Museum: College 1882 Sale and 1884 Repurchase


Selected material relating to the sale (1882) and repurchase (1884) of the College


Summary: See above

Interpretive:
By the early 1880s, the College was in serious financial difficulty, and the Trustees ordered the sale of the College in 1882. A group of prominent Methodist laymen, of whom one was J.M. Odell and of whom several were involved with the North Carolina Railroad Company, purchased the College on June 5, 1882. Through their support and management, the school was able to continue operating.

Two years later, the North Carolina Railroad Company resold the College to the Greensboro Female College Association (Alumni) which was established in 1884. Through “An Act For The Promotion of Female Education,” the College was able to secure the right to sells bonds, a financial move that helped in the short term.

Status: Non-Circulating

Notes:
Access to materials relating to the sale (1882) and repurchase (1884) of the College is available through the Museum. For information regarding reproductions and/or use, please see Terms of Use .

Technical Notes:
Most of the items listed below are in the form of PDF files. However, they are not keyword searchable. In order to view those documents, you must have Adobe Acrobat Reader installed on your PC. If you do not have Acrobat Reader, click here to download it from Adobe.

$500 bond
$500 bond issued by the Greensboro
Female College Association in 1884

Depending on individual monitor sizes and resolutions, it may be necessary to use the “zoom” tool in Adobe Acrobat Reader to achieve the cleanest text and easiest to read text.

One of the items listed below is in the form of a JPEG image, and the text on that image is not keyword searchable.

Technical Specs:
Master images saved as uncompressed TIFF files in true color (due to the amount of sepia toning) at either 600 or 300 dpi. – unaltered image size. Access images (PDF Files) created using Adobe Capture 3.0: image – exact, true color or grayscale at 300 dpi, JPEG compression – medium quality. Access JPEG image saved in true color at 100 dpi – image size altered.

Select An Item:

Item
PDF File Size
Special Notes
Transcription
Announcement for the sale of Greensboro Female College – June 5, 1882 (Greensboro Newspaper)
N/A
JPEG Image
Not keyword searchable N/A
An Act For The Promotion of Female Education -1883
5.35 BM
Not keyword searchable Yes
Keyword searchable
$100 Bond – 1884
5.24 MB
Not keyword searchable No
$500 Bond – 1884
5.13MB
Not keyword searchable No
Land Deed – March 3, 1884
1.36 MB
Not keyword searchable Yes
Keyword searchable

June 5, 1882 (Greensboro Newspaper)
Announcement – Sale of Greensboro Female College

1882 Sale Announcement


Transcription – An Act For The Promotion Of Female Education, 1883
Handwriting in blue.

An Act for the Promotion
of
Female Education

Whereas, the Greensboro Female College Association, a Corporation organized under the general Corporation Act of this State, has assumed and become liable for the debts, and obligations of “The Greensboro Female College,” in order to relieve it from its pressing burdens, and to prevent its being sold under mortgage, and probably diverted from the purposes of education, and in order to promote education, and the growth of learning;
And Whereas, it is the policy of the State to foster and encourage by all lawful means such institutions of learning:

The General Assembly of North Carolina do enact:

Section l. That the Greensboro Female College Association, by its proper officers, shall have the power to issue bonds or other evidences of indebtedness; and, in order to secure the same, may make and execute a mortgage or mortgages upon all its state, property and effects, both real and personal: Provided such bonds shall not in the aggregate amount to more than the sum of Forty Thousand Dollars.

Section 2. That said bonds shall be of such denomination, as the stock-holders, or a majority of them, shall prefer, and shall not run for a longer period than thirty years from the date of their issue, and shall not bear a greater rate of interest than six percent per annum.

Section 3. That to such bonds shall be attached coupons for the interest upon said bonds, said coupons to become due annually, and each coupon shall be for a sum equal to the interest upon the bond to which it is attached for one year.

Section 4. That the coupons upon said bonds shall be receivable in payment of all dues to the Association.

Section 5. That all bonds so issued shall be signed by the President of the Association, and countersigned by the Secretary thereof, and shall be exempt from all state, county, and municipal taxation in the hands of the holders.

Section 6. That the exemption from taxation shall cease whenever the property of said Corporation shall cease to be used for educational purposes.

Section 7. That this act shall be in force from and after its ratification. In the General Assembly read three times, and ratified this the 27th day of February, A. D. 1883.


STATE OF NORTH CAROLINA
Office of Secretary of State
Raleigh,
27th February 1883

I, William L. Saunders, Secretary of State of the State of North Carolina, do hereby certify the foregoing (three sheets) to be a true copy from the records of this office.

W. L. Saunders [signature]
Secretary of State