The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-02-07
COMPTROLLER
Of CURRENCY
MAKES REPORT
Says Country is On Sound
er Economical Basis
Than Has Been In
Years.
LABOR MUST MAKE
DEFINITE DECISION
WHETHER A SHUTDOWN AND
lDLENESS IS PREFERRED TO
A LOWER WAGE SCALE;
SEVENTH REPORT

Washington Feb. THE country
Is now I'm many respects on a soundcr
basis. economically. than it has been
for years, Comptroller Of the Cur
rency John Skelton Williams, Informed
congress today in what he described
as his seventh and last annual report.
Dellation, obviously inevitable year
ago. has come. he said. and prices
of many basic commodities and raw
levels or below 1T now remains
for the middlemen,' the comptroller
declared. ito adjust his profits to the
new prices before the ultimate con-
sumer will receive the benefit OF the
reduced cost OF living"
Labor. however, Mr., Williams said.
must soon determine whether q shut
down and idleness is preferred TO n
lower wage scale. Mills and factories
cannot afford to operate unless they
can turn out commodities at prices
the public can afford to pay. he as
serted, and it Is better for the manu-
facturers 10 operate and produce goods
at cost or at q very narrow margin
OF profit than to close down entirely.
Participation by labor with capital
in the profits he suggested as the
only principle to restore business.
when conditions abroad become
more settled or stabilized" Comptrol-
Ter Williams declared. 'and when at
home much needed adjustments are
affected in the costs to the consumer
= Of steel and iron products, which are
still quoted ut twice their pre-waT
rates and when coal for which the
government itself has paid in recent
months as much as four times the
pre.war price and certain other com
modities which are now being kept
up artificially or as a result of mon
opolistlc control far above the pre-
war figures, get back to normal level
our country will be prepared to enter
upon new. and, let us hope. long
enduring era Of prosperity. and healthy
progress"
During the fiscal year ended June
30, 1920, the comptroller said, there
were S,l51 national banks in opera
ton. the highest number ever reported
and despite the difficulties encounter
ed. they made the best record in i'm
munity from failure in about ~
years.
Combined resources Of all banks on
June 30. 1920. including national
state and federal reserve, the compt-
roller said. aggregated s59,l53,'o4'ooo'
Figures showing for tho first time
the business of the principal borrow
ors from national banks were present.
cd by the comptroller. Loans ana
discounts on Nov. 10. 1920. he said
aggregated 1876, 100000 OF when
loans TO farmers and livestock raisers
amounted TO 81 ,99s 100000 or IA per
cont: loans TO manufacturing concerns
npproximated s2,S62, 100000 or Il per
cent. TO merchants, mercantile con
Germs, individuals in the 1obbing ousi,
ness and trading wholesale and retai'
ss.65i 900 900 or &c per cent.
Loans reported to bond and STOCK
brokers and dealers In investment
securities aggregated s66i,oOo,oOO 70
railroads. shipping companies, electric
light and power companies, s22S.ooo',
600 while the loans to professional
men, including doctors, lawyers cheh'
lists. teachers. engineers ana elers!
men amounted to 1876, 900 900. Miscei'
lnncous loans amounted to about sA,-
900 .OO0, 900 or 30 per cent of the to'a'
Gross earnings OF the national banks
during the last fiscal year aggrega'eu
q 100 900 900 while their total eN'
penses were s5S6,O00.O 600 OF which
sl7s Ooa 900 was for salaries and wages
and s2s7 900 900 was for interest OF
deposits.
National banks in the city OF Ne"
York showed earnings on capital STOCK
of ara per cent; Philadelphia nauona
banks 39is per cent; Chicago ~ pei
cent: Boston % per cent: Cleveland
9ln per cent. Minneapolis 2lh; st
Louis i7h: Richmond. 2Oh; Dallas
40: Kansas Guy, IN; and San Fran
cisco Is per cent.
Pueblo. Colo. with 55 per cent, re-
ported the largest earnings In any
reserve city: Birmingham, Ala', wa
n,xt with 80 81 per cent and Az
lnta third. with Ss ia per cent
During tho last fiscal year th'
comptrollor reported, three presidents
eight cashiers Of banks and 30 assist
ant cashiers. tellers, bookkeepers an'
others OF national banks were convie,
cd OF criminal violations OF the BANK
ing law and sentenced to terms OF I'm
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