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ECU windfall – Savvy investors

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GREENVILLE, N.C. — East Carolina University in Greenville is getting $8 million from the estate of a retired high school home economics teacher who, with her husband, carefully invested their money, The News & Observer in Raleigh reported July 26.

Every month, Fred and Verona Joyner Langford spend $100 on shares in Carolina Telephone Co., which later was bought by Sprint.

When Fred Langford, a retired high school agriculture teachers, died in 1975, the couple was worth about $300,000, the newspaper said.

When Verona Joyner Langford died last year at the age of 85, the stock alone was worth $3 million.

“She was just a patient, long-term investor,” Edward T. Smith of Rocky Mount, investments vice president for Davenport & Co., told the newspaper.

She left most of her estate to ECU’s library for an endowment to buy books, journals and other materials. It is the biggest gift ever to ECU outside its medical school.

For full story, go to The News & Observer.

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