Every evening, Wilmington daily commercial., 1921-02-07
COUNTRY ON SOUND
ECONOMIC FOOTING
Currency Comptroller Says Sta
hilizing of Prices in Making
Good Progress.
by Associated press 20 Every Evening

by Associated Press 20 Every Evening.
Washington. Feb THE country ii
now IN many respects on a sounder
basis economically than IL has been for
years. Comptroller of the Currency John
Shelton Williams Informed Congress to-
day In what be describ Il as his seventh
and last annual report
Defation, obviously inevitable q year
ago has come, he safd, and prices Of
many basic commodities and raw
materials have returned 10 pre-war
levels or below. eft now remains for
tho middIiman." the Comptroller d.
clared. TO adjust his profits to the new
prices before the ultimate consumer will
receive the benefit of the reduced cost Of
living"
Labor, however. Mr.. Williams said.
must soon determine whether a shut
down and idleness is preferred 90 a lower
wuge scale, which takes nto considera-
tion the lower living charges Mills
and factories cannot afford 20 operate
unless they can turn out commodities
Mt prices the public can afford to pay.
he asserted and Il is better for the man
ufacturers 20 produce goods at cost or
at very narrow margin of profit than
TO close down entirely. Participation by
labor with capital in tho profits nc sug-
gestcd as the only principle 70 restore
business.
when conditions abroad become
more settled or stabilized" COmptroIler
Williams declared. and when at home
much needed adjustments arc effected
in the costs To tho 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 times the pre-
war price. and certain other ctrnnodI-
ties which now are being kept up arti-
ficaliy or as a result Of rnonopolisti,
control far above the pre-war figures
get back 10 normal level. our collnfr7,
resting on a solid foundation viii le
prepared 20 enter upon new and. let
us hope. long enduring era Of prosperity
and healthy progress"
During the fiscal year ended June 40
1920 the Comptroller said. there were
h.l5I national banks IN operation. tho
highest number ever reported. and de-
spite the difficulties encountered. they
nade the best record In immunity froro
failure in about forty years. Tho per-
centage Of the capital Of failed hanks
to the total capital of all banks. he ex-
piained. was about two oue-fhof1~a v1tya
OF one per cent or rs times better than
the average for tho entire "a years
since the Inauguration Of the system.
combined resources Of all banks IN
the country on June 30. 1920, including
national. state and Federal reserve. The
comptroller said. aggregated s5qf5g
704 900.
Figures showing for the first time the
business rf ha y,,-Tvs
from national hanks were presented Nv
the comptroller Loans and discounts
on November II, 1920 he said aggre-
gated sf3,764.0O0. 900. Of which loans IN
farmers and livestock raisers amounted
10 Sl.99s 900 600. or IA per cent. loans IN
manufacturing concerns Appropriated
sz,ooz.0OO.O0o. or 2l per cent. 10 rner-
chants. mercantile concerns. individuals
IN the jobbing business and trading
wholesale and retail, 1851. 900 600. or
20 per cent. Loans reported TO bond
and stock brokers and dealers in invest
ment securities aggregated 1864. 600 900.
70 railroads. shipping companies elec-
trio light and power companies. sa25
100000, while the loans 10 professional
men. including doctors. lawyers. teach
ers. chemists. engineers and cIergvnen
amounted TO s375, 600. .000 Miscellaneous
loans amounted To about $4,000. 900 900.
or 80 per cent Of the total.
Gross earnings of the national banks
during the past fiscal year aggregated
Sl.1os 600. GOO. while their total expenses
were S736.000.00o. OF which SI75. 600 600
was for salaries and wages and s2S7
100000 was for interest on deposits
National banks in the city of New
YORK showed earnings on capital stock
Of 3792 per cent; Philadelphia national
banks Ss1a per cent; Chicago "a per
cent Boston % per cent. Pueblo.
Colo. with 55 per cent reported the
largest earnings in any reserve city.
During the past fiscal year the
Comptroller reported three presidents
eight cashiers OF banks and thirty as
sistant cashiers. tellers. bookkeepers
and others OF national banks were CON
Nicted of criminal violations of the
banking law and sentenced to terms
OF Imprisonment running up TO six
years and varying fines
Mr.. Williams made public table
showing the salaries paid the executive
officers by all national banks of the
country whose resources We're in ex-
cess of $50 600. GOO. and showed the
largest salary paid any national bank
president to be 100000 a year
Discussing excessive salaries. the
Comptroller declared, such inequali-
ties would exist 10 much less extent if
the stockholders Of banks were inform
ed of the sala~-es paid to their ex-
ecutive officers, but unfortunately it
is an exception rather than rule that
the majority of the stockholders Of the
banks are so informed