Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-02-11
GOOD RECORD FOR BANKS
COmptroller'S Report Shows Them 10
Be In GOOD Condition.
COUNTRY is ON A SOUNDER BASIS
Principal Borrowers Are Shown In Re-
port-sest Record In immunity from
Failures In Over Forty Years.


port-Best Record In immunity from
Failures In Over Forty Years.
The. country is now in many respects
on sounder basis, economically, than
Fit has been for years, Comptroller of
the Currency. John Shelton Williams
informed congress in what he described
as his. seventh and last annual report"
De1ation. obviously inevitable year
ago. has come, he said, and prices OF
many basis commodities and raw ma
terials have returned to pre-war levels
or below. ut now remains for the MIDI
dlemen," the comptroller declared, ITO
adjust his profits to the new prices be-
fore the ultimate consumer will receive
the benefit of the reduced cost Of liv-
ing
Labor, however Mr.. Williams said,
must soon determine whether a. shut
down and idlencss is preferred to low
er wage scale which takes into consid-
Grafton the lower living charges. Mills
and factories cannot afford to operate
unless they can turn out commodities
at prices the public can afford to pay,
he asserted and it. is better for the
manufacturer to operate and produce
goods at cost or at a very narrow mar
gin Of profit than to close down en-
tircly. Participation by labor with CAP
ital in the profits he suggested as the
only principle to restore business.
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 forty years. The per-
centages Of the capital of failed banks
to the total capital Of all banks. he cX-
planned, was about 100000 Of per
cent or sixteen times better than the
average for the entire fifty-scven years
since the inauguration of the system.
Combined resources Of all banks in
the country on June 80. 1920, including
national, state and Federal reserve, the
comptroller said. aggregated S59,153,-
7O4, 1000. Figures showing for the first
time the business Of tho principal bor-
rowers from national banks were pre-
sentcd by the comptroller. Loans and
discounts on November Is, 1920, he
said. aggregated $13.764. 100000, of
which loans to farmers and live stock
raiscrs amount to S1,99S.000,O0Q or Ia
per cent; loans to manufacturing con-
Germs approximatcd $2,S62, 100000 or q
per cent; to merchants, mercantile con-
Germs, individuals in the iobbing busi-
ness. apQ tlrading wholesale and retail
s3,5S1 600 600 or &c per cent. Loans re-
ported to bond and stock brokers and
dealers in investment securities aggrc-
gated S664,000,000; to railroads, ship
ping companies, electric light and pow
er companies, S225.OOo,O0O. while the
loans to professional men, including
doctors, lawyers, teachers, chemists, en-
gincc and. cleIgymcn amounted to
s375,000, 900. The miscellaneous loans
amounted TO about $4,0000O0,o0O or 80
Der cent of the total. Gross earnings ol
tho national banks during the past lis
cal year aggregated S1,109,o0o,oOo
while their total expenses were $780,
OOO, 900, of which '$175.000.G00 was for
salaries and wages and $cS1 100000 was
for interest on deposits. National banks
in New York city showed earnings Oh
their capital stock of 81 IL per cent
Philadelphia national banks 80 q per
cent, Chicago 2+ per cent. Boston 81 Pei
cent, Cleveland 2i IL per cent, Mime
apolis u IL per cent, st. Louis II l.
Der cent. Richmond 90 l-2 per cent
Dallas 30 per cent Kansas City II per
cent, and San Francisco Is per cent
Pueblo, Col. with IS per cent reported
the largest earnings in any reserve city
Birmingham, Ala, was next with ID 81
per cent and Atlanta third with IS 3-4
per. cent.
During the past fiscal year. the
COMPTROLLER reported, three presidents
eight cashiers Of banks and thirty as
sistant cashiers. tellcrs. boukkecperS
and. others of ma tional banks were con-
yicted Of criminal violations of the
banking law and sentenced to terms OF
Imprisonment running up to six years
and varying fines.
MIR. Williams madc public table
showing the salaries paid the executive
officers by all national banks IN inc
country whose resources were in excess
OF $50 900 OnO and showed the EtrGes'
salary paid any national hank prcSl-
dent to be 100000 year.
Discussing excessive salaries TIC
cnmptroIlcr declared, "sllch INEQUALITIES
would exist to much less extent II the
Stockholders of banks were informed OF
the salaries paid 10 their executive OIL
flcers. but unfortunately it is an cXcep-
ton rather than Il rule that the ma
iority of the stockholders Of the banks
arc so informed.
FAULTY FRENCH COURTS