Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-02-08
NATION CONDITION
/. IS BEST |. YEARS,
|. SAYS CONF TROL[ER
Sends 'Seventh and Last
Annual Review to Con-
gress-Ohio and New York
Steel Mills Reopen

try is now in many respects on a
sounder basis, economically, than it
has. been for years, Comptroller of
the Currency John Shelton Williams
informed congress today in what
he described as his seventh and last
annual report"
Deflation, 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. TT now re-
mains for the middlemen," the comp
troller declared. Ito adjust his prof
its to the new prices before the. ult1-
mate consumer will receive the bene-
fit of the reduced cost of living"
Labor. however, Mr.. Williams
said, must soon determine whether
a shutdown, and idleness is prefer
red to lower wage scale which take
Into consideration the lower living
charges. Mills and factories can
not 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 to operate and produce
goods at cost or at very narrow
margin of profit than to close down
entirely Participation by labor
with capital in the profits, he sug-
gested as the only principle to re-
store business. /
when conditions abroad become
more settled or stabilized he de-
clared in summary of the present
outlook, land when at home much
needed adjustments are effected 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 re- |
cent months as much as four times |
the pre-war price, and. certain other |
commodities which are now being |
kept up artifically or as a result, of |
monopolistic control far above the /
pre-war figures, get back to normal |
level. our country resting on solid
foundation, will be prepared to en-
ter upo ma new and, let us hope, long
enduring era of prosperity and
healthy progress. -
Figures on Business, s-
During the fiscal year ended June
80, 1920, the comptroller said, there /
were 8,157 national banks in operas
ton, the highest number ever re-
ported, and despite the difficulties
encountered, they made the best rec
ord in immunity from failure in about
forty years. The percentage of the
capital of failed banks to the total
capital of all banks, he explained, was
about two one-thousandths of one
per cent. or sixteen times better than
the average for the entire fifty-seven !
years since the Inauguration of the
system. Combined resources of all
banks in the country on June 80,
1920 including nationale state an
federal reserve, the comptroller said,
aggregated $59,153,70 900.
Figures showing for the first time
the business of the principal bor-
rowers from national banks were
presented by the comptroller. Loans
and discounts on November Is, 1920, |
he said, aggregated $13,76 100000, of |
which loans to farmers and livestock
raisers amounted to $1,998,000,000, or |
IA per cent; loans to manufacturing |
co22c-SS Appropriated $2,862, 100000, |
or 81 per cent; to merchants, mer- |
camille concerns, individuals in the |
jobbing business and trading whole
sale and retail, 1851. 100000, or 26 |
per cent. Loans reported to tond |
and stock brokers and dealers in in |
vestment securities, aggregated 1884, |
600, 1000; to railroads, shipping COM
panies, electric, light and power COM
panies, 1925, 100000, while. the loans
to professional men, including doc
tors, lawyers, teachers, chemists, en-
gineers and clergXmen amounted to
1915, 900, 600 Miscellaneous loans
amounted to about $4,000, 100000, or
per cent of the total
Gross earning of the national
banks during the past fiscal year ag-
gregated $1,109,0 100000 while their
total expenses were 1896 900, 900 of
and~ wages and 1921, 100000 was, for
interest on deposits. National banks
in the city of New York showed
earnings on capital stock of 81 IL
per cent; Philadelphia national
banks. 33 IL per cent; Chicago, "a
per cent; Boston, % per cent; Cleve-
land, "a 1-2 per cent: Minneapolis,
81 1-2 per- cent; st. Louis, II 1-2
per cent; Richmond 20 IL per cent;
Dallas, 80 per cen Kansas City. II
per cent, and San Francisco, Is per
cent. Pueblo, Colorado. with SIS, per
cent, reported the largest earnings
in any reserve city; Birmingham,
Ala. was next with 1894 per cent.
and Atlanta third with 3S ga per
cent.
Salaries Of Bankers
During the past fiscal year, the
comptroller reported three ,presi-
dents, eight, cashiers of banks and
thirty, assistant ( cashiers, tellers,
bookkeepers and others of national
banks were convicted of criminal
violations Af the banking law and
sentenced to. terms of Imprisonment
running UP to six years and vary
ing fines
Mr. Williams made public q table
showing the salaries paid the ex-
ecut1ve officers by all national banks
IN the country whose resources were
In excess of $20,000,C00 and showed
the largest salary paic any national
pank president to be 100000 a year
Discussing excessive salaries, the
comptroller declared. "such lineuual-
itles would exist to much less extent
II the stockholders of banks were in.
formed OF the salaries paid to their
executive officers, but unfortunately
IL is an exception, rather than a
rule, that the majority of the stock
holders OF the banks are so in