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Show BANK EARNINGS HEAD REPORTS Country on Unusually Sound Financial Basis, Williams Tells Congress PUEBLO. COLO., LEADER IN RATE ON CAPITAL Forty one Employes and Off i cials of Institutions Convicted Con-victed in Past Year WASHINGTON. Feb. 7 The country coun-try ifl now In many respects on a sounder broils economically, than It i has been for years. Comptroller of the Currency John Skelton Williams Informed In-formed congress today In what he described de-scribed as his "seventh and lasl annual report." Deflation, obviously inevitable a year ngo. has come, and prices of many baala commodities and raw materials have returned to pre-war levels or be- dOW. "It now remains for the middleman." middle-man." the comptroller declared, "to adjust his profits to the new prices before be-fore tho ultimate consumer will receiv e the benefit of the reduced cost of living." liv-ing." labor. however, Mr. Williams ?ald. . rnmU soon determine whether a shutdown shut-down and Idleness Is preferred to a .lower wage scale which takes Into consideration con-sideration the lower living charges. PRO! i r SH UtIXG. Participation by labor with capital I In profits he suggested as the onlv principle to restore business. "When conditions abroad become more settled or stabilized." Comptrol ler WIlMams declared in a summar-of summar-of the present outlook, "arid when at. Utoin much needed adiis.1mnts aie effected In the costs to the cmsumr !of steel ?nd iron products which are still quote. I at twice their pre-war prices and whon coal for whlc!vthe government Itself lias paid In recent I Months as much as tour tunes ih. pre-jwnr pre-jwnr price, and certain other commodities commo-dities which arc now being kept up artificially or as a result of monopolls-ktlo monopolls-ktlo control far above the pre-war figure:., fig-ure:., get back to normal levl. our country, resting on n solid foundation. (Will be prepared to enter upon a new iond. let us hope, long enduring era lof prosperity and healthy progress." FAILVRB6 rRU LING, During the fiscal year ended June '30. 1920, the Comptroller said, there weru .157 national banks In operation, opera-tion, the highest number ever reported, report-ed, ar.d despite th0 difficulties encountered encoun-tered thoy made the best record In immunity ' from failure In about forty p.irs. The percentage of capital Of failed hnnl's to th,. total capital of all 'banks, he explained, was about two one-thousandth of one per cent, or 16 'times belter than the average for the entire fifty-seven years slnco the inauguration inau-guration of the system. Combined resources of all banks In the country on June 80, 1920, Including Includ-ing national, state and federal reserve, the comptroller said, aggregated $o!.-153,704.000. $o!.-153,704.000. I IRMERS 431 I LOANS Figures showing for the first time the business of the principal borrowers borrow-ers from national banks were presented present-ed br the comptroller. Loans and discounts dis-counts on November 15th. in JO, be Isald. aggregated $ I .',70 I.OOO.OOO of I which loans to farmers and livestock Italsers amounted to $1.0is.000,o00. or !l4 per cent.; loans to manufat luring concerns approximated $ j,Sti2.000,000 lor 21 per cent.; 1o merchants, mer-Icantlle mer-Icantlle concerns, Individuals In th Mr,l,l,liic I.M.Jn no .ind tr.nl.ne wlmhs.llc and retail. J3.G8 LOao.oon or "ii per cent. Loans reported to bond and power companies $225,000,000, while the loans to professional men, Including Includ-ing doctors, lawyers, teachers, chem- jists, engineers .".nd i. rgj amount- :cd to J8To.000.000. Mlscellar II 'loans amounted to about $4.Oo0.000.-'000. $4.Oo0.000.-'000. or 30 per coat, of the total. BANKS I n N BILLION' Gro?--j earnings of the national banks dulling the past fiscal wai aggregated $1,109,000,000. while th. ii total e-ptnscs e-ptnscs were $736,O0O,0n0 of which 1 1 1 75.000,000. was for salaries and Wages and $287,000,000 was tW Interest Inter-est on deposits. National banks in I he city of Now hTork showed earnings on capital stock of 37lj per cmt.; Philadelphia na-Ittonala na-Ittonala banks per cent.; Chicago 2 4 per cent.; Boston 2 3 per cent.; Minneapolis Min-neapolis 21 U per cent.. St. Louis l.'s per cent.; Richmond 20) Per cent.:, Dallas 30 per cent.; Kansas City 17 per cmt.; and In San Francisco 18 per ent. I PuSblQj nolo , with 55 per cent, re-I re-I ported the largest earnings In any re-' re-' serve city B iNKUR Hi Ml n i -During the past flocal jeur the IcomptroUer reported, three presidents, presi-dents, eight cashiers and thirty assist-1 ant cashiers, toilets, bookkeepers and! others of national banks were convicted convict-ed of criminal violations of the banking bank-ing law and sentenced to term of imprisonment im-prisonment running up to six years and varying fines. Mr. Williams made public a tabb ahowig the salaries paid tho executive officers by all national banks of the I country whose resources were In ex- cess of $20,000,000 and showed the I largest salary paid any national bank I president to be $100,000 a yssr Discussing excessive salaries thei comptroller delan d "ui li I n.q tin lit le.i would .xlat to much less i .lunt If the. stockholders of banks Were informed of tho salaries paid to their executive officers, but unforuunt'dy it s an ex- coptlon rather than r rule that the meJOfflt) Of the stockholders of the banks are s. Informed." |
