Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-01-11

state cannot be repaired. recommend
the appropriation of limited amount
to be used for miscellaneous purposes
at the discretion of the executive coun-
Gil.
INSURANCE COMPANIES.
State Auditor to Summarize the Financial
Condition of Each.
'"The state auditor is required to
make to the governor an annual re-
port of all insurance companies operat-
ing in this state, setting forth gen.
eral summary of the business done
and the financial condition of each.
The statute expressly provides that
this report shall be published in sim
gle volume. This document is seldom
sought except by insurance companies
or persons engaged in that business.
Life companies have no need for, nor
do they desire, that part of the re-
port relating to fire insurance; and per-
sons interested in fire insurance care
only for that portion which relates to
their branch of the business. In prac-
tice, the companies obtain these re-
ports, tear out or destroy the portion
not desired, and have the balance re-
bound before sending to their agents,
saving In postage thereby enough to
pay the expense of rebinding. The
number Of reports authorized by law
is insufficient to meet the demands of
the public; but, IL authority were
granted to have at least portion of
the reports bound separately, no addi-
tional expense of printing would be
incurred; and the increased number of
volumes thus occasioned would be suf-
ficient to meet all demands"
The governor says there is a strong
probability Of an unusual demand for
the current report of the adjutant gen.
eral and recommends special provision
for printing at this time 5000 extra
Of the historical portion of this re-
port, and that they be bound in cloth.
Interest on Endowment Fund.
"By the terms Of the federal grant
of lands in aid Of college Of agricul-
ture and mechanic arts, the proceeds
of these lands were made perpetual
fund, and the state is required to make
good any losses, and Is charged with
an annual income thereon of not less
than per cent. per annum. The stat
utes Of the state require that this
money shall be loaned upon mortgages
bearing not less than per cent. inter-
est. The unexampled prosperity Of
the country, and the incident surplus
Of capital, have rendered it impossible
to obtain the rate of interest fixed by
law, and there is now in the state
treasury more than $15O,0OO which the
statutory restriction as to rates rem
ders it impossible to invest, and on
which the state is paying 8 per cent.
under the provisions of the federal
statute.
Il recommend that permission be
granted to invest this fund at current
rates Of interest.
Official Bonds.
"The question of official bonds i'm
presses me as worthy of your consid-
GRAFTON. The operation of guarantee
companies within this state is author
lied by law, and persons charged with
the responsibility thereof are empow-
cred to accept the obligation of these
associations and companies. The ia
cilities for obtaining surety, without
asking individual friends, being thus
within the reach of those elected to
official position, renders it more en-
barrassing to pursue the course previ-
ously necessary. | recon-
mend that sureties upon official bonds
be procured at the expense of the state,
county. or municipality served. A
maximum rate should be fixed and this
maximum which the public should be
called upon to pay should be the mini
mum at which any reputable company
will furnish bond of like amount un-
der the most favorable circumstances.
1T is the present practice to examine
quarterly the accounts Of the state
treasurer with special reference to the
funds belonging to the various insti-
buttons under the management of the
board of control as well as those con-
nected with the general revenues. I
think the recommendation of the treas
urer of state that this should be made
statutory requirement is worthy Of
your consideration.
GOVERNORS SALARY.
The State Legislature Is Recommended to
Increase 1t.
',The salary fixed by law for the
chief executive of the state is now 3d.
600. In addition, it has been custom
airy for the general assembly to spe-
cially appropriate $500 per annum for
work on the executive council, and
$50 per month for room rent. This is
manifestly below the necessary ex-
penses of a family in the city Of Des
Moines maintained amid surroundings
becoming the Office. question wheth-
er the people of the state would be
satisfied to have their chief executive
live In rooms that can be rented for
$50 per month. Most of the states of
the United States have executive resi-
dences, furnished and maintained
largely at state expense. If this shall
not be the policy of Iowa, sufficient
should be provided, think, to pay the
rent Of suitable residence.
Others Can Live Cheaper.
'HThe Judges of the surname co,,rt