The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-10-07

ernor Aycock affected a lease Of the
road to the Rowland Improvement
Company for a term Of ninety-one
years at a rental of three per cent for
the first twenty years and three and
One-half per cent. for the third ten
years, FOUR per cent. for the fourth
ten years. FOUR and one-half per cent.
for the fifth ten years, five per cent.
for the sixth ten years and for the
balance of the term six per cent. on
the principal Of capital stock out
standing. And in addition to the rent
specified the Lessee obligated to pay
the interest on the bonded debt of
the company, which was specified in
an amount Of 1925, 600, also as much
as $1,000 per annum to pay the cost
of inspection n keeping up the or
ganiZatiOn of the A. and N. G. Rail-
road Company.
The capital stock of the company
is in round figures-s1,SO0 900 and OF
this amount the State owns 81, 200, 600,
Craven county 1929, 800, and Pamlico
county something like $50, 900. Lee
noir and Carteret counties having
parted with their interest in the road
the remainder Of the stock now be-
longs to private individuals or cor
pOratiOns.
For the first twenty years the State
and other owners of the stock will
receive as rent for the road $53,916
per num-. or about 3 per cent,
which is equal to four per cent. of
SIS. But its average rental from now
on its over 4 "a per cent. on the hun
dred dollars which is equal to s 1-3
per cent. On SIS.
For the next succeeding ten years
$50, 9O2 or about 3 IL per cent; the
-Iaverage rental will be over 5 per cent,
which is equal to 6 1-2 per cent on
SIS.
For the next succeeding ten years
$71, 88S or bou 4 per cent; the aver
age rental will be over 5 Is per cent,
which is equal to 6 SIS per cent on
$75.
/, For the next succeeding ten years
! SSO,874 or about 4 1-2 per cent; the
I average rental will be over 5 IA per
| cent, which is equal to seven per cent
: on SIS.
For the next succeeding ten years
$S9,86O or about 5 per cent: the aver
} age rental will be 5 30-1O0 per cen
which is equal to more than seven
o per cent on SIS.
g For the remaining thirty-one years
r $107,S32 or about six per cent on the
par value Of the stock, which is equa
to eight per cent on SIS.
: For the fiscal year ending June 80
y 1904, the record shows that unde
: State management the net earning.
: Of the company was $78,82S.61. Ac
cording to the terms OF the lease i
y will be forty ears from the date o
!. the lease before the Lessee will be re
l. quired to pay as much as the propert.
!. earned at the time it was leased.
The Present Proposition.
= A proposition has been made am
a is now under consideration to pur
u chase the States stock for the sun
# of SIS per share. And argument
have been and are now being made b
skilled lawyers and lobbyists to per
suade the representatives Of the Stat
ad that this property should be sold q
I'd that. price. They offer now less thar
IS the property is actually earning.
OF the estimate is made on the averag
I rental for the term of the lease. What
m ever inducement may be held out t
&c an individual to sell his took an
% enjoy the principal while he is Twin
ny should have no weight in determin
ne ing the representatives OF the Stat
'St to sell this property. An individual
ne life is fleeing and tranSitory an
ninety-One years is a life time an
more for a man.: but in the life IT
nd State n~inety-one years or two huI
n dred ears is nothing more than
Sc period. h Government goes on fcl
ed ever and the men OF this day al
st nothing more nor less than trustee
n charged with the trust of keepir
W and preserving the Government ar
the rights and property of the Peep
Tin intact while they have it In hand al
pass 1t along undiminished to the
successors. who Will III turn pass
by to theirs.
ne A bond for SIS today is worth 81
-as A hun led years from now it will
Ak worth SIS and the interest il h
earned in the meanwhile. A share
stock in a solvent corporation may
ID worth SIS or 500 today and ff
or one hundred years from now m:
and will probably be worth one tho
lus sand dollars and the dividends it h
~ learned in the meanwhile. Some yea
c., ago the state soio IL STOCK IA I
Company for $27 per share. Skill
:, lawyers and lobbyists advised the sa
1t is aut~horitatively stated that tod
that stock which sold since the W
for $27 is represented by issues
l=4aal. H. NO OF hauSoS and Aixia>-