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NEW BANKS.

From January 6, 1889, up to and including December 31, 1889, I have authorized the incorporation of thirteen new banks and one loan and trust company, viz.:

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The First State Bank of South Haven takes the place of the First National Bank of South Haven, and is the first national bank in the State that has availed itself of the provisions of Section 17 of the General Banking Law, which provides for the changing over of national banks to State organizations.

Our State Banking Law having adopted all the good features of the National Banking Act, its depositors having the same security as do the depositors in the national banks, its liberality as regards amounts loaned to individuals or firms, the permitting the loaning on mortgages and collateral security, together with the high price of United States bonds, have induced several national banks to correspond with this department with a view of changing to State organizations.

NUMBER OF BANKS.

There are now in this State ninety-three incorporated State banks, three trust loan and security companies, and one hundred and thirteen national banks. December 11, 1889, ninety State banks reported to this department.

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Through the courtesy of Hon. E. S. Lacey, Comptroller of the Currency, I am able to give an abstract of the reports of the one hundred and thirteen national banks of this State, as reported to the Comptroller at Washington, the same day, viz., December 11, 1889.

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By the preceding tables it will be seen that the two hundred and three incorporated banks of this State reported December 11, 1889, as follows:

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RESERVE CITIES.

For the convenience of the State Banks, I have approved the following as reserve cities: Detroit, Grand Rapids, Bay City, the Saginaws, Kalamazoo, Jackson, Muskegon, Lansing, Chicago, Milwaukee, St. Paul, Minneapolis, Kansas City, Cleveland, Cincinnati, Toledo, Pittsburg, Buffalo, Boston, Philadelphia, Washington and New York.

The law which provides that savings banks shall keep on hand, or on deposit in banks in reserve cities, fifteen per cent of their deposits, has had a tendency to mass deposits in the large cities designated by the Commissioner as reserve cities.

The following statements show the condition of the banks, both State and national, in the four largest reserve cities in the State, viz.: Detroit, Grand Rapids, the Saginaws and the Bay Cities, as reported December 11, 1889:

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