Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-10-17

| paid for losses and for premiums re-
turned 1t seems hardly possible that
our legislature Intentionally exempted
| these non resident associations from
the payment of taxes while imposing
| a tax upon resident compar
| In regard to mutuals he
| Chapter 8, title 8 provide or the
organization and management coun-
ty and state mutuals, and wa g signed
to afford insurance of the ] men,
! toned in said chapter at I . lowest
| possible cost to the insured. 1t 1t is
| a very desirable kind of inst = ce and
but little can be said by way critic
| ism so far as county mutual p e con-
| cerned | might also add . In the
main state associations orgf-S ed un-
der the provisions of this chapter are
doing a creditable and commendable
business, and are furnishing insurance
| to their policy holders at very low
rate But there are some. especially
| a few of those doing a hail insurance
| business which have been exceedingly
extravagant in the matter OF expenses
and especially as to the salaries OF
offices, the latter item in some Instances
exceeding the entire amount paid to
! the policy holders for losses incurred
and in some cases the payment of ex-
cessive salaries have made the assess
ments unnecessarily high. 1t is my
| Judgment that the legislature should in
some manner limit the amount to be
paid for salaries and expenses of these
associations. If the extravaganza in
dulged in by some of these associa-
tions is not checked it will eventually
bring this kind of insurance into dis
favor or at least will work injury to
associations which do conservative
business and are not deserving of CEN
sure
He would have the chapters relating
to stock and mutuals separated in the
laws to make them palmer. He would
have some additional laws to protect
the people against unauthorized In
surance.
In regard to banks Mr.. Carroll calls
attention to the great increase in their
number as ample proof that the people
of the state have great confidence in
our system Of regulating banks as
we'll as in the banks themselves. Dur
ing the period there We're 40 new stat
and savings banks organized and 20
surrendered their charters chiefly to
become national banks The deposits
increased over $17,712,000. In regard
to the percentage of increase of the
different classes Of banks the statistics
show a per cent increase in private
banks, II per cent in national banks
and 81 per cent in state banks.
Mr.. Carroll would change the method
of publishing bank reports and instead
of having them published biennially
in connection with the auditors report
and then only the statement of the
last call, ne would have annual pub
Ilication of the reports, just after the
close CT the fiscal year or calen6ar
year, and the annual reports shoulc
contain compilation of all the state
ments made to the auditor for the year.
He would also suggest publication
soon after each call of a synopsis of the
statements in the form of advance
sheets of practical benefit to the banks
and the public. Bankers have sug-
gested five calls instead of four each
year to correspond to the calls under
the comptroller of the treasury on ma
tional banks, and Mr. Carroll says this
would certainly meet the approval of
many of the bankers.
Reports on building and loan asso-
Citations show material reduction in
their number and the volume of bust
ness done, and in the biennial period
seven domestic and eight local do
mestic associations went into voluntary
liquidation and others have done 50
since the close of the period. No for
eign associations have been doing busi-
ness in the state the past two years In
view of the fact that the associations
now doing business are largely local
Mr.. Carroll suggests some plan of To-
cal publicity in place Of the present
publication of reports.
Mr.. Carroll asks for some regulation
Of the irregular companies doing
mixed investment or bond business now
running wild. He recommends that
the method of handling reports of the
telegraph and telephone companies be
changed SO that they will be handled
like the railroad company reports.
Reports of the expert examiners on
the accounts of the auditors office are
included in the report and they COM
mend the Office for the method Of
keeping accounts and for their accur-
acy.
HUNDRED MILLION FOR NAVY.