UNITED STATES OF AMERICA. 



717 



Three mutual fire eompanies organized under 

 the laws of Michigan went into the hands of 

 receivers during the year, and 9 were authorized 

 to begin business, making a total of 95 now in 

 existence. 



The farmers' mutuals, so-called, have had an- 

 other successful year. 



The whole number of life and casualty com- 

 panies and fraternal societies doing business in 

 Michigan is 187. Four life companies were ad- 

 mitted and 1 withdrew from the State during the 

 year. Four casualty companies were admitted 

 and 1 withdrew. Nine assessment companies were 

 admitted, 2 withdrew, and 4 changed their names. 

 Eleven fraternal societies were admitted, .7 ceased 

 doing business in the State, and 3 changed their 

 names. These have an aggregate of $375,000,000 

 insurance in force. 



The receipts of the State department of insur- 

 ance for the year were as follow: From fire and 

 marine companies of other States and countries, 

 3 per cent, tax on gross Michigan premiums, 

 $148,337.38; from life companies, 2 per cent, of 

 gross premiums, $116,122.41; from casualty and in- 

 tegrity companies, $9,589.96; from assessment life, 

 accident, and sick-benefit companies, $785; from 

 retaliatory taxes, $18,304.65; total, $293,139.40. 



A decision rendered by the Supreme Court in 

 October is against the claim of the sick and acci- 

 dent insurance societies that they are not liable 

 when a claimant leaves his house during the time 

 for which payment is claimed. The court held 

 that a claimant may go walking or driving or 

 even make a journey, on advice of his physician, 

 without forfeiture. 



Banks. At the beginning of the year there 

 were 192 State banks and 3 trust companies under 

 supervision of the department. Two national 

 banks were converted into State banks. Only 

 1 reduced its capital stock, while 7 increased 

 theirs. Six new banks were organized. A net 

 increase of $635,000 capital stock is shown. One 

 receivership was closed; several banks are still 

 in the hands of receivers. On Dec. 19, 1900, the 

 amount of cash in the 192 State banks and 3 

 trust companies was $25,416,404.40, and in the 85 

 national banks $18,670,048.72. 



Railroads. The aggregate income of the roads 

 operating in the State in 1900 is given as $39,- 

 607,833.37; the total tax based on this income 

 and payable in 1901 was $1,353,549.02. 



Loan Associations. During the year ending 

 June 30, 1901, the Michigan Savings and Loan 

 Association, of Detroit, went into the hands of a 

 receiver; the Citizens' Building and Loan Asso- 

 ciation, of Flint, and the Muskegon Valley Build- 

 ing and Loan Association went into the hands 

 of conservators; and the Holland Building and 

 Loan Association, of Grand Rapids, and the Al- 

 pena Loan and Building Association wound up 

 their business and filed notice of dissolution. 

 The Savings and Loan Association, of Negaunee, 

 and the Marquette Building and Loan Association 

 have gone into voluntary liquidation. 



The financial statement shows total assets and 

 liabilities of $9,336,764.07, and total receipts and 

 disbursements of $7,032,430.48. The number of 

 shares of stock issued during the year was 83,137 ; 

 number matured, 10,046; number retired, 6,313; 

 number withdrawn, 48,737; number otherwise 

 eliminated, 12,783; number in force at close of 

 year, 270,897 ; number of investing members, 

 22,885; number of borrowing members, 8,902; 

 total membership, 31,787. The aggregate of au- 

 thorized stock is $235,337,500; stock in force at 

 close of year, $25,682,243.52. There were 128 

 foreclosures in the year. 



forty-first Lcginla- 

 ". ^ to .June 0. On 

 i;<:j'iiMieanH arid 11 



/>/ 



!. of the 

 :r of the 



- passed. 

 i wu.s re- 

 hoice of 

 So votes 



Legislative Session, j | 

 ture was in session ij-om .1; 

 joint ballot there were i / 1 

 Democrats. 



R. B. Loomis was I'n- i<i 

 Senate, and John J. Carton 

 House. 



There were 486 laws and 31 r<:M>)nirr.r 

 United States Senator Jame.s McAJilhi 

 elected Jan. 15, being the unanimous 

 the Republican members, and receivin" 

 in the House and 31 in the Senate. 



The number of members of the State Tax Com- 

 mission was raised from 3 to 5. The secretary 

 salary was fixed at $2,000 instead of $1,500. They 

 are to assess and levy taxes on railroad car and 

 express companies. 



It was enacted that the Board of Auditors, 

 consisting of the Secretary of State, the Treas- 

 urer, and the Commissioner of the Land Office, 

 are to receive $1,800 each annually in place of 

 traveling expenses. The constitutionality of this 

 act is questioned. 



The laws affecting the militia were revised, the 

 changes not to affect the naval militia. 



The laws on State lands were amended by sev- 

 eral acts. 



A new garnishee law provides that a man who 

 is a homesteader shall have 80 per cent, of his 

 earnings exempt, but that the amount exempted 

 shall never be less than $8 nor more than $30. 

 Unmarried persons have a $4 flat exemption, but 

 their exemption in any case shall not exceed $15. 



A bill was passed prescribing the method for 

 taking the next State census in 1904. The bill 

 places the work in the hands of the Secretary of 

 State. The census is to give statistics of popu- 

 lation, manufacturing, mining, and mechanical 

 products, and to be taken every ten years, be- 

 ginning with 1904. 



The section requiring candidates and election 

 committees to report their expenditures under 

 oath was repealed. 



The factory-inspection law was revised. 



The law for regulating building and loan asso- 

 ciations was revised. A majority of the trustees 

 of a fraternal society must be residents of the 

 State. Death claims against such are not to be 

 deemed valid if the deceased has died by unlawful 

 act of the beneficiary. 



The House passed a " general purpose " bill at 

 the close of the session, to cover all matters not 

 provided for by specific appropriation; it carried 

 $1,578,280.12, but was cut by the Senate to 

 $1,200,000. The total of appropriations was 

 $6,972,000, an increase over those of 1899 of 

 $293,000. Of this amount, $700,000 is for new 

 buildings at State institutions. 



Other measures were: 



Appropriating $7,500 for farmers' institutes, 

 reading courses, and lectures. 



Providing for the withholding of State tax 

 lands from homestead entry, and the fixing a 

 minimum price for their sale. 



Exempting from taxation lands and buildings 

 owned and used exclusively by Grand Army posts 

 or Women's Relief corps. 



Raising the annual appropriation to the Pio- 

 neer and Historical Society from $1,500 to $2.000. 



Making June 14 Flag Day. 



Changing the age-limit of compulsory school 

 attendance from sixteen to fifteen, with provisions 

 against truancy. 



Raising the minimum age for teachers from 

 seventeen to eighteen. 



Revising the game-law ; protecting certain birds ; 

 protecting moose, elk, and caribou for ten years; 



