The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-01-14
T|NGEY'S REPORT
SHOWS BIC GROWTH
Secretary of State Tells of De-
velopment of Utah in Past
Two Years.
NEARLY A THOUSAND
NEW CORPORATIONS
Statement in Detail of COndi
tons of State Banks and
Insurance Companies.

During the period between January
|. 1905, and November 80, 1906, S3G
corporations were formed in Utah with
total capitalization of $3.50, l2S,5Io.
according to the biennial report of Sec
retary of State C. s. Tingey, which was
fled with Gov. Cutler yesterday. Dur
ing the same period f22 foreign cor.
noTations were admitted TO Utah to do
business, the total capitalization OF
these foreign corporations being S69,-
5S7 900. Eighty-four churches and re-,
hpious organizations were incorporated
during the same time, their capltallza-
tion being s44,3l0.
Mr.. Tngey 8 report shows that his
receipts from all sources during the per
lod mentioned amounted to Sl23,43l.4
as against SS6, 500 Is for the years 1908
and 1904 The increase in receipts.
coming largely as it does from fees
for the Incorporation Of new companies
doing business in the State, indicates n
greater activity in mines and commerce
and finances. according to the comment
made thereon by Mr.. Tingev.
The expenses OF the Office during the
period mentioned were $l5,5732l, out
Of an Appropriation of Sl6,5OO, leay'
ing balance on hand of s92679. Mr..
Tingey recommends an increased ap-
propriation for the next biennial per
Tod. saying that the work of the Office
is being Increased to such an extent
that extra clerical help is an absolute
necessity.
Condition of State Banks,
The inspection of State and private
banks is under the direction of the See
retarv of State, aud on this subject Mr.,
Tingey points out that at the begin
ming of the biennial period covered by
h1c fhnrp N oyIsrnupn fwon-
ty-seven State and SIX private banks.
with total resources Of So, ,6S2, ,01I23.
In 1905 the Wells-Fargo bank discon-
tinued business. 1t had resources of
S2S. S.l70,22054, or more than one-half
of the total resources of all the State
and private banks.
Al the close of business on October
g. 1905. the report goes on to say, there
were forty. nine State and three pri-
vate banks, with total resources of s35,-
OIL ,S35.92, and two others have been
incorporated since that time to start
business about the first of the present
year. Mr.. Tingey declares that the
condition of the banks coming under
the supervision of his Office is healthy
and solvent, and that a general increase
in the volume of business.
Insurance Companies.
The report says that one fire insur"
ance company and two life insurance
companies organized by local capital,
under the laws of Utah. arc now en-
gagged in business here. The FIRE in
surance company is the Home company,
with a capital OF S250,000, and the life
companies are the Continental and the
Beneficial Life, capitalized st 100000
and 100000 respectively.
Foreign insurance companies licensed
Hn rho Stata fol
lows: Fire, 81; life, Al; bonding, 3; ac-
cident and casualty, 6; miscela neous,
cred by the report thirtv-two com
panies were admitted 10 do business in
the State and ten withdrew. OF the
companies licensed here receivers were
appointd for eleven and the risks of
such comp panis were reinsured in solvent
companies
lected in taxes from insurance com
panies the sum of SCI, 1896, and the.
total receipts by the State insurance
companies, from all sources, have
amounted to ss1 ,Ss9.66.
Mr. Iingey says that the insurance
laws of the State are in need of
complete and thorough revision He
recommends particularly the passage of
laws regulating fraternal insurance.
5'uituihR duu lodH dSSOclaClOnS DONG
business here, he says, are in healthy
condition, are doing good business
and are in competent hands.
Must Buy More Medals,
Mr.. Tingey calls attention to the fact
that the last Legislature appropriated
$500 TO purchase bronze medals for
the veterans of the Indian wars. This
appropriation, he says, has been ex-
hausted and not nearly all the veterans
have been supplied, He recommends
an additional appropriation of $50 for
this purpose.
The report shows that the Office is.
sued 6O2 notarial commissions and
land patents TO seventy-one acres dur
Ing the biennial period. The report
closes with digest of the returns cast
In the State election last fall.
HER FRIENRS MOJIpN