Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-01-02
TIT TAYLOR llUSS.
GREAT DIFFICULTY IN STRAIGHT
ENlNG II OUT.
Result of the Appraisemcnt OF the
Taylor Lnnds-RaIance of SI6..-
% still Due, which the state
Must Get From the Bondsmen IL
at Ali-Wnter for Farms-RaiI-
road Statistics,

Sioux Falls, S. D., Special-State
Aualtor Nipple and Commissioner of
LANDS are in town. apprais-
ing he Taylor lands located In this
county. This practically finishes the
work of the commission. and by the
last or the week they will be able to
make their final report. 4 consider
able amount of the assets turned in,
including a number of notes, will not
be appraised, as the commission has
no means of knowing their value. and
as a Journey to several Eastern states
would be required to learn the facts.
The entire expense Of the appraise-
ment is stated by Mr.. Lockhart 10
have been about 5000, the two gentle
men receiving only their actual ex-
penses. They have gone into. nearly
every county i'll the state, including
the Black Hills, and Mr.. Nipple went
TO Cripple Creek, Col, where Taylor
had some investments. In most cases,
where the equity was of much value,
they have personally investigated the
lands and have taken the advice OF the
county superintendent of schools.
In a number of cases, however, the
mortgages upon the lands were so
great that there is no equity, and the
commission has spent little time on
these. Both gentlemen declare that
they have been exceedingly cOuServa-
tive in their estimates. and that, as n
whole, the property is worth fully
the sums set. Deducting the inculn-
b%ranCeS, which amount to between
$4,000 and $4,000. the appraisal
ElnnN NC that tla V~n1,r, 90 XI,-A In,i- ?.
the state is aboCt $4,000. If fair time
is taken to sell them. SO far. the state
has received in cash from Taylor SIPS
600. The banks had on deposit at the
time of his default $4,000. Taylor
turned over in cash last summer %l0O,-
00G, and the Cripple Creek property
has been sold for $4,000. The total re-
CCiptS. therefore. including these APP
praised properties. have been $500
0OO, which leaves a balance still due
of S1G7,0 OO. This the state must get,
If at all, from the bOndSmen. The
commissioners state that this balance
cannot be collected until the property
is s3ld. and this will take some time.
Said Mr.. Nipple:
at will be impossible to sell this
property until after the meeting Of the
next legislature. 1t is to DE remem-
bered that Taylor turned over this
property voluntarily TO the state, Civ
ing deeds to the State of South Dako-
Ia. Consequently, as there is no one
permitted by law to receive and dis
pose Of the states property, and as no
law exists for selling it without the
express authority Of the Legislature,
there is no one who could give a "alid
deed and no II who would bid. 1t
was suggested that Taylor be required
TO deed the property to a trustee, who
would then be able TO sell the proper
" and turn the money Ove to the
state. but the state authorities thought
this nnwise. The reason for their re-
fusal TO follow this idea was that the
lands must be all sold under eXecu-
ton in the various counties, which
would cost for advertising and other
expenses. from 10000 to $4,000. and
most of the propert ywould return to
the state, since, under tie law passed
last winter the state must bid 1t in,
unless others bid more than the APP
praisal. 1t was thought best not TO
incur this heavy expense, the officers
believing that the state would get
more out of it by waiting and allow
ing the legislature to dispose of it.
We recognize that, in the present hard
times, it would he impossible to get
the full value out of the lands. We
have a judgment against the BOMBS
men for the balance, but Of course,
this cannot be collected until the prop
crty is sold. for probably the courts.
In determining the amount due from
the bondsmen. would not consider our
appraisal, but would demand a judi
cial determination of the value, which
could only be an actual SALE