507 14 $70,885 20 9,801 35 2,400 00 7,648 35 3,668 56 7,548 35 3,668 56 7,772 35 3;668 56 7,790 91 3,600 00 484 96 168 68 199 94 198 33 45 62 133 28 3 800 00 1,133 60 3,800 00 1,133 60 3,800 00 1,133 60 3,800 00 1,133 60 3,800 00 1,167 90 529 05 1,785 04 8,909 55 7,498 09 360 00 7,255 55 360 00 3,665 96 360 00 9,793 79 360 00 4,566 00 800 00 4,212 00 240 00 4,246 00 240 00 3,386 00 240 00 2,723 00 240 00 1,310 00 1,527 50 1,572 50 1,662 50 1,707 50 160 95 305 50 324 90 306 60 425 05 Silver coin: Commercial d ep artm en t............... Savings d ep artm en t....................... Nickels and cents: Commercial d ep artm en t.............. Savings d ep artm en t...................... Checks and other cash item s.......... 44 95 54 43 80 03 64 74 78 06 2,204 38 950 74 320 82 204 13 304 57 T o ta ls ........................................... $105,387 51 $100,973 23 $98,723 09 $97,969 91 $102,921 60 $20,000 00 500 00 $20,000 00 1,000 00 $20,000 00 1,000 00 $20,000 00 1,000 00 $20,000 00 1,000 00 112 66 362 74 1,415 55 975 97 17,735 14 56,792 71 15,969 55 52,990 97 14,273 62 53,136 68 13,354 37 53,059 94 16,203 53 53,718 45 5,000 00 5,000 00 5,000 00 5,000 00 5,000 00 2,359 66 3,900 05 3,950 05 4,140 05 4,023 65 $97,969 91 $102,921 60 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 .............................. Comm ercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings d eposits. . . Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3,000 00 2,000 00 1,000 00 $105,387 51 $100,973 23 $98,723 09 2,000 00 24 STATE BANKING D EPA RTM EN T. No. 468. T H E ARMADA STATE BANK, ARMADA. O rganized N ovem ber 10, 1910. S a b in I. S t u m p , P r e s i d e n t ; W il l ia m C. B o t i o m l e y , V ic e P r e s id e n t; W G e o . H. H e b b l e w h t t e , A s s i s t a n t C a s h ie r . D i r e c t o r s .— Sabin il l ia m W . L y o n s , C a s h ie r ; I. Stum p, J. E . Lawson, G. H. Hebblewhite, W illiam C. Bottom ley, J. H. Spencer, E. P. C udw orth, Wm. W. Lyons. Resources. Loans and discount: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, m ortgages and securities: Commercial d e p a rtm e n t.. . Savings d ep artm en t...................... Report of Report of R eport of Report of R eport of Oct. 21, G3. Jan. 13, '14. M ar. 4, C4. June 30, C4. Sept. 12, C4. $75,112 00 71,972 48 $77,500 00 72,950 17 $76,170 00 76,193 96 $64,750 00 98,554 39 $52,750 00 103,531 36 137,390 00 132,500 00 132,450 00 120,575 00 125,525 00 O v erd rafts............................................ Expenses, interest and taxes paid, 1,112 99 239 97 4,438 86 832 74 2,062 05 Banking h o u se.................................... F urn itu re and fixtures...................... 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 00 177 93 9,903 59 8,349 08 5,317 47 8,715 17 4,000 00 19,812 01 4,000 00 15,665 83 4,000 00 23,282 30 4,000 00 16,814 96 4,000 00 24,020 97 5,000 00 7,681 00 251 00 10,000 00 4,464 00 10,000 00 3,660 00 9.000 00 2,306 00 11,000 00 2,390 00 295 00 2,000 00 555 00 2,000 00 410 00 3.000 00 190 00 1,000 00 50 00 1,098 05 1,051 15 1,070 35 1,592 30 94 80 500 00 20 91 154 34 676 61 213 04 252 11 269 64 59 61 Checks and other cash item s.......... 746 84 1,629 09 1,570 86 384 09 T o ta ls ........................................... $332,648 32 $333,316 59 $350,854 75 $336,347 36 $342,139 05 $25,000 00 2,500 00 $25,000 00 3,000 00 $25,000 00 3,000 00 $25,000 00 4,000 00 $25,000 00 4,000 00 2,794 11 1,047 10 1,965 99 1,994 90 2,722 88 26,277 32 20,454 74 27,184 63 15,927 29 38,612 40 11,820 26 27,495 56 14,493 88 39,194 08 15,909 06 D ue from other banks and bankers, Item s in tr a n s it.................................. U nited States bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: IT. S. and N ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t. . . . Nickels and cents: Commercial d ep artm en t.............. Liabilities. C apital stock paid i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Commercial deposits suoject to ch eck ................................................. Commercial certificates of deposit.. S tate monies on d ep o sit................... 5,000 00 5,000 00 2,500 00 240,363 02 242,813 03 Savings deposits................................. 232,622 15 235,157 57 237,456 10 Bills p ay ab le....................................... 23,000 00 26,000 00 28,000 00 18,000 00 10,000 00 $350,854 75 $336,347 36 $342,139 05 T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $332,648 32 $333,316 59 STATE BANKS OF MICHIGAN. 25 No. 473. T H E FA RM ER S STATE BANK OF ARMADA, ARMADA. O rganized D ecem ber 4, 1910. W D P r e s id e n t; C h e s t e r S. P r i e s t , V i c e P r e s i d e n t ; C h a r l e s J. K e s n e r , C a s h ie r ; C h a s . F. L a t h r o p , A s s i s t a n t C a s h ie r . A. D udley, Chester S. Priest, D avid H. Barrows, S. B. Anderson, Chas. F. Brockm an, G. W. Bearss, Jesse D. Simmons, Geo. I. W arner, U rial H ulett, Fred H. W olcott, Chas. J. Kesner. esley A. D u d l e y , ir e c t o r s .— Wesley 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... Report of R eport of R eport of Report of Report of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, T4. $59,296 65 47,465 52 $57,429 67 48,792 89 $53,382 76 51,402 77 $48,037 38 54,140 77 $43,158 41 58,977 69 66,847 20 65,963 57 64,101 07 74,421 07 74,505 00 25 50 62 81 124 12 170 43 190 25 485 50 3,967 51 1,495 59 3,967 51 1,495 59 3,967 51 1,495 59 3,967 51 1,595 59 3,967 51 1,595 59 O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 . ?.................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... D ividends u n p a id ........... Commercial ‘deposits subject to ch eck ................................................. Commercial certificates of deposit.. Certified checks.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit. .. 7 ........... Due to banks and b an k ers.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o tals. . . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50 00 • 845 12 13,092 31 6,607 82 15,484 04 14,169 80 16,428 85 2,628 37 18,448 53 1,610 17 14,465 81 4,011 00 3,900 00 2,538 00 3.850 00 3,009 00 3,840 00 3,235 00 4,376 00 800 00 7,000 00 435 00 2,700 00 515 00 2.850 00 612 50 2,960 00 982 50 3,150 00 1,047 50 3,550 00 160 05 100 50 69 85 127 20 149 50 123 50 245 05 197 20 50 10 435 55 62 50 5 02 183 87 58 07 27 56 1,146 34 84 42 20 43 625 21 92 05 14 18 258 15 92 83 14 45 1,544 55 $204,656 15 $211,097 23 $216,543 34 $215,979 60 $213,300 66 $25,000 00 1,250 00 $25,000 00 1,500 00 $25,000 00 1,500 00 $25,000 00 1,500 00 $25,000 00 1,750 00 1,636 96 6 00 1,026 03 111 00 2,207 42 12 00 1,931 54 9 00 1,438 50 3 00 12,740 27 21,137 37 18,525 67 21,832 12 26,851 61 21,535 22 12,320 89 20,462 17 12,761 54 13,392 52 775 00 7 15 558 47 8 25 6 60 134,110 55 137,095 26 138,878 62 154,747 75 158,948 50 $216,543 34 $215,979 60 $213,300 66 8,000 00 6,000 00 $204,656 15 $211,097 23 STA TE BAN KING D EPA R TM EN T. 26 No. 414. A TH E N S STATE BANK, A TH EN S. O rganized N ovem ber 28, 1908. G. W o o d r u f f , P r e s i d e n t ; G e o . W . B r o k a w , F r a n k W o l f , V ic e P r e s id e n ts ; E s t e s , C a s h ie r ; H o w a r d O . W e l l s , A s s i s t a n t C a s h ie r ; D a v id M i l l e r , A u d i t o r . D i r e c t o r s .— E . D . A lbertson, A. L. Wood, F ran k Wolf, Geo. W. Brokaw, F rank G. Woodruff, F F rank rank E . F red A. Bower, John S tanton, F. E . E stes, S. W. Lehr. 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 acco u n t............................... O v erd rafts.......................................... . Expenses, interest and taxes paid, exceeding earn in g s......................... Banking h o u se.................................... F u rn itu re and fixtures...................... Report of R eport of R eport of R eport of Report of Oct. 21, ’13. Jan. 13, ’14. Alar. 4, ’14. June 30, T4. Sept. 12, T4. $60,137 96 21,541 00 $80,062 68 24,787 28 $71,804 13 33,137 28 $73,816 72 28,461 28 $79,472 20 17,291 28 58,814 90 58,414 90 48,584 65 1,000 00 49,517 00 2,000 00 50,492 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 10,750 66 10,863 64 10,056 87 11,026 05 3,610 20 11,765 88 4,344 81 8,983 67 4,065 36 11,115 80 4,500 00 3,000 00 5,106 00 4.000 00 2,400 00 3,000 00 4,626 00 5.000 00 3,479 00 4,296 00 1,527 50 172 50 1.000 00 1,192 50 452 50 1.000 00 1,310 00 345 75 479 75 1,002 25 450 00 400 00 847 50 400 00 521 00 154 25 146 59 150 00 1 08 74 00 59 35 122 25 O ther real e s ta te ................................ D ue from other Danks and hankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: Savings d e p artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t...................... U. S. and N ational bank currency: Commercial d e p a rtm e n t.............. Savings d ep artm en t.............. Gold coin: Commercial d ep artm en t.............. Savings d e p artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... Checks and other cash item s.......... T o ta ls ......... ................................. Liabilities. C apital stock paid in ......................... Surplus f u n d . ? .................................... Undivided profits, less losses, cur ren t expenses, interest and taxes p a id ................................................... D ividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified ch eck s.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. P ostal savings d eposits..................... Savings denosits .*............................... Savings certificates of d ep o sit......... Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p av ab le......................... T o ta ls........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 02 $179,834 50 $203,541 23 $184,214 81 $186,301 92 $181,883 98 $30,000 00 7,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 2,545 55 314 54 966 42 3,068 63 2,737 31 33,761 52 18,843 94 53,444 85 17,742 95 11 00 34,681 49 11,676 91 39 22 31,444 07 15,172 55 31,488 98 14,509 15 5,000 00 2,500 00 68 90 52,174 64 35,439 95 52,235 33 41,792 56 74 79 52,327 71 46,448 27 50,350 22 43,266 45 51,900 98 40,747 56 $179,834 50 $203,541 23 $184,214 81 $186,301 92 $181,883 98 STATE BANKS OF MICHIGAN. 27 No. 418. T H E P E O P L E ’S STATE SAVINGS BANK, AUBURN. O rganized J a n u a ry 6 , 1909. C. W. M c P h a i l , D P r e s id e n t; i r e c t o r s .— C. H. M a c o m b e s , W. J. B i e r d , Resources. Loans and discounts: Commercial d ep artm en t............ Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t.................... Prem ium acco u n t............................... O v erd rafts................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se................... F u rn itu re and fixtures.......... O ther real e s ta te ............... D ue from other banks and bankers, not reserve cities............... Item s in tr a n s it............................ U nited States bonds: Savings d ep artm en t...................... Due from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ............................. Undivided profits, less losses, current expenses, interest and taxes p a id ...................................... D ividends u n p a id ........................ Commercial deposits subject to ch eck ............. Commercial certificates of dep o sit.. Certified checks........................... Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................. D ue to banks and b ankers.............. Savings d eposits.......... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p a y a b le ..................................... T o ta ls ...................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V ic e P r e s id e n ts ; B. W. G il l m a n , C a s h ie r . C. W. M cPhail, C. H. M acom ber, W. J. Bierd, Jos. Bierd, B. W. Gillman. R eoort of R eport of R eport'of R eport of Report of Oct. 21, ’13. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, ’14. $29,279 34 5,300 00 $35,583 08 7,000 00 $34,962 38 5,040 00 $36,142 45 10,111 16 $40,819 39 7,922 91 463 62 95,419 57 406 07 97,872 73 242 00 96,258 82 206'00 95,435 82 95,790 82 58 62 16 76 79 85 01 2,200 00 2,000 00 2,200 00 2,000 00 2,200 00 2,000 00 2,200 00 2,000 00 2,200 00 2,000 00 608 23 608 23 608 23 2,978 81 2,978 81 83 58 50 125 28 3,376 78 698 99 831 02 13,258 67 11,242 08 18,259 46 10,111 29 21,837 86 3,884 74 13,831 49 2,331 07 11,252 20 660 00 3,200 00 3,972 00 5,005 00 1,863 00 4,000 00 1,039 00 2,700 00 236 00 2,700 00 140 00 3,000 00 1,695 00 145 00 2,700 00 3,600 00 45 00 3,600 00 95 00 140 00 390 65 366 30 607 35 218 80 25 08 260 00 102 73 161 61 139 54 123 26 80 00 7 00 153 52 51 35 977 76 $160,360 05 $187,101 90 $182,686 56 $175,011 77 $173,358 39 $20,000 00 3,000 00 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 5,000 00 $20,000 00 5,000 00 1,403 18 624 54 10 00 1,757 72 7 56 1,000 00 910 42 15,232 60 200 00 108 68 32,136 57 475 00 186 25 26,309 81 945 00 14,070 42 3,540 00 715 32 19,035 04 4,589 98 65 02 5,000 00 2,500 00 120,415 59 129,669 54 129,674 03 125,678 47 121,257 93 $160,360 05 $187,101 90 $182,686 56 $175,011 77 $173,358 39 STA TE BANKING D EPA R TM EN T. 28 No. 522. AU G RES STA TE B A N K , AU GRES. O rganized D ecem ber 4, 1912. E D l is h a G. C o l e , i r e c t o r s — E. P r e s id e n t; H a r v ey A. C h a m b e r l a in , D . L. P V ic e P r e s id e n t; J. R. P e t t y , C a s h ie r ; e t t y , A s s i s t a n t C a s h ie r . G. Cole, H. A. Cham berlain, J. R. P etty , C . A. Francis, J. W. D unn, C . A. Traphagen. Resources. Loans and discounts: Commercial d e p artm en t............... Savings d e p artm en t....................... Bonds, m ortgages and securities: Commercial d e p artm en t............... Savings d ep artm en t....................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures....................... R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, ’14. June 30, ’14. Sept. 12, T4. $20,384 91 $24,414 00 $23,677 58 $28,020 06 $28,366 27 9,376 33 26,902 00 9,630 97 27,132 00 9,630 97 30,538 00 9,885 03 32,216 95 9,835 03 31,216 95 215 20 44 33 21 51 4,700 00 1,150 00 4,700 00 1,15000 4,700 00 1,150 00 O ther real e s ta te ................................. D ue from other banks and bankers, not reserve citie s. . . . Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... U. S. and N ational b ank currency: Commercial d ep artm en t............... Savings d ep artm en t...................... Gold coin: Commercial d e p artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t....................... Nickels and cents: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... 353 36 4,700 00 1,150 00 4,700 00 1,150 00 1,130 00 1,775 00 4,050 71 4,007 27 12,732 96 3,000 00 13,091 65 3,100 00 8,253 93 3,260 00 5,090 66 3,530 00 738 00 1,000 00 4,141 00 1,265 00 3,011 00 1,405 00 1,501 00 1,345 00 317 00 1,395 00 360 00 135 00 30 00 190 00 285 00 370 00 185 95 316 50 105 20 5 00 239 35 73 55 27 29 36 60 53 23 71 79 38 40 Checks and other cash items......... 129 54 261 61 115 09 6 00 149 11 T o ta ls........................................... $73,227 20 $88,959 97 $90,824 23 $92,064 11 $88,360 33 $20,000 00 $20,000 00 270 00 $20,000 00 270 00 $20,000 00 270 00 $20,000 00 270 00 1,086 72 717 79 126 01 1,126 62 1,584 28 18,471 29 40,019 71 38,824 13 24,468 80 20,770 18 Liabilities. C apital stock paid in ......................... Surplus f u n d ...................................... . U ndivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................. Dividends u n p a id ............................... Commercial deposits subject to ch eck ........... Commercial certificates of deposit . Certified checks..................... .... Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit............... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o tals. . .............. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 73 220 00 1,329 08 28,340 11 2,360 29 25,592 18 2,961 91 28,642 18 4,000 00 $73,227 20 $83,959 97 $90,824 23 6,003 37 26,626 31 9,031 54 26,043 84 2,840 28 10,500 00 2,660 49 8,000 00 $52,064 11 $88,360 33 STATE BANKS OF M ICHIGAN. 29 No. 420. T H E STA TE BANK OF AUGUSTA, AUGUSTA. O rganized F e b ru a ry 8 , 1909. A. U . K i n g , D ir e c t o r s .—A. P r e s id e n t; C. B. S c u d d e b , V ic e P r e s id e n t; E . A. W L y n n T . H u l e t t , A s s i s t a n t C a s h ie r . U. King, Joseph Hudson, C. B. Scudder, F rank J. Wing, E . A. Wildey. Resources. Loans and discounts: Comm ercial d ep artm en t.............. Savings d e p artm en t...................... Bonds, m ortgages and securities: Commercial d ep artm en t............... Savings d e p a rtm e n t...................... Premium account, Overdrafts Expenses, interest and taxes paid, eYceeding earnings B anking h o u se.................................... F u rn itu re and fixtures...................... Reporr of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, T4. $43,473 19 6,615 00 $42,005 72 8,415 00 $46,408 56 7,365 00 $44,492 70 6,595 00 $36,580 47 5,545 00 12,195 00 12,370 00 12,370 00 2,500 00 10,863 16 2,500 00 11,258 16 78 67 91 51 53 06 59 42 53 95 3,000 00 1,712 28 86 03 3,000 00 1,712 28 3,000 00 1,712 28 3,000 00 1,712 28 O ther real e s ta te . . D ue from other banks and bankers, not reserve cities Tterns in tra n sit. . U nited S tates bonds: Ra.vings departm ent Due from banks in reserve cities: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial depaxtment, Ravings departm ent U. S. and N ational b ank currency: Commercial d ep artm en t............... Savings d e p a rtm e n t...................... Gold coin: Commercial d ep artm en t.............. Savings departm ent Silver coin: Commercial d ep artm en t.............. Savings department, Nickels and cents: Commercial d e p a rtm e n t.............. Savinps depaxtment, Checks and other ea.sh item s T o ta ls........................................... Liabilities. C apital stock paid i n ........................ Surplus f u n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... D ividends unpaid Commercial deposits subject to ch eck ................................................. Commercial certificates of d ep o sit.. Certified ehecks Cashier’s check.s outstanding Dne to banks and bankers Savings deposits................................. T o ta ls ........................................... 3,000 00 1,712 28 96 00 2,786 08 2,000 00 10,849 09 1,500 00 5,289 57 1,500 00 2,109 97 1,500 00 3,240 79 1,000 00 2,461 00 1,210 00 2,391 00 1,605 00 1,495 00 2,000 00 2,796 00 430 00 2,127 00 1,500 00 790 00 20 00 395 00 640 00 738 00 211 45 106 50 310 80 534 50 279 26 298 26 254 49 170 48 122 66 7 70 120 00 $77,400 13 $85,070 34 $82,194 46 $78,005 81 $69,510 86 $20,000 00 85 04 $20,000 00 15 44 $20,000 00 15 44 $20,000 00 15 44 $20,000 00 668 25 416 95 652 81 88 19 390 00 1,370 00 23,336 61 9,571 74 32,598 34 9,077 61 27,261 32 12,195 52 18,527 78 11,446 99 21,084 90 6,319 89 24,406 74 23,378 95 22,305 23 22,362 79 21,349 63 $77,400 13 $85,070 34 $82,194 46 $78,005 81 5,000 00 Dills payable https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis il d e y , C a s h ie r ; 1 $69,510 86 30 STA TE BANKING D EPA R TM EN T. No. 236. STATE BANK OF F R A N K W. HUBBARD & CO., BAD AXE. O rganized J u ly 10, 1901. F rank W . H D ir e c t o r s , u b b a r d , P r e s i d e n t ; J o h n R y a n , J a m e s L . B u r g e s s , V ic e P r e s id e n ts ; Jo s. N. R a n k i n , C a s h ie r ; J. R . H a r r i s , A u d i t o r . F ran k W. H ubbard, E lizabeth L. H ubbard, Jo h n R yan, J. N . Rankin, Jam es L. Burgess. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t................ Bonds, mortgages and securities: Commercial d ep artm en t............... Savings d ep artm en t...................... Prem ium acco u n t.................. O verdrafts....................... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se................... F urniture and fixtures...................... O ther real e s ta te ............................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it..................... U nited S tates bonds: Savings d ep artm en t...................... Due from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t............... Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, current expenses, interest and taxes p a id ............................................... Dividends u n p a id .............................. Commercial deposits subject to check ............................ Commercial certificates of dep o sit. . Certified checks.................................. Cashier’s checks o u tstanding .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Postal savings deposits..................... Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, e t c . . . . Notes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $216,667 19 55,189 59 $207,750 06 37,277 28 $226,150 83 32,003 87 $218,661 65 42,512 58 $215,814 42 40,447 58 2,384 77 95,300 55 4,384 77 113,095 07 6,384 77 118,456 15 8,741 61 131,542 55 8,461 84 119,782 57 294 91 2,286 79 2,499 88 328 85 1,006 80 15,000 00 8,000 00 15,000 00 8,000 00 15,000 00 8,000 00 15,000 00 8,000 00 15,000 00 8,000 00 11,737 69 11,737 69 11,737 69 11,737 69 11,737 69 1,556 82 5,351 63 2,184 63 3,542 04 1,742 40 21,174 53 19,341 33 44,963 91 19,301 82 15,902 67 19,209 16 10,362 54 14,248 13 28,666 23 14,277 97 3,369 88 12,801 19 9,700 99 10,934 69 3,294 05 4,266 00 3,988 00 10,595 00 3,988 00 10,399 00 3,988 00 23,975 00 7,038 00 2,036 00 5,550 00 1,005 00 5,950 00 1,400 00 5,950 00 1,625 00 5,950 00 220 00 7,900 00 152 50 8,400 00 605 90 906 60 694 75 685 60 634 25 900 00 220 55 85 823 32 168 29 85 2,465 17 287 16 85 1,701 07 202 23 85 587 92 146 27 88 85 1,160 30 $466,876 88 $507,424 12 $491,876 47 $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 43,683 01 47,119 22 41,688 36 178,375 66 8,194 74 229,443 71 10,820 42 207,004 23 7,910 31 227,491 43 4,938 75 194,926 71 11,871 12 10,000 231 4,938 3 024 178,428 00 88 10 75 74 8,109 55 171,339 34 231 6,275 15,626 173,139 231 6,899 18,649 172,413 231 7,182 21,561 164,553 $466,876 88 $507,424 12 591 88 88 87 09 73 $491,876 47 46,972 44 88 16 37 44 $516,221 93 88 15 94 48 $487,299 72 STATE BANKS OF MICHIGAN. 31 No. 237. STA TE SAYINGS B AN K OF BAD AXE, BAD A XE. O rganized Ju n e 22, 1901. A. E . S l e e p e r , P r e s id e n t; J D ir e c t o r s .— H V i c e P r e s id e n t; J a m e s B a l d w in , C a s h ie r ; i n d , A s s i s t a n t C a s h ie r . A. E . Sleeper, A. L. W right, Jam es Baldwin, C lara Baldwin, C. D. Thompson, Japheth Hind. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t............... Savings d ep artm en t...................... Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te .......................... D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it......... U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t............... Savings d ep artm en t....................... Nickels 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 i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... DiVidends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le................................... T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. L . W r i g h t , apheth R eport of Report of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $285,261 31 $278,733 73 3,024 09 $268,907 25 14,000 00 $288,766 92 14,000 00 $287,933 52 6,000 00 13,200 31 74,860 50 12,465 41 68,035 50 11,600 41 62,582 58 11,430 16 61,516 02 13,492 39 56,200 27 75 73 292 44 240 16 42 32 23 30 8,750 00 2,500 00 8,750 00 2,500 00 8,750 00 2,500 00 8,750 00 2,500 00 8,750 00 2,500 00 2,944 68 3,282 44 4,049 15 5,714 24 6,604 33 545 90 326 90 1,271 88 86 00 86 00 32,558 73 8,164 50 50,012 45 11,190 08 73,158 45 11,220 44 24,252 90 8,248 61 26,331 43 8,269 70 1,049 81 3,980 23 1,062 98 10,030 55 3,956 46 13,861 00 14,495 00 800 00 16,375 00 11,858 00 700 00 14,133 00 6,325 00 3,800 00 6,200 00 4,000 00 3,000 00 7,330 00 5,005 00 5,000 00 5,670 00 4,300 00 743 95 95 00 1,638 55 70 00 2,182 35 1,986 20 1,771 65 119 89 60 9 01 206 59 4 74 32 55 237 25 6 67 95 52 119 72 22 28 29 00 96 72 8 64 61 00 $454,865 92 $470,040 70 $488,570 09 $460,057 92 $446,188 41 $25,000 00 10,000 00 $25,000 00 10,000 00 $25,000 00 10,000 00 $25,4)00 00 10,000 00 $25,000 00 10,000 00 20,509 68 23,406 59 25,273 65 21,281 10 21,621 40 107,535 18 194,900 46 124,359 84 190,149 86 134,778 64 188,378 11 114,472 38 189,817 53 120,872 51 183,915 89 10,000 00 10,000 00 10,000 00 10,000 00 10,000 00 18,644 41 68,276 19 62,395 39 24,729 02 28,539 83 66,599 86 28,719 50 60,767 41 26,618 87 48,159 74 $454,865 92 $470,040 70 $488,570 09 $460,057 92 $446,188 41 STA TE BAN KING D EPA R TM EN T. 32 No. 337. T H E STATE EXCH AN GE BANK, BANCROFT. O rganized A pril 24, 1906. T. M. E u l e k , P r e s id e n t; C. L. P a r s o n s , E . E. H a r r i s , V ic e E . E. K a y , A s s i s t a n t C a s h ie r . P r e s id e n ts ; E . G. K a y , C a s h ie r ; D ir e c t o r s .— T. M. Euler, C. L. Parsons, H. W. P arker, E . E . H arris, Aaron Herrick. 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se. .. T........................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 . ?.................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified ch eck s.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings d eposits. . . . Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, ’14. June 30, ’14. Sept. 12, T4. $119,045 95 $118,816 04 15,330 00 $124,162 05 11,330 00 $106,133 65 16,693 66 $112,447 52 3,000 00 1,550 00 99,701 53 1,550 00 73,361 53 1,550 00 75,391 53 76,761 53 76,746 53 161 54 336 85 161 54 50 18 161 54 161 54 161 54 220 94 1,154 03 7,500 00 3,736 00 37 60 7,500 00 3,733 00 107 86 7,500 00 3,730 00 986 23 7,500 00 3,726 00 2,401 58 7,500 00 3,724 00 924 72 506 58 331 00 2,401 30 2,168 18 4,996 18 7,095 87 10,986 15 5,843 29 6,774 37 7,441 26 11,312 91 8,588 39 8,036 00 9,499 00 7,918 00 8,661 00 9,560 00 702 50 8,000 00 745 00 8,000 00 902 50 8,000 00 820 00 8,000 00 935 00 8,000 00 810 75 671 55 872 45 450 85 773 20 150 73 133 97 133 54 154 89 222 57 44 10 359 66 68 47 177 72 $255,830 46 $252,241 12 $258,657 38 $245,367 42 $246,100 76 $20,000 00 2,700 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 17,082 89 108,898 66 30,339 02 87,197 15 37,339 80 94,874 62 22,275 99 95,624 41 22,543 03 104,726 32 21,748 86 85,400 05 18,901 68 92,803 27 19,567 64 83,875 32 24,242 10 80,224 92 24,737 97 71,093 44 $255,830 46 $252,241 12 $258,657 38 $245,367 42 $246,100 76 STATE BANKS OF MICHIGAN. 33 No. 62. W E S T M ICHIGAN SAVINGS BANK, BANGOR. O rganized A p ril 8 , 1880. C orporate existence extended Jan u ary 1 2 , 1911. J. E. S e b k i n g , P r e s i d e n t ; W il l ia m B r o a d w e l l , V ic e P r e s i d e n t ; C h a s . E . C r o s s , C a s h ie r . D i r e c t o r s .— Wm. Broadwell, J. E. Sebring, E m m a M cN itt, William S. Charles, W illiam H. Chapm an, Olia Goss D e Haven, Rebecca Fausnaugh, J. P. R yan, Chas. E . Cross. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities. . . Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 . ”.................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ....................................... Dividends u n p a id .................. ............ Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... D ue to banks and hankers.............. P ostal savings deposits..................... Savings d ep o sits... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls........................................... 5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of R eport of R eport of R eport of B eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4 Sept. 12, T4. $111,726 79 16,000 00 $103,690 18 28,000 00 $101,951 77 6,500 00 $110,041 55 7.000 00 $114,287 64 17,000 00 155,246 17 153,780 12 159,234 05 3.000 00 155,554 30 4,000 00 154,702 05 377 65 845 69 453 92 832 29 355 04 12,500 00 2,564 69 12,500 00 2,564 69 12,500 00 2,564 69 12,500 00 2,564 69 12,500 00 2,786 32 912 65 882 65 1,439 65 1,334 43 1,293 43 10,000 00 5,000 00 5,000 00 5,000 00 5,000 00 46,706 84 50,063 59 39,992 83 50,185 10 41,705 76 50,270 30 29,086 01 43,589 15 66,871 32 46,032 32 2,203 00 12,000 00 9,180 00 12,000 00 5,678 00 12,000 00 8,826 00 11,000 00 7,114 00 11,000 00 3,317 50 3,429 85 3,272 35 3,884 85 4,130 00 769 70 788 90 1,032 20 1,018 70 1,113 00 91 31 109 33 236 09 214 11 129 10 68 06 509 46 559 92 334 80 737 02 $424,547 95 $423,458 80 $404,398 70 $395,780 88 $449,051 24 $25,000 00 9,500 00 $25,000 00 9,500 00 $25,000 00 11,500 00 $25,000 00 11,500 00 $25,000 00 13,500 00 1,595 27 5,046 92 2,752 45 4,037 65 1,370 66 118,281 79 37,872 53 119,846 53 37,364 52 102,010 21 35,877 89 95,618 18 42,031 03 133,395 18 47,976 55 5,000 00 2,500 00 1,979 72 67,013 33 156,315 80 $449,051 24 55,952 00 176,346 36 61.186 05 165;514 78 59,937 93 167,320 22 1,592 89 59,934 96 151,066 17 $424,547 95 $423,458 80 $404,398 70 $395,780 88 STA TE BANKING D EPA R TM EN T. 34 No. 444. BARAGA COUNTY STATE BANK, BARAGA. O rganized Ju n e 2, 1909. F D red W. S c h w a l m , i r e c t o r s — F red P r e s i d e n t ; A l p h o n s e G a u t h i e r , V ic e P r e s i d e n t ; F. B. K n i s e l y , A s s i s t a n t C a s h ie r . Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d e p artm en t.............. M unicipal orders............................ Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve citie s............................ Suspense acco u n t............................... Item s in tr a n s it.................................. U nited States bonds: Savings d e p artm en t...................... D ue from banks in reserve cities: Commercial d e p artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d e p artm en t.............. Savings d e p artm en t...................... U. S. and N ational bank currency: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t..........' ........... Gold coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Nickels 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 i n ......................... Surplus fu n d . ? .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ........... D ividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit. . Certified ch eck s.................................. C ashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings d eposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis n i s e l y , C a s h ie r ; W. Schwalm, Nikolas G erard, Alphonse G authier, S. H. Knisely, M. L. H agerm an. Resources. T o ta ls ......... 8. H. K R eport of R eport of R eport of Report of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. $22,651 38 3,561 25 $22,853 99 3,561 25 $16,460 90 3,561 25 $21,717 40 $24,607 70 8,503 75 2,959 38 8,922 00 9,762 00 3,113 61 6, 512 00 9,077 00 895 24 8,912 00 9,572 25 9,172 00 9,414 52 1,318 23 11,672 00 24 91 54 85 19 23 2,565 00 2,565 00 2,565 00 2,565 00 2,570 00 1,097 72 1,097 72 1,150 57 1,150 57 1,150 57 4,269 75 1,465 74 33,825 10 842 67 28,028 00 1,387 43 16,195 47 66 67 22,189 18 1,110 81 4.000 00 2.000 00 4.000 00 2.000 00 2,600 00 2,000 00 4.000 00 1.000 00 3,129 88 1,000 00 106 00 175 00 99 00 58 00 316 00 16 2 83 28 28 73 $62,435 21 $90,232 62 $76,720 58 $65,810 94 $78,182 12 $20,000 00 1,500 00 $20,000 00 1,500 00 $20,000 00 1,660 00 $20,000 00 1,660 00 $20,000 00 1,700 00 1,467 52 1,545 75 944 21 1,243 78 1,070 28 22,329 40 391 52 52,287 56 332 17 614 95 707 15 13,443 49 2,688 33 11,171 66 2,688 33 $62,435 21 $90,232 62 150 25 5 00 63 51 52 02 37,892 35 410 12 11,031 36 3,607 63 11,909 85 3,607 63 13,207 14 2,715 51 $76,720 58 $65,810 94 $78,182 12 38,700 283 30 463 82 48 00 08 25,852 453 49 1,034 1,186 72 STATE BANKS OF MICHIGAN. 35 No. 458. T H E BARK R IV E R STA TE BANK, BARK R IV ER . O rganized A u g u st 17, 1910. J. B. F b e c h e t t e , D i b e c t o b s .— Theophile 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 acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t............... Savings d ep artm en t....................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Postal savings d eposits..................... Savings deposits................................. Savings certificates of d ep o sit........ Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M . B. H a e b i s , V ic e P r e s id e n t; E. J . B e b g m a n , C a s h ie r ; A n n a L a b b e , A s s i s t a n t C a s h ie r . P r e s id e n t; Labre, Phil. Labre, M. B. H arris, J. B. Frechette, J. H. Boyle, Ole H arstad, E . J. Bergm an, John Gasm an, ffm . B. Stahl. R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $60,836 13 $66,146 34 $70,205 86 $65,828 81 $70,294 10 15,439 50 16,009 50 13,564 50 1,650 00 12,819 35 6,375 00 14,869 35 7,520 00 46 46 101 33 621 16 52 73 2,093 02 2,119 75 2,093 02 2,121 90 2,093 02 2,201 90 2,093 02 2,261 90 2,093 02 2,261 90 1,368 03 2,970 12 1,708 05 2,778 17 2,840 68 11,617 60 24,347 15 12,615 90 11,550 02 9,947 51 3,183 00 8,119 00 4,942 00 4,484 00 6,822 00 2,340 00 2,455 00 1,325 00 1,200 00 2,735 00 155 00 2,500 00 548 45 797 00 808 00 4 00 848 85 529 55 140 83 84 64 60 18 78 91 70 17 03 87 12 130 55 160 44 66 95 65 55 $99,837 02 $125,299 45 $112,475 55 $112,592 78 $120,092 22 $20,000 00 2,233 51 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 4,000 00 2,472 74 192 57 1,200 00 757 58 1,593 03 2,467 50 38,570 43 58,270 45 25,334 56 57,693 98 26,625 24 52,897 29 26,167 88 57,325 86 2,924 94 1,627 60 544 75 428 58 111 74 2,854 03 162 94 6,713 47 334 66 9,334 13 23,040 51,496 15 518 29 76 56 90 59 26 141 06 96 06 56 06 33 61 $99,837 02 $125,299 45 $112,475 55 $112,592 78 $120,092 22 36 STA TE BANKING D EPA R TM EN T. No. 394. T H E BARRYTON STATE SAYINGS BANK, BARRYTON. O rganized M arch 9, 1908. W . J. S h a n k s , P r e s i d e n t ; W . T . L a f l i n , V ic e P r e s i d e n t ; O. S . W o o d , C a s h ie r ; A d e l b e r t M y e r s , H a z e d F a r -w e l l , A s s i s t a n t C a s h ie r s . D i r e c t o r s .— W. J. Shanks, Adelbert M yers, O. S. Wood, W. T . Laflin, F rank M alm stone. Resources. Loans and discounts: Commercial d e p a rtm e n 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 acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earn in g s......................... Banking h o u se .................................... F u rn itu re and fixtures....................... O ther real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t............... Savings d ep artm en t...................... Gold coin: Commercial d ep artm en t.............. Savings d en artm en t...................... Silver coin: ' Commercial d ep artm en t............... 1 Savings d ep artm en t....................... Nickels 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 i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to check ................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks outstanding-.......... S tate monies on d ep o sit. . . 7........... D ue to banks and b an k ers............... Savings d eposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $75,652 68 $73,172 60 $80,520 84 $94,359 24 $95,654 91 39 1,700 00 1,700 00 1,700 00 1,700 00 1,700 00 5,995 69 2,322 09 3,467 24 2,895 67 4,215 18 2,487 05 938 64 2,219 57 3,664 17 11,383 93 31,462 67 32,772 18 4,589 25 5,444 80 4,518 00 6,634 00 3,096 00 2,828 00 5,951 00 2,695 00 2,870 00 2,930 00 2,997 50 3,022 50 1,043 55 851 60 634 20 407 35 738 45 86 72 103 47 95 16 106 16 100 29 122 23 66Ò ÌÌ 286 68 128 02 $105,536 64 $123,809 05 $128,748 29 $108,048 29 $118,482 51 $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 1,930 95 763 04 16 00 205 63 655 04 645 72 43,647 67 29,696 44 56,547 52 36,482 49 57,049 27 41,138 34 39,319 77 38,073 48 49,246 95 37,589 84 261 58 $105,536 64 355 05 $123,809 05 $12S,748 29 1,000 00 $108,048 29 $118,482 51 STATE BANKS OF MICHIGAN. 37 No. 93. T H E CITY BANK, BA TTLE CREEK . O rganized Ju n e 14, 1871. C orp o rate existence extended J u n e 4, 1901. C h a s . C. G r e e n , P r e s id e n t; F. A. A l l w a s d i , N. E. H u b b a r d , V ic e P r e s id e n ts ; E . R. M o r t o n , V ic e P r e s i d e n t a n d C a s h ie r ; N. Y. G r e e n , A s s i s t a n t C a s h ie r . D ir e c t o r s .— H. F. Bechm an, S. B. Cole, L. A. Dudley, Chas. C. Green, N. E. H ubbard, F rank J, Kellogg, M. M aas, Geo. W. M echem, E . R. M orton, F. A. A llwardt, F. K. Berry, Chas. Binder, Jacob W eickgenant. 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 acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d ep artm en t...................... Checks and other cash item s.......... R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. Ju n e 30, T4. Sept. 12, ’14. $421,502 10 448,842 94 $440,177 17 403,783 94 $504,854 98 359,807 27 $505,440 50 379,236 83 $530,355 88 303,017 44 40.632 85 725,793 21 51,366 08 725,877 13 50,453 71 726,695 78 49,269 92 707,460 90 47,142 02 747,877 96 896 75 596 16 933 32 306 15 828 55 12,500 00 12,000 00 12,000 00 91,666 67 3,000 00 91,666 67 3,000 00 12,750 00 6,769 00 335 64 255 19 25 00 28 97 14,762 27 8,070 23 568 17 37,583 26 115,290 08 43,384 16 122,733 04 115,777 21 114,674 34 14,979 80 101,639 61 30,148 62 134,422 87 7,495 97 5,520 84 3,365 94 7,803 24 3,908 74 18,503 00 37.000 00 14,629 00 40.000 00 11,934 25 36.000 00 12,338 00 35.000 00 15,597 00 40.000 00 1.173 00 36.000 00 8,972 50 30.000 00 3,752 50 30.000 00 11,427 50 50.000 00 9,020 00 25.000 00 2.174 05 2,000 00 6,520 60 1,690 75 3.000 00 978 15 5,000 00 4,770 85 5,000 00 570 74 1,038 94 1,174 51 1.000 00 198 40 576 30 499 56 380 21 171 27 287 35 T o ta ls........................................... $1,921,423 80 $1,906,879 75 $1,977,341 93 $1,991,057 11 $2,007,950 91 Liabilities. $150,000 00 C apital stock paid i n ........................ Surplus fu n d ........................................ 50,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes 11,867 93 p a id ................................................... D ividends u n p a id .............................. Commercial ‘deposits subject to 268,036 65 ch eck ................................................. Commercial certificates of deposit.. 64,736 98 Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... 11,856 01 D ue to banks and b an k ers.............. Savings d eposits.................................. 1,357,926 23 7,000 00 Savings certificates of d ep o sit........ Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p av ab le........................................ $150,000 00 50,000 00 $150,000 00 50,000 00 $250,000 00 50,000 00 $25ij, 000 00 50,000 00 8,043 09 25 00 18,026 81 589 11 6,072 84 11,223 36 302,616 03 56,449 29 1,025 00 354,271 05 108,147 48 6,450 00 255,232 52 87,244 23 1,313 12 322,150 38 84,662 71 1,075 00 50,000 00 12,267 95 1,278,337 34 25,000 00 8,521 19 1,255,318 27 T o ta ls ........................................... $1,921,42? 80 $1,906,879 75 $1,977,341 93 $1,991,057 11 $2,007,950 91 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16,327 23 1,315,394 11 7,000 00 10,000 9,269 1,264,177 7,000 00 20 39 00 STA TE BAN KING D EPA R TM EN T. 38 No. 178. T H E M ER CH A N TS’ SAVINGS BANK, B A TTLE CREEK . O rganized M arch 28, 1895. A. M . M i n t y , D P r e s id e n t; i r e c t o r s .— A. A. O . J on es, Resources. Loans and discounts: Commercial d e p artm en t............ Savings d e p a rtm e n t.................... Bonds, m ortgages and securities: Commercial d e p artm en t............ Savings d e p a rtm e n t.................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other hanks and bankers not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t.................. ... D ue from banks in reserve cities: Commercial d ep artm en t.......... Savings d e p artm en t.................. Exchanges for clearing house: Commercial d ep artm en t.......... Savings d ep artm en t.................. U. S. and N ational b ank currency Commercial 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: Com m ercial d ep artm en t. . . Savings d e p a rtm e n t............ Nickels and cents: Commercial d e p artm en t. . . Savings d e p artm en t............ Checks and other cash item s. T o ta ls. R. F. H https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H . A. R o w l e s , C a s h ie r , R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $255,531 45 147,056 99 6,000 00 $256,195 98 129,794 36 6,000 00 $277,925 18 123,720 66 22,100 00 $301,268 53 126,041 88 $290,007 82 122,875 87 5,000 00 983,670 27 5,000 00 965,182 02 973,284 10 98,217 19 970,988 14 372 06 1,374 48 403 28 998 47 545 07 25,000 00 2,991 00 25,000 00 2,991 00 25,000 00 2,991 00 25,000 00 2,991 00 25,000 00 2,991 00 504 31 439 31 439 31 392 31 345 31 114 19 ' 59 28 45,195 98 133,473 12 19,353 79 122,053 30 2,852 66 4,468 20 10,000 00 10,000 00 41,344 00 29,070 00 8,000 00 5,000 00 1,110 04 45,575 90 126,968 34 24,233 51 106,928 62 89,097 58 165,182 51 6,454 06 5,578 06 10,000 00 10,705 00 4,800 00 14,840 00 20,000 00 10,000 00 12,200 00 37,393 00 11,455 00 12,220 00 37,319 00 40,848 00 5,000 00 20,347 50 2,500 00 6,107 10 12,684 00 2,000 00 600 00 10,426 50 4,100 00 4,445 70 3,000 00 4,119 30 249 00 507 94 35 00 520 08 454 00 142 15 69 00 478 91 $1,672,598 07 $1,637,677 83 $1,681,549 38 $1,665,102 32 $1,763,322 99 221 00 595 11 Liabilities. C apital stock paid i n .................... $125,000 Surplus fu n d ........................................ 40,000 U ndivided profits, less losses, cur ren t expenses, interest and taxes p a id ................................................... 11,165 Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. 210,883 Commercial certificates of dep o sit.. 65,407 Certified ch eck s.................................. Cashier’s checks o u tstan d in g .......... S ta te monies on d ep o sit................... D ue to banks and b an k ers............... Savings deposits........................... .. 1,220,141 Savings certificates of d ep o sit......... Reserve for taxes, interest, e tc. . . . Notes and bills rediscounted........... Bills p ay ab le....................................... T o tals. . o f f m a s t e r , V ic e P r e s id e n ts ; M . M inty, L. M . T urner, A. O. Jones, R. F. Hoffm aster, F ran k H. Boos, H. A. Rowles, M . Lafever. 00 00 $125,000 00 40,000 00 $125,000 00 40,000 00 $125,000 00 40,000 00 $125,000 00 40,000 00 08 9,560 52 384 00 14,526 80 24,942 73 21,909 29 60 00 28 75 164,628 72 64,976 33 195,730 78 69,410 99 199,351 74 68,045 59 291,604 85 71,996 73 660 00 10,000 00 20,000 00 10,000 00 96 1,233,128 26 1,226,880 8Ì i, Ì87j7Ò2 26 1,202,092 Ì2 ,637,677 83 $1,681,549 38 $1,665,10232 $1,763,32299 'SI.672,598 07 39 STATE BANKS OF MICHIGAN. No. 63. T H E BAY CITY BANK, BAY CITY. O rganized S eptem ber 4, 1871. C orporate existence extended S eptem ber 4, 1901. G e o . H. Y o u n g , P r e s i d e n t ; W. D. Y o u n g , V i c e P r e s id e n t; J. I. P. S h e a r e r , J. D. K i n n e y , A s s i s t a n t C a s h ie r s . D i r e c t o r s — Geo. H. Young, F rank E. Tyler, Wm. A. Young, W alter D. Young, Jam es E . Duffy, H. G. W endland. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Report of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, ’14. $807,468 50 463,863 07 $892,509 24 431,162 51 $837,550 25 425,671 95 $817,405 77 443,841 11 $878,564 23 494,185 10 17,000 00 833,382 60 17,000 00 903,269 61 17,000 00 909,633 61 17,000 00 844,676 61 26,000 00 787,207 80 Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, 2,000 00 825 40 2 000 00 1,598 25 2,000 00 737 53 2,050 00 585 92 2,050 00 453 45 F u rn itu re and fixtures...................... 30,000 00 30,000 00 30,000 00 30,000 00 30,000 00 Due from other banks and bankers, not reserve cities............................ 8,837 67 9,041 41 7,195 30 6,786 65 3,849 12 U nited States bonds: Savings d ep artm en t...................... 5,000 00 5,000 00 5,000 00 5,000 00 5,000 00 D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. 173,594 23 189,798 77 172,091 50 184,488 17 112,884 69 220,321 89 164,017 80 245,098 41 72,315 69 233,568 23 8,577 09 9,984 78 7,858 58 7,665 73 12,619 46 11,871 00 93,543 00 75,284 00 78,182 00 61,744 00 76,054 00 83,782 00 72,890 00 19,040 00 66,421 00 9,630 00 25,540 00 8,035 00 25,297 50 3,935 00 25,135 00 27,852 50 25,220 00 1,287 50 25,147 50 12,043 30 2,475 05 10,758 20 2,675 05 11,099 10 2,360 50 8,394 20 2,457 45 8,772 80 2,695 85 770 86 190 42 616 71 460 62 216 89 292 21 908 57 267 77 809 98 551 91 278 93 1,237 97 594 41 251 93 607 65 T o ta ls ........................................... $2,697,027 67 $2,859,346 94 $2,758,167 72 $2,806,792 96 $2,670,631 72 U. S. and N ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d ep artm en t...................... Checks and other cash item s.......... Liabilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... $200,000 00 200,000 00 $200,000 00 200,000 00 $200,000 00 200,000 00 $200,000 00 200,000 00 $200,000 00 200,000 00 37,482 12 43,289 61 125 00 52,768 00 57,360 03 56,975 27 25 00 Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified checks.................................. 412,493 79 137,421 83 2,468 75 480,427 45 145,504 29 7,067 83 362,467 00 137,714 87 1,105 26 D ue to banks and b an k ers.............. Savings d eposits................................. 93,368 27 1,613,792 91 152,641 03 1,630,291 73 139,667 87 1,664,444 72 76 75 47 90 368,477 77 116,562 07 8,524 57 116,956 54 1,639,462 51 104,589 63 1,615,477 41 T o ta ls........................................... $2,697,027 67 $2,859,346 94 $2,758,167 72 $2,806,792 96 $2,670,631 72 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 447,042 143,054 2,901 14 40 STA TE BANKING D EPA R TM EN T. No. 43. T H E BAY COUNTY SAYINGS BANK, BAY CITY. O rganized F e b ru a ry 1 , 1884. C orporate existence extended J a n u a ry 31, 1914. A. E . B o u s f ie l d , P r e s i d e n t ; N . A . E ddy , V ic e P r e s i d e n t ; W . E . C a r t e r , T r e a s u r e r ; I ra B r i c k e r , A s s i s t a n t T r e a s u r e r . D ir e c t o r s .— A. E . Bousfield, N . A. E d d y , H. M . G illett, G. Hine, F . T . N orris, Geo. D . Jackson, Wm. L. Clements, S. P . Cranage, W . E . C arter. Resources. Loans and discounts: Commercial d ep artm en t............ Savings d ep artm en t.................... Bonds, mortgages and securities: Commercial d ep artm en t............ Savings d ep artm en t.................. . Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational b ank currency Commercial 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: Commercial d ep artm en t. . . Savings d ep artm en t............ Nickels 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 i n .................... Surplus fu n d ............ ....................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............................................... Dividends u n p a id . . ...................... Commercial deposits subject to ch eck ............................................. Commercial certificates of deposit Certified checks.............................. Cashier’s checks o u tsta n d in g ... . S tate monies on d ep o sit............... D ue to banks and b an k ers.......... Savings deposits............................. Savings certificates of dep o sit. . . Reserve for taxes, interest, etc. . N otes and bills rediscounted. . . . Bills p ay ab le................................... Report of R eport of Report of R eport of R eport of Oct. 2 1 ,’13. Ja n . 13, ’14. M ar. 4, ’14 June 30, ’14. Sept. 12, ’14. $178,520 18 237,969 81 $233,525 11 180,805 29 $225,958 58 154,861 12 $191,543 60 172,863 15 $167,849 08 164,151 41 76,000 00 573,498 70 603,728 70 88,000 00 103,000 00 647,178 70 641,058 70 102,000 00 92.000 00 654,883 70 72 62 105 47 122 68 4,718 27 4,718 27 4,987 77 4,000 00 4,500 00 64 43 150 85 2,328 62 655 38 1,688 55 67,108 12 67,364 55 83,233 84 127,215 16 89,609 37 95,021 84 28,887 47 113,716 48 9,511 91 4,199 63 6,601 19 10,379 45 26,050 00 38,191 00 35,122 00 38,789 00 13,800 00 51,953 00 18,000 00 68,014 00 43,000 00 32,205 75 5,500 00 6,185 00 5,700 00 7,239 50 5,300 00 5,733 25 7,000 00 7,119 50 13,645 30 2,500 00 1,747 15 1,650 00 1,811 45 1,460 00 2,375 50 1,240 00 2,621 80 2,887 75 3,000 00 179 61 131 22 327 80 178 75 6 25 182 43 365 98 194 63 290 62 183 19 241 10 1,570 42 ,315,818 19 $1,322,184 19 $1,340,158 23 $1,295,312 57 $1,416,507 07 $50,000 00 50,000 00 $50,000 00 50,000 00 $50,000 00 50,000 00 $50,000 00 50,000 00 $50,000 00 50,000 00 19,353 66 12,302 16 115 00 20,371 77 50 00 15,517 71 2,500 00 22,069 08 245,331 96 327,841 15 229,836 28 198,296 24 204,857 65 31 25 6,944 23 4,149 02 980 18 671 77 291 00 25 00 305 00 9,537 33 895,446 48 64,289 47 8,354 02 906,408 07 45,668 85 5,539 52 859,209 43 65,878 00 T o ta ls ........................................... $1,295,312 57 $1,416,507 07 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15.000 00 748 03 14,917 929,161 57,828 3,000 86 05 56 00 $1,315,818 19 $1,322,184 19 28,057 924,093 57,750 3,000 76 33 41 00 ,340,158 23 STATE BANKS OF MICHIGAN. 41 No. 30. *TH E COMMERCIAL BANK, BAY CITY. O rganized A u g u st 15, 1888. O. R. H a w l e y , P r e s id e n t; G tjy H . M o u l t h r o p , V ic e P r e s i d e n t ; J. R. W a t r o u s , C a s h ie r . D ir e c t o r s .— C. R. Hawley, J. C. W eadock, J. R. W atrous, Guy H. M oulthrop, W. H. Sharpe L. J. Weadock, F. C. F inkenstaedt, W. H. Boutell, R. C. Bialy. I Resources. Loans and discounts: Commercial d e p a rtm e n t... Savings d ep artm en t........ Bonds, mortgages and securities: Commercial d ep artm en t. . . . Savings d ep artm en t.......... Report of Oct. 21, ’13 Report of R eport of R eport of R eport of Jan. 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. ,$568,079 34 182,720 49 $509,695 60 220,858 21 $480,219 18 $408,592 77 183,868 25 $437,020 89 191,896 27 30,500 00 328,597 06 29,500 00 327,149 70 41,500 00 348 ?16 37 63,900 00 330,408 45 66,700 00 304,914 36 1,096 68 712 39 i)oZ Ou 85 99 54,561 65 15,861 25 50,000 00 15,861 25 15,921 25 50,000 00 15,921 25 15,750 00 15,750 00 15,750 00 15,750 00 2,373 22 12,971 77 3,091 72 1.726 30 57,941 77 71,655 07 40,302 46 50,975 38 81,348 59 77,714 80 62,504 94 46,053 49 62,505 67 4,637 69 8,695 55 4,210 26 4,283 09 5,156 36 26,431 00 26,700 00 33,523 00 23,000 00 41,322 00 25,000 00 40,547 00 25,000 00 54,120 00 4,130 00 2,300 00 6,152 50 5,000 00 7,265 00 5,000 00 5,630 00 5,000 00 13,085 00 10,177 50 3,000 55 1,490 00 2,956 55 3,500 00 6,380 95 1,850 00 5,387 00 1,300 00 9,644 90 943 48 192 76 3,207 54 910 45 25 43 759 67 1,166 83 53 23 2,216 68 896 62 12 02 419 80 Oo u/ 1,231 89 T o ta ls........................................... $1,402,169 55 $1,358,299 91 $1,'389,329 58 $1,303,816 28 $1,306,902 26 Prem ium acco u n t. . . . O v erd rafts............ Expenses, interest and taxes paid exceeding earnings........ Banking h o u se. . F urn itu re and fixtures___ O ther real e s ta te ......... D ue from other banks and bankers, not reserve cities. . Item s in tr a n s it. . . United States bonds: Savings d ep artm en t.......... D ue from banks in reserve cities: Commercial d ep artm en t.. Savings d e p artm en t............. Exchanges for clearing house: Commercial d ep artm en t. . . Savings d ep artm en t___ U. S. and N ational bank currency: Commercial 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: Commercial d ep artm en t.......... Savings d ep artm en t.......... Nickels and cents: Commercial d e p a rtm e n t... . Savings d ep artm en t............ Checks and other cash ite m s ... Liabilities. C apital stock paid i n . . . . Surplus fu n d ................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............. D ividends u n p a id .............. Commercial deposits subject to ch eck ........... Commercial certificates of deposit Certified checks.................................. Cashier’s checks o utstanding.......... S tate monies on d ep o sit........... Due to banks and b an k ers............ Savings deposits........ Savings certificates of dep o sit. . Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p a y a b l e ................ T o ta ls.......................... 15,921 25 $100,000 00 100,000 00 $100,000 00 100,000 00 $100,000 00 100 000 00 31,089 73 22,013 12 9A 971 A4 462,298 66 66,618 91 613 32 57,’786 70 710 83 27,893 55 613,655 38 61,079 32 630,508 72 11,402,169 55 51,358,299 91 $100,000 00 $100,000 00 4.11 **4 QA 75,218 53 228 00 55,227 76 5,517 99 57,787 05 10,025 00 37,991 77 638,064 78 41,616 00 626,239 43 14,940 92 617,611 49 1,389,329 58 51,303,81« 28 $1.300,902 26 m i Nam e changed to People’s Com m ercial and Savings Bank, by vote of stockholders October 9, 1914, for th e Purpose of merging w ith People’s Sayings Bank, and old Second N ational Bank, effect ive Novem ber 19, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA RTM EN T. 42 No. 96. T H E LUM BERM AN’S STA TE BANK, BAY CITY. Organized Jan u ary 1, 1875. C orporate existence extended D ecem ber 28, 1904. W m. L. C l e m e n t s , D ir e c t o r s .— F. P r e s id e n t; W. E. C a r t e r , C a s h ie r ; W. H. D r e s s e r , A u d ito r . J. P. Kelton, Wm. L. Clem ents, H. B. Sm ith, S. O. Fisher, C. A. E ddy. Resources. Loans and discount: Commercial d ep artm en t............... Savings d ep artm en t...................... Bonds, m ortgages and securities: Commercial d e p artm en t.............. Savings d ep artm en t....................... Prem ium acco u n t............................... Suspense acco u n t............................... O v erdrafts............................................ Expenses, interest and taxes paid exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................. D ue from other hanks and hankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d e p artm en t...................... Exchanges for clearing house: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... U. S. and N ational b ank currency: Comm ercial d ep artm en t.............. Savings d e p a rtm e n t...................... Gold coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d e p artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d e p a rtm e n 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 ................................................... Dividends u n p a id ............................... Commercial deposits subject to ch eck ................................................. Commercial certificates of dep o sit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, e t c . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls ............................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, ’14. June 30, T4 Sept. 12, T4. $367,773 45 88,200 00 $339,810 33 134,100 00 $326,260 83 164,783 01 $390,252 64 147,781 18 $331,659 33 138,550 00 294,953 88 288,998 11 284,338 11 299,655 02 308,235 24 617 00 871 87 96 81 87 46 4 12 7,048 30 133 28 10,300 00 7,752 85 1,617 72 10,300 00 7,760 90 2,019 10 10,300 00 7,600 90 10,300 00 7,610 90 17,320 35 7,106 98 3,553 49 3,153 49 3,153 49 75 91 27,345 18 777 63 12,775 75 6,936 61 1,421 37 57,873 30 27,000 00 19,346 80 31,500 00 45,918 23 9,500 00 18,447 38 20,500 00 40,709 00 7,000 00 6,922 81 955 58 3,206 59 4,934 05 3,194 93 7,120 00 45,000 00 55,425 00 75,000 00 7,927 00 70,000 00 17,888 00 65,000 00 18,802 00 80,000 00 7,855 00 10,685 00 9,340 00 7,945 00 8,242 50 4,787 90 8,174 25 5,976 60 6,202 80 6,993 80 9,663 54 278 31 452 74 406 96 582 62 1,226 26 4,835 87 8,158 59 8,634 06 4,149 33 3,783 56 $973,164 34 $1,013,352 24 $980,545 92 $938,533 95 $1,025,341 50 $50,000 00 10,000 00 $50,000 00 10,000 00 $50,000 00 10,000 00 3,867 85 209,173 69 156,744 11 275,891 33 160,666 77 236,960 78 147,147 64 16 50 1,435 40 606 50 493,731 80 527,348 00 528,449 42 $50,000 00 10,000 00 $50,000 00 10,000 00 295 58 1,373 47 266,275 137,708 473 3,927 96 19 00 50 237,260 144,454 405 249 06 76 00 80 544,672 01 536,802 83 $973,164 34 51,013,352 24 $980,545 92 15.ÓÒÒ ÒÒ $938,533 95 1,025,341 50 STATE BANKS OF MICHIGAN. 43 No. 17. *THE P E O P L E ’S SAVINGS BANK, BAY CITY. O rganized D ecem ber 27, 1888. J D a s. i r e c t o r s .— E . D a v id s o n , P r e s i d e n t ; F r e d M o i i r , V ic e P r e s id e n t; C . H . C o o k , C a s h ie r ; E . J. P h i l l i p s , A s s i s t a n t C a s h ie r . F red M ohr, E . T. C arrington, C urtis E . Pierce, Jam es R. T anner, Louis W Hine C. H. Cook, Jas. E . Davidson. Resources. Loans and discounts: Commercial d e p artm en t.............. Savings d e p a rtm e n t...................... Bonds, m ortgages and securities: Commercial d ep artm en t............... Savings d ep artm en t....................... Prem ium acco u n t............................... O v erd rafts.......................................... Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................. D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d e p artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t............... Savings d e p artm en t....................... U. S. and N ational bank currency: Commercial d ep artm en t............... Savings d e p a rtm e n t...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... Silver coin: Commercial d ep artm en t............... Savings d ep artm en t....................... Nickels and cents: Commercial 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 f u n d ..'.................................... Undivided profits, less losses, current expenses, interest and taxes p a id ................................................... D ividends u n p a id ............................... Commercial deposits subject to ch eck........................................ Commercial certificates of d ep o sit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit. . . 7........... Due to banks and b an k ers............... Savings d eposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, e t c . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls..................................... 1 R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, T4. June 30, ’14 Sept. 12, T4. $198,363 60 185,608 83 $179,248 27 168,985 09 $201,973 25 130,803 56 $227,662 83 130,857 47 $235,737 74 125,307 14 17 611 86 648,291 59 13,470 77 683,051 99 13,404 47 719,266 18 12,975 17 683,076 85 11,908 43 722,013 37 8,647 68 104 66 8,659 93 37 51 8,666 73 234 17 7,882 64 7,831 76 53 84 25,000 00 3,000 00 25,000 00 3,000 00 25,000 00 3,000 00 25,000 00 3,000 00 25,000 00 3,000 00 2,494 06 2,558 14 2,505 64 2,429 21 464 94 2,560 28 8,698 64 4,179 72 5,810 32 679 58 12,769 43 79,237 38 29,292 73 72,067 04 14,324 97 113,916 81 8,765 77 67,573 66 13,215 33 81,436 17 4,199 98 2,141 83 5,846 19 3,839 92 1,688 22 18,000 00 40,518 00 13,000 00 65,598 00 20,000 00 40,631 00 13,000 00 138,389 00 4,000 00 63,569 00 42,840 00 6,000 00 35,320 00 35,920 00 9,365 00 9,200 00 1,500 00 25,277 50 400 00 802 50 600 00 561 70 500 00 1,129 55 1,100 00 341 25 400 00 533 30 55 56 795 93 385 22 400 66 77 61 348 19 177 44 157 88 8,555 83 $1,292,947 55 $1,320,135 67 $1,338,023 68 $1,350,6S0 69 $50,000 00 50,000 00 $50,000 00 50,000 00 $50,000 00 50,000 00 8,570 32 4,584 81 10 00 7,020 58 171,759 13 175,811 09 174,021 63 30 00 11 00 74 36 261 00 1,038 45 800,356 82 212,231 28 819,933 75 214,710 66 5,000 00 827,378 45 223,303 57 5,000 00 $50,000 00 50,000 00 $1,332,480 90 $50,000 00 50,000 00 11,573 51 177,352 44 176,000 43 121 03 10,000 00 14 30 828,620 82 212,697 85 5,000 00 795,190 86 239,507 20 5'000 00 $1,292,947 55 $1,320,135 67 $1,338,023 68 $1,350,680 69 $1,332,480 90 *M erged w ith Commercial Bank, under title of People’s Commercial and Savings Bank, N ovem ber 19, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ST A T E BAN KING D EPA R TM EN T. 44 No. 513. T H E STATE BANK OF BEAVERTON. O rganized S eptem ber 25, 1912. C. H. N ig g e m a n , P r e s id e n t; J o h n P. N i g g e m a n , J k ., A. E. S l e e p e r , V i c e P r e s id e n ts ; F r a n k . A. N ig g e m a n , C a s h ie r ; J o h n C. W i l e r , A s s i s t a n t C a s h ie r . D i r e c t o r s —John P . Niggeman, Jr., A. E. Sleeper, F ran k A. Niggeman, Charles H. Niggeman, H enry Croll, Jr., M ark E. Thom pson, John C. Wiler. Resources. Loans and discounts: Comm ercial d ep artm en t............... Savings departm ent ................... Bonds, m ortgages and securities: Comm ercial d ep artm en t............... Savings d ep artm en t.............. Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings........ Banking h o u se. .. .“ ........................... F u rn itu re and fixtures.............. R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. 567,531 80 $69,943 03 $75,158 71 $89,462 91 $98,322 87 9,702 14 9,683 57 9,633 57 8,912 46 8,412 46 542 85 326 30 141 85 94 88 287 78 4,530 00 1,666 07 4,530 00 1,666 07 4,530 00 1,666 07 4,530 00 1,666 07 4,530 00 1,666 07 9,874 38 7,075 54 12,284 04 7,524 50 3,686 64 3,065 00 5,841 00 2,326 00 3,158 00 5,099 00 895 00 1,690 00 1,692 50 1,817 50 1,937 50 191 50 188 20 280 75 301 95 274 40 118 70 78 14 92 55 113 63 135 04 19 35 105 78 26 44 158 14 1 00 $98,136 79 $101,127 63 $107,832 48 $117,740 04 $124,352 76 $20,000 00 500 00 $20,000 00 700 00 $20,000 00 700 00 $20,000 00 700 00 $20,000 00 1,200 00 493 70 313 32 1,241 59 3,593 50 1,406 21 36,735 70 27,907 39 41,329 08 31,189 14 46,147 88 29,743 01 44,676 14 28,561 84 60,626 45 25,737 66 2,500 00 2,500 00 5,000 00 114 32 5,000 00 94 24 382 44 5,000 00 O ther real e s ta te ........... ......... D ue from other banks and hankers, not reserve cities. . . . Item s in tr a n s it. . . U nited States bonds: Ravings d e p a rtm e n t. . . . D ue from banks in reserve cities: Com m ercial 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 ational bank currency: Commercial d e p 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: Commercial d e p a rtm e n t............... Savings d ep artm en t....................... Nickels 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 i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... D ividends u n p a i d . . . . Com m ercial ^deposits subject to ch eck ................................................. Commercial certificates of deposit. . Certified checks. . . Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit. . . 7........... D ue to banks and b an k ers.............. Savings d e p o sits... Savings certificates of deposit. Liquidating a c co u n t.......................... Reserve for taxes, interest, etc. . . N otes and bills rediscounted. Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 96 09 10,000 00 $98,136 79 j 5,ÓÒÒ ÓÓ 1 $101,127 63 5,ÒÒÒ ÓÒ 15,000 00 10,000 00 $107,832 48 $117,740 04 $124,352 76 STATE BANKS OP MICHIGAN. 45 No. 2. T H E BELD IN G SAVINGS BANK, BELD IN G. Organized January 15, 1889. H. J. L e o n a b d , President; A. N. B e l d i n g , Vice President; W. S. L a m b e b t s o n , Cashier; W. H. A n g e l l , Assistant Cashier. D i b e c t o e s .— H. J. Leonard, A. N. Belding, W. P. Hetherington, M. M. Belding, Jr., E. E. Chappie, W. C. Spicer, E. C. Lloyd, W. S. Lambertson. Resources. Loans and discounts: Commercial department............... Savings department....................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account.................... Overdrafts............................. Expenses, interest and taxes paid exceeding earnings......................... Banking house.................................. 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. 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 item s.. T otals......................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid .................................... 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........................................ T otals........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14. Mar. 4, ’14. June 30, '14 Sept. 12, ’14. $105,602 78 50,570 53 $104,774 87 71,451 39 $89,206 17 76,564 97 $106,130 42 40,611 01 $94,160 88 37,623 21 8,455 14 159,599 89 12,455 14 160,098 00 12,455 14 164,771 00 12,455 14 161,925 41 12,455 14 161,059 00 380 48 618 39 305 18 80 15 264 61 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 2,258 19 25 00 1,415 00 2,412 02 17,871 92 25,409 28 33,471 25 10,474 80 20,875 44 30,989 46 23,896 31 27,105 21 24,850 52 34,469 48 5,901 00 3,000 00 3,383 00 4,200 00 6,805 00 3,000 00 7,470 00 2,000 00 7,955 00 2,000 00 966 00 12,000 00 181 00 12,800 00 98 50 13,000 00 368 50 13,000 00 518 50 13,000 00 2,590 50 2,110 55 2,017 30 1,562 65 1,532 30 142 39 228 83 193 95 173 81 155 01 426 55 1,226 54 630 31 1,483 81 542 05 $403,674 65 $425,998 76 $429,412 42 $408,177 42 $401,497 72 $50,000 00 10,000 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 10,632 93 4,783 83 5,546 74 4,944 99 2,250 00 6,433 27 74,397 85 95,663 98 95,872 27 89,735 47 89,640 64 1,000 00 137 91 12 18 5,000 00 2,500 00 17 06 89,567 25 168,076 62 96,052 26 164,360 78 2,047 35 102,468 51 158,465 37 1,921 53 101,056 68 138,268 75 2,040 56 107,980 12 127,886 07 $403,674 65 $425,998 76 $429,412 42 $408,177 42 $401,497 72 STA TE BANKING D EPA R TM EN T. 46 No. 159. T H E P E O P L E ’S SAVINGS BANK OF B ELD IN G , BELDING. O rganized M ay 12, 1893. B h in t o n F. H a l l , 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 , Assistant Cashier. D i r e c t o r s .— Brinton F. Hall, Frank R. Chase, Charles Eddy, George Hoppough, H. L. Page, Frank L. Moon, W. L. Cusser, Jno. G. Hessler, F. E. Underwood, Geo. W. Moulton. Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. Resources. Loans and discounts: Commercial department ......................... Savings department...................... Bonds -i mortgages and securities: Commercial department............... Savings department...................... $160,763 62 11,660 00 $155,542 86 11,540 00 $135,732 04 28,737 49 $122,415 91 60,285 58 $124,464 96 52,912 03 72,149 43 79,248 21 74,923 50 2,000 00 78,156 42 2,000 00 78,851 67 Overdrafts............................................ Expenses, interest and taxes paid, 199 56 451 62 549 47 507 73 1,226 24 Banking house.................................... Furniture and fixtures...................... 8,000 00 3,600 40 8,000 00 3,600 40 8,000 00 3,600 40 8,000 00 3,600 40 8,000 00 3,600 40 Other real estate................................ Due from other banks and bankers, 4,387 50 4,387 50 4,387 50 637 50 637 50 Items in transit.................................. United States bonds: S a v in g s department...................... 21,287 85 9,108 89 7,283 94 25,302 36 10,273 57 36,885 07 10,170 58 15,665 99 11,209 24 39,971 73 11,235 31 3,464 87 11,286 88 20,530 02 14,313 34 757 48 1,180 26 6,424 23 75 82 614 48 11,022 00 10,782 00 14,000 00 2,543 00 6,000 00 6,616 00 7,000 00 6,937 00 4,500 00 5,534 50 6,000 00 1,734 50 10,000 00 932 00 11,000 00 1,562 00 10,000 00 Silver coin: Commercial department.............. 1,234 40 1,202 60 2,101 35 1,016 40 636 10 Nickels and cents: Commercial department............... 574 25 P rem iu m account, ex c eed in g earn in gs not, reserve c itie s Due from banks in reserve cities: Commercial department.............. Savings department ........................................ Exchanges for clearing house: Commercial department .......................... S a v in g s d epartm ent, U . S. National bank currency: Commercial department.............. Savings department ....................... Gold coin: Commercial department.............. Savings department....................... S a v in g s d e p a r tm e n t . . . . 405 24 483 30 643 32 562 36 Checks and other cash item s.......... 78 61 224 87 775 52 522 07 778 96 T otals........................................... $354,038 74 $324,162 24 $350,100 30 $338,309 30 $344,591 52 $40,000 00 4,000 00 $40,000 00 5,000 00 $40,000 00 5,000 00 $40,000 00 5,000 00 $40,000 00 5,000 00 1,942 00 30 00 1,238 59 756 00 1,839 70 12 00 3,676 23 3,319 96 45 00 76,078 90 148,188 66 59,396 06 99,621 54 66,512 53 77,510 03 56,421 64 37,858 84 52,146 85 34,573 49 Postal savings deposits..................... Savings deposits................................. Savings certificates of deposit......... 64,666 76 19,132 42 63,787 53 54,362 52 862 33 72,878 13 85,485 58 839 23 73,001 92 121,511 44 850 13 69,557 19 129,098 9fi T otals........................................... $354,038 74 $324,162 24 $350,100 30 $338,309 30 $344,591 52 R avin gs d ep a rtm en t . . Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... "Dividends unpaid........... Commercial deposits subject to check................................................. Commercial certificates of deposit.. Certified e h e e k s . C a sh ie r’s eh e e k s o u tsta n d in g . . . S ta te m o n ies on d e p o s i t . D n e to h a n k s and b a n k ers for ta x e s in te r e s t, e te . TsTotes and h ills re d iseo n n ted . Trills p a v a h le https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10,000 00 STATE BANKS OF MICHIGAN. 47 No. 347. T H E B E L L A IR E STA TE BANK, B E L L A IR E . O rganized A u gust 14, 1906. F . W. B e c h t o l d , President; C . C. P D ir e c t o r s .— F. o t t e r , Vice President; W. H . R ic h a r d s , Cashier. W. Bechtold, H. L. Richards, W. H. Richards, C. W. Putt, C. C. Potter. Resources. Loans and discounts: Commercial department.......... . Savings department.................... Bonds, mortgages and securities: Commercial department............ Savings department.................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real estate................................ Due from other banks and bankers not reserve cities............................ United States bonds......................... 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 item s. T otals. Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... 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........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, ’14 June 30, ’14. Sept. 12, ’14. $64,654 55 12,660 00 $64,078 64 11,160 00 $68,318 05 11,760 00 7,489 45 8,430 33 $59,304 62 7,700 00 2,154 75 28,069 43 2,663 75 29,083 15 2,563 75 .28,083 15 3,863 75 29,738 15 2,846 75 29,346 15 1,948 43 245 98 38 60 5,243 79 3,000 00 5,243 79 3,000 00 105 00 299 77 5,243 79 3,300 00 5,243 79 3,000 00 5,243 79 3,000 00 273 00 273 00 412 02 412 02 1 ,000 00 1,000 00 1,000 00 1,000 00 2,000 00 2,000 00 2,000 00 2,000 00 2,000 00 3,858 27 2,000 00 14,819 84 3,000 00 11,934 62 4,000 00 1,492 70 2,000 00 8,190 30 1,500 00 5,168 00 700 00 6,257 00 1,000 00 5,708 00 500 00 6,402 00 500 00 1,000 00 215 00 2,800 00 135 00 2,700 00 185 00 2,700 00 3,000 00 3,000 00 769 85 9 00 739 65 546 40 768 50 1,004 45 305 06 99 30 48 112 93 42 69 147 86 24 95 353 18 197 12 63 368 80 207 00 $135,616 94 $147,511 91 $150,529 20 $135,331 22 $132,467 75 $20,000 00 $20,000 00 $20,000 00 $20,000 00 $20,000 00 2,118 82 3,123 11 3,664 82 74 79 81 50 37,832 41 34,109 44 37,931 46 21,447 79 37,515 30 20,029 22 35 77 48,239 42 299 45 49,085 84 300 43 49,168 10 91.75 45,737 11 133 69 44,088 95 $135,616 94 $147,511 91 $150,529 20 $135,331 22 $132,467 75 100 00 6,000 00 7,000 00 5,002 99 1,355 78 30,217 04 26,157 49 37,607 32,153 5 3 100 00 7,000 00 110 00 6,376 00 200 00 68 00 7,000 00 98 07 7,000 00 STATE BAN KING D EPA R TM EN T. 48 No. 527. T H E P E O P L E ’S STA TE BANK OF B E L L E V IL L E . Organized January 24, 1913. J a m e s R. C l a r k , President; F r a n k l in L. R o b b e , Vice President; F r a n k H. C l a r k , Cashier. D i r e c t o r s .—James R. Clark, Franklin L. Robbe, John C. Stellwagen, George T. Clark, Irving H. Riggs. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department....................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings........ Banking house.................................... Furniture and fixtures...................... Other real esta te. . . 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.......... IT. S. and National bank currency: Commercial department.............. Savings department...................... Gold corn: Commercial department............... Savings department....................... Silver coin: Commercial department.............. Savings department. . . . Nickels and cents: Commercial department.............. Savings department Checks and other cash item s.......... Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, T4. Sept. 12, ’14. $32,357 61 9,545 70 $34,893 24 13,345 70 $32,557 45 16,821 70 $29,495 11 22,931 70 $32,511 17 23,711 70 7,739 88 85,849 00 7,739 88 96,359 00 8,739 88 94,259 00 9,139 88 96,584 00 9,050 00 91,934 00 171 34 707 46 54 27 158 52 23 08 3.500 00 1.500 00 3.500 00 1.500 00 3.500 00 1.500 00 3.500 00 1.500 00 3.500 00 1.500 00 264 71 992 54 1,999 26 2,648 52 466 46 774 60 6,331 48 26,176 55 5,992 86 18,171 47 7,874 82 22,151 64 3,590 24 23,087 10 4,415 94 20,004 51 4,787 00 4,000 00 7,780 00 3.500 00 2,275 00 3,500 00 2,766 00 3,000 00 2,186 00 3,000 00 125 00 2,500 00 115 00 3.500 00 280 00 3,700 00 110 00 4,700 00 237 50 4,700 00 1,062 30 1,167 25 1,206 65 1,379 20 1,366 30 51 25 58 89 55 13 50 95 31 84 491 67 381 87 201 47 57 56 18 27 $187,155 83 $200,387 57 $201,142 33 $202,950 83 $199,328 51 $20,000 00 $20,000 00 200 00 $20,000 00 200 00 $20,000 00 200 00 $20,000 00 2,000 00 1,239 18 549 29 84 00 1,710 50 15 00 2,515 31 3 00 1,103 66 9 00 37,845 40 44,678 11 38,784 49 29,929 72 32,865 64 Cashier’s checks outstanding... . State monies on deposit. . . . Due to hanks and bankers............ Postal savings dep osits.. . Savings deposits .............................. Savings certificates of deposit......... Peserve for taxes, interest, etc. . . . Notes a.nrl hills rediscounted . Bills p ayab le... 83,465 52 44,605 73 88,933 66 45,942 51 93,499 94 46,932 40 93,631 69 56,671 11 52 73 94,753 83 48,543 65 T otals................... ....................... $187,155 83 $200,387 57 $201,142 33 $202,950 83 $199,328 51 T otals........................................... Liabilities. Capital stock paid in ........................ Surplus fund.. .............................. Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... Dividends unpaid.............................. Commercial "deposits subject to check................................................. Commercial certificates of deposit https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 49 No. 548. *THE BELLEVUE STATE BANK, BELLEVUE. O rganized A p ril 16, 1914. H . M . A l l e n , President; F. A . B r o w n , Vice President; C . D . K im b e r l y , Cashier; M. H. K im b e r l y , Auditor. D i r e c t o r s .— H . M. Allen, C. D. Kimberly, F. A. Brown, W. C. Dyer, Cbas. H. Legge, G. R. Burt, N. H. Johnson, J. H. Gork, A. J. Hager. Resources. Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14. Mar. 4, T4. June 30, T4. Sept. 12, '14. Loans and discounts: Commercial department.............. Sayings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures................ Other real esta te................................ 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... 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.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable....................................... T otals........................................... *Commenced business M ay 22, 1914. 7 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $56,068 99 24,714 11 $72,483 40 20,382 31 2,000 00 74,564 94 2,000 00 78,217 37 91 81 370 24 1,956 95 1,614 41 3,000 00 3,000 00 80 00 616 00 13,085 08 19,055 59 13,230 47 23,592 41 2,005 10 722 16 11,627 00 7,000 00 8,718 00 7,000 00 785 00 980 00 1,445 10 1,159 25 115 43 70 45 334 78 144 59 $217,929 88 $234,301 06 $20,000 00 $20,000 00 49,256 87 23,338 37 59,497 94 25,611 03 125,334 64 129,192 09 $217,929 88 $234,301 06 STA TE BANKING D EPA R TM EN T. 50 No. 219. T H E BENTON H ARBOR STA TE BANK, BENTON HARBOR. O rganized D ecem ber 20, 1899. D H. D. P o o l e , President; G. M. V a l e n t i n e , Vice President; M. P. R e s c i i , Cashier; B. F. W e l l s , Assistant Cashier. W\ Conkey, H. D. Poole, G. M. Valentine, S. L. VanCamp, VI. B. Wells, G. A. Conkey, M. *P. Reach, D. B. Sutherland, Wm. Wallace, G. Handy. ir e c t o r s .—I. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, ’14. June 30, ’14. Sept. 12, T4. $259,551 67 147,690 00 $241,354 20 169,125 00 $246,937 14 168,125 00 $256,034 60 183,987 04 $228,377 26 194,875 04 5,225 00 •197,511 40 11,725 00 186,216 40 11,725 00 172,751 40 11,625 00 169,201 40 12,625 00 167,051 40 Overdrafts............................................ Expenses, interest and taxes paid, 1,068 43 2,016 75 1,046 73 747 99 830 89 Banking house. . . .“........................... Furniture and fixtures...................... 37,500 00 16,000 00 37,5ÓÓ ÓÓ 15,000 00 37,500 00 15,000 00 37,5ÓÓ ÓÓ 14,000 00 37,500 00 14,000 00 22,388 98 4,163 28 21,162 39 1,098 53 862 76 2,366 94 6,169 23 21,237 64 51,302 12 53,182 72 17,314 36 49,870 63 9,817 88 40,000 00 21,649 19 42,673 68 116,444 18 37,500 00 2,662 18 3,581 46 2,348 11 7,076 69 22,930 91 20,673 00 15,000 00 17,887 00 14,000 00 12,367 00 10,000 00 12,405 00 12,700 00 30,037 00 30,000 00 3,520 00 5.000 00 4,455 00 5,500 00 1,020 00 8,000 00 3,437 50 5.000 00 6,277 50 5,000 00 1,193 60 2.000 00 2,033 10 500 00 950 55 2,000 00 1,232 85 3.000 00 1,863 15 Due from other nanks and bankers, not reserve cities............................ United States bonds: Due from banks in reserve cities: Commercial department.............. Savings department...................... Exchanges for clearing house: Commercial 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.............. 740 28 531 9S 570 70 405 22 142 51 Checks and other cash item s.......... 164 51 223 32 308 50 138 03 2,173 20 T otals........................................... $846,537 17 $801,095 12 $741,330 77 $785,181 13 $935,034 91 $75,000 00 31,000 00 $75,000 00 37,500 00 $75,000 00 37,500 00 $75,000 00 38,500 00 $75,000 00 38,500 00 17,598 21 100 00 9,987 31 310 00 12,108 91 25 00 9.749 67 3.750 00 12,174 48 285,756 43 11,693 30 234,839 82 20,739 96 199,627 69 17,859 98 217,727 01 23,054 79 350,265 87 26,587 56 Savings deposits .*.............................. Savings certificates of deposit......... for ta.YP.s, intfvreflt, ptr,. . . "NfpfPS fvnri frills rpriispmmtpd . Trills pa.ya.blp 258,400 76 166,988 47 270,298 26 152,378 18 131 3,952 247,219 147,905 98 35 85 01 3,925 34 252,923 91 160,550 41 270,864 76 161,642 24 T otals........................................... $846,537 17 $801,095 12 $741,330 77 $785,181 13 $935,034 91 Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... Dividends unpaid.............................. Commercial deposits subject to check................................................. Commercial certificates of deposit. . CJprtifipri pfrpnks. 41 59 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 51 No. 76. ♦FARMERS’ AND MERCHANTS’ BANK, BENTON HARBOR. Organized February 20, 1888. O b in B . H ip p , President; R . M . J D on es, G . w ig h t M . B . G e h l e b t , Vice Presidents; W R u t h , Assistant Cashier. m. E. M absh, Cashier- D «nnC^ Rn_ w eS;I)VBP -i lobbin^ 0 >,B ' HiPP’ Edward Brant, R. H. Sherwood, T. L. Wilkin Arm G ’ it - Gehlert W W Buchanan, W. C. Bastar, I. W. Riford, F. S. Hopkins, Geo. B. Thayer Milton Ilinkley, John R. Price, Wm. E. Marsh. 1 Resources. Loans and discounts: Commercial department........ ... Savings department.................. . Bonds, mortgages and securities: Commercial department............ Savings department.................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid exceeding earnings..................... Banking house.................................... 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 item s. T otals. Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid............................................... . 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 p ayab le.................................. Report of Report of Report of Report of Report of Oct. 2 1 ,’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14 Sept. 12, ’14. $435,288 18 145,987 37 $351,776 40 165,293 03 $347,428 65 170,487 64 8,120 16 246,213 89 8,337 84 221,645 93 7,700 00 177,905 93 7,008 03 1,250 32 7,008 03 1,679 46 6,779 03 1,583 89 57,797 65 13,877 80 57,797 65 13,877 80 58,053 52 13,877 80 1,508 12 1,508 12 1,508 12 2,496 89 4,536 31 36,377 49 58,264 29 14,987 52 22,872 49 11,698 36 39,539 64 2,237 66 2,322 82 19,891 3,434 30 14,143 00 14,345 00 9,200 00 20,800 00 10,000 00 16,085 00 15,000 00 5,675 00 14,000 00 3,550 00 18,270 00 6,660 00 6,000 95 6.002 55 11,085 00 6,450 00 5,539 35 94 71 1,892 94 54' 10 310 58 1.003 78 8,312 30 221 51 445 20 80 15 $1,108,098 65 $947,993 19 $903,038 40 $125,000 00 62,500 00 $125,000 00 62,500 00 $125,000 00 62,500 00 13,263 54 5,008 58 5,788 60 370,015 4,462 253 2,907 54 15 65 25 41,992 08 224,722 37 262,982 07 259,747 53 3,184 47 754 92 34,451 645 218,033 238,666 77 69 89 34 T o ta ls ........................................... $1,108,098 65 j $947,993 19 13,949 00 247,684 5,054 472 348 70 59 25 04 10,000 00 19,707 780 212,465 213,237 59 42 21 00 $903,038 40 ♦Converted into The Farmers and Merchants National Bank of Benton Harbor, April 30, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BAN KING D EPA R TM EN T. 52 No. 448. T H E B E R L IN STATE BANK, B E R L IN . O rganized J a n u a ry 21, 1910. F M. R a y m o n d , President; F r a n k J. G o o d e n o w , Vice President; C h a s . P. G o o d e n o w , Cashier. D i r e c t o r s .—Fred M. Raymond, William Walsh, Charles P. Goodenow, A. C. Butterfield, John R. Coffee, Frank J. Goodenow, Wm. Riemersma. eed Resources. Loans and discounts: Commercial department............... Savings department....................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium accou n t,............................. Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings. . . Banking house.................................... Furniture and fixtures...................... Other real estate. . . Due from other banks and hankers, not reserve cities. . Ttems 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............... Ravings department. .. Nickels and cents: Commercial department.............. Savings department.......... Checks and other cash item s.......... T o ta ls........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... 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... . Savings deposits................................. Savings certificates of deposit......... Collection account, . . "Reserve for taxes, interest, etc. . Notes and bills rediscounted . Bills payable . T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, T4. June 30, T4. Sept. 12, T4. $17,114 58 26,380 08 $17,337 46 26,960 79 $16,637 87 25,468 05 $14,876 75 28,096 25 $17,111 15 31,589 00 7,200 00 36,384 42 6,000 00 41,834 42 6,000 00 41,334 42 6,000 00 47,734 42 6,000 00 48,434 42 193 49 423 40 139 20 141 04 646 54 3,840 48 2,191 18 3,840 48 2,191 18 3,840 48 2,191 18 3,840 48 2,200 98 3,840 48 2,248 53 390 43 153 37 470 83 3,118 02 7,219 82 19,150 82 7,534 89 7,123 17 7,745 06 4,577 57 9,065 12 2,936 57 8,175 45 89 00 2,000 00 1,589 00 2,000 00 435 00 1,900 00 384 00 3.000 00 656 00 3.000 00 910 00 1,000 00 110 00 2,000 00 212 00 2,000 00 947 50 1.000 00 677 50 1.000 00 327 35 383 00 709 90 622 50 136 50 100 00 958 35 100 00 69 67 34 00 51 26 746 16 51 01 267 00 1 00 206 73 $109,059 86 $132,112 11 $116,153 76 $122,151 87 $128,121 15 $20,000 00 350 00 $20,000 00 500 00 $20,000 00 500 00 $20,000 00 500 00 $20,000 00 800 00 946 50 119 84 43 40 93 86 915 42 544 76 12,332 69 35,169 80 17,578 11 19,325 21 21,821 46 26,786 88 46,643 79 25,935 98 50,343 09 25,357 87 52,623 92 27,540 07 53,861 17 10 00 27,885 75 54,569 18 $132,112 11 $116,153 76 $122,151 87 $128,121 15 2,500 00 2,000 00 $109,059 86 STATE BANKS OF MICHIGAN. fi3 No. 416. T H E B E R R IE N SPR IN G S STA TE BANK, B E R R IE N SPRIN G S. O rganized O ctober 21, 1908. W m . H. S y l v e s t e r , President; I r a R. S t e m m , E. F. G a r l a n d , Vice Presidents; C. M. N i l e s , Cashier. D i r e c t o r s — Wm H Sylvester, Ira R. Stemm, James D. Boone, E. F. Garland, Wm. E. Sheffield, d i r e c t o r s . g Grayi Jn£ E BarneSi j N Klock> j F carter, C. M. Niles, Geo. R. Dater. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $71,591 51 30,829 60 $71,433 30 30,829 60 $73,265 74 25,829 60 $86,118 25 30,829 60 $81,155 44 39,829 60 48,595 89 47,548 04 48,026 85 1,000 00 49,101 03 1,000 00 49,648 83 Premium account............................... Overdrafts .......................................... Expenses, interest and taxes paid, 100 00 2,053 55 100 00 854 94 100 00 1,378 93 200 90 764 39 200 90 319 68 "Ranking house.................................... Furniture and fixtures...................... 4,500 00 2,035 00 3.750 00 1.750 00 3.750 00 1.750 00 3,750 00 1,500 00 3,750 00 1,500 00 14,095 91 13,000 00 29,363 90 14,000 00 22,721 24 19,000 00 8,320 09 15,000 00 5,440 87 10,000 00 5.000 00 4.000 00 5.000 00 5.000 00 3.500 00 3.500 00 4.000 00 2,500 00 5,084 00 5,400 00 1,380 00 2,500 00 2.000 00 2,500 00 3.500 00 1.500 00 1,200 00 3.000 00 2,077 50 3,500 00 102 30 300 00 300 00 100 00 200 00 300 00 300 00 200 00 334 00 200 00 121 56 286 51 117 70 43 17 239 50 285 94 128 68 190 13 360 35 224 19 263 88 15 16 87 78 337 47 257 26 $200,609 53 $215,098 39 $209,001 52 $208,287 49 $210,123 33 $20,000 00 1,700 00 $20,000 00 2,000 00 $20,000 00 2,000 00 $20,000 00 2,200 00 $20,000 00 2,200 00 Other real estate Due from other banks and bankers, not- reserve cities . . ............. Items in transit United States bonds: Due from banks in reserve cities: Commercial department.............. Savings department...................... Exchanges for clearing house: Commercial 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...................... Ghprks and other cash item s.......... T otals........................................... Liabilities. Capital stock paid in ........................ Surplus fund ...................................... Undivided profits, less losses, cur rent expenses, interest and taxes p aid................................................... 1,153 82 137 63 649 25 129 32 915 82 Commercial deposits subject to check................................................. 78,243 71 92,743 62 87,725 17 69,007 26 75,470 38 State monies on deposit, Dim to banks and bankers Postal savings deposits..................... Savings deposits................................. Savings certificates of deposit......... 5,000 00 2,500 00 205 05 16,191 61 83,115 34 183 52 16,966 62 83,067 00 280 52 17,579 49 80,767 09 56 40 17,674 56 84,219 95 121 23 18,892 83 90,023 07 $209,001 52 $208,287 49 10,000 00 T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $200,609 53 $215,098 39 $210,123 33 54 STA TE BAN KING D EPA R TM EN T. No. 500. T H E P E O P L E ’S STA TE BANK, B ESSEM ER . O rganized M arch 22, 1912. J a c o b G o l d m a n , President; E D ib e c t o b s .—Jacob d w in R. B a y l is s , Vice President; M. A. H a g e b m a n , Cashier. Goldman, Edwin R. Bayliss, Joseph Ochis, J. S. Rummage, M . A . Hagerman, James Devoy, Solomon Sax, G. S. Barber. Report of Report of Report of Report of Report of Oct. 21, A3. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department....................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... 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...................... $25,572 26 11,395 96 $26,299 10 13,902 79 $30,896 60 8,890 46 $35,444 50 17,730 96 $30,632 95 16,623 46 11,000 00 12,769 49 18,000 00 14,347 99 18,000 00 19,061 19 18,000 00 21,100 69 18,000 00 26,844 49 380 00 82 380 00 83 41 380 00 92 95 406 80 16 96 406 80 206 37 2,391 68 2,431 87 2,436 79 2,328 30 2,315 66 2,344 55 2,344 55 2,344 55 2,344 55 2,344 55 125 96 465 48 214 57 276 68 262 46 16,203 21 2,622 88 40,325 19 3,502 26 43,532 71 2,502 26 2,924 70 508 76 16,227 05 5,868 08 2,016 81 1,152 00 6,036 00 3,385 00 5,582 00 . 2,601 00 6,101 00 2,000 00 3,738 00 4.000 00 3,655 00 2,800 00 475 00 35 00 725 00 1,500 00 195 00 1.000 00 205 00 1,800 00 729 50 1,305 00 1,651 15 1,711 75 883 30 914 25 400 00 33 07 92 01 Silver coin: Commercial department.............. Savings department...................... Nickels and cents: Commercial department.............. Savings department...................... Checks and other cash item s.......... 158 07 2 42 2,970 69 106 44 294 67 T otals........................................... $95,760 05 $137,112 97 $141,788 08 $112,143 21 $132,104 39 $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 29,061 22 60,734 10 68,806 60 23,895 33 43,395 99 200 00 225 38 43 60 74 59 5,000 00 77 84 2,500 00 75 00 61 13 12,183 23 22,791 21 10,463 44 Ì2.Ì26 24 32,007 39 11,539 66 13,651 59 33,257 00 11,721 97 $137,112 97 $141,788 08 $112,143 21 $132,104 39 Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................. Dividends unpaid.............................. Commercial deposits subject to check............................................... Commercial certificates of deDosit. . 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........................................ T otals............................ .. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . 8,775 19,483 10,689 50 50 61 72 00 $95,760 05 11,918 21,995 14,737 2 134 57 2,463 70 STATE BANKS OF MICHIGAN. 55 No. 536. T H E C EN TR A L STA TE BANK OF BENZONIA, BEULAH. O rganized A u g u st 18, 1913. H erbert D B. W oodw ard, ir e c t o r s .— Herbert President; F r a n k L. O r c u t t , Vice President; I r v in g P. J o n e s , Cashier. B. Woodward, J. C. Underwood, Frank L. Orcutt, Charles E. Case, William Reimer, G. M. Sprout, Irving P. Jones. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real esta te................................ 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...................... Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, ’14. June 30, ’14 Sept. 12, ’14. $29,267 37 $28,247 89 2,250 00 $29,951 03 1,200 00 $27,314 73 8,733 00 $30,949 83 7,783 00 41,936 04 2,160 61 40,414 28 38,866 55 900 00 39,909 04 213 00 39,291 04 24 73 27 76 99 54 14 53 25 77 52 19 7,150 00 2,800 00 7,200 00 2,800 00 7,200 00 2,800 00 7,2ÒÒ Ó0 2,800 00 7,200 00 2,800 00 2,467 99 4,167 21 450 00 3,578 11 450 00 1,119 76 80 00 3,780 55 7 00 8,398 44 12,166 27 6,015 60 7,189 36 5,912 09 7,191 02 500 40 7,626 97 3,357 52 7,626 97 1,929 00 2,000 00 3,095 00 2,000 00 2,643 00 2,000 00 2,230 00 1,900 00 939 00 1,900 00 89 00 1,000 00 345 00 1,000 00 315 00 1,000 00 375 00 1,000 00 202 50 1,000 00 390 65 519 40 437 98 569 36 238 22 Silver coin: Commercial department............... Savings department....................... Nickels and cents: Commercial department.............. Savings department...................... Checks and other cash item s.......... 115 67 159 06 199 46 64 29 26 58 1,025 81 22 26 100 40 303 55 648 40 T otals........................................... $110,813 16 $108,063 43 $103,944 18 $102,640 63 $107,989 38 $19,260 00 650 00 $19,800 00 670 00 $19,900 00 770 00 $20,000 00 2,000 00 $20,000 00 2,500 00 123 42 324 51 1,061 75 671 97 28,459 94 27,941 92 22,470 30 35,803 29 1,052 56 346 32 858 89 236 39 323 02 18.713 35 2,388 98 17,259 50 19,255 08 2,355 79 21,794 73 18,935 68 2.355 79 23,346 21 20,083 80 18,230 58 31,640 33 30,025 46 18,912 52 11,908 15 350 00 9,511 18 1,148 06 435 06 $103,944 18 $102,640 63 Liabilities. Capital stock paid in ......................... Surplus fund. ?........ ........................... Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... Dividends unpaid.............................. Commercial deposits subject to check ................................................. Commercial deposits subject to check, liquidating account.......... Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit................... Due to banks and bankers.............. Savings deposits. . . . Savings deposits liquidating........... Savings certificates of deposit........ Savings certificates of deposit, liqui dating................................................ Reserve“for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable........................................ 31,854 13 722 12 T otals........................................... i $110,813 16 | https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3,000 00 $108,063 43 4,000 00 $107.989 38 STA TE BANKING D EPA R TM EN T. 56 No. 259. BIG R A PID S SAYINGS BANK, BIG RA PID S. O rganized M ay 1, 1902. W D o o d b b id g e N. F e r r i s , President; C. D . C a r p e n t e r , Vice President; R e a m e r W . W i g l e , Cashier. ir e c t o r s .—Woodbridge N. Ferris, C. D . Carpenter, E. C. Newcombe, S. J. Throp, J. J. Henderson, A. K. Hanchett, A. Broomfield, A. B. Knapp, J. K. Brower, T. H. Coughlin. Resources. Loans and discounts: Commercial department.............. Savings department, Bonds, mortgages and securities: Commercial department.............. Savings department....................... Report of Report of Report of Report of Report of Oct. 2 1 ,’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $191,010 77 $209,423 12 $205,803 18 $229,869 52 $230,158 03 22,400 00 213,372 10 22,300 00 215,247 10 40,450 00 213,864 10 33,450 00 233,680 42 15,450 00 247,658 97 Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, 553 91 1,346 53 553 91 131 24 263 71 1,002 35 245 14 73 08 229 64 98 04 Furniture and fixtures...................... 2,422 97 2,422 97 2,422 97 2,597 97 2,632 97 Other real estate . Due from other banks and bankers, not reserve cities............................ Items in transit.................................. United States bonds: 8,000 00 6,753 59 6,000 00 5,178 01 7,630 00 4,447 44 3,000 00 1,196 77 4,507 50 5,351 44 Due from banks in reserve cities: Commercial department.............. Savings department...................... Exchanges for clearing house: Commercial department.............. 38,762 90 19,932 92 47,841 65 42,478 43 33,458 04 39,550 51 8,906 35 34,574 07 16,562 53 27,670 77 800 00 2,312 24 1,000 00 132 83 1,000 00 1,300 00 14,300 00 12,442 00 20,000 00 10,429 00 13,957 00 11,300 00 21,000 00 10,000 00 12,865 00 12,465 00 5,035 00 5,472 50 3,677 50 3,345 00 3,640 00 1,321 00 867 00 1,417 00 1,650 00 782 00 790 00 1,967 00 400 00 247 00 1,250 00 400 59 70 90 332 27 185 46 45 35 1,000 00 192 96 197 39 177 99 129 20 285 29 600 00 315 40 192 19 469 45 $540,124 45 $594,087 98 $580,967 14 $586,452 64 $583,063 93 $25,000 00 9,500 00 $25,000 00 10,000 00 $25,000 00 10,000 00 $25,000 00 10,000 00 $25,000 00 10,500 00 21,815 78 22,140 54 520 00 22,819 38 26,041 76 24,588 95 U. S. and National bank currency: Commercial department.............. Savings department...................... Gold coin: Commnrnia.l dppartmpnt Savings department...................... Silver coin: Commercial department.............. Savings department...................... Nickels and cents: Commercial department.............. Savings department...................... Checks and other cash item s.......... T otals........................................... Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... D iv id e n d s u n p a id . . . Commercial deposits subject to check................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit................... 70,742 57 137,847 32 186 01 6,071 03 10,000 00 106,911 141,686 202 2,304 10,000 Postal savings deposits..................... Savings deposits................................. Savings certificates of deposit......... 7,241 82 242,019 92 9,700 00 257,022 38 18,300 00 8,258 30 256,209 50 20,800 00 7,899 00 265,184 78 21,100 00 8,227 56 275,684 43 21,700 00 T otals........................................... $540,124 45 $594,087 98 $580,967 14 $586,452 64 $583,063 93 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34 85 01 86 00 87,077 138,176 1,384 1,241 10,000 64 40 70 22 00 105,411 115,325 191 299 10,000 17 22 51 20 00 97,771 108,726 186 678 10,000 58 48 01 92 00 STATE BANKS OF MICHIGAN. 57 No. 248. CITIZENS’ STATE BANK, BIG RAPIDS. O rganized S eptem ber 28, 1901. A. W r ig h t , President; F r e d E. H o o d , Vice President; D . C. M o r r il l , Cashier; F r e d A. A s h l e y , Assistant Cashier. D ir e c t o r s .— George A. Wright, A. W. Bennett, Geo. F. Fairman, Jos. Barton, W. T. Dodge, D. C. Morrill, Wm. E. Bailie, F. E. Hood, L. F. Bertran, Wm. T. Jones, C. W. Doe. G eorge Resources. Loans and discounts: Commercial department............... Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house. .. .“........................... 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... 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.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, ete. . . . Notes and hills rediseoiinted . Rills p ayab le.. . T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, T4. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $359,216 62 43,109 72 $348,978 79 30,299 72 $364,391 55 27,258 72 $364,538 25 86,029 93 $388,982 92 85,705 29 228,497 17 225,422 77 234,738 77 239,552 40 239,398 24 1,538 64 1,281 88 1,678 56 169 17 1,241 04 10,000 00 5,000 00 10,000 00 4,000 00 10,000 00 4,000 00 10,000 00 4,000 00 10,000 00 4,000 00 4,788 04 1,028 73 3,064 94 369 20 1,609 05 473 19 2,934 72 2,701 23 49,402 37 55,784 17 71,157 59 96,575 56 42,119 23 98,601 73 19,697 75 48,840 70 30,766 89 24,041 37 21,131 00 10,000 00 23,480 00 10,000 00 22,135 00 8,000 00 21,456 00 11,000 00 15,000 00 20,779 00 9,730 00 6,000 00 10,297 50 7.000 00 8,867 50 4.000 00 6,410 00 6,500 00 5,000 00 8,640 00 4,031 65 2,900 00 7,070 45 2.000 00 6,114 40 4.000 00 7,828 25 2,000 00 4,500 00 3,336 95 688 34 90 70 689 95 885 96 54 59 3,889 20 345 41 704 95 626 83 832 29 328 22 3,024 22 499 41 312 71 1,932 88 $812,598 37 $856,487 68 $839,560 90 $835,615 09 $846,837 93 $50,000 00 20,000 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 13,022 94 5,868 61 148 00 5,645 21 5,733 45 2,000 00 6,098 95 148 00 173,421 60 204,318 33 184,466 04 194,208 83 438 61 203,350 26 197,251 07 38 95 1 49 5,015 13 308,256 76 38,125 00 3,476 66 332,827 64 38,525 00 2,918 76 338,479 17 38,825 00 17 89 35 15 95 94 172,825 40 194,407 93 22 95 99 355,351 25 38,900 00 3,120 15 343,713 56 38,500 00 158,536 200,020 22 50 13,000 00 $812,598 37 $856,487 68 $839,560 90 $835,615 09 $846,837 93 STA TE BAN KING D EPA R TM EN T. 58 No. 505. T H E B IR CH R U N STATE BANK, B IR CH RUN. O rganized J u n e 13, 1912. C h a s . H. M D ay, ir e c t o r s .— Chas. President; E r n e s t R. M a y , Vice President; R a y m o n d G. F r o s t , Cashier. H. May, Ernest R. May, Raymond G. Frost, Chas. Wolohan, Miles L. Iladsall. Resources. Loans and discount: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... 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...................... XT. 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... 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.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable........................................ T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, C4. June 30, A4. Sept. 12, ’14. $34,679 90 16,079 76 $26,259 40 30,478 37 $26,908 94 31,393 57 $31,164 79 33,931 65 $34,684 47 30,433 89 19,153 85 24,838 70 25,106 14 32,316 49 43,527 30 16 05 123 44 218 60 62 31 232 79 1,896 37 2,274 08 1,939 80 2,345 08 1,939 80 2,345 08 1,939 80 2,491 83 1,939 80 2,491 83 20,435 54 14,071 99 12,290 82 7,586 46 6,168 64 20,498 33 4,000 00 29,142 56 6,000 00 14,777 25 6,000 00 22,700 33 8,000 00 17,518 84 8,000 00 2,743 00 3,000 00 3,657 00 3,000 00 2,379 00 3,000 00 1,395 00 4,000 00 2,133 00 4,000 00 975 00 1,420 00 1,670 00 735 00 1,135 00 340 25 259 30 142 00 2,398 90 1,084 20 217 20 105 22 38 10 11 96 257 14 57 79 380 96 350 79 1,344 78 1,328 38 $126,255 14 $143,954 70 $128,533 95 $150,324 48 $154,895 34 $20,000 00 200 00 $20,000 00 400 00 $20,000 00 400 00 $20,000 00 400 00 $20,000 00 600 00 1,144 97 97 91 50 00 982 01 1,290 77 615 74 33,411 27 20,287 45 45,494 49 22,339 95 33,158 66 18,343 75 42,747 93 19,383 46 33,373 23 21,339 12 221 57 202 70 653 31 994 60 213 90 50,989 88 55,369 65 54,996 22 65,507 72 78,753 35 $126,255 14 $143,954 70 $128,533 95 $150,324 48 $154,895 34 STATE BANKS OF MICHIGAN. 59 No. 411. T H E F IR S T STA TE SAVINGS BANK OF BIRM INGHAM , BIRM INGHAM . O rganized S eptem ber 15, 1908. F rank F D i r e c t o r s .— ord, President; F r a n k H a g e r m a n , Vice President; T h o s . H . C o b b , Cashier. Frank Ford, Frank Hagerman, Thomas H. Cobb, Frank Schlaack, W. W Masters T. B. Smith, W. B. Harris. Resources. Loans and discounts: Commercial departm ent.. . . . . . . Savings department.............. Bonds, mortgages and securities: Commercial department............... Savings department...................... Premium account............................. Overdrafts............ Expenses, interest and taxes paid exceeding earnings....................... Furniture and fixtures . . Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, T4. Mar. 4, ’14. June 30, ’14 Sept. 12, ’14. $110,812 15 66,418 08 $120,967 37 64,043 73 $122,771 26 58,644 64 $145,032 83 57,537 81 $144,695 12 51,034 26 153,270 03 156,959 36 136,309 36 133,620 29 2,300 00 132,140 92 221 65 159 34 375 19 1,094 89 334 14 3,570 00 2,500 00 2,500 00 2,500 00 2,000 0Ó 5,308 81 23,586 77 20,920 43 24,614 77 18,126 16 24,632 87 12,624 04 22,137 71 9,191 54 22,568 29 4,544 00 2,000 00 9,271 00 2,000 00 4,998 00 2,000 00 9,993 00 6,585 00 12,000 00 822 50 11,000 00 332 50 10,000 00 1,625 00 10,000 00 1,672 50 11,000 00 722 50 9,000 00 992 60 1,262 60 1,146 00 1,246 00 1,336 00 Other real estate...................... Due from other banks and bankers, not reserve cities............. United States bonds: Savings department....................... D ue from banks in reserve cities: Commercial department............ Savings department.................... Exchanges for clearing house: Commercial 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 item s.......... T otals.............................. Liabilities. Capital stock paid in ...................... Surplus fund................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................... 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............... Savings deposits....................... Savings certificates of deposit......... Reserve for taxes, interest, e tc . . . Notes and bills rediscounted........... Bills payable............................. T otals..................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 359 65 527 68 557 87 128 93 127 41 2,315 25 624 98 2,077 50 675 ¿3 618 79 $385,221 49 $414,183 76 $385,763 85 $399,263 63 $394,653 97 $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 2,308 94 1,124 06 12 00 1.530 14 12 00 2,689 24 1,496 39 54,509 08 51,144 16 11 10 85,787 05 70,038 06 49,485 49 75,451 74 55,240 13 83,879 40 41 44 55,729 01 55,822 16 35 00 5,000 00 5,000 00 2,500 00 190,772 42 61,475 79 186,675 13 44,543 21 1,004 25 189,307 54 39,976 94 193.983 93 33i429 49 198,186 41 55,885 00 $385,221 49 $414,183 76 $385,763 85 $399,263 63 $394,653 97 60 STA TE BANKING D EPA R TM EN T. No. 481. T H E BLANCHARD ST A T E BANK, BLANCHARD. O rganized A p ril 4, 1911. W D il l ia m J . O r r , President; A a r o n A m o n , Vice President; A n d r e w W . O r r , Cashier; C h e s t e r C . M c D o n a l d , Assistant Cashier. ir e c t o r s .—Wm, H. Wallace, Wm. J. Orr, George Bilbrough, Aaron Amon, Andrew W. Orr. Resources. Loans and discounts: Commercial department............... Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department....................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund................................. Undivided profits, less losses, cur rent expenses, interest and taxes p aid ......................................... 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.............. Savings deposits........................... Savings certificates of deposit......... Reserve for taxes, interest, etc. . . Notes and Dills rediscounted......... Bills payable..................................... T otals............................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14. Mar. 4, T4. June 30, ’14 Sept. 12, ’14. $45,563 60 15,026 73 $55,513 02 13,641 00 $65,675 93 14,856 43 $78,028 23 6,000 00 $75,642 78 2,000 00 12,797 16 15,122 16 18,487 16 2,084 66 32,735 00 2,084 66 36,835 00 485 47 38 11 32 155 40 27 71 5,283 35 1,319 00 5,283 35 1,319 00 5,283 35 1,319 00 5,283 35 1,374 80 5,283 35 1,374 80 4,088 94 398 71 2,967 74 10,169 17 3,000 00 19,185 60 4,000 00 11,860 99 6,000 00 7,158 35 5,000 00 9,705 08 5,000 00 585 28 214 41 157 35 190 04 5 57 5,491 00 500 00 4,677 00 2,000 00 3,226 00 2,000 00 4,861 00 1,000 00 6,263 00 1,500 00 572 50 500 00 482 50 500 00 497 50 500 00 85 00 900 00 80 00 900 00 921 60 320 00 1,109 35 65 00 817 45 300 00 727 55 300 00 764 30 375 00 106 81 5 04 103 99 10 97 113 99 8 29 176 08 27 69 89 3 38 $106,735 65 $123,626 44 $134,082 50 $146,059 73 $153,216 59 $20,000 00 3,000 00 $20,000 00 3,000 00 $20,000 00 3,300 00 $20,000 00 3,300 00 $20,000 00 3,300 00 645 20 1,968 79 156 25 1,189 81 1,879 44 85 35 79 53 00 33,341 57 24,971 55 35,526 61 25,239 62 5 40 5,000 00 208 14 7,500 00 17,661 70 14,487 23 19,748 34 15,590 79 21,164 64 20,987 24 $106,735 65 $123,626 44 $134,082 50 27,780 17,743 233 183 5,000 5,302 07 49,465 22,013 4 50 7,500 67 81 74 43 00 55,387 72 20,111 65 26,087 21 16,448 06 25,961 50 18,751 88 $146,059 73 I 324 40 7,500 00 $153,216 59 STATE BANKS OF MICHIGAN. 61 No. 163. T H E B L IS S F IE L D STA TE BANK, B L IS S F IE L D . O rganized M ay 31, 1893. A. D. E l l i s , President; W il l ia m R o t h f u s s , Vice President; L. H. R o t h f u s s , Cashier; K. B. G l a s e r , Assistant Cashier. D i r e c t o r s .— A. D. Ellis, Geo. F. Ford, William Rothfuss, Geo. W. Davenport, L. H. Rothfuss, G. A. Hathaway, James G. Hill, E. A. Beamer. Resources. Loans and discounts: Commercial department............... Savings department....................... Bonds, mortgages and securities: Commercial department............... Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................. 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ........................ Surplus fund .7 .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................. Dividends unpaid.............................. Commercial deposits subject to check................................................. Commercial certificates of deposit.. Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit. .. 7........... Due to banks and bankers.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable...................................... T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 2 1 ,’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $157,660 77 52,883 50 $157,713 92 42,699 50 $175,704 58 36,133 50 $119,922 73 38,088 16 $134,658 32 45,945 31 167,130 00 165,005 00 163,630 00 171,306 00 166,380 00 25 46 415 71 127 05 278 17 526 54 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 00 550 00 550 00 550 00 550 00 12,848 61 24,681 64 42,884 94 23,757 18 34,744 24 35,705 22 11,464 74 50,185 14 17,470 67 38,946 88 9 00 51 00 67 50 5 84 66 88 8,522 00 8,000 00 5,384 00 7,200 00 12,309 00 7.500 00 6,701 00 8,400 00 7,375 00 8,000 00 2,050 00 4,000 00 2,850 00 4,500 00 3,000 00 4.500 00 2,900 00 5,000 00 3.000 00 5.000 00 685 45 339 00 533 70 136 00 514 65 391 00 738 65 260 00 354 20 215 00 97 06 96 84 76 53 193 13 .52 10 42 74 $446,482 49 $460,777 79 $481,953 27 $423,036 30 $434,990 90 $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 12,000 00 3,187 06 1,069 92 3,003 92 7,094 24 4,330 28 51,009 79 85,493 05 77,559 84 80,412 15 74,652 39 101,468 32 36,481 67 76,246 66 48,079 20 86,281 20 246,792 59 236,735 88 247,828 64 273,213 73 264,300 22 $423,036 30 *434,990 90 30,000 00 35,000 00 25,000 00 $446,482 49 $460,777 79 $481,953 27 STA TE BANKING D EPA R TM EN T. 62 No. 221. T H E JIPSO N -C A R T E R STATE BANK, B L IS S F IE L D . O rganized M arch 1, 1900. W. C . J i p s o n , President; C h a s . L. K i n g , Vice President; J . G. B a u e r , Cashier; O t t o II. J o h n s o n , Assistant Cashier. D ir e c t o r s .— W. C. Jipson, C. E. Howland, J. C. Holt, J. J. Walper, R. M. Eccles, Chas. L. King, J. G. Bauer, T. G. Glaser, H. E. Morrow. Resources. Loans and discounts: Commercial department.............. Savrag»-department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... 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...................... Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $95,807 35 103,601 93 $127,038 22 86,281 18 $98,236 47 95,916 98 $72,177 79 37,908 23 $101,912 58 28,795 20 2,000 00 415,260 75 2,000 00 376,235 75 2,000 00 373,220 75 2,000 00 408,760 75 2,000 00 408,535 75 2,469 49 553 98 1,994 98 240 29 1,983 14 394 63 2,213 71 30 31 2,162 66 560 31 8,301 90 4,391 14 8,301 90 4,395 64 8,301 90 4,395 64 8,301 90 4,694 58 8,301 90 4,694 58 2,327 32 2,556 93 4,485 00 130 10 1,840 00 8,737 48 54,610 68 10,769 47 66,622 25 12,003 97 96,270 27 14,592 53 147,249 47 17,413 18 116,565 98 3.000 00 8,413 00 3.000 00 9,196 00 4.000 00 7,267 00 3.000 00 6,376 00 3.000 00 7,916 00 3.000 00 15,280 00 3.000 00 16,260 00 3.000 00 16,835 00 4.000 00 16,195 00 4.000 00 16,060 00 Silver coin: Commercial department............... Savings department...................... Nickels and cents: Commercial department.............. Savings department...................... Checks and other cash item s.......... 1,237 50 1,499 85 1,279 55 2,225 25 2,444 85 132 48 8,608 92 151 92 201 87 136 87 7,721 30 130 28 1,187 66 170 71 3,129 00 T otals........................................... $737,733 92 $719,746 25 $737,448 47 $731,173 56 $729,502 70 $50,000 00 12,000 00 $50,000 00 13,000 00 $50,000 00 13,000 00 $50,000 00 13,000 00 $50,000 00 14,000 00 9,754 55 4,213 54 100 00 7,160 27 10,776 40 8,569 34 66,187 92 91,291 44 90,803 15 81,205 45 85,157 20 331,042 37 228,709 08 314,175 27 226,966 00 321,564 07 244,920 98 333,476 31 242,715 40 334,138 30 237,637 86 $731,173 56 $729,502 70 Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... 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.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable........................................ T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 40,000 00 20,000 00 10,000 00 $737,693 92 $719,746 25 $737,448 47 STATE BANKS OF MICHIGAN. 63 No. 516. T H E P E O P L E ’S STA TE BANK O F BLOOMINGDALE. O rganized J u ly 9, 1912. R uben” E . A l l e n , President; A r t h u r B. W ig g in s , Vice President; E l l is S im o n , Cashier. D i r e c t o r s — Daniel M. Allen, Lowell A. Newcomb, Ellis Simon, Ruben E. Allen, Edwin J. Dayton, Arthur B. Wiggins. Resources. Loans and discounts: Commercial department............... Savings department....................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... Dividends unpaid............................... Commercial 'deposits subject to check................................................. Commercial certificates of deposit. . Certified checks..................... *.......... Cashier’s checks outstanding.......... State monies on deposit. . . 7 ........... Due to banks and Hankers.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable........................................ T otals........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, T4. June 30, T4. Sept. 12, T4. $72,917 87 47,125 00 $68,046 71 50,065 00 $74,469 47 47,120 00 $72,869 29 50,976 50 $78,291 30 52,155 00 68,816 15 66,224 90 66,542 95 64,195 95 64,620 95 1,336 81 358 96 375 28 557 38 1,262 85 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 830 00 830 00 445 99 125 23 923 90 37 07 713 68 515 43 237 73 16,368 08 14,500 00 10,467 19 13,500 00 3,722 11 14,500 00 4,384 84 16,000 00 2,627 30 12,800 00 3,021 00 5,300 00 4,731 00 5,300 00 588 00 3,900 00 2,668 00 5,000 00 3,428 00 5,400 00 240 00 1,217 42 135 00 1,507 42 70 00 1,607 42 170 00 1,807 42 90 00 2,007 42 361 35 278 55 176 20 204 35 361 40 89 47 118 66 103 84 108 16 66 55 25 00 264 38 95 10 48 33 $232,912 70 $222,694 36 $214,913 95 $221,551 70 $225,273 60 $20,000 00 20,000 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 4,594 70 599 82 120 00 1,263 83 40 00 1,299 40 909 30 30 00 47,599 08 46,620 00 40,784 22 43,226 85 45,552 87 2,500 00 16,143 96 117,203 05 33 99 16,990 44 113,801 47 5,000 00 15,784 30 119,934 62 16,775 25 113,250 20 17,467 81 116,813 62 $222,694 36 $214,913 95 $221,551 70 ¡5225.273 60 5,000 00 $232,912 70 STA TE BANKING D EPA R TM EN T. 64 No. 436. T H E FA R M E R S’ STATE BANK OF B R E C K E N R ID G E , B R EC K EN R ID G E. O rganized A p ril 21, 1909. A l e x . C h is h o l m , President; A. L. G i l e s , Vice President; R. L. B a l d w in , Cashier. D i r e c t o e s .—Alex. Chisholm, B. L. Hodge, A. L. Giles, J. L. Smith, E. Arnold, Robert Donnan, Robert Boswell, C. K. Fox. Resources. Loans and discounts: Commercial department............ Savings department.................... Bonds, mortgages and securities: Commercial department.......... . Savings department.................. . Premium account.............................. Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings........................ Banking house.................................... 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 item s. T otals. Liabilities. Capital stock paid in .................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ............................................... 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.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable....................................... T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14.; Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $45,747 11 31,841 52 $50,382 24 17,471 86 $52,745 20 17,416 14 $60,688 73 19,340 00 $60,894 17 21,343 39 35,263 00 36,657 00 34,157 00 33,752 25 33,735 50 366 99 410 27 67 91 64 03 885 27 141 63 5,300 00 2,500 00 102 46 5,300 00 2,500 00 182 79 5,300 00 2,500 00 5,300 00 2,500 00 5,300 00 2,500 00 272 25 13 00 90 1,101 09 5,749 17 9,912 10 5,526 28 13,833 59 7,954 99 6,159 24 7,039 30 6,993 51 7,282 69 544 00 2,500 00 3,765 00 3,135 00 2,300 00 3,935 00 2,000 00 2,000 00 2,126 00 2,450 00 1,130 00 1,140 00 167 50 2,090 00 902 50 1,000 00 1,000 00 514 60 4 70 62 45 166 00 131 00 69 00 372 70 35 00 452 15 13 00 42 46 1,438 70 11 14 76 132 86 11 93 8 79 22 98 64 94 18 38 93 81 93 19 554 40 $135,417 22 $135,543 42 $140,977 22 $142,457 80 $147,039 76 $20,000 00 $20,000 00 $20,000 00 $20,000 00 $20,000 00 39 62 190 32 2,500 00 3,400 00 3,400 00 525 06 3,400 00 3,400 00 13,568 11 9,900 72 29,332 11 19,859 41 22,242 42 32,288 88 18,327 03 37,525 42 20,511 27 32,113 40 45,319 64 32,128 75 35,692 12 27,259 78 35,616 98 27,428 94 43,193 67 19,972 06 43,086 31 22,738 46 $135,543 42 $140,977 22 $142,457 80 $147,039 76 5,000 00 12,000 00 $135,417 22 65 STATE BANKS OF MICHIGAN. No. 187. F IR S T STA TE SAYINGS BANK OF B R E C K E N R ID G E , B R EC K EN R ID G E. O rganized A p ril 7, 1896. J a m e s B . C r a w f o e d , President; W . O . W a t s o n , A . J o h n s t o n e , Vice Presidents; A l f . F. C r a w f o r d , Cashier; O. G. C o l t h o r p , Assistant Cashier. D ir e c t o r s .—James B. Crawford, W. O. Watson, L. Waggoner, A. Johnstone, John Mitchell, James P. Gibbs, Alf. F. Crawford, Thos. Crawford, C. Peterman. Resources. Loans and discounts: Commercial department.............. Ravings department...................... Bonds, mortgages and securities: Commercial department.. Savings department...................... Premium account. . . Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings.. . Banking house. .. T........................... Furniture and fixtures...................... Other real esta te......... Due from other oanks and bankers, not reserve cities............................ Items in transit.................................. United States bonds: Sayings department. . . Due from banks in reserve cities: Commercial department.............. Savings department...................... Exchanges for clearing house: Commercial department.............. Sayings 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid ................................................... Commercial deposits subject to check................................................. Commercial certificates of deposit. . Cashier’s checks outstanding... Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and hills rediscounted........... Bills payable........................................ T otals........................................... 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, T4. June 30, T4. Sept. 12, T4. $141,860 29 7,993 82 $145,053 80 $142,270 35 5,000 00 $133,788 45 $114,083 23 3,000 00 48,810 16 41,324 16 46,124 16 5,000 00 45,210 07 42,185 07 1,107 23 566 87 526 49 1,186 28 471 63 1-219 40 1,500 00 1,219 40 1,500 00 1,219 40 1,500 00 1,219 40 1,500 00 1,219 40 1,500 00 660 66 6,368 09 3,624 56 2,922 70 3,116 24 10,089 58 6,530 76 16,079 57 3,995 65 21,231 85 4,279 54 6.647 31 2,818 55 9,104 52 1,530 94 3,053 00 3,000 00 2,330 00 5,000 00 2,955 00 4,383 00 895 00 2,080 00 2,342 00 3,000 00 1,170 00 1,205 00 1,060 00 1,022 50 1,027 50 85 00 475 80 500 00 1,894 30 20 00 613 50 746 45 471 00 1,052 45 221 90 680 00 68 53 12 39 708 17 100 29 5 34 476 19 42 07 94 27 945 36 25 31 36 6! 254 62 63 51 4 01 1,339 67 $228,874 79 $227,103 66 $236,761 09 $207,190 25 $184,895 62 $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 1,279 71 961 23 1,093 97 1,247 17 582 17 43,382 16 53,700 79 80 00 50,134 07 66,993 21 49,447 57 66,887 04 37,081 39 58,641 51 39,973 31 38,434 12 33,563 36 33,368 77 5,500 00 35,317 85 16 197 30 5,500 00 35,025 69 26,806 73 5,500 00 33,055 76 19,164 42 6,000 00 27,688 22,717 6,000 2,500 15,000 1,200 00 26,000 00 20,000 00 20,000 00 20,000 00 $228,874 79 $227.103 66 $236,761 00 $207,190 25 65 37 00 00 00 $184,895 62 STA TE BAN KING D EPA R TM EN T. 66 No. 452. T H E BRIGH TON STATE BANK, BRIGHTON. O rganized A pril 11, 1910. W. P. V a n W i n k l e , President; W. T. F r y , Vice President; F r a n k M. L a n s in g , Cashier. D i r e c t o r s .—J. A. Nelson, C. E. Placeway, W. T. Fry, F. M. Bergin, A. L. Smith, W. P. Van Winkle, F. T. Hyne. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts.............. Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real esta te................................ 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... 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........................................ T otals....................................... .... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, 14. Mar. 4, T4. June 30, T4. Sept. 12, T4. $32,045 58 $28,621 76 $24,844 40 $26,883 62 $29,921 18 4,500 00 46,088 29 8,500 00 44,839 18 13,800 00 45,605 43 10,000 00 50,464 25 13,300 00 45,064 25 7 75 150 21 5 24 15 00 7,936 65 1,184 95 7,936 65 1,184 95 7,936 65 1,454 45 7,936 65 1,590 75 7,936 65 1,590 75 679 07 234 16 752 75 648 65 225 84 4,340 86 5,691 98 6,008 80 5,767 82 6,369 34 8,117 36 11,066 73 6,856 47 9,481 35 8,425 54 4,059 00 3,000 00 6,978 00 1,750 00 4,225 00 1,500 00 2,000 00 2,904 00 4,475 00 2,000 00 640 00 300 00 137 50 1,000 00 332 50 1,000 00 300 00 1,155 00 550 00 507 60 636 40 18 00 282 00 100 00 70 00 373 20 104 40 447 00 160 25 1 93 38 55 130 16 17 228 62 158 24 4 60 10 15 74 119 05 23 50 142 25 22 33 60 $111,174 71 $113,979 92 $116,643 08 $122,397 85 $123,713 03 $20,000 00 $20,000 00 $20,000 00 $20,000 00 $20,000 00 916 92 1,502 44 1,741 78 1,589 82 2,011 63 35,175 59 39,037 71 37,900 05 36,781 73 43,183 64 64 60 73 75 26,024 74 29,057 46 26,763 93 26,611 24 2,600 11 24,366 87 29,960 52 2,130 83 25,702 01 36,193 46 1,984 91 23,170 29 33,316 72 $111,174 71 $113,979 92 $116,643 08 $122,397 85 $123,713 03 45 84 67 STATE BANKS OF MICHIGAN. No. 519. TH E BRIM LEY STATE BANK, BRIM LEY. O rganized A u gust 26, 1912. W e i n h a r d , Vice President; F r a n k K . W a l l a c e , Cashier. D irectors.—Wm. H. Wallace, Frank K. Wallace, C. B. Chatfield, A. W. Reinhard, Mrs. Minnie Reinhard. m. H . W a l l a c e , President; A. W . R Resources. Loans and discounts: Commercial department............ Savings department.................... Bonds, mortgages and securities: Commercial department............ Savings department.................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real esta te................................ Due from other banks and bankers not reserve cities............................ Item s 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.................... IJ. 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 item s. T o ta ls. Liabilities. Capital stock paid in Surplus fund.............. Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................... 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............ Savings deposits............................... Savings certificates of deposit Reserve for taxes, interest, etc. . . Notes and bills rediscounted......... Bills payable..................................... T otals. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, T4. Mar. 4, T4. June 30, T4. Sept. 12, T4. $18,342 69 $16,699 73 $15,663 07 $19,592 52 $19,508 26 10,260 95 9,260 00 14,136 67 14,696 54 14,819 87 40 60 62 586 07 119 20 545 00 780 00 2,836 73 780 00 3,887 73 1,240 69 3,940 17 1,315 43 3,948 62 1,316 06 4,142 70 11,131 00 6,882 26 1,896 82 51 31 6,142 33 2,655 31 5,738 62 3,657 56 2,632 18 1,967 43 2,000 00 2,000 00 1,000 00 82 09 1,057 00 1,000 00 1,735 00 1,538 00 2,618 00 500 00 1,757 00 1,558 00 300 00 615 00 625 00 181 70 300 00 279 80 56 60 288 85 137 00 245 10 300 00 242 00 27 00 141 94 17 30 229 81 33 01 1,445 94 100 01 123 01 90 141 92 77 21 70 60 41 25 281 03 1,159 67 $54,124 44 $51,858 28 3,202 07 $50,796 66 $20,000 00 $20,000 00 $20,000 00 $20,000 00 $20,000 00 276 95 465 50 21,945 83 16,939 55 20,185 71 250 87 15,781 42 25,802 21 .......26 75 2,809 70 2,568 55 4,731 86 3,312 75 7,514 55 2,153 35 10,395 16 590 41 9,356 70 788 75 $41,159 67 $54,124 44 $51,858 28 $48,202 07 $50,796 66 68 STA TE BAN KING D EPA R TM EN T. No. 409. T H E F IR S T STATE SAVINGS BANK OF BRONSON. O rganized May 1, 1908. J. E . W a t s o n , President; C. G. B a b c o c k , Vice President; B. P. T a g g a r t , Cashier; F . T . S h a f f m a s t e r , Assistant Cashier. D ir e c t o r s .—C. J. Holmes, J. E. Watson, J. F. Werner, C. G. Babcock, Wm. B. Bushnell, E. W. Werner, Frank Coward, Jesse Monroe, C. C. Fenner. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department....................... Premium account......................... Overdrafts............................... Expenses, interest and taxes paid exceeding earnings......................... Banking h ou se.................................. 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 item s........... T otals............................ Liabilities. Capital stock paid in ................ Surplus fund......................... Undivided profits, less losses, current expenses, interest and taxes p aid ................................ Dividends unpaid.................... Commercial deposits subject to check............................ Commercial certificates of deposit.. Certified checks......... Cashier’s checks outstanding.......... State monies on deposit. . . 7. Due to banks and bankers............ Savings deposits. . . . Savings certificates of deposit........ Reserve for taxes, interest, etc. . . Notes and bills rediscounted. .. Bills payable.............. T otals.................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, T4. June 30, T4 Sept. 12, T4. $53,616 22 42,221 08 $65,238 94 34,501 04 $51,449 99 29,639 41 $50,913 29 51,193 61 $51,268 64 42,354 61 114,790 73 110,577 73 110,552 73 9,000 00 108,520 00 9,000 00 109,020 00 2,308 38 1,920 44 656 48 7,400 00 2,477 89 7,400 00 2,477 89 7,400 00 2,475 00 381 53 65 68 170 88 1,568 26 16,918 17 28,650 13 15,734 35 44,131 48 16,178 60 1,579 77 2,475 00 2,710 42 8,264 76 24,241 17 9 9Q1 Qn 17,517 47 197 70 985 16 261 00 3,000 00 3,313 00 3,000 00 1,983 00 2,500 00 3,056 00 3,800 00 467 00 2,500 00 170 00 4,750 00 1,325 00 4,000 00 417 50 5,000 00 1,245 00 5,000 00 105 00 6,000 00 493 30 700 00 291 10 800 00 586 15 500 00 370 25 175 00 780 70 104 84 9 08 1,618 78 69 60 67 17 304 96 54 43 89 30 1,017 01 47 80 25 00 $252,789 26 $279,737 03 $274,801 96 $50,000 00 3,200 00 $50,000 00 3,400 00 $50,000 00 1,979 15 2,479 91 o,ovo oo 28,272 33 66,399 59 28,147 18 156 00 114 00 5,000 00 1,024 00 5,000 00 12 00 32,282 59 136,899 19 124,374 60 130,526 28 143,877 23 32,502 42 134,336 10 $252,789 26 $279,737 03 $277,443 86 $254,596 05 36 00 $254,596 05 3,700 00 $50,000 00 3,700 00 STATE BANKS OF MICHIGAN. 69 No. 312. *TH E BROOKLYN STA TE BANK, BROOKLYN. O rganized M ay 16, 1905. E d w in J. E n n i s , President; F r a n k H. B r o w n , W m. V. R o b e r s o n , Vice Presidents; E b e n F. H o r n in g , Cashier; A. E . S h e k e l l , Assistant Cashier. D i r e c t o r s . —E. J. Ennis, John M. Horning, David J. Boyce, Wm. Y. Roberson, Chas. T. Greene, Frank H. Brown, J. W. Pierce, W. J. Neely, W. T. Parker. Resources. Report of Report of Report of Report of Report of Oct. 21, Y3. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. Loans and discounts: Commercial department.............. Savings department....................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account.............................. Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house. . . ........................... 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 departm ent.. . . . . . . Savings department...................... Nickels and cents: Commercial department............... Savings department...................... Checks and other cash item s.......... T otals...................... Liabilities. Capital stock paid in ......................... Surplus fund. ?.................................... Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... Dividends unpa.d.............................. Commercial "deposits subject to check................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit................... Due to banks and bankers............... Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable.......... T otals........................................... ♦Formerly Culver State Bank, Brooklyn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ...................... j ...................... 1 STA TE BAN KING D EPA R TM EN T. 70 No. 312. *T H E CULVER STATE BANK, BROOKLYN. O rganized M ay 16, 1905. W. T. P a b k e r , President; F. H. B r o w n , W. Y. R o b e r s o n , Vice Presidents; A. E. S h e k e l l , Cashier D ir e c t o r s .— W. T. Parker, B . E. Loomis, J. W. Pierce, W. V . Roberson, Willis J. Crego, Frank H. Brown, W. J. Neely, J. D. Reed, A. E. Shekell. Resources. Loans and discounts: Commercial department............... Savings department...................... Bonds, mortgages and securities: Commercial department............... Savings department....................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real esta te................................ 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 departm ent...................... Checks and other cash item s........... T otals.............. Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, current expenses, interest and taxes p a id ................................................... Dividends unpaid............................... Commercial deposits subject to check................................................. Commercial certificates of deposit. . Certified checks..................... *........... Cashier’s checks outstanding.......... State monies on deposit. . . 7........... Due to banks and bankers............... Christmas savings deposits.............. Savings d ep osits.. . . .*....................... Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills pavable........................................ T otals........................................... Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, ’14. Mar. 4, ’14. June 30, T4. Sept. 12, Y4. $65,179 51 25,827 33 $60,950 73 27,265 33 $62,603 10 28,126 33 $65,449 64 22;557 82 $63,739 04 24,652 82 510 00 63,037 52 110 00 63,290 80 110 00 62,140 80 110 00 60,427 92 110 00 59,577 92 577 56 160 94 467 75 446 53 154 25 7,500 00 1,600 00 7,500 00 1,600 00 7,200 00 1,440 00 2,300 00 440 00 5,900 00 440 00 500 00 900 00 900 00 2,347 08 2,383 08 2,136 43 10,986 70 6,865 32 13,841 28 4-473 81 14;269 03 4,528 95 20,940 41 5,338 26 11,527 92 719 68 94 94 83 65 66 75 267 59 2,500 00 2,396 00 3,000 00 3,064 00 1,224 00 2,000 00 837 00 • 1,000 00 2,199 00 2,800 00 3,100 00 7,311 30 5.200 00 5 |566 30 4,836 30 6,000 00 6,003 80 5,000 00 1,501 30 10,000 00 100 00 84 35 44 05 100 00 100 00 29 70 100 00 92 15 50 60 50 00 48 70 36 94 36 00 33 78 34 20 4 78 41 02 54 51 13 18 53 04 51 19 64 75 25 28 21 59 74 90 $194,188 02 $199,626 45 $196,113 18 $192,817 03 $190,813 55 $25,000 00 12,000 00 $25,000 00 12,000 00 $25,000 00 12,000 00 $25,000 00 12,000 00 $25,000 00 12,000 Oí) 6,065 98 5,020 47 216 00 5,186 31 40 00 2,316 90 1,000 00 3,384 94 37,972 37 43,150 10 40,232 31 41,182 79 40,598 36 55,923 20 53,789 74 58,503 13 54,736 75 50 60 58,627 63 53,976 33 155 65 56,579 21 53;382 48 221 45 56,122 73 52,286 07 3,400 00 1,000 00 1,000 00 1,200 00 1,200 00 $194,188 02 $199,626 45 $196,113 18 $192,817 03 $190,813 55 36 73 ♦Changed title to “ The Brooklyn State Bank,” and absorbed the Farmer State Bank of Brooklyn, October 1, 1914. See preceding page. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BANKS OF MICHIGAN. 71 No. 310. *THE FA R M E R S’ STATE BANK OF BROOKLYN, BROOKLYN. O rganized A p ril 22, 1905. E. J. E n n i s , President; C h a s . A t k i n s o n , D. J. B o y c e , Vice Presidents; E. F. H o b n in g , Cashier. D ib e c t o r s .— E. J. Ennis, P. A. Cady, Chas. T. Greene, C. L. Vaughan, Chas. Atkinson, J. M. Horning, E. N. Palmer, D. J. Boyce, L. A. Watts. Resources. Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, T4. Sept. 12, ’14. Loans and discounts: Commercial department.............. Savings department ..................... Bonds, mortgages and securities: $42,406 16 43,640 49 $50,422 49 38,493 09 $44,965 22 34,126 41 $43,837 70 40,434 03 $42,944 25 39,604 61 Savings department...................... 77,576 87 76,043 96 79,080 96 76,470 96 80,240 96 Overdrafts............................................ Expenses, interest and taxes paid, 485 19 504 99 706 48 379 88 820 08 Furniture and fixtures....................... 1,913 00 1,913 00 1,913 00 1,913 00 1,913 00 237 50 185 00 Due from other banks and bankers, 1,775 00 Tfern s i n t,ransi fc.................................. 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. 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 item s.......... T otals........................................... Liabilities. Capital stock paid in ......................... Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p aid............. ...................................... Commercial deposits subject to check. ........................................ ...... 2,771 78 14,168 30 1,725 21 10,618 74 2,734 31 18,174 79 2,687 07 15,928 96 2,640 10 14,764 63 200 00 1,006 45 75 00 2,500 13 210 00 306 54 27 56 38 00 18 00 1,000 00 4,864 00 1,200 00 4,270 00 1,500 00 4,671 00 1,500 00 5,240 00 1,100 00 2,718 00 500 00 1,562 50 200 00 2,000 00 400 00 1,900 00 500 00 2,012 50 400 00 2,147 50 450 00 1,334 20 300 00 558 25 200 00 839 60 400 00 703 90 300 00 1,118 50 50 00 84 47 1,440 00 25 00 132 41 570 00 90 00 102 23 2,117 58 72 44 113 81 62 00 122 26 $195,353 41 $191,552 27 $195,813 12 $192,459 31 $191,136 89 $25,000 00 6,000 00 $25,000 00 7,000 00 $25,000 00 7,000 00 $25,000 00 7,000 00 $25,000 00 7,000 00 3,001 63 1,298 37 1,429 75 2,306 36 3,111 45 27,020 05 23,383 85 28,823 01 25,143 56 23,128 01 5,000 00 2,500 00 11 76 87,003 21 40,994 42 13 01 88,063 37 42,321 05 $192,459 31 $191,136 89 Postal savings deposits..................... Savings deposits.*........................ ...... Savings certificates of deposit......... 90,463 77 43,867 96 89,892 46 44,977 59 175 76 88,709 89 44,674 71 T otals........................................... $195,353 41 $191,552 27 $195,813 12 C onsolidated with The Brooklyn State Bank, October 1, 1914. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 72 STA TE BAN KING D EPA RTM EN T. No. 216. BROWN CITY SAVINGS BANK, BROW N CITY. Organized June 9, 1899. J a m e s L. B e n e d i c t , President; J o h n E. C a m p b e l l , Vice President; C h a r l e s N o b l e , CashierJ u l iu s L . B e n e d i c t , Assistant Cashier. D i r e c t o r s — James L . Benedict, A. E. Sleeper, Charles Noble, H . McNair, D . C . Merrill J. E. Campbell, W. A. Martin. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account.................. Overdrafts........................... Expenses, interest and taxes paid, exceeding earnings....................... Banking house..................... Furniture and fixtures.............. Report of Report of Report of Report of Report of Oct. 21, T3. Jan. 13, T4. Mar. 4, T4. June 30, T4 Sept. 12, T4. $163,067 77 15,172 86 $157,393 80 9,185 19 $156,273 02 11,153 00 $159,054 09 11,153 00 $160,530 22 11,153 00 22,977 83 24,577 83 25,027 83 22,667 83 22,667 83 1,660 36 1,191 02 718 49 696 50 398 80 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 11,995 05 3,925 16 14,974 97 3,425 16 20,965 99 3,425 16 11,877 80 5,425 16 20,768 53 4,425 16 5,486 00 7,352 00 6,610 00 6,933 00 2,764 00 5,836 00 3,162 00 1,417 50 2,620 00 1,762 50 2,350 00 1,322 50 3,020 00 2,412 50 2,395 00 544 40 3 00 774 00 1,143 25 4 80 740 70 778 55 453 46 02 489 64 3 48 760 52 564 97 07 279 59 460 30 04 454 35 87 251 41 $244,619 57 $239,240 11 $245,506 67 $239,184 92 $247,821 72 $25,000 00 5,000 00 $25,000 00 5.000 00 $25,090 00 5,000 00 $25,000 00 5,000 00 $25,000 00 5,000 00 9,147 87 7,054 24 3.000 00 9,948 52 9,817 25 10,312 16 27,810 53 103,454 73 39,187 43 92,111 06 40,260 96 105,393 19 30,435 49 101,922 15 36,912 90 104,187 80 401 40 5,000 00 4,239 55 5,000 00 1,166 97 5,000 00 5,000 00 5,000 00 44,698 87 39,541 66 42,630 86 42.010 03 41,408 86 6,106 17 18,000 00 6,106 17 13,000 00. 6,106 17 5,000 00 20,000 00 20,000 00 $245,506 67 $239,184 92 $247,821 72 Other real estate............................ Due from other banks and bankers, not reserve cities................. 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 item s.......... T otals................................... Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, cur rent expenses, interest and taxes paid................................................... Dividends unpaid.............................. Commercial deposits subject to check............................................... Commercial certificates of deposit.. Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit. .. 7........... Due to banks and bankers............... Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills payable..................................... T otals........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 296 16 $244,619 57 $239,240 11 STATE BANKS OF MICHIGAN. 73 No. 253. C IT IZ E N S ’ STA TE SAVINGS BANK, BROW N CITY. O rganized J a n u a ry 8 , 1902. J ohn J.K ea rn s, President; D a n i e l W H D ir e c t o r s .— John D . A. M cK e it h , Cashier- J. Kearns, Hugh McPhee, L. H. Hbwse, Daniel Webster, Harvey Tappan D . A. McKeith, Hugh McLeod, William T. Campbell. Resources. Loans and discounts: Commercial department.............. Savings department.................... Bonds, mortgages and securities: Commercial department............... Savings department.................... Premium account........................... Overdrafts.................. Expenses, interest and taxes paid, exceeding earnings..................... Banking house................. Furniture and fixtures.............. Other real esta te................. 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 item s.......... T otals..................................... Liabilities. Capital stock paid in .................. Surplus fund............................. Undivided profits, less losses, cur rent expenses, interest and taxes paid.................................... 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.............. Savings deposits............................... Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........ Bills payable..................................... T otals.......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e b s t e r , L . H . H o w s e , Vice Presidents; u g h M c L e o d , Assistant Cashier. Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, T4 Sept. 12, T4. $177,790 60 24,500 00 $166,614 42 13,000 00 1167,069 52 1^ non nn $161,229 28 21,000 00 $163,830 43 19,000 00 73,680 00 1,000 00 73,495 00 1,000 00 74,995 00 74,930 00 1,000 00 75,030 00 524 64 1,273 68 1,064 28 5,000 00 1,820 00 5,000 00 1,820 00 363 82 10,000 00 1,820 00 10,000 00 1,820 00 1,500 00 1,820 00 1 «fifi fifi 7,754 61 9,976 44 9 Q 3A 3 9 7,354 58 8,467 75 15,515 89 12,042 33 15,374 53 10,229 78 16,821 17 12,936 96 11.263 95 11,394 36 14,008 09 10,077 06 650 82 939 45 580 93 525 37 312 36 10,285 00 13,108 00 9,698 00 8,590 00 8,569 00 2,005 00 6,000 00 2,140 00 6,000 00 2,005 00 6,000 00 3,730 00 6,000 00 3,800 00 6,000 00 417 25 350 05 961 65 642 25 134 9 0 293 12 309 33 283 01 371 81 447 37 ««Q «S $321,351 60 $324,360 78 $25,000 00 « finn nn $25,000 00 $25,000 00 5,090 00 11,736 56 12,299 96 126,661 63 39,856 36 130,457 29 1,500 00 899 70 $338,279 26 $322,130 58 $25,000 00 5,000 00 $25,000 00 5,000 00 9,853 83 10,151 92 250 00 45,332 88 136,870 02 49,928 26 131,128 39 20 A2A 9Q 135,532 60 116 170 28 52 25 100,619 86 52 25 109,313 89 52 25 $338,279 26 $322,130 68 $326,569 55 $29« 19 9 2« A3 5,000 00 52 25 109,194 92 52 25 74 STA TE BANKING D EPA R TM EN T. No. 212. T H E B U R R OAK STATE BANK, BURR OAK. O rganized D ecem ber 21, 1898. H. P . M o w b y , President; M . F . S m it h , Vice President; S. H. H o g l e , Cashier; M a b y A. H o g l e , Assistant Cashier. D ir e c t o r s .— H. P. Mowry, B. P. Taggart, C. J. Holmes, Sr., M. F. Smith, Wm. Mallow, S. H. Hogle, S. L. Hagenbaugh. Resources. • Loans and discounts: Commercial department............... Savings department....................... Bonds, mortgages and securities: Commercial department............... Savings department....................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures....................... Other real esta te................................ 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 item s.......... T otals............................ Liabilities. Capital stock paid in ...................... Surplus fund................................. Undivided profits, less losses, cur rent expenses, interest and taxes paid.................................... 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................................... T o ta ls................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 2 1 ,’13. Jan. 13, ’14. Mar. 4, T4. June 30, ’14. Sept. 12, ’14. $25,667 57 28,634 74 $12,419 93 34,028 46 $21,609 93 28,508 31 $11,581 00 37,743 76 $11,081 00 35,125 19 50,280 75 54,045 75 55,545 75 1,000 00 53,120 75 1,000 00 52,671 75 350 38 427 80 11 92 2Ì 21 3 49 3,300 00 1,900 00 3,300 00 1,900 00 3,300 00 1,900 00 3,300 00 1,900 00 3,300 00 1,900 00 4,470 29 4,470 29 4,470 29 4,021 62 4,021 62 500 00 500 00 500 00 500 00 500 00 9,191 92 18,087 77 1,000 00 9,570 67 12,434 49 19,729 24 1,848 00 1,351 00 2,735 00 2,978 00 2,665 00 25 00 5,200 00 125 00 5,200 00 170 00 5,200 00 5,500 00 10 00 5,500 00 183 90 336 60 203 00 117 90 120 70 38 39 27 62 35 71 53 47 69 33 1,098 38 268 96 1 24 25 00 307 75 $132,689 32 $136,489 18 $134,761 82 $134,297 20 $138,005 07 $15,000 00 3,000 00 $15,000 00 2,500 00 $15,000 00 2,500 00 $15,000 00 2,500 00 $15,000 00 3,000 00 1,706 98 428 06 596 50 570 73 62 46 12,286 16 16,025 36 12,134 07 14,054 96 23,269 30 359 30 100,336 88 1,379 68 101,156 08 579 61 1,819 46 102,132 18 556 76 2,666 28 98,948 47 563 49 2,760 30 93,349 52 $132,689 32 $136,489 18 $134,761 82 $134,297 20 $138,005 07 STATE BANKS OF MICHIGAN. No. 313. T H E STATE B AN K OF BYRON, BYRO N O rganized Ju n e 7, 1905. L. C. K a n o u s e , President; C . A . F r i t z , S e w a r d C h a f f e e , Vice Presidents; J. L. V a n A l s t i n e , Cashier. D ir e c t o r s .— L. C. Kanouse, C. A. Fritz, Seward Chaffee, Orlando Lee, F. S. Ruggles, E. D. Wiltse, Geo. H. Eddy. Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account...................... Overdrafts........................... Expenses, interest and taxes paid, exceeding earnings......................... Banking house................... Furniture and fixtures.................... Other real esta te.............................. Due from other banks and bankers, not reserve cities............................ Items in transit................. United States bonds: Savings denartment...................... 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.......... 1 . 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 item s.......... T otals................................. Liabilities. Capital stock paid in .................... Surplus fund............................... Undivided profits, less losses, cur rent expenses, interest and taxes paid......................................... Dividends unpaid............................ Commercial deposits subject to check.................................. Commercial certificates of deposit.. Certified checks................................ Cashier’s checks outstanding.......... State monies on deposit. .. 7........... Due to banks and bankers.............. Savings deposits................ Savings certificates of deposit......... Reserve for taxes, interest, etc. . . Notes and bills rediscounted. Bills payable........ T otals................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, T4. June 30, T4. Sept. 12, T4. $59,130 44 $61,258 72 $64,883 63 $57,845 27 $56,774 39 14,350 00 102,611 25 21,275 00 94,492 70 18 025 00 100,137 45 21,975 00 114,998 45 13,675 00 124,755 45 8 75 181 08 96 10 52 02 307 33 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 1,527 43 87 71 1,339 83 20 00 5,492 31 14,135 57 7,591 09 12,751 59 6,673 70 18,046 57 8,425 39 13,329 41 5,951 92 15;291 72 4 968 00 4,228 00 3 043 00 3,500 00 2,892 00 3,100 00 3,025 00 3,500 00 3,344 00 3,150 00 2,775 00 2,845 00 2,905 00 3,100 00 3,165 00 975 00 1,155 00 590 00 1,604 00 40 50 1,100 00 312 00 1,255 00 48 00 80 46 77 39 39 57 50 13 69 205 07 50 33 11 189 87 116 03 28 10 20 73 85 1 41 359 30 $212,322 37 $211,047 15 $220,644 26 $231,128 88 $230,172 37 $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 00 836 72 1,242 02 143 29 2,214 16 501 47 29,250 33 34,484 73 36,967 38 34,644 77 41,528 27 30,743 07 35,049 75 34,624 83 36,302 09 22,957 23 123,750 59 114,192 98 124,229 63 135,240 14 146,411 58 $212,322 37 $211,047 15 $220,644 26 $231,128 88 $230,172 37 STA TE BAN KING D EPA R TM EN T. 76 No. 181. T H E CADILLAC STA TE BANK, CADILLAC. O rganized O ctober 30, 1895. A. W. N e w a r k , President; F r e d L. R e e d , H e n r y K n o w l t o n , Vice Presidents; G e o . G. B r o w n , Cashier. F. J. Cobbs, Wm. L. Saunders, W. W. Mitchell, Joseph Murphy, Fred L. Reed, Geo. F. Williams, A. W. Newark, D. B. Kelly, C. T. Mitchell, Henry Knowlton, W. A. Kysor. D i r e c t o r s .— Resources. Loans and discounts: Commercial department.............. Savings department...................... Bonds, mortgages and securities: Commercial department.............. Savings department...................... Premium account............................... Overdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house.................................... Furniture and fixtures...................... Other real estate................................ Due from other banks and bankers, not reserve cities............................ Items in transit.................................. United States bonds: Savings department...................... Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $312,453 35 213,993 12 $375,144 07 146,590 64 $329,739 95 195,770 76 $422,215 52 34,923 76 $441,967 47 64,741 28 10,000 00 344,455 07 10,000 00 378,769 78 10,000 00 372,522 20 6,500 00 454,160 61 11,500 00 458,447 43 471 93 95 81 3,920 54 546 76 579 84 16,500 00 2,000 00 16,500 00 2,000 00 16,500 00 2,000 00 16,500 00 2,000 00 16,500 00 2,000 00 7,500 00 7,500 00 7,500 00 7,500 00 7,500 00 13,706 08 4,052 54 4,702 07 5,203 69 1,718 67 10,000 00 10,000 00 10,000 00 20,000 00 20,000 00 157,648 85 54,789 65 118,540 85 56,483 78 105,925 30 56,636 51 151,927 88 62,084 11 105,894 25 62,321 41 1,449 84 586 33 1,469 72 946 49 29,778 00 29,569 00 20,769 00 31,136 00 4,000 00 30,454 00 2,300 00 6,385 00 33,000 00 8,315 00 31,000 00 2,130 00 33,000 00 25,605 00 510 00 25,000 00 2,807 80 3,917 40 2,581 75 800 00 1,788 95 100 00 1,721 10 484 78 433 23 4,706 84 971 89 136 82 1,077 27 1,154 29 71 64 2,894 98 1,458 84 3 28 1,829 37 363 46 99 38 577 01 T otals........................................... $1,221,113 70 $1,202,114 69 $1,179,205 32 $1,250,953 49 $1,255,141 79 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 item s.......... Liabilities. Capital stock paid in ........................ Surplus fund........................................ Undivided profits, less losses, current expenses, interest and taxes p a i d ...................... ........................... Dividends unpaid.............................. Commercial deposits subject to check................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks outstanding.......... State monies on deposit. . A ........... 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........................................ $100,000 00 28,000 00 $100,000 00 30,000 00 $100,000 00 30,000 00 $100,000 00 30,000 00 $100,000 00 40,000 00 8,438 19 84 00 3,959 42 1,563 00 6,640 54 15,300 27 6,599 51 360,895 94 43,508 71 387,054 75 25,008 71 329,201 46 17,008 71 415,674 10 82,008 71 411,780 53 50,008 71 100 00 16,343 7,171 275,918 380,753 23,868 7,873 278,474 344,311 18,391 9,162 287,368 381,432 11,652 10,441 297,472 288,404 15,831 12,912 303,302 314,607 96 83 05 02 54 83 78 66 37 13 42 69 13 52 74 02 T otals........................................... $1,221,113 70 $1,202,114 69 $1,179,205 32 $1,250,953 49 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23 31 00 50 $1,255,141 79 STATE BANKS OF MICHIGAN. 77 No. 261. THE PEOPLES SAVINGS BANK OF CADILLAC, CADILLAC. O rganized Ju n e 17, 1902. E. J. H a y n e s , P r e s i d e n t ; H e n r y B a l l o u , V ic e P r e s id e n t; G e o r g e C h a p m a n , C a s h ie r ; A . G . C h a p m a n , A s s i s t a n t C a s h ie r . D ir e c t o r s .— E. J. Haynes, H enry Ballou, Jam es English, Charles H. D rury, John P. Wilcox, Jam es M ather, George Chapm an, Charles A. B arton, P erry F. Powers. Resources. Loans and discounts: Commercial d ep artm en t.......... Savings d ep artm en t.................... Bonds, mortgages and securities: Commercial d ep artm en t............ Savings d ep artm en t.................. . Prem ium acco u n t............................. O verdrafts............................. .. Expenses, interest and taxes paid exceeding earnings......................... Banking h o u se.................................. F u rn itu re and fixtures................ O ther real e s ta te .............................. D ue from other banks and bankers not reserve cities............................ Item s in tr a n s it........................! .'!.! United S tates bonds: Savings d ep artm en t...................... Due from banks in reserve cities: Commercial d ep artm en t............ Savings d e p artm en t............... Exchanges for clearing house: Commercial d ep artm en t............ Savings d ep artm en t.................... U. S. and N ational bank currency Commercial 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: Commercial d ep artm en t. . . Savings d ep artm en t............ Nickels and cents: Commercial d e p a rtm e n 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, cur rent expenses, interest and taxes p a id ............................................. D ividends u n p a id ................ Commercial deposits subject ’ to ch eck........................................ Commercial certificates of deposit! j Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit...................j D ue to banks and b an k ers........ Savings d eposits.................................’ Savings certificates of dep o sit. . . ! ! Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le..................................... T o ta ls. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. Ju n e 30, ’14. Sept. 12, ’14. $121,257 11 109,534 52 $128,084 40 109,997 62 $173,834 35 100,809 35 $106,532 75 117,001 99 $153,551 28 83,598 87 49,913 81 291,110 81 49,913 81 284,667 81 49,813 81 286,542 81 50,138 81 291,579 85 49,938 81 305,335 85 420 50 110 12 883 69 588 13 99 86 37,000 00 37,000 00 37,000 00 37,000 00 37,000 00 2,000 00 2,000 00 2,000 00 2,000 00 2,000 00 12,500 00 12,500 00 12,500 00 12,500 00 12,500 00 32,264 29 45,000 00 41,238 38 45,000 00 82,679 29 55,000 00 24,857 69 50,000 00 7,098 07 40,000 00 1,167 67 1,806 66 468 39 665 03 612 80 9,952 00 7,000 00 21,093 00 7,000 00 6,498 00 7,000 00 13,355 00 9,007 00 135 00 1,530 00 1,165 00 21,000 00 6,000 00 6,000 00 35 00 20,000 00 20,000 00 20,000 00 210 00 21,000 00 2,772 05 4,152 75 3,635 70 4,053 20 5,375 30 423 59 361 60 199 59 338 42 386 07 5,300'83 3, Ì26 27 i ,90S 83 74.1 4S 683 84 $842,077 64 $733,612 00 $734,260 27 $747,690 19 $ 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 4,717 48 13,027 00 5,894 12 230 00 8,006 19 130 00 9,145 21 300 00 137,329 48 166,369 98 248,837 16 124,713 128,461 45 250,502 10 220,141 13 248,502 62 206,520 81 262,999 06 204,117 30 270,336 67 215,425 15 260,524 48 195,829 13 $842,077 64 $738,612 00 15,000 00 15,000 00 $747,690 19 $769,420 41 20,000 00 $734,260 27 STA TE BAN KING D EPA R TM EN T. 78 No. 291. T H E STA TE BANK OF CALEDONIA, CALEDONIA. O rganized Ju n e 11, 1904. C h a s . R ic e , P r e s id e n t; J o h n T. S m it h , I sa a c G. W e n g f .r , V ic e P r e s i d e n t s ; J o h n T. S m it h , C a s h ie r ; C. J. P r o c t o r , A s s i s t a n t C a s h ie r . D ir e c t o r s .— Chas. Rice, Isaac G. W enger, John T. Sm ith, Seth Gray, A. T. Slaght, F. W. Ruehs. 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 acco u n t........................... O v erd ra fts........................................ Expenses, interest and taxes paid, exceeding earnings..................... Banking h o u se................................ F u rn itu re and fixtures.................. R eport of R eport of Report of R eport of R eport of Oct. 2 1 ,’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $124,053 13 36,859 50 $132,228 55 38,382 00 $130,619 08 35,832 00 $127,948 40 36,495 00 $109,232 84 35,480 00 125,066 85 126,291 85 125,191 85 123,881 85 123,729 06 907 18 419 37 253 59 1,379 29 716 05 2,635 00 2,635 00 2,635 00 2,627 00 2,627 00 O ther real e s ta te ................................ D ue from other hanks and bankers, not reserve c ities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d e p a rtm e n 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 ational 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...................... 35 00 8,141 88 28,541 07 8,882 67 23,324 78 8,648 09 15,811 05 4,554 15 16,696 17 8,569 49 25,521 52 3,500 00 7,291 00 4.000 00 14,234 00 4.000 00 7,647 00 4.000 00 7,253 00 4.000 00 6,728 00 5,000 00 115 00 5.000 00 340 00 5.000 00 265 00 5.000 00 375 00 5.000 00 500 00 2,569 55 2,896 55 1,856 15 1,823 60 167 55 170 80 4 74 107 63 105 00 96 81 $345,568 77 $358,475 32 $338,974 75 $332,313 64 $324,024 37 $20,000 00 $20,000 00 $20,000 00 Silver coin: Commercial d ep artm en t........................... Savings d ep artm en t...................... 3, 340 45 Nickels and cents: Commercial d ep artm en t............................ 117 71 Savings d ep artm en t...................... Checks and other cash item s........................ T o ta ls. Liabilities. C ap ital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ............................... Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $20,000 00 12|000 00 $20,000 00 11,000 00 2,848 85 50 00 4,396 54 1,723 07 1,000 00 3,277 54 50 00 38,043 07 87,976 67 51,082 31 82,502 99 39,982 66 91,802 21 32,337 17 71,124 07 36,893 50 78,512 90 115,725 87 68,501 79 116,134 42 74,856 75 110,886 65 60,906 69 110,124 59 84,004 74 111,296 20 61,994 23 $345,568 77 $358,475 32 $338,974 75 $332,313 64 $324,024 37 10,000 00 11,000 00 5,321 37 12,000 00 STATE BANKS OF MICHIGAN. 79 No. 336. CALUMET STA TE BANK, CALUMET. O rganized A prii 23, 1906. T h o m a s H o a t so n , P r e s i d e n t ; E d w a r d U l s e t h , J o s e p h W . S e l d e n , Vice. P r e s i d e n t s r r a n k J. K o h l h a a s , C a s h ie r ; W a l t e r E d w a r d s , A s s i s t a n t C a s h ie r . T^ £ ^ ? E5rT0?.s- ~ T h ° m as H oaison, Wm. C. Kinsm an, Joseph W. Selden, W. J. Uren, Edw ard U lseth Joseph Vertm , Thom as H. Collins, Joseph Bosch, F rank J. Kohlhaas, G. M artini, Chas. J. M orrison. Resources. Loans and discounts: Commercial d e p a rtm e n t.......... Savings d ep artm en t.................... Bonds, mortgages and securities: Commercial d ep artm en t............ Savings d ep artm en t...................... Prem ium acco u n t......................... O v erd rafts.......... Expenses, interest and taxes paid exceeding earning's................. Banking h o u se............. F u rn itu re and fixtures.......... O ther real e s ta te ............... D ue from other banks and bankers, not reserve citie s. . . . Item s in tr a n s it......... U nited S tates bonds: Savings d e p a rtm e n t...................... D ue from banks in reserve cities: Commercial d ep artm en t............ Savings d ep artm en t.................... Exchanges for clearing house: Commercial d ep artm en t............ U. S. and N ational bank currency: Commercial 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: Commercial d ep artm en t.......... Savings d e p artm en t.................... Nickels and cents: Commercial d e p 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 ............ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................ Dividends u n p a id ...................... Commercial deposits subject to ch eck ....................... Commercial certificates of dep o sit. . Certified ch eck s................... Cashier’s checks o u tstan d in g .. S tate monies on d ep o sit............. D ue to banks and banker^.............. Savings deposits..................... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . R eport of Report of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, T4. June 30, T4 Sept. 12, ’14. $380,935 26 71,517 82 $340,769 86 71,150 50 $343,597 04 64,396 16 $375,817 30 63,749 42 $354,744 96 63,749 42 2,800 00 105,801 29 2,800 00 102,929 42 2,800 00 102,473 51 2,800 00 100;120 13 2,800 00 105,053 98 49 91 15 20 21 16 4 86 13 77 50,000 00 8,733 71 50,000 00 8,733 71 50,000 00 8,733 71 50,000 00 8,733 71 50,000 00 8,733 71 1,581 58 1,734 15 1,087 34 3,201 07 1,416 44 53,372 74 27,358 39 83,563 20 21,834 86 119,102 14 24,493 37 133,222 66 30,074 35 51,531 91 24,432 54 37,282 00 25.000 00 39,879 00 39,000 00 48,087 00 28,000 00 50,677 00 24.000 00 39,828 00 26,005 00 9,957 50 10.000 00 20,015 00 357 50 20,000 00 907 50 20.000 00 20,995 00 2,620 35 6,463 80 3,692 95 3,071 75 3,757 75 278 21 236 54 364 73 181 54 178 96 987 01 4,221 52 982 90 2,902 80 4,270 97 $788,275 77 $793,346 76 $818,189 51 $869,464 09 $757,512 41 $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 18,299 73 103 50 19,583 38 249 00 16,233 30 94 50 23,354 14 117 00 20,103 80 34 50 301,826 01 70,725 50 316,736 18 46,125 50 329,977 65 78,300 92 5,558 63 4,136 52 3,303 44 154,654!Ì 87,107 72 799 01 154,986 27 100,730 90 280 55 158,728 93 81,270 22 170,912 42 65,198 47 4,118 91 175,215 30 65,075 61 $788,275 77 $793,346 76 $818,189 51 $869,464 09 $757,512 41 363,769 92,135 27 3,949 43 92 00 71 247,812 60 91,912 92 3,238 77 Bills p ay ab le....................... T o ta ls........................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE BAN KING D EPA R TM EN T. 80 No. 87. TH E M ER CH A N TS’ AND M IN E R S ’ BANK, CALUMET. O rganized A ugust 7, 1873. C orporate existence extended D ecem ber 4, 1902. C h a b l e s B b ig g s , P r e s i d e n t ; P e t e b R u p p e , W m , B . A n d e b s o n , V ic e P r e s id e n ts ; S t e p h e n P a u l l , C a s h ie r ; J. E dw . S h e p a b d , A s s i s t a n t C a s h ie r . D ib e c t o b s .— Charles Briggs, Will A. Chiids, P eter R uppe, Paul P. Roehm, E. M Lieblein, Wm B. Anderson, Fred Sm ith, Charles O. Jackola, G ordon R. Campbell, Jam es H oatson, Jam es Chynoweth, N orm an M acdonald. Resources. R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, T4. M ar. 4, ’14. fune 30, T4. 3ept. 12, T4. Loans and discounts: Commercial d ep artm en t.............. 51,265,051 43 51,273,938 99 51,287,321 43 51,378,443 59 Bonds, mortgages and securities: Commercial d ep artm en t............... $1,366,880 29 197,057 90 194,582 58 224,542 77 230,130 82 237,678 82 O verdrafts............................................ Expenses, interest and taxes paid, 14 00 205 90 4 91 193 13 6 92 F u rn itu re and fixtures...................... 4,000 00 4,000 00 4,000 00 4,000 00 4.000 00 Other real e s ta te ................................ D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: 13,793 90 13,793 90 10,000 00 10,000 00 2.000 00 46,628 55 211 95 1,451 08 6,304 68 17,067 10 1,230 01 6,393 47 345 01 15,812 17 1,357 29 750,196 35 1,221,236 14 935,642 90 911,000 12 696,816 23 U. S. and N ational b ank currency: Commercial d ep artm en t............... 214,850 00 128,006 00 100,597 00 95,014 00 89,802 00 Gold coin: Commercial d ep artm en t............... 40,170 00 40,435 00 41,405 00 42,307 50 43,132 50 Silver coin: Commercial d ep artm en t.............. 7,968 40 2,901 60 2,820 95 4,107 05 4,924 75 D ue from banks in reserve cities: Commercial d ep artm en t.............. Exchanges for clearing house: Nickels and cents: Commercial d ep artm en t.............. 715 09 906 41 340 51 353 72 334 61 Checks and other cash item s.......... 12,873 15 4,650 36 4,726 26 4,932 19 9,382 14 T o ta ls ........................................... $2,514,446 04 $2,902,953 99 $2,618,140 21 $2,697,651 58 $2,501;798 76 Liabilities. $150,000 00 C apital stock paid i n ........................ 200,000 00 Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes 61,869 76 p a id ................................................... 95 00 Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. 1,622,438 84 463,759 75 Commercial certificates of d eposit. . 800 00 Certified checks................... .............. 2,568 03 Cashier’s checks o u tstan d in g .......... $150,000 00 200,000 00 $150,000 00 200,000 00 53,729 01 770 00 51,507 14 140 00 57,690 51 7,545 00 60,207 03 80 00 2,033,743 453,079 1,373 1,928 53 17 97 28 1,750,483 457,688 1,455 2,009 17 29 00 95 1,812,820 456,856 815 1,244 76 91 55 66 1,630,379 447,147 1,050 3,710 27 62 00 68 6,724 16 2,500 00 2,500 00 $2,514,446 04 $2,902,953 99 $2,618,140 21 *2,697,651 58 $2,501,798 76 9,914 66 Reserve for taxes, interest, etc. . '. 3,000 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $150,000 00 200,000 00 8,178 19 D ue to banks and b an k ers.............. T o ta ls......................................... $150,000 00 200,000 00 8,330 03 4,856 66 STATE BANKS OF MICHIGAN. 81 No. 320. T H E F IR S T STATE BANK OF CAMDEN, CAMDEN. O rganized A u gust 24, 1905. C. B. A i w a b d , P r e s id e n t; W . S. B l a ik , V ic e P r e s id e n t; B. R . A l w a b d , C a s h ie r ; B. W . S t o b e r , A s s i s t a n t C a s h ie r . D ir e c t o r s .-—C. B. Alward, W. S. Blair, J. A. B ates, Jas. M cCallum , B. R. Alward, B. S. Alward. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings deD artm ent...................... Bonds, m ortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ Due from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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.................... : II. S. and N ational bank currency: Commercial d ep artm en t.......... .... Savings d ep artm en t...................... Gold com: Commercial 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...................... Nickels and cents: Commercial 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 . ! .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified checks.................................. Cashier’s checks o u tstanding.......... S tate monies on d ep o sit................... D ue to banks and ban k ers.............. Postal savings deposits..................... Savings d eposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le. .1 .................................. T o ta ls......... 11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of Report of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. $46,317 05 41,369 89 $42,703 28 39,540 90 $36,268 33 41,164 02 $45,472 14 42,592 01 $38,281 47 37,160 04 57,911 23 61,846 30 1,000 00 59,491 83 1,000 00 63,14683 1,000 00 62,296 83 27 36 211 93 236 66 38 59 30 93 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 806 58 1,000 00 1,000 00 500 00 100 00 1,120 34 10,082 74 650 23 8,370 70 3,589 85 15,994 73 2,857 70 9,113 82 2,499 86 18,029 23 '641 00 8,035 00 2,007 00 8,910 00 1,764 00 8,920 00 472 00 4,840 00 1,586 00 5,810 00 1,965 00 2,090 00 2,080 00 2,160 00 2,190 00 992 15 813 25 886 85 1,371 35 742 90 230 94 170 36 238 54 267 79 260 09 137 68 72 42 150 38 90 08 661 65 $170,576 38 $169,454 55 $173,814 44 $174,914 61 $171,619 85 $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 4,716 20 970 06 1,668 16 2,875 07 3,269 SI. 20,427 SO 23,849 20 19,556 37 21,647 15 27,133 88 263 73 320 17 416 82 672 71 5,000 00 365 34 2,500 00 19 27 9 27 9 47 120,168 65 119,315 12 127,153 82 119,710 41 113,341 35 $170,576 38 $109,454 55 $173,814 44 $174,914 61 $171,619 85 STATE BANKING D EPA R TM EN T. 82 No. 208. T H E CAPAC SAVINGS BANK, CAPAC. O rganized S eptem ber 8 , 1898. A. E. S l e e p e r , D ir e c t o r s .—A. P r e s i d e n t ; H. C. S i e g e l , V ic e P r e s id e n t; F r a n k B u r t , C a s h ie r ; F . J. B u r t , A s s i s t a n t C a s h ie r . E. Sleeper, Lincoln Avery, Gus Hill, Charles Lang, Alva Leach, O. A. Prey, A lbert Tosch, H. C. Siegel, Geo. C. 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 acco u n t............................... O v erd rafts........................................... Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Comm ercial 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 ational b ank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold corn: Commercial d ep artm en t............... Savings d ep artm en t....................... Silver coin: Commercial d e p artm en t.............. Savings d ep artm en t...................... Nickels 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 i n ......................... Surplus fu n d ........................................ Undivided 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 ch eck ................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. C h ristm as savings d e p o sits............. Savings depositsT............................... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . C ash over a c c o u n t........................... N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, C4. June 30, T4. Sept. 12, ’14. $78,945 49 6,993 04 $80,632 76 6,222 58 $76,794 87 7,550 87 $72,114 32 14,427 03 $72,041 28 22,261 88 15,163 00 60,894 56 12,163 00 63,394 56 12,163 00 61,194 56 5,463 00 55,169 56 5,163 00 51,469 56 755 80 41 61 23 55 202 04 22 28 50 77 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,100 00 13,253 12 13,254 62 1,090 81 3,588 58 3,729 73 5,225 00 4,126 95 5,109 59 7,098 57 4,512 30 4,780 05 12,823 04 13,593 32 6,424 60 13,711 20 12,529 19 18,284 47 1,817 00 1,848 00 3,721 00 4,400 00 5,300 00 2,177 00 8,000 00 1,889 00 3,000 00 2,438 00 1,150 00 1,405 00 1,170 00 922 50 1,212 50 1,153 30 617 95 1,323 80 1,649 30 91 71 19 182 09 105 14 77 67 808 06 220 66 297 97 98 90 328 50 104 74 1,121 55 $183,173 30 $187,813 11 $199,938 56 $199,855 31 $209,665 31 $20,000 00 2,121 94 $20,000 00 200 00 $20,000 00 200 00 $20,000 00 1,000 00 $20,000 00 1,000 00 1,045 78 2,137 79 234 00 2,844 15 30 00 2,084 61 830 00 3,277 41 124 00 32,269 34 27,849 41 44,491 81 26,942 20 46,750 42 29,551 00 42,400 22 31,771 04 39,605 72 41,969 84 5,000 00 5,000 00 5,000 00 1,624 67 96,938 59 1,280 75 2,500 00 88,206 05 141 10 86,605 84 89,318 48 897 98 92,808 19 9,039 68 1 47 7,200 00 44 51 6,200 00 63 27 3,000 00 125 08 $183,173 30 $187,813 11 $199,938 56 $199,855 31 $209,665 31 STATE BANKS OF MICHIGAN. 83 No. 303. STATE SAVINGS B AN K OF CARLETO N, CARLETO N. O rganized D ecem ber 1, 1904. J ac ob J. L u c k e , P r e s i d e n t ; J. E . K ahlbatjm , V ic e P r e s id e n t; H a e e y S. G e e m a n , C a s h ie r ; R . J. M cC o b m ic k , A s s i s t a n t C a s h ie r ; J. E . R e a d y , A u d i t o r . D ik e c t o b s .— Jacob J. Lucke, C. L. Edw ards, J. E . K ahlbaum , E . C. Maxwell, J. E . Ready, H arry S. Germ an. 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 acco u n t............................... O v erd rafts....................... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................. F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, n ot reserve cities............................ Item s in tr a n s it................................ U nited S tates bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, Interest and taxes p a id ....................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ............................................... Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b ankers.............. Postal savings deposits..................... Savings deposits ............................. Savings certificates of deposit......... Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. $55,732 31 30,199 36 $60,751 20 25,180 13 $62,127 08 24,230 13 $68,308 64 16,602 63 $67,114 51 15,357 36 2,000 00 136,762 87 2,000 00 135,487 87 2,000 00 131,927 87 2,000 00 142,152 87 2,000 00 138,802 87 5.000 00 1.000 00 5.000 00 1.000 00 5.000 00 1.000 00 5,000 00 1,500 00 5,000 00 1,500 00 4,460 13 2,495 05 5,000 00 3,644 80 3,675 20 8,730 13 23,468 66 5,466 43 22,057 64 10,413 33 24,132 10 12,708 22 21,465 02 7,859 60 18,864 82 3,339 00 2,000 00 4,200 00 3,006 00 3,007 00 2,000 00 3,442 00 2,000 00 2,000 00 1,803 00 1,045 00 7.000 00 500 00 6,870 00 1,520 00 7,000 00 2,937 50 7,000 00 2,662 50 7,800 00 160 00 1.000 00 850 00 250 00 1,059 70 200 00 520 00 700 00 230 00 300 00 97 23 339 69 45 00 357 21 80 17 27 60 347 67 49 41 140 45 299 09 2 83 70 50 138 60 184 94 213 72 $282,379 38 $275,579 30 $281,154 74 $290,354 10 $275,507 12 $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 4,630 44 6,260 07 270 00 9,113 37 30 00 6,930 00 1,200 00 8.848 55 32,632 66 19,323 70 25,984 50 25,069 07 29,143 00 27,534 22 32,498 54 34,436 39 28,334 91 29,878 54 22 00 36 25 200,460 58 310 00 192,649 41 310 00 794 64 189,329 51 210 00 265 82 189,813 35 210 00 304 63 182,902 99 210 00 $282,379 38 $275,579 30 $281,154 74 $290,354 10 $275,507 12 27 50 84 STA TE BAN KING D EPA R TM EN T. No. 287. T H E COMMERCIAL SAYINGS BANK OF CARO. O rganized May 14, 1904. J o h n F. S e e l e y , P r e s id e n t; &. F. C h a s e , V ic e P r e s i d e n t ; L e w is G. S e e l e y , C a s h ie r ; S. R. P a r k , A s s i s t a n t C a s h ie r . D ir e c t o r s .—Jo h n F. Seeley, S. F. Chase, Lewis G. Seeley, W. A. Forties, Jo n a th an K night. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking house. .. ............................ F u rn itu re and fix tu res.. ! ................. O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d e p artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d ep o sit. . Certified checks.................................. Cashier’s checks o u tstanding .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, T4. June 30, T4. Sept. 12, ’14. $56,479 84 66,980 13 $64,588 04 47,980 13 $51,972 55 56,980 13 $52,117 69 56,980 13 $51,234 48 56,980 13 2,095 00 107,660 50 2,065 00 107,660 50 1,255 00 106,075 50 1,215 00 111,357 50 1,095 00 111,354 50 312 21 149 37 241 30 730 21 376 31 10,000 00 3,000 00 10,000 00 3,300 00 10,000 00 3,300 00 10,000 00 3,300 00 10,000 00 3,300 00 4,938 80 5,187 56 6,010 76 6,051 74 6,087 09 502 16 1,557 67 866 16 3,133 74 22,666 23 3,585 95 28,615 28 1,568 00 34 03 294 99 3,059 11 12,000 00 3,124 82 17,100 00 2,807 35 15,476 85 540 92 271 75 197 66 1,515 00 4,250 00 2,066 00 4,705 00 2,000 00 4,034 00 2,390 00 4,379 00 2,656 00 3,633 00 252 50 6,000 00 155 00 5,000 00 95 00 5,000 00 95 00 4,500 00 72 50 4,490 00 241 50 1,000 00 200 00 832 00 49 25 900 00 400 00 72 25 800 00 111 75 801 55 306 98 3 46 875 55 309 27 465 44 233 12 294 14 248 74 60 87 292 67 23 42 365 84 233 63 $281,434 04 $275,573 45 $267,890 21 $283,116 44 $286,210 06 $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 5,216 66 4,836 17 120 00 6,140 65 6,953 70 4,664 45 37,016 46 586 84 40,429 72 725 11 36,480 58 1,192 07 32,265 96 247 41 40,692 00 2,496 99 69,270 01 124,344 07 72,973 61 111,488 84 66,436 07 112,640 84 68,431 34 120,218 03 $281,434 04 $275,573 45 $267.890 21 $283,116 44 10,000 00 , 5,000 00 66,469 18 121,887 44 ■ 8286,210 06 STATE BANKS OF MICHIGAN. 85 No. 525. T H E P E O P L E ’S STATE BANK OF CARO, CARO. O rganized N ovem ber 11, 1912. H e n k y R . M a r t i n i , P r e s id e n t; F r e d e r ic k P . B e n d e r , C l a r k E . D a u g h e r t y , V ic e P r e s i d e n t s ' J o s e p h H . B e c k t o n , C a s h ie r ; C h a s e C r i s s e y , . A s s i s t a n t C a s h ie r . ir e c t o r s .— H enry R. M artini, Frederick P. Bender, Joseph H. Beckton, C lark E . D augherty D Albert O. Purdy, John W. Quinn, R obert P ark, Jr. 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 acco u n t............................... O verdrafts............................. .............. Expenses, interest and taxes paid, exceeding earnings..................... Banking h o u se.................................... F urn itu re and fixtures...................... R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, T4. Sept. 12, ’14. $35,959 62 13,538 61 $21,164 00 14,752 92 $28,101 69 16,863 60 $31,167 30 23,623 76 $32,433 78 34,421 59 18,185 00 26,660 00 29,760 00 33,890 00 34,490 00 4,402 84 599 23 850 67 1,431 35 11,500 00 1,926 00 16,125 41 2,371 00 16,322 89 4,465 00 19,244 50 5,728 42 19,310 61 5,728 42 1,775 92 4,000 00 20,856 08 4,500 00 10,265 07 10,700 00 5,334 90 13,500 00 2,645 33 9,800 00 2,997 00 2,941 00 3,885 00 4 96 O ther real e s ta te ................................ D ue from other banks and bankers not reserve citie s...................... Item s in tr a n s it............................ U nited States bonds: Savings d ep artm en t................ D ue from banks in reserve cities: Commercial d ep artm en t.......... v Savings d ep artm en t.................... Exchanges for clearing house: Commercial d ep artm en t............ Savings d ep artm en t.................... IJ. S. and N ational b ank currency Commercial 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: Commercial d ep artm en t... Savings d ep artm en t............ Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............................................. Dividends u n p a id ........................ Commercial deposits subject to check Commercial certificates of d eposit. Certified checks.........•...................... Cashier’s checks o u tstan d in g ........ S tate monies on d ep o sit................. D ue to banks and b an k ers............ Savings d eposits............................... Savings certificates of deposit. . . . Reserve for taxes, interest, etc. . . N otes and bills rediscounted......... Bills p ay ab le ..................................... T o ta ls. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,000 00 150 00 50 00 471 45 25 00 2,000 00 2,000 00 2,589 00 2,500 00 1,496 00 3,000 00 700 00 10 00 2 50 900 00 10 00 1,000 00 1,000 00 197 25 479 75 100 00 100 00 100 00 119 40 388 65 400 00 109 84 25 00 260 63 91 07 117 21 116 80 208 53 306 77 Ì38 62 540 03 494 83 ,808 26 $113,474 73 $124,952 00 $139,564 11 $145,922 70 $40,000 00 $40,000 00 $40,000 00 $40,000 00 $40,000 00 10 12 112 21 149 84 418 47 24,278 74 355 76 19,380 15 172 01 7 80 32 22 5,000 00 19,598 56 124 00 77 23 15 5,000 00 19,420 68 450 96 1 50 16,560 56 1,816 55 5 00 100 00 100 00 100 00 1 00 2,500 00 16,658 79 23,767 36 19,331 71 29,490 60 31,444 31 28,811 10 26,634 34 48,033 45 36,113 72 47,016 37 $98,808 26 $113,474 73 $124,952 00 $139,564 11 $145,922 70 ST A T E BAN KING D EPA RTM EN T. 86 No. 286. T H E STATE SAVINGS BANK OF CARO. O rganized A p ril 27, 1904. T. W. A t w o o d , D ib e c t o e s .— T. G. H. S lo c u m , H e n b y P a e k e k , V ic e P r e s id e n ts ; J. M . E a l y , C a s h ie r ; L o u is W e a n , H e n b y B u s h , A s s i s t a n t C a s h ie r s . W. Atwood, G. H. Slocum, J. M . E aly, H enry P arker, T . C . Quinn, J . M . Ealy. P r e s id e n t; 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings............ Banking h o u se. . . . ”............................. F u rn itu re and fixtures...................... R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. Ju n e 30, ’14 Sept. 12, ’14. $236,851 16 63,007 00 $223,769 62 71,035 00 $209,601 39 66,959 00 $198,007 85 50,859 00 $235,602 09 49,814 00 14,000 00 231,695 70 20,000 00 210,335 07 20,000 00 215,835 07 21,000 00 202,602 57 21,000 00 206,392 07 814 60 1,448 93 1,191 92 2,270 18 1,507 18 10,000 00 3,000 00 10,000 00 3,000 00 10,000 00 3,000 00 10,000 00 3,000 00 10,000 00 3,000 00 1,382 21 Other real e s ta te ................................ D ue from other banks and bankers, not reserve cities. . . Item s in tr a n s it.......................... U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d e p artm en t...................... U. S. and N ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t.................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id . . . . Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified ch eck s. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit. . . 7 ........... Due to banks and b a n k e rs.. P ostal savings deposits..................... Savings d eposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc . . N otes and bills rediscounted. . Bills payable T o ta ls........................................... j https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28,609 66 39,775 16 40,523 17 46,084 91 42,802 79 33,345 77 27,615 69 63,870 91 15,548 89 33,636 84 134 60 47 36 3 00 228 76 308 34 17,333 00 4,000 00 10,761 00 3,000 00 16,132 00 3,000 00 14,840 00 1,000 00 12,418 00 185 00 12,000 00 180 00 13,000 00 285 00 13,000 00 237 50 15,000 00 640 00 15,500 00 3,123 90 3,172 80 3,645 90 2,861 05 4,553 45 231 26 161 71 137 86 172 89 143 41 173 15 75 161 00 743 35 652 24 $664,934 19 $656,520 32 $639,100 70 $614,309 75 $612,098 72 $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 25,000 00 5,789 24 4,783 98 7,541 06 11,482 71 2,691 88 194,788 26 11,136 83 257,171 22 1,810 61 230,295 36 2,882 86 204,082 84 2,385 06 214,938 79 2,277 85 5,000 00 5,000 00 2,001 44 92,957 49 223,260 93 98,524 24 219,230 27 10,000 98 4,124 92,878 221,280 00 21 10 73 38 10,000 00 10,000 00 3,349 16 91,436 85 221,573 13 3,582 61 93,695 75 209,911 84 $639,100 70 $614,309 75 $612,098 72 60,00Q 00 $664,934 19 $656,520 32 87 STATE BANKS OF MICHIGAN. No. 72. STATE BANK OF CARSON CITY, CARSON CITY. O rganized F e b ru a ry 14, 1887. E. C . C u m m in g s , D ir e c t o r s .—E . J. W . H a l l e t t , V ic e P r e s id e n t; I ra C u m m in g s , C a s h ie r ; B e s s E. S o m e r s , A s s i s t a n t C a s h ie r . P r e s id e n t; C. Cummings, J. W. H allett, Ira Cummings, G. H. P atterson, W. A. Crabb, H. G. Sessions, Isaac K rohn, E . D. Lyon, J. P. Taylor. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t.......... O verdrafts.......... Expenses, interest and taxes paid, exceeding earnings.......... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities. . Item s in tr a n s it. . . U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t. . . Savings d e p a rtm e n t...................... U. S. and N ational bank currency: Commercial 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...................... R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. Ju n e 30, T4. Sept. 12, ’14. $80,639 71 $93,654 14 $100,270 41 5,000 00 $104,219 75 10,000 00 $107,813 11 10,000 00 57,847 22 213,500 25 57,847 22 212,661 25 57,847 22 208,861 25 54,847 22 200,016 25 54,847 22 194,916 25 95 57 1 90 26 15 6 79 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 00 550 00 550 00 550 00 550 00 550 00 27,327 76 31,497 78 35,342 27 31,550 93 19,233 07 21,770 92 9.405 55 22;898 17 16,619 23 33,708 04 9,540 00 7.500 00 16,988 00 8,000 00 5,292 00 8,000 00 11,649 00 8,000 00 10,598 OO 8,000 00 152 50 6.500 00 760 00 6,000 00 602 50 6,000 00 850 00 6,000 00 690 00 6,000 00 1,292 15 1,116 80 981 25 810 95 1,213 85 Silver coin: Commercial d e p artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d ep artm en t...................... Checks and other cash item s.......... 53 14 82 20 79 33 17 14 27 50 2,626 54 541 22 462 46 500 24 547 81 T o ta ls........................................... $444,563 62 $470,536 93 $440,417 56 $435,212 06 $450,972 01 $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 6,026 57 3,760 69 562 25 6,243 74 109 93 1,861 90 3,030 00 5,133 96 8 78 61,006 12 65,532 90 87,697 21 67,304 60 54,118 75 70,312 97 54,158 03 71,247 71 66,173 84 67,031 14 251,998 03 1 50 251,210 68 41 87 249,590 30 151 97 244,762 45 551 53 252,072 76 $444,563 62 $470,536 93 $440,417 56 $435,212 06 $450,972 01 Liabilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............................................. . . . Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d ep o sit.. Certified eheeks. Cashier’s ehee.ks outstanding. . . . State, monies on deposit. D ue t,o hanks and bankers . Savings d eposits................................. Savings certificates of dep o sit......... ■pppp/pyp. for taxes interest, ete . . Notes and hills redisoounted . . "Rills payable T o ta ls ........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8S STATE BANKING D EPA R TM EN T. No. 234. EXCHANGE STA TE BANK, CARSONVILLE. O rganized Ju n e 20, 1901. D a v id C e o k e t , P r e s i d e n t ; W. C. V i v i a n , V ic e P r e s i d e n t ; W. J. M cC a b e n , C a s h ie r ; F r a n k C. C r o r e y , F. D. M cC a b e n , A s s i s t a n t C a s h ie r s . D ir e c t o r s .— D avid Crorey, W. J. M cCaren, F rank C. Crorey, E dw ard M eyer, W ’ C. Vivian, Jam es Trigger, H. A. R uttle. Resources. Loans and discounts: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Bonds, m ortgages and securities: Commercial d e p artm en t.............. Savings d ep artm en t.................. .. . Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................. F u rn itu re and fixtures...................... Other real e s ta te ................................ D ue from other hanks and bankers, not reserve cities............................ Item s in tr a n s it...................... U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial d ep artm en t.............. Savings d ep artm en t....................... Gold coin: Commercial d en artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels 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 i n ........................ Surplus fund A ....................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ............................................... D ividends u n p a id .............................. Commercial deposits subject to ch eck ............................................... Commercial certificates of d ep o sit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... Due to banks and b an k ers.............. Savings d eposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . N otes and Dills rediscounted........... Bills pay ab le....................................... T o ta ls.................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of Report of Report of R eport of Oct. 21, ’13. Jan. 13, ’l l . M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. $121,403 26 27,995 06 $111,129 62 27,398 11 $112,530 35 27,942 19 $119,868 13 30,319 09 $120,690 40 30,809 62 122,297 70 121,366 48 120,193 63 120,622 49 121,646 93 810 59 2,045 51 1,062 54 1,022 39 536. 98 2,750 00 2,209 05 2,750 00 2,209 05 2,750 00 2,209 05 2,750 00 2,209 05 2,750 00 2,209 05 500 00 500 00 500 00 500 00 500 00 240 00 75 79 1,315 00 3,760 00 543 24 1,124 11 812 37 20,953 00 13,375 34 23,804 21 25,236 28 21,175 50 26,010 25 21,632 23 21,313 87 19,668 54 18,823 16 8,065 00 4,280 00 12,500 00 4,100 00 10,947 00 4,025 00 8,262 00 3,835 00 4,414 00 3,845 00 6,720 00 6,900 00 6,975 00 7,165 00 7,155 00 311 75 363 95 411 75 489 00 427 00 53 36 47 22 89 75 120 56 110 97 735 46 485 9Ó 477 49 $332,735 96 $342,300 46 $341,080 72 $340,975 24 1’Q08 Dd. $337,367 92 $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 3,755 01 4,891 19 6,020 35 6,748 62 4,778 90 65,944 59 52,S75 09 77,984 00 56,870 88 75,478 23 52,481 01 61,706 41 42,496 50 64,138 98 38,921 86 in non no • L358 79 10 2,500 00 349 67 ' 176,661 27 171,554 39 175,751 46 187,664 92 $332,735 96 $342,300 46 $341,080 72 $340,975 24 | ooo oo 188,528 18 1 $337,367 92 STATE BANKS OF MICHIGAN. 89 No. 180. STATE BANK OF CARSONVILLE, CARSONVILLE. O rganized October 17, 1895. W m . H. A i t k i n , P r e s id e n t; H. W. S m it h , M. H. A i t k i n , V ic e P r e s id e n ts ; A l l e n R. N i l e s , C a s h ie r ; W. W . G r e e n , M . H a r t s h o r n , A s s i s t a n t C a s h ie r s . D ir e c t o r s .— Wm. H. A itkin, H. W. Sm ith, A. R. Niles, M . H. A itkin, A. W. G raham , W. R. Harvey. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Ronds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t....................... Prem ium acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchange? for clearing house: Commercial d ep artm en t.............. Savings d ep artm en t...................... U. S. and N ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p artm en t.............. S a v in g s departm ent . . . Checks and other cash item s.......... T o ta ls........................................... Liabilities. C apital stock paid i n ........................ Surplus f u n d ........................................ U ndivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Report of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $145,723 18 34,171 59 $144,287 83 43,703 34 $141,344 99 47,545 31 $124,615 20 52,907 61 $143,810 09 55,238 53 110,665 82 107,759 33 100,709 71 107,893 60 106,546 69 2,349 24 1,154 60 973 63 3,300 00 1,700 00 932 84 3,326 76 1,9S8 62 3,300 00 1,700 00 3,300 00 1,700 00 3,300 00 1.700 00 501 96 501 96 9,529 94 3,176 87 7,188 55 . 150 00 8,616 21 2,315 12 9.700 77 2;305 38 9,724 08 3,000 48 4,865 01 18,451 86 4,549 90 19,788 16 12,428 58 22,835 28 2,474 95 22,782 55 9,974 72 21,749 36 10,256 00 „2,985 00 15,916 00 8,573 00 12,069 00 7,433 00 1,787 00 10,015 00 55 00 10,000 00 55 00 10,000 00 232 50 10,000 00 10,212 50 284 50 389 50 234 00 559 90 396 35 50 158 62 133 25 151 23 136 25 94 93 291 84 952 88 2,430 70 535 98 2,531 03 $356,821 45 $359,873 74 $364,588 37 $352,870 25 $378,974 85 $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 4,686 85 638 67 1,706 61 3,792 92 2,977 08 Commercial deposits subject to ch eck ................................................. Commercial certificates of d ep o sit. . 64,484 75 82,340 33 77,363 93 89,461 25 76,301 20 84,272 70 63,407 32 50,785 43 83,733 09 56,762 78 1,657 00 2,500 00 2,365 28 9Ó6 Ì5 S tate monies on d ep o sit................... T"Hie to h a n k s and b an k ers 10,000 00 10,000 00 204 62 10,000 00 2,455 00 Savings certificates of dep o sit......... 168,787 24 161,503 74 162,307 86 194,679 96 193,046 90 T o ta ls........................................... $356,821 45 $359,873 74 $364,588 37 $352,870 25 $378,974 85 ■Dividends u n p aid . . C ertified ch eck s O ftshier’q ch ec k s o u tsta n d in g R avin gs d e p o sits p f o r ta v e s in te r e st, e t c . ■NTotes and h ills re d isc o u n ted . . . "Rills p a y a b le https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 90 STA TE BAN KING D EPA R TM EN T. No. 421. T H E CASS COUNTY STA TE BANK, CASSOPOLIS. O rganized A u gust 27, 1908. F a ir f ie l d G o o d w in , P r e s i d e n t ; E d g a r A. P l a n c k , S t e p h e n I. R u d d , V ic e P r e s id e n ts ; F r a n k J. P h il l ip s , C a s h ie r ; W il s o n B. D e c k e r , A s s i s t a n t C a s h ie r . D ir e c t o r s .— Fairfield Goodwin, John R. C arr, E dgar A. Planek, Stephen I. R udd, Fred E . Smith, W illiam Jones, Isaac R . Shurte. 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................. D ue from other banks and bankers, not reserve cities............... Item s in tra n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. Savings d e p artm en t...................... FT. S. and N ational bank currency: Commercial d ep artm en t.............. Savings d e p a rtm e n t....................... Gold coin: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... Silver coin: Commercial d ep artm en t............... Savings d ep artm en t....................... Nickels and cents: Commercial 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 f u n d . ? .................................... Undivided profits, less losses, cur ren t expenses, interest and taxes p a id ................................................. Dividends u n p a id .............................. Commercial deposits subject to ch eck...................................... Commercial certificates of d eposit. . Certified ch eck s.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit. . . 7........... D ue to banks and b an k ers.............. Savings d eposits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, e tc . . . . Notes and hills rediscounted........... Bills p ay ab le........................................ T o ta ls......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 2 1 ,’13. Jan. 13, T4. M ar. 4, ’14. June 30, T4 Sept. 12, ’14. 887,834 32 $85,583 44 $83,060 81 $76,494 68 6,512 79 $77,350 22 4,252 41 16,600 00 29,046 62 13,975 00 30,516 62 15,575 00 29,516 62 45,175 00 32,001 62 40,175 00 39,575 84 19 73 85 20 19 73 3 78 19 73 5 64 160 00 33 40 160 00 10 12 7.500 00 4.500 00 7.500 00 4.500 00 7.500 00 4.500 00 7.500 00 4.500 00 7.500 00 4.500 00 501 30 501 30 501 30 501 30 ' 2,883 56 2,784 82 3,203 99 2,204 29 1,210 29 6,744 99 4,337 17 56,505 91 4,511 64 47,015 55 4,511 64 18,956 95 13,511 64 14,404 45 8,011 64 3,661 00 2,000 00 4,313 00 2,200 00 5,306 00 2,000 00 7,096 00 3,000 00 5,449 00 2,600 00 2,245 00 1,160 00 595 00 600 00 1,290 00 1,385 00 1,772 15 305 00 2,398 80 58 00 2,597 65 87 00 998 SO 184 00 1,194 40 87 00 202 28 20 436 52 252 47 86 1,789 82 233 80 83 145 65 97 23 48 283 75 250 98 69 626 78 $170,173 74 $218,575 19 $206,976 21 $220,501 93 $209,245 12 $40,000 00 950 00 $40,000 00 1,050 00 $40,000 00 1,050 00 $40,000 00 1,050 00 $40,000 00 1,125 00 88 71 762 84 998 73 , 1,535 09 1,875 11 23,584 63 69,861 41 66,598 50 72,876 73 48,728 59 79,482 80 50,818 70 71,887 61 46,070 10 65,647 33 27,684 73 8,004 26 30,615 94 6,671 18 29,879 48 6,836 61 36,608 50 18,602 03 36,371 49 18,156 09 $170,173 74 $218,575 19- $206,976 21 $220,501 93 $209,245 12 STATE BANKS OP MICHIGAN. 91 No. 537. T H E STATE BANK OF CEDAR, CEDAR. O rganized M ay 10, 1913. D D . H. P o w e r , P r e s i d e n t ; S. A. K e y e s , V i c e P r e s i d e n t ; E lm e r B il i . m a n , C a s h ie r . D . H. Power, S. A. Keyes, E lm er Billm an, Adam E . Bellinger, Joseph H ahnenber. ir e c t o r s .— 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se. . . .............................. F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d e p artm en t.............. Savings d ep artm en t....................... Gold coin: Commercial d e p artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n 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 fund. ?.................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ............................... Commercial ‘deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d eposit................... Due to banks and b an k ers.............. Savings deposits................................. Savings certificates of deposit......... Liquidating acco u n t......................... Reserve foFtaxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, '14. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $32,011 05 $36,649 94 $35,752 57 $42,839 84 3,900 00 $39,378 93 8,925 37 25,410 82 20,000 00 3,335 82 45,400 00 55,141 32 66,665 32 63,272 82 25 24 153 28 48 42 47 92 109 52 1,270 00 1,049 86 1,270 00 1,649 86 167 59 1,270 00 1,649 86 1,270 00 1,689 86 1,270 00 1,689 86 5,006 89 300 00 25 22 23 72 9,886 18 2,400 00 16,957 78 5,500 00 12,856 79 12,000 00 422 45 9,460 00 2,306 33 9,300 00 1,871 00 200 00 3,048 00 1,800 00 880 00 2,000 00 85 00 3,700 00 412 00 2,700 00 205 00 1,000 00 360 00 1,000 00 320 00 1,000 00 425 00 1,000 00 295 00 2,000 00 568 00 508 00 271 00 300 00 548 00 135 30 300 00 117 06 117 32 147 30 153 56 113 07 160 30 84 81 120 00 295 84 196 58 $102,081 40 $117,860 03 $123,948 57 $132,502 79 $132,404 78 $13,370 00 $17,620 00 400 00 $20,000 00 400 00 $20,000 00 800 00 $20,000 00 800 00 196 86 80 89 65 78 885 00 23 57 10,622 41 19,163 17 17,693 02 10,041 74 1,596 27 13,689 14 516 92 2,630 78 382 92 330 27 2,500 00 318 40 1,500 00 20,935 97 3,731 06 52,708 18 44,240 09 11,366 25 22,358 85 54,188 58 15,143 89 16.140 16 64,493 11 29,238 77 551 85 61,682 78 34,390 89 $102,081 40 $117,860 03 $123,948 57 $132,502 79 2,000 00 $132,404 78 STA TE BANKING D EPA R TM EN T. 92 No. 343. TH E F IR S T STA TE BANK OF C EN TR A L LAK E, C EN TRA L LAKE. O rganized Ju n e 30, 1906. C. W. M cP h ail ,, D ir e c t o r s .— C. P r e s i d e n t ; J o h n S m a l l e g a n , V ic e P r e s id e n t; W. S. R ic h a r d s o n , C a s h ie r ; G u y E. W h it e , F. J. K i r s t e r , A s s i s t a n t C a s h ie r s . W. M cPhail, John Smallegan, W. S. Richardson, A. F. W allbrecht, N. A. Richardson. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities:. Commercial d ep artm en t.............. Savings d ep artm en t................ ;. . Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures.................... O ther real e s ta te ................................ D ue from other hanks and bankers, not reserve cities. . ........................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial dexiartmenc.............. Savings d ep artm en t...................... IT. S. and N ational b ank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Silver coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d ep artm en t...................... Checks and other cash item s.......... T o ta ls ........................................... R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. June 30, T4. Sept. 12, ’14. $79,867 38 21,942 04 $80,504 02 19,026 25 $74,186 72 16,708 75 $79,115 13 18,147 26 $84,486 68 H i970 59 33,003 56 33,902 56 34,152 56 34,290 37 39,284 37 83 27 49 91 447 29 377 56 72 28 3,200 00 1 950 00 3,200 00 1,950 00 3,200 00 1,950 00 3,200 00 1,950 00 3,200 00 1,950 00 631 40 657 79 657 79 657 79 657 79 1,314 23 3,500 98 6,208 17 1,790 75 2,052 67 5,053 39 6,639 38 13,991 19 12,670 05 12,719 62 6,698 58 4,554 99 6,729 02 4,351 24 6,760 78 200 49 146 07 357 20 173 10 6,154 00 1,400 00 4,271 00 2,500 00 2,017 00 5 ;000 00 5,391 00 2,000 00 5.132 00 2,000 00 1,555 00 72 50 1,500 00 1,060 00 500 00 255 00 1,500 00 872 50 1,000 00 417 75 140 00 277 55 200 00 356 35 200 00 336 65 190 00 160 40 100 00 165 95 9 40 191 14 24 74 226 26 14 30 441 40 209 53 3 02 32 00 88 91 86 13 $162,827 24 $178,635 75 $166,744 79 $161,087 27 $164,399 42 $20,000 00 5,000 00 $20,000 00 5,000 00 $20,000 00 5,000 00 $20,000 00 5,000 00 331 11 1,223 65 2,926 41 3,992 09 38,890 25 42,130 68 34,405 21 43,912 15 27,160 11 43,612 66 32,035 81 42,624 12 98 02 43,440 02 28,745 67 159 50 39,510 36 22,533 92 169 20 40,311 09 21,907 80 221 31 38,369 62 21,456 47 $178,635 75 $166,744 79 §161,087 27 $164,399 42 Liabilities. C apital stock paid in ......................... $20,000 00 Surplus fu n d . ? .................................... 5,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... 4,056 17 Dividends u n p a id ............................... Commercial ‘deposits suojec.t to ch eck ............................................. . 27,910 42 Commercial certificates of d eposit. . 41,379 42 Certified checks.................................. Cashier’s checks o u tstan d in g .......... 117 25 S tate monies on d ep o sit................... D ue to banks and b an k ers.............. 535 42 Savings deposits................................. 39,953 71 Savings certificates of d ep o sit......... 23,874 85 Reserve for taxes, interest, etc. . . . Notes and bills rediscounted......... Bills p ay ab le........................................ T o ta ls .......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $162,827 24 700 00 STATE BANKS OF MICHIGAN. 93 No. 391. T H E W OLF BROS. STATE BANK, C E N T R E V IL L E . O rganized M arch 26, 1908. F rank W o l f , P r e s id e n t; E. I. W o l f , D a v id M D ir e c t o r s .— V i c e P r e s id e n t; C . D . M o s h e r , C a s h ie r ; il l e r , A u d i t o r . F rank Wolf, E. I. Wolf, C. D. M osher, C. A. D ockstader, B ryant Weed. 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 acco u nt............................... O v erd rafts.......................................... Expenses, interest and taxes paid, exceeding earn ings......................... B anking h o u s e ...............1 F u rn itu re and fix tu re s.. / ............... R eport of R eport of R eport of Report of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. Ju n e 30, T4 Sept. 12, ’14. $84,652 14 85,433 95 $92,623 29 77,262 15 $114,749 76 82,151 25 $87,709 34 126,418 75 $83,126 93 110,575 00 1,000 00 124,329 60 1,000 00 127,747 00 1,000 00 135,754 80 1,000 00 136,815 92 1,000 00 134,650 92 169 01 92 31 65 42 140 97 178 58 2,500 00 882 59 2,500 00 2,500 00 2,500 00 2,500 00 17,559 01 50,902 79 5,225 26 48,783 47 19,668 89 46,918 79 3,720 83 35,489 47 6,115 12 38,249 29 2,696 00 2,500 00 583 00 3,750 00 3,474 00 6,000 00 1,763 00 5.500 00 1,483 00 2.500 90 2,210 00 1,000 00 155 00 3,250 00 1,405 00 2,250 00 140 00 2.500 00 360 00 2.500 00 366 25 500 00 276 25 750 00 617 50 500 00 484 25 1,000 00 224 25 750 00 297 51 138 91 250 00 1,136 49 148 76 250 00 362 10 404 59 13 23 27 89 143 12 250 00 83 75 $376,129 49 $366,405 72 $417,816 27 $405,615 01 $384,689 96 $30,000 00 7,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 $30,000 00 8,000 00 7,710 24 58 21 480 14 829 53 2,304 26 70,874 98 69,577 41 113,531 51 53,853 93 42,011 39 52 50 31 29 73,755 23 186,789 04 450 97 77,298 58 180Ì 968 05 80,575 29 185,198 04 431 14 86,637 25 225,863 16 434 64 89.751 39 212,188 28 $376,129 49 $366,405 72 $417,816 27 $405,615 01 $384,689 96 O ther real e s ta te ................................ Due from other banks and bankers, not reserve c ities........................... Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ............................... Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on dep o sit................... D ue to banks and b ankers.............. P ostal savings deposits..................... Savings deposits ............................. Savings certificates of dep o sit........ Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STA TE BANKING D EPA RTM EN T. 94 No. 315. T H E CHA RLEV OIX STA TE SAVINGS BANK, CHARLEVOIX. O rganized Ju n e 8 , 1905. J. L. C r a n e , D ir e c t o r s .— S. H a b b h a , V ic e P r e s id e n t; W . J. R a c h o w , C a s h ie r ; A r c h ie L i v in g s t o n , A s s i s t a n t C a s h ie r . P r e s id e n t; H . Jo h n B urns, H . S. H arsha, J . L. Crane, W . J. Rachow, P . D. Campbell. 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 acco u n t............................... O verdrafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t....................... Nickels 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 i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to check................................................. Commercial certificates of deposit.. Certified checks.................................. Cashier’s checks o u tstan ding .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings dep o sits................................. Savings certificates of d ep o sit......... Reserve for taxes, interest, e tc. . . . N otes and bills rediscounted......... Bills p ay ab le....................................... T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Ja n . 13, T4. M ar. 4, T4. June 30, T4. Sept. 12, T4. $74,658 91 32,198 00 $73,486 40 33,198 00 $61,311 07 38,248 00 $77,368 16 44,247 00 $80,779 12 42,548 00 85,912 00 80,052 00 75,342 00 77,042 00 79,667 00 1,249 44 784 34 458 78 320 90 157 14 11,600 00 3,000 00 11,600 00 3,000 00 ii.èóò óó 3,000 00 11,600 00 3,000 00 11,600 00 3,000 00 1,800 00 1,800 00 1,800 00 1,800 00 1,800 00 332 50 1,014 58 2,103 27 13,000 00 1,237 74 12,510 27 12,945 39 13,500 00 7,876 83 13,515 38 19,030 63 17,026 64 1,404 38 690 72 321 72 938 32 1,270 16 3,429 00 6,000 00 4,398 00 4,000 00 5,985 00 5,500 00 3,000 00 4,203 00 16,540 00 5,200 00 1,175 00 1,157 50 1,157 50 1,867 50 2,150 00 2,161 90 305 00 1,316 65 1,800 00 1,889 60 312 50 800 00 897 50 726 00 600 00 140 26 20 00 50 91 138 13 42 50 111 05 144 00 30 00 29 90 75 45 32 00 101 50 81 39 50 00 90 09 $240,208 07 $232,337 88 $233,575 46 $249,018 04 $282,316 17 $25,000 00 2,600 00 $25,000 00 2,800 00 $25,000 00 2,800 00 $25,000 00 2,800 00 $25,000 00 3,000 00 4,563 61 3,502 30 161 00 4,032 49 14 00 4,372 41 5,255 18 71,817 81 41 50 63,160 96 41 50 59,291 95 41 50 53,947 42 41 50 97,607 61 41 50 5,000 00 5,000 00 2,500 00 58,267 23 77,917 92 61,102 79 70,869 33 62,327 68 75,067 84 57,254 52 78,102 19 63,080 74 85,831 14 2,500 00 20,000 00 5,700 00 $240,208 07 $232,337 88 $233,575 46 $249,018 04 $282,316 17 STATE BANKS OF MICHIGAN. 95 No. 218. EATON COUNTY SAVINGS BANK, CHARLOTTE. O rganized A u gust 14, 1899. G e o . H. S p e n c e r , P r e s i d e n t ; A l b e r t M u r r a y , V ic e P r e s id e n t; N e d B. A l s o v e r , C a s h ie r ; C. E . F i s h e r , A s s i s t a n t C a s h ie r . D ir e c t o r s .— W. B. O tto, A lbert M urray, Geo. H. Spencer, E . D . B arber, C. B. Lamb, Ned B. Alsover, M . Yomberg. 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 acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve c ities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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............ TJ. S. and N ational bank currency: Commercial 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: Commercial d e p a rtm e n t.. Savings d ep artm en t........... Nickels and cents: Commercial d e p a rtm e n 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 ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id ............................... Commercial deposits subject to ch eck ................................................. Commercial certificates of dep o sit. . Certified checks.................................. Cashier’s checks outstanding S tate monies on d ep o sit......... D ue to banks and b a n k e rs.. . . P ostal savings deposits............ Savings deposits......................... Savings certificates of dep o sit. Reserve for taxes, interest, etc N otes and bills rediscounted. . Bills payable Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 2 1 ,’13. Jan. 13, T4. M ar. 4, ’14. June 30, T4. Sept. 12, ’14. $338,670 29 88,650 00 5,000 00 234,278 25 $302,421 92 118,095 00 5,000 00 230,568 25 $280,353 02 104,795 00. 21,000 00 221,953 25 $272,407 04 96,795 00 27,000 00 216,966 55 $268,406 56 100,795 00 21,500 00 217,028 55 524 70 1,037 33 455 61 LÓÒi'ii 254 57 20,000 00 20,000 00 20,000 00 5,000 00 20,000 00 20,000 00 5,000 00 5,000 00 5,000 00 5,000 00 23,037 45 13,146 93 5,090 54 7,425 73 8,024 45 21,601 87 39,980 76 32,062 44 35,500 00 84,600 83 39,500 00 24,936 53 39,500 00 48,480 89 35,405 03 17,614 00 3,571 00 18,398 00 3,223 00 19,788 00 3,591 00 12,851 00 2,930 00 29,836 00 2,660 00 6,505 00 16,000 00 2,017 50 17,510 00 2,500 00 17,500 00 8,377 50 15,000 00 5,132 50 15,000 00 3,984 00 50 75 4,165 00 84 70 4,490 00 83 50 3,064 00 71 30 3,737 00 70 85 556 99 3 29 19 04 870 73 5 48 923 67 1,150 14 6 65 448 55 992 39 1 62 278 92 809 35 $825,047 39 $810,029 95 $832,306 09 $754,658 99 $782,725 02 $100,000 00 20,000 00 $100.000 00 $ 100,000 00 20,000 00 $100,000 00 20,000 00 $ 100,000 00 20,000 00 4,298 63 44 00 4,368 35 348 00 5,361 90 76 00 3,791 59 4,438 00 6,614 56 49 00 134,052 97 161,730 12 154,088 96 158,462 86 194,066 20 154,871 24 50 00 136,388 23 141,587 03 145,168 15 145,080 46 365 00 220 00 1 88 582 39 20,000 00 10,000 00 367,437 09 15,100 00 357,661 78 15,100 00 332,880 75 12,500 00 2,500 00 $810,029 95 $832,306 09 22,384 58 $825,047 39 696 92 324,937 22 12,600 00 704 90 322,142 95 12.600 00 $754,658 99 $782,725 02 25,000 00 96 STATE BANKING D EPA R TM EN T. No. 509. T H E CHASSEL STA TE BANK, CHASSEL. O rganized Ju n e 27, 1912. C h a s . H. W o r c e s t e r , P r e s i d e n t ; E d w a h d A. H a m a r , V ic e P r e s i d e n t ; M a r c e i l A. N D ir e c t o r s .— - a d e a u , C a s h ie r . Chas. H. W orcester, M arcell A. N adeau, E dw ard A. H am ar, Percy H. Willson, W. H. Funk. 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 acco u n t................ O verdrafts..................... Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.......................... F u rn itu re and fixtures...................... O ther real e s ta te .................... Due from other hanks and bankers, not reserve cities............... Item s in tr a n s it................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d eo artm en t...................... Exchanges for clearing house: Commercial d ep artm en t............... Savings d ep artm en t...................... U. S. and N ational b ank currency: Commercial d ep artm en t............ Savings d e p a rtm e n t...................... Gold coin: Commercial 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...................... Nickels and cents: Commercial d ep artm en t............ Savings d e p artm en t...................... Checks and other cash item s.......... T o ta ls................................... Liabilities. C apital stock paid i n ........................ Surplus fu n d . ? ......................... Undivided profits, less losses, cur ren t expenses, interest and taxes p a id .................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck................. Commercial certificates of deposit. . Certified checks............... Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an kers.............. Savings dep o sits........................... Savings certificates of d ep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le................................. T o ta ls......................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of Report of R eport of R eport of Report of Oct. 21, T3. Jan. 13, T4. M ar. 4, ’14. June 30, T4. Sept. 12, T4. $29,846 42 5,250 00 $38,690 01 4,500 00 $30,925 02 5,700 00 $43,180 39 1,200 00 $36,868 03 3,950 00 1,700 00 10,745 90 3,700 00 10,690 90 2,300 00 9,886 81 5,875 00 12,803 82 5,725 00 13,718 82 9 57 1,266 83 3 60 35 65 471 17 792 68 3,362 52 1,713 04 1,220 45 3,362 52 1,713 04 1,053 52 3,362 52 1,713 04 3,362 52 1,713 04 3,362 52 1,713 04 297 42 550 69 11,079 58 1,126 34 472 58 2,024 00 1,150 91 14,566 59 1,218 66 9,407 19 1,472 04 20,913 60 3,801 09 6,957 32 2;570 52 2,671 00 400 00 3,889 00 745 00 2,249 00 843 00 3,918 00 1,432 00 85 00 917 50 1,020 00 1,127 50 1,390 00 1,487 50 529 15 31 00 533 60 561 55 588 00 27 25 312 40 105 34 20 113 76 131 72 48 175 55 191 21 61 64 24 169 82 24 388 11 298 02 67 100 62 $61,660 41 $87,975 04 $81,940 43 $100,492 87 $79,525 21 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 3,501 10 $20,000 00 3,116 22 188 70 18,774 47 380 43 41,302 75 4,484 25 34.590 72 4;314 25 53,935 55 3,815 82 10 00 13 00 5 50 18 00 18,495 51 18,175 04 19,029 96 19,222 40 $61,660 41 $87,975 04 $81,940 43 $100,492 87 31,296 96 3,110 82 21,812 51 $79,525 21 STATE BANKS OF MICHIGAN. 97 No. 305. THE CHEBOYGAN COUNTY SAVINGS BANK, CHEBOYGAN. O rganized J a n u a ry 24, 1905. W m . L. M a r t in , S. A . S t . A m o u e , V ic e P r e s id e n ts ; A . G a l l a g h e r C a s h ie r . Jam es F . Moloney, Wm. L. M artin, W. L. H agadorn, George A nnand, S. A . St. Amour, J am es F . M D ir e c t o r s . o l o n e y , P r e s id e n t; Jas. Yet. S. Moloney, Y. D. Sprague, H enry B arber, J. H. M yers. 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 acco u n t...................... O verdrafts........................... Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it........................ U nited S tates Ponds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial 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 . ? .................................... Undivided profits, less losses, current expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit. . Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep osit................... D ue to banks and b an k ers.............. P ostal savings deposits..................... Savings deposits .*.............................. Savings certificates of dep o sit......... Reserve for taxes, interest, e tc . . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls. . . . 13 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. $111,709 43 24,479 70 $94,710 86 42,009 70 $99,489 16 33,878 03 $103,129 26 33,858 03 $97,554 15 1,650 00 61,707 44 1,600 00 63,237 98 1,600 00 62,587 48 1,745 00 59,385 80 1,745 00 58,838 03 396 59 222 83 420 57 393 82 332 82 4,198 75 4,198 75 4,198 75 4,198 75 4,198 75 5,259 11 5,259 11 4,686 11 4,686 11 4,310 54 2,204 13 2,833 09 909 37 380 10 20,737 84 11,678 04 7,553 49 11,636 15 13,612 57 11,656 79 12,867 11 11,699 10 5,848 57 11,743 49 4,731 00 4,500 00 8,868 00 4,500 00 3,200 00 4,500 00 4,741 00 3,500 00 3,566 00 3,500 00 3,920 00 1,500 00 125 00 1,500 00 3,845 00 1,500 00 2,795 00 1,500 00 1,622 50 1,500 00 2,514 20 1,100 00 4,212 50 L100 00 2,026 15 1,100 00 1,839 60 1,100 00 2,754 75 1,100 00 615 09 60 00 1,203 26 902 39 60 00 1,144 72 859 68 60 00 1,050 59 830 86 60 00 979 38 689 33 60 00 1,152 84 $261,011 88 $255,045 61 $253,676 97 $250,218 19 $237,472 44 $50,000 00 3,500 00 $50,000 00 3,855 00 $50,000 00 3,855 00 $50,000 00 3,855 00 $50,000 00 3,855 00 3,412 26 258 00 1,951 62 942 00 2,276 46 6 00 2,927 74 3,044 63 72,449 35 l ’625 05 87,288 20 625 05 79,302 73 625 05 55,686 71 418 35 66,826 51 73 65 472 00 1,370 360 47,381 61,271 636 360 46,953 63,661 7,771 360 45,006 70,192 3,342 355 32,630 69,372 7,446 55 60,851 19 61,469 48 $261,011 88 13 52 69 40 $255,045 61 89 52 16 16 01 52 13 73 14 70 49 32 6,000 00 14,000 00 7,500 00 $253,676 97 $250,218 19 $237,472 44 STATE BANKING D EPA R TM EN T. 98 No. 304. T H E CHEBOYGAN STA TE BANK, CHEBOYGAN. O rganized F e b ru a ry 11, 1905. F r a n k S h e p h e r d , P r e s id e n t; H. A. B l a k e , M il e s E . R ig g s , V i c e P r e s i d e n t s ; H. T. G l e z e n , C a s h ie r ; G e o . D. N im m o , A s s i s t a n t C a s h ie r . D ir e c t o r s .— F rank Shepherd, M . E . Riggs, G. A. Thom pson, B. A. Cueny, H. A. Blake, G. W. R it- tenhouse, Fred A. H out, J. F. Shepherd, W. E . Chapm an, H . T . Glezen, Geo. D. Nimmo. Resources. Loans and discounts: Commercial d ep artm en t............ Savings departm ent .................. Bonds, m ortgages and securities: Commercial d e p artm en t............ Savings d ep artm en t.......... Prem ium a c c o u n t........................ O v erd rafts........................................... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures....................... O ther real e s ta te .......................... D ue from other banks and bankers, not reserve citie s............................ Item s in tr a n s it.................................. U nited States bonds: Savings d e p a rtm e n t...................... D ue from banks in reserve cities: Commercial d ep artm en t............ Sayings 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 ational b ank currency Commercial d ep artm en t............... Savings d ep artm en t....................... Gold coin: Commercial d e p artm en t............ .. Savings d e p a rtm e n t...................... Silver coin: Commercial d ep artm en t. . . Savings d ep artm en t............ Nickels 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 i n ........................ Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit.. Certified checks......................... .. C ashier’s checks o u tstanding .......... S tate monies on d ep o sit................... D ue to banks and h a n k e rs............... P ostal savings deposits..................... Savings d eposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o tals. . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, '14. Sept. 12, T4. $106,920 89 68,324 97 $119,128 43 70,124 72 $137,551 23 52,060 47 $164,119 61 38,147 38 $139,181 34 45,438 52 2,400 00 65,222 19 2,400 00 58,633 95 2,400 00 65,408 95 1,800 00 67,340 08 1,800 00 69,427 25 1,632 12 13 58 11,000 00 11,000 00 3,000 00 3,000 00 800 00 335 44 11,000 00 11,000 00 11,000 00 3,000 00 3,000 00 3,000 00 800 00 800 00 800 00 10,000 00 371 63 " l9 73 13,209 51 7,983 16 8,937 46 14,633 24 14,645 68 13,920 52 1,268 21 1,792 67 600 00 985 74 190 69 2,315 71 3,610 00 3,000 00 5,856 00 4.000 00 564 00 5,020 00 3,271 00 5,043 00 6,000 00 6,000 00 75 00 2,285 00 3.000 00 40 00 335 00 3,000 00 975 00 4,000 00 35 00 1,937 70 1,922 65 2,978 25 25 81 56 56 256 34 181 73 616 77 23è 5Ì $305,515 04 I $336,966 11 $321,298 68 $50,000 00 1,179 85 '405 86 4,830 57 10,594 11 29,293 34 6,243 07 291 71 1,500 00 2,000 00 2,000 00 387 20 1,070 00 1,074 90 332 57 16 38 481 94 170 00 7 33 462 62 $287,601 17 $322,933 67 $50,000 00 $50,000 00 10,000 00 $50,000 00 $50,000 00 10,000 00 10,000 00 10,000 00 3,087 27 2,467 89 111 00 3,918 10 51 00 952 37 1,771 00 1,513 59 56 00 64,608 21 2,550 30 99,827 20 531 60 75 00 67,016 23 25,043 45 50 00 108.662 25 24,985 93 95,463 65 17,530 94 565 24 2,966 60 71,870 67 79,856 98 65,365 10 79,636 64 5,062 50 11,949 64 $287,601 17 $322,933 67 10,000 00 1,200 00 1,000 00 10,000 00 3,546 437 63,051 72,401 30 38 34 24 473 86 68,379 19 61,741 51 $305,515 04 $336,966 11 5,000 2,352 595 69,993 68,792 00 23 98 91 38 $321,298 68 ! STA TE BANKS OF MICHIGAN. 99 No. 397. THE FARMERS’ AND MERCHANTS’ BANK OF CHELSEA, CHELSEA. O rganized A pril 22, 1908. J o h n F. W a l t r o u s , P r e s i d e n t ; P e t e k M e k k e l , V ic e P r e s id e n t; P a u l G. S c h a ib l e , C a s h ie r ; A l b e h t F a h k n e e , A s s i s t a n t C a s h ie r . D ir e c t o r s .— J. F. W altrous, P eter M erkel, C. H. G rau, Lewis Geyer, J. H. G uthrie, C . H. Kalm bach, John K alm bach, O. C. B urkhart, John Farrell, H. L. Wood. Resources. Loans and discounts: Commercial d ep artm en t........ Savings d ep artm en t.................. Bonds, mortgages and securities: Commercial d e p a rtm e n t............... Savings d ep artm en t................ Prem ium acco u n t............ O v erd rafts.................. Expenses, interest and taxes paid exceeding earnings................... B anking h o u se..................... F u rn itu re and fixtures.................. O ther real e s ta te .................... D ue from other banks and bankers, n o t reserve cities............... Item s in tr a n s it........... U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial d e p a rtm e n t.......... Savings d ep artm en t...................... Gold coin: Commercial d ep artm en t............ Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t............... Savings d e p a rtm e n t...................... Nickels and cents: Commercial d ep artm en t.............. Savings d e p 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 ........................................ Dividends u n p a id .............................. Commercial deposits subject to ch eck.................................... Commercial certificates of deposit. . Certified checks.......................... Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................. D ue to banks and bankers............... Savings deposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, e tc . . . . Notes and bills rediscounted......... Bills p ay ab le..................................... T o ta ls..................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. June 30, T4 Sept. 12, T4. $66,847 59 20,350 00 $68,848 94 26,350 00 $45,903 99 500 00 175,598 61 171,580 11 173,455 11 225 00 60 35 200 00 377 26 200 00 2,800 00 1,544 67 1,544 67 1,544 67 800 00 $64,517 94 24,325 00 $54,513 41 26,175 00 3,500 00 185,702 43 6,500 00 184,857 93 12o GS 125 00 393 28 2,800 00 1,544 67 2,800 00 1,544 67 800 00 16 56 6,716 08 24,627 12 4,027 45 33,627 12 25,183 95 26,127 12 7,232 87 36,127 12 11,964 70 26,627 12 74 82 83 90 249 60 201 88 27 00 1,365 00 6,000 00 2,114 00 4,600 00 2,358 00 4,500 00 2,118 00 6,000 00 2,000 00 6,002 00 540 00 4,400 00 327 50 6,500 00 430 00 7,200 00 6,500 00 75 00 7,000 00 756 10 1,450 00 440 35 1,950 00 1,052 10 1,000 00 994 10 1,025 00 865 35 150 00 325 78 266 17 2 12 127 73 340 90 141 23 123 50 338 39 231 41 29 95 $315,249 41 $325,839 93 $25,000 00 11,000 00 $25,000 00 12,500 00 $25,000 00 6,129 25 4,392 20 265 00 4 QOS 24 ’ 20 00 38,148 26 38,734 60 14 2,280 00 $343,490 85 $331,898 38 $25,000 00 14,000 00 $25,000 00 14,000 00 38,291 39 36,441 74 1,000 00 183,044 95 49,646 95 194,218 76 50,729 37 200,222 22 51,533 51 53,011 58 199,278 91 51,563 09 ' $315,249 41 $325,839 93 $332,880 91 $343,490 85 $331,898 38 \ STA TE BAN KING D EPA R TM EN T. 10 0 No. 203. T H E K E M P F COMMERCIAL AND SAYINGS BANK, C H ELSEA . O rganized Ja n u a ry 14, 1898. H. S. H o l m e s , C. H. K e m p f , V ic e P r e s i d e n t ; G e o . , A. B e G o l e , C a s h ie r ; J. L. F l e t c h e b , A s s i s t a n t C a s h ie r . D ir e c t o r s .— C. H. Kem pf, H. S . Holmes, C. Klein, O tto D . Luick, E dw ard Vogel, D . C. M cLaren, John R. Kem pf, D. E . Beach. P r e s id e n t; 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.................. R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, ’14. Ju n e 30, ’14. Sept. 12, ’14. $131,527 22 $139,224 43 $140,505 44 $142,197 51 $145,569 63 30,037 84 342,753 85 29,906 72 339,220 37 35,672 60 328,881 36 19,741 70 333,216 92 19,374 76 321,450 58 1,071 75 Prem ium account 1,905 10 O verdrafts............ Expenses, interest and taxes paid, exceeding earnings.................................................. B anking h o u se.................................... 15,000 00 F u rn itu re and fixtures....................... 5,000 00 1,071 75 2,284 10 1,071 75 6,198 54 1,071 75 4,379 65 1,071 75 2,348 14 15,000 00 5,000 00 15,000 00 5,400 00 15,000 00 5,400 00 15,000 00 5,400 00 1,574 39 1,765 03 1,799 62 ' Ì7 87 Ì93 87 955 00 4,000 00 28 25 2,500 00 2,500 00 2,500 00 2,500 00 2,500 00 11,580 34 35,882 37 17,493 15 33,904 28 8,683 50 40,064 81 4,064 71 26,986 58 5,061 97 33,902 76 52 11 50 98 1,263 03 15 00 477 60 86 18 82 40 182 22 4 00 5,023 00 7,328 00 5,915 00 6,519 00 7,286 00 3,477 00 3,238 00 8,636 00 3,699 00 5,856 00 2,725 00 16,125 00 3,405 00 16,305 00 4,050 00 16,492 50 4,112 50 15,910 00 5,235 00 15,710 00 3,409 05 38 30 3,053 70 49 00 2,746 10 25 85 2,631 95 50 30 2,712 15 35 05 21 62 59 50 422 24 112 53 62 07 180 22 287 16 63 84 163 47 60 01 22 27 531 67 90 65 34 61 252 32 $615,005 53 $624,443 25 $620,933 32 $590,788 92 $589,518 81 $40,000 00 30,000 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 22,968 01 54 00 10,745 46 150 00 12,312 03 "96 00 12,004 29 2,400 00 15,109 85 54 00 71,763 44,806 9 610 87,112 47,180 9 510 88,972 47,718 9 125 61,812 45,889 34 504 65,975 42,828 11 1,475 O ther real e s ta te . .............................. D ue from other hanks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial 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 ational b ank currency: Commercial 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: Commercial d ep artm en t. .. Savings d e p artm en t............ Nickels and cents: Commercial d ep artm en t. .. Savings d e p a rtm e n t. . . . . . . Checks and other cash item s Totals Liabilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... D ividends u n p a id ............................... Commercial deposits subject to ch eck................................ Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings d eposits................................. Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le..................................... .. Totals https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 73 02 83 00 64 21 83 11 90 13 83 00 63 14 83 95 30 14 83 00 350,627 11 54,166 83 347,431 11 51,303 89 337,537 85 54,161 58 ........ 95 Ü 336,951 07 51,096 90 495 30 336,439 19 47,130 20 $615,005 53 $624,443 25 $620,933 32 $590,788 92 $589,518 81 STATE BANKS OF MICHIGAN. 101 No. 235. T H E C HESA NIN G STATE BANK, CHESANING. O rganized Ju n e 22, 1901. M il l is L. P a r s h a l l , P r e s id e n t; O t is C. S p e r r y , G e o r g e M . P e e t , V ic e P r e s id e n ts F r a n k A. G r e e n f e l d e r , C a s h ie r ; H a r r y N. S l a c k , F r a n k ,T. S t e v e n s , A s s i s t a n t C a s h ie r s . D ir e c t o r s .— F ran k A. Greenfelder, Ralph Agnew, George M . Peet, M illis L. Parshall, Otis C Snerrv G. M . N ason. Resources. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t...................... Bonds, m ortgages and securities: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Prem ium acco u n t........................... O v erd rafts..................................... Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se................. F u rn itu re and fixtures....................... O ther real e s ta te .............................. D ue from other banks and bankers, not reserve cities............................ Item s in tr a n s it...................... U nited States bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial d e p artm en t.............. Savings d e p a rtm e n t... . Exchanges for clearing house: Commercial d ep artm en t.............. Savings d e p a rtm e n t...................... T.T. S. and N ational bank currency: Commercial d e p a rtm e n t.............. Savings d e p artm en t...................... Gold coin: Commercial d ep artm en t.............. Savings d ep artm en t...................... Silver coin: Commercial d ep artm en t.............. Savings d e p artm en t...................... Nickels and cents: Commercial d e p a rtm e n t.............. Savings d e p a rtm e n t...................... Checks 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 .............................. Commercial deposits subject to ch eck ............................................... Commercial certificates of deposit.. Certified checks.................................. Cashier s checks o u tstan d in g .......... S tate monies on d eposit................... D ue to banks and b a n k e rs.............. Savings d ep o sits... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . .. N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls............................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar, 4, ’14. June 30, ’14 Sept. 12, ’14. $147,862 41 45,490 13 $156,435 96 41,875 58 $166,372 91 46,227 11 $186,615 70 41,491 19 $189,660 87 47,077 09 161,017 82 10,000 00 165,418 10 15,000 00 162,837 74 15,000 00 188,287 67 15,000 00 188,287 67 73 14 212 83 451 11 270 12 407 92 6,000 00 1,000 00 6,000 00 1,000 00 6,000 00 1,000 00 6,000 00 1,000 00 6,000 00 1,000 00 10,641 95 2,673 69 5,145 09 4,689 95 4,194 04 19,243 98 33,000 00 22,822 52 40,000 00 13,279 31 38,000 00 13,959 19 30,000 00 11,982 33 43,000 00 11,397 00 4,800 00 11,014 00 7,400 00 18,522 00 5,200 00 19,325 00 7.000 00 16,936 00 6,500 00 130 00 8,000 00 8,635 00 8,865 00 590 00 9.000 00 502 50 9,000 00 1,417 90 1,000 00 3,412 95 20 00 3,173 35 100 50 1,254 30 700 00 1,396 10 400 00 83 69 89 42 182 89 224 74 7 77 116 43 197 16 5 21 106 29 67 91 14 98 366 99 72 12 33 61 $451,430 33 $477,269 57 $490,482 78 $525,633 00 $541,450 25 $25,000 00 14,000 00 $25,000 00 14,000 00 $25,000 00 14,000 00 $25,000 00 14,000 00 $25,000 00 25,000 00 3,566 46 4,484 17 60 00 8,075 33 13,382 20 2,230 12 58,380 17 97,086 33 71,553 00 . 98,815 95 74,309 34 107,862 55 101,281 35 95,475 61 112,538 95 82,382 81 178,832 93 74,564 44 185,159 43 78,197 02 185,643 60 75,591 96 202,322 31 74,171 53 206,407 62 87,890 75 $451,430 33 $477,269 57 $490,482 78 $525,633 00 $541,450 25 ST A T E BAN KING D EPA RTM EN T. 102 No. 424. T H E C IT IZ E N S ’ STA TE BANK OF CLARE. O rganized D ecem ber 22, 1908. A. E . S l e e p e r , P r e s i d e n t ; A. E . M u l d e r , V ic e P r e s i d e n t ; J a m e s S . B ic k n e l l , C a s h ie r ; A . T . S t e v e n s , A s s i s t a n t C a s h ie r ; W. H . B ic k n e l l , A u d i t o r . D ir e c t o r s .—A. E . Sleeper, Jam es S. Bicknell, A. E . M ulder, W. H . Bicknell, A. J. D oherty, A. E. Mussell, Jam es D uncan. Resources. R eport of R eport of R eport of R eport of R eport of Oct. 21, ’13. Jan. 13, ’14. M ar. 4, T4. June 30, T4. Sept. 12, T4. Loans and discounts: Commercial d ep artm en t.............. Savings d ep artm en t....................... Bonds, m ortgages and securities: $75,313 91 3,900 00 $77,746 46 5,900 00 $78,823 57 2,600 00 $81,349 10 7,000 00 $75,045 87 9,500 00 Savings d ep artm en t....................... 16,635 00 16,635 00 17,985 00 18,860 00 18,660 00 O v erd rafts............................................ Expenses, interest and taxes paid, 445 02 440 60 347 95 207 32 476 44 Banking h o u se. .. .“ ........................... F urniture and fixtures...................... 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 00 310 00 224 67 9,227 83 2,000 00 20,056 38 2,000 00 18,220 14 2,000 00 6,429 91 2,000 00 11,776 57 2,000 00 814 33 1,371 11 371 73 877 61 861 79 3,085 00 200 00 7,350 00 2,525 00 1,500 00 4,285 00 3,593 00 1,005 00 1,000 00 600 00 1,500 00 2,115 00 345 00 2,000 00 485 00 2,000 00 770 40 30 00 1,474 65. 35 00 763 90 335 00 1,087 05 253 00 476 25 250 00 56 04 2 48 526 04 58 80 98 1,058 87 56 62 7 44 131 98 49 43 71 211 09 88 42 45 236 85 $123,321 05 $144,452 52 $135,783 33 $132,955 22 $133,450 64 $20,000 00 2,500 00 $20,000 00 2,500 00 $20,000 00 4,000 00 $20,000 00 4,000 00 $20,000 00 4,000 00 D ue from other hanks and bankers, U nited States bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d ep artm en t.............. U. S. and N ational b ank currency: Commercial d ep artm en t.............. Gold coin: Commercial d ep artm en t............... Savings d ep artm en t...................... Silver coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n t............... Savings d e p 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, cur ren t expenses, interest and taxes p a id ................................................... 2,088 77 3,673 68 508 51 2,077 16 2,153 52 Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. 42,276 60 27,688 20 60,022 86 ■ 27,185 00 52,761 24 26,518 50 41,659 67 30,104 68 38,570 62 31,316 05 Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... 5,000 00 5,000 00 5,000 00 5,000 00 5,000 00 26,070 98 26,542 44 30,113 71 32,410 45 $132,955 22 $133,450 64 Savings d eposits................................. 23,767 48 452 64 N otes and bills rediscounted........... T o ta ls........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $123,321 05 $144,452 52 $135,783 33 STATE BANKS OF MICHIGAN. 103 No. 118. T H E CLARE C. \V. P e r r y , COUNTY SAVINGS BANK, CLARE. O rganized J u n e 23, 1891. P r e s i d e n t ; J o se p h H u d s o n , V ic e P r e s id e n t; C. G e o . V. C o l l in s , A s s i s t a n t C a s h ie r . H. S u t h e r l a n d , C a s h ie r ; D ir e c t o r s .— C. W. Perry, Joseph Hudson, C. H. Sutherland, Geo. V. Collins, Jas. A. M cK ay. 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...................... R eport of R eport of R eport of Report of R eport of Oct. 21, T3. Ja n . 13, ’14. M ar. 4, ’14. June 30, ’14 Sept. 12, ’14. $105,565 80 41,568 43 $116,371 02 30,181 62 $106,163 36 33,028 32 $121,196 27 37,714 56 $127,415 23 37,732 25 126,798 50 140,408 50 7,000 00 134,535 50 7,000 00 136,680 50 7,000 00 141,180 50 383 87 112 32 941 31 521 63 927 45 5,500 00 1,200 00 5,500 00 1,200 00 5,500 00 1,200 00 5,500 00 1,200 00 1,200 00 1,724 18 35 07 3,272 39 3,433 99 4,873 95 59,457 55 28,339 73 60,677 41 32,697 60 49,800 59 28,959 37 31,819 52 31,541 31 45,163 18 29,764 14 10,401 00 9,581 00 12,130 00 5,175 00 10,448 00 7,018 00 7,436 00 9,956 00 3,767 00 7,136 00 20 00 4,665 00 20 00 '4,862 50 20 00 4,912 50 20 00 5,227 50' 20 00 5,455 00 2,041 65 281 25 2,809 50 288 35 2,498 15 310 85 2,352 75 330 05 2,519 45 247 75 374 18 39 11 3,162 56 327 91 35 43 1,662 34 292 10 26 91 1,993 71 371 47 30 27 4,427 62 208 02 22 52 2,659 90 $401,103 81 *414,494 57 $397,921 06 $406,759 44 $422,792 34 $20,000 00 16,000 00 $20,000 00 16,000 00 $20,000 00 20,000 00 $20,000 00 20,000 00 $20,000 00 6,677 01 5,470 56 2,622 17 1,710 60 450 00 2,491 99 62,468 77 84,671 01 81,361 33 78,013 68 66,567 77 74,932 67 61,703 61 76,344 04 86,977 41 5,000 00 5,000 00 2,500 00 595 21 164,163 30 56,792 68 414 41 163,776 65 57,403 94 $406,759 44 $422,792 34 Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se................................ F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and hankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d e p a rtm e n t...................... Due from banks in reserve cities: Commercial 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 ational bank currency: Commercial d ep artm en t............... Savings depEtrtinent...................... Gold coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... Silver coin: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... Nickels 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............................... liab ilities. C apital stock paid i n ......................... Surplus fu n d ........................................ Undivided profits, less losses, current expenses, interest and taxes p a id ......................................... Dividends u n p a id ............................ Commercial deposits subject to ch eck ...................................... Commercial certificates of d eposit. . Certified checks.................................. C ashier’s checks o u tstan d in g .......... S tate monies on d ep osit................... D ue to banks and b an k ers.............. P ostal savings deposits................... Savings d eposits............................... Savings certificates of dep o sit......... Reserve for taxes, interest, etc. . . . N otes and bills rediscounted........... Bills p ay ab le............................. T o ta ls..................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' 151,453 40 59,833 62 151,583 27 62,065 73 494 59 151,526 81 56,777 05 $401,103 81 $414,494 57 $397,921 06 STATE BANKING D EPA RTM EN T. 104 No. 540. T H E CLARKSTON STATE BANK, CLARKSTON. O rganized October 31, 1913. G uy 4. W a lter, P r e s id e n t; D D ir e c t o r s .— G uy a v id R . G eorge T e g g e r d in e , V i c e P r e s i d e n t ; R ay' M . A c k e r s o n , C a s h i e r ; D . K in g , A s s i s t a n t C a s h ie r . A. W aiter, D avid R. Teggerdme, Wm. J. Perry, R ay M . Ackerson, John F. Deacon, Joseph H. Alger, F rank O. Wille. R eport of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, C4. M ar. 4, T4. Ju n e 30, T4. Sept. 12, C4. Resources. Loans and discounts: Commercial d ep artm en t ....................... Savings d ep artm en t........ Bonds, mortgages and securities: Cnmmercia.l d ep artm en t.............. Savings d ep artm en t....................... S20.674 31 3,012 93 $23,917 16 5,200 00 $34,618 70 $31,182 12 6,000 00 8,000 00 9,950 00 47,485 00 57,185 00 609 29 4,500 00 1,375 00 695 06 4,500 00 1,375 00 4,500 00 1,375 00 4,500 00 1,375 00 7,656 30 3,918 50 5,533 53 3,000 00 6,740 87 5,014 52 4.139 26 e;ooo 00 6,658 00 700 00 1,241 00 7,948 00 3,003 00 3,000 00 945 00 4,000 00 287 50 35 00 35 00 386 85 100 00 190 50 45 00 150 75 196 70 41 52 5 52 90 00 21 28 C h e ck s and o th e r ca.sh it e m s ............ T o ta ls ........................................... $58,471 75 $20,000 00 Prem ium a m o u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, p y p p p f l P i g earnings . . Banking h o u se .................................... F u rn itu re and fixtures....................... O ther real estate. . . . D ue from other banks and bankers, not reserve cities. . Item s in tram sit U nited S tates bonds: P a v in g s d ep artm en t, D ue from banks in reserve cities: Commercial d e p artm en t.............. Savings d e p a rtm e n t...................... Exchanges for clearing house: Commercial department, Payings departm ent U. S. and N ational bank currency: Commercial d ep artm en t.............. Savings d ep artm en t...................... Gold coin: Commercial d ep artm en t.............. Savings department, Silver coin: Commercial d e p a rtm e n t.............. Ravings d e p a rtm e n t. . . . Nickels and cents: Commercial d e p a rtm e n t... Savings d e p a rtm e n t. . Liabilities. C apital stock paid i n ......................... Surplus f u n d .. Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends unpaid . . . . Commercial deposits subject to ch eck ..........................: ..................... Commercial certificates of deposit Certified checks. Cashier’s checks out, standi no-. . S tate monies on d ep o sit. . D ue to hanks and b a n k e rs. . Savings dep o sits................................. Savings certificates of d ep o sit........ "Reserve for taxes, interest,, etc. . . . X ot.es and bills rediscounted . Rills payable T o ta ls........... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 813 53 . . 2,030 00 50 75 19 58 416 56 1,169 78 $71,904 03 $106,390 15 $110,747 44 $20,000 00 $20,000 00 $20,000 00 50 04 22,704 80 25,739 75 30,948 20 25,704 80 14,207 33 1,559 62 ÌÒ,478 93 6,685 35 35,642 12 19,799 33 42,320 99 22,721 61 $58,471 75 $71,904 03 $106,390 15 $110,747 44 STATE BANKS OF MICHIGAN. 105 No. 486. T H E E D W IN NASH STATE BANK, CLA RK SV ILLE. O rganized Ju n e 5, 1911. D F r e d R o b b i n s , P r e s id e n t; L. A. S c o v il l e , V ic e P r e s i d e n t ; E r n e s t N a s h , C a s h ie r ; R oy B l o d g h , A s s i s t a n t C a s h ie r . Fred Robbins, L. A. Scoville, D . F. W aiter, Geo. E. M arvin, E rnest Nash, Elm er Winey. ir e c t o r s .— i 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 acco u n t............ O verdrafts........................... Expenses, interest and taxes paid, exceeding earnings....................... B anking h o u se................... F u rn itu re and fix tu res.. . . . . O ther real e s ta te ............... D ue from other banks and bankers, not reserve cities............. Item s in tr a n s it. . . United S tates bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d ep artm en t.......... Savings d e p a rtm e n t..................... Exchanges for clearing house: Commercial d ep artm en t............ Savings d ep artm en t.................... IT. S. and N ational bank currency: C omm erci al dep a rt m e n t............ Savings d ep artm en t.................... Gold coin: Commercial 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.................... Nickels 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 i n .................. Surplus fu n d ............................... U ndivided profits, less losses, cur rent expenses, interest and taxes p a id .................................... Dividends u n p a id .............................. Commercial deposits subject to ch eck.................................... Commercial certificates of deposit.. Certified checks..................... *........... Cashier’s checks outstanding.......... S tate monies on d ep o sit................... D ue to banks and b an k ers.............. Savings deposits................................. Savings certificates of deposit......... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........... Bills p ay ab le....................................... T o ta ls.......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R eport of R eport of Report of R eport of R eport of Oct. 21, ’13. Jan. 13, C4. M ar. 4, ’14. Ju n e 30, ’14. Sept. 12, ’14. $25,736 89 30,055 61 $24,796 36 29,206 09 $26,600 83 28,102 50 $30,894 66 23,513 07 $30,099 00 26,905 96 57,330 00 57,320 00 55,165 00 61,710 00 62,230 00 40 33 41 76 42 00 18 25 13 10 39 71 83 81 25 50 5 64 2,400 00 1,535 00 2,400 00 1,535 00 2,400 00 1,535 00 920 00 2,400 00 1,535 00 1,934 00 2,920 00 500 00 500 00 500 00 500 00 2,375 07 15,454 97 6,410 08 19,150 54 12,830 81 21,215 24 4,156 70 16,370 39 9,546 47 19,260 11 1,629 00 4,000 00 1,440 00 4,000 00 395 00 3,700 00 1,718 00 3,800 00 2,345 00 5,000 00 1,340 00 1,470 00 1,505 00 1,550 00 1,575 00 443 00 160 00 1,375 00 130 00 596 00 295 00 952 00 50 00 309 25 500 00 69 38 154 26 158 38 133 60 151 66 410 80 270 06 285 40 123 29 156 11 $144,441 81 $150,217 64 $157,231 26 $149,530 23 $20,000 00 200 00 $20,000 00 400 00 $20,000 00 400 00 $20,000 00 400 00 908 58 28 44 126 00 406 43 362 48 14,992 65 17,993 34 393 23 20,975 25 5,406 84 17,285 41 4,488 88 4,331 28 1,180 23 107,160 35 1,206 43 110,070 20 1,378 44 108,664 30 2,028 82 104,964 64 2,562 05 111,634 02 $144,441 81 $150,217 64 $157,231 26 $149,530 23 $165,464 70 $20,000 00 400 00 STA TE BAN KING D EPA R TM EN T. 106 No. 376. T H E CLIMAX STATE BANK, CLIMAX. O rganized A u g u st 25, 1907. M . S c r a m l in , P r e s i d e n t ; D ir e c t o r s .— J. W. P ie r c e , V ic e P r e s id e n t; T. E. S in c l a i r , C a s h ie r . A. A. Aldrich, A. T . Slaght, M . Scramlin, Ira Barkley, J. W. Pierce, A. D. Leiter, T. E. Sinclair. Resources. R eport of R eport of R eport of Report of R eport of Oct. 21, T3. Jan. 13, ’14. M ar. 4, ’14. Ju n e 30, ’14. Sept. 12, ’14. Loans and discounts: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... Bonds, m ortgages and securities: $32,800 47 14,113 44 $32,512 62 13,814 28 $33,335 65 15,202 28 $32,822 70 19,728 74 $33,615 82 19,102 58 Savings d ep artm en t....................... 43,919 50 42,381 50 45,721 50 42,821 50 44,802 50 O v erd rafts............................................ Expenses, interest and taxes paid, 6 01 126 64 1 81 64 80 1,005 83 F u rn itu re and fixtures...................... 1,250 00 1,250 00 1,250 00 1,250 00 1,250 00 1,810 00 942 50 1,829 81 10,660 08 2,410 49 19,761 00 3,302 17 14,587 26 824 07 11,646 38 1,249 12 6,649 47 952 00 1,700 00 932 00 2.500 00 1,000 00 1,647 00 1,000 00 2,379 00 911 00 2.500 00 632 50 1,800 00 980 00 1.500 00 700 00 1,452 50 1,000 00 1,387 50 127 50 1.500 00 170 75 423 00 30 00 166 15 430 85 618 60 6 86 67 35 6 11 51 35 D ue from other banks and bankers, U nited States bonds: D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: U. S. and N ational b ank currency: Commercial 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: CJommrrr.ial department, Savings d ep artm en t...................... Nickels and cents: Oommerrial d e p a rtm e n t.. Savings departm ent (Cheeks and other rash item s 36 47 58 96 171 01 61 35 $110,042 04 $120,521 84 $119,806 22 *20,000 00 1,800 00 $20,000 00 2,100 00 $20,000 00 2,100 00 $20,000 00 2,100 00 $20,000 00 2,100 00 2,224 69 334 33 210 00 687 82 10 00 1,195 06 10 00 1,763 61 10 00 20,231 24 30,406 48 22,608 55 17,362 60 15,734 85 D ue to banks and b an k ers............... Savings deposits................................. Savings certificates of d ep o sit......... 63,426 71 2,359 40 65,243 25 2,227 78 67,262 91 7,136 94 70,033 18 4,500 32 67,338 50 6,326 02 T o ta ls ........................................... $110,042 04 $120,521 84 $119,806 22 $115,201 16 $113,272 98 T o ta ls ........................................... Liabilities. C apital stock paid i n ......................... Surplus f u n d . ? .................................... Undivided profits, less losses, cur rent expenses, interest and taxes p a id ................................................... Dividends u n p a id .............................. Commercial "deposits subject to ch eck ................................................. Commercial certificates of d ep o sit.. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 95 76 96 $115,201 16 • $113,272 98 STATE BANKS OF MICHIGAN. 107 No. 483. T H E CLIO STATE BANK, CLIO. Organized M ay 1 , 1911. C h a s . G. M D ir e c t o r s .— a t z e n , P r e s id e n t; T h o s . O l if f , V ic e P r e s id e n t; C h a s . E . T a y l o r , C a s h ie r . Chas. Noble, Chas. G. M atzen, Thos. Oliff, B. S. Jennings, D. C. M errill, C. E . Taylor. 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 acco u n t............................... O v erd rafts............................... Expenses, interest and taxes paid, exceeding earnings......................... B anking h o u se.................................... F u rn itu re and fixtures...................... O ther real e s ta te ................................ D ue from other banks and bankers, n ot reserve cities............................ Item s in tr a n s it.................................. U nited S tates bonds: Savings d ep artm en t...................... D ue from banks in reserve cities: Commercial 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 ational bank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t....................... Nickels 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 i n ......................... Surplus fund. ? .................................... U ndivided profits, less losses, cur ren t expenses, interest and taxes p a id ................................................. D ividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of deposit. . Certified checks.................................. Cashier’s checks o utstan d in g .......... S tate monies on d ep o sit. . . 7........... Due to banks and b an k ers.............. Savings deposits................................. Savings certificates of d ep o sit........ Reserve for taxes, interest, e tc. . . . N otes and bills rediscounted........... Bills p ay ab le........................................ T o ta ls..................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of R eport of R eport of R eport of R eport of Oct. 21, T3. Jan. 13, T4. M ar. 4, T4. Ju n e 30, T4 Sept. 12, ’14. §65,020 69 51,981 01 $58,806 13 56,571 42 $57,687 31 49,415 40 $63,721 35 40,790 11 §59,627 58 43,388 47 96,997 51 93,099 03 87,094 81 86,537 28 90,772 37 809 27 234 85 384 77 319 52 353 72 5,500 00 2,600 00 5,500 00 2,600 00 5,500 00 2,600 00 5,500 00 2,600 00 5,500 00 2,600 00 4,250 00 4,250 00 4,250 00 4,250 00 760 25 4,472 58 3,674 75 800 01 3,297 06 3,462 57 13,160 00 4,592 95 17,549 77 5,597 71 19,871 92 6,183 08 21,523 85 14,691 39 36,887 78 1,614 00 3,500 00 5,833 00 500 00 4,232 00 500 00 5,533 00 2,000 00 3,296 00 700 00 1,900 00 5,000 00 542 50 8,000 00 870 00 8,000 00 950 00 7,000 00 187 50 8,300 00 267 45 992 10 376 15 1,212 15 997 25 271 85 99 71 191 52 243 08 357 48 880 71 937 11 1,160 68 342 71 22 65 §253,553 17 $264,672 96 $251,458 58 $249,620 54 $275,143 62 $25,000 00 1,250 00 $25,000 00 1,250 00 §25,000 00 1,600 00 §25,000 00 1,600 00 $25,000 00 1,600 00 304 65 2,824 07 1,824 61 2,894 18 3,268 99 49,350 20 71,046 48 61,651 21 59,853 07 71,041 50 71 00 117 93 126 03 908 99 80,680 43 78,800 98 83,743 40 77,521 43 86,816 36 73,330 90 100.452 34 72;871 80 $251,458 58 $249,620 54 $275,143 62 83,660 21 83,988 11 10,000 00 5,000 00 $253,553 17 $264,672 96 STA TE BANKING D EPA R TM EN T. 108 No. 104. THE BRANCH COUNTY SAVINGS BANK, COLDW ATER. O rganized October 14, 1890. B . S. S p o f f o k d , P r e s id e n t; F. L . B u r d ic k , V ic e P r e s i d e n t ; M . W . W i m e e , C a s h ie r ; R. B. G r ip m a k , A s s i s t a n t C a s h ie r . D ir e c t o r s .— B. S. Spoflord, N. A. Reynolds, F . L. Burdick, A. M imes, N. Baldwin, H. P. W oodward, M . W. W imer. R eport of R eport of R eport of R eport of R eport of Oct. 21, C3. Jan. 13, C4. M ar. 4, ’14. June 30, ’14. Sept. 12, ’14. Resources. Loans and discounts: Oommereial d ep artm en t.............. Savings d ep artm en t...................... Bonds, mortgages and securities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Prem ium acco u n t............................... O v erd rafts............................................ Expenses, interest and taxes paid, exceeding earnings......................... Banking h o u se.................................... F u rn itu re and fixtures...................... $265,530 13 60,000 00 $282,045 12 70,000 00 $273,209 37 70,000 00 $312,114 14 85,000 00 $279,921 35 80,000 00 225,633 00 223,623 00 220,993 00 215,323 00 214,064 00 411 89 665 78 107 90 563 20 30 27 52,805 31 45,000 00 43,794 54 45,000 00 78,204 75 45,000 00 37,037 92 45,000 00 91,360 56 45,000 00 2,565 95 2,042 69 2,593 30 1,124 45 2,346 47 25,514 00 10,000 00 18,518 00 15.000 00 17,529 00 15.000 00 13,709 00 15,000 00 23,594 00 10,000 00 4,005 00 15,000 00 4,585 00 15.000 00 6,612 50 15.000 00 8,360 00 9,000 00 8,620 00 9,000 00 2,536 60 1,16000 2,940 45 1,090 00 2,281 75 1,114 00 3,634 75 218 00 2,968 35 968 00 56 22 1 64 101 78 3 30 134 45 69 67 42 77 59 25 77 $710,219 77 $725,009 66 $747,780 71 $746,152 65 $767,933 02 $50,000 00 41,000 00 $50,000 00 42,000 00 $50,000 00 42,000 00 $50,000 00 42,000 00 $50,000 00 42,000 00 7,599 45 2,552 59 5,309 51 1,979 44 3,000 00 4,784 88 113,315 37 141,510 31 117,295 81 143,444 96 122,437 22 160,926 29 129,276 86 150,354 58 161,728 81 150,386 56 356,794 64 369,716 30 367,107 69 369,541 77 359,032 77 $710,219 77 $725,009 66 $747,780 71 $746.152 65 $767.933 02 O ther real e s ta te ................................ D ue from other hanks and bankers, not reserve cities............................ Item s in tr a n s it.................................. U nited States bonds: Savings d ep artm en t....................... D ue from banks in reserve cities: Commercial d ep artm en t.............. Savings d ep artm en t...................... Exchanges for clearing house: Commercial d e p a rtm e n t.............. Savings d ep artm en t....................... U. S. and N ational b ank currency: Commercial 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: Commercial d ep artm en t.............. Savings d ep artm en t...................... Nickels and cents: Commercial d e p a rtm e n 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, cur rent expenses, interest and taxes p a id ................................................... D ividends u n p a id .............................. Commercial deposits subject to ch eck ................................................. Commercial certificates of d eposit.. Certified checks.................................. Cashier’s checks o u tstan d in g .......... S tate monies on d ep o sit................... D ue to hanks and b an k ers............... Savings deposits................................. Savings eerfifinales of d en o sit......... ■ppjqpuve for taxes, interest, etc, . . N otes and bills rediscounted........... Bills payable . . T o ta ls. . . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ........... STATE BANKS OF MICHIGAN. 109 No. 292. T H E STA TE BANK OF COLEMAN, COLEMAN. O rganized Ju n e 1, 1904. C. W. M cP h a il , P r e s i d e n t ; C. H. N ig g e m a n , J. E. C u r t ic e , V i c e P r e s i d e n t s ; C. H. M a c o m b e r , C a s h i e r ; P. T. H e r w ig , A s s i s t a n t C a s h i e r . D ir e c t o r s .— C. W. McPhail, J. E. Curtice, C. H. Macomber, C. D. Williams, C. H. Niggeman, J. M. Allen. Resources. Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14 Sept. 12, ’14. Loans and discounts: . Commercial department........... «46,817 27 $50,180 92 $44,480 52 $54,975 24 $53,655 35 Savings department............. 16,660 67 5,932 82 14,104 97 15,914 07 Bonds, mortgages and securities: Commercial department... 1,843 20 1,818 57 1,818 57 2,601 42 3,161 57 Savings department................. 45,473 33 57,372 33 55,405 33 45,703 33 Premium account............ Overdrafts............ 64 02 14 21 45 29 15 01 ................ Expenses, interest and taxes paid, exceeding earnings.................. Banking house............. 8,000 00 8,000 00 8,000 00 8,000 00 Furniture and fixtures......... 2,000 00 2,000 00 2,000 00 2,000 00 Other real estate............. Due from other oanks and bankers, not reserve cities.......... Items in transit.................. 635 08 1,663 49 1,525 89 United States bonds: Savings department................. Due from banks in reserve cities: Commercial department........... 15,486 47 7,704 74 13,559 52 1,040 06 2,339 90 Savings department............... 8,121 02 16,326 62 7,528 25 7,704 05 Exchanges for clearing house: Commercial department........... Savings department................. U. S. and National bank currency: Commercial department........... 3,889 00 2,876 00 3,036 00 3,874 00 3,643 00 Savings department................. 1,400 00 4,200 00 1,500 00 1,200 00 185 00 Gold coin: Commercial department........... 105 00 2,732 50 307 50 10 00 Savings department................. 2,300 00 2,600 00 3,100 00 3,315 00 Silver coin: Commercial department........... 404 00 644 35 630 55 271 95 449 25 Savings department............... Nickels and cents: Commercial department........... 54 65 250 73 198 26 88 15 85 78 Savings department................. Checks and other cash items........ 180 02 70 82 8 60 29 106 94 Totals........................... $153,433 73 $161,788 10 $157,076 05 Liabilities. Capital stock paid in.................. $20,000 00 $20,000 00 $20,000 00 $20,000 00 $20,000 00 Surplus fund.............................. 5,000 00 5,000 00 5,000 00 5,000 00 5,000 00 Undivided profits, less losses, current expenses, interest and taxes paid........................... 1,032 59 748 96 1,405 04 1,165 28 1,222 75 Dividends unpaid.................. 100 00 2,000 00 Commercial deposits subject to check........................ 53,004 61 51,885 08 49,220 17 40,065 26 43,488 38 Commercial certificates of deposit. . 327 29 322 29 322 29 289 38 267 35 Certified checks...... ................ 14 22 17 00 Cashier’s checks outstanding....... State monies on deposit.............. 5,000 00 5,000 00 Due to banks and bankers........... Savings deposits.............. 13,770 99 18,588 17 17,416 17 18,889 33 18,183 95 Savings certificates of deposit...... 60,184 03 65,243 60 63,712 38 54,721 92 48,898 29 Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........ Bills payable................. Totals........ $153,433 73 $161,788 10 $157,076 05 $147,148 17 $142,060 72 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis no STA TE BANKING D EPA R TM EN T. No. 442. T H E STATE BANK OF COLOMA. O rganized N ovem ber 28, 1909. H. B a l l , P r e s i d e n t a n d C a s h i e r ; L e w is U m p h r e y , V i c e P r e s i d e n t ; C. M. B a l l , A s s i s t a n t C a s h i e r . D ir e c t o r s .— Wm. H. Ball, C. M. Ball, Arvine S. Miller, Lyman Ingraham, Lewis Umpbrey. W il l ia m Resources. Report of Report of Report of Report of Report of Oct.21,’13. Jan. 13, T4. Mar. 4, ’14. June 30, T4. Sept. 12, T4. Loans and discounts: Commercial department........... $72,139 28 Savings department................. 23,422 44 Bonds, mortgages and securities: Commercial department........... Savings department................. 101,873 38 700 00 Premium account....................... 718 45 Overdrafts................................. Expenses, interest and taxes paid, exceeding earnings................... 2,200 00 Banking house........................... 900 00 Furniture and fixtures................. 8,315 70 Other real estate........................ Due from other hanks and bankers, not reserve cities..................... Items in transit......................... United States bonds: Savings department................. Due from banks in reserve cities: . 19,583 34 Commercial department........... 20,351 94 Savings department................. Exchanges for clearing house: Commercial department........... Savings department................. U. S. and National bank currency: 2,441 00 Commercial department........... 6,700 00 Savings department................. Gold com: Commercial department........... 335 00 Savings department................. Silver coin: 158 25 Commercial department........... 200 00 Savings department................. Nickels and cents: 423 33 Commercial department........... 165 00 Savings department................. 87 52 Checks and other cash items........ Totals................................ $260,714 63 Liabilities. Capital stock paid in.................. $25,000 00 3,000 00 Surplus fund. ?........................... Undivided profits, less losses, cur rent expenses, interest and taxes 2,572 11 paid...................................... Dividends unpaid....................... Commercial "deposits subject to 83,191 62 check.................................... 116 00 Commercial certificates of deposit.. Certified checks......................... Cashier’s checks outstanding....... State monies on deposit.............. Due to banks and bankers........... 71,951 48 Savings deposits......................... 74,883 42 Savings certificates of deposit...... Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........ Bills payable............................. Totals................................ $260,714 63 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $57,292 56 22,107 44 $47,033 30 32,537 49 $65,752 37 19,992 49 $64,195 92 28,227 49 96,773 38 700 00 457 95 92,673 38 600 00 132 75 83,733 38 755 00 171 75 102,533 38 470 00 496 02 2,200 00 900 00 11,410 45 2,200 00 12,500 00 3,912 11 12,500 00 3,912 11 12,029 67 2,700 00 450 85 15,174 46 14,408 74 10,077 21 14,419 64 6,394 85 11,873 62 30,651 53 17,608 56 3,197 00 5.000 00 120 00 2.000 00 4,002 00 5.000 00 150 00 2.000 00 3,035 00 3.500 00 212 50 2.500 00 5,644 00 8,000 00 1,012 50 2,000 00 1,628 45 1,131 00 1,074 50 100 00 100 00 100 00 249 54 724 38 1,014 61 100 00 228 57 554 09 231 44 $234,936 03 $225,139 39 $216,542 50 1,239 75 515 20 259 09 $281,965 55 $25,000 00 3,500 00 $25,000 00 3,500 00 $25,000 00 3,500 00 $25,000 00 3,500 00 1,671 36 1,157 55 41 68 620 08 63,004 30 306 00 44,035 44 4,760 00 44,401 71 14,695 45 92,766 68 8,665 45 78,719 99 62,734 38 7,500 00 78,581 05 60,605 35 7,500 00 71,826 29 49,577 37 2,500 00 86,395 62 62,517 72 $234,936 03 $225,139 39 $216,542 50 $281,965 55 STATE BANKS OF MICHIGAN. I ll No. 427. E. H IL L AND SONS’ STA TE BANK, COLON. O rganized M arch 11, 1909. * T h o m a s J. H ilt., P r e s i d e n t ; G r a n t E. F a r r a n d , V i c e P r e s i d e n t ; F r a n k E. H il l , C a s h i e r ; J o h n A. K a r c h n e r , A s s i s t a n t C a s h i e r . D ir e c t o r s .— Grant E. Farrand, Frank E. Hill, S . V. Hill, John A. Karchner, B. A. Hill. Resources. Report of Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, T4. Mar. 4, ’14. June 30, ’14 Sept. 12, ’14. Loans and discounts: Commercial department....... $71,260 73 $68,538 94 Savings department................. 7,000 00 5,000 00 Bonds, mortgages and securities: Commercial department......... 4,846 75 5,846 75 Savings department................. 124,510 57 121,288 57 Premium account....... Overdrafts.................... 322 63 672 36 Expenses, interest and taxes paid exceeding earnings.................. Banking house................... 10,000 00 10,000 00 Furniture and fixtures.......... Other real estate................ Due from other banks and bankers, not reserve cities................ United States bonds: Savings department................. Due from banks in reserve cities: Commercial department........... 5,693 52 22,125 00 Savings department................. 15,450 30 14,571 48 Exchanges for clearing house: Commercial department........... Savings department................. U. S. and National bank currency: Commercial department........... 4.000 00 3.000 00 Savings department.......... . 4,318 00 4,035 00 Gold coin: Commercial department........... 1.000 00 1.000 00 Savings department................. 2,210 00 2,105 00 Silver coin: Commercial department........... 600 00 800 00 Savings department................. 1,245 75 1,476 20 Nickels and cents: Commercial department........... 97 38 83 11 Savings department................. 72 14 150 90 Checks and other cash items........ 9 43 Totals.............................. $252,627 77 $260,702 74 Liabilities. Capital stock paid in.......... $30,000 00 $30,000 00 Surplus fund......................... 6,000 00 6,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes paid......................... 1,689 00 1,930 41 Dividends unpaid............... Commercial deposits subject to check............................ 60,132 01 73,994 86 Commercial certificates of deposit Certified checks............. Cashier’s checks outstanding....... State monies on deposit...... Due to banks and bankers........... Postal savings deposits............ 140 89 Savings deposits....................... 16,622 15 17,415 42 Savings certificates of deposit...... 138,184 61 131,221 16 Reserve for taxes, interest, etc. . . . Notes and bills rediscounted........ Bills payable............................ Totals............................... $252,627 77 $260,702 74 *Deceased. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $65,753 74 5.000 00 3.000 00 117,335 32 $56,805 01 5,200 00 5,750 00 124,885 32 $58,151 36 7,580 00 5,750 00 123,135 32 59 07 16 99 104 64 10,000 00 10,000 00 10,000 00 12,135 08 26,817 73 8,464 49 20,723 31 12,063 62 16,434 53 2,400 00 2,070 00 3,000 00 3,645 00 2,000 00 3,077 00 3,130 00 3,500 00 3,500 00 900 00 816 50 33 89 254 48 168 75 627 32 59 71 $250,489 74 $243,968 97 800 00 820 15 19 33 228 33 16 61 $243,680 89 523 40 1,383 60 $30,000 00 6,000 00 $30,000 00 6,000 00 $30,000 00 6,000 00 2,512 88 356 93 65 76 55,217 52 43,476 88 50,323 19 5,000 00 136 57 21,399 17 137,599 42 2,500 00 140 89 18,606 23 138,012 22 20,180 45 134,611 49 $250,489 74 $243,968 97 $243,680 89 STA TE BANKING D EPA R TM EN T. 112 No. 433. T H E COLUM BIAVILLE STA TE BANK, COLUMBIAVILLE. O rganized May 29, 1909. G eo. D D. C l a r k e , C. D. C h a p i n , P r e s id e n t; E d it h V ic e P r e s id e n t; C . R o ss , A s s i s t a n t C a s h i e r . D. H. B u t l e r , C a s h ie r ; —S. P. Selden, C. D. Chapin, Win. J. Hoxie, Wm. Thom, W. H. Wilson, Geo. D. Clarke, H. E. Bohnsack, J. W. Bohnsack, D. H. Butler. ir e c t o r s . Resources. Loans and discounts: Commercial department........... Savings department................. Bonds, mortgages and securities: Commercial department........... Savings department................. Premium account....................... Overdrafts................................. Expenses, interest and taxes paid, exceeding earnings................... Banking house........................... 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 hanks in reserve cities: Commercial department........... Savings department................. Exchanges for clearing house: Commercial department........... Savings department................. U. S. and National hank 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................................ Liabilities. Capital stock paid in.......... '..... Surplus fund.............................. Undivided profits, less losses, cur rent expenses, interest and taxes paid . . ...................... Dividends unpaid....................... Commercial deposits subject to check.................................... Commercial certificates of deposit.. Certified checks. Cashier’s cheeks outstanding... . State monies on deposit.............. Due to banks and hankers. . Savings deposits......................... Savings certificates of deposit...... Reserve for taxes, interest, etc. . . . "Motes and bills rediscounted .... Bills payable... Totals................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Report of Report of Report of Report of Report of Oct. 21, C3. Jan. 13, C4. Mar. 4, C4. June 30, G4. Sept. 12, ’14. $42,242 64 $41,353 93 $43,442 94 $44,608 07 $44,131 02 8,190 00 20,437 15 8,340 00 20,213 15 8,240 00 21,702 25 7,440 00 21,837 42 7,440 00 21,793 79 436 59 224 39 1,600 00 36 68 820 00 211 67 1,600 00 1,500 00 1,500 00 138 15 277 21 1,400 00 366 00 331 08 696 85 - 1,321 33 2,964 13 966 57 9,900 88 8,030 00 2,853 79 3,623 32 1,862 61 2,541 11 3,724 98 2,343 85 2,292 00 30 00 700 00 1,085 00 1,150 00 700 00 25 00 1,259 00 1,200 00 530 00 2,115 00 1,100 00 605 00 976 00 1,000 00 620 00 178 35 380 30 406 75 198 95 472 30 27 94 380 81 881,991 90 35 75 69 27 $92,919 96 71 22 1,615 28 $87,630 55 81 74 311 45 $84,744 10 68 79 188 04 $85,270 98 $20,000 00 700 00 $20,000 00 700 00 $20,000 00 850 00 $20,000 00 850 00 $20,000 00 1,050 00 8 14 7 00 18,757 46 21,403 66 1,092 65 7 00 24,206 06 23,934 07 864 01 40 00 21,416 18 24,593 64 1,173 78 11,120 21 29,019 67 4 00 13,647 60 29,929 84 6,392 71 14,722 93 7,255 77 15,724 41 4,706 26 15,160 46 6,016 99 15,563 45 6,370 06 14,269 48 $81,991 90 $92,919 96 $87,630 55 1,000 00 $84,744 10 $85,270 98 STATE BANKS OF MICHIGAN. 113 No. 32. T H E FA R M ER S’ STATE BANK OF CONCORD. O rganized N ovem ber 20, 1886. P erc y D ir e c t o r s .— E. C h a p p l e , P r e s i d e n t ; J. H e n r y D a r t , V i c e P r e s i d e n t ; C . V . C u t t i n g , C a s h i e r ; V io l a K e e l e r , A s s i s t a n t C a s h i e r . Percy E. Chappie, F. P. Dann, A. S. Wolcott, W. H. Magel, J. Henry Dart, C. V. Cutting, A. C. Bloomfield. Resources. Report of Report of Report of Report of Report of Oct. 21,’13. Jan. 13, ’14. Mar. 4, ’14. June 30, T4. Sept. 12, T4. Loans and discounts: Commercial department........... $42,381 68 $33,582 81 $28,899 33 $42,575 76 Savings department................. 34,952 45 49,611 12 49,711 44 60,674 47 Bonds, mortgages and securities: Commercial department........... 21,500 00 21,500 00 21,500 00 21,500 00 Savings department................. 124,522 32 121,397 32 120,597 32 118,296 32 Premium account....................... Overdrafts................................. 110 94 52 58 438 64 * 20 55 Expenses, interest and taxes paid, exceeding earnings.................. 701 24 Banking house........................... 7,200 00 7,200 00 7,200 00 7,200 00 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........... 19,583 17 39,130 22 32,913 98 15,745 36 Savings department................. 27,681 07 20,469 20 22,116 45 30,169 92 Exchanges for clearing house: Commercial department........... Savings department................. U. S. and National bank currency: 6,798 00 5,329 00 Commercial department........... 2,420 00 5,817 00 Savings department................. 2,300 00 3,300 00 5,200 00 4,250 00 Gold com: Commercial department........... 9,000 00 1,340 00 2,480 00 1,365 00 215 00 Savings department................. 8,000 00 6,000 00 7,000 00 Silver coin: Commercial department........... 200 00 400 00 200 00 760 00 150 00 Savings department................. 200 00 300 00 250 00 Nickels and cents: Commercial department........... 89 45 56 49 67 29 62 97 Savings department................. Checks and other cash items........ Totals................................ $296,657 60 $312,302 94 $300,033 65 $315,691 67 Liabilities. Capital stock paid in.................. $25,000 00 $25,000 00 $25,000 00 $25,000 00 Surplus fund. ?........................... 25,000 00 25,000 00 25,000 00 25,000 00 Undivided profits, less losses, cur rent expenses, interest and taxes 2,031 60 491 75 1,149 77 407 80 paid...................................... 95 00 115 00 1,250 00 Dividends unpaid...................... Commercial ^deposits subject to 63,542 17 47,737 84 41,057 42 check.................................... 46,633 62 Commercial certificates of deposit. . Certified checks......................... Cashier’s checks outstanding....... State monies on deposit.............. Due to banks and bankers........... 98,350 93 104,172 40 105,992 30 117,134 94 Savings deposits......................... 98,422 23 94,085 57 96,915 98 105,099 54 Savings certificates of deposit...... Reserve for taxes, interest, etc. . . . * Nntp.« a.nd hills rediscounted........ Bills pavable............................. Totals................................ $296,657 60 $312,302 94 $300,033 65 $315,691 67 15 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $36,637 65 59,373 51 21,500 00 112,746 32 131 95 7,200 00 18,311 04 28,300 80 2,600 00 6,030 00 105 00 8,400 00 200 00 470 00 61 55 $302,067 82 $25,000 00 25,000 00 1,276 65 135 00 42,279 57 109,361 57 99,015 03 $302,067 82 114 STA TE BAN KING D EPA R TM EN T. No. 496. T H E CONKLIN STATE BANK, CONKLIN. O rganized D ecem ber 27, 1911. C h as. D L. B e a n , P r e s i d e n t ; E a r l B. T h u r s t o n , V i c e P r e s i d e n t ; T h o m a s H i n e s , C a s h i e r . Charles L. Bean, Peter Brown, Earl B. Thurston, Fred W. Bean, Chas. V. Haas, Henry Ferguson. ir e c t o r s .— Resources. Loans and discounts: Commercial department......... Savings department....... Bonds, mortgages and securities: Commercial department........... Savings department.......... Premium account.......... Overdrafts....... Expenses, interest and taxes paid, exceeding earnings......... Banking house...... 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 Report of Report of Report of Report of Oct. 21, ’13. Jan. 13, ’14. Mar. 4, ’14. June 30, ’14. Sept. 12, ’14. $27,509 22 10,204 00 4,745 00 15,314 00 $27,999 25 10,795 00 6,845 00 16,793 40 $24,823 78 13,895 00 4,145 00 20,978 40 $28,241 07 15,445 00 8,445 00 21,807 40 $28,488 21 15,445 00 7,695 00 22,527 40 294 29 15 81 84 3 96 2 87 2,000 00 1,500 00 2,000 00 1,500 00 2,000 00 1,500 00 2,000 00 1,500 00 2,000 00 1,500 00 1,320 00 3,077 87 3,094 28 12,411 92 3,236 15 1,851 00 1,500 00 477 50 362 00 1,600 00 220 00 932 35 136 92 58 21 $72,694 64 2,962 75 4,340 36 9,905 86 4,731 81 531 00 2,100 00 315 00 937 00 2,200 00 110 00 380 00 2,200 00 35 00 1,270 00 1,213 05 1,210 30 789 80 234 90 152 03 $85,435 46 234 20 85 26 $91,733 62 276 85 * 228 54 116 52 76 80 $89,596 21 $97,326 29 $20,000 00 $20,000 00 100 00 $20,000 00 100 00 $20,000 00 100 00 945 95 263 63 575 45 624 98 15,081 54 16,924 00 55 82 14,975 09 15,260 78 13,231 19 11,893 21 17,746 40 13,947 10 16,559 03 15,865 52 3 60 18,256 10 22,874 42 3 60 20,809 26 22,983 50 3 60 20,668 09 24,236 12 3 60 $85,435 46 $91,733 62 $89,596 21 $97,326 29 N Liabilities. Capital stock paid in......... $20,000 00 Surplus fund.................... Undivided profits, less losses, cur rent expenses, interest and taxes paid.............. 163 40 Dividends unpaid.................. Commercial deposits subject to check ................ 10,359 45 Commercial certificates of deposit. . 12,055 91 Certified checks................. Cashier’s checks outstanding....... State monies on deposit........... Due to banks and bankers........... Savings deposits.................... Ì3,744 98 Savings certificates of deposit...... 16,367 30 Liquidation account................. 3 60 Reserved for taxes, interest, etc. . . Notes and bills rediscounted........ Bills payable......................... Totals........... $72,694 64 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15,754 97 4,157 12 STATE BANKS OF MICHIGAN. 115 No. 174. COMMERCIAL STATE BANK OF CONSTANTINE, CONSTANT
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