The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1915-12-23
MICHIGAN BANKS
FULL OF MONEY
ALL PREVIOUS RECORDS ARE
BROKEN FOR CASH
DEPOSITS.
NO DECREASES ARE NOTED
Rapid Growth of the Banking Busl-
ness Has Never Before Been
Equaled in the tSate and
Prosperity Is In Evidence.

Michigan state banks and trust COM
panies had footings of $485, 74O, 242.64
at the close of business November 10,
1915. The bank commissioners report
gives some interesting facts concern
ing the state banks and trust COM
paid in, $34,371,560; surplus fund.- $780,
1875, 742.48; undivided profits, net, 3d.
572,55385; dividends unpaid, $10,399.-
O3; commercial deposits subject TO
check, $3.50, 23S, 4S9.61; commercial GER
tificates of deposit, $21 ,473,445.92; pos
tai savings deposits, 500, 25767; saw
ings deposits, $500, 100, 95754; savings
certificates of deposits, $49, 201, 1929.
This makes a total of $403, 1856, 721.62
deposited in the state banks and trust
companies, including the above men,
toned deposits and a few others, of
which amount s20O.730,95754 is in
savings deposits and 9,201, 4S2.99 in
savings certificates OF deposits.
The growth of the banking business
In Michigan, confined to state banks,
of course-as the report only shows
the condition of such banks, national
and private banks not coming under
the Jurisdiction of the state depart
ment-has not only been rapid but
has shown an advance never before
equaled in the history OF the banking
department. Fifteen new banks have
been organized, with capital stock of
$500, 900, from January l to December
20, 1915; an equal number OF state
banks have increased capital stock to
the amount of $1,165,OOO, while one
bank has voted to increase it's capital
stock from 100000 to $25O,OO0 and
six new banks applications TO organ
lie have been approved by the depart
ment, with capital stock amounting to
100000.
Since the report of the banking de-
partment October 81, 1914, deposits
have increased 60,953, 1918. savings
6,O7O,1O680 and commercial 1884,
SSS, 660.9S. This marks the largest in
crease in deposits for like period
in the history Of Michigan.
Another record never before reach
ed is shown by the gain in aggregate
business since the report of Septem
Der 2, 1915, a month and eight days,
which was $1S,969, 722.S6. From Sep
TENDER to November 10, 1915, COM
mercial deposits have increased 49,
102,322.50, while savings deposits have
increased $7,347,97S.1S, or a total in
crease in deposits of Sic, ,300.6S,
another record never before equaled
in the history of Michigan banking.
In fact, there were no decreases
during the period from September to
November 10, as shown by the report.
For that period there was an increase
in loans and discounts (commerciaD,
Of $977,746.53; loans and discounts
(savings), $1,142, 60629; bonds and
mortgages commercially, $914,SSS. Is;
bonds and mortgages (savings), $4,-
660,6215,96. For the same period cap
ital stock increases of Michigan banks
amounted to $573,511.
That the condition of Michigan
banks and trust companies is excel
lent is also shown by the report which
gives the total reserve maintained by
the state banks and trust companies
on November 10, 1915, at $95,551, 534.-
II, or 22.S1 per cent The total cash
reserve amounts to S29,47S,570.99, or
COS per cent These reserves are
divided as follows: Commercial legal
reserve, $5O,732, 4O6.45; commercial
cash reserve, $15,217, OSS.77; savings
legal reserve, s44,S19, 1896; savings
cash reserve, $14,261, 1922. In each
case the percentage of reserves is far
above that required by law and the to-
tai reserve carried by the state banks
is therefore $2S,533, 65716 over the re-
quirements of the banking law.
Based on savings deposits of S249,-
992440,53, the law requires mortgage
and bond investments of at least $12S,-
O67,9S736. The report shows that the
mortgage and bond investments ex-
coed the requirements of the law by
S50,972,503.66. The savings invest
ments, together with the savings re-
serve, exceed the savings deposits by
s9,397 1884.
NlnulHAA MCMIC ITEaHo