The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1917-02-07
Our Financial Condition is
Sound, Controller of Cur
rency Reports
COUNTRY'S HUGE
BUSINESS GROWING
Total Bank Clearings for Fiscal Year
S241, 4O7, Sal 900. an Increase of $751;
233,4O4, 900 as Compared with Pre-
vious Year

WASHINGTON, Feb. 6.-The con
troller of the currency, John SHELTON
Williams, advised congress, in submit
ting his annual report. that the United
states seemed to be "intrenched tinan-
cially almost as firmly as it is possible
for ans human government to be.
practically the whole world is in
debt to US, the report said, and is
steadily increasing its obligations. Our
financial condition in relation to other
peoples and the world at large becomes
stronger from week to week and from
month to month. As the figures show
so conclusiYely, our wealth is piling up
with wonderful rapiditv; but to do our
proper work in the world and to pro-
tect and enlarge our own interests we
may before long need every dollar of
these resources, gigantic and inexhaust-
/ ible as they may seem to be. We are
wll prepared for preparedness and
ready and able TO provide for whatever
/ increases Of army and navy congress
+ ma think necessary.
1 The controller recommends the enact
memt Of laws to make it a felony to
ma Ike false financial statements to
/ banks for the purpose of securing loans,
/ 20 make burglary of 4 national bank a
crime punishable by federal law, TO
limit the funds invested by q bank in
its own building to the amount of its
capital stock, and to authorize the
treasurer to sell bonds securing circula-
tion thirty days after a bank goes in
/ liquidation.
Since the inauguration Of the federal
reserve system, the report SAYS, charters
have been issued to 264 new national
banks with an aggregate capital OF $l6,-
100000 and 50 national banks in
creased their capital So ,ll7,7 200. Dur
ing the same period, to Nov. Is last, l43
banks went into liquidation and thirty
four banks reduced their capital. In
addition, twenty-seven national banks
were placed in recciverships.
4 Gross earnings of national banks for
the past fiscal year, the report says
were S59o.612,05l and net earnings
SI57 ,543, 547, an increase in the latter
titcnl sof- $50, 500 600 during the year
Dividends paid were $ll4, 724 ,394, an in
crease Of approximately $l,00o,000
The practice OF charging exorbitan'
interest rates has decreased to ;
marked extent the report says, tn,
number Of banks charging more thai
| ~ per cent, on the average, being re
| duccd in Georgia from % TO I; in Ala
bama from u to 6; in Texas from 81,
| to 10; in North Dakota from 90 to b
| in South Dakota from - to 10; in Ne
| braska from IS to Is; in Oklahoma from
| 300 to 1913. Figures for other state
4 are not given, but the total reduction
Il throughout the country during the yea
i is placed at nearly fifty per cent, o
II from 1,022 to SOS.
III e =;
II fed. the report saws, land banks her
II and there continue 10 disregard tn
II law in this respect and to exact rate
i which cannot be justified on an
II ground. These persistent offenders ar
! being dealt with, and it is hoped tina
in most eases they NAV correct thei
II irregular and unlawful practices befor
II it becomes necessary for this Office t
II take the steps for the annulment q
II their charters.
II The policy of enforcing the law wit
II respect to charging usurious rates r,
II suited, the report adds in ten banL
II with a capital Of 1850 deciding tbs
III the business did not offer sufficient il
II dueement for them to remain in
II longer.
II Compilation of clearing house figur,
| for the entire country, embracing Il
II clearing houses, places the aggregat
II transactions for the year at the hue
II total of $241 ,4o7, 541 900, an increa,
Il during the year of 1928 ,4O4 90
II There were decreases in seven associ
II lions aggrcgating So, 81 900, chief
II which was the decrease in the associ
II tion at Albany, y. Y, of $3l 3d., 90
H New York leads in increases, the tot
H increase for the year being 500 ,33>
H o0l, 900. Other notable increases we
u Philadelphia, $1,000 21 900; Chicag