Evening capital news. (Boise, Idaho) 1901-1927, 1919-04-24
OLD LOANS BEING
CLEANED UP UNDER
THE NEW SYSTEM
Director of Investments Takes
the Initiative and Net Result
Is Enrichment of Golfers of
State.

Apparently the day of old moth
past. c. A. Elmer, commissioner of
investments, is rapidly checking up
these Anticipated transactions and by
securing settlements is enriching the
Golfers of the state. Where insolven
cy exists receivers are appointed and
In this way steps are taken to protect
the state.
Prior to the time the administration
went into effect, the handling of these
loans rested in the hands of the regis
ter of the land board, but the state
board of land commissioners had final
say and, therefore, the initiative with
regard to them was in the hands of
five state officials. The result was
often almost endless delay in a good
many instances.
GET QUICK ACTION.
Under the administrati ton law the
initiative is transferred to the COM
missioner of Investments, who is
charged with the responsibility of
loaning the trust funds. He receives
the applications for the loans and
passes upon them, checks the papers
and sees that the deal is closed Hav-
ing this responsibility there is dis
patch in the handling of the applica-
tons. This is illustrated by one in
stance. A loan of $4,000 was made
within three days after the applica-
ton was received at cost to the bor
rover of less than $50.
There are a number of loans that
were made by the state nine and 10
years ago on which the borrower has
never paid the state a cent of inter-
est. The commissioner of investments
has made the ruling giving a 60-day
notice for the payment of interest in
the future. IL it is not paid within
the time limit, foreclosure proceedings
will be promptly instituted. In cases
of doubt, the commissioner passes
loans up to the land commissioners,
which thereupon acts in the capacity
of board of appeals.
The commissioner has just closed
the George B. Rogers loan which was
sold for $19,4SS.S6 to Robert van Elise
BY this transaction the state receives
the original amount of the loan, six
per cent interest for a period of nine
years while it was pending. Since
the time it was made interest was
never paid on this loan nor were the
water charges.
RECEIVER NAMED.
To clean up two other longtime
loans, Commissioner Elmer had named
w. l.. Lyon, state farm market direc-
tor, as receiver for the state. The
first of these is known as the w. A.
Rankin loan. 1t was made number
of years ago, the original amount of
the principal being $4,000. Today the
accumulated interest, taxes, water
charges, etc, together with the prin-
cipal represents $4,000 The loan was
made on $50 acres of highly improved
land located on the bench near Boise.
Insolvency is now involved, hence the
appointement of the receiver.
The second loan in connection with
which Director Lyon will act is the
so-called Esther J. Hale loan made
eight years ago on land in the Boise
valley. The original amount of the
loan was $4,000 The interest pay
ments and other accumulated charges
have, UP to the present time, raised
the total of $4,000. 1t was made on
100 acres of land located near U.s.
tick. The state expects to recover the
amount due it through sale Of the exc