The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-29

without which there can be no complete
supervision. This authority is given in the
case Of banks and trust companies, ne
points out. so why should IL be denied In
There are now III state banks all in ex-
cellent condition. During the year there
were thirteen new banks organized, one
retired from business and two reorganfzeu.
There are five savings banks The trust
companies are coming into general use as
Repositories for savings, the difference De-
ing that in trust companies the deposltors
get an agreed per cent. for a specified time
while in savings banks they share In the
profits. The auditor recommends that the
law be amended so that the organization
of collateral branch banks would be I'M
possible.
LAND DEPARTMENT.
The land department. he says. reflects
the very prosperous condition of the coun-
try. The State has been able 10 close out
good deal of property that has accrued
through the foreclosure of college and per-
manent endowment fund loans. There is a
very light holding of such property now in
the possession of the State. The low in
terest rates have resulted in an inability
to make loans of the college fund, so that
a very large per cent. of the fund Is lying
unused in the treasury. He states that IL
would be to the best interests OF the state
University If a statute were passed au-
thorizing the distribution of the fund as
fast as collected to the different counties
of the State on the same basis as Is now
authorized in the distribution of the per-
manent endowment fund. This money
would give Indiana University STEADY
income and would enable the money 10 De
loaned in the different sections OF Indiana.
The auditor notes a wonderful CROWN
In the insurance interests of the state.
The prosecution of irresponsible insurance
companies has been steadily kept up and
so successfully that the State is practically
free from wildcat organizations The rec
ommendation is made that the further or
ganiZatiOn of life-asSeSSment companies De
prohibited. The system as applicable 10
the regular life industry, he says, has been
and ever will be a failure. life-nsurance
certificate is the most sacred contract that
can be written. says Auditor Hart. and
experimental organizations. Fraternal in
suranCe, he notes. is on good basis after
years of disaster.
INSURANCE SITUATION.
The fire insurance situation is better this
year than last so far as relates TO lessen
ing of losses. The ash heap in Indiana
is not so large nor in the country gener'
ally. The fires, however, are above normal
and long as this continues there is moi
much hope for a reduction in tariffs. The
companies have all had discouraging ex
periences in the past three years and have
barely made Saturday night reach ovel
| until Monday morning The auditor recon-
mends the establishment of fire marsha
| bureau and a provision in the general Law
requiring all property to be kept in an in
surable condition. The recommendation 4
made that all companies be required L
| make their financial statements annual!
| instead of semi-annually.
The auditor has paid into the state treas
| ury during his term of four years fees ant
| taxes from insurance companies amount
| ing to 81 zoos, 932
The total taxable property of the Stat
| Is 81, 436, 305, 524. This will bring into tn
| treasury, he estimates, together with othe
| sources of revenue, the grand total of 81,
| 704 $50.