rentals and interest has been paid over to the College Treasurer. Duplicate receipts covering in the aggregate both of these amounts are on file in my office. The following loans of accumulated interest have been made by the Lease No. 1688, has been forfeited, and is reported to the Board for reappraisement. Agent Knapp has satisfactorily accounted for all the land charged against him and for all funds collected either as principal or interest. A careful examination of his books and a comparison of the same with the duplicate set kept in my office show his accounts to be correct, and the department to be in every way in excellent condition. The following is a summary of the financial transactions of the land department during the biennial period as shown by the settlements made with the different officers in charge. At the beginning of the period the land charged to the department was as follows: 113,060.14 11,173.17 124,233.31 15,171.40 96,979 07 320.00 360.00 149 67 80.00 113,060.14 1,040.00 160.00 320 00 9,653.17 11,173.17 124,233.81 The following is the land now owned by the College : The following are the total receipts from the sale of land to No At the beginning of the biennial period the loans of accumulated interest amounted to The investments during the biennial period amounted to.... Loans paid amounted to... $223,067.70 45,962 55 $269,030.25 8,600.00 3,640.00 $ 12,240.00 .....$ 20,400.00 10,515.00 $ 30,915.00 5,400.00 Leaving the amount now invested in farm mortgages......$ 25,515.00 The sum of $5,325, belonging to this fund is now awaiting invest ment. The income from the agency during the two years is as follows: During the two years leases covering 11,402.54 acres, amounting to $29,010.99 have been renewed for terms of five or ten years. Comparing this amount with the sales, during the same period it will be noticed that the renewals equal about two-fifths of the leases falling due. During the next three years principal upon leases will fall due as follows: In the fiscal year 1888. In the fiscal year 1889. In the fiscal year 1890. .... ..... • .$ 25,000.00 37,000.00 122,000.00 I estimate that the payment of principal of leases will amount during the next fiscal year to $20,000. Your attention is called to the land withdrawn from market. If legislative action is desired concerning it arrangements should be made for presenting the matter to the next General Assembly. Respectfully submitted, E. W. STANTON, Secretary. REPORT OF LAND AGENT. To the Board of Trustees of the Iowa State Agricultural College and Farm: The following report of the transactions of the land department of the Iowa State Agricultural College, from November 1, 1885, to October 31, 1887, inclusive, is hereby submitted for your consideration. Interest or rent upon leases belonging to the congressional grant To amount collected month of November..........$ 2,328.88 To amount collected month of December 1887. ....... To amount collected month of January..... Total amount collected by Agent Geddes ... 2,945.47 .......... Total amount collected by Agent Knapp...... Total amount collected during the fiscal year ! By amount remitted November 30, voucher No. 188.$ 2,819.47 By amount remitted December 31, voucher No. 189. 1886. 2,580.42 By amount remitted January 30, voucher No. 190... 1,244.34 1,849.20 1,080.18 1,750.41 2,057 97 Total amount remitted by Agent Bassett ..... $ 13,411.99 By amount remitted June 30, voucher No. 1 3,336.51 By amount remitted July 31, voucher No. 2......... 3,216.53 By amount remitted August 31, voucher No. 3...... 2,585.74 By amount remitted September 30, voucher No. 4... 1,891 40 2,271.87 Total amount remitted by Agent Geddes ..... 13,302.03 Total amount paid to College Treasurer during the fiscal year ending October 31, 1886.......$ 26,714.02 $ 26,714.02 |