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1874-'75.] Document Ko. 1. T
the stock'held by the State in said Eailroad Company, and any
dividends of profit -which may, from time to time, be declared
onjthe stock held as aforesaid, shall be applied to the payment
of the interest accruing on said bonds.
In December, 1866, the Legislature passed an act giving a
statutory lien on ten shares of State stock in the North Carolina
Eailroad Company, for each bond of $1,000 which was au-thorized
by said act to be issued for the completion of the
"Western North Carolina Railroad, which lien or mortgage is
printed on the back of each bond so issued, and is signed by
the Public Treasurer and the Comptroller. The mortgao-e is
in the following words :
'• Under the provisions of an act of the General Assembly of
ISTorth Carolina, entitled ' An act to enhance the value of the
bonds to be issued for the completion of the Western North
Carolina Eailroad, and for other purposes,' ratified 19th Decem-ber,
1866, ten shares of tlie stock in the North Carolina Eail-road
Company, belonging to the State, are hereby mortgaged
as collateral security for the payment of this bond."
There is now outstanding over $1,800,000 of this class of
bonds.
On the first day of November, 1867, the North Carolina
Eailroad Company executed a mortgage on the Eoad and all
the property, franchises, rights and things of whatsoever name
or nature, to William A. Graham, Trustee, and authorizing the
Company to issue and negotiate a series of bonds to amount in
all to the sum of $1,500,000. Of this amount the Company at
their annual meeting in 1867, ordered $800,000 bonds to be
issued, and $790,000 were issued under the mortgage. The
interest on those bonds has been promptly paid, and a large
part of the principal as it became due, so that the present
bonded debt of the Company under mortgage is $380,000, of
which amount $170,000 is in ten year bonds, and $210,000 in
twenty year bonds. Thus it will be seen that the bonded debt
has been reduced to a comparatively small amount.
For several years the dividends arising from the State stock
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| Title | Page 19 |
| Full Text | 1874-'75.] Document Ko. 1. T the stock'held by the State in said Eailroad Company, and any dividends of profit -which may, from time to time, be declared onjthe stock held as aforesaid, shall be applied to the payment of the interest accruing on said bonds. In December, 1866, the Legislature passed an act giving a statutory lien on ten shares of State stock in the North Carolina Eailroad Company, for each bond of $1,000 which was au-thorized by said act to be issued for the completion of the "Western North Carolina Railroad, which lien or mortgage is printed on the back of each bond so issued, and is signed by the Public Treasurer and the Comptroller. The mortgao-e is in the following words : '• Under the provisions of an act of the General Assembly of ISTorth Carolina, entitled ' An act to enhance the value of the bonds to be issued for the completion of the Western North Carolina Eailroad, and for other purposes,' ratified 19th Decem-ber, 1866, ten shares of tlie stock in the North Carolina Eail-road Company, belonging to the State, are hereby mortgaged as collateral security for the payment of this bond." There is now outstanding over $1,800,000 of this class of bonds. On the first day of November, 1867, the North Carolina Eailroad Company executed a mortgage on the Eoad and all the property, franchises, rights and things of whatsoever name or nature, to William A. Graham, Trustee, and authorizing the Company to issue and negotiate a series of bonds to amount in all to the sum of $1,500,000. Of this amount the Company at their annual meeting in 1867, ordered $800,000 bonds to be issued, and $790,000 were issued under the mortgage. The interest on those bonds has been promptly paid, and a large part of the principal as it became due, so that the present bonded debt of the Company under mortgage is $380,000, of which amount $170,000 is in ten year bonds, and $210,000 in twenty year bonds. Thus it will be seen that the bonded debt has been reduced to a comparatively small amount. For several years the dividends arising from the State stock |
