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Show ! TO FORECLOSE ON STATE LAND LOANS I SALT LAKE. Nov. 17. Foreclosure proceedings on 2 loans made from state land grant funds, all of which have been delinquent since early In 191'0 were ordered yesterday by John T. oidroyd. state lund comininsionei Mr. I ldroyd also announced the sale at auction this morning at 10 o'clock Df a block of bonds held by tho department. de-partment. From $25,000 to $50,000 of slate load bonds, maturing July 1, 1939, and an equal amount of (iranite school district bonds, maturing Jun 1. 1926, will be placed on sale subject sub-ject to minimum prices to be an- nounccd by the commissioner. Each of; these bond issues bears Interest at the rate of 4' per cent The proceeds of the sale w be Invested In-vested In farm loans which bring tho state Institutions, principally the district dis-trict schools, involved. G per cent in-, terest instead of the 4 14 per cent they arc now receiving as revenue from iheso bonds. Mr. lldroyd announced that the sales will be made In such a way that it will be unnecessary for the; borrower from the state to absorb any discount. He will receive In cash the full amount of tho loan he negotiates, and the state funds will benefit by the Increase In interest. |