Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1903-10-23
AUDITORS RECOMMENDATIONS.
Carroll Favors Creation Of Insurance
Department.

Carroll Favors Creation Of Insurance
IN Department. Is.
Des Moines. Oct. 19.-ln letter Of
transmittal with his biennial report,
which has been submitted to Governor
Cummins. State Auditor B. F. Carroll
dcvotes considerable space to the dis.
cussion Of insurance matters and
makes several important recommen.
dations for action by the coming SEES
sion Of the legislature. Most impor.
tant among these recommendation
Is one arguing to some extent for
the creation Of an insurance depart.
nent for the state distince and sep.
rate 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 or 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 a general thing. these
companies are well conducted and do
Ing good business for their policy
holders, but he declares there are
some, especially few doing q hail
insurance business which have been
exceedingly extravagaEt, In the matter
Of expenses and salaries to. their OH
,es,, the latter item sometimes exceed
ne the entire amount paid to the poll
~ holders. He believes the legisla-
ture should In some way limit the
amount4these companies shall pay for
sal "ries and expenses.
The report shows that at the end
Of the biennial period Iowa Is richer
than even In the history of the state,
having in the treasury in cash 1851.
S26. This Is an increase Of SAT-, 1876
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 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 these matters recommendations
ire 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 2 net cash balance In the
treasury Il S1,1l4.000.Q0. after deduct.
'ng all outstanding warrants. This
has been increased to s1.531 .S26. 90
at the end Of the biennial period Just
closed, showing an increase of SAT-.
$4,000. The receipts from all sources
for the preceding biennial period
amount to s5.120.059.54. and for the
period Just Closed Sc 177855.5O, mak.
ing an increase Of $1O57, 1886. This,
however, includes $34,S66.68 refunded
by the United States government on
account OF the snish-Amerlcan war
claim, and $456,417.S9 on account of
civil war claim. leaving net increase
from ordinary sources OF $5G6,511.39
Since the legislation enacted by the
Twenty Eighth General Assembly, re-
ducing the rate of interest on the per-
manent school fund from 6 per cen.
to not less than per cent, and In.
creasing the amount which counties
may loan to one individual from $1,000
to $4,000, this fund has all been plac-
ed at interest. and at a profit to the
counties, as all interest on the fund
above 4 1-2 rer cent charged against
the counties by the state. accrues to
such counties as commission or pro-
ut for handling such funds In few
instances he counties are still loan
fng these funds at per cent interest.
The amount OF t'n state school fund
Is now $4,754.444.52. Further sale OF
school lard or funds from escheet
estates will not greatly increase this
amount, TIE increase d"rirg the bien-
NAL period being only $2.139.19.