Rensselaer Republican, Volume 26, Number 19, Rensselaer, Jasper County, 4 January 1894 — INDIANA BUILDING ASSOCIATIONS. [ARTICLE]

INDIANA BUILDING ASSOCIATIONS.

First Beport of the Auditor at Stat* • the New Law, The first report of the Indiana Building and Loan Associations has been prepared by the Auditor of State. The statements were filed in accordance with the law passed by the last legislature. The Auditor says the law is not the best that conld be made,but it is a step in the right direction, and time will show in what ways It can be improved. The act is not stringent enough he thinks. It provides that the Auditor can examine an asssciatioh when reports show it to be doing an unsafe or illegal business. It is thought that the Auditor should examine the concerns once a year, and if necessary call for reports twelve times a year. The total amount of money invested in the organizations is much larger than was supposed. In Marion county the amount is nearly four limes as large as the banking capital of Indianapolis. The number of Associations in tho St ate is 477. The report based on the figures of June 30, 1803. shows assets as follows: Cash on hand 1640 501.65; loans and miscellaneous, Running stock snd dividends 819,324.53: paid up stock 84,772,151.68.