The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1921-02-08
COUNTRY ON SOUND BASIS
Better Than for Years, Declare,
Comptroller

Washington, D. c.. Feb 1.-The
county Is new In many respects on a
sounde- basis, economically, than i
has been for years, Comptroller OF the
Currency John Shelton Williams in.
formed Congress today in what ne de-
scrlbed as his seventh and last an
nual report"
Defation, obviously inevitable a
year ago, has come, he sa d, and prices
of many basic commodities and raw
materials have returned to pre-war
levels or below 1T now remains for
the middleman," he declared, TO ad
just his profits to the new prices be.
fore the ultimate consumer will re-
cGve the benefit Of the reduced cost
of living
Labor, however, he said, must soon
determine whether = shutdown and
idleness Is preferred to lower wage
scale which takes into cons deration
the lower living charges. Mills and
factories cannot afford TO operate un.
less they can turn out commodities at
prices the public can afford to pay,
he asserted, and II is better for the
manufacturers to operate and produce
goods at cost or at narrow marg II
Ct rfit than TO close down entirely,
Participation by labor with cap tai
in tho profits he suggested as the only
principle TO restore business.
Z when conditions abroad become
more settled or stab lied, he de
clared a summary OF the present
outlook, and when at home much
needed adjustments are affected in
the costs TO the consumer of steel and
iron products. which are still quoted
about twice their pre-war prices, and
when coal, for which the government
Itself has paid in recent months as
much as four tines the pre-war prce,
and certain other commodities which
are now being kept UP artifcal'y or as
a result OF monopolistic ccntror far
: above the pre'war figures, get back
to normal level. our country resting
on q solid foundation. vi be prepar-
ed to enter upon haw and, let us
hope. long enduring era or prosperity
and healthy progress. .h3
During the fiscal year ended June
30. 1920, there were S157 national
[ banks in operation, the highest mum.
Der ever reported and despite the diff
! ficulties encountered. they made the
3 best record II immunity from failure
i. n about 40 years, the report said. The
: ratio OF the capital OF al banks, he er
I planned. was about two onethousand
/ tbs OF one per cent or IL times better
\ than the average for the entire 81
! years since the Inauguration of the
! system.
Combined resources Of all banks In
the country on June 30. 1920, includ
ing national, state and federal reserve
were S59,153 .7o4 900.
Figures showing for the first time
the business Of the principal Borrow
ers from national banks we're pre-
sented by thei cornptroIlcr, loans and
discounts on Nov 49, 1s20a aggTc gat
ed $l3,7G4,O00 00Q. OF which loans C
farmers and lyestocG raisers amount
ed to $l,9SS 600, 0o0 or Is per cent; t.
manufacturing concerns S2.S6g000 0Ql
CT q per Cest, to merchants mercau
tie concerns. individuals in the iob
blng business and trading, wholesale
(, and retail S3.J5Sl 100000, or &c be,
I cont; to bond and stock brokers and
dealers in investment secur tics S644
I 100000; TO railroads, shipping com
panies, electr light and power com
panies, 100000. TO professional
: men, including doctors. lawyers
teachers, chem sts, engineers and
} cergymen. $375,000000, miscelIane
Gus. $4,000, 100000, or 30 per cent
Gross earning Of the national banks
during the past fsca, ear aggregated
= s1,109,000,000, while their total eX
penses were $736,000,000 of which
100000 was for salaries and
wages and $2S7,OO0,0O0 was for inter
est on deposits Nat onal banks in
the city of New York showed earn
ings on capita stock OF 81 IL per
cent. Philadelphia national banks
36 l.2 per cent; Chicago "a per cent
Boston 20 per cent. Pueblo, Col
with 55 per cent, reported the largest
earnings in any reserve city; Br
mington, Ala, was next with 80 81
per cent and Atlanta third was 3S 81
pc: cent
During the past fiscal year three
presidents, eight cashiers and so as
sistant cashiers tellers, bookkeeperS
and other employers OF nat onal
banks were convicted of criminal vic
lations of the banking law aud sen,