Salt Lake Tribune | 1917-12-30 | Page 14 | Land Board Places Million on Interest

LAND BOARD PLACES iWGflOMIlEST Farmers Greatly Aided When New Body Alters Former Regulations. When tho present Etate land board went into offiee there was more than 51,000,000 on hand which was not drawing draw-ing an income for the various funds to which such revenue is -usually apportioned. appor-tioned. This was partly due to the fact that a limit ot $5000 was fixed by the former board on any loan made by that bodv. The present lend board removed that restriction, with the result that more money is now out in the hands of farmers of the state and the income from interest is proportionately enlarged. The present hoard is constituted as follows: R- E. Davis of Millard county, chairman; Arthur Kuhn of Ogden, secretary; sec-retary; Richard Jones of Heber City, N P. Ipson of Beaver and Christian Willardson of Ephraim, commissioners. Farmers Aided. While in former years the land board has invested largely in bonds, It has of late turned the money in tho direction of farm owners. These loans draw B per cent interest and must not be made to an extent of more than 50 per cent of the appraised valuation of the land offered of-fered as eecuritv, exclusive of the improvements. im-provements. The state itself, particularly particu-larly for its general fund, has been a temporary borrower from the board. Since statehood it is estimated that the board has sold approximately 3.000,000 acres of state lands, bringing in nearly $7,000,000 since 1S96. All moneys thus received are placed in funds maintained in support of institutions, of which the Unlversilv of Utah and the public schools are the chief beneficiaries. Under Un-der the enabling act the grant to schools alone was in round numbers a. 000,000 acres of land. In addition there were grants to the University of Utah, the Agricultural college of Utah. Deaf and Dumb asvlum, State Mental hospital, Institution In-stitution for the Blind, Normal school, Miners' hospital, School of Mines and like institutions. Terms of these grants differ and there is still some dispute in some matters relating to coal and mineral-bearing lands. Lands Appraised. i It is provided in the enabling act that the state shall sell these lands as they are demanded,- requiring that proceeds from these sales be held intact, so that the interest on loans made from them and the amounts received as rentals from state lands leased shall serve as income in maintenance of the institutions institu-tions designated. Up to the present time appraisement has been made of about 2,500,000 acres of these lands, showing an aggregate value of approximately $.i 000,000, together with about $00,0o0 given as appraised improvements. Sale prices of state lands have visibly increased. Prior to l'J04 they brought an average of- $1.S6 an acre at public, auction auc-tion and $1.45 at private sale. During the ten years following 1 00 1 an average of $3 91 has been realized at public auction auc-tion and $11.70 at private sale. At the present time it is a rule of the board not to accept less than $2.50. an acre under any circumstances.