The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-28
SELLING SCHOOL LANDS
RETURNS SAID TO BE MORE SAT-
IsFACT0BY THAN USUAL
Educational Funds Reported at a
Meeting OF the State Board of In
vestment In Excellent Shape
Minnesota Money to Go Into Gov
eminent Bonds If None of the
War Issue Can be Obtained.


The state board Of investment held q
special meeting in the governors cham
Der yesterday afternoon, and author
lied the state treasurer and state au-
ditor to invest available money of the
permanent school and permanent uni
Versity fund in United States bonds, In
case the state was unable to secure
any Of the new government war bonds
The board also empowered the same
two officials to pass upon applications
from school districts and municipalities
for the state money. The discretionary
powers were conferred upon the board
to expedite business during the summer
months.
State Treasurer Koerner thought 1t
extremely doubtful if the state would
be able to secure the 100000 in war
bonds asked for last week, but be-
lieved it probable that the Washington
officials would accord the state the
privilege of purchasing one-fOurth CT
the amount asked for. Mr. Koerner
reported that there was about $214,000
in cash in this fund at present, and
the amount outstanding to the credit
OF the state would exceed $12 200, 600.
The greater portion of this fund was
invested in SCHOOL bonds and bonds Of
Minnesota towns, counties and villages,
and in all cases it was an income pro-
ducing investment. This amount did
not include the states holdings to the
credit Of this fund, in unsold lands Of
the several classes. There would be
no way OF determining just how much.
land belonging to the fund remained
unsold but the; figures were materially
smaller than last year.
Deputy State Auditor IversOn repre-
scented his department. in the absence of
Mr.. Dunn. Mr.. Iyerson reported that
the returns during the past six months
from land sales and placed to the credit
OF this fund had been more Satsfac-
tory than at any time for many years.
The 1st of June being the time set by
law when interest on land contracts be-
came due, the Office had been flooded
with remittances,s which had made a
substantial addition to the cash reserve
now on hand. The land sales held dur
ing the spring and summer had, it was
reported, brought much better prices
than for soma time past. There had
been an unprecedented demand for
state land both by settlers and specu-
la tors, but it had been the policy of the
office to favor the settler in every I'M.
stance and avoid, if possible. selling the
states land in any large quantities to
parties who wished to secure 1T purely
flr speculative purposes.
Last year the state received ON an
average $3.50 per- acre. but this year
The average would somewhat exceed S..
Many of the settfers~had paid up the
principal on their contracts when the
June payment had become due, ais
though they would be allowed forty
years in which to complete payment for
such lands purchased from the state
if they desired.
A noticeable feature of the business
done in the Office since the list of June.
was the. large number of these pay
ments coming from the northern part of
the state, where, in many :ctionS, the
settlers have found it difficult in times
past to keep up their interest payments.
The number of patents issued by the
offi-e h ID just about offset the inc easel
sale of lands, so the state had pract: cal
~ the same amount outstanding as
year ago. although the fund wasin
much more fiourishing condition, and
the payments, both en- the interest and
principal accounts, had been satisf&c-
tory.
The railroad companies. it was said.
are selling a great deal Of their land
because of the operation CT the Ander-
son law, which taxed their unused
lands These lands were being sold
quite cheap, in many cases being dis
posed of at aefgure much below The
states minimum.
State Treasurer Ko rner r ported t. at
the state would have a sufficient avail
able cash balance in the school fund,
after the 5000 009 in war bonds were pur-
chased, to meetall the local demands Of
counties, villages and school districts
for state aid in making internal i'm
provements.