Salt Lake Telegram | 1920-04-05 | Page 2 | Bankers Urged to Adopt System

I I I DAKERS UR URGED fO fOT T TO AO ADOPT ri SYSTEM SYSTEM- TM Statement of Financial Standing Necessary in Every Instance Where Loan of Money Is Made INSTITUTION of a system of uniform financial statements from all borrowers seeking to obtain mon money y without collateral security was advocated by N. N T. T Porter stale state bank Commissioner today toda at a meeting of more than seventy-five seventy bankers of the state In the house of representatives representative chamber in the state capitol Mr Porter orter had called the the- bankers both state and national into conference to discuss problems confronting confronting con con- confronting I fronting them PORTERS PORTER'S ARGUMENT The extension extension- of credit without a statement of th the assets and liabilities of the the- borrower borrow r is not good business' business policy Mr Porter said The banker banker- should know the condition of the barrower borrower borrower bor bar rower at the time of ot the first loan and should never act on assumptions Very few men can say offhand Just what their financial condition Is Whatever is done don however must be uniform and universal Some of ot our best men would not wish to be questioned If a banker in the absence of ot a general practices should demand demanda a a. financial statement of ot them they would would- would feel feel aggrieved So the action when decided upon must be concert concert- ed REFERRED TO CONVENTION The matter was discussed from Various various various va va- rious angles those participating in including including in- in eluding Seth Bixton of Riverton Amos Clark of Farmington W. W M M. Matson of Bountiful A A. Snow of St. St George Georgs P. P Peterson of Provo Hyrum Hayball of Logan J. J C. C ot of PaY Charles R Mabie Mable of Bountiful George Spencer of Zions Zion's Savings bank W. W D. D of MY Mt Ph Pleasant John Mendenhall Mendenhall Mendenhall Men- Men of Springville E. E Butterworth of Price Brice Charles H. H B Barton of Ogden and H. H E. E Hatch of of Logan M Many ny already have es established the financial statement system and fa favored favored fa- fa voted Its its its' adoption throughout the state Others held the matter was of I such Imp Importance as to require careful consideration and should go over until I the bankers' bankers convention which will take lake place 3 in iii Junei June This course was was decided on y r iI l i I i Another question brought before e the meeting by b Mr Porter had reference to chattel mortgage mortgages Mr ML M Porter advocated advocated ad ad- the system fo followed lowed by livestock live live- Istock stock loan institutions s. s