Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1903-10-22
AUDITORS RECOMMENDATIONS.
Carroll Favors Creation Of Insurance
Department.

carroll Favors Creation OF insurance
Department
Dcs Moines, Oct. 19.--In letter OF
transmittal with his biennial report,
which has been submitted to Governor
Cummins, State Auditor b. f. Carroll
| devotes considerable space to the dis
cussion of insurance matters and
makes several important recommen-
| dations for action by the coming ses-
| sion of the legislature. Most impor-
tant among these recommendations
/ is one arguing to some extent for
| the creation of an insurance depart
| ment for the state distince and sep
| arate from the Office of the state audi
tor. Mr.. Carroll cites the enormous
increase in the insurance business in
Iowa and declares the business has
grown to such Importance that the
entire attention of one man should be
given to its supervision. The report
also deals largely with insurance COM
panies other than those selling life
policies, the state and county mutu-
ais, and says as general thing these
companies are well conducted and do
ing a good business for their policy
holders, but he declares there are
SoASt SoSOSiuily 10" uolheo Anii
insurance business which have been
exceedingly extravagaIt, in the matter
Of expenses and salaries to their Off
ces, the latter item sometimes exceed
ing the entire amount paid to the poll
cy holders. He believes the legisla-
ture should in some way limit the
amount these companies shall pay for
salaries and expenses.
hA nl -
of the biennial period Iowa is richer
than even in the history of the state,
having in the treasury in cash 81 3d.
826. This is an increase Of $417,826
over the amount on hand when the
last biennial report was issued. The
report is interesting throughout and
deals with banks and banking, show
ing a wonderful increase in this bust
ness throughout the state, with build.
ing and loan associations. revenue
and taxation, the state school fund,
investment companies and telegraph
and telephone companies. In nearly
all Of thece matters recommendation
are made which the auditor believes
would be to the credit of the state and
for the better regulation of the affairs
of the corporations.
The report follows:
The auditors biennial report for
1901 shows a net cash balance in the
treasury of S1,114000O0, after deduct
ing all outstanding warrants. This
has been increased to 1881 ,S26. 90
at the end of the biennial period just
closed, showing an increase of $417,-
$4,000. The receipts from all sources
for the preceding biennial period
amount to $5,120,059.54 and for the
period just closed s6.177, $3.50, max
ing an increase of $1,057,79596. This,
however, includes $34,S66.6S refunded
by the United States government on
account Of the Spanish-American war
claim, and $456.417.89 on account of
civil war claim, leaving a net increase
from ordinary sources OF $500, 511.39.
Since the legislation enacted by the
Twenty-Eighth General Assembly, re-
ducing the rate of interest on the per-
manent school fund from per cent
to not less than 5 per cent, and in
creasing the amount which counties
may loan to one individual from 81 900
to $4,000, this fund has all been plac-
ed at interest, and at profit to the
counties, as all interest on the fund
| above IL per cent charged against
| the counties by the state accrues to
such counties as a commission or pro-
| fit for handling such funds. In a few
instances the counties are still loan
ing these funds at 6 per cent interest.
! The amount of the state school fund
is now $4,754 ,44452. Further sale of
! school land or funds from escheat
estates will not greatly increase this
amount, the increase during the bien-
NAL period being only $2139.19.