Newspapers / The Chowan Herald (Edenton, … / Jan. 27, 1983, edition 1 / Page 15
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Thursday, January 30,1963 Tax Assistance Offered GREENSBORO - The In- < ternal Revenue Service is of- ' sering assistance to North Carolina taxpayers in various | ways this year, including t some new alternatives and a < new toll-free. telephone i number, I The new number should be i easier to remember, the IRS : said. Anyone needing i assistance by phone should I call 1-800-424-1040. Heavy use of the toll-free number is ex- 1 pected, so taxpayers are ask ed to be patient if get a : busy signal at first. Hie lines will be open every weekday from 8:00 A.M. to 4:45 P.M. Walk-in assistance is available every weekday from 10:00 A.M. to 3:45 P.M. in Asheville, Charlotte, Durham, Fayetteville, Greensboro, Greenville/ Raleigh, Hickory, Wilmington and Winston-Salem. Group assistance will be provided to help taxpayers prepare their own returns, the IRS said. The IRS also offers the Volunteer Income Tax Assistance (VITA) and Tax Counceling for the Elderly (TCE) Programs in many counties. These groups of trained volunteers actually prepare tax returns for low in come, elderly and handicap ped taxpayers. Further infor mation on locations and hours Board To Conduct Hearing The Governor’s Waste Management Board will spon sor six public meetings across the state in February, Board Chairman Claud “Buck” O’Shields announced. Secretary of Natural Resources and Community Development Joseph W. Grimsley, a member of the Waste Management Board, will chair the meetings; various local groups will co sponsor them. “The purpose of these meetings is to inform the public about North Carolina’s hazardous waste manage ment activiißsortuewaste Management r,'- I Bpard,” JJ O’Shields we will seek comments on the future needs and directions of North Carolina’s hazardous waste management program, par ticularly in the areas of legislation, regulation, and enforcement.” The meetings, to be held from 7 P.M. to 9 P.M., are scheduled as follows: On Feb. 15, in Raleigh at the McKimmon Center. On Feb. 16, in Greenville at Willis STATEMENT OF CONDITION Edenton Savings and Loan Association OF i Edenton N.C., ASOF PfCWSSS 31iT. 1»—21 icojw o> •mom •™™2!!ZJ2JS-S!!Z22!£2Llt2s&!S4Z£ZL=*=*=!=====z=== ASSETS Mortgage Loans & Contracts $15,663,912.85 Nonoortgage Loans 228,984.41 Real Estate Owned 24 » 130 - 50 Stock in Federal Hoots Loan Bank - ' ' ' 140,600.00 Cash and -Investments 3,432,638.67 Investaerit In Service Corp. /Subsidiary HQ"* Fixed Assets (net) 135,012.60 Other Assets 24,724.63 TOTAL ASSETS $19.650,053.66 LIABILITIES AND NET WORTH . / Vi v ' 1 - . . Savings Deposits $17.644,491.52 Federal How Loan Bank Advances None >4 Other Borrowd Honey Non * Loans in Frooess 71,742.41 Specific Reserves Other Liabilities . i0i.43i.2i Capital Stock Wo "?. L Additional Paid-in Capital , „ , Wc ?* ...... . Peraanent Capital Rssarvs . W ° r * , Unappropriated Retained Earnings . 978.602.34 , TOTAL LIABILmES AND NIT WDNTH $19,650.053.66 §tatb of Month Cwomw j a COMHTT OF , gyy**?. .i - ~r« V "i y. J j—c. pan ■J.'Ca.fcnaew ot operations of these sites wiH be issued to late January. Two new assistance pro grams, called “Outreach” and “Tele-Tax” are also available this year, the IRS said. “Outreach” will offer group self-help aid to targeted areas where VITA, TCE and IRS walk-in assistance are not available- These sites will be located in schools, libraries, some industries and businesses. The v“Teie-Tax” is a 24-hour, 7-day-a-week pro gram which offers tax infor mation by taped messages. Taxpayers with push-button telephones can access the Tele-Tax numbers, they are: Charlotte 704-371-8352, Greensboro 919-378-5172, Raleigh 919-755-1496, and Winston-Salem 919-761-8136. Depending on where the tax payer lives, calling the Tele- Tax information number may be a long distance call, the IRS cautions. The titles and code numbers of the 140 topics are contained in Publication 910, “Taxpayer’s Guide to IRS In formation k Assistance”. Taxpayers who need only forms or publications may call Toll-Free 1-800-241-3860 any weekday or use the han dy coupon on the tax forms package. Building, ECU Regional Development Institute. In Wilmington, Feb. 17, at the Blockade Runner Hotel (1:30 P.M. - Governor’s Waste Management Board meeting). On Feb. 22, in Winston-Salem at Parkland High School. On Feb. 23, in Charlotte at the Sheraton Con vention Center. In Asheville, on Feb. 24, at Buncombe County Courthouse. “We urge citizens to attend these meetings on such a vita] issue,” O’Shields said. Clean Out Your Medicine Cabinet you when s> you ‘last deahid > <njtfyeur medicine cabinet. It’s a more important task than you might think. Medicine cabinets often act as household catch-alls for assorted bottles containing a variety of pills and ointments. The Norte Carolina Medical Society advices that a poorly kept medicine cabinet can prove dangerous, especially if ■ there are small children or older adults with poor vision at home. Vepco Releases Its Production Figures Virginia Electric and Power Company’s 12 coal units generated almost 16 billion kilowatt-hours of elec trical energy last year • the most coal-fired generation by Vepco-owned units since 1969. The company’s coal units generated about 37 per cent of the electricity customers us ed to 1962, an increase of 22 per cent over 1961. In addition to the nearly 16 billion kilowatt-hours generated by Vepco units, purchases of economical coal fired generation from neighboring utilities ac counted for another 6.3 billion kilowatt-hours. This raised the total energy supplied by coal in 1962 to more than 22 billion kilowatt-hours, more than any other yea r in the company’s 73-yea- history. The supply of energy from coal units owned by Vepco and other utilities accounted for 52 per cent of Vepco’s total energy supply last year. Vepco’s four nuclear units supplied about 41 per cent of the electricity used by customers in 1962, falling just short of the record 17.8 billion kilowatt-hours generated by the units in 1961 when nuclear power accounted for 41.5 per cent of Vepco’s energy supp ly. Vepco ranked second in The Technical Committee will hold a meeting on February 1,1983, at 1:30 P.M. in Room 420 of the Albemarle Building, 325 N. Salisbury Street, Raleigh, N.C. The Governor’s Waste Management Board will hold a meeting February 17, 1983, at 1:30 P.M. in the Lee Room of the Blockade Runner Hotel in Wrightsville Beach, N.C. Following the Board meeting, the Public Meeting will be held at 7:00 P.M. at the same location. 1 yfcir ffedicine by flushing it ■ dMwniaetolietandbe sure the 1 medicines you keep are in 1 their original containers and properly labeled. Check to see that you have 1 essential first aid items in ■ your medicine cabinet, such | as: sterile cotton balls, petroleum jelly, rubbing j alcohol, thermometer, • calamine lotion, and antisep -1 tic to clean cuts, and bandages. THE CHOWAN HERALD 1962 among investor-owned utilities in generation of elec trical energy by nuclear power. The performance of Vep co’s coal and nuclear units, coupled with timely pur chases of coal-fired genera tion, drove down Vepco’s ex pensive oil-fired generation in 1962 to 4 per cent -a 50 per cent reduction over 1961. Vepco projects that over the next 10 years about 90 per cent of the energy it supplies to its customers will come from coal and nuclear generation. The company is now projec ting that its nucler generation will dip slightly this year, to about 40 per cent, as the result of 10-yer inspections at Surry Units 1 and 2. These inspec tions are required by the U.S. Nuclear Regulatory Commis sion and will result in each unit being out of service for about 10 to 12 weeks. Pubic Appeal To Reagan Thomas I. Storrs, chairman and chief executive officer of NCNB Corp., is among a group of prominent business and government leaders sup praling a public appeal to President Reagan and the Congress to come to grips with the problem-of the Federal budget deficit. The Bi-Partisan Appeal on the Budget Crisis, which Storrs is supporting, is spon soring a full-page ad in Thurs day’s (Jan. 20) edition of The Washington Post, outlining the problem of Federal budget deficits and recom mending action to correct it. “Despite the budget actions of 1981 and 1982, the deficit just topped 100 billion dollars for the first time in history and will rise beyond 200 billion dollars - 5 to 6 percent or more of GNP -by the mid-1980s. says. „ 4»| ' Starrs salfd he is cofiterned that if action is not taken to bring Federal budget deficits under control, the American economy will continue to stagnate, meaning more unemployment and less real income fra- Americans with jobs. “Our concern is that these projected deficits will absorb the investment capital America needs for productive jobs and real income for tomorrow,” Storrs said. Joining this group in en couraging the President and Congress to take action on the budget deficit, are leaders from the fields of law, business and education, as well as former government officials. A list of sponsors is included with the ad. I CLOSEOUT SALE GATLING WOOD HEATERS DOME HEATER HEATS 1500 SQ. FT. NOW s3s9°° REG. $495.95 (ONE LEFT) SUPER DOME - HEATS 2,000 SQ. FT. NOW s3Bs°° REG. $549.95 (TWO LEFT) ALSO CHECK OUT OUR PRICES ON ALADDIN KEROSENE HEATERS TEMP 7 WAS $172.95 NOW $ 149* TEMP 9 WAS $212.50 NOW $179.95 THRU FEBRUARY 15TH LOW DOWNPAYMENT AND ON THE SPOT FINANCING M.E. PARKER W.B. EVANS IParker-Evans Hardware 303 S. BROAD STREET PHONE 482-4401 ■^^JjDENTOALNORTHCAROUNA27932^^^ The company’s outstanding coal generation in 1982 resulted primarily from significant improvement in the performances of four of the utility’s major coal units, Mt. Storm Units 1 and 2 and Chesterfield Units 5 and 6. Vepco’s coal units are ex pected to supply 41 per cent of the electricity customers use Farmland Demand Down By Dr. J. W. Pou In line with national trends, the demand for farmland has weakened in North Carolina over the past 14 months. The estimated per-acre value of land and buildings in the state declined from $1,331 in February last year to $1,284 in April, 1982, according to a survey by the U.S. Depart ment of Agriculture. That was a decrease of 4 per cent. It was only the third and by far the largest decrease in the price of land in North Carolina since World War 11. Smaller declines were recorded in 1954 and 1970. Nationwide, the per-acre price of land declined 1 per cent, from $795 to S7BB, during the 14 months ending in April, the USDA survey disclosed. High interest rates, high production costs and low com modity prices are among the factors that have depressed the farm real estate market, said Dr. Duane F. Neuman, an extension economist at . North Carolina State University. He said the situation is similar to that in housing. i ‘ ‘Very little land is selling ex ; cept where sales are forced,” Neuman said. “And there is more seller financing than we normally see.” i Farmers had a strong in t centive to by land in the late t 1970’s and on into 1980, when r the real rate of interest was i negative, the economist said. ; During this period, he ex . plained, the nominal interest r rate was lower than the infla rtion itotiT"”" ’ -“Many who bought land ■ heavily in recent years are y now caught in a bind,” Neuman said. “Inflation is ( down and commodity prices ) are down, but they are having , to make payments based on j high land prices and high in j terest rates.” A major reason for the weakened demand for i farmland is the dismal 5 outlook for net farm income, I which has been low the past 1 two years and is expected to r be low again in 1982. Currently, large supplies of - food and feed crops wheat, i com, soybeans are keeping b farm prices depressed, Con s sumer demand is slack , because of the recession. As a s result of slow textile sales and t slow mill activity, cotton s prices are down from a year ago. in 1983. The company’s Virginia units consumed 3.7 million tons of coal in 1982. Coal usage in Vepco’s Virginia power stations will rise to about 6 million tons a year by 1986 as a result of ad ditional conversions of oil units to coal and increased generation by coal units. The livestock sector has shown improvement this I spring. Hog prices are up I about a fifth in response to I reduced production and the I cattle market has strengthen- I ed modestly. Overall, the outlook for I farm income is not quite as I gloomy in North Carolina as I in the nation. Much, however, I depends on the weather dur- I ing the growing season, con- I gressional action affecting the I tobacco support program, I and the extent to which the I nation recovers from recession. U.S. and North Carolina farmland prices have increas ed more rapidly over the past 10 years than the rate of infla tion in the general economy. Many nonfarmers invested in land during this period as a hedge against inflation. Nonfarm factors have played an increasingly impor tant role in their demand for farm real estate. This has been especially true in North Carolina, said Neuman. Demand has been growing for land to be used for recreational, residential and industrial purposes. At the present the demand for land for nonfarm uses is weak because of high interest rates, unemployment and weakness in the economy. Economist Neuman said land prices usually rise faster than the general price level during inflation and fail faster . than prices generally during a period of recovery from in- I flation. In short, land prices . are more volatile than prices generally. On a bright note, farmers \ can take comfort from the ’ fact that the rate of increase 1 in farm production costs is moderating, The increase in costs this year over 1981 could • be well below 10 per cent for , the first time in several years, Neuman said. ( 1 The NCSU economist 1 doesn’t foresee a sharp ero sion in land values.' If the f general economy recovers in , the months ahead and farm [ prices return to more • satisfactory levels within a ; year or so, land prices can be t expected to stabilize and I eventurally begin rising i agian, possibly at 6-8 per cent • a year or even higher, Neuman said. /H e ritaseN JMALTY/ 106 East King Street 482-2^45 482-7147 ■ NEW LISTINGS im \ RIVER ROAD—Lovely 3 BR, 2 Bath, Brick home, L.R., I Den, D.R., Kit., Util. Rm., Mud room - Beauty Shop in I rear ...$65,000. I I 2 BEDROOM HOME —ln town, L.R. w/fireplace, I I bath, eat-in-kitchen, screened porch, fenced in back I yard $30,000. I INVESTMENT PROPERTY—3 Lots, 2 mobile homes, I partially furnished $16,500. I MEXICO RD. —Attractive brick ranch, featuring 3 I Bedrooms, 2 baths, L.R. w/fireplace, Kit., Den, Garage, I j fenced yard $49,900. I WATERFRONT—Seven wooded acres on the Chowan I River, secluded with tremendous view of the water. FIVE ACRES —On j business or home site. IN TOWN—Gracious h qOVV iome in the historic I I district, beautifully resi MEXICO RD. lmm; Qte brick ranch, 3 BR., 2 I baths, L.R.,D.R.KitSOVJ!fiOo, sun porch, well land- I scaped yard. SPACIOUS COUNTRY HOME —Lovely V-h. story with I privacy, 4 Bedrooms, 4 baths, L.R., Great Room I w/fireplace, util. Rm., recreation room, 2 car Garage I - assumable loan at 9%, dual heat pumps $92,000. I CHARMING 1 YEAR OLD HOME 3 bedrooms, 2 I baths, large family room, utility room, workshop. Cen- I tral heat and air $35,000. I IN THE COUNTRY—2 bedroom home on an acre of I land, workshop. Central heat & air $32,000. I EDEN STREET Lovely brick ranch, 4 BR., den I w/fireplace, L.R., kitchen, 2 full baths $68,900. I j NEAR HANCOCK STATION—Home or mobile home I sites. 5 acre tract. SOLD I 6 acre tract ....$5,000. I ARROWHEAD BEACH—New 2 bedroom house on 2 I lots $27,500. I ARROWHEAD BEACH—Attractive 3 bedroom home, I I living room, dining room, kitchen and bath. Situated on I 3 wooded lots $19,500. I I HISTORIC DISTRIC Charming lVfe story brick I home, L.R. w/fireplace, Den w/fireplace, 2 full baths. I 1 I HICKORY LANE—Great Room, Kitchen with conve- I ; I. nieot dining room, 3 bedroom, 2 baths, game room and I ; j large yafd..'. $60,000. I WATERFRONT Albemarle Sound, % acre lot on I I Bella Vista Drive $26,500. I FOR RENT House and apartments. I 8.5 ACRES WATERFRONT—With private boat basin, 1 I secluded, rustic 3 Bedroom log home in idyllic setting. I , I 10% financing. 1 I HOME ON THE ALBEMARLE SOUND—Cape Col I ony, 2 story brick, 3 or 4 Bedrooms, L.R. with fireplace, I I Family Room with fireplace, large deck, workshop. Cen- I tral heat and air $73,500.1 j FANTASTIC BUY!—Country Club area’. Owner must I I sell. 4 BR, brick ranch. Over 2000 sq. ft., Vfe acre fenced I lot. Garage, family room with fireplace, 9M> per cent I ! I assumption $62,500. I CHOWAN BEAC£ nV Ose on 2 lots. 2 BR, 1 bath, I screened porch, 1 Priced to sell, j HISTORIC DISTRICT—LoveIy 2-story frame house. I „ I Large country kitchen, family dining room, 3 BR., 2 I I baths, 2 fireplaces. Reduced to $55,000. I [ , I MORGAN PARK Lovely 3BR brick ranch in I j excellent condition, central heat and air, built-in, 9Vfe I per cent assumption $65,000. I } NEAR TOWN—Attractive brick veneer home on I I acre wooded lot, 3 BR, LR, den, dining area, lVi baths. I 10 per cent APR owner financing $39,500 I I 4 BEDROOM HOME —On 2 acre lot. Convenient to I j town, 2 full baths, LR, family room w-woodstove, I I central air and oil furnace, 3 yrs. old, outbuildings. 10 I 1 per cent APR owner financing $42,000. 1 I BRICK HOME Three BD, 2 baths, large I livingroom with fireplace, dining room, kitchen. Well I I insulated. Central heat and air. Two car garage and I workshop. 12 per cent owner financing $49,500. I I SMALL HOUSE IN COUNTRY—I year old. Price I I reduced to $12,500. | j WATERFRONT I rolling hills on the Ch I APARTMENT HOUSE Good location in town, 5 I I apartments. 3 lots $40,000. ALBEMARLE SOUND Beautiful wooded lots over I one acre in size on the water. Prices starting at an I unbelieveable *2«.ooo, I | INVESTMENT OPPORTUNITY Apartment 1 house with eight apartments. Excellent income in prime location. 9V4 per cent assumption $85,000. PRICE REDUCED Log Cabin, beautiful inside I and out. Large fireplace, 2 bedrooms and loft. Main- I tenance free, energy efficient $38,000. ACREAGE Three lovely acres in a choice I location, privacy. 12 per cent owner financing. SIO,OOO. WATERFRONT Elegant home in a spectacular setting on the Albemarle Sound, featuring, foyer, great I room, 3or 4 bedrooms, Florida room, 2 full baths and 2 half baths. Plus 3 bdrm guest house. 1.1 acres with sandy beach. 12 per cent owner financing. COMMERCIAL BUIUH?XiQ 12.6 acres with 365’ I of highway frontage - bvHent owner financing. HISTORIC DISTRICT —Charming 4 BD home with 2 full fatte, eat-in kitchen, formal dining room, LR, den. 1 and utility room. Beautiful yard. Price reduced I $47.5(10. 1 Waterfront Lots Snug Harbor and Arrowhead. I Other Lots and Acreage For Sale. Page 7-B
The Chowan Herald (Edenton, N.C.)
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Jan. 27, 1983, edition 1
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