California is an immense State, a State that has practically no in- 

 debtedness, with the exception of what the counties are carrying, which 

 in reality is small compared to the debt of many of the counties in Eastern 

 States. At the present time we have over six and a half million dollars in 

 the State Treasury. The State school fund has four and a quarter million 

 dollars in bonds drawing interest from 4 to 6 per cent. This materially aids 

 in keeping up the high standard of our public schools, of which there are 

 none better in the United States. 



In the year 1885, the total assessed valuation of the State was $859,- 

 512,384, of which $172,760,681, or 20.09 per cent, was taxed for per- 

 sonal property. Ten years later, the assessed valuation was $1,133,282,- 

 013, while the personal assessment for 1895 was $157,726,988. In 1905, 

 the total assessed valuation was $1,273,696,262, of which $281,775,294 

 was taxed for personal property and $69,820,186 for railroads. 



On January 1st of this year the debt of California was $600,000, bear- 

 ing 4 per cent per annum. This loan was issued for the purpose of build- 

 ing a ferry and passenger depot on the water front of San Francisco. This 

 issue matures January 1st, 1912, and to meet redemption a sinking fund 

 has been created, made up from collections of monthly receipts aggregating 

 $4,631 per month, derived from the receipts of rents, dockage and wharf- 

 age at the said ferry and passenger depot. This amount is sufficient to pay 

 the entire indebtedness and interest at maturity. This debt is in no sense 

 a debt of the people, as the resources of the ferry and depot building will 

 return a revenue of more than the actual amount of the loan. 



Insurance in California, 



E. MYRON WOLF, State Commissioner of Iniurance. 



THE immense volume of insurance business transacted in California re- 

 flects the wealth and prosperity of this great State, and that San 

 Francisco is the commercial metropolis of the Pacific Slope is at- 

 tested by the fact that in practically every instance where companies 

 establish Pacific Coast departments the managers' headquarters are 

 placed in San Francisco. 

 When a person scans the returns and finds that the companies now 

 receive in premiums more than $24,000,000 per annum, he is brought to a 

 realization of the important part that insurance plays in the development 

 of the resources of this State. 



Including the ten county mutuals, which are by law limited to the 

 county within which they are organized, 226 companies are authorized to 

 transact insurance business in this State. Of these 92 confine themselves 

 to fire insurance, 32 to marine, and 14 write both fire and marine. A little 

 less than one-half of these companies hail from foreign countries, and only 

 14 of the American companies are California corporations, not Including 

 the 10 county mutuals. 



All of the 36 legal reserve life insurance companies are American 

 companies. Of these two are organized under the laws of California, and 

 these are now completing a merger of their interests. 



Three life and accident companies operate on the assessment plan, 

 and of these two are California companies. 



The remaining 39 Insurance companies comprise what are known as 

 miscellaneous insurance companies, covering the fields of accident, health, 

 fidelity, surety, plate glass, steam boiler, burglary, title, credit indemnity 

 and sprinkler insurance. In the list of miscellaneous companies California 

 has one surety, one casualty and five title insurance companies. 



