Wednesday, March 26, 2008

no funded debt

Monticello viewshed (Jefferson's house on the ridgeline)

As early as the fall of 1893, the board of directors were looking for profitable investments in which to use the rapidly accumulating surplus. By the end of the year, $30,000 had gone into municipal and state bonds. This type of investment increased during the following years, and in addition money was lent to several individuals. An investment committee was created in 1894 which began the gradual purchase of mortgage bonds and preferred stock. Both of these had been a constant source of worry for the board. Therefore, at various tines, preferred stock and mortgage bonds were cancelled and destroyed after purchase. By 1904 the company could boast that it had no funded debt.--Harry Poindexter

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