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Show m W BUYS Loan to Sevier River Concern Con-cern Is Increased by I $40,000. The state land board yesterday in special spe-cial session purchased $100,000 of state road bonds, carrying 414 per cent interest, and also increased the loan made to the Sevier River Land & Wator company and the Lynndyl Townsite company from $120,000 to 160.000. The board trans- scied some omer routine business, and i since the next regular meeting day is 1 election day, decided to meet again Tues-' Tues-' dav November 12. The sale of stale road bonds to the land hoard will relieve the finances of the state road commission temporarily. 1 there being heavy expenditures at pres-f pres-f ant hs contract work for the state nears completion. f . Frank Kimball appeared for the Sevier rt.-r-jicornpany and its subsidiary, and inffained that the capital issues com- ffrnittee of the federal government is limiting the bond issues of the company, with the result that an increase of the loan to the amount originally fied by the land board was deemed advisable. The loan, which was negotiated a few njionths ago. was cut down after repre-g sentations had been made by the state auditor. Joseph Ririe. The security offered comprises about 4000 acres with two feet per acre of water rights. The water rights alone, it is asserted, are selling at J75, while the land outside the townsite is said to bring without water in the neighborhood neigh-borhood of $20, and in the townsite around $150 an acre. The board considered the security offered ample for' an increased 1 loan, and after Mr. Kimball had been closely questioned by the board, there was no dissenting vote on the passage of- the L loan. |