Repository: UIHistories Project: Board of Trustees Minutes - 1884 [PAGE 206]

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land for themselves, at prices which the^ deemed reasonable, and equal to what they would have to pay to private speculators. If the lands should not be sold they could be leased with little difficulty for tillage, pasturage, or for the hay. Careful inquiries were made as to the values of the lands, as indicated by sales actually made and recorded within the past season. Guided by this evidence, your committee believes that some of the lands will bring as much as fifteen dollars per acre, and that all would find buyers within a short time at prices which would average not less than twelve and a half dollars per acre on the whole estate. Your committee believes that prices of lands in Gage county are now relatively high, and that the rates are liable to be lower in the near future: while there can be no doubt that at a time not far distant there will be little' difference in the prices of these lands and those in the older States in the Mississippi Valley. Every advance in the price of these lands which can be secured to the University assures to it a larger endowment capital, and therefore a larger annual income for the institution for a long period of years. The policy to be adopted should be such as will increase the permanent endowment by the largest possible amount. If the Trustees decide to keep the lands, a system of leasing should be devised, by which all expenses may be paid, and a moderate income secured, while the title to the lands, and to the increase of values which will surely come, remains in the University. If the Trustees decide to sell the lands soon, there should be no time lost in offering them for sale. Your committee believes that the largest returns may be secured to the University by methods of sale which shall deal directly with actual settlers, requiring cash payments enough to secure the sale, and giving long time for deferred payments at reasonable ratesof interest. It deprecates any policy of selling in bulk unless at prices very similar tothose which can be secured for small lots. The buyer in bulk expects to sell again, and ta secure a profitable margin for himself. This is not unreasonable, but your committee believes that this profit may in the main be secured directly to the University itself, and if so, that it ought to be so secured. Respectfully submitted, CHAS. BENNETT, S. H. PEABODY, Committee.

The report was received, and, after considerable discussion, further action was deferred until to-morrow morning. On motion, the Board adjourned until to-morrow morning at 8 o'clock.

SECOND DAY'S SESSION. The Board met, pursuant to adjournment. (Same number present as yesterday.) The report of Prof. Morrow, from Department of Agriculture, was received and referred to Farm Committee.

Dr. S. H. Pedbody, Regent: SIR—I have the honor to submit the following report: The balance to the credit of the farms, Dee. 1,1883, was $2,359.64. On Sept. 1, last, $2,089.07 was transferred from the farm credit to the general fund, reducing the balance, at that date, to $500. The total receipts for the year ending Dec. 1 were The total expenditures for the year were Leaving a balance of $7,502 556,592 10 $910 45COLLEGE OF AGRICULTURE, Dec. 10,1883.

The salable property of the farms is valued at $12,366 00 Compared with one year since, this is a decrease of 53 00 The farm teams (nine horses) are valued at 1,275 00 Showing a decrease of 125 00 The implements and machinery are valued at 1,900 00 Showing an increase of 58 75This shows a decrease of $124.25 in all farm property. Deducting this from balance from year's operations, gives $786.20 as the net gain of the work of the year. Among the farm expenditures were a little over $500 for tile drainage, and somewhat over $625 for special repairs and improvements on the barns, erection of windmills, etc., which are outside of ordinary repairs. Including these amounts, and we have a total of, in round numbers, $1,920 to the credit of the work of the year.