New Britain herald., 1915-10-06

-. - tions, borrowers and especially small borrowers, have been and are being subjected to extortions and exactions which the average man would con- Sider impossible in this enlightened age.
 MT. Williams devoted much of his time to answering criticisms of his action in regard to lower interest rates by Senator Weeks, of Massa- chusetts, in a recent spaeCs before Michigan bankers. He declared Sen- ator Weeks, had said that the banker himself was the man to determine in- terest rates, and in reply read list of banks which showed an average rate of more than ten per cent. It included two banks in Illinois, six in Minnesota, two in Missouri; twen- ty-three in Georgia; six in Florida; twenty-one in Alabama; two in Louis ianna; three hundred and fifteen in Texas; seventeen in Arkasas; three in Tennessee; ninety in North Da- kota; twenty-five in South Dakota: eighteen in Nebraska; five in Kan sas; thirty eight in Montana; four teen in Wyoming; thirty-seven in oCl- orado; twenty-five in New Mexico; three hundred in Oklahoma; twelve in Washington; ten in Oregon; thir- teen in California; two in Utah; one in Nevada and thirty-three in Idaho.
 Charge Maximum Rates. In one southwestern states, sad MT. Williams, 131 banks reported they charged maximum rate of interest of from 15 to "A per cent. sixety-seven banks a maximum between twenty five and 60 per cent. twenty-two banks maximum between 60 per cent. and 100 per cent; eighteen be- tween 100 and 200 per cent. and eight between 200 and 2,000 per cent
 Most of these disgraceful rates" said the comptroller, were for con- paratively small 1oans." The legal rate in the state, he pointed out, waA six per cent. and the maximum au- thorized by special contract, ten per cent
 Reviews Financial Situation.
 MT Williams reviewed the financial situation through the first year of the European war. He said that l this country had not only avoided fin- 1 ancial crash but had wiped out the floating debt of $350,000,00O due to | Europe January 1st 1915, and ab- sorbed between 750 and 1000 millions of dollars of American securities that were held abroad and now is in con- dition to help finance the whole world at the conclusion of the war. He presented as a fact that the United States was now in position to buy back the American securities held in foreign lands, if they should be offered, but that Europe has come to realize that America is tho most stable country on earth" and | that investors there cling to Amcri- can securities as likely to be the best real values "as the American dol lar has become the worlds standard of value because it commands the worlds faith"
 Giving figures to substantiate this assurance, the comptroller said "the estimated gold supply of the United States in gold coin and bullion is more than two billion dollars of which state and national banks hold one billion and the Federal Reserve banks and the treasury $40 millions, leaving more than four hundred mill milons in the pockets of the people. At no time in recorded history have the banks of any country held such resources as the banks of this coun- try hold today" Deposits of all the banks in the United States, including Trust companies, had, in the past fif- teen years, increased at the average rate of about billion dollars a yer, he said.
 The income of the people of tho United States over the expenses of living and available for development and investment amounts to 5000 mill lions of dollars per annum. MT. Will Hams said and he placed the total at 80,000 millions a year He said the ,otal wealth of the United States is now estimated at 210 billions as com- pared with 76 billions as the total wealth of Germany in 1911; 55 bill ions, the total wealth of France in 1908; and 10S billions, the wealth of he whole British empire, including he United Kingdom, Canada, Aus ralia, India and South Africa, by he latest available computation, that If 1903.
 Williams Cautions Hearers
 MT. Williams cautioned his hearers hat the time may be near when this lation will need its resources and when even our unprecedented and