The Miller press. [volume] (Miller, S.D.) 190?-current, 1921-02-10
COUNTRY ON
SOUNDER BASIS
Comptroller Of Currency Declares Ma
ton In Good Shape EconO.
mically

Washington, Feb. THE country is
now in many respects on a sounder
basis, economically, than il has been
for years, Comptroller of the Currency
John Shelton Williams informed con-
gress today in what he described as his
seventh and last annual report"
"Deffation, obviously inevitable a
year ago, has come" he said, "and
prices of many basic commodities and
raw materials have returned to pre-
war levels or below. 1t now remains
for the middleman to adjust his profits
to the new prices before the ultimate
consumer will receive the benefit of
the reduced cost of living
Labor Must Soon Decide
Labor, however, Mr.. Williams said,
must soon determine whether a shut
down and idleness is preferred to a
lower wage scale which takes into con
sideration the lower living charges.
Participation by labor with capital
i'll profits. he suggested as the only
principle to restore business.
when conditions abroad become
more settled or stabilized" Comptrol-
y hAiioiiC CN III a. pulifnidty
of the present outlook, "and when at
home much needed adjustments are
effected in the costs to the consumer
of steel and iron products which are
still quoted at twice their pre-war
prices 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
artifically or as a result of monopolis-
tic control far above the pre-war fig
ures, get back to normal level, our
country, resting ON a solid foundation,
will be prepared to enter upon a new
and, let us hope, long enduring era
of prosperity and healthy progress"
Banks Make Best Record
During the fiscal year ended June 80
1920, the comptroller said, there were
S,157 national banks in operation, the
highest number ever reported, and de-
spite the difficulties encountered they
made the best record in immunity from
failure in about 40 years.
The percentage of the capital of fail
ed banks to the total capital of all
banks, he explained, was about two
one-thousandths of one per cent or 16
times better than the average for the
entire 81 years since the Inauguration
of the system.
Combined of all banks in
the country on June 80, 1920, includ-
ing national, state and federal reserve.
the comptroller said, aggregated $780,
1853, 704, 900.
Figures showing for the first time
the business of the principal borrow
ers from national banks were present
ed by the comptroller. Loans and dis
counts on November Is, 1920, he said,
aggregated $13, 764, 900, 900 of which
loans to farmers and livestock raisers
amounted to $1,99S, 900 600 or Ia per
cent; loans to manufacturing concerns
Appropriated 1886. 900 900 or 81 per
cent; to merchants, mercantile con-
Germs, individuals in the jobbing bust
ness and trading wholesale and retail
1851, 000, 900 or 26 per cent. Loans
reported to bond and stock brokers
and dealers in investment securities
aggregated 1864, 900 900; to railroads,
shipping companies, electric light and
power companies, 1926, 000, 900, while
the loans to professional men, includ-
ing doctors, lawyers, teachers, chem
lists, engineers and clergymen amount
ed to 1915, 000, 900.
Miscellaneous loans amounted to
$4,000, 900 900 or 30 per cent of the
total. Gross earnings of the national
banks during the past fiscal year ag-
gregated 81 ,109 ,000, 900 while their to-
tai expenses were 1896, 00090O of which
S175, OO0, 900 was for salaries and wag-
es and $287, O00, 900 was for interests
on deposits.