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Bank Commissioner's Report. State Banking Commissioner T. C. Shersvood has submitted to Gov. Rich his sixth annhal report of the business of that department. He says that while 1894 was comparatively free from the financial panics of 1893, the shrinkage in values and general depression in business made greater care and watchfulness more necessary than ever before. There were nine new banks incorporated during the year, with a capital of $292,000. There were three failures in the state during the year, but one of which, the Com mercial and Savings bank of Ludington, was under this department's care. The assets of this bank were $178,$21.78, and liabilities $124,749.85, and to A. E. Cartier, the president, is due great honor for his having, personally, made good all loses to depositors. of three state banks in the hands of receivers, the Milford state bank depositors'have received a 15 per cent dividends during the year. Fortyfour per cent in dividends has been paid depositors of the Central Michigan savings bank and $20,480.66 is on band in cash available for a sixth dividend. The bank of Crystal Falls paid three dividends aggregating 40 per cent. Mr. Sherwood thinks there is too much, rather than too little, banking legislation, and makes a few suggestions: To prohibit a director from borrowing from his bank would be imprudent, but they should be barred from using the bank's money to the exclusion of other patrons; private banks should be prohibited from using corporate names such as "city bank" "exchange bank." etc.; building and loan associations should be placed under the supervision of the state banking department. The receipts of the department during the year were $7.769.24. and the expenses, including Mr. Sherwood's salary of $2,500, were $9,312.02.
