The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1911-04-14
HOW STATE LOANS MONEY
Auditor Taylor Explains Sys-
tenn Of Farm Loans.
APPLICATIONS APPROVED
But North Has Not Received
Equitable Share.

Boise, Idaho, April S.-The follow
ing interview was given to the press
this week by State Auditor S. D.
TAYLOR, relative to the loaning of en-
dowment funds belonging to the
various state Institutions. Mr.. Tay
lnr said:
my attention has been called to
resolution adopted at mass meeting
recently held at Moscow, In which the
state land board was urged to loan
out these state funds on improved
farms and school district bonds Ia
place of depositing the money In
banks at three and one-half per cent
Interest. The people Of Moscow seem
to be laboring under misapprehen-
sion Of facts. The state land board
keeps these funds loaned up very
closely. On the flrst Of March, farm
loans had been approved to the
amount of $lOO, 100000 In excess OF
the funds available. However. on
account Of the fact that so many
applicants fall down IN furnishing
clear abstract, or change their minds
after presenting their application.
the state land board has been able to
accommodate all applicants since the
first of the year. On March 1st,
practically all the available funds had
been disbursed for farm loans, but
within the past ten days there has
been received $l08, 100000 from the
Payette Lumber company as the pro
ceeds Of a land sale, and 10 addition
to this amount there has been re-
ported to my department at the
beginning of this quarter about $780,.
100000 coming from miscellaneous
sources, and which is now available,
or total OF about $3.50, 0O0.00 With
this sum on hand, the state land
board will approve large number Of
applications for farm loans that have
recently accumulated. 1t has not
been thought wise to advertise for
farm loans for the reason that the
applications were already in excess of
the funds available. AS stated, the
funds are loaned up very closely, and
the only time that there is any
accumulation is at a time as above
noted when the receipts are very
heavy. or course, 1t then takes q
little time to get these loans placed.
: II have recently checked up the
farm loans made by the state land
board and find that they amount to
$4,000 10 round numbers. The
balance OF these funds are taken uE
by school district bonds and state
bonds.
''Inechecking up on farm loans
: dnd that north Idaho counties have
not had their equitable share OF thi.
money. The law provides that II
making these loans that 1t shall b.
divided equitably among the yarion.
counties of the state. On December
lst. at the time became a member
OF the state land board, the followin.
loans bad been made In north Idaht
counties: Bonner. Sc. 900; Idaho, So.
800: Kootenai, 81, 300; Latah, 81, 800
Nrz Perce, $43, 800; Shoshone
: nothing. Each Of these counties i
!, entitled to an additional allotment o
!, $40, 900 or $50, 900. In order to max
\ an equitable adjustment of the allot
: ments of this money for farm loans
those counties that have not hat
their share will have the preference
e and although there will be more ap
: plications than funds to loan
y preference will be given application
from those counties that have no
: received their due proportion. II
: connection with the subject OF farm
loans, l desire to add that any CORES
'e pondence addressed to me personally
J. from anyone desiring a farm loan
), will receive prompt attention.
= "Parties desiring to secure loa
:, OF state funds on an improved faru
- should write the register of the stat
land board. Boise. Idaho. for a
application blank. The money
. loaned to the amount of one-thir
:. the appraised value Of the land. Th
'e time allowed is from three TO f1y
D. years, and the rate OF interest Is 81
)e per cent"