Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-03-03
STOCKS.

III IN
-- STOCKS.
+ a; c. Canal Go. ;.,;.1;...s 5000
Eastern D " CHRCo.. $500
" Il CO.. 1000 900
W r Co. ...:.............. 2 420 600
K 4 "a o e g. CO. o2 20T w
s B Co............ 266, SEQ
Total Stocks. s21, 707 SOC
In the opinion of the committee the
bonds, as enumerated, are not available
for any present purpose; though. if re-
tanned by the State. it is confidently be-
lieved that considerable portion of them
will eventually be valuable. The bonds of
the City of Raleigh, and the II. & G. r.
r. Co., amounting to $34 600. though
bearing date Jan. /, 1868, were not issued
for war purposes, and are therefore as ob
ilgat0ry as the other bonds of these cor
poTatiOns; they are further secured by a
second mortgage Of the Chatham e. II.
Co. they were received by the Treasurer
in exchange for State bonds, delivered to
eaid companies respectively, and to be
used in payment of their several subscrip-
tons to the capital stock of the Chatham
r 4 Go. These bonds can be redeemed
at any time before maturity in the cur
rency Of the State, under sec. 6 OF the
ordinance authorizing this transfer of
bonds, ratified Both January, 1862; and it
is claimed that State bonds exchanged in
the transaction should now be r. ceived
by the Treasurer i'll redemption of these
deposited bonds
The bonds of W., c.. & r. r. r. Co.,
amounting to 81, 500, 900, with 1902 100
interest due thereon, were received under
authority Of acts Of 1858, chap. 168, and
acts Of 1860. chap. 142, in exchange for
State bonds issued to said company in
aid Of its road; they were originally secur-
ed by first mortgage, afterwards made
a second mortgage by an ordinance of the
Constitutional Convention, and subse-
quentIy by act Of March II, 1870, made q
tnird mortgage. $500, 600 Of these bonds
are now in the hands of the President of
the W. r. r. Co., under an ordinance of
the Convention, ratified 18th March, 1868
These bonds can now have no market
value; but it is hoped that soon after the
completion of the road to Charlotte they
will become source of revenue 10 the
State, and will, at maturity, be- paid ia
full
The bonds Of the Chatham r.. r. Co.
were received under an ordinance of the
Correction Of 1863, chap. 10. They are
not valuable, Or available as assets
The bonds of the W. & Tarbofo' r. r.
Co. were received under act of Assembly,
a first mortgage; but are Of %" voIne in the
markrr the same remark applies to the
bonds uf the A, |. d; o. Il 4. Co., re-
ceived a., d acts OF l86S-'60, chap. 81.
STOCKS.
The State's stock in tao ". D. Of the
W. n. g. +. Il. Co., III the W., &. & r.
r. r. o., and part of it in the e. D. w.
n. &. X. 4. o., arise from cOntracts with
those campanieS, based on tcial tax
bonds and a. these bonds were 10y act
OF February 5, 1870, and March s, 1870. in
a measure repudIated, the States Interest
is an uncertain one, and should, perhaps,
be the subject of future consideration.
But neither this interest, even if it were
ascertained, nor the stock in the Eastern
d. of the W. N. G. Il. r. Co., in the
Western r. r. Co., in the Chatham II. Il.
Co., or in the Albemarle and Chesapeake
Canal Co., is worth any thing in the
market.
While the stock in the Roanoke Navi-
cation Company pays small dividend &C
casionally. yet it's market value is said to
be low, and the Committee has been unable
to ascertain what this interest is worth as
available assets.
It is understood, however, that the COM
pany is the proprietor OF the greater part
of the splendid water power Il, ar Weldon;
and If this be correct, the company's
stock must eventually prove to be valuable
Investment
NORTH CAROLINA RAILROAD.
The State owns 81, OOO, 900 in preferred
stock of the n. @. r. Il. Co., which, SO
long as the Sta retains it, is to yield 6
per cent. dividend out of the net profits of
the road before any dividend can be de-
nj LII Il,
incident renders this preferred stock more
than ordinary stock only so long
as it remains the property OF the State. |
Its market value would therefore be the
same as that of the remainder of the |
States stock, so 00O,O00) The stock of
this company IS quoted at 80 cents, but |
the States stock is probably not merchant
able, being subject to lien for the pay
ment of the interest and principal of the |
States bonds issued for its purchase. |
This lien arises by virtue of sec. IL of the
act of 1848-'49, ratified 9th January, |
l849, which is as follows
TO BONDS TO BE SOLD TO PAY FOR |
THIS STOCK.
Sec. 4, Be ii further enacted, That as
security for the redemption of said GER
.ifcates of debt, the public faith of the
% the holders thereof, and in ad7ifoa
hereto all the stock held by the State in
'the North Carolina Railroad Company"
1ereby created, shall be, and the same is
le'eby pledged for tia, purpose and ang
ti0idends 0fpr0M which may from time to
ime be declared on the stock held by the
State as aforesaid, shall be applied 10 tie
payment Of tie interest accruimg on said cer-
l1fcateS 4; but until such dividends of profit
nay be declared, it shall be the duty of
he Treasurer, and ne is hereby authorized
nd directed to pay all such interest as the
anne may accrue out of any moneys in
he treasury not otherwise appropriated.
In addition to this first pledge of this
took, under the acts of 186G-'67, a duly
xecuted and registered mortgage has been
lade of this stock to secure the payment
bonds issued to aid the Western N. G.
!. r. Co.
This mortgage and lien reduces the noar-
ct value of this stock, in the opinion of ,
to nothing.
ATLANTIC n. c. r. r. co.
The same remarks apply to the States