The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-10-10
WHY IS NOT THE
INTEREST PAID?
State Land Board Has Per-
mitted DefauIt ia Many
Loans Made.
PRINCIPAL, PAST DUE.
is LIKEWISE UNPAID
Need Of Investigation Demon
strated by an Inspection of
Records Of Board.

The Investment Of the funds held, or
purportins to be held, by the state board
OF land commissioners are matters of
absorbing interest TO the public, espe-
cially as the board is so administered
that ii loans it's funds. sells and leases
ito lard, directly and indirectly to its
members, without audit and apparently
without responsibility.
Ipasmucb as the list is long it is not
possible in ono issue to publish the
whole list The Tribune presents those
investments still outstanding which ap-
pear in Book \ of Record of Invest
lnenrs, in the office OF the land board
that the public may know where the
funds of the state arc invested and
Judge for themselves tho character of
some of the securities, The list is
given herewith.
Analysis of the Record.
Analysis of The foregoing shows such
an absolute lack of ordinary business
administration as 10 he little if any
short Of scandal. For instance the note
OF Thomas " and Sarah Smith and
R1lpb and Harriet Smith, who con Joint
Iv borrowed thousand dollars on De
cembcr 50. 1904. and never paid cent
was had August il, 1910, shows but lit
tic interest in the affairs Of the state
Another instance is that of Sevmonr
+. Young, one of ihc seven presidents
OF seventy. who borrowed $942 June 4
1905. This was due April l. 1907 The
principal and part Of the interest is un-
paid. In fact, the interest upon 4 large
proportion of the personal loans upon
mortgage IS so irregularly paid as TO
warrant the assumption that such loans
arc particularly poor investment of
the stale funds. Many other invest |
mcnts i'll bonds are but little better.
Thirty-two bonds of Uinta county are
delinquent IN interest since April. Notes
of the regents of the state university
arc two years and ten months over
due. Ten bonds OF Pleasant Grove have
no interest payments since March, 1909. |
lieber City bonds are delinquent IN
their interest.
Juggling Of Investments.
Another matter that should be right |
" inquired into is the Juggling Of the
investments of the "reservoir fund, - /
which have been sold to one or another |
of these state funds. These state rcser-
Noirs have been scandal Of them
selves and the fund has been mule he'd |
first and last of many thousands Of dol |
lars to little present value 1t indeed |
auditor and treasurer to ascertain what |
Is gong on in the state board of land |
commissioners in its meetings held in a |
back room with closed doors and the |
securities represented as being on hand |
somewhere not in the office of tn 3 |
state board, but somewhere else where |
they are not accessible to the public in.
spection, and which have not apparently |
been checked against the books in
years.
State Senator Makes Loan.
The latest statesman who has been
enabled to negotiate loan from tho |
funds in control of the state land board |
IS State Senator IIerscbel BuIlen of |
Cache county, and who is a candidate to |
succeed himself IN the state SENATE Bull |
len IS the deputy political boss of Cache |
county. His loan IS not so large as that
OF Congressman Howell or of member
OF the land board, William III. Thain,
bnt he got loan.
On page so Of Book C of Records OF
Investments OF the state board of land
commissioners appears EJuly J., 1909 |
Note of Hcrschel and Mary Bullion of
Richmond. Cache county, secured by
hrst mortgage on thirty one and half
acres In Cache county, Utah, $4,000. !"
This money came from the "public
buildings fund.- and at the time the
record was copied the interest due Sep.
teInber J., 1910, was not credited on the
books.
Thain's Interest Paid.
The public will be pleased to learn
that the interest due on the loan made
by the state board of land commission
ers to State Land Commissioner Will
liam H. Thain, due October /. 1910. has
been paid under date of October 4. The
principal, $1,000. due on the Same date is
still overdue and uDderpaid
Fast Train Wrecked,
pAYETTE Ida ncf