McCoy Moretz Buys F.G. Johnston Acres for $85,000, Oct. 9, 1921

Johnston Land Sold for $85,000. . . McCoy Moretz Buys Tract Near City to be Divided into Homesteads

McCoy Moretz, president and general manager of the Graham Heights Land Company, has purchased for his firm the former F.G. Johnston property, lying partly inside the northern part of the city and partly outside of the city limits, for about $85,000. The property consists of 300 acres of land that lies on each side of the Derita road and faces for nearly a mile on each side of the road.

The proposal of the purchasers is to cut the property up into small farms and homesteads as an attraction for people living in the city who may wish to live outside the city limits and still reside in the country.

Mr. Moretz was formerly sales manager of the E.C. Griffith Company, real estate dealers, and has organized the new Graham Heights Land Company, which has an authorized capital stock of $135,000 and has recently been incorporated. The incorporators are Mr. Moretz, E.C. Griffith, H.L. Taylor and H.F. Shoaf. Mr. Shoaf is the secretary of the company.

From The Charlotte News, Sunday, Oct. 9, 1921. According to www.in2013dollars.com/us/inflation/1921?amount=85000, $85,000 in 1921 today is worth $1,299,061.17.