Salt Lake Tribune | 1906-09-30 | Page 21 | Steps Taken for Competent Examiners

STEPS TAKER FOR CHMPETEHT H11HS To Guaranteo Financial Safety of National Banks Intent of Proposed Law. CHICAGO, Sent. 29. Competent bank examiners, wiiosc inspection of an ( institution will bo a guarantee of its i linaricinl safoty aro provided for in a 1 Ijill to be introduced at tho nest session i of the State Legislature by Ilcnrcscula- 1 tivo .John r. iucuooriy or ine riroi uia- b trict tvIio holds that tho present system g of examinations is worse than none. P Tho mcasuro will bo a final blow to f the perfunctory examination of banks n by State officials. Its most important g provisions will be: Fee system lo bo f abolished and bank examiners to re- U ceivo a sufficient salary to sccuro men I of ability. Q Bank examiners lo bo certified pub- R lie accoiinlanls nnd to bo retained, per- mancully lmdr-r civil service. I Assistants in suilicicut number lo bc " provided and they must bo experts on value of listed and unlisted socurities, mercantile collateral or real ealato and I also exports on handwriting. i Examination to bo not only a thor- j ough audit, but lo include valuation of I all securities held as collateral. 6 Loans to stochholdors to bo itemized jC as part of Uio report. State Auditor to havo power to close I suspicious banks immediately and dis- jj erotionary authority in refusing char- ! tcrs. y Directors to be live mon. not duinmies I and to bo required to certify in writing to tlio genuineness of notes and other 0 securities. I