Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-04-09
MUST HALT ORGY
OF EXTRAVAGANCE
John Shelton Williams, in Ad-
dress to City's Financiers,
Urges Conservatism.
ORGANIZATION IS FORMED
Thomas B. McAdams Is Named
President of Bankers Club
of Richmond.
ORGANIZATION is FORMED

Conservatism in the granting OF
loans and the extension OF credits
and Encouragement OF riotous and
luxurious expenditures was urged
upon bankers of Richmond by John
Shelton Williams. Comptroller OF the
Currency, at the Commonwealth Club
last night. the occasion being the or
ganization OF the Bankers Club OF
Richmond.
Increased production OF the essen
tials, growing shortage OF which is
being emphasized day by day, is neces-
sary IL conditions are to be restored
TO normal without a crash and . jar,
according to Mr.. williams
The Comptroller OF the Currency
declared that be was an optimist. and
asserted his belief tha, everything
will work out all right. He doesn't
look for a panic, II what he termed
the extravaganza of tho nation 4,
this wild orgy OF riotous spending
is guenched.
Steel Production Fails on.
Production of steel, whic;, is needed
more just now than at any period
since the prc-war period, shows "A
falling on Of IS per cent while the
yield of wheat has decreased 100
100000 bushels over previous yields.
Mr. Williams said. Five million less
bales OF cotton were grown last yea
than the year before, he said. As
long as underproduction continues
he said, one need no: expect prices 10
| assume anything near their norma!
or pre- -wa:. basis.
Mr.. Williams dwelt at some length
on the phenomenal growth OF Rich
mond's banks. Their resources. he
said, had grown from sl4.OOc,o0o in
1900 TO $3S.ooo.0U0 in 1907. and on
December II. 1919. they exceeded
Sl6o.0o0, 900.
Receipts OF the Ricnmond post
Office in 1907. he said, were $4,000
and in 1919. Sl.4s4.00O.
Grosx Proats Expand. @
The gross profits OF Richmond.
| banks IN 1919. he said were moro
than the total resources OF all of her
banks In, 1905.
Richmond is lending Southern
states ten times much money as
| Is being loaned the same States by
baltimore. he said. The banks OF
Siehmond' nc went on. last year
loaned 10 tho same States aDproNi-
| inateiy twice as much as al. the ma :
tionhl banks OF Boston, Baltimore and
Philadelphia loaned them. Richmond
is lending nearly as much money In
the Eastern States as Baltimore is
lending the Southern States. nc said.
! and more than the Monumental Citv
Is lending all OF the Western states
The resources o: Richmond's banks
IN the last seven years. he said were
more than they were fo- the previous
ifty years. Seven years ago they
were sal.ooo.ooo. Today they arc
sl61 600, 900.
Thomas +; McAda,::-. vice-presiden,
| ot.thc Merchants Nat;ona! Bank, ad
rocated - profit sharing plan of com
pensation for employees Of Rich
mond's hanks. rather than the prcsen,
bonus system. which, he said. cavors
too much Of charity
Other speakers were oliver j. Sands.
president o! the American National
ucnt OF the First National Bunk; Rich
ard II. Smith. president of the Plant
ers' National Bank, and Adiu,ant-
Genera! 10 Lane stern
Officers OF the Bankers' Club O.
Richmond were elected as follows:
Thomas +. Mc.tdams. president; w
Meade Addison. vice president. and
p. u. Watt. secretary and treasurer.
Members of the executive committee
were elected as follows: Julien II.
Hill, president OF the National State
and City Bank: Y. II. Smith. olive. i.
Sands and william II. Schwarzschild.
president Of the Central National
Bank.
By VS. were read and adopted. and
announcement was made by President
McAdams that the infant ORGANIZATION
starts with ll3 members.
Several solos were rendered by JOS
eph Whi;temo"c. with Howard Rry-
ant. secretary OF the Rotary Club, a.,
the piano.
An elaborate dinner was served
The club will meet scmiannually,
IN April and October.