The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-08-06

! sales Of bonds and other minor items.
n state policy has been to sell its
school lands for Is per cent down, Civ
ing forty years time on the balance.
Consequently unpaid land contracts,
~aggregating $5,928. 729, are reported as
investments" from the school fund.
Of the balance SO, 832,650 is loaned to
villages and school districts, $700,0 900
Is represented by state capital certi1-
Gates, and the balance, about $5,000.-
600, is. represented by the bonds Of
other states. ~. .h... ..
The total accumulations in the per-
manent university fund are 81, 500,136,
of which $862,S77 is from sales of land,
$501,161 from sales of timber, $75,153
from mineral leases and permits, $42,-
1863 from iron ore royalties, and the
balance from other sources. The in
vestments are represented by $255,055
Of land contracts, Minnesota municipal
bonds, $637,444, and the balance in
bonds Of other states.
H. Improvement Fund.
The books show Accommodations of
$2,951,610, in the internal Improvement
land fund, practically all from sale. of
land. The actual, interest-bearing
fund. however, Is only SAILS, 900, as I'M
der the head of investments" is cred
tied railroad adjustment bonds, de-
stroyed, $2,533s000". This represents
the settlement by the state of the con
troyersy regarding the bonds voted the
Hastings & Dakota road. an agitation
for the Reputation Of which ended in
the states paying them at so per cent
of par. ST.. h.. s-
The swamp and fund accumulations
are $2,671,272, at the date of the report,
of which $1,S44,787 was from sales of
land $592, 1886 from sales of timber and
about 100000 from iron royalties and
permits. The investments include ST.
466.405 in land contracts, $500, 956 in
Minnesota municipal and school bonds
and $500, 900 of state capitol certif-
Gates.
Sold Timber Separately.
/ Many years g the legislature de-
rately from the land. The timber is
sold at public auction at so much per
1000, subject to scale by states seal
ers. The, land may be sold later. Dur
ing the year ended July 81; 1912, re-
ceipts from timber sales were $324,295.
The policy of selling the land separ-
ate from the timber accidentally
brought great fortune to the state be-
cause much of the cut-over land which
the state was unable to sell was on
the Mesabi, and Vermillfon ranges
where iron ore was later discovered.
Some of this school land was bought
by miners before the sale was stopped.
Royalties From Ore.
The state then passed a law permit
ting issuance of prospecting permits,
giving the holder the right to- take a
lease for ore, paying a royalty Of Is
cents per ton. Nearly all the states
land in the iron country is under lease.
some of 1t developed and paying roy
allies on ore taken out, and the bal
ance bringing a neal sum through
minimum royalties. During the year
ended July 81, 1912, the payments on
mineral leases and contracts aggregat-
ed 81 $1,000, minimum royalties and roy
aities on ore mined, $258,76S.
During the year ending July 81, 1912,
1.-The receipts into the general school
fund from investments OF the perma-
nent school fund were approximately
$3.50, 600, in the general university fund
from investments of the permanent
university fund $4,000. into the
sWamp land interest fund $4,000. and
into the internal improvements inter
lest fund $13.124.