Friday, November 04, 2011
Raleigh, Feb 9, 1944--(AP)--A $4,000,000 investment which survived and lent money heavily to the Confederate States in the Civil War, has returned the State of North Carolina and hundreds of individual stockholders a profit of more than $14,000,000 in 94 years. The investment is the North Carolina railroad, now owned by the North Carolina railroad company -- or the State and its hundreds of co-partners. Chartered in 1849, it now is under lease to the Southern Railway company for 99 years at a net annual rent of 7.15 percent of the owners net capital stock -- or $214,007 a year. Add to that the revenues derived from special dividends from the sale of special rights and property along the line itself. Taken over a period of 47 years since the lease was signed, the operating company now has paid to the owners something like $10,058,294 in rental percentage payments alone. At the end of the 99 years a new lease must be signed or the property goes back to the owners.
Thursday, November 03, 2011
"Wynne's Falls Provided Site For City To Grow" by John H. Brubaker III